The ever-increasing cost of IT contractors is prompting banks to chase permanent staff instead. And guess what? Pay's rising there too a result.
According to leading recruiters, salaries for business analysts (BAs) with around four years' experience have jumped around 15% in the past 12 months to range from AU$95k to AU$120k. Senior BAs can expect a bonus on top.
"If you're looking at niche financial groups such as investment banks, you are looking at much higher increases," says Dominic DuFaur, general manager at IT recruitment specialist Sapphire Technologies. "There are not many strong BAs looking for less than AU$100k."
DuFaur says almost all major financial institutions are moving away from the contracting and temping business and seeking to hire permanent staff, reasoning that this will ultimately help them to cut costs.
Rick Jansz, from BSI People, agrees that banks are looking to establish their own teams, which is good news for those with some experience.
"If you have got two or three years' experience, you can basically choose which bank you want to join, or go into consulting. You can pretty much pick and choose," Jansz says.
"If they have good IT skills, and are articulate and can deal with clients and would rather not be in the back office, we're seeing some go to small financial services companies or to a consultancy where they can work on different projects."
Jansz says .net and java are the hottest skills right now.