Finance Graduate jobs - what does the future hold?

For the last decade, careers in finance have been synonymous with fantastic salaries and what some would describe as obscenely generous bonus schemes, quite enough to compensate for the long hours and high levels of stress involved.

But with the economy in turmoil, and the finance sector being hit hard by redundancies and loss of annual bonuses, are the younger generation dissuaded from entering this sector? Is the skills shortage we’ve seen increasing in recent years set to deteriorate further as graduates decide that finance is not for them after all?

GAAPweb has witnessed a shift in the types of jobs and sought-after specialisms advertised on the website. Just as you’d expect, in the climate that we currently find ourselves in, there are winners and losers. So whilst we’re seeing fewer banking jobs we’re seeing an increase in compliance and risk roles.

Kay Saunders, Client Director at Alexander Mann Solution (a recruitment process outsourcing firm), has indicated that her large investment bank clients are certainly placing more emphasis in recruiting for back office positions like risk management instead of their traditional trading floor focus. 

Kay also handles her clients’ graduate recruitment schemes and reports that her clients are maintaining the number of graduates required. Also encouraging is the fact that application rates for graduate schemes remain healthy and all places for 2008 have been filled. So here is evidence then that the credit crunch has not impacted on this year’s graduates.

This complements figures from the Association of Graduate Recruiters Survey 2008 published in October, which indicates that just over half of graduate recruiters are maintaining the number of placements available for 2009 whilst a third are predicting an increase. Encouragingly there are as few as 0.4% of respondents who will not be recruiting for graduate placements next year.

An interesting trend to appear recently is an increasingly flexible approach regarding entry requirements for graduate schemes. Whereas in past years graduates wouldn’t even be considered unless they have 2:1 degree, now we’re finding employers placing more and more emphasis on work experience to complement educational achievements.

Neil Owen, Director of Robert Half International, believes this shows employers are recognising the importance of aptitudes that can’t be measured in examinations. Gaining work experience, industry knowledge and building networks allows employers to identify the entrepreneurs of the future, and that’s what employers are looking to invest in.

So whilst current volatility is bound to make some undergraduates think twice, we haven’t seen a fall in the graduate market place. It is clear that recruiters/employers and the media must work together to send a message to all those on the brink of making their first steps in career choices. It’s a message that the economic downturn won’t last forever and that opportunities for finance professionals in the future will remain.

Comments

[Warren]

"It’s a message that the economic downturn won’t last forever and that opportunities for finance professionals in the future will remain."

I totally agree. This dire situation is part of the cycle and somehow a way for the economy to better itself in the future. I just hope people and policy makers will learn from the lessons of this downturn and not repeat it in the future for that would be the real tragedy.

[Credit Card Application]

the types of jobs and sought-after specialisms advertised on the website. Just as you’d expect, in the climate that we currently find ourselves in

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[Reverse Mortgage Information]

Hi,

I would also agree with your views. You made a solid point that knowing industry and having good knowledge would work but I would suggest having multi-domain knowledge which are related.

- J.

[reverse mortgages]

yeah its true..The future entrepreneurs can be find out by work experience and industry knowledge. Valid point.