Bank professionals days numbered when they stop investing in training and education
Professionals in financial services days are numbered the moment they stop investing in education and training qualifications.
That’s the view of a specialist recruiter who cast his eye over the post Royal Commission jobs market for FINSIA, highlighting just how organisations are reacting to the inquiry.
Kaizen managing director Matt McGilton said there were already moves to address issues that those in financial services knew were likely to come out of the inquiry. So jobs in risk became a premium.
He said: “Jobs in risk are certainly in high demand. There's no doubt about that.
“Demand hasn't slowed up.
“Leading into the Royal Commission, there were a lot of firms - banks, super funds - that had to resource up to be ready to respond to the inquiry.
“Since that time, it's just hasn't stopped. I mean the demand has been primarily around sort of mid-level, so from the same mid-level analyst to senior analyst, so sort of 80 to 130K salary.
“There's been a lot of movement of senior people in ‘head-of’ roles. And that’s continued.
“Many of these firms had to look at these new regulations post-Royal Commission. And there’s been so much hiring.
“Where once upon a time it was maybe a team one or two, now it's doubled in size.
“There's a lot of pressure. Pressure from the business, pressure from the regulator.
“If you're a good candidate in risk and compliance, you're in demand.
“We expect that to continue. And it's been fascinating. It’s been musical chairs. People go to one organisation. They don't like it. They leave and they find a new job pretty quickly.
“It's been really, really interesting to observe. I'd say it's a golden age for risk and compliance professionals and has been for about two years.”
But will this golden age for risk professionals continue?
While he is not 100% on that, McGilton is sure on the need to stay relevant.
He explained: "I'd say one thing to almost any professional in the market and perhaps a broader industry dynamic.
“And that is that the day you stop learning, the day you stop investing in yourself - whether that's informal or formal qualifications - your days have become numbered, once you develop that attitude.
“Specifically to risk and compliance. The bar continues to be raised across the industry.
“We've seen what's happened with financial planning, which is fascinating, the need to continually invest in one's education, the development, the same in investments.”
While he admits it can be time-consuming McGilton says all professional organisations have this ongoing professional development criteria.
“I look at that and it makes me realise ‘How could you actually call yourself a professional in that space without the formal qualifications?’
“If you look at any other industry, like a doctor or a lawyer, you need to be educated, skilled and a member of an industry body.”
Comparing financial services to recruitment, he acknowledged it is facing the same challenge to be deemed a profession.
“There is an industry body, but there's no standards. There's no educational requirements,” he said.
“There's a lot of talk in our industry around regulation and professional standards, which I think cannot come soon enough. If you embrace these changes, you can ride through this. When you come out on the other side, you're going to be good, you're going to be in demand and you'll be better for it.
“Some people who are at a stage of life where they either don't want to make that commitment to their education and professional development, then there'll be a little bit of a clean out and that's not a bad thing.”
