Increased levels of international roles in European hot spots have proved to be tempting for Risk Management professionals so far this year.
Risk, Banking and Financial Services have continued to perform steadily year-on-year; the main focus of hiring has been regulatory driven, however Brexit has also played a key role. Some teams in London have had hiring freezes implemented due to all the uncertainty surrounding the UK’s exit from the European Union. This in turn has had a knock on effect, culminating in an increased number of international roles across European hot spots such as Paris, Dublin and Frankfurt. These financial risk jobs, regulation jobs and operational risk jobs have proved to be attractive for talented Risk candidates - they may not have had exposure to these roles in their home market otherwise.
Within Risk, across both Banking and Asset Management, companies are continually expanding their offerings to employees in an attempt to ensure they are providing an appealing work environment and compensation package beyond just salary increases. Employees have cited numerous impactful or meaningful benefits when exploring new roles:
From a Risk perspective, candidates often highlight desired benefits which include:
Across Leveraged Finance risk candidates, there has been a strong demand for talented credit experts who have their own lending discretions or sanction authorities to sign off large complex and highly leveraged transactions. Within Investment Risk, the need for a CFA qualification is almost becoming a prerequisite in order to be considered for some opportunities, or at the very least to have completed or be in the process of completing them; candidates with programming and quantitative skills (Python and VBA) are also in demand.
In the quant world, there is a need for understanding around governance, frameworks, and policies for model risk. So much so, there are new teams being formed to specifically cover these key areas. Given that some teams are taking on larger portfolios and coverage across various regions, there is a strong appetite for candidates with additional European language skills.
Compensation is no longer a top priority across the board for candidates when exploring new roles. They are willing to move to new organisations for the same salary, or in some cases even taking a pay cut, if there is a healthy work-life balance on offer and the organisation has a forward thinking, inclusive culture.
Professionals are also recognising that they need to be more mobile in order to further their careers, and Brexit has provided some fantastic opportunities to explore roles across a number of European hubs.
Some candidates were disappointed with bonuses this year, especially if it doesn’t reflect a strong performance review; this has resulted in some long term employees moving to pastures new for an opportunity to achieve higher compensation, receive better bonuses and additional benefits.
There is no escaping the fact that Brexit has been a driving force, creating unique opportunities within Risk, particularly in the form of regulation jobs. On the flip side, given the uncertainty surrounding the outcome of Brexit, some key clients and recognised ‘big players’ within the Risk market have stalled or reduced their hiring of financial risk jobs and operational risk jobs until there is a clear line of sight.