20 hiring hotspots for the new fin year: part I
Is landing a new job your one wish for the new financial year? In part I of a two-part series, we look at the functions where your dreams of employment might just come true. There are 10 roles below, with another 10 to be published in the next few days.
Mid-market ECM
With a wave of large originations already taking place, it’s only a matter of time before the mid-caps follow suit, according to Melissa Tal, director, Wilbur & Orville Executive Recruitment. Hiring is driven by boutique firms that are looking to bolster their ECM teams with senior bankers.
“The ideal candidates have solid networks in distribution and the ability to win over client confidence. Those that have eight to 10 years’ plus experience at a top-tier firm are becoming more and more in demand to make a move into smaller investment and brokerage houses,” adds Tal.
Credit Risk
Banks are closely monitoring existing credit exposures and tightening criteria for new lending. The demand for experienced credit risk professionals has thus steadily increased over the past year and will remain strong for the foreseeable future, says Trevor Bradley, divisional manager, banking and financial services, Chandler Macleod.
Sought-after candidates typically have exposure across numerous sectors, experience assessing complex structured transactions, and have managed deals through work-out situations, adds Bradley. “International and domestic banks have been offering temporary or fixed-term contracts for these roles to manage either increased work flow or increased compliance on portfolio monitoring.”
Funds management: sales and marketing
Employment now appears to be stabilising and recruitment in the sector is expected to grow over the next year, says Ashton Bilbie, director, Profusion Wealth Management. There has been a modest upswing in demand for experienced sales and marketing candidates that can strategically take new products to market. “One of the key indicators of any turnaround is the recruitment of marketing professionals, and from what we’re seeing, this market is buoyant,” adds Bilbie.
Mid-level insurance broking
The insurance industry is currently suffering a severe shortage of mid-level professionals (with about five to eight years’ experience), says Hannah Pain, consultant, banking and finance, Robert Walters. “There are plenty of junior and senior candidates. However, when the more senior candidates leave the industry, there will certainly be an experience and knowledge gap.”
There are more professionals wanting to get into insurance broking from related roles like underwriting and claims management, according to Pain. “Both the boutique insurance brokers and the internationals are currently hiring staff. Some of the boutiques brokers are in a growth phase, but the internationals tend to be more replacement hiring,” she adds.
Senior wealth managers (with big client books)
Firms are focused on candidates who can bring them an established book of revenue-generating clients, and seem reluctant to consider associate advisors or new advisors, says Anton Murray, director of Anton Murray Consulting.
He adds: “We would expect this to continue as wealth management businesses drive to be more efficient in this environment where funds under management have fallen. There has been little appetite for advisors with overseas clients. The focus is very much on advisors with local, current trading relationships.”
Contract accountants
A gentle easing of internal recruitment freezes and the additional manpower needed to deliver year-end external reporting has led to a slight increase in contract recruitment for financial and tax accountants with prior listed-company experience, says Vanessa Harding-Farrenberg, joint managing director of Morgan McKinley Sydney.
“In the past, many firms would have considered newly qualified accountants to fill these roles however, in the current market, hiring managers have become increasingly particular and typically want candidates who have practical year-end experience,” she adds.
Asian equities
Australian buy-side firms - including AMP Capital Investors, Platinum Asset Management and Maple-Brown Abbott - have added Asian equity funds to their portfolios to meet a growing demand from super funds and other investors. Although this hasn’t yet created a hiring boom, employment within Asian equities is showing signs of life, says Meredith Jordan, a consultant at Jon Michel Executive Search.
“The funds industry is naturally cautious about recruiting in the current market, but firms have hired Asian equities people recently and they are definitely still keen to have discussions with good candidates, even if the jobs are three to six months down the line,” adds Jordan.
Fixed-term project managers
The Westpac/St George merger, and to a lesser extent CBA/Bankwest, are generating short to medium-term integration-focused jobs for project managers. Australian financial institutions are increasingly opting to employ fixed-term staff to fill project-based roles, thus avoiding paying expensive hourly rates to agency temps.
And in a tight hiring market, candidates are snapping up these jobs, which put them on the payroll as salaried employees for between about three and 12 months. “Fixed-term contracts have always been around, but now they are more common and are being used for a wider variety of roles,” says Anna Whiteside, principal, Derwent Executive.
Debt collectors
Perhaps not the most pleasant position, but someone has to do it. Finance and accounting contractors with debt collection experience are in demand, according to Robert Half associate director Craig Bernhardt. Receivables and collections professionals at all levels, particularly those who can collect aged debt, are well positioned if they are open to contracting opportunities.
“Cash management is king at the moment and companies are looking for solutions to cash flow difficulties. Roles in receivables and collections across all industries are in demand, especially as suppliers vigorously chase down payments from cash-poor clients,” says Bernhardt.
Lending specialists at retail banks
Loan-assessment expertise in both the residential and commercial sectors is in demand for temporary assignments, says Jane McNeill, senior regional director of Hays Banking. “Due to restructures, those with strong banking backgrounds are sought for high-level branch-based roles. The Big Four are seeking mobile lenders,” she adds.