Banking and finance salaries will remain steady in 2016 with little prospect of a significant rise but there are a few specialist roles in high demand.
The 17th annual Global Salary Survey by specialist recruitment firm Robert Walters shows that key roles in risk, compliance and audit are in high demand.
“The increasing globalisation of compliance and collaboration between regulators is driving up demand for risk and compliance professionals with experience in foreign jurisdictions,” says Henry Smith, Robert Walters associate director for banking and legal in Sydney.
“Business level risk and compliance professionals with solid product and operations knowledge will be highly sought after in 2016, leading to salary increases for these specialists.”
Robert Walters is seeing a shortage of available talent with 5-to-8 years experience because of a reduction in graduate hiring following the financial crisis in 2008 until 2011.
The Survey also indicates the growth in financial regulatory requirements has increased the demand for accountants with technical skills in treasury, capital management and regulatory reporting, particularly in NSW and Victoria.
Other areas of demand are for customer-focused employees in the wealth and superannuation sectors, financial planners and credit assessment professionals.
Smith says jobseekers looking to change roles outside of these sectors may need to consider wider career progression and development opportunities.
“Some candidates may need to adjust their salary expectations if they are looking to move roles,” he says.
“Employers are also seeking out candidates with commercial nous, communications skills and Australian market experience. So the message to candidates is that their skills set must go beyond technical capabilities.”