The summer season is in full swing and although you may think employers are going on vacation or hitting the golf course, it’s actually been one of the busiest seasons for new jobs in the Financial Services industry that we’ve had in a while. While on one hand there is no better time than the summer season to relax, on the other hand, unfortunately many job seekers often share the same laid back approach to their job search strategy.
“As a finance professional looking for your next opportunity, it can be very tempting to become complacent during the summertime when you think less hiring is happening, however, we advise that there’s no better time to ramp up your job search leading up to Labor Day,” says Mitch Peskin, Executive Vice President of The Execu|Search Group’s Financial Services division. “Time and time again, the financial services sector has seen the effects summer vacation can have on candidates and the interview process. While some candidates may lose momentum in their summer job search, we recommend candidates take advantage of this lull in job seeking and stay focused on your professional goals.”
Whether you’re looking forward to an end-of-year bonus or taking a vacation, there are a few opportunities to keep in mind before waiting until next year to start your job search:
Hiring Budget Timeline – Many companies set a hiring budget in order to fill a certain number of positions within the calendar year. However, certain positions often go unfilled, and as a result hiring managers miss out on strong potential candidates because there may be less allotted funds in the hiring budget come the new year. Therefore, if you decide to wait until January 2015 to start your job search, there is a chance you may miss the best opportunities, thus making it more challenging to stand out once the hiring season is up and running. “Take the time now to get ready for the post-Labor Day hiring surge because companies are determined to fill the year’s remaining positions sooner rather than later,” says Mitch.
Signing Bonuses – As a finance professional, waiting around for an end-of-year bonus can seem very appealing, but in a recovering financial marketplace like today, companies are making highly competitive offers to candidates in the form of signing bonuses as an incentive to acquire the best talent during the late summer/early fall season. “We’ve seen that the biggest months of recruiting and hiring across a number of industries tend to fall between late August and November,” notes Mitch. “Therefore, if you’ve thought about switching jobs at any point this summer, don’t let an end-of-year bonus (which isn’t guaranteed) dictate your next career move.”
Opportunities to Move to a Hedge Fund – In an industry that has so many professionals aiming for positions with hedge funds, what better time than now to try and make a move before the heavy hiring season commences later in the year? “Don’t wait until the summer is over to start your job search when everyone else is searching—if you are a strong finance professional with an impressive background and specialized skill set, why not make a move now?” says Mitch. “Make yourself stand out during the late summer season by doing your due diligence (i.e., update your resume, brush up on interview skills, network with the right professionals, etc.) to hit the ground running after Labor Day.”