by Julia Salem
May 13 2014
First quarter results from the 2014 executive search and leadership consulting industry trend data, recently published by the Association of Executive Search Consultants (AESC), revealed a rise (+3.5%) in the number of new executive searches started within the financial services sector on both a yearly and quarterly basis, as well as market share growth. These trends prove that now is the optimum time for financial services executives to dive into the job market to find their next opportunity.
AESC and BlueSteps President, Peter Felix, commented: “Financial services is back as a growing sector for executive demand, now that major restructurings have occurred and there is a clearer picture of where financial institutions will focus their efforts. Executive talent is always at a premium nowhere more so than in financial services.”
In recent interviews in the BlueSteps financial services white paper, AESC executive search consultants, who specialize in the searches for the financial services sector, also noticed a significant rebound and new executive opportunities emerging due to new financial services regulations and digital transformation.
Tim Sheffield, from Sheffield Haworth, is in agreement that there has been a steady recovery across the financial services industry; however, he’s noticed a change in the balance of activity. “Some of our traditionally large clients have been in decline for several years; however, this is balanced by the emergence of other clients who see the regulatory environment as an opportunity to develop and diversify their activities. Most notably, this growth has come from the asset management and corporate sector.”
When it comes to new executive opportunities, Serina Wong, from Korn Ferry, highlighted a few of the in-demand functions and sectors in financial services. These included:
1) In corporate and commercial banking, there seems to be a focus on CMOs, CFOs or CROs.
2) For both asset and wealth management, there has been an emphasis on investment-focused roles, sales and marketing roles as well as legal & compliance.
3) There has been more emphasis on information technology legal and compliance roles due to cybercrime.
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