Financial Services Job Market Analysis – October To December 2018
It was a busy end to the year for the team at Kaizen Recruitment.
During 10 years in business, I cannot recall a time when the market was so buoyant, best represented by the needs of our clients carrying right through the Christmas and New Year period.
In line with broader market and economic commentary salary levels did not increase dramatically, if at all.
Salary is not the main driver for many candidates with one candidate turning down a 24% increase in salary to join a competitor.
In light of this, clients do need to be adaptable with their salary offering if they are in the market for skill sets that are niche or where demand is exceeding supply. One client had to increase their offer by 35% to secure the right candidate.
A CEO position with an emerging fund manager paying under $200K did not struggle to attract interest in the market.
- The average salary across all placements that Kaizen made was $118,000.
- The lowest salary was $60,000 for a graduate investment operations position and the highest being $220,000 for an investment manager position for a leading superannuation fund.
- It was a surprising trend reversal on gender ratios with only 30% of our placements being female which is down considerably from previous quarters.
- 40% of our work was completed within funds management, recruiting across investment operations (all levels), investment analysts, investment accountants, investment data analysts, product analysts, marketing managers, client services, business development managers and even a chief executive officer. Interestingly, investment controls and quality assurance positions where in high demand this quarter and investment operations in general is booming.
- Standout achievements for the team was winning two major contracts to become a preferred supplier to a leading insurance firm and a leading industry superannuation fund. Insurance and superannuation now make up a combined 40% of our business.
- More than 50% of all placements were made with candidates where we have some form of existing relationship. In tracking the source of all placements, the vast majority have come from candidates that we have previously interviewed and maintained via our internal talent database. This builds on our client’s expectations that we validate all candidates that we represent, affirming Kaizen’s deep knowledge of the market and access to the right candidates.
- It was pleasing to note that 10% of all candidate placements came from candidates applying via our website which reinforces Kaizen’s brand in the market and strong social media presence.
- 10% of placements came from candidates that were directly referred to us via our networks. A referral is the greatest compliment anyone could give us, and we are incredibly grateful for this.
The financial services job outlook for 2019 is very promising and whether you are thinking about a career move or searching for new talent in your organisation, please feel welcome to contact the team here at Kaizen.
Cheers
Matt
Matt McGilton – Managing Director
Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney. For assistance or further information please telephone our office at +61 3 9095 7157 or submit an online form.
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