Job volumes were high throughout 2016, despite uncertainty surrounding the presidential election. Candidates were somewhat hesitant to move roles earlier in the year, despite the buoyant market, but their willingness to change jobs increased.
Demand was highest for finance and accountancy professionals with strong technical skills in US GAAP and IFRS.
“An increase in M&A activity resulted in a healthy demand for those with extensive experience in valuation and corporate finance,” said Marco Maranzano, Vice President at Robert Walters.
Key skills in demand
Given the high demand for these skill sets, employers were forced to become more adaptable in terms of salaries and other benefits, in order to secure top talent.
Within financial services, hiring activity was subdued in 2016 as uncertainty in the financial markets caused many employers to postpone non-essential recruitment. Senior hiring was most significantly impacted, with more roles available for junior professionals.
“A continued focus on regulatory compliance shaped hiring activity, with many firms nearshoring regulatory functions outside major business centers, driving up job volumes in these regions,” continued Maranzano.
In 2017, we expect to see a continuing rise in salaries for accountancy professionals with strong regulatory skills.
In 2017, we expect to see a continuing rise in salaries for accountancy professionals with strong regulatory skills. The number of roles relating to M&A is also expected to increase, with candidates possessing strong technical skills in this area highly sought after.
On the banking side, while salary growth in 2017 is expected to be limited, managers looking to secure top talent will still need to offer competitive packages – ensuring they move quickly with offers to avoid losing out on the best candidates
Demand for regulatory professionals may fall slightly compared to 2016, with employers favouring product control and operations staff. In these areas, employers will face skills shortages as a result of having downsized significantly over the past five years due to their focus on controlling costs and rebuilding balance sheets after the global financial crisis.
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