The financial planning industry is one of the few areas of the financial services sector that's seen an uptick in jobs and wages. We speak to George McFerran of eFinancialCareers and Steven Paola of Hay Group for their tips on where job opportunities are arising and how to earn the big bucks.
Video transcript below:
Donna Sawyer: The Australian financial services sector has suffered the biggest decline in job opportunities in the Asia Pacific region on year. But it’s not all bad news. According to eFinancial Careers latest quarterly jobs barometer, the financial planning industry saw an uptake in jobs, thanks to new compliance requirements.
George McFerran, efinancial Careers
George McFerran: If we look at the job barometer which is a number of course, the number of job adverts, what we seeing now is that the greatest decline in job adverts has been in the areas such as equities, derivatives and trading. So they are the ones that have been hit hardest I guess that’s a consistent trend over the last three months. And the flip side of that is there are certain bright spots as well. So asset management is doing pretty well at the moment, operations is doing well as well and if we look at Australia specifically, project finance, financial planning and risk management are all areas where we have seen increase in jobs over the last three months.
Donna Sawyer: George McFerran of eFinancial Careers says the big four banks are on the hunt for financial planners, especially younger planners given the aging work force.
George McFerran: Certainly the big four were saying that they are still wanting to hire financial planners, but they are also interested in taking people from outside the industry as well, who perhaps have got broader experience in other sectors of commerce to persuade them to transfer their skills and train as financial planners. There have kind of been a lot of financial planners tend to be perhaps a little bit more senior and they are trying to attract the younger generation to come and train up as financial planners. But they are wanting people who perhaps in their late 20s, early 30s who have been out in the workplace and experienced a little bit of life before they make that switch.
Donna Sawyer: And if that’s not enough to cheer you up, how does a pay rise sound? Steven Paola of Hay Group says many financial planners are set to get a pay rise this year, whether it’s a wage increase or a bonus.
Steven Paola: [Pay grade] forecasts 4% on average over the next 12 months for salary increases. In saying that though, the salary increase range that organisations are saying they will put forward to employees is quite large, so it’s between 2 and 8%, that will depend on the sector, the location of employees and the type of job that the employee is in. So organisations we have found over the last 12 months and actually trend over a number of years now, have really rewarded more technical key talent, key skills, more than just the average wage increase.
Donna Sawyer: This is Donna Sawyer reporting for Wealth Professional.