FinTech continues to be an area of extensive growth for Risk Management recruitment and banks look to hire to accommodate for offshoring of clients.
The Risk Management market for Q2 has been fairly buoyant. Many of the positions we are seeing are either in Corporate Credit or Market Risk Model validation. The Quantitative market is still a space in which we are seeing strong growth of recruitment, and it is also an area of the bank where there is ongoing growth. We have also seen a spike in hiring outside of London, mainly in Dublin where many banks already have operations set up and are looking to offshore clients.
An area of negativity has come from the slowing of hiring processes, and this has resulted in us losing candidates to other offers.
The most exciting roles have been in FinTech across Risk. This is an area that has seen extensive growth in the last 12 months, and in Q2, nearly 30% of our jobs came from FinTech. Candidates are drawn to working in this area because it offers a better work-life balance than banking, and this is a big selling point. Some of the Top Tier banks have started to counteract this by offering bigger salaries and bonus incentives to prospective candidates in an attempt to entice them to work for them. This is usually seen being locked in more at the base salary level.
Electronic trading Credit Analysts are in demand, and we are proactively looking for people to join from other banks and buy side organisations. Also, candidates with a PHD and quantitative research skills are also in high demand. Knowledge of a multi asset skill set is something that many of our clients are looking for and as a result, we are seeing an influx of these candidates.
A key area that hiring managers are keen to cover is candidates that would like to work abroad. Many candidates that have a right to work in the EU are being asked if they would consider roles in Dublin and Frankfurt. Roles are increasingly being offshored to these locations in the long term, and it is an important consideration when interviewing candidates.
Brexit is still playing a key role in the jobs market and some candidates are hesitant to move without guarantees that the job they are interviewing for will be not at risk. New regulations that are being enforced in Market Risk are having a knock on impact on Quantitative teams, which has resulted in the formation of new teams to deal with any new regulations that come in.