Q1 Market Insight Investment Banking

www.badenochandclark.com
Market Insight
Investment Banking
2015 Quarter 1

04 Introduction
06 Compliance
10 Finance
12 Risk & Audit
14 Change & Project Management
16 Marketing & Communications
18 Human Resources
20 Legal
22 Operations
Contents
Investment Banking

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Guy Emmerson
Operations Director, Badenoch & Clark
Introduction
I hope you enjoy our commentary on Q1 and please feel
free to let us know your thoughts and feedback.
I am delighted to introduce you to Badenoch & Clark’s first
Investment Banking market update for 2015. Released on a
quarterly basis, this update breaks down the Investment Banking
market by specialism and provides an insight into how the
recruitment market is changing and adapting to the impact of an
ever diverse range of market factors, whether they be regulatory,
budgetary or talent based.
So what of 2015 so far?
Our market update from Q4 last year painted a positive picture for 2015, with many hiring managers looking to capitalise
on the continued increase in market confidence and increase headcount this year. Whilst I believe that this is still the
case, we have seen a much slower start to permanent recruitment than anticipated, with many hiring managers having
to wait for budgetary sign-off on permanent headcount. The outlook however remains positive with hiring managers who
would have liked to have hired in Q1 now looking to Q2 to fulfil their resourcing needs. This delay has however resulted
in the contracting market remaining strong.
Staff…more valuable than you think.
Within many Banks, regulatory projects are dominated by high numbers of contractors reviewing systems, processes
and implementing change. This appears to be the “go to” model in dealing with new regulations. Some firms however
are now looking for a more permanent solution. The onslaught of new regulation is set to continue for many years, and
Banks now need to consider the reality that when contractors move on, so too does their knowledge and experience.
This can leave organisations with significant knowledge gaps and subsequent delays in change. Banks are now looking
to convince contractors to take on permanent positions and are actively hiring into these teams on a permanent basis. In
order to do this however, organisations must first overcome the pay gap between permanent and contract and provide
transparency over long term development and growth within these positions. Needless to say regulatory projects will
continue to test the market and resources for the foreseeable future.
Regulation
The Regulators continue to make significant changes to the regulatory landscape, creating challenges to organisations
to keep up with deadlines and remain compliant, but also to ensure they have the controls and infrastructure in place to
remain effective and cost efficient whilst maintaining a high level of customer service. Additionally systems which had
already been updated to deal with last year’s regulation, now need to be made fit for purpose operationally.
Political landscape
An election year always brings with it an air of uncertainty, but markets in 2015 are also experiencing instability around
Ukraine and the Middle East. Despite conservative outlooks in the market, the Middle East has performed better than
expected in Q1 and has given rise to new confidence for the year. That being said, caution remains to be the focus as
people look for a more stable geo-political landscape.

Compliance
Market Drivers
Q1 continued to see compliance
teams struggling in a candidate
short market. Candidates delaying
their searches throughout the
bonus period has led to recruitment
processes taking longer than
expected. Despite the shortage of
candidates, hiring managers are
remaining very selective in order to
maintain the quality of staff within
their teams.
Many Investment Banks are still
battling with cost efficiencies within
compliance. On the one hand
they need to demonstrate to the
regulators that they have adequate
controls and headcount in place in
order to provide sufficient oversight,
and on the other they need to
maintain a level of cost control and
efficiency. Our clients continue to
explore new ways to balance these
two conflicting pressures.
Skill Sets in Demand
Q1 has seen an increased demand for Monitoring and Thematic
Review candidates, with clients specifically seeking experienced
Assurance Monitoring professionals. Increased activity in Emerging
Markets and other high risk investments will require new and
altered monitoring plans as well as heavier controls from sanctions
teams.
Compliance has always been a candidate short market and in the
last quarter we have seen significant shortages at AVP-VP level.
The nature of the Compliance market means that candidates can
learn the basics and progress quickly in their careers, and reach
AVP level in a relatively short period of time. The issue here is that
clients looking to hire at AVP and VP level are looking for a depth
of knowledge and experience of dealing with a range of unforeseen
issues, something that can only be gained over time. The struggle
is that compliance departments find their depth of knowledge
stretched too thin at a middle management level, and so will need
to hire multiple headcount to compensate for lack of experience.
This has been demonstrated by high demand for candidates with
stable CVs who have spent a few years in each position gaining a
depth of knowledge, rather than quick exposure to multiple areas.
Many Investment Banks are still battling
with cost efficiencies within compliance.
Compliance has always
been a candidate short
market and in the last
quarter we have seen
significant shortages
at AVP-VP level.
Demand for
candidates with
in-depth Sanctions
skills continues to be
strong, however there
are many candidates
on the market who
have worked in related
positions but haven’t
been able to develop
strong enough skills
in investigating
sanctions.
The struggle is that compliance departments find their depth
of knowledge stretched too thin at a middle management level,
and so will need to hire multiple headcount to compensate for
lack of experience.

Recruitment Challenges
A common theme that occurs for both the temporary and
permanent markets in Compliance is the disparity between
what hiring managers expect to pay candidates and the
going market rate. In most specialisms, the increase in
market rates happens at a manageable level; however
rates have increased very quickly when candidate demand
is high. In some cases this can lead to projects being
scrapped when the true cost of hiring contractors comes
to light. Banks will usually change their approach by
distributing the responsibilities internally.
Hiring managers need to be aware of how candidate short
the market is, and the effect this has on candidate salaries
and rates and the speed at which these change.
Outlook for 2015
The Compliance market will still be one of the strongest
markets across the banking sector with both permanent and
contract employees in high demand. Whilst Q1 was slower
than expected, we are looking at significantly increased
volumes in Q2 & Q3. As the market picks up and more
candidates consider a move after they have received their
bonuses, the increase in rates and salaries will begin to slow.
The conversations we have had indicate that the restructuring
of the Compliance infrastructure which has dominated the
last 2 years is now coming to an end. The focus of Banks now
will be on embedding these new structures and making them
fit-for-purpose. This might also make sign-off of additional
headcount harder to get as we progress through the year.
Compliance
Candidate Motivations
Compliance candidates are in a strong position
with high job levels and limited competition. This
has allowed them to examine what it is they are
looking for in their next career move. In contrast to
the stability that clients are looking for, candidates
are able to take risks and move around the
market, comfortable in the knowledge that other
opportunities will present themselves.
Whilst candidates are reluctant to consider new
opportunities prior to receiving their bonuses, and
bonuses having been at acceptable levels for 2014,
candidates are less concerned about bonus levels
when making a move. In fact we have found that
remuneration comes second to career development
and growth opportunities. Candidates are looking to
gain management experience in order to allow them
to develop their careers vertically.
A candidate short market is increasingly
driving rates upwards; furthermore, time to fill
is proving increasingly challenging as strong
candidates are in process for multiple job
opportunities

Finance
Market Drivers
Regulatory changes such as COREP which impacted businesses in
2014 have now become entrenched as BAU functions. This, coupled
with a lack of candidates at AVP level due to off-shoring, means banks
are finding it harder to increase the size of these teams with hires
that have the required knowledge, resulting in more flexibility from
line managers on the background of applicants deemed relevant e.g.
Product Controllers being considered for liquidity based roles.
Cost efficiencies and off-shoring continue to be factors impacting
the finance market, with many firms driving forwards this agenda
into 2015. This puts further strain on available candidates who are
looking to diversify their skill sets in order to make themselves more
marketable in a changing landscape.
In Q1 we have seen an increased demand from clients for Newly
Qualified candidates, with specific interest in those qualified from
Big 4/top 10 audit firms. This high demand in quality candidates has
seen the pace of the market increase with multiple clients directly
competing for the top candidates, who will often have multiple offers
on the table. This also opens the door for candidates to receive counter
offers from their current employers. Ultimately clients not only need to
compete for candidates financially, but also through offering defined
career development.
Regulatory Accountants and Liquidity candidates have also seen
increased demand this quarter, and whilst there are limited numbers
of strong candidates in this space, prior experience in these areas is
highly sought after, particularly those with experience of driving and
implementing change.
In a candidate short market where there is
increased competition between clients, an
efficient recruitment process can make all the
difference. In Q1 we have seen many clients
struggle to keep pace with the market and
subsequently lose out on the best talent.
Some of the greatest delays have been
between initial release of a vacancy through
to first interview stage, which can often leave
the door open to competitors. An efficient and
smooth process where candidates are told the
benefits of joining an organisation will go a
long way in limiting the risk of losing the first
choice candidate.
Outlook for 2015
We envisage seeing a continued demand
for regulatory skill sets in Q2 along with
an increase in the number of temp to perm
conversions as clients try to keep hold of
strong candidates and retain their knowledge.
Within regulatory reporting, candidates that have
performed well / are deemed essential are being
rewarded with increases in daily rates and bonuses as a
way of ensuring retention. This in turn is forcing salaries
and rates up in an attempt to attract the best talent.
Bonuses from 2014 across the finance market have been
at acceptable levels, giving many candidates the sense
of security and longevity they have missed over recent
years. This has contributed to an air of optimism in the
market. Despite this welcome development, candidates
are still keeping a keen eye on the market and many
candidates are still eager to explore new opportunities
that will further their careers.
We have also
seen a need
for candidates
who specialise
in Stress
Testing ideally
from either a
core finance
or capital
background.
In Q1 we have seen many clients struggle
to keep pace with the market

Risk & Audit
Market Drivers
Risk remains a major focus for banking organisations keeping up with the ever-
changing regulatory landscape. Risk and Audit positions are still regarded as
high priority, critical hires largely due to the continued roll out of new regulations.
Specifically, we have seen Basel III, ICAAP and BCBS 239 impacting the market and
fuelling the demand for Regulatory Risk and Control professionals to setup, re-design
and implement frameworks in order to mitigate their exposure.
We have seen a number of firms proactively hiring large numbers of Risk & Audit
professionals as a result of being hit by fines from the regulators, and needing to
demonstrate that necessary action is being taken. Candidates, both internal and
external, temp and perm, can be drafted in to resolve and plug the gaps within existing
frameworks in order to maintain and demonstrate compliance.
Risk has never been a candidate rich market, and the continued need for specific skills
and regulatory exposure limits the number of suitable candidates for each vacancy.
We have seen a real drive for
specific candidates in Q1, namely
Wholesale Credit, Operational
Risk (3rd line of defence – Internal
Audit) and Quantitative specialists.
A focus on quality candidates
within these areas has seen our
clients struggle to find the right
candidate in required timeframes.
These positions, which are
naturally candidate short, require
a more passive headhunt approach
and as such take longer to find the
quality of candidates that hiring
managers are demanding.
One of the major recruitment challenges facing Risk &
Audit has been when our clients have required specific
and niche skills where personality fit is also key. From
a consultant’s perspective it is important to get a clear
understanding of these requirements in order to find the
right characteristics required. Meeting with consultants
to discuss vacancies is a time efficient way of ensuring
the quickest solution to resourcing needs.
Other challenges have largely been related to
Quantitative Risk positions where a high level
quantitative academic background is required, ideally at
PhD level. These candidates are often hard to find and
not always interested in careers within financial services.
Audit is a market that has been hugely hit by a shortage
of candidates. Clients are struggling to find suitable
candidates from financial services and thus having
to looking further afield, e.g. the Big 4. However the
disparity between salaries and rates in this area means
that hiring managers often have to go over budget in
order to attract the right candidates.
Outlook for 2015
The Risk and Audit markets will continue to be buoyant
throughout 2015, with departments looking to increase
headcount across Operational Risk to keep up with the
need for new and fit-for-purpose frameworks.
The top 20
banks will
largely be
focusing on
BCBS 239
which will drive
a large amount
of recruitment
as frameworks
are due to be in
place for 2016.
Candidates within Risk & Audit are still largely motivated by remuneration creating a highly
competitive environment between banks battling for the top talent. Candidates are generally
looking for either greater bonus earning potential or an increased standing and influence
within an organisation, either through skill set development or future career growth potential.

Change & Project Management
With some banks actively looking to reduce the
number of contractors in favour of permanent staff,
a number of our candidates have expressed concern
over the lack of long term vision and potential for
career advancement if these positions were taken
on a permanent basis. In order to entice career
contractors to convert over to permanent contracts,
clients need to demonstrate that they are willing to
invest in these candidates for the long term through
competitive salaries and the opportunity to develop.
Outlook for 2015
For the rest of 2015 we will continue to see programmes with a
regulatory mandate at the fore and the need for candidates with
specific regulatory knowledge and proven experience of delivering
and executing projects in the regulatory change space.
We also envisage that there will be the opportunity for candidates
with analytical skills to step into more SME focused change roles,
acting as an interface between the business and CTB teams
ensuring complexities around product classes and regulations
aren’t lost in translation.
Market drivers
We have seen different banks however taking different approaches. Below the top
tier, we have seen banks opt for a broader approach, setting up regulatory change
teams to deal with all new regulations on a cross asset basis. This is in contrast
to the top tier banks who are taking a more specialised approach, with individual
regulatory change teams set up to deal with the impact of specific regulations on
individual products. Both approaches have merit but each come with their own
unique set of challenges.
We have seen the Change market continue to be driven predominantly by the
regulatory agenda, with most budget approvals being subject to a mandatory
piece of regulation.
As the banks come to realize the benefits of having in place long term change
teams to deal with new regulations, which look set to continue for years to come,
many are looking at reducing the number of daily rate contractors in favour of
permanent and fixed term contract staff.
There has been a unified approach from Finance & Risk departments in tackling
regulatory reporting requirements, finding commonality in systems & processes in
order to save money and push forward efficiency and become more streamlined.
As regulatory change continues to be
the driving force in the Change market,
it stands to reason that the major factors
affecting the skills that are in demand
are also regulatory. This quarter we have
seen our clients requiring candidates
with detailed knowledge of Basel III,
CRDIV, Firm Data Submission Framework
(FDSF) and MIFID 2. Candidates with this
regulatory knowledge and the ability to
deliver business change projects have
been in high demand.
Candidates with Portfolio & Governance
skill sets, particularly with large
scale transformation programmes
who can demonstrate that they have
delivered and executed projects to fixed
timescales and to budget, have also
been sought after this quarter.
The Change market is still highly active
with a number of larger banks now having
established teams set up to deal with the
drive on regulatory change.
Candidates working in this market are trying to make themselves as versatile and marketable
as possible. One of the best ways to do this is to gain exposure and detailed knowledge
of a broad range of regulations rather than specialising. This gives them the greatest
opportunity when looking for their next position, whether it be contract or permanent. Earlier
we mentioned the different approaches the banks are taking to the remits of the regulatory
change teams, and this is where candidates are torn. The choice is between a top tier bank
and a narrower position or the opportunity to work for smaller banks with a broader remit and
potentially more influence within the organization, but likely at a reduced rate or salary.
When it comes to large scale transformation programmes, candidates take the necessary
time to consider a company’s stability and financial performance to ensure that the necessary
investment in programmes is secure.

Marketing & Communications
Major Drivers
Marketing & Communications has now become
a major growth market. As organisations have
become more optimistic about the future,
companies are looking to invest and grow. In the
last six months we have seen a significant increase
in job volumes demonstrating that companies
are proactively looking to bring in new business
through their marketing and sales strategies.
This relatively quick resurgence in the Marketing
& Communications market has led to a candidate
shortage, with organisations scrambling to gain the
best talent available, whether that is on a contract
or permanent basis.
Many banks are taking the first six months of
2015 to re-evaluate their intranet and internal
communications, leading to positions being created
that take on a more internal journalistic feel.
With firms now looking to increase their market share, the first place
they often look to grow is within Marketing & Communications.
Alongside the overall increase in demand for candidates within
financial services Marketing & Communications, we have seen a spike
in hiring for those who can create quality content. As such we have
seen a significant need for strong and experienced professionals from
creative backgrounds such as financial journalists and copywriters.
Most of the positions that we have seen require prior experience
in financial services, as a clear understanding of the sector and
products means a shorter bedding in period for new starters, allowing
companies to quickly pursue their growth agendas.
As many Financial Services firms see this investment as critical,
getting the right talent is a key focus whether their hiring needs are
on a permanent or contract basis. Many of our clients looking for
contractors have been open to reviewing candidates on a one month
notice period. In turn this has allowed permanent staff to look at a
broader range of opportunities and have the opportunity to potentially
diversify their skill set.
With candidates now in the driving seat and able
to consider multiple options, clients will have to
adapt in a number of ways. They will need to keep
abreast of the market and up to date with salary
and rate expectations. They will need to adapt their
recruitment processes in order to keep pace with
the competition and ensure that candidates have a
smooth, positive, and quick experience during the
recruitment process, and they will need to make
decisions quickly to avoid the risk of losing their
first choice candidate.
It is unsurprising that with Marketing &
Communications, cultural fit is important. Clients
require candidates to really have their finger on
the pulse of their organisations and convey this
externally. Candidates need to do in depth research
into the organisations they are interviewing for in
order to convey this.
Outlook for 2015
For the rest of 2015 Marketing & Communications
will continue to thrive, however not without
changes. Salaries and rates are predicted to
increase throughout the year, given the candidate
shortage, as organisations compete in securing
top talent.
A number of our clients are looking to grow their
teams by 33% over the course of the year with
most of the new positions focusing around writers
and generalists who can add value immediately.
In the last 6 months we have seen a significant
increase in job volumes demonstrating that
companies are proactively looking to bring in
new business through their marketing
and sales strategies.
Candidates are now enjoying the luxuries
of a boom market in Marketing &
Communications and as such have found
their negotiating position strengthened.
We have seen candidates raise their
profiles either by securing more enticing
job titles, or through strong salary/rate
negotiations.
Bonuses in Marketing & Communications
are starting to recover, however
candidates are willing to leave their
bonuses behind for increases in their
base salaries and for the right position.
Like most other candidate short markets,
candidates tend to have multiple
opportunities open to them and clients
with a shorter and smoother recruitment
process tend to be more successful in
securing their top talent.

Human Resources
Market Drivers
HR functions in Financial Services had a quiet start to 2015 with many Investment
Banks putting a freeze on hiring until final budgets and bonuses had been agreed.
Restrictions on HR budgets and increased work volumes have put pressure on the
resources within these teams and so most of the hiring we have seen in Q1 has been
at a junior level for HR generalists/administrators to provide support during the
bonus and salary review period.
Many of our clients have spoken about holding off on their recruitment until after the
General Election in May. The uncertainty in the next government and which policies
will be implemented has the potential to significantly change the priorities of any
HR teams over the second half of the year. Having the flexibility to add additional
headcount later in the year to deal with these changes is fueling the hiring
managers’ decision to delay.
Clients are looking to remain adaptable
in a changing market and environment
and thus are looking for candidates
who are themselves adaptable. HR
generalist vacancies are where most
of the job volumes have been in Q1
this year. Typically clients are looking
for broad HR exposure so their skills
can be utilized across the HR function
providing much need flexibility when
juggling priorities.
Outlook for 2015
Many clients have predicted that the market
will pick up across both contract and permanent
positions in Q2/Q3 now that the bonus period has
come to a close. As candidates begin to put feelers
out and explore new opportunities, the volume of
replacement hires will increase. A more transient
market of HR professionals will mean greater
opportunity for companies to secure new talent.
A more transient market of HR
professionals will mean greater opportunity
for companies to secure new talent.
Towards the end of the quarter we saw an
increase in demand for Data and Analytical
skills where our clients have been analyzing
data in relation to recruitment and
headcount reviews for the next year.
HR professionals are gaining confidence in the
growing market and are looking for positions
offering fresh challenges or a change in
culture, putting salary expectations lower
down their list of priorities.
Candidates are looking for positions that
will add something new to their skills and
experience and so opportunities across
the breadth of financial services are being
considered. HR generalist vacancies are where
most of the job volumes have been in
Q1 this year

Legal
Market Analysis
Having seen a strong positive sentiment return to the UK
economy over the latter part of 2014, 2015 has started with
a mixture of feeling ranging from the EY Item Club predicting
that the UK is likely to suffer a slump in growth (anticipating
2.4%, well below the 3.1% growth expected) through to the
British Chamber of Commerce suggesting that the UK will
exceed its growth expectations. It is highly likely that the
economy will remain subdued as a result of the looming
General Election, speculation about a referendum on the UK
exiting the EU, and the impact of the ongoing crisis on the
Eurozone. The Organisation for Economic Co-operation and
Development is expecting The Bank of England’s Monetary
Policy Committee to raise interest rates in “mid-2015”. This
has created a fear of the impact that a rise in interest rates
will have on individuals and SMEs.
Hiring Activity
Following a particularly busy end to 2014, we started 2015
with strong market confidence. Both January and February
proved much quieter than we had initially expected although
it transpired to be the ‘calm before the storm’. March has
seen a large number of new roles arising across the market,
within asset management, investment banking, alternative
finance, the insurance market, general commercial,
corporate, general banking and trade finance, litigation,
commodities, funds and regulatory across a number of PQE
levels. A large number of the new roles arising have been
signed off as new head-count and this is a trend we have
seen to continue throughout the last 6 months.
Pay Rates / Salaries
It continues to be difficult to clearly denote ‘market rate’
as salaries wildly differ across institutions and many
longer term employees have yet to be aligned to their
more recently hired peers. As with previous quarters we
have seen a slow and continued rise in base salaries
being offered across the market as organisations look
to incentivise candidates to join their teams and as a
response to the increased base salaries being offered
within the leading City law firms. On the interim side, rates
have remained steady across the quarter with niche roles
continuing to offer day rates at £850+ but with c5 PQE
lawyers remaining at the £600 - £750 level.
Challenges & Outlook
We are continuing to see candidates involved in multiple
processes or receiving multiple offers with some
organisations having run recruitment campaigns in a
matter of weeks. The ability to move quickly is often a
deciding factor in securing the best talent. Badenoch &
Clark is fortunate in having a dedicated headhunting unit
attached to the legal financial services team and as the
general level of activity increases we are seeing that it
is increasingly important to have access to passive job
seekers and utilise this function on contingent, as well as
search assignments. It is highly likely that Quarter 2 will
continue to be full of activity, especially as bonuses will
have been banked and many candidates are seeking new
opportunities. This will create teams that are still often
understaffed necessitating replacement hires on top of the
increased ‘new head count’ opportunities.
Following a
particularly busy
end to 2014, we
started 2015 with
strong market
confidence.
On the interim
side, rates have
remained steady
across the quarter
with niche roles
continuing to
offer day rates at
£850+ but with
c5 PQE lawyers
remaining at the
£600 - £750 level.
March has seen a large number of new
roles arising across the market, within
asset management, investment banking,
alternative finance, the insurance market,
general commercial, corporate, general
banking and trade finance, litigation,
commodities, funds and regulatory
across a number of PQE levels.

Market Drivers
In the first weeks of this year we saw the Operations market
in Investment Banking stall due to delayed headcount reviews
from the top tier Investment Banks. This resulted in limited new
vacancies being released in January and the market only picking
up towards the end of February. That being said, the Operations
market continues to be influenced by the regulatory changes
hitting financial services with Operations teams still catching
up on the internal processes/procedural changes required as
a result of changes in regulation including EMIR, FATCA, Dodd-
Frank, CRS and MIFID 2.
As banks look for further efficiencies, whilst maintaining a
quality of customer service, they continue to drive forward
with the automation of operational processes. This automation
is gradually forcing Operations candidates to adapt to the
changing needs of internal business units and their clients
by utilising a more analytical skill set to generate ever more
bespoke reports for the front office.
Whilst it has slowed and is beginning to settle, the off-shoring of
Operations continues to put pressure on candidates in London
to look for ways to diversify their skills. Many of the larger
banks have now off/near-shored their middle and back office
desks that cover Vanilla products with London becoming more
specislised in structured products, positions facing off to clients
and the front office and providing oversight to the off-shored
teams.
Our clients are also looking at ways to retain specialist
knowledge and promote internal mobility by actively looking for
internal candidates to fill vacancies in the first instance. Whilst
this is seen as a positive step to control costs and retain talent,
our clients need to be vigilant as to not limit innovation and
stifle new ideas through the lack of fresh blood.
During the course of Q1 we have seen multiple new
vacancies within Lending Operations requiring candidates
with a strong level of experience with Structured/Project
Finance and Agency experience. These new positions
were split equally between new hires through growth and
replacement hires.
Tax Operations continues to be in demand with the larger
banks struggling to find candidates with the right mix
of technical BAU experience and exposure to regulatory
changes. Clients would ideally like to see candidates from
a BIG 4 background however they are struggling to gain the
interest of these candidates due to uncompetitive salaries
and roles that are too narrow.
As the Operations market continues to change and adapt to
the changing environment we continue to see the gradual
increase in the need for advanced MS Excel skills. VBA and
macro programming is increasingly being upgraded from
desirable to essential in middle office job descriptions. The
ability to manipulate, develop and create bespoke reports
is becoming a more prominent part of the BAU role.
Recruitment processes have been slow in Q1 with delays
coming at every stage of the process from CV submission to
first interviews and between interview processes. Whilst many
candidates understand the pressures that hiring managers are
under, the need for candidates to get detailed feedback between
interviews can make the difference between securing the top
candidate or settling for second best.
With the increased activity in regulatory change many clients are
looking for Operations candidates to have a solid understanding
of specific regulations. Unfortunately candidates normally only
really gain an in depth knowledge of regulations at a senior
level. When our clients request this experience it tends to be at
a mid to junior level, resulting in hiring managers struggling to
find candidates to meet their needs. Clients then need to decide
whether to increase their budget and tap into the more senior
market or to regroup and looking at internal options.
Outlook for 2015
The remainder of 2015 is looking more positive than
the first quarter. Q2 and Q3 are looking to be busier
than Q1 however we are predicting steady levels with
no real surge in demand. Looking forward there will
be a focus on structured middle office operations
professionals and for those with client facing and
front office exposure. We will see the increased need
for candidates with strong regulatory knowledge and
Advanced Excel/VBA skills.
Candidates need to look long term and think about
what the Operations market is going to look like in the
next 5-10 years. They will need to consider their career
goals and put in place plans to diversity their product
knowledge, gain exposure to multiple regulations
(keeping up to date with any changes) and gain a more
project management based mentality.
Operations
Candidates need to look long term and think
about what the Operations market is going
to look like in the next 5-10 years.
The ability to manipulate, develop and
create bespoke reports is becoming a
more prominent part of the BAU role.

www.badenochandclark.com
© Badenoch & Clark 2014. All rights reserved. The information contained in this publication is intended for general purposes or guidance only.
It does not purport to constitute professional advice. Badenoch & Clark accepts no liability for the accuracy of the contents or any opinions expressed herein.
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35 Livery Street,
Birmingham, B3 2PB
+44 (0)121 234 9200
birmingham@badenochandclark.com
Brighton
3rd Floor,
Ovest House,
58 West Street,
Brighton, BN1 2RA
+44 (0)1273 628 243
brighton@badenochandclark.com
Bristol
101 Victoria Street,
Bristol, BS1 6BH
+44 (0)117 930 8534
bristol@badenochandclark.com
Cambridge
53-54 Sidney Street,
Cambridge,
Cambridgeshire, CB2 3HX
+44 (0)122 341 7000
cambridge@badenochandclark.com
Glasgow
17a Blythswood Square,
Glasgow, G2 4AD
+44(0)141 220 6460
glasgow@badenochandclark.com
Leeds
First floor,
Civic Court,
Calverly Street,
Leeds, LS1 3ED
+44 (0)113 231 4545
leeds@badenochandclark.com
London
Millennium Bridge House,
2 Lambeth Hill,
London, EC4V 4BG
+44 (0)20 7634 0100
londoncity@badenochandclark.com
Milton Keynes
Part 2nd Floor,
Chancery House,
199 Silbury Boulevard,
Milton Keynes, MK9 1JL
+44 (0)190 820 2700
miltonkeynes@badenochandclark.com
Nottingham
3rd Floor Angel House,
12-13 Cheapside,
Nottingham, NG1 2HU
+44 (0)115 958 6777
nottingham@badenochandclark.com
Reading
3rd floor,
St Mary’s House,
Reading, RG1 2LG
+44 (0)118 959 1800
reading@badenochandclark.com
Edinburgh
3rd Floor,
The Capital Building,
13 St Andrew Square,
Edinburgh, EH 2AF
+44 (0)131 524 9020
edinburgh@badenochandclark.com
Manchester
12th Floor,
Lowry House,
17 Marble Street,
Spring Gardens
Manchester, M2 3AW
+44 (0)161 838 7920
manchester@badenochandclark.com
Middlesbrough
1o Albert Road,
Middlesbrough,
North Yorkshire, TS1 1QA
+44 (0)164 226 1019
middlesbrough@badenochandclark.com
Newcastle
Apollo House,
Northumberland Road,
Newcastle, NE1 8JF
+44 (0)191 269 9520
newcastle@badenochandclark.com
Norwich
41 Prince Of Wales Rd,
Norwich, NR1 1BL
+44 (0)1603 729 630
norwich@badenochandclark.com

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