Jobs In Finance Archives - Page 62 of 73

December 7, 2021

Despite Weak Job Growth, a Fourth Payment Seems Unlikely

Though job growth didn’t improve as much as economists would’ve liked in November, it’s still hard to make the case for another direct payment.

It’s been many months since stimulus checks have hit Americans’ bank accounts, as the last round to go out was approved back in March. And that’s something a lot of people aren’t happy about.

With inflation driving the cost of everyday goods and services up, many Americans are desperate for a windfall. This especially holds true for those earning minimal wages at their jobs, or whose finances have yet to recover from the early impact of the pandemic.

But while inflation may be causing a financial crunch for a lot of people, that alone is unlikely to be a driver of stimulus aid. A bigger measure is the extent to which jobs are or aren’t available. And in that regard, those wanting another stimulus check don’t have much of a leg to stand on at this point.

Joblessness has reached a pandemic low

In November, the national unemployment rate fell to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, down from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a month earlier. That’s the lowest level of unemployment on record since March of 2020, when the pandemic first hit U.S. soil.

Now despite plunging jobless rates, there was some disappointing news for the economy in November. Nonfarm jobs only increased by 210,000. That’s well below the 573,000 new jobs economists were expecting, and it’s way shy of the 546,000 new jobs that were added to the economy the previous month.

But still, even with job growth coming in at disappointing levels in November, it’s difficult to make the case for additional stimulus aid. Not only are jobs available in today’s economy, but many industries are actually grappling with labor shortages. And to address them, they’re throwing higher wages and other benefits at potential candidates in an effort to get them to sign on board.

Making up for a lack of aid

While the unemployment picture has improved since the start of the pandemic, many individual households may still be struggling to find their financial footing. Those who are still having a difficult time making ends meet may want to consider boosting their income with a second job, what with work being more available and employers being desperate enough to agree to more flexibility. Unfortunately, the age-old advice of “cut back on spending” doesn’t really work in today’s environment, what with the cost of basics having risen so drastically over the past few months.

Meanwhile, the supply chain issues that have led to rampant inflation aren’t about to resolve themselves anytime soon. In fact, things could get worse before they get better, especially with the emergence of the recently reported omicron variant of COVID-19.

President Biden has made it clear that he doesn’t want to resort to the lockdown measures that were implemented early on in the pandemic. But if things do worsen in that regard, and in terms of our economic recovery, then a follow-up stimulus check may be back on the table at some point. Right now, though, that’s not a windfall Americans should be banking on.

December 6, 2021

Shrinking talent pool and higher demand for hybrid jobs further drive challenges to hiring talent in Hong Kong

HONG KONG, Dec. 6, 2021 /PRNewswire/ — The job market in Hong Kong is being driven by a combination of rising confidence in the market, shifts in the talent demand and rapid development of technologies post-pandemic, according to the digital Salary Survey 2022 by Robert Walters and Walters People, the world-leading specialist professional recruiter brands under the Robert Walters Group. Key findings^[1] show that nearly 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of employers in Hong Kong are concerned about employee retention when market conditions improve, while 85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of them also concern the shortage in talent and skills, in particular within senior and team leader levels.

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Hong Kong overview

Overall, Hong Kong market rebounded strongly in 2021. There was a good deal of pent-up demand to start the year and hires that would possibly have been made in 2020 under normal conditions were executed in early 2021, leading to a glut of hiring. Talent pool has started to become limited in all areas especially within the technology and financial services sectors due to demand for digitalisation, travel restrictions and higher level of emigration.

Findings also show that candidates consider factors beyond compensation and benefits when looking for jobs, such as if companies offer good work-life balance, access to latest technology, hybrid working and if the company’s positions on social and political matters align with their own etc.

Digitalisation and transformation will continue to be a key growth area across many sectors

Companies are becoming more agile with their workforce post-COVID and are speeding up their transformation projects. Findings show that 95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of tech professionals are confident about job opportunities. It is anticipated that the hottest technical skills in 2022 will be big data analysis, machine learning, AI and cyber security across both permanent and contract roles. For job movers possessing in-demand or niche skill sets, salary increments of 15-20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} would be expected, and could be as high as 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for some senior positions.

Demand for hybrid jobs has intensified in the commerce sectors

Across HR, marketing and finance functions there is an increase in hybrid jobs where more and more jobs are combining skill sets that traditionally do not fall under the same roles, or candidates in technical disciplines are expected to apply more soft skills such as analysis and management skills in their jobs. For example, companies will be seeking for finance candidates that are highly analytical with strong commercial mindset who can analyse big data and convert this into commercial results. This shift in demand for talent has created challenges to hiring managers as the broader the job requirements and more specialised the role are, the harder it will be to attract the best talent that are often experienced candidates.

The financial services candidate pool is shrinking with higher demand for ESG-related skills

Travel restrictions and higher level of emigration mean that financial services professionals who stay may be able to command higher salary increments when they move jobs. With very little hiring of expatriates and many existing ones emigrating from Hong Kong, the percentage of foreign nationals working in the Hong Kong financial services sector especially front office pool will shrink further. The sector has performed strongly and firms are anxious to avoid turnover and focus on retention. Salaries are expected to increase in 2022 with the standard pay rise level of 4-5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reaching 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. For job movers the previous standard increment of 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} is now closer to 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, although it can vary somewhat depending on the individual context.

On the other hand, with Environmental, Social & Governance (ESG) edging into finance’s mainstream, it is expected that ESG factors are increasingly taking centre stage within investment strategies by corporates and financial services in 2022 and beyond. However, supply of professionals that possess sustainability-related skills are limited in Hong Kong so the competition will be fierce.

Companies are advised to capitalise on the opportunities brought by the new normal

The pandemic has forced companies and workforces to scramble towards hybrid working and the experience has shaped the perspectives of work. Industry survey^[2] conducted by Robert Walters reveals 78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of professionals said that the offer of hybrid working arrangements would make them more likely to join a prospective employer.

Ricky Mui, Managing Director – Greater China of Robert Walters Group says, “Given the shortage of candidates and the increasing demand for hybrid jobs, it’s expected that the competition for the best candidates will be fierce in 2022. Candidate experience will be key in attracting talent and businesses embracing hybrid workplace effectively will be recognised as an employer of choice. At the same time, having a robust equity, diversity and inclusion (ED&I) policy, as well as adopting new strategies to broaden the talent pool will ensure companies gain an edge over their competitors. “

Steady growth in contract roles for key projects drives demand for tech professionals and junior staff

Market rebound has also driven companies to catch up with projects that were on hold during COVID. During busy periods with an increased workload, contract professionals that can alleviate a short-term skills or resource gap will be particularly valuable to hiring managers where the recruitment process is more drawn out due to a narrow talent pool with few suitable candidates. Distinct recovery especially within the junior permanent recruitment market is also expected across technology and business transformation project roles.

Carly Adams, Director of Walters People Hong Kong, says, “Hiring managers need to be prepared to run an efficient and timely recruitment process in junior roles and contract recruitment. Time delays between interview rounds or non-essential interview participants will very often mean that they will miss out on their preferred candidate in a market such as this.”

[1] Statistics are based on industry research conducted by Robert Walters and Walters People in Hong Kong during the period of September to October 2021.

[2] Source: “Symptoms of dysfunction in hybrid working – Obstacles & Solutions” published by Robert Walters in August 2021

About Robert Walters – Established in 1985, Robert Walters is one of the world’s leading specialist professional recruitment consultancies spanning 31 markets. The Hong Kong office specialises in placing candidates on a permanent basis in the following specialities: accounting & finance, engineering & property, financial services, human resources, legal & compliance, sales & marketing, supply chain, logistics & procurement, and tech & transformation.

About Walters People – Walters People is part of the Robert Walters Group and operates in six European countries and in Hong Kong. The brand specialises in placing junior candidates and contract candidates across a range of professional disciplines including accounting & finance, business support, constructions & engineering, financial services, human resources, sales & marketing, supply chain, tech & transformation.

About the Robert Walters and Walters People Salary Survey –

Around the globe, employers and professionals alike have been relying on the Robert Walters and Walters People Salary Survey to help them make critical decisions for their businesses and careers. The digital edition of the Salary Survey is a comprehensive guide to salaries for thousands of roles in 31 locations, and it is packed with helpful tools and resources for hiring managers and job seekers alike, including the latest trends and analysis for different industries, as well as video updates on market conditions from industry experts.

For details of the Robert Walters and Walters People Salary Survey 2022, please contact us or visit:
robertwalters.com.hk/salarysurvey
walterspeople.com.hk/salarysurvey

SOURCE Robert Walters Hong Kong

December 5, 2021

The new qualifications for $500k jobs in finance

The new qualifications for 0k jobs in finance

Two decades ago, when the euro was created and pan-European markets were formed, foreign languages became the skill du jour. More recently, Javascript, Python and other programming languages have been the differentiating factors. And now? ESG credentials are becoming the new must-haves for finance jobs.

Senior ESG fund managers can earn £500k ($666k) in London. In the U.S., private equity funds and hedge funds are paying seven figures for ESG expertise. ESG jobs are growing rapidly: candidates with the right qualifications are reportedly receiving as many as 25 approaches from headhunters each week. – But which qualifications are they?

The CFA Institute’s ESG Investing Certificate

Three years ago, CFA Institute launched its own ESG Investing certificate, a one-time, self-study exam, which is easier than the institute’s famous three-level charter. Recognized by the UN Principles for Responsible Investment (UN PRI), the certificate focuses on how to analyze and integrate ESG factors into the investment process. For those less keen on taking the course, the institute also provides a comprehensive 52-page guide.

Certification recognizing technical or scientific knowledge

The demand for ESG expertise is such that candidates who combine finance qualifications with scientific qualifications in fields such as climate change, risk policy and environmental research are also valued.

Qualifications in this category include:

Traditional Education

Universities have also been quick to fill the education gap: In the U.S., Harvard University offers a $1,920 online course on Sustainability and Impact Investments, among many others; Columbia Business School runs an online, 7-week Certificate in ESG Investing for $2,350; while NY University’s Stern School of Business will offer in April an on-campus, five-day executive progamme on Sustainable Finance and ESG Investing for $4,119.

In the UK, the University of Cambridge runs a number of courses, some short and online, such as Business and Climate Change; amongst others, Oxford offers an MSc in Environmental Change and Management, while the University of Edinburgh has postgraduate degrees in Energy & Climate, and the Environment & Society.

Personal learning

Finally, and as ever, the best credentials often are one’s own: Olivia Albrecht, former head of ESG Business Strategy at PIMCO, told hiring firm Lawson Chase: “Read books; listen to podcasts; go to lectures; and ask lots of questions. And lastly, be willing to add to your workload by incorporating sustainability workstreams. Don’t think of an ESG/impact focused role as either/or. Most of us started by having 2twojobs until the efforts really took off!”

These courses and certificates will give candidates the technical knowledge needed for ESG investment and finance roles. The good news is that because of the deep specialization required, the right expertise will help non-financial candidates access investment jobs.

The ESG job market is indeed buoyant, from demand for basic data and research analysts, to requirements for six figure product strategists who can explain to clients how a firm is integrating ESG factors in its research. ESG Marketing, investment writers and RFP professionals are also in demand, and so are top professionals aiming to become directors of sustainable investment or global heads of sustainability.

Photo by Casey Horner on Unsplash

December 4, 2021

Payrolls grew by 210,000, unemployment rate falls to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The U.S. economy added back fewer jobs than expected in November, while the unemployment rate fell further than anticipated to the lowest since February 2020.

The Labor Department released its November jobs report Friday at 8:30 a.m. ET. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

Non-farm payrolls: +210,000 vs. +550,000 expected and a revised +546,000 in October
Unemployment rate: 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected, 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October
Average hourly earnings, month-over-month: 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected, 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October
Average hourly earnings, year-over-year: 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} expected and a revised 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October

U.S. employers have added back jobs on net in every month so far in 2021 as vaccinations, reopenings and a recovery in the high-contact services industries helped boost hiring.

Service sector employment growth did decelerate notably in November compared to October, however. Leisure and hospitality industries, which had seen some of the biggest job gains in recent months, added just 23,000 payrolls after October’s increase of 170,000. Retail trade employers shed payrolls on net, with these dropping by more than 20,000 after job gains of nearly 40,000 in each of October and September. In the goods producing sector, motor vehicle and parts employers also shed jobs, erasing more than 10,000 positions after adding 19,300 in October.

“The headline miss was largely due to a muted 23,000 rise in leisure and hospitality payrolls, indicating that the nascent winter wave of virus infections was now weighing on the sector. With new cases now on the rise again even before the potential impact of the Omicron variant, leisure sector employment growth looks set to remain weak over the winter,” Andrew Hunter, senior U.S. economist for Capital Economics, wrote in a note on Friday.

“Moreover, we remain skeptical that a further significant recovery in the labor force lies ahead – particularly given the worsening virus situation and the potential Federal vaccine mandate,” he added.

Though the payroll gain in the November jobs report disappointed sharply compared to expectations, job growth for October and September were each upwardly revised. Payrolls grew by 546,000 in October, versus the 531,000 previously reported, while jobs grew by 379,000 in September compared to the 312,000 posted in the first estimate.

But despite the solid rehiring throughout the year, labor force participation remains short of pre-pandemic levels. As of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020. The labor force participation rate ticked up slightly more than anticipated in November, however, to reach 61.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus the 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consensus economists were expecting and the 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} posted in October. The labor force participation rate had been 63.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February 2020 before the pandemic meaningfully impacted the job market.

Economists have attributed the stubbornly depressed participation rate to a host of factors, including lingering concerns about COVID-19 infections, difficulties finding child care and a desire by many workers to leave their jobs and pursue roles with more flexibility, wages or benefits. With the latest emergence of the Omicron variant, these myriad factors may further inhibit a rebound in labor force participation.

“Labor supply shortages do not show material signs of improvement, and could actually worsen in coming months with the federal vaccine mandate taking effect on January 4, 2022. As such, labor market conditions should remain tight, perpetuating strong wage growth,” Sam Bullard, managing director and senior economist for Wells Fargo, wrote in an email ahead of Friday’s report. “On balance, robust labor demand and further COVID improvements should support strong labor market gains last month, though we are mindful of the challenges the are likely to persist in the labor market for the foreseeable future.”

As worker demand remains elevated, wages have also risen and contributed to the inflation seen across the economy this year. Average hourly earnings rose for an eighth straight month, increasing by 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November compared to October. Average hourly wages rose by 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November over last year, matching October’s annual rate but coming in slightly cooler than the 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase expected.

Inflationary trends have also been reflected in other recent economic data. The government’s latest report on October core personal consumption expenditures, or the Federal Reserve’s preferred inflation gauge, showed an increase of 4.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year – the most in three decades.

And key members of the Fed have signaled they are inclined to shift their focus to staving off inflation, even as the labor force participation and unemployment rates have yet to return to their pre-pandemic levels. Fed Chair Jerome Powell said earlier this week that the central bank’s asset-purchase tapering program could end “a few months early,” voicing confidence that the economic recovery had progressed enough to warrant a quicker end to the bank’s crisis-era support.

“Don’t be fooled by the measly 210K payroll jobs gain this month because the economy’s engines are actually in overdrive as shown by the plunge in joblessness from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November.” said Chris Rupkey, chief economist for FWDBONDS, in an email. “Unemployment is tumbling as companies snap up workers to meet the economy’s very strong demand. The U.S. economy is back on a tear with full employment right around the corner. Fed rate hikes are coming.”

And heading into Friday’s report, other labor market data have also underscored the present tightness of the labor market. ADP’s jobs report on Wednesday, while an imperfect indicator of the monthly government data, nevertheless showed an encouragingly stronger-than-expected rise in private-sector employment growth last month. And weekly jobless claims from the Labor Department slid to the lowest level in 52 years in mid-November during the survey week for the monthly jobs report.

This post is breaking. Check back for updates.

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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December 3, 2021

Finance jobs: All your options

Finance jobs can offer practical experience, in a diverse set of roles, for graduates with strong financial and analytical skill sets. Graduates may apply their industry knowledge and explore a broad range of finance careers.

From accountants and economic analysts to other fulfilling career options, such as investment bankers and portfolio managers, the opportunities are limitless.

What’s it like to work in a finance job?

Personal finance, corporate finance, and government finance are widely recognized as the three finance subfields. Other subfields include investments, money and credit markets, and financial management.

Graduates and working professionals can pursue careers in corporate financial management, securities analysis, and commercial lending, along with several other financial career institutions. Finance professionals typically interact with attorneys, accountants, and insurance agents. In the right work setting, both introverts and extroverts can enjoy rewarding financial jobs and long-term careers.

Finance job seekers may seek remote opportunities as financial analysts, financial advisors, accountants, and other offsite career opportunities. Industry professionals may work between 50 and 70 hours per week. Investment bankers may log as many as 70 to 100 weekly hours. Long hours can contribute to burnout.

Salaries range from $61,000 to $137.000 plus. Finance professionals are driven by a lively, exciting, and challenging workplace with advancement opportunities and unlimited career opportunities around the world.

Finance career options

The finance industry is ever-growing for those who possess a finance degree and strong analytical and accounting skills. Explore your finance career options below and check out the best online finance master’s programs.