The Reuters news service recently ran a feature story on the growing demand for compliance, risk, and legal officers, professionals whose job it is to make sure that banks and other financial institutions are operating legally and safely. As the Reuters story says, these jobs used to be considered some of the least-glamorous jobs in the financial industry. Today, though, they’re hot. And that’s an important lesson for anyone conducting a job search today.
Compliance and risk officers are needed today largely because banks learned some important lessons during the financial meltdown. They need smart, talented people looking over them to make sure that they don’t make the same mistakes that led to so many financial institutions imploding during the recent economic downturn.
A job, then, that was once thought of as boring has become important and in-demand. If you are looking to make a professional career change, it’s an important lesson: It might be time to look at a field that has become newly important in today’s evolving economy.
According to the Reuters story, the rising demand for risk and compliance officers has caused some people already in this field to ask for raises of up to 50 percent when they change jobs. That sounds attractive to anyone considering an executive career change.
The price hikes are a result of demand. According to Reuters, demand for compliance officers today is outstripping the supply of available talent.
The Reuters story focuses on compliance officers based in Singapore who have seen their average salaries rise 10 percent in the last year. That ranks as one of the largest year-over-year increases in that country’s finance and accounting sector.
According to the story, annual base pay for an experienced risk or compliance officer in Singapore has jumped to about $164,000 in U.S. dollars.
Of course, this doesn’t mean that every job seeker should become a compliance or risk officer. It does mean, though, that it’s time to take a long look at careers that during the country’s go-go times were thought of as either staid, boring, or unnecessary.
Many of these careers – especially in the financial sector – have come back in vogue as financial institutions look for smart people to guide them in a challenging economic environment.
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