Investment banks are readying plans to move employees out of London as soon as Article 50 is served. City workers have largely stayed put because of the uncertainty created by the Brexit vote and hunkered down in the (relative) safety of their current role. And yet, many in the City of London are optimistic about their prospects in post-Brexit Britain.
Since the Brexit vote on 23 June, some sectors and particular job roles have become more desirable to financial services professionals – either because they’ve been most aversely affected and bankers are looking for new opportunities, or because people have decided to make the leap to something new.
Hedge funds, perhaps because there are fewer opportunities generally and the jobs are unlikely to be heading out of the UK, are the most popular. Trading jobs, which have been heavily hit for a long time and are tipped to be heading out of the City if the UK fails to secure ‘passporting’ rights are also attracting a lot of applications. And, of course, private equity remains desirable.
Below are the top 12 jobs by applications on eFinancialCareers in the UK since Britain voted to leave the EU. Could you make the cut?
1. Junior investment analyst for a large infrastructure fund
Yes, a junior private equity role tops the list. Bearing in mind that only the top investment bankers or consultants with a couple of years’ experience are even considered (10% of applicants typically make it through to interview), and it’s allure remains undiminished since the Brexit vote, it’s no surprise tot that this was the most popular role.
This particular job focused on infrastructure investments across Europe, North America, Latin America and APAC and asked for experience within either another infrastructure fund, project finance advisory or a property developer.
2. Junior risk analyst for an investment manager
Risk didn’t feature among the top sectors for applications, despite the supposedly buoyant demand for middle office professionals regardless of market conditions. However, this entry level risk management position within an investment manager attracted more applications than most jobs since the Brexit vote. The role appears to be very data-driven, involving largely the maintenance of proprietary liquidity risk models. Still, there was the chance to study for the CFA on the job for the person who secured the role.
3. UK wealth manager, analyst position
This entry level wealth management role at a boutique bank in the City has proven popular, despite the fact that a lot of the job involves largely just assisting both the portfolio management and client advising teams. Reviewing and monitoring client portfolio lists, dealing with investment recommendations and client communications were all part of the role.
4. Equity research analyst, mid-market investment bank
Large investment banks are not necessarily the best places to be for an equity research analyst right now. Yes, MiFID II could present more opportunities as banks unbundle the cost of their research for buy-side clients, but so far this has merely heightened demand for stars and junior analysts. A mid-market investment bank therefore seems like an attractive option, particularly as smaller players like Berenberg or Exane continue to attract talent. This particular role was asking for up to three years’ experience as either an M&A banker or an equity research analyst and didn’t request sector expertise. It was also directly working with a the head of equity research, which may explain its appeal.
5. Investment analyst, mid-market private equity firm
This is the classic entry level private equity firm, asking for around two years of experience in either M&A, leveraged finance or transaction services for a private equity firm fresh out of a fund-raising round. Impeccable academics – including either an MBA, ACA or CFA – were expected, along with exemplary financial modelling skills and, ideally, a second European languages were all required.
6. Business analyst, European bulge bracket investment bank
Business analysts can expect to be in demand after Brexit as banks work out ways to change process and systems for divisions that are slowly moving out of London. This particular role in a European bulge bracket investment bank was a regular IT business analyst position focused on overseeing a project related to front to back processes. Perhaps this suggests that the job market isn’t as hot for BAs as you might expect right now.
7. Equity research, large wealth management firm
A move to the buy-side is common among equity research professionals in investment banking as their ranks have been cut back in recent years, but this is more within hedge funds or long-only asset managers than wealth management. However, this role which required six years of experience has proven popular since the Brexit vote. The catch – you already need to have experience in a buy-side environment.
8. Change manager/business analyst focused on MiFID, bulge bracket investment bank
This is more like it – a business analyst role focused on change within a large investment bank in the City. But wait, it’s focused on MIFID II, the implementation of which is a huge burden on large investment banks in Europe. This role focuses on pre and post-trade transparency and any clearing related issues that might crop up within legal, tech or trading teams as the regulation is implemented.
9. Investment associate, boutique investment firm
A lot of people wanted to work for a boutique investment firm that provides investment advice and fund manager research for private equity firms and real estate markets. Quantitative background and excellent modelling skills were a must.
10. KYC analyst, Chinese bank
In the simmering world of compliance Know Your Customer (KYC) specialists remain at the heart of ongoing demand. This particular role was for a Chinese bank which was looking for KYC specialist to investigate business relationships with new clients. Expect a lot of front office exposure. Rather obviously, extensive knowledge of KYC regulations was required – along with an understanding of anti-money laundering (ALM) requirements.
11. Project Manager, client onboarding technology, global investment bank
This is a project management job within a large investment bank’s global markets division, but it’s not about revamping any exciting new trading platform. Instead, it’s a role that involves overseeing a new programme dedicated to ridding the bank of a legacy client onboarding application. Sound exciting? Well, it’s proven popular and requires not only project management experience, but an understanding of the investment banking environment – particularly as banks undergo strategic re-engineering projects.
12. FX strategist, asset management
Investment banks’ FX desks may have enjoyed a post-Brexit bounce in their FX desks, but this role for a macro/FX strategist on the buy-side was among the most sought-after jobs of the past two months. If you understand macroeconomics, international economics or development economics and have already worked on the buy-side, then you might have been considered.
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