eFinancialCareers

Investment banks will concentrate depleted 2008 bonus pools among a thin layer of top producers whose total compensation exceeded $5 million in recent years, recruiters say. Even those stars are likely to receive less than half the bonus they got last year. And bankers whose production falls in the middle of the pack should expect no bonus at all. That's not even the worst of the news. I-bankers have learned to... Read more

While risk managers may have gained influence and job security compared with other corporate departments, their compensation prospects for the current and coming year are hardly rosy. Insiders and executive recruiters report expectations are low for bonuses for mid- to senior-level professionals in all areas of risk management, including operations, credit and market risk. What's more, new hires aren't garnering the same robust packages they might have a year ago. "To... Read more

The mortgage debacle has been keenly felt in Chicago, spurring loan officers and mortgage brokers to seek new positions in record numbers. While there are some openings in this field, Barry Trimble – chief executive of Arthur Group Executive Search, a regional recruitment firm with offices in Minneapolis and Chicago - has some frank advice for mortgage bankers and brokers looking for jobs: "You may need to switch industries and... Read more

While hiring is slow among Chicago's financial firms, a number of sell-side equity analyst positions have opened up recently. "These are replacement searches," says Edward Storm of Comprehensive Recruiting, a Phoenix -based executive search firm that focuses on various sectors of the global financial markets. Top-tier firms are terminating analysts who have had poor performance and are replacing them with established, senior equity analysts, he observes. Some of these candidates are being... Read more

Openings for financial advisors abound in Chicago, especially entry-level jobs at wire houses and brokerage firms. The demand in Chicago is part of a wider trend. "Financial advisors are among the top 10 fastest growing professions," notes Erin Polscynsky, division director in the Chicago office of Robert Half International. "There is a big increase in individual and high net worth planning." Spurring the growth is the march of baby boomers toward retirement.... Read more

As the credit markets continue to deteriorate and large financial institutions tighten controls, a number of Chicago firms are seeking risk management professionals in many specialties. "Risk management is certainly an area where there is hiring," says Gene Starr, president of New York-based E. D. Starr & Company, a recruiting firm that specializes in management consulting and risk management. "Risk management is counter-cyclical and right now there is a strong need."... Read more

The market for investment consulting jobs in Chicago is strong, with the institutional market holding steady and jobs for consultants who can serve individual clients growing rapidly in both retail and boutique firms. "The job market for investment consultants has been increasing," says Erin Polczynski, division director in the Chicago office of Robert Half International, an executive search firm specializing in financial services. "We have a quite a few positions for... Read more

While compliance jobs at all levels abound in New York, San Francisco and other parts of the U.S., in Chicago the market remains sluggish. "Some (financial) firms are adding on the compliance side, but things are moving slower in Chicago," says Stuart Rosenthal of Legend Global Search, a New York-based recruiting firm which specializes in compliance and legal placement. Rosenthal, who does considerable business in Chicago, adds, "A lot of searches... Read more

Changing technology is pushing Chicago's financial companies - particularly trading firms - to compete for engineers. In demand are professionals with network expertise, software programming skills and financial engineering backgrounds. "There is a tremendous amount of activity in Chicago right now, even compared to two years ago" says Rich Moss, president of Atlanta-based Moss Search, a recruiting firm which focuses on placing IT, trading and quantitative professionals within hedge fund... Read more

With the economy and markets still on uncertain ground, the financial job market in Chicago remains mixed. According to Jim Geiger, an executive recruiter with Analytic Recruiting Inc., in New York, the general mood in Chicago is uneven, with high demand in some fields but continued layoffs in others. Areas such as trading and risk management show demand, but hiring in structured products and asset management is slow to non-existent.... Read more

Chicago has opened up as a market for operations professionals as the city's small and mid-sized financial firms manage to grow despite the markets' recent turbulence. Erin Polczynski, division director of Robert Half Finance & Accounting there, says "the majority" of the searches she's seen over the last two months have been for operations positions. While roles exist in traditional firms, operations specialists are particularly needed at trading and hedge fund... Read more

Recruiters and accounting firm insiders report a strong demand for accountants and CPAs in public accounting, the corporate market, and financial services and alternative investment firms in Chicago. "If you're an accountant in the Chicago area, it's a great marketplace," says one of them, Dave Falardeau of 10k Financial Recruiters. Indeed, Chicago is no exception to the nationwide shortage of accounting talent. Despite the slowdown in hiring in many industries... Read more

While many financial professionals are concerned about job security and plummeting compensation, at least one segment remains healthy: quantitative analytics. Mid- to high-level professionals with advanced degrees in quantitative fields and work experience are a hot commodity in Chicago, says Jim Geiger, vice president at Analytic Recruiting, a New York-based firm with a strong presence in the lake-front city. "Someone with a Ph.D. in a quant science is very attractive... Read more

Chicago-area asset management firms are cautiously hiring experienced professionals in service and high-level back office jobs. Industry insiders say there is still demand for client service, investor relations, compliance and legal positions as firms work to keep existing clients from jumping ship during rocky economic times. "The service side is still surprisingly active," says one senior executive with a top tier Chicago recruiting firm. In this volatile environment, he says, firms know... Read more

Despite the tight market, opportunities remain at mid-market firms, especially for M&A specialists. As bulge bracket firms continue to announce layoffs, Chicago-area investment banking job openings are relatively few and the competition for them is fierce. But despite the tight market, there are still opportunities at mid-market firms, especially in M&A. "There is definitely less activity than we saw last year," says Stephan Renken, director of the Chicago office of Michael Page... Read more

Recruiters and wealth management executives in Chicago say that while hiring is on hold right now, private banking as an industry will see rising demand at all levels in coming years. "Private banking in general is experiencing a slowdown, and Chicago is no exception," says a senior wealth management recruiter who asked not to be identified. Indeed, her firm's placement of C-level executives and senior individual contributors is off by 50... Read more

The hedge fund job market is robust in the Chicago area, particularly for mid-level professionals in due diligence, risk management and hedge-fund administration. Experienced professionals with Ph.D.s in sciences or math are also in demand. "So far this year, there is still strong hiring," says Scott Ruoti, Vice President at Harmer Associates, a Chicago-based recruiting firm. His firm is seeing a "surprising amount" of hedge-fund hiring activity, he says. Industry insiders agree... Read more