Finance Hiring Trends in 2013

2013 presented a cautiously optimistic landscape for finance hiring. The shadow of the 2008 financial crisis still lingered, but a slow and steady economic recovery in the US and parts of Europe began to fuel a gradual uptick in hiring activity across various segments of the finance industry.

Investment banking, after significant restructuring and downsizing in previous years, saw a modest resurgence. While large-scale hiring freezes were largely over, the focus remained on replacing departing talent and strategically adding specialists in areas like mergers and acquisitions (M&A) advisory, particularly in specific sectors like technology and healthcare. There was a strong demand for candidates with quantitative skills and experience in regulatory compliance, driven by heightened scrutiny from government agencies.

Asset management firms, buoyed by rising equity markets and increased investor confidence, experienced a more noticeable increase in hiring. Roles in portfolio management, research analysis, and client relationship management were in demand. The rise of alternative investments, such as private equity and hedge funds, created opportunities for professionals with expertise in these specialized areas. The importance of risk management also grew, leading to increased demand for professionals with strong analytical skills and a deep understanding of financial regulations.

Commercial banking continued its slow recovery, with hiring largely focused on relationship managers, credit analysts, and compliance officers. The Dodd-Frank Act continued to impact hiring, leading to a greater emphasis on regulatory compliance and risk mitigation. Banks were also investing in technology to streamline operations and improve customer service, leading to some demand for professionals with expertise in fintech and data analytics.

Generally, across the finance sector, employers were highly selective and sought candidates with demonstrable experience, strong academic credentials, and excellent communication skills. The interview process remained rigorous, often involving multiple rounds of interviews, case studies, and technical assessments. Cultural fit was also a key consideration, as companies looked for candidates who could seamlessly integrate into existing teams and contribute to a positive work environment.

Despite the improving outlook, compensation remained relatively constrained compared to pre-crisis levels. While bonuses were starting to return, they were often tied to individual performance and company profitability. The focus was on long-term sustainability and responsible compensation practices. Overall, 2013 marked a year of cautious optimism and gradual recovery in finance hiring, with a continued emphasis on skills, experience, and regulatory compliance.