As the economy slowly but surely picks up, CFOs will need staff to do planning, projections, and other finance-related tasks. Searching for finance jobs may involve considering a different geographic area, a different type of position, or a different level of responsibility. Fortunately, workers who kept their positions during the recession will be ready to move into new positions, through promotion or attrition, leaving a number of open positions behind for talented candidates.
January is the best time to job-search in the finance sector. In January, companies have just completed their budgets, and know the available resources they have for hiring. Also, bonuses and promotions are usually delivered in January, creating more hiring volatility, and more open positions. Overall, a steady growth in temporary hiring, as well as a better conversion rate of temporary workers into full-time employment, bode well for the long-term hiring outlook.
Government compliance changes will drive job growth. Changes in SEC rules, along with the creation of new federal consumer protection bureaus, will force companies to hire, in order to anticipate compliance needs. Overall, particularly for accountants, government regulations could spur hiring in the finance sector.
The mortgage industry will create jobs. Services are hiring to keep up with the large volume of foreclosures, but interest rates are also at historic lows, creating many opportunities for mortgage origination. Job hunters should target large-volume companies, or companies which are focused on helping troubled borrowers to refinance.
Job seekers should begin by determining their job target. Job seekers should decide on one or two positions which interest them, and should create a resume for each one. Because employers spend thirty seconds or fewer looking at a single resume, job seekers must effectively highlight what they have to offer to the employer. Also, because many resumes are scanned, job hunters should make sure that the front part of the resume has keywords which are relevant to the position.
Job boards are not necessarily the best place to search. The positions advertised on major job boards tend to be either hard-to-fill positions, or positions with high rates of turnover. Also, since the majority of job seekers flock to these boards, employers may see hundreds of resumes for one position. To gain an inside edge, job seekers must work to meet people from their industry, either in-person or online. Most employers prefer to hire someone who is referred to them from a known and trusted source.
Job hunters should identify a set of potential employers. Potential employers should be in the job hunter’s preferred geographic area, and should hire for the job hunter’s targeted position. Then, job seekers should research employers, developing a strategy to identify and pursue jobs within those companies.
Globally, one in three employers says that positions exist, but are not filled, because of a lack of talented applicants. Therefore, even in today’s challenging economy, qualified candidates will still find open positions in the finance industry. By focusing on a job target, avoiding big-box job boards, and meeting professionals in their industry, job seekers will find the inside track to searching for finance jobs.
