Job growth in financial services sector driven by compliance needs
Annual earnings in 2013 for financial services and insurance roles saw a 4.2 per cent increase over the previous year – with senior level appointments in risk management and compliance jumping by 12.4 per cent in the same period, according to specialist recruitment consultant, MERJE.
Richard Abelson, director at MERJE, said, “Strict regulatory requirements ushered in by the financial crisis have led many companies to shift their focus towards limiting their exposure to risk. Compliance has become just as important to businesses as minimising costs or driving growth – creating a surge of job opportunities in the financial services sector which are replacing those lost during the recession.”
Significant demand for individuals with backgrounds in compliance and risk management is also helping to close the gender pay gap and increase opportunities for UK women. Recent data from the ONS highlighted that differences between men and women were greatest in the financial services and insurance sector – varying by 37.8 per cent.
Abelson added, “Given the need and competition for individuals with these skills among UK employers, MERJE has found that candidates are being paid a premium for their experience – regardless of gender. UK companies are looking at an individual’s understanding of the regulatory environment. For senior level candidates who can demonstrate their effectiveness in balancing risk and growth – the sky is the limit.”
A recent survey by the Chartered Institute of Insurance found that 54 per cent of companies expected to increase their spending on training and recruitment. With employers investing heavily in the selection of candidates with specialist experience, MERJE predicts that the market for individuals with compliance and risk management experience will continue to grow rapidly throughout 2014.