Plan and execute a successsful career move in financial services

Making a career move can be a daunting prospect. Apart from the stress and upheaval, the process itself can take up to six months by the time you factor in the hiring cycle and notice periods. Planning and foresight, however, can make things much easier. Read on for valuable insights and advice on how to start your career move.

When is the best time to change jobs?

Plenty of people start to think about making moves from one employer to another in the New Year. But one of the key factors to consider when making a career change is the payment of bonuses. In the Irish financial services sector, many companies pay out bonuses in February or March. If having this financial cushion when making the transition to a new job is important for you, it's probably worth waiting until after you have received your bonus before making any decisions. 

On the flip side, waiting too long could mean missing out on a golden opportunity. So that you're ready to strike at the perfect time, start talking to recruiters about your job change well in advance. They will provide completely confidential careers advice, so you can start your preparations long before you need to make any decisions. If you're returning to work after a career break, timing won't really be an issue.

How long does it take to change jobs in financial services?

As we mentioned above, it can take time to find and move into a new job. In the Irish financial services sector, notice periods of up to three months are typical - particularly at managerial levels and above - which means that’s the absolute earliest point at which you can be in the new role. The recruitment process itself can also take time and is impacted by a range of factors, including the level of competition for the role and the complexity of the organisation. The overall time between your decision to move to starting in the new role can be as much as five or six months. So if you want to be comfortably situated in your new role by Christmas, April is the best time to get going.

If time is of the essence for you, remember that smaller firms may well have more agile practices and a faster decision-making processes. This can potentially cut the hiring cycle to four to six weeks. The bigger firms in Irish financial services and consulting do tend to take up to twelve weeks, and then you'll have to work through your notice period.

Start the process of looking for a new financial services job

To increase your chances of success, it’s vital to be proactive in your job search. This may include networking with industry contacts, leveraging online job search platforms, and looking for a suitable agency to partner with. In fact, we recommend talking to an experienced recruiter early in the process. They will talk to you about current trends they are seeing in the job market, what skills and competencies are in demand, what salary ranges are being offered, and other guidance that can help you optimise your approach. Even if you decide it's not quite the right time for you now, this will be a valuable conversation to have.

Here are some other ways to prepare for a successful job search

1. Think about your non-negotiables
   Everyone is different, and your ideal job could be anathema to someone else. So be clear with yourself about what you want and don't want. This will save you time, as you won't apply for jobs that aren't a good fit. Consider also factors such as the possibility of working from home, hybrid working, four-day working weeks, and so forth, all of which can be important factors in your decisions. Make a list, and discuss it with your recruitment agency to understand if you may need to adjust your expectations.
2. Choose a recruitment agency
   Specialist recruitment agencies such as Savvi Recruitment are the best possible resource when looking for a new job. They have access to a wide range of opportunities and can help you navigate the recruitment process, as well as advising you on your CV, LinkedIn profile changes, etc. A knowledgeable recruiter will be able to provide you with a lot of information to help improve your search. 
3. Update your CV and LinkedIn profile: Your CV and LinkedIn profile are two of the most important tools that you have in your job search toolkit. Make sure that both are up-to-date (see our blog about writing a great CV), aligned, and tailored to the roles that you are interested in. Incorporate relevant keywords in your CV and application to increase your chances of being noticed by automated applicant tracking systems (ATS).
4. Update your knowledge of the landscape
   Especially if you've been on a break or working abroad, take time to research the key players, major firms, and trends shaping the industry. It will help you tailor your approach, and you'll be able to demonstrate your up-to-the-minute insights in covering letters or interviews. Given Ireland's prominence as a financial hub, sound understanding of Irish and EU financial regulations and compliance standards could be a deciding factor.
5. Start networking
   Reach out to industry contacts, attend relevant events, and consider joining professional organisations to build your network. You never know where your next opportunity may come from! Don't forget that LinkedIn has also become a vital networking tool for Irish professionals. 
6. Start applying for roles
   Once you have identified opportunities that are a good fit for your skills and experience, don't be afraid to apply. As well as the popular job websites, visit the career pages of major financial institutions in Ireland to find job openings. Tailor your application to each position you apply for and address the specific skills and experiences that align with the job requirements.
7. Prepare for your interviews
   If shortlisted, thoroughly research the company and be ready to discuss your expertise in relation to the role and the Irish financial services environment. Don't forget to demonstrate your familiarity with Central Bank of Ireland regulations, AML directives, and MiFID II requirements where relevant.
8. Follow up after the interview
   After interviews, send a thank-you email expressing your interest in the role and appreciation for the opportunity to discuss your suitability.
9. Don't give up!
   Job hunting can take time. Stay persistent, continue networking, and refine your approach based on feedback.

Looking to move jobs in the Irish financial services industry?

If you have been thinking about making a career move in any of the financial services or related sectors (banking, insurance, asset management, fintech, etc.), talk to Savvi Recruitment. We can help you stand out during the recruitment process and land that perfect next job. We'll help you find the best roles to match your skill set, connect you with employers, and prepare you for the recruitment process. Get in touch for a confidential discussion today.