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Education is a vital part to everyones success.

by Robin Christie | 22 Apr 2015
Recent increases in the educational requirements of employers in the banking industry have made it more difficult for experienced candidates without tertiary qualifications to find roles.

This is one of the conclusions to have come from recruiting and human resources specialist Hays most recent quarterly report.

The report, which was released yesterday, reveals that employers in areas such as business banking are also placing increased importance on whether candidates are considered to be a good cultural fit for the organisation.

Business banking also warranted a mention in the report when it came to identifying those areas of the banking sector that are experiencing recruitment surges.

“The overall improvement in consumer and business confidence has resulted in an increased appetite for business lending to small businesses, which has created demand for business bankers at both the big four and second tier banks,” it states.

“We are seeing increased activity in financial and banking business development manager roles, linking into commercial lending and business banking. There is currently a shortage of well networked sales professionals in these areas.”

Advisers up-skilling

Financial planners and para planners are also in high demand, with the report noting that often candidates are receiving more than one job offer. It adds that this will be an area of high demand while banks continue to develop their wealth management teams.

Financial advice is also an area where the report’s authors have observed that candidates and employees are starting tertiary studies in order to keep up with industry qualification requirements.

“For example, financial planners are studying for degrees as the major banks no longer accept only the Diploma of Financial Planning,” states the report.

Aside from financial planning, it explains that low interest rates are fuelling a big demand for mortgage brokers, which is expected to continue throughout the next quarter.

And on the salary front, the report concludes concisely that in the banking sector, “salary expectations are slowly increasing”.

Sydney remains popular

Looking at the finance sector more broadly, the report explains that there are positive signs for finance professionals.

“Several trends are behind this positivity, including the weakening Australian dollar which is giving companies with export interests the opportunity to take advantage of the exchange rate swing, and the strong property sector,” it states.

“We are also seeing greater demand for permanent staff as companies seek to increase their full-time employees. They are looking for high quality recruits who can contribute towards improving productivity and performance.”

Sydney is singled out as an area where increasing opportunities are attracting interstate job applicants in the finance sector. This trend is allowing employers to become more selective in choosing from a wider range of quality applicants, explains the report.

It adds that commercial analysts are in big demand, and will continue to be for as long as employers want to maintain profitability while keeping costs down. Meanwhile, risk professionals are being sought as financial institutions — especially banks — aim to keep on top of the latest regulatory developments in areas such as anti-money laundering.

Finance managers and controllers are also in demand, as are candidates with strong business partnering skills.

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