Financial services operations professionals in high demand

With just four months until the Brexit deadline, City plans for necessary changes are finally being acted on at an operational level, says Morgan McKinley’s Chris Maher.

December 2018

It’s been a long time coming but plans for the changes needed around Brexit have finally filtered down to operational level, with a number of roles opening in Q3 that are purely focused on Brexit projects. Banks have also been moving some senior employees on to these projects, meaning a slow but constant requirement of temporary hires for roles such as trade processing and client outreach.

The expected ‘September rebound’ wasn’t quite as prolific as previous years, with things continuing slowly after the summer lull.

What have employers been looking for?

There have been frustrations from clients due to budget restrictions hindering their ability to bring in the numbers they need. This has increased the pressure on teams to implement the changes needed.

A large number of the roles available have been at junior level and around ‘business as usual’ activities, but it has been difficult to find professionals with the specific experience to hit the ground running on day one.

On the candidate side, the theme of uncertainty has carried on through the year, with a lot of professionals unwilling to leave unless they have secured a stable permanent contract. This has heavily influenced the contract market, as the low number of roles has been accompanied by low numbers of candidates looking to move.

Top Financial Services Operations Roles Available

1. Product Management and Development positions, across a range of disciplines, have been in high demand due to the need for specialist knowledge and experience (£90k-£100k).  
2. Asset Management Client Service positions continue to be high paying at mid level, with salaries up to £60k-£65k. 
3. Head of Operations has continued to be the leading role in terms of pay, due to the need for experience covering BAU, projects, regulation and management (up to £140k). 

For the remainder of 2018…

In Q4 of 2017, we saw a number of roles released in December as firms took steps to get ahead of the game and prepare for New Year budgets. We expect this to happen again, giving a positive end to the year.

Chris Maher is a senior consultant at Morgan McKinley.

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