As the employment market in your job function splutters slowly back to life in Australia, spare a thought for those who once specialised in securitisation.

The public blames them for starting the financial crisis; they were probably made redundant last year; and their job function isn’t exactly a priority for banks trying to rebuild their brands.

Perhaps unsurprisingly, getting a pure securitisation job still isn’t easy, even for Aussies with plenty of London experience under their belts.

“The market has certainly shrunk in the past 18 months. It’s harder to move, with some firms exiting the market altogether, a lack of transaction volume, and current conditions generally,” says Patrick Everest, a partner at Jon Michel Executive Search.

Many securitisation professionals have been forced to consider postions that draw upon their core, transferable skills. Capital markets, client coverage, and structuring are some potentially relevant roles for those who want to stay within i-banking, adds Everest.

Others have moved to rating agencies, debt restructuring boutiques, accounting firms, or started their own consulting companies, says Gary Howard, a banking consultant at Talent2.

“Given their skills set, some have also secured roles in risk management, treasury, investment management, or joined one of the larger commercial banks on the structured finance side,” he adds.

The outlook is bleakest for juniors whose entire careers were in securitisation. Although these candidates might have some of the experience required for other job functions, firms usually have plenty of applicants for analyst and associate roles, so they can demand a 100 per cent match.

If you are intent on staying in securitisation, you might want to look at openings in Asia, where, according to Howard, hiring levels are slightly higher.

Japanese banks, in particular Nomura and Bank of Tokyo-Mitsubishi UFJ, are actually doing some recruitment in the region, says a Singapore-based headhunter who asked not to be named. “They have picked up a few selective talents and are beefing up their securitisation teams,” she adds.