Which finance jobs are in demand — and where is Wall Street going?
- Wall Street staffing firm Options Group has just released its annual compensation report, predicting a pay cut in 2017 for most traders.
- In the same report, the company included a graph forecasting hiring activity in 2018 by activity.
- In the US, Information Technology is expected to see high activity, while Commodities, Equity Derivatives and Electronic Markets are expected to see moderate activity.
If you work in information technology on Wall Street, you’re in luck. Working hard in Asian equities? Not really.
Wall Street staffing firm Options Group has just released its annual compensation report, predicting a pay cut in 2017 for most traders. In the same report, the company included a graph forecasting hiring activity in 2018 by company.
The chart predicts strong IT hiring activity on the US sales side. The sell side includes bankers, brokers, and shops. In contrast, the company expects workforce reductions in cash equities in Asia and no activity in cash equities in the United States.
Hiring forecasts reflect renewed interest in those with technology or quantitative expertise. IInformation technology, e-marketplaces, and quantitative research and analysis are all expected to see high to moderate hiring activity on the sales side. Meanwhile, in the investment universe, quantitative and systematic trading is expected to see a high level of hiring.
“One of the most important drivers of hiring and compensation trends will be the implementation of technology,” the report said. “The global demand for data scientists and machine learning professionals continues to be robust; the current demand to hire these professionals far exceeds the current supply.”
On the sell side, investment banks are spending a fortune to upgrade their technology. Goldman’s bid to become the Google of Wall Street is even being taught at Harvard Business School, and a recent report by CBInsights showed that 46% of Goldman’s recent job postings were in technology. JPMorgan, meanwhile, has created a new position to unleash emerging technology on its investment bank.
And when it comes to investing, traditional stock pickers have been venturing into quantitative strategies in recent years. And quantitative strategies sucked in the assets.
Here is the hiring activity forecast: