The banking industry in Australia has suddenly seen a surge in demand for a range of specific jobs, many of them needed to help meet stricter regulations coming into force.
The latest quarterly report by recruiters Hays notes a surge in interest for degree-qualified financial planners because of the impending changes in regulations following a series of scandals involving poor advice to bank customers.
“With the number of remediation projects (deciding whether to compensate customers for poor advice) continuing to grow, technically strong Paraplanners and Advisers are in high demand to work as Remediation Case Managers,” Hays says.
“Candidates are able to secure very generous daily rates, which has added to the skill shortage of wealth management professionals outside this space.”
Hot spots identified by Hays include:
- Paraplanners and Senior Financial Planners. Those with a degree and an advanced diploma or CFP (Certified Financial Planner).
- Mobile Lending Managers. Hays says banks are offering increasingly high salaries in order to attract and retain Lenders who can self-generate business through their own networks rather than rely on branch or contact centre leads.
- Mortgage Brokers are sought by brokerages. Employers are willing to pay higher rates for candidates with referral networks.
- Broker Business Development Managers. An increased number of loans are coming from third parties. “This has therefore seen demand rise for BDM’s to help ensure brokers refer their deals,” says Hays.
- Business Development Managers, Consumer Lending (Fintech). “Over the last 12 months more fintech lenders have entered the market as challenger brands,” says Hays. This has created demand for business development managers with strong networks across the broker channels as well as retailers and vendors who can offer finance to customers.
- Relationship Managers. Needed in the retail, business and corporate banking.
- Quantitative Risk Analysts/Modellers. “Particularly in credit risk, are another area of demand due to an increase in the amount of lending,” says Hays. The move to online applications for customers requires scorecard modelling.
- Enterprise Risk Management and Controls Advisers. “Regulatory reviews require financial institutions to revise and upgrade existing frameworks and controls that could expose them to increased risk,” says Hays.
- Risk Operations and AML (Anti-Money Laundering) Analysts. New requirements from AUSTRAC and increased risk from overseas monetary transactions. “This requires back book customer reviews and more detailed monitoring,” says Hays.
- Investment Analysts. Needed understand data and build strategies while following corporate values.
“Both temporary and permanent jobs are available in order to meet specific regulatory deadlines,” says Hays.