2015 has commenced with positive early signs of recruitment activity across most sectors of the financial services field.
Feedback on bonus rounds at global firms (still underway) is that in most instances bonuses have been steady and in some cases (ECM/M&A) heightened market activity through 2014 has increased bonus pools.
Of particular interest is some of the recent entrances/expansions in the Australian market by US and Asian investment and advisory firms. These have been the result of several team moves/hires - particularly in the advisory space to establish footprints in the Australian market. We anticipate that further expansion will hinge on the new teams building a pipeline of transactions and revenue.
Compliance and Audit - High Demand
Within the audit and compliance field, we are still experiencing strong demand. Several current mandates are being managed for Head of Compliance positions, with ongoing demand for junior and manager level professionals with AML or core regulatory experience (retail banking, funds management and equities).
Demand in the audit field continues particularly for junior and manager level professionals at the larger Australian banks internal audit teams.
Credit and Market Risk - Varied
We have been experiencing strong demand in the retail and business lending space, with particularly high demand in the property lending sector. Availability of experienced credit risk professionals in this market is relatively low compared to opportunities available. This will innevitably create upward salary pressure.
We anticipate 2015 to be another positive year in terms of recruitment activity. Following on from 2014, we expect further growth in corporate advisory and ECM teams, with particular strength in infrastructure aligned buy & sell side firms.
Demand for risk and compliance staff will continue, however as with 2014 we envision the competition for high calibre candidates to be most intense at the 3-6 years of experience level.