The economic crisis that has had such a devastating impact on various industries across the globe has, understandably affected the financial sector significantly as well. As a result, a large number of positions within finance recruitment are in particularly high demand, with retention remaining high and competition remaining fierce.
As the market remains increasingly squeezed, the onus falls on candidates to do all they can, not only to stand out to potential employers but also to gain a thorough understanding of what is expected of them. Responding to the needs of the major employers is a key contributor to the potential success of any candidates. But what is the best way to understand how the market works and what employers want?
Areas in Demand
One of the pivotal areas in which candidates are struggling to make in-roads is compliance. Despite a hike in the requirements, institutions are being forced to meet ongoing changes to the regulatory system and competition in the compliance jobs market which remains fierce.
Recruiters are looking for candidates to demonstrate knowledge of these key changes. This has also meant an increase in the number of AML roles. Randstad Financial & Professional’s first insight into market changes this year forecasts an increase in project roles in response to Dodd-Frank, RDR and MiFID 3.
Related to the changes in compliance over the last few months, what is required of applicants to marketing departments is an awareness of changes to legislation. As marketing and compliance become ever closer, qualifications like CFA and IMC are leading to candidates being picked up quickly by savvy employers.
It is also worth noting the inextricable link between a successful financial sector and the general health of the UK economy. Professor David Blackaby of Swansea University recently highlighted this fact by stating: “Financial services is an area where the UK economy has a competitive advantage and London is the financial centre of the world.”
When you consider statements such as this, it makes you realise that employers need to put a central focus on hiring the best candidates possible for all available positions within the industry.
Signs of Life
Despite the overall outlook on the UK jobs market being marred by a certain amount of doom and gloom, there are roles within the financial industry which are beginning to show signs of life in terms of recruitment numbers. For example, those with experience in human resources are seeing things look up as an increase in hr jobs recruitment forecasts good things for the wider job market.
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