Quantitative Credit Risk Analysts – Individuals with SAS skills are required to work on compliance in response to Basel III regulations. The shortage of qualified professionals in this space means that supply is failing to meet demand.
Risk and Compliance Advisers – These professionals deal with businesses face-to-face to give advice on risk and compliance issues relating to Dodd Frank and Basel III.
Product Managers – These managers are in demand due to the creation of new products and the need to keep up with regulatory changes. Also, Product Managers that specialise in payments are required as banks are releasing competitive new payment facilities.
Mortgage Credit Assessors – There has been an increase in demand for mortgages in the market, which is fuelling a need for Mortgage Credit Assessors.
Branch-based Lending Specialists – There has also been an increase in demand for Chinese speaking candidates for branch based lending roles.
Mortgage Administrators - There has been an increase in demand for the preparation of mortgage documents due to the competitive interest rates in the market, banks competing for business and the new legislation around VEDA - where banks will be able to request information on behalf of the customer regarding failed credit checks. This has created demand for administrators. They are seeking top performing Mortgage Administrators (end to end processing including pre and post settlement), from rival banks and lending institutions to grow their market share.
Mortgage Brokers – Mortgage Brokers continue to be sought after due to demand from investors and first home buyers. We are also seeing a need for bilingual Brokers.
Relationship Managers – Relationship Managers with lending, credit and compliance experience are difficult to source. These professionals are also sought in commercial banking and property.
Client Services Managers- There are various opportunities for Client Service Managers who have specific experience in client services around specific products and using specialised systems. For example, there is a high demand in the wealth management industry for individuals with Xplan experience.
Business/Commercial Bankers – Employers are looking for specific lending experience and extremely strong sales people in this space.
Financial Planners – At the moment we are seeing a skills shortage in this area with a distinct lack of qualified Planners in the market.
Assistant Financial Planners – This is also an area which has a skills shortage. Due to a lack of investment in the development of entry-level staff there are few candidates with experience in the industry.
Paraplanners – Once again, the market is very candidate short for these professionals because there has been a lack of investment in the development of entry-level staff.
There has been an increase in permanent vacancy activity, as well as a shift towards fixed-term contracts. These positions have replaced permanent 12 month fixed-term contracts and temporary six-month contracts, and have been created around new regulations, further controls and risk awareness.
In response to the shortage of specialised risk candidates, employers are more willing to sponsor candidates.
In terms of lending, there are new permanent roles being created as banks compete for market share. Lenders with experience in settling above targets are in high demand and employers need to move quickly to secure talent.
The number of Financial Planning candidates has decreased due to the new FOFA regulations and the knock on effect of the grandfather agreement - meaning that Planners are unable to move and take their clients with them and companies are unable to buy books of business. This quarter work flow and hiring will increase in wealth management, but candidates are required to be qualified or have at least 12-18 months industry experience.
In fact, across the board candidate levels decreased last quarter, causing a shortage in some areas as vacancy activity has increased.
There is still a strong flow of working holiday visa applications, but unfortunately due to the length of assignments on offer they are not suitable.