Overall the market could be best described as ‘steady’ with pockets of activity and growth across some segments. Those pockets of activity have required quite specific or hard to find skills set which have required a deeper level of candidate assessment in order to identify top talent.
External hiring in the investment banking sector has remained subdued in Q1 with an increased emphasis being placed on internal promotions and talent pipelining.
The wealth/investment management sector is continuing to focus on searching and recruiting for best in class talent and is showing a positive appetite.
Leading custodians have recently established offices in Melbourne which has stimulated demand in this sector, whilst the funds management market, particularly in Victoria, continues to experience growth.
Skills in demand
Risk and Compliance will remain the most buoyant of client requirements throughout the year. The majority of roles revolve around market and credit risk with regulatory change driving a lot of the demand. New initiatives such as conduct risk and FRTB will also ensure that these skills remain at the forefront of client requirements.
Wealth management and custodians show strong demand at the fund accounting, fund administration and tax specialisations. Seasonal demand is also creating fix terms contract opportunities during specific times of the year.
Predictions
We are expecting a steady demand throughout the year from our retail banking clients, particularly across their specialist functions of risk, audit, compliance and tax. Cost drivers are still a major influence, however, customer segment competition is creating opportunities.
Geopolitical issues are still an impediment to recruitment growth within the global investment banking marker along with the potential of off-shoring functions. This market will remain static with subdued demand in the short-term.
Advice to employers
Top tier talent does not remain available for long. There is a need to be agile from a client’s perspective if the preferred candidate is identified, whilst also ensuring momentum during recruitment processes is maintained.
Advice to candidates
A CV is a document to showcase your range of skills, achievements and experience. It is an opportunity to allow you to rise above the rest and shine to potential employers. It should not be seen as a fact sheet.
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