Financial Recruitment Proving Difficult
If the press and the numbers are right, 2009 could be very bleak year for the aspiring finance associate. Nine out of ten finance company directors in London, a major financial hub, say that they will not be hiring new graduates this year. The situation is repeated across the world as financial markets shrink drastically. If you are a graduate, this will understandably be of great concern to you. But it does not mean that you have no hope of getting a job, but you may have to change your approach.
You have your sights set on a finance associate position, with an aim to get a rounded education on the finance industry. How do you get through this tough period and come out stronger and ahead?
- 1. Be prepared to look at entry level roles
Sets your sights a little lower. To move ahead, you sometimes need to take a small step back. Approach a financial recruitment company and seek out entry level jobs as a researcher, analyst or even a job in administration of a finance firm. The key is to get your foot in the door and start gaining experience. - 2. Look at niche areas in finance industry
In doom and gloom times, there are certain arms of the finance industry that actually do very well. Financial audit companies, accounting, mergers and acquisitions, bankruptcy, and finance law areas are all finance service areas that flourish when others are falling apart. Look for opportunities in finance firms linked to these niches. - 3. Seek finance opportunities outside finance firms
You don’t need to work for a finance firm to be working in finance! Other corporate sectors and governments also need finance recruits. Big companies outside the finance industry have finance departments that require employees with specific finance skills. Government are constantly investing during recession times to help kick start economies so there will be a lot of resources and opportunities in treasure, economic, business and regulatory sectors of the government. If you have a background in financial advisory, you may consider consulting to the private sector and individuals. Financial advisory often becomes in demand during recession times as people and companies look for alternatives to invest their money. - 4. Look overseas for finance recruitment opportunities
If local conditions are bad, there are always greener pastures elsewhere. Oil rich economies like the UAE and Qatar are continuing to invest in alternative industries like finance so to a certain extent these economies are shield from the global recession. - 5. Be prepared for reduce compensation and more work
In tough times, finance firms will be looking for employees that are prepared to multi-task and not seeking excessive compensation. Be prepared to put your head down if you get into a finance role and be proactive in seeking more work. It will help your finance firm and give you experience outside your specific area of expertise. - 6. Develop your qualifications
Slow times in the financial industry may actually present you with an opportunity to up skill. Signing up for a new finance course and adding to your qualifications can greatly benefit your financial recruitment credentials for the future.
You need to remain proactive when times are difficult. Research financial recruitment sites and talk to recruiters. Keep you ears to the ground for opportunities and be ready to move quickly. A recession doesn’t mean the finance industry comes to a grinding stop. It means resources are shifted and the use of the resources becomes more focused.
You, the aspiring finance associate need to be flexible, read to improve your skill base and be prepared to move quickly when finance firms are ready to hire again.