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Joslin Rowe Have Revealed That Product Control Will Become An Ever More Important Function Leading To Changing Product Control Job Specs

Joslin Rowe, one of the leading UK financial services recruitment firms, have released research that suggests the type of candidate most likely to be hired into a temporary product control job is going to change, following a warning from the Financial Services Authority (FSA) that firms need to maintain their valuation and product controls more stringently.

Tom Forrest, associate director of Joslin Rowe’s temporary accountancy & finance recruitment division, clarifies: “The UK Financial Services Authority has issued a ‘Dear CEO’ letter, cautioning banks and investment firms with trading operations that they will be visiting in the first half of 2009 to focus on valuation control processes. For many firms, this will be the impetus to change the type of person they look for in both temporary and permanent product control hires.”

According to Joslin Rowe research, product control departments have evolved enormously in the last 5 years and because of that, the parameters of product control careers have changed.

“Over the years, the number crunching of profit and loss figures have all been offshored,” explains Forrest. “Today, the typical temporary product control job in the UK market is a very analytical and risk orientated position. Product control job specs are asking for a totally different class of person for what’s essentially seen as a new breed of role.”

The current climate of concern over risk exposure and writedowns will also add fuel to the demand for strong product controllers.

“Confidence can only return to the market when product valuations and controls are watertight,” believes Forrest. “The product control function will be vital in achieving this. Candidates need to demonstrate, at interview, that they can build robust relationships with the trading floor and can control the big personalities that often dominate.”

Forrest predicts that the market will see a real shift in the type of temporary product control jobs being recruited for over the remainder of the year.

“Obviously, there’s a massive amount of market caution, so hiring the right staff to support a more rigid infrastructure, whether that’s on a temporary or permanent basis, will be the main focus” states Forrest. “Anyone with product control experience typically gained within overseas banks or securities firms, who’s risk aware with a strong attitude, will find themselves in demand for any temporary product control jobs on offer. It’s worth noting good candidates are still securing multiple job offers even in this difficult market. Rates aren’t dipping either, at up to £500 a day for a temporary product control job.”

Via EPR Network
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Graduates looking for a job in banking could benefit from a recruitment drive operating across the square mile and Docklands, reports financial services recruitment agency Joslin Rowe

Worried graduates still looking for a job in banking could benefit from a little known recruitment drive operating across the square mile and Docklands, reports financial services recruitment agency Joslin Rowe.

Some of the biggest names in the financial services sector are recruiting for so called “graduate bootcamps” via recruitment consultancies. The bootcamp scheme aims to plug the extreme skills shortage currently affecting the banking sector by offering graduate jobs in banking (http://www.joslinrowe.com/graduate) on a temporary rather than permanent basis, where each recruit is intensively trained into a very specific junior role as an interim measure.

Alex Niarchos, manager of Joslin Rowe Temporaries, recruits graduates for many of London’s investment banks including the boot camp initiative. He says, “Essentially, the scheme gives banks the flexibility to hire someone straight away on an ongoing contract for as long as they need in a certain area which is particularly short staffed. Although this isn’t a permanent role it can often lead to one and however long or short the assignment, it does mean that graduates temping on the scheme will have considerable experience at the end of it and be eminently more employable.”

Applicants most likely to secure a graduate job in investment banking via the scheme are those with a 2:1 numerate or financially focused degree (or equivalent), who can demonstrate strong excel skills, an analytical mind and a real interest in financial services. Evidence of an internship in the City or work experience in a similarly fast paced, pressurised environment is particularly key. Typical roles available under the scheme encompass derivative operations, dividends, collateral management, equity trade support & settlements and even some middle office positions.

“There are a few core differences between the official graduate schemes and boot camp contracts,” advises Alex. “Obviously the prestige and security of securing a graduate banking job via the official graduate programme is immense and graduates, understandably, are often keen to join at the same time as a group of peers on a structured programme with plenty of hand holding. It is also true that the official scheme offers more varied rotations throughout the bank. However, boot camp contracts also offer training, both on and off the desk, and although new hires will be expected to grasp things quickly they are not just left to sink or swim. There is also an element of internal mobility and contracts can lead to a permanent job offer. Ultimately, it’s a path that should not be discounted out of career snobbery as it could be just the opening someone needs to really kick start their fortunes,” advises Alex.

Established in 1982, Joslin Rowe is one of the leading financial services recruitment firms in the UK and Ireland. On 7 April 2006, international staffing services company Vedior (headquartered in Amsterdam, the Netherlands) raised its stake in Joslin Rowe’s parent company, The Blomfield Group, from 18% to 70%. Jocelyn Rowe recruits for a number of graduate jobs in banking across London, Edinburgh, Glasgow and Dublin including long-term contracts, temporary and permanent roles.

 

Via EPR Network
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