Last year was all about redundancies and rainmakers. Banks were either laying off hundreds, or headhunting new senior managers to guide them through the GFC.

In the first half of 2010, however, mid-ranking professionals are, by and large, reaping the rewards as international banks focus their efforts on gaining market share in Asia.

Firms started hiring managing directors in Q4 last year, tasking them to build teams in anticipation of growth. Although some of that senior merry-go-round continues (especially in the cutthroat world of Hong Kong investment banking), HR decision-makers say that their current recruitment focus has shifted down the career ladder.

But how far down?

Juniors are definitely doing better than a year ago, in terms of both vacancies and salaries. But recruiters reckon that the employment market has yet to get as Gen Y-friendly as it was before the GFC. And, if reader comments on this website are anything to go by, younger candidates are more likely to be missing out on the hiring rebound, primarily because a larger number of them are still unemployed.

That leaves those in the middle – broadly speaking the senior associate to VP range. These professionals, who largely have enough experience to meet the banks’ high post-GFC recruitment requirements, are currently well placed to advance their careers.

“At the moment firms have been building their pipelines (most seem to be healthy) and the demand for mid-level strong execution guys is very high. Most demand seems to be at senior associate level. Junior VPs are also sought after given that M&A and capital markets activity is high,” comments Rafael Brana, an associate at Bó Lè Associates.

The proof is in the poaching

High demand for mid-level bankers means firms are getting more aggressive in their recruitment. Only nine months ago guaranteed bonuses were the preserve of senior managers, but now they are an essential tool for securing any “must-have” hire. And most good senior associates or VPs should expect a counter offer or two.

Are you a VP? Do you agree? Let us know your thoughts below.

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