The best sectors for financial services jobs now. And the worst

If you looked for a new job in financial services in the second quarter of 2022 and couldn’t find one, it could be because you were looking for a job with a hedge fund instead of a real estate investment manager.

Jobs figures published globally on eFinancialCareers over the months of April to June show hedge fund jobs have fallen precipitously compared to the same period of 2021. In comparison, jobs associated with real estate boomed.

The increase likely reflects demand for assets such as real estate and infrastructure as a potential hedge against inflation. In their recent half-year outlookUBS’s real estate team noted that real estate investments traditionally offered low correlation to other asset classes and that periods of high inflation were generally correlated with high real estate returns. Real estate mergers & acquisitions has also been relatively buoyant, although the sector is not without challenges in an environment of rising rates and a world where offices remain empty as people work from home.

Consulting jobs also increased in the second quarter, as did risk, compliance and finance (control) jobs. Speaking last week, Keith Bevans, global head of consulting recruitment at Bain & Co, said consulting jobs are generally stable regardless of the economic climate. Meanwhile, banks like Credit Suisse and Citi have invested heavily in risk and controls.

M&A hiring was also relatively flat, although global M&A revenue fell 5% in the first half. This likely reflects the ongoing struggle to recruit analyst and partner Talent.

All other areas of front office, however, job vacancies posted on eFinancialCareers saw double-digit declines in the second quarter of 2022 compared to 2021. Why is that? Jefferies results for the second quarter offer a clue: earnings from equity and debt capital markets remain dismal this year; fixed income and commodity currencies (FICC) earnings may not have been as high as some banks suggested.

The tech hiring boom also appears to be over as banks like Credit Suisse move into way of reducing costs. However, this may be at least partly due to the fact that tech recruitment was high in the past year following the pandemic.

picture by david marku on Unsplash

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