Working Effectively with Financial Services Recruiter 

Most financial services recruiters (and hiring firm) are looking for that competitive edge which will effectively help them better serve their financial services client’s needs and identify excellent hedge fund candidates. As a result, most financial services executive recruiters are aggressively posting jobs and advertising positions via niche job sites, to give them critical market exposure. It’s in your best interest to be aware of which niche job boards address your area of expertise in the financial services market and it will be critical for you to understand how to work with an executive recruiter as well.

Financial Services Executive Recruiting Primer

1.    Always accept a financial services recruiter’s call unless you have previously spoken with the recruiter and were not impressed. Even in this case, it is in your best interest to spend a few minutes reviewing the opportunity, as it could be that dream financial services job you have been waiting for. Critical questions for review:

Is there a specific financial services job you have in mind for me?
When will I hear back from you after you receive my resume?
Will you review opportunities with a financial services firm that you think may be a good fit for me prior to sending my resume?
Do you specialize in any market segment of the financial services market?
Is relocation an issue in terms of a particular position?
Do you have a level of focus within the broad financial services market?

2. It’s in your best interest to identify a number of financial services executive recruiters that you want to build a long term relationship with. Think of recruiters as being part of the social network of business contacts that you want to build during the life of your career – they can act as an important conduit of information, financial services jobs and even insight as to what is occurring in your industry.

Identify and get to know a few recruiters you respect and feel comfortable with and build a valuable partnership by becoming become a valuable recruiting tool for them, by providing access to your peer network via introductions or referrals – cultivate the relationship.

A large part of most recruiter’s compensation derives from their ability to identify and close searches. If you work with them and provide leads (your peers) you are positively affecting their bottom line (revenue!) which they will remember.

As you build a relationship with a few key financial services recruiters you will find that very interesting and exciting career opportunities will open up for you.

3. If you have not been contacted by a financial services recruiter but identify a job posting on a niche job board web site and are interested in the posting, carefully follow the instructions the recruiter has provided. It’s a competitive world and the executive recruiter will most likely receive a large number of inquiries – you must communicate why you are uniquely qualified for the position and establish your personal brand.

4. Have a frank conversation with the recruiter when they follow up with you about your resume or via a networking event. Answer their questions to the best of your ability and make sure you stress the most important qualities you are looking for in a new role and how you are uniquely qualified.
5. Understand the intricacies of compensation and how it impacts your candidacy. If the financial services recruiter asks about compensation be candid and let them know what you are making presently in base and bonus and what your goals are for your next position. Short primer on financial services jobs compensation:

If you do not know what a competitive compensation number is for a position ask the recruiter their professional opinion and review our PEJ Compensation Survey which will come out in the 3rd quarter - please sign up for our Newsletter for this and other valuable information moving forward.

Discussing compensation is very personal, but keep in mind if this recruiter specializes in your field they will already have a good idea of your compensation and can offer you advice about how well you are paid compared to your peers.  

Most financial services recruiters are paid a percentage fee based off of your first year compensation and as a result, they are highly motivated to obtain the best compensation package possible for the specific position you are applying for.

5. Always demand to be told where your resume/credentials will be sent before the recruiter submits them to any financial services firm. Be open and flexible about firms where you may have already submitted your information – qualified distribution of your resume can help to drive your personal brand into the marketplace.

6. It is accepted financial services industry practices to work with multiple recruiters, although don’t be surprised if some recruiters do not like this. But whether you are working with one recruiter or many, knowing where you have sent and where the recruiter(s) will be sending your credentials (resume/CV) is extremely important.   

To summarize some of our key points; recruiters are a bona fide source of immediate and long term financial services jobs; it is in your best interest to work with and cultivate a relationship with a select number of financial services recruiters. They should be considered an extension of your social network, as they can be a valuable ally and critical resource in today’s rapidly evolving financial services job market! Please sign up for our monthly Newsletter “The Career Advantage(tm)” to receive in-depth information about the Hedge Fund and Private Equity Job Markets. 

© 2008 NyamiNyami Holdings, LLC