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Eryn Feinsod
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efeinsod@aesc.org
EXECUTIVE SEARCHES IN FINANCIAL SERVICES STEADY BUT OVERALL JOB MARKET TO REMAIN SLOW UNTIL 2009
69% of Executive Search Firm CEOs Predict Financial Services Job Market Will Regain Strength in 2009, According to AESC Survey on State of the Search Industry in Financial Services
New York, June 3, 2008 — According to new data released today by the Association of Executive Search Consultants (AESC), 69% of retained executive search firm CEOs and Heads of Financial Services Practices see a rebound in the financial services job market in 2009. Of that 69%, 44% say it will be in the first half of the new year, while 25% say the upswing won't be until the end of 2009. The Executive Search in Financial Services survey was conducted by the AESC from April 28th to May 9th, 2008.
The number of executive searches started in the financial services industry remained flat in the first quarter of 2008, as compared to Q4 2007. The AESC survey indicates that there's very little activity in Investment Banking, Capital Markets, or Real Estate, but that searches are still taking place in Private Wealth / Private Banking, Private Equity / Hedge Funds, and Insurance. According to survey respondents, most of the searches that are still taking place are for positions such as: Sales / Fund Raisers, Risk Managers, and Product Specialists, with the least searches for Traders, Money / Portfolio Managers and Research Analysts.
55% of survey respondents indicated that they haven't seen a drop in total compensation within financial services thus far, but 52% predict it will decrease within the next 12 months.
AESC President Peter Felix said, "While executive search in financial services has slowed, it has not stopped completely. The activity that we're seeing in selective parts of the sector will continue through 2008 and our members are optimistic that the overall job market in financial services will rebound in early 2009."
The survey was completed by 50 CEOs and Heads of Financial Services Practices at AESC member firms. Respondents were from the Americas (37%), Europe and the Middle East (47%) and Asia Pacific (16%).
A full copy of the AESC Executive Search in Financial Services report is available upon request to AESC members and the press. Please contact Eryn Feinsod at efeinsod@aesc.org.
About The Association of Executive Search Consultants
The Association of Executive Search Consultants is the worldwide professional association for the retained executive search industry. The AESC's mission is to promote the highest professional standards in retained executive search consulting, broaden public understanding of the search process, and serve as an advocate for the interests of its member firms. For more information, or to view the AESC Code of Ethics and Professional Practice Guidelines, go to www.aesc.org. The AESC offers BlueSteps, a career management service for senior executives, and CorporateConnect, a service for the HR community offering industry information and access to the AESC membership.