More people are venturing out into the job market currently – this is understandable. London is reeling from the post-Brexit uncertainty and New York’s financial sector is holding its breath for the potential Trump-led U.S. election disaster, so roles are more scarce.
But if you are looking for a job currently, it helps to know what you’re up against. Based on applications to roles on eFinancialCareers in the third quarter, we’ve come up with a list of the most competitive financial sectors in London and New York. We’ve also pulled out the specific roles people were keenest to apply for.
In London, hedge funds’ allure remains particularly strong. Buy-side jobs were the most popular in the City, based on average 30-day application rates over the course of Q3, followed closely by trading roles. Trading encompasses a broad array of asset classes, but clearly banks’ tendency to cut back in their markets business – even after two successive good quarters – has thrust more people on to the market.
Similarly, equity research jobs, which are still under pressure despite an uptick for senior analysts, have proven popular.
In New York, a buy-side move is also popular, but in this case it’s more down to a swell of investment banking analysts vying to get into private equity. PE was by far the most desirable sector in New York, our stats suggest. That said, investment banking came in second place.
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The five most popular finance jobs in London:
1. Credit analyst, CLO-focused private equity firm
Collateralized loan obligation issuance is having a hard time, but this private equity fund that invests in the market was the most desirable location in the third quarter. The PE firm was about to embark on a new fund-raising spree and was looking for a junior to analyse potential investments. Leveraged finance experience was preferred.
2. Risk analytics manager, asset management
This role’s appeal seems to be more about the progression opportunities than the job itself. Portfolio reviews, due diligence, quarterly reporting for other teams in the firm, liquidity management – all is relative junior. But the asset manager was also offering the chance to study the CFA, so mobility looks possible.
3. Business analyst, financial crime, investment banking
Surprisingly popular for a role that requires a lot of niche knowledge. This business analyst role at a large investment bank in the City was focused on compliance, but specifically anti-bribery and corruption and anti-money laundering. Oh, and an understanding of MiFID II, Market Abuse Directive and the German Banking Separation Act was also required.
4. Investment banking analyst, mid-market investment bank
The trend of juniors moving into smaller investment banks for greater deal responsibility and potential access to clients appears to be growing. The appeal of this corporate finance role – asking for either investment banking or transaction services in the Big Four – is reflective of this.
5. Equity research analyst, healthcare
Research is generally popular in the UK right now. You might want to pin that on the renewed appeal of analysts as the ‘unbundling’ of research from other trading costs under MiFID II has renewed interest in senior researchers in investment banking. However, this is mid-level role, and it’s appeal is undoubtedly reflective of a tough job market for researchers at this level in London currently.
The five most popular finance jobs in New York:
1. Investment analyst, mid-market private equity firm
Predictably, it’s the entry-level private equity jobs that receive the most applications currently. This particular role asked for 1-3 years’ experience in either investment banking or private equity. Interestingly, the employer was headquartered in Paris and was therefore recruiting for its New York outpost, and had just $1.5bn in assets under management. The usual requirements of top financial modelling skills and impeccable academics were required, but it also asked for an additional language.
2. M&A analyst, boutique investment bank
Junior banking jobs are highly sought-after, but this shows the appeal of boutiques right now. The job was within a boutique that focuses on the chemicals sector and was calling for at least two years investment banking experience. It’s likely that a lot of bulge bracket bankers applied, possibly drawn in by the promise of “significant deal experience” and exposure to senior bankers and clients.
3. Risk analyst, hedge fund
An opportunity to make the switch from an investment bank into an alternative asset manager was understandably popular, particularly as it was only asking for 1-3 years of experience. Risk is generally a hot area across financial services and hedge funds are building their middle office functions and are clearly targeting sell-side talent.
4. Quantitative analyst, macro hedge fund
As most hedge funds struggle, quantitative strategies have emerged as the stronger players in the sector. Again, this was a junior role – requiring just one years’ experience in quantitative analysis – and required knowledge of statistical modelling, data mining as well as programming languages like Python, C++ or R.
5. Operations analyst, private equity
This is a not a back office processing operations role. Instead, it involves helping with the due diligence of potential clients, running the logistics of road shows, updating marketing materials and managing the calendars of the firm’s clients. Not exactly glamorous, but competitive nonetheless.
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You’re a 20-something in research. Bad luckInvestment banks are still hiring juniors for their research departments. This will backfire.
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