Compliance Recruitment Keeps Shape Despite Crunch
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- Compliance
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Despite continuing turbulence in the financial marketplace, compliance recruitment is weathering the storm. According to the latest research from Joslin Rowe, European banks, asset management firms and hedge funds are continuing to recruit heavily within the compliance marketplace.
Fergus Hooley, associate director of Joslin Rowe, states: "In most cases, compliance recruitment has remained insulated from the heat of the credit crisis. The volume of roles is very similar to 2007 levels however, certain investment banks are offering roles to internal candidates more frequently. "
Interviews have been hit in other ways, say Joslin Rowe, with the average time to hire increasing by at least a week.
"We've seen a number of clients add an extra round into their traditional interview process. It would seem that whilst there isn't necessarily an issue with budget sign-off for new compliance positions, managers are keen to ensure that everyone agrees with their preferred choice of hire. I suspect that's a knock-on effect of the general cost consciousness which is pervading the City. People want to be seen as being cautious and careful." speculates Hooley.
Interestingly, however, this renewed focus on the bottom line isn't affecting salaries. Joslin Rowe reports that remuneration packages remain the same as in 2007 with no sign of a dip. Certain skills sets are actually commanding a premium. Monitoring and surveillance people remain highly sought after, both in asset management firms and the banking world.
"This is one instance where asset management firms are prepared to interview and offer candidates from the banking world, " explains Hooley, "Generally, asset managers prefer to recruit compliance professionals with asset management experience. But there is such a demand for monitoring and surveillance expertise, banking candidates are being considered."
Interviews have been hit in other ways, say Joslin Rowe, with the average time to hire increasing by at least a week.
"We've seen a number of clients add an extra round into their traditional interview process. It would seem that whilst there isn't necessarily an issue with budget sign-off for new compliance positions, managers are keen to ensure that everyone agrees with their preferred choice of hire. I suspect that's a knock-on effect of the general cost consciousness which is pervading the City. People want to be seen as being cautious and careful." speculates Hooley.
Interestingly, however, this renewed focus on the bottom line isn't affecting salaries. Joslin Rowe reports that remuneration packages remain the same as in 2007 with no sign of a dip. Certain skills sets are actually commanding a premium. Monitoring and surveillance people remain highly sought after, both in asset management firms and the banking world.
"This is one instance where asset management firms are prepared to interview and offer candidates from the banking world, " explains Hooley, "Generally, asset managers prefer to recruit compliance professionals with asset management experience. But there is such a demand for monitoring and surveillance expertise, banking candidates are being considered."
