A Dodd-Frank hiring boom
I noted recently that Dodd-Frank has led to a boom in job opportunities for financial services executives in the compliance and risk management field. That's especially true for hedge funds and sell-side banks.
But how long will this boom last? According to one expert, as noted by Minyanville, the hiring that is currently on-going will not last indefinitely.
"I think we're already on that upswing," said Zachary Ziliak, an attorney at Mayer Brown.
"I don't think it's a case where we're waiting for something to pop. If you look at how many people are employed as compliance officers in the fund management industry now versus six months ago, versus 12 months ago, I think there is an uptick already. I think that will continue," he said.
Ziliak thinks the opportunity will prove fleeting all in all.
"I think it's fairly short-term. I think that the first derivative will head toward zero before too long. But I think the jobs that are being created will stay. It won't take many more months for the information of the need for compliance officers to percolate through the industry, so I think the hires are happening now and will continue. But before too long they'll be hired, and there you go -- the people stay. I don't think those jobs will disappear. But I also don't think there's going to be a scenario where you see a five percent growth rate every year."
This is important for those who are pondering a switch out of their current job function into the compliance and regulatory function, a movement that seems to be accelerating. With many compliance needs currently unmet, hiring officials may be willing to take a chance, but perhaps for not much longer.
- here's the article
Compliance careers on the mend