This seems to be a topic which is often covered in conversations within the offices of Morgan McKinley.

The Compliance and Regulatory markets have been growing at an alarming rate since the demise of Lehman Brothers and the start of the recession, and it seems whilst some other middle office functions have had steady growth, the compliance market has seem some astronomical growth, both within sell side and buy side organisations in London.

What with the FSA introducing new policies and procedures on a regular basis, does this mean that the compliance markets are likely to continue growing for the foreseeable future?

Morgan McKinley has continued to see a demand for compliance ‘talent’ for the past three and a half years, especially within sales and trading compliance and Anti Money Laundering (AML).

With the introduction of the new regulators in 2013, will this mean that the compliance market will continue to see growth above other markets? …I think so!

Banking, City of London, Compliance, Financial Services, FSA, regulation

Offshoring operations overseas combined with an increasingly competitive jobs market, has left many professionals considering opportunities abroad. So what value is gained from international experience?

Stand out from the crowd. CVs with international work experience stand out. Employers appreciate the independence, personal resourcefulness and problem-solving skills necessary to work abroad. Particularly if you have sought the opportunity yourself.

Understand new business cultures. Working in a country that has a strong connection with your industry can add an incredible amount of value to your CV. Working abroad can also give you an understanding of other cultures, values and different ways of doing business. Surrounding yourself in a foreign work setting is very different from dealing with colleagues from other countries on the telephone. Even a relatively short period of time spent abroad can be very valuable to your career.

Acquire new skills. Learning a new skill or developing an existing skill is often easier in a new environment. Picking up a new language or learning new processes can be an invaluable benefit of working overseas and are often skills that can be used back in the UK.

Gain new contacts. An assignment abroad can quickly help build your professional network. Nurture relationships with colleagues, you never know where a contact may lead and who they might be able to refer you to for future jobs.

Earn money. Often companies pay generously for temporary workers, particularly abroad. Working as a contractor can be a lucrative option as well as tax efficient in many countries.

Lifestyle change. Working abroad can often offer a different lifestyle, and sometimes a greater work-life balance. In addition, it can give you thechance to explore new interests. It may even take you on to another contract or permanent role there or in another country.

Choosing to uproot and work abroad can be a big decision, plenty of research is essential before taking the leap. If the timing is right it can really develop your career opportunities.

abroad, CVs, international experience, Skills, work overseas, working abroad

Of course it’s positive to see our Employment Monitor registering an increase in job availability in January 12 after two months of declining hiring activity in the City.  However, it’s important to note that this is a very typical trend at this time of year with December being a shorter working month.  For the eight years that we have been recording job availability, January has always seen an increase in financial services hiring activity in London.

View full report

The number of jobs will also be boosted to some extent by roles that were signed-off but not released in December due to factors such as budgetary constraints. However, despite the fact that January shows a rebound, we have to put this into perspective; the total number of available roles in January 12 was just over half the number of January 11 which was in itself a relatively subdued month for hiring compared to previous years.  Despite the welcome monthly uplift, this 52% drop on the number of jobs in January 11 indicates we are still in a very cautious hiring market.

The rise in number of job seekers in the market in January 12 compared to December 11 again reflects the time of year. The ‘New Year, new job’ effect prevails to some extent every year regardless of economic conditions.  In addition, we are in the midst of bonus announcements, with expectations that many banks will be restricting the size of bonus pots to reduce costs and focus on other ways to attract talent.  Speculation and anticipation of unsatisfactory bonuses may have encouraged professionals to re-enter the jobs market in January 12.  However, as the distribution of bonus pots is unclear at this stage, it therefore also remains unclear whether bonus season will have the usual jobs merry-go-round effect.

The significantly increased time to fill roles reflects the environment in which organisations are currently operating; interview processes and headcount sign-off are quite clearly delayed for a number of reasons.  Firstly, finding the right person is absolutely paramount – each hire is crucial.  Secondly, negotiating and agreeing compensation and benefits packages is frequently taking longer with changes to the structure of remuneration within institutions and hiring managers facing cost pressures.  Thirdly, lack of visibility and confidence in the market means it can be genuinely difficult to determine the right person and the right time to hire.  The constantly changing landscape, particularly with respect to regulation also adds another layer of complexity.

We are definitely seeing the impact of this uncertainty reflected in the relatively active level of hiring activity for temporary and contract roles in financial services.  It’s encouraging to see these short term roles being released which suggests a need for skilled professionals, however it also points to a real ‘wait and see’ approach to hiring permanent employees.

Employment, Financial Services, jobs, jobseekers, London, London Employment monitor, Salaries, UK financial services professionals

Your CV or resume has probably been the first and possibly only tool you have been using to apply for jobs so far.  You probably update it every time you decide to move jobs as you know recruiters always want a copy and employers often ask you to talk through it at the start of a job interview.

A resume or CV is not the only way to get noticed by potential employers

However – as well as keeping your CV/resume polished and up-to-date, it’s worth being aware of the other methods that companies are starting to employ in order to filter out strong candidates.

The Wall Street Journal yesterday reported that a venture capital firm, Union Square Ventures asked investment analyst job applicants to submit links representing their ‘web presence’ such as a Twitter profile or blog. They were also asked to supply short videos demonstrating their interest in the position.

The reason for employers’ interest in these new ways of sourcing candidates is that CVs can be a limited way to find out information about an individual.  They provide the important, but basic factual information on work experience and education.  However, there is little insight into personality and the possible ‘fit’ the candidate may have with the rest of the company.

In the current uncertain economic climate, every hire a company makes it crucial and employers are likely to be more interested than ever in finding out more about the person they might be interviewing.  So even if your recruiter or interviewer only asks for a CV or resume, it’s definitely worth spending time carefully creating and moulding your online persona as it may well help your next career move.

For advice on how to stand out from the crowd both in your CV/resume and online, contact Morgan McKinley: marketingdepartment@morganmckinley.co.uk

candidates, career move, cv, job interview, Morgan McKinley, potential employers, resume, Union Square Ventures

Click to view the London Financial Services Salary Survey 2012

We recently surveyed over 370 hiring managers and professionals working across financial services in London to hear their predictions for hiring and remuneration for 2012.

Survey highlights show that only 12% of those in the permanent market are feeling more confident about job availability compared to this time last year. On a more positive note, just over a third (35%) are optimistic that salaries will rise over the course of 2012 while 50% expect salaries to stay at their current levels.

The mixed findings of our survey clearly reflect the lack of visibility and turbulence in the hiring market as the new year begins. It is well known that financial markets thrive on stability. Therefore a conclusion to the eurozone crisis and clarity on regulatory issues such as the Vickers report should bring greater transparency and confidence to the banking system in the UK.

We hope you find this salary survey informative and welcome your feedback. I would also like to take this opportunity to thank you for your continued support and wish you all the best for 2012.

Financial Services, London, salary guide 2012, salary survey 2012

Click to view the Accounting, Finance & Support Salary Survey | UK 2012

To gain insight into hiring and salary trends for 2012, we surveyed 350 senior-level operational and HR managers working in accounting, finance and support. We targeted three areas: commerce & industry, professional services and the public sector.

These are clearly diverse markets but overall, the outlook is that there will be modest growth in 2012, at a rate similar to 2011. Positively, more than half of the firms we surveyed (including multinational corporations and SMEs) have hiring plans for Q1 2012.

On the whole, salaries are expected to remain relatively stable in 2012. Increasingly professionals are considering ‘holistic’ packages rather than focusing on basic salary offers. Elements such as flexible benefits, work/life balance and professional development are becoming more important to job seekers.

We hope you find this salary survey informative. If you have any questions or feedback, please feel free to contact me directly on +44 (0) 207 092 0078 or email cleeson@morganmckinley.co.uk.

Accounting, accounting salaries, business support salaries, Finance & Support Salary Survey 2012, finance salaries, office support, salary survey 2012, secretarial salaries, UK salaries 2012

From the credit crunch in 2008 to the eurozone crisis in 2011, risk management has never been so topical. This was evident last night, when more than 60 financial services professionals attended our exclusive risk debate at One Moorgate Place.

We were lucky to have some of the City’s most senior risk specialists in attendance, along with a distinguished panel consisting of a leading editor from a well known City newspaper, a senior risk representative from a UK regulatory body as well as a global head of risk methodology from a leading investment bank.  This all led to thought-provoking discussion and some sharp intellectual sparring! Abiding by the Chatham House Rule, I can’t tell you what was said, but here are some of the topics that were discussed. I’d love to hear some of your thoughts as well – let the debate continue…

1. Although numerous causes of the 2007/08 credit crunch have been mooted, many experts feel that the crisis was, “not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of major financial institutions.”
   
   Why was risk management not able to prevent such a global meltdown?

2. In recent years there has been major regulatory reform across the financial services sector, as well as a huge drive to ramp up risk management frameworks. Barely four years have passed since the last global economic crisis and we again find ourselves in another one, this time on a more sovereign scale with the eurozone crisis.
   
   Having concentrated on developing micro risk management tools, along with more in-depth analysis from a credit perspective, why is it that the macro-level risks were seemingly ignored?

With the new measures in place, do we now feel confident from a risk management perspective, that we are better positioned to recognise signs of an impending crisis? And what are the key areas to be wary of moving forward?

(L-R) Eduardo Epperlein – Global Head of Risk Methodology, Global Risk Management, Nomura, Allister Heath – Editor, City AM,  Michael Wardle – Head of Market Risk and Trading Review, FSA.

2012, Banking, Banking crisis, eurozone crisis, Financial Services, Risk, risk management

Now that Morgan McKinley has been measuring job opportunities in the London financial services sector for eight years, we are well positioned to illustrate the meteoric rise of the financial services hiring market, followed by the dramatic effects of the credit crunch starting in 08 (Chart 1). Comparing 2011 to the previous year shows that job opportunities fell by 8% and a much larger 43% drop compared to 2006 when financial services hiring was peaking. This pattern of hiring strongly reflects the shape of the global economy over these years.

View full press release >>

Returning to December 11 – job availability was at its lowest monthly level for the whole calendar year. This is partly because December typically sees a fall in job opportunities as it is a shorter working month due to the festive period. However taking this into account, December 11 represented an even greater slowdown than expected in financial institutions’ hiring activity across London. As mentioned in previous Employment Monitors, onging issues in the eurozone, compounded by turbulence in financial markets sent shockwaves through financial institutions in Q3 11 and Q4 11, rendering the hiring market very subdued, particularly in the wind down towards Christmas. Sentiment from hiring managers remained highly cautious in December 11, influenced by well-documented volatility across financial markets plus announcements of potential lay-offs. This has had a clear effect on professionals’ confidence in the jobs market, with a 40% drop in those who were active in the hiring market in December 11

The increase in the time taken to fill job opportunities from 55 to 61 days – the longest period since February 11 – highlights the challenges that exist in managing professionals through the process of securing a new role. Whilst it is usual to see recruitment processes in some institutions speed up to get key hires on board towards the end of year, evidence in December 11 points towards the opposite with even longer job sign-off and interview processes. As we have noted previously, the City hiring market thrives on confidence, and there is currently a distinct lack of confidence amongst hiring managers.

Referring back to the last eight years of the London Employment Monitor, we look with interest to see how 2012 will pan out. Anecdotal evidence from the City’s major employers indicates that the first half of 2012 may be slightly better than H1 11, but visibility remains limited. Looking at recent history, even in the ‘rebound’ year of 2010, the overall volume of jobs released (61,671) was so far below 2007 job numbers (114,471) that it begs the question we are regularly asked: will London financial services hiring ever return to the same level of activity.

Employment, Financial Services, Financial services in London, Financial services UK

The first week back in the office is always hard work isn’t it? How do you feel once you are back at your desk, with no more Christmas parties to look forward to? Chances are, it’s not your favourite time of the year but for many this is a time to start thinking about what they want to change about their career in 2012.

Here are our top tips for the best start to a job search in 2012:

1. Make a plan

A good start to the New Year is writing up a detailed game plan. What role do you want to move into and how are you going to make sure you get there?  Reflect on what you really want in your next role. Explore your options by researching potential careers, jobs and employers.

2. Network

Gain insight into your desired role and opportunities in 2012 by making contact with people already working in the industry. Showcase your skills by creating an online presence on social networking sites such as LinkedIn. Ensure your LinkedIn page optimises the right key words as part of your job search.

3. Gain new skills

Attending training courses, professional development seminars or working towards a new qualification will add to your skill set and make your CV stand out from the crowd.

4. Freshen up your CV

Ensure your CV is completely up-to-date with your current role and responsibilities.  Focus on accomplishments rather than responsibilities.  Check out our CV preparation page.

Send in your updated CV to london@morganmckinley.co.uk

2012, career, cv, CV Preperation, jobs, Linkedin, Networking, new job, Nwew Years resolution, Top tips

Dearest Diary

Do I really need to do a new year’s resolution list?  Well ok, if you insist.

Here we go:

1. I promise to be nice to my in-laws.  Really, I do promise.

2. I must stop eating carbs in large quantities.  It’s still ok to have toast at work in the morning. I mean it is free and given the current climate, I think that’s a sensible decision.

3. I must run 3 laps around the park every day.  No need to join a gym I say (note to self – more money saved! Gosh I am clever).

4. Update my CV and send it to the lovely people at Morgan McKinley.  They did find me a fantastic job 3 years ago but just like the new socks that my lovely in-laws will once again give me as a Xmas present, I think I need to freshen up my career.  As I write, I am also thinking I should begin this resolution today and try and beat the January rush – gosh diary, I am a clever clog.  The rest of the resolutions can wait until January 1st or 10th…I hate to stick too much to tradition.

Signing off for now.

James

P.S. Resolutions 1-3 are really not that important are they?

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