Poll: What’s Your Outlook on Job Growth in the Financial-Services Sector?
In the aftermath of the 2008 financial crisis, the financial-services sector lost hundreds of thousands of jobs. However, since the nadir of the crisis, in 2011, the industry began to reverse direction and has steadily added jobs, albeit at a slow pace.
When we asked readers of the CFA Institute Financial NewsBrief to share their outlook on job growth in the financial-services sector for the next 12 months. Of those who responded, 40% expect job growth in financial services to improve, 42% expect it to stay the same and 18% expect it to deteriorate.
These responses align well with some reports from recruiting firm Michael Page, including its Hong Kong 2014 Salary and Employment Forecast, and with data from the US Bureau of Labor Statistics. As of December 2013, the BLS projects that jobs in financial activities will increase at an annual rate of change of 0.9% through 2022.
Corporate and executive recruiters observe that financial-services companies are taking longer to fill positions as they increasingly focus on finding candidates who best fit their corporate culture. Such modest gains, combined with a longer average time to hire, mean that financial-services professionals will continue to face a very competitive job market.
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