Your InFinance Publication

FINSIA’s InFinance keeps you up-to-date and in-the-know. 

Financial services skills in demand revealed

by Robin Christie | 07 Oct 2015

Professionals with skills in financial planning, small business banking and lending management are among those that will find themselves most in demand.

According to Hays’ latest quarterly report into the banking sector, the increasingly qualification-driven financial planning space is looking for advisers who have a degree or professional designation. 

However, with only a limited number of candidates being able to meet these raised standards, there’s a skills supply shortage in the financial advice field.

In addition, the report notes that the banks’ long-winded application processes are seeing a number of applicants head to smaller operators.

“In the hope of ensuring candidates are qualified prior to conducting interviews, it is now usually mandatory for candidates who are applying for financial planning roles with a bank to provide proof of their qualifications and complete online competency based tests before they are shortlisted,” states the report.

“This has lengthened the recruitment process. In turn many candidates have become frustrated and are instead applying for vacancies with smaller and more nimble boutique firms.”

A number of candidates are also leaving the banking sector to set up their own businesses, or are being recruiting into remediation projects.

“Financial planning remediation specialists are a growing area of demand, and so financial planners and paraplanners with relevant experience are highly sought after,” states the report.

A competitive market

Moving away from financial planning, the report also notes that small business bankers and business banking managers are in demand. As a number of financial institutions look to take on more staff in growth related positions, this is a trend that stretches across the major banks and smaller lenders, it states.

With the property market still firing, it adds that there’s also continued demand for lending managers, as well as commercial lenders and business bankers. 

Business development managers who specialise in equipment finance are also highly sought after, as are lending officers – especially those with Mandarin language skills.

GRC requirements

As has been an ongoing trend on the back of various post-GFC regulatory measures, professionals in the governance, risk and compliance (GRC) space are also in demand.

When it comes to financial advice compliance, the report notes that business review associates, quality assurance managers, advice review managers and remediation case managers are all high on the financial services sector’s most wanted list. 

“These candidates are all in demand in response to the Future of Financial Advice (FoFA) reforms, which are leading to companies adding additional resources to ensure compliance of future financial advice, but also investigating past advice given,” it explains.

Meanwhile, the Global Account Tax Compliance Act (GATCA), changing prudential standards, increased reporting requirements, and Basel capital requirements are all creating a demand for risk and compliance specialists.

“Regulatory compliance managers, risk and compliance managers, risk advisors and compliance managers are sought,” states the report. 

“Within operational risk, positions such as risk assurance, operational risk managers in both line one or two functions and risk and control are sought.”

Career growth a priority

Other trends include:

  • When looking for their next role, candidates place a high degree of value on internal opportunities for career growth and progression.
  • Banks continue to recruit relationship managers as they realise the importance of deepening customer relations in a fiercely competitive banking market.
  • Mortgage brokers are in demand, but there is a shortage of candidates with the skills employers are looking for.
  • Mortgage assessors and mortgage verifications officers are also sought to help with increasing workloads. 
  • Credit assessors are needed in the growth area of business banking.
  • Part-time customer service professionals are sought as the candidate pool has recently reduced in this area.
  • Outbound sales consultants are also in high demand, however the low salaries offered to these professionals deters many candidates.

Are you thinking of further education and training? As part of Finsia's commitment to excellence, the Hugh D.T. Williamson Scholarship awards $16,500 to a Finsia member 35 and under to undertake a leadership, education or professional development program of their choice. Applications close 16 October 2015. Find out more


Share this