Financial Services Job Market Update – End Of 2019 Start 2020

We cannot recall a busier recruitment period during the final weeks of 2019 and the pace has increased in 2020. We had jobs being filled on Christmas Eve, clients calling in work on 31 December and more roles to fill as soon as New Years kicked over.

We forecast increasing demand in the first half of 2020 due to skill gaps, regulatory pressures and further business growth.

45% of Kaizen’s recruitment assignments were completed within fund’s management, closely followed by superannuation at 35% with the remaining split across insurance, investment research and wealth management.

The roles we successfully completed included a chief investment officer (see case study), head of investment stewardship, business development managers, performance analysts, investment analysts across equities and fixed income, finance managers, ESG analysts, investment operations, and numerous risk and compliance positions.

STATISTICS

• The average salary of all positions we delivered on was $145,000, with the highest salary at $300,000 and the lowest at $70,000.
• 15% of placements were contracting assignments primarily within investment accounting and investment data focused project opportunities.
• 65% of our recruitment assignments were retained (exclusive) which enabled us to complete a comprehensive search process, and several search processes mapping the entire Australian market which added significant value to our clients.
• 55% of all placements came from candidates which we had previously interviewed via our database or our existing network.
• 60% of placements were male, 40% female.

FUNDS MANAGEMENT UPDATE

We can’t recall a time when demand has far exceeded the supply of quality investment accountants. The problem was exacerbated by many client’s unwillingness to meet the market equilibrium salary for quality candidates.

In addition, a number of organisations are looking for multi-skilled investment accountants who can also assist with performance reporting, broader investment operations oversight and in some cases client services responsibilities. This theme will continue in 2020 and will make broader skilled investment accountants even more in demand.

SUPERANNUATION AND INSURANCE UPDATE

Across superannuation and insurance, we experienced continued demand for professionals in projects, change, transformation. Insurance organisations are tending more towards contract roles in this space, while superannuation funds are more likely to bring the capability in-house and building permanent teams.

Mergers and consolidation between super funds are driving roles in product design, product experience, product knowledge across superannuation and insurance offerings.

RISK AND COMPLIANCE UPDATE

Risk and compliance professionals also remain in high demand, needing to balance the demands of the business and the regulator in a constantly changing environment. Many firms found it challenging to recruit at the lower levels and the market sought and continues to seek talent at the analyst level right through to manager ($80K to $130K salary range). 

Finally we would like to thank our clients, Victoria Funds Management Corporation, REST Super and Super Investment Management, PIMCO, Legg Mason, CCI Insurance, Equity Trustees, Prime Super, legalsuper, U Ethical, Zenith Investment Partners, Perpetual, Telstra Super, REI Super, IFM Investors, Australian Council of Superannuation Investors and The University of Melbourne for giving our team the opportunity to partner with their businesses on a range of talent acquisition opportunities.

We hope this summary recent recruitment activity has been helpful.

Regards

Matt

Matt McGilton – Director