The big four banks need project managers across both business and finance tech functions. Talent is in short supply and IT candidates can command high rates by taking on PM roles as contractors.

Demand for PMs is most keenly felt in IT thanks to factors including core-banking modernisation programmes at firms like CBA, says a recruiter who asked not to be named.

“We have seen a stronger market for project-related roles than other finance tech jobs over the past 12 to 18 months. Many financial institutions are continually evolving their product offering, and seeking greater efficiencies and communication between their front-to-back-end systems,” says Peter Noblet, regional director of Hays Information Technology.

Demand isn’t quite so hot in non-technology PM roles, which hit a recent high about 12 months ago when firms began to revisit programmes they had put on hold during the GFC, says Tim Carmichael, director, SMC Executive.

“This financial year overall portfolio spend has fallen and there’s been pressure to restrain costs. In addition, better planning has led to less fluctuation in activity. But while demand for permanent PMs has slowed, it does remain strong as banks pursue a longer-term strategy to attract and retain permanent employees to meet the lower cost objectives,” adds Carmichael.

There are openings in finance, risk, compliance, treasury, cards, mortgages, and process improvement (such as Lean and Six Sigma) as banks seek experienced PMs to lead their expansion plans, business transformations and new product releases.

In finance tech, opportunities abound across all areas, including infrastructure, development, data warehousing, master data management and risk systems, says Noblet. IT candidates have the upper hand when it comes to compensation because although firms would like to hire more permanent PMs, a lack of talent is thwarting their ambitions.

“PMs are very aware of the market demand for their skills and the degree of difference between contract and permanent salaries. There is a large number of IT PMs looking to contract elsewhere, and equally there is little incentive for contract PMs to consider permanency or fixed-term contracts,” adds Noblet