eFinancialCareers

2007 ended badly, and 2008 may well start the same, but this year will be better for some things than others.

2008 will be a good year for…

Ops jobs
Junior and more menial roles may be heading to Asia, but recruiters say there’s still going to be ample demand for senior banking operations staff in Australia. “People with 10 years-plus operations experience, who want to broaden their experience, will have plenty of opportunities in Australia in 2008,” says Mary Grant, principal consultant in Hudson’s banking and finance division.

Commodities
China and India’s thirst for Aussie minerals will continue unabated, which will be great news for analysts and project managers with mining or commodities sector experience. Headhunters say these people will continue to be in short supply.

Unearthing scarce talent
After years in which credit derivatives professionals were rarer than rainfall in the Sahara, the credit crunch will help ease Australia’s talent shortage during 2008. The country’s best banking talent is less likely to migrate to the US and Europe and layoffs may yet force some Aussie bankers back home. John Michel, a consultant at Sydney-based Jon Michel Executive Search, says: “The credit crisis has halted growth in financial services in the States and Europe. So, the brain drain might be significantly lessened.”

Wealth management
It was strong in 2007 and there is no reason to think that it won’t be strong again next year. Financial planning, superannuation and funds management are all expected to continue trending upwards as a result of the 30 June 2007 super reforms, which are encouraging more Aussie workers to make additional discretionary contributions to their pensions.

And 2008 will be a bad year for…

Mortgage-backed securities and CDOs
Following many billions of write-downs on mortgage backed products and collateralised debt obligations (CDOs) related to them, banks are unlikely to regain their appetite for hiring in this area any time soon. Luke Heath, from City-based headhunter Chandler Heath, says, “These sectors will remain subdued at least for the first six months of next year.”

Anti-money laundering
Want to work in anti-money laundering? You may have missed your chance. Anti-money laundering and Basel II project work is predicted to dry up now that systems and processes are largely in place. Bob Olivier, a director at the Olivier Recruitment Group, says, “New work will involve maintenance and reporting. Consultants such as project managers and analysts will need to reinvent themselves to find new work.”

Private equity
After years of wholesale hiring at analyst and associate levels, Australia’s private equity firms are expected to pull back in 2008. Those already working in private equity are probably safe, but new roles are likely to dry up.

The eFinancialCareers editorial team is taking a protracted Christmas break. We will be back in full force on January 8th. Happy New Year!