I think it’s fair to say that so far this year the market has been less than kind (to say the least) to the Financial Crime contractors.
The golden days of contracting, big banks frantically panicking over regulatory deadlines and bringing in extortionate amounts of contractors has been scarce this year. What contractors are really looking for are a couple of banks who are in trouble, as that’s where the budget will be allocated to in order to afford contractors.
However, what we have noticed in the market is that the top tier banks have done their time. They’ve done their remediation; they’ve met their deadlines and now the contractors’ time has come to an end.
Not only are the top tier banks scaling back on the cost of contractors, but a substantial amount of redundancies within jobs have taken place. Whilst contractors are used to updating their CV, keeping their ear to the ground of who will be the next hirers or have a good network of recruiters to work with, most long-term permanent candidates don’t, and can make changing jobs a much more daunting process.
If you are someone who has recently been made redundant, here are three things you can do:
- Use buzz words in your CV
Most internal recruiters (and external) have thousands of different roles to source for, so realistically they will focus on key buzz words to find your profile online. If you are a fully-fledged Financial Crime SME with 10 years’ experience but your title is “Regulatory Compliance Team Lead”, chances are you will not appear in their search.
If you are applying directly, or if you want to attract a wide net of different jobs then use the key words in your CV of the jobs you want to attract. Hence why tailoring your CV to a role specification and including key words is one way to attract people to your profile.
- Do your research
There’s nothing wrong with applying to jobs directly with a company, however, ensure you do your research. I don’t just mean research the company on their website but have a look at who is currently in their financial crime team. What background do they have? Is it like yours? How many people can you see who work in their Financial Crime team? The majority of the time a job description will give you very limited information (or sometimes just incorrect information altogether) so go out of your way to not only research the company, but research the specific team in that company and see if the role truly is right for you.
- Work together with a recruiter
This is perhaps the main advice I’d give to anyone who has recently been made redundant. Who else would be able to give you a holistic perspective of the market if not someone who does it day to day?
Find a recruiter who will read more than just your job title. Create a relationship with your recruiter and tell them what your role has been, the type of role you are looking for, ask for their advice on your CV and use them as a source of information as well as their network and contacts.
The most important thing here is working together with your recruiter. Tell us what’s not on your CV that you want on there. Is it career progression? A specific location? Going from a Senior Analyst into a Financial Crime Advisory role? Tell us! The more we know about you the more we can help.
Alternatively, check out our website to find out about our most recent jobs: