According to eFinancialCareers’ most recent survey, the Quarterly Job Barometer, Australia has experienced the world’s largest decrease of financial services jobs at 34 per cent in the third quarter of 2012, compared to the same quarter last year.
The survey noted that growth continues to lag behind the rest of the Asia-Pacific region, with Singapore and Hong Kong registering – 5 per cent and -23 per cent respectively over the period.
Finance jobs in the US were down 18 per cent and in the UK 24 per cent. Continental Europe was second to Australia with a decline of 28 per cent.
But the Australia’s financial services job opportunities represent a low-hire rather than a no-hire environment according to eFinancialCareers managing director of Asia-Pacific George McFerran.
“The last 12 months have shown that Australia is not immune to the redundancies that have swept through global financial services,” Mr McFerran said.
“The pace of hiring has slowed, and organisations are being very conscious about costs. Hiring in the financial services sector has always been very up and down but this time the contraction is more fundamental,” he said.
He explained that hiring is likely to stay at the same level for the remainder of this year, with banks focusing on replacement hiring.
Quarter-on-quarter results show significant growth across the APAC region in the last three months, specifically amongst insurance, capital markets, risk management and private banking.
Insurance hiring is occurring on a large scale, particularly in agent claims and underwriting positions driving hiring up 23 per cent quarter-on-quarter.
Ongoing demand for front office staff in risk, compliance, quantitative analytics and IT saw growth increase 30 per cent in the region.
Risk Management is up 19 per cent. In particular operation risk hiring remains strong and liquidity risk professionals are also in demand as banks strive to meet Basel III milestones and come under pressure from ratings agencies.
Private Banking has also experienced a 16 per cent growth driven by banks tapping into the increasing number of high worth individuals in APAC. New regulations and products are also helping to increase demand.
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