Jobs in banking increase by 12%
Results from the South African Job Index show advertised banking and finance roles increased by 12% across South Africa from quarter two to quarter three. Overall, the demand for banking and finance professionals was strongest in Johannesburg, with the number of jobs increased by 28% in quarter three, followed by Cape Town, where jobs increased by 3%.
The Robert Walters South African Job Index is a leading research tool, monitoring job volumes across industry-leading job boards within the South African markets.
This increase in vacancies is mainly due to international organisations based in South Africa looking to expand into Sub-Saharan Africa. Most notably, major investment banks looked to set up regional offices in South Africa as a cost effective way to do business across Africa. A function that was historically carried out of their UK Middle East regional head offices. - Nic Sephton-Poultney, Country Manager at Robert Walters.
Skills in demand
As a result of international organisations based in South Africa looking to expand into Sub-Saharan Africa, experienced banking and finance professionals were in demand such as product controllers, audit professionals and credit analysts as well as those with in-country experience or interest in different regions.
Hiring managers also were focusing on professionals with specialist market knowledge who could be hired and make an immediate impact. This was mainly due to time constrains and the lack of capacity to train staff. Particularly in demand were CAs with other ‘strings to heir bow ‘such as Chartered Financial Analyst (CFA), Certified Financial Planning (CFP), JSE settlements and compliance offer qualifications.
Effects in remuneration
One trend we saw in quarter three was hiring managers offering market related salary increases as opposed to market related salaries. Across the banking and financial services market, the average internal increase was between 4-8%, as external increases between 13%-18%. We expect this will continue and candidates looking to move roles for a significant salary increase will be disappointed.
About the South African Job Index
The Robert Walters Job Index tracks the total number job advertisements posted to on-line platforms across South Africa.
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