One might well see more job opportunities advertised in the financial services industry this year, but it is unlikely that there will be as many jobs as there were before the start of the recession. The top-dollar jobs with big bonuses are not extinct, but candidates will no longer easily find jobs such as those at Wall Street’s trading desks.
Now, the mid to senior level job opportunities are opening up at asset management firms, hedge funds and private wealth companies, according to John Challenger, the Chief Executive Officer of international outplacement company Challenger, Gray and Christmas.
He blames increased government regulations that are “discouraging risk and growth” while simultaneously creating lower salaries and more bureaucracy.
Challenger said: “Because of the regulations, they are adding to audit, risk control and risk management, and on the financial reporting side. Today, they are so scrutinized and there are so many regulations that they have to adhere to, the financial services need mass staffs to comply with all that.”
As this trend establishes itself, the industry is also moving to midsize and smaller companies instead of the huge financial firms of the past. That, Challenger says, is good for job growth. Online finance degrees could help individuals break into this industry.
Glassdoor, a career and job site, tracks the financial sector’s outlook. At the end of 2013, the company found that 41 percent of workers in the finance sector believed their firm’s business outlook would improve over the next six months.
Scott Dobroski, the corporate communications manager at Glassdoor, said that anecdotal evidence points to an increased demand for very specific and highly skilled employees. Individuals such as these have very specialized skills, which is why they are in huge demand and can command excellent salaries.
The director of research communications at the Graduate Management Admission Council, Michelle Sparkman Renz, said that the industry now wants individuals who are prepared to work hard to increase efficiency and reduce costs. She added that there were solid opportunities for people with specialized quantitative skills.
The candidates most likely to get these jobs, Renz added, will be those who have completed masters of accounting or masters of finance degrees.
She also recommends that prospective job seekers not restrict themselves to Wall Street, saying they should also consider careers in places such as Silicon Valley, where there is currently a strong demand for investment bankers.
An online accounting degree or an online finance degree might well be the start of a challenging and rewarding career in this industry. Visit Accredited-Online-Colleges.com to find out more.