global recruitment specialists
Financial Services Career Advice
Advice for financial services professionals on how to make the most of 2014 -
Leanne Appleton, Recruitment Manager at Reed Financial Services in Bristol, highlights the key trends that will affect the financial services jobs market in 2014.
Financial services vacancies on the rise...
I'm excited to see an increase in recruitment across all sectors of financial services, with a particularly noticeable rise in the number of pensions administration vacancies as a result of pension auto-enrolment. This is a trend that we expect to continue in 2014. There has also been a sizeable increase in the demand for specialist roles within IFA firms, in areas such as compliance and technical support.
...as are employers' expectations
Although there has been an increase in the number of job opportunities, since the Retail Distribution Review (RDR) employers' expectations have risen as well, which means that jobseekers should not only possess the relevant skill set and experience, but also accompanying industry qualifications. We see this as a positive, as it demonstrates the industry's recognition of the value of qualifications, as well as encouraging jobseekers to reinforce their experience and, in turn, warrant a more competitive package.
Want the latest Insurance news & views? Read InsuranceConnect »
Pension auto-enrolment set to have a huge impact
In what has been labelled as the ‘crunch', 2014 will see employees of up to 30,000 medium-sized businesses join the pension auto-enrolment scheme, which will have a huge effect on the pensions job market. We expect to see an increase in the number of administration and pensions support roles, both at the companies in question and within third party pensions administrators, who will be servicing the schemes of small businesses whose employees were enrolled last year.
Industry qualifications increasingly important
Within non-advisory financial services, our best advice is to concentrate on gaining industry-specific qualifications. Since the introduction of RDR, exams have become a compulsory requirement for regulated financial adviser roles. However, the expectation is there for support and technical staff to be suitably ‘qualified' as well. Almost all the businesses we recruit for have increased their expectations:
Advanced technical and senior paraplanner roles at IFA firms now usually require you to hold level 6 chartered status in financial planning;
Mid-level paraplanner and financial services compliance vacancies require you to hold, or be in the advanced stages of gaining, a level 4 diploma.
Sales support roles usually require you to hold or be working towards a certificate in financial planning or administration, and diploma study offers a distinct advantage.
Within the pensions field, specific qualifications such as a diploma in pensions calculations is ideal. We have seen jobseekers with vast amounts of experience but no qualifications who have hit a ceiling, and in these cases supplementing experience with a qualification creates more options and a naturally increase in salary expectations.
I would always encourage jobseekers to study independently, even if their current employer does not support the cost. To a potential employer, this demonstrates your dedication and drive, and a willingness to spend personal time on study in order to progress your career. This speaks volumes when marketing yourself to a potential employer.
£50k+ financial services roles on the increase
REED is a whole of market recruiter and this includes executive search recruitment for the £50k+ market. Across 2013, I have seen a rise in specialist appointed insurance roles over £50k, for which higher salary and benefits packages are warranted by niche experience and a variety of qualifications.
REED offer employers a unique and unrivalled executive search offering which has made us market leaders in executive recruitment. As a result, senior level jobseekers in the financial services industry are using us more and more when they seek high level roles.