These finance jobs are GROWING in demand thanks to the Royal Commission
Last year saw a series of high-profile departures from Australia’s major financial institutions, with some company boards left decimated in the wake of the Royal Commission.
Branch staff have also faced an increasingly digital banking landscape which has seen numerous lenders shutter branch doors.
It’s unsurprising, then, that risk and compliance professionals have been in high demand to help banks navigate a landscape facing heightened regulation.
Need for risk and compliance professionals grows 48 per cent
“Banking and financial services job ads in the major banking states of New South Wales and Victoria have grown, with a definite increase in the demand for, and types of roles being advertised in, risk and compliance,” said Seek Australia managing director Kendra Banks.
“Roles in compliance and risk had increased 122 per cent in the past five years and 48 per cent within the previous 12 months.”
On a more granular level, these are the other jobs in the finance sector that will be in demand this year, according to Andrew Hanson, the director of Robert Walters, a recruitment firm specialising in financial services:
Market risk professionals: This role involves “making sense of the current unpredictable and uncertain economic outlook” and could see a 25 per cent hike in wages.
Business intelligence analysts: These professionals will see wage growth upwards of 10 per cent.
Operational risk and credit professionals: The high demand for these jobs will continue as credit and lending continues to tighten as a knock-on effect of the Royal Commission.
Compliance and audit professionals: As banks and insurers look to tighten their controls and governance processes, these individuals will be in “extremely high demand” as they seek these professionals to work with the corporate regulator ASIC.
Technology specialists and experienced developers: Banks in a tight race to harness technology as a competitive advantage will see “extremely high” demand for professionals who can create platforms that will enhance customer experience. “An experienced developer could quite possibly see their pay increase by more than 30 per cent this year,” Hanson said.
Overall financial sector job growth languished -9.6% in 2018
The demand for these roles has grown in the face of weakening job opportunities in the overall finance sector.
“The Royal Commission and its aftermath seems to have an ongoing impact on employment demand and career opportunities in the sector,” said Sunsuper CEO Brian Parker.
“In comes as little surprise that the weakest [sector] performer in 2018 was financial and insurance services.”
Overall demand for professionals in this sector dropped by 9.6 per cent year-on-year, according to the latest Sunsuper Job Index report.
There’s some small reprieve, however: it appears the fall in demand has hit its trough.
“The only comfort from these results is that demand started to stabilise in the last quarter (actually growing 1.6 per cent), suggesting that the worst may be over,” Parker said.
The final Royal Commission report will be handed to the government next Friday on 1 February.
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