Deloitte Australia has a Financial Advisory Services (FAS) team 700-strong, headed up by Ian Thatcher in Sydney. We spoke to him about trends in FAS, and where the new job opportunities are emerging:
In which areas is Deloitte FAS currently hiring?
Cost pressures in financial services are, as we all know, under pressure, and this has reduced the number of opportunities available, especially at senior levels. The response to this disruption has been to move into new growth opportunities, so there are pockets of hiring in areas that are driven by digital, or more broadly, technology, and ways it can be used to reduce costs. There is strong demand for data analytics to understand customers better, and social media expertise to analyse consumer trends and behaviour. The majority of future transactions is going to be driven by digital and social media, and as corporate finance has become increasingly commoditised, we would consider someone who does not come from a traditional FAS background, but has an excellent understanding of, for example, the business models emerging via technology and new media. One of our most senior people in FAS is only 31, and comes from a technology company background.
Where in Australia are the opportunities for FAS professionals?
We are seeing a shift from the east coast (Sydney) and Melbourne to Perth in Western Australia and Brisbane in Queensland. We have noticed that professionals we recruit from abroad are more flexible about where they are prepared to work compared to their Australian counterparts, who are somewhat more reluctant to relocate domestically. This is certainly the case compared to the US, for instance, where you’ll see that people almost expect to move around the country for their careers. We encourage nationals to relocate by making the move as positive as possible, but yes, there is less willingness.
Are you hiring offshore?
We look very selectively offshore to fill skills gaps or areas of growth in order to build our capability alongside our onshore team. So for instance, in infrastructure advisory services, project finance, cybercrime and analytics we might hire from abroad.
Are there opportunities for global rotation within the Deloitte network?
We actively encourage rotation but in the current financial cycle, movements tend to be shorter. Historically, we’d see people rotate for 18 months to two years. That has come down, and tends to be project related now. However we do run a very structured programme to give our professionals international experience and exposure.
What advice would you offer anyone interested in an FAS career?
- Make sure you have a first rate CV and track record
- Pursue diverse professional interests
- Ensure that you are either a sector specialist or have high-end technical capability
- Develop an interest in technology and new media