Over the last several years, employers and workers alike have faced unforeseen challenges. But as the dust settles from the COVID-19 pandemic, the future is bright for jobs in financial services. And recruiting trends indicate that the financial industry is looking to ride the wave of economic recovery through the decade’s end — and beyond.
Financial Services: A Brief Market Outlook
The U.S. Bureau of Labor Statistics expects to see jobs in financial services grow 6 percent by 2030. This is positive news — however, candidates for these jobs need to acquire relevant skills to keep pace with an increasingly innovative market. After all, recent years have brought a steady increase in opportunities for tech-savvy professionals in finance. So, candidates looking for a competitive edge in the FinTech market need to upscale their skills — and fast.
Interested in a career in the financial services sector? Keep reading to discover 5 crucial job trends that every candidate in this field should know about.
Jobs in Financial Services: 5 Key Market Trends
During the COVID-19 pandemic, the financial services market — like other sectors — had to adapt to thrive. But with economic recovery now well underway, let’s take a look at 5 key trends shaping jobs in financial services in 2022 and beyond.
Trend #1: New Skills to Match New Opportunities
As a job seeker, you must rise above the competition to take advantage of emerging opportunities in the financial sector. Case in point: most FinTech companies are streamlining their financial services with new technologies like cryptocurrency trading and blockchain technology. Are your tech skills up to the task?
If you want to handle modern clients and satisfy their needs, you need to get with the program — technologically speaking, that is. Because skilled tech employees are a hot commodity among financial companies looking to take the lead in a competitive market. For example, some emerging financial services jobs that will become essential to the industry’s future include headhunter liaison, financial engineer, sustainable wealth manager, crypto forecaster, trust officer, and cybersecurity liaison officer. And there are more where those came from!
Trend #2: Changing Customer Demographics
As millennials acquire greater purchasing power, they will disrupt the traditional business methods of most financial service companies. Banking and insurance services, for example, will see significant change as this critical group continues to gain wealth.
And these changing customer demographics? They’ll also influence recruiting methods for many businesses. For example, diversity recruitment has gained steam with a focus on multi-talented candidates — such as those who are bilingual. Additionally, new positions are opening up for virtual bank tellers, customer experience designers, and digital product managers — to name just a few.
So, if you’re worried about staying relevant as you search for a job in financial services? Consider upscaling your skills through training to gain a competitive edge over other candidates. For instance, you could enroll in an IT course or become proficient in another language.
Trend #3: Digital Transformation
Players in the financial services industry are seeking ways to digitize their operations. This helps them offer customers a better experience, and it also drives efficiency and growth. Indeed, more companies are deploying automation, AI technology, banking systems integration, and big data analytics to streamline operations. And these moves toward digital have led to the automation of several financial administrative tasks. For example, 76 percent of Americans now use convenient mobile apps for banking activities.
So, here’s the thing: no digital transformation can be successful without the involvement of a company’s workforce. And with recruiters for jobs in financial services focused on filling higher value and more strategic roles within their organizations? You’ll want to prioritize digital knowledge to ensure your skills stay relevant to these new opportunities.
In fact, most companies will be looking to fill highly technical positions such as data scientists and data engineers. And there will also be an intense search for highly talented candidates with a unique blend of analytical skills and business acumen. So, if you want to position yourself as the ideal candidate in any interview? You’ll need to showcase an ability to leverage new AI-driven platforms to improve business efficiency and drive growth.
Trend #4: The Cybersecurity Talent Gap
Can you guess what comes along with the adoption of new technological systems in finance? That’s right: the very real threat of security breaches. And FinTech organizations are investing major resources into guarding against this danger.
After all, customers entrust financial and insurance organizations with important personal details. And when a cyberattack occurs, the company risks losing both profits and credibility. In fact, recent data reveals that up to 80 percent of consumers will cut ties with a brand after a breach compromises their personal information.
So, most financial services companies will go to virtually any length to head off cyberattacks. And how do they accomplish this? By recruiting exceptional candidates to fill cybersecurity positions. But they face one big problem: their recruiters can’t find the right talent to fill the gaps. In fact, experts estimate that 3.5 million unfulfilled cybersecurity positions will be available worldwide by 2025. So if you’re eyeing jobs in financial services, you may want to consider a role in cybersecurity.
Trend #5: Use of AI in Hiring & Recruitment
As the financial services industry undergoes game-changing innovation, its recruiters are also modernizing their hiring process. So, if you’re a talented candidate looking for a job in the financial sector? It’s time to say goodbye to traditional hiring methods.
One of the modern recruitment methods is AI-enabled interviewing technology. Hard to believe a machine can interview you, right? Well, here’s a spoiler alert: this talent-matching software can help you land your dream job. AI recruitment integrates real life with on-demand interviews, unbiased candidate reviews, and industry assessment. And these innovative solutions can help companies overcome common recruiting and hiring challenges.
So, as a candidate looking for a job in financial services, start by identifying your ideal companies for employment. Then, upload your resume to their Applicant Tracking Software (ATS). At the end of the day, AI technology may very well help you find — and land — your dream job.
Top Jobs in Financial Services in 2022 (& Beyond)
The FinTech industry offers many exciting and inspiring opportunities for the right candidates. So, if you have the talent, the skills, and the relevant financial certification(s)? You have a great chance of landing any of the following jobs in financial services in 2022 and beyond:
- Investment bankers
- Information technology auditors
- Compliance analysts
- Cost estimators
- Financial advisors
- Insurance advisors
- Financial analyst hedge fund managers
- Financial software developer
- Private equity associates
- Chief financial officers
- Chief compliance officers
- Cybersecurity experts
The financial services industry is far from immune to the disruptions of AI and machine learning. And, as in other sectors, these technologies are leading some jobs to become obsolete as new roles emerge. So, whether you’re new to the financial services industry or already employed within it, you’ll need to upscale your skills to match these new opportunities.
To learn more about career development, check out the Lensa Insights blog. And if you’re currently looking for a job in financial services? You’ll benefit from our highly advanced software that uses AI to pair you with the most relevant job openings. So, visit Lensa today to discover your dream career.
Happy job searching!