Relax, the hiring freeze is lifting

By Christine Long
Tuesday March 02, 2004

The year ahead should bring brighter prospects for job seekers.

For banking and finance workers who have spent the Christmas break thinking about their next career move, the return to work could spell the beginning of a job hunt.

If you are planning to polish your resume as well as your shoes, the good news is employment prospects in the banking sector are looking bright.

Victoria Biggs, a manager at recruitment firm Robert Walters, says many international banks have lifted the hiring freezes imposed in the past 12 to 18 months and are re-entering the market. Some have also been given the go-ahead to replace temporary workers with permanent staff.

Job seekers in revenue-generating areas such as equities and mergers and acquisitions should have a better chance of gaining the upper hand in negotiations with prospective employers, Biggs says.

This is a reversal from the past 18 months where employers were able to negotiate lower salaries and there was no guarantee on bonuses.

So where are the hot jobs likely to be?

CORPORATE FINANCE

This is the area on everyone's lips. After several years of job cuts, there are likely to be more opportunities for job seekers this year.

Christopher Ouizeman , general manager of Drake International, says: "Over the last couple of years we have seen a massive decline in mergers and acquisitions practices within the banks."

Demand for such skills began increasing late last year.

"We are seeing signs of corporations wanting to reinvest in pretty aggressive growth strategies through acquisitions in 2004," Ouizeman says.

He predicts that will lead to a strong demand for business analysts and people with the ability to assess the worth of a company as banks put on staff to meet the rising demand.

Corporate finance is traditionally an area that favours young candidates at the beginning of their careers. Edward Cook, banking and finance consultant at recruitment company Tanner Menzies, suggests the outlook may not be as positive for job seekers who have been sitting on the sidelines for a while.

"It is a very competitive area and banks don't want people who have been stagnant in the market for 10 or 15 years and are lacking in energy," he says.

People who were victims of cutbacks may still find a place in the revitalised job market if they have spent the time upgrading their skills, perhaps by doing an MBA, Biggs suggests.

She says people who jumped out of banking into the commercial sector as jobs were slashed may also struggle to get back into the market.

TREASURY AND RISK MANAGEMENT

Trading teams within banks will find their star in the ascendant this year, according to Ouizeman. "They are going to come back into the limelight as one of the glamour areas."

Workers with derivatives trading ability and experience will command the greatest share of the limelight.

Graduates will also benefit, Ouizeman says. "Banks are going to start reinvesting in graduate teams so that they have a very robust trading team in five years."

WEALTH MANAGEMENT

Employment prospects for financial planners should improve this year.

Joe Thymian, business manager for banking and finance at Tanner Menzies, says renewed demand for financial planning skills will be driven by investors shifting money out of property and into equities.

Hudson Global Resources began seeing a rise in demand for business development managers and financial planners late last year, says Nicole Gunning, Hudson's Australian practice manager.

The desirable financial planning candidate is likely to be quite different from just four years ago.

Then the focus was on hiring and training graduates whereas this year it is more likely to be candidates with "grey hairs" who will win the jobs, Biggs says.

"There is going to be a real push towards getting financial planners who are older and seen as more responsible."

The shift in focus is also being reflected in the higher qualifications required, she says. "There is a tightening up of tertiary qualifications for operations, business banking and financial planners. Someone without a degree will find it is a barrier to entry."

 

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