Financial services: Are these 3 explosive growth jobs right for you?

Jobs in the financial services industry often get a bad rap. You know the type of talk that I’m referring to – boring accountants, stuffy old bankers and dodgy insurance salesmen. As we wrote last week, there’s a whole lot of change going on in that sector of the economy. So, the future may not be what you think!

Today we’re going to look at three financial services roles that are set to experience terrific growth in the next few years.

1.     Data Scientist

Financial service companies are progressively turning towards more mind-boggling and complicated methods for catching, controlling and understanding information. This is often referred to as ‘big data’. As a flow on from this, it means that businesses need staff with the ability to sort through the growing volumes of information, draw relevant conclusions and then communicate them to decision makers. These information experts – or data scientists – need to have a thorough understanding of both the customer and the business issues that are trying to be solved.

 Credit: Damian Mingle

Credit: Damian Mingle

Understanding the language of data and analytics is becoming more important all the time. In the future, it’s going to be hard to stay in business if you don’t at least grasp the basics. The financial services industry is also facing challenges associated with managing the volumes of data that are being collected. Issues of privacy and security are of growing importance.

This leads us to our next exciting role…

2.     Cyber Security Specialist

The world is currently facing a shortage of skilled cyber security workers. It is estimated that there are more than 1 million such jobs that are vacant.

In Australia, the number of cyber security roles advertised has increased by more than 60% since 2014. The problem is so big that just last year the country’s biggest bank – Commonwealth Bank – partnered with the University of New South Wales and invested $1.6 million to create a free online training course for anybody who wants to learn about hacking. The program, which kicked off in February this year, was founded with the intention to teach people the very same skills that hackers use to compromise networks and steal valuable data.

Maybe you have what it takes to be a ‘white hat’ hacker and help banks and insurers test their systems for vulnerabilities?

 Credit: Himani Nahta

Credit: Himani Nahta

 3.     Compliance Officer

OK, so this is one of those more boring, traditional roles I mentioned earlier; but demand from financial services businesses is growing rapidly. In recent years, more regulation has been placed on the finance sector, particularly in the areas of governance and customer advice.

As a result of tightening compliance standards, staff must be crystal clear on their obligations. There are many facets that they must stay on top of, like regulation, fairness and confidentiality, to name a few. It has never been more important for organisations to have strong processes, with the right checks and balances. Compliance specialists are increasingly in demand to help design and monitor those internal systems.

 

That ends our quick tour of financial services roles that are set to grow in the next few years. In the coming days we’ll take a closer look at the industry, with some first hand accounts from people working at the front line.