The current focus on regulatory compliance is good news for those seeking a job in the New York City financial services industry, according to the hiring experts at Robert Half.
The banks and other financial institutions our staffing managers work with are investing significantly in infrastructure and are developing policies, systems and processes to comply with new regulatory programs. The result? Increased hiring in a variety of areas, at institutions of all sizes.
Larger institutions within the financial services industry have been focused on strengthening protection of customer information, as well as better identifying potential fraud, money laundering and other illegal activities due to regulatory programs such as know your customer (KYC) and anti-money laundering (AML). Even smaller banks, broker-dealers and asset managers are feeling the need to expand their compliance departments to provide more support in this area.
More recently, Comprehensive Capital Analysis Review (CCAR) has impacted hiring as banks are required to have more capital on their balance sheet and more liquidity. All of this means a strong demand for candidates with risk, compliance and internal audit experience.
So how can candidates make themselves more marketable and take advantage of all this hiring activity among financial services industry firms? Here are three tips from our experts:
- Know your stuff. Step one: Make sure you are well-educated on the various regulations and changes that have been taking place the past few years. Many rules and regulations are new, and they change constantly. Regardless, you need to be aware of what is happening in the financial services industry and be able to speak to your knowledge of and experience with current regulations.
- See the big picture. Candidates who understand that every role and department plays a part in mitigating risk and protecting customers are the most attractive to prospective employers.
- Brush up on your tech skills. As in almost every industry these days, you need to focus on enhancing your technical skills. Embrace technology, even if you’ve struggled with it in the past. Having an excellent command of Microsoft Office, SharePoint and various newer banking systems is very important.
Qualified candidates will be happy to know that compensation trends for the financial services industry are positive, with significant salary increases expected for regulatory compliance professionals with the right experience. And Robert Half career experts predict that the hiring outlook will continue to look good for the remainder of the year and into 2015. The best advice for candidates looking for a new job in the next few months? Don’t spread yourself too thin in your search. Focus on a few strong opportunities in the financial services industry, and do all you can to present your best self to employers.