Return to Core Compliance Contractors
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After last year's concentration of MiFID hires in the temporary and contract recruitment world, 2008 has seen a return in demand for more generalist compliance skills. This includes control room, account opening and AML. For example temporary control room roles have increased by 67% year on year.
However, whilst volumes of recruitment are strong within these areas, hiring isn't proving easy as Michelle Myers, senior consultant with Joslin Rowe Temporaries explains:
"Last year, in the rush to meet MiFID deadlines, banks needed high numbers of MiFID administrators and fast. In many cases these candidates didn't require in-depth compliance knowledge - if any. The nature of the projects they worked on then meant that there was no need to subsequently learn core compliance skills. So as these projects have finished this has actually caused quite an imbalance in the market. Current vacancies call for generalist compliance skills, where there is a strong understanding of legislation and product exposure, but there is a big glut of job seekers without this."
According to Joslin Rowe Temporaries, guideline monitoring contractors are most in demand. Candidates must possess either Sentinel, Charles River or Latent Zero exposure skills.
As the market has evolved, rates have dropped across the board by up to £4 an hour - however, this is less to do with the credit crunch and more to do with the lack of specific project deadlines like MiFID.
Michelle Myers states: "Last year was a bubble in the compliance world. The intense pressure of deadlines and workloads meant MiFID candidates could command inflated rates This year the picture has changed and rates have come down to a more realistic level. But this shouldn't be interpreted as a pay cut rather a pay correction. "
"Last year, in the rush to meet MiFID deadlines, banks needed high numbers of MiFID administrators and fast. In many cases these candidates didn't require in-depth compliance knowledge - if any. The nature of the projects they worked on then meant that there was no need to subsequently learn core compliance skills. So as these projects have finished this has actually caused quite an imbalance in the market. Current vacancies call for generalist compliance skills, where there is a strong understanding of legislation and product exposure, but there is a big glut of job seekers without this."
According to Joslin Rowe Temporaries, guideline monitoring contractors are most in demand. Candidates must possess either Sentinel, Charles River or Latent Zero exposure skills.
As the market has evolved, rates have dropped across the board by up to £4 an hour - however, this is less to do with the credit crunch and more to do with the lack of specific project deadlines like MiFID.
Michelle Myers states: "Last year was a bubble in the compliance world. The intense pressure of deadlines and workloads meant MiFID candidates could command inflated rates This year the picture has changed and rates have come down to a more realistic level. But this shouldn't be interpreted as a pay cut rather a pay correction. "
