In part I of a two-part series, we look at where you might find work, if you just can’t bear to be a banker any more.

Making the transition out of financial services is tough. In the current climate, employers in the corporate and public sectors are getting pickier about who they hire and aren’t exactly lining up to take on financial refugees.

Nik Ruparel, director, Hudson Accounting & Finance, puts things into perspective: “With the change in the economy, many employers are looking for specific skill sets and industry experience. Rarely do we find ones that will look at candidates who have not at least had some experience in the industry they are applying for.”

Nevertheless, there is a sprinkling of openings out there in the “real economy” for those brave enough to make the move (and willing to take the probable pay cut that comes with it).

IT consultancy

If you’re sick of working in-house, try a big IT consultancy like Accenture, Capgemini, EDS, or IBM. They often do consulting for banks, so having finance-sector skills gives you a definite advantage, says Andrew Blades, a team manager at Aristotle.

“The hardest thing to get your head around is the way they operate and getting into the mind-set of being a consultant onsite as an end-user, not always knowing where you will be working from week to week,” he adds.

Consultancies pay quite well as you will become a fee earner. “You will be billed out, so as a result salaries and bonuses can be very attractive, but not exactly comparable to the finance industry,” explains Blades.

A good senior manager working for a consultancy could easily expect a salary of between $200k and $300k, with lucrative bonuses, especially for those who can also sell consultancy services to the end client. “IT staff who can also consult direct to the banks can do very well at the senior level. Even though work can be sporadic, earnings can vary between $1k and $2k a day.”

Public sector

As governments look to expand their spend to cover the decreasing capital expenditure of private firms, opportunities for experienced analysts and securitisation professionals are arising. Candidates who have previously worked within leading banking and investment firms are being targeted to move into the public sector, says Ryan Webster, senior consultant, banking and financial services, Robert Walters.

“Although the bonus potential on offer is often not as lucrative as in the banking industry, the perceived security and work/life balance offers a welcome change for candidates. Base salaries at the senior end of the market remain similar within government,” adds Webster.

Corporate financial reporting

Financial reporting managers and financial accounting managers are in demand at Australian companies, and finance-sector professionals are increasingly interested in these opportunities, according to Lynne Beggs, regional director of Hays Accountancy & Finance.

A senior management position could offer anything from $130k to $140k for a candidate with five to eight years’ post-qualified experience. “To stand out and successfully attain these positions, candidates need to demonstrate good communication and stakeholder management skills,” says Beggs.

Technical skills, such as financial accounting/reporting, are also valued highly. “The candidates most commonly looking to move roles for career advancement are those at the newly qualified through to five-years PQE level, where salaries have remained more competitive. Senior candidates are instead taking sideways steps rather than moving for career advancement,” she adds.

The regulators

Keep an eye on APRA and ASIC if you can’t find a risk or compliance job at a bank. “The regulators are in a good position to get candidates who might not have considered them a year ago,” says Dianne Wilson, a partner at Derwent Executive.

“They have both had their funding dramatically increased (and this will continue for the next few years) leading to increased headcount at both these regulators, along with AUSTRAC,” adds Jacob Smith, manager, risk management and compliance, Robert Walters.

Four more job functions will appear later this next week.