Currently, and in times to come, employers in the Jersey financial services sector face notable challenges, but it’s not all doom and gloom because enticing opportunities also beckon.
In this article, AP Personnel explores both the challenges and the opportunities on offer.
To start with, it’s worthwhile to consider the prevailing financial industry market trends in Jersey.
Jersey’s financial services sector, the island’s largest industry (employing almost 14,000 people, about a quarter of the entire working population), provides diverse and enticing job opportunities. This reflects a gradual but steady upsurge, with the December 2019 Statistics Jersey report noting 13,500 as the total number of jobs in the financial and legal sectors combined.
Because of Jersey’s shortage of housing and limited working permits, employment opportunities in these sectors are almost always available, including vacancies in the fund and private equity administration houses, as well as openings in venture capital, real estate, family wealth management solutions, fintech innovation, sustainable and green finance and digital financial transformation.
There are also multiple avenues to explore in fields such as banking, trust and fiduciary, asset and fund management, company administration, compliance, legal, accountancy and investment advisory services.
Jersey features a net zero unemployment rate across private wealth, funds, capital markets and banking, the four pillars that underpin the island’s successful, sophisticated and resilient financial services sector.
To be best qualified to apply for your choice in the multitude of Jersey’s financial services sector career options, you should hold a degree in finances, focusing on fields such as banking, accounting or economics.
Alternatively, you could have an MBA or any other relevant tertiary qualification.
There is also a wide range of distance learning options including diplomas and short courses that you could complete to enhance your resumé.
Of course, with opportunities come challenges, which Jersey’s financial services sector faces now and in the future. These challenges include the following:
Regulatory and compliance pressure which includes compliance with evolving international regulatory standards such as anti-money laundering and data protection regulations.
Investment flows and financial services demand, along with economic instability or fluctuations in global markets, can be affected by economic uncertainty.
Across the globe, an increasing number of countries are positioning themselves as attractive and more affordable destinations in which financial services companies choose to locate their personnel, which poses a further recruitment challenge to Jersey companies.
Lastly, while digitalisation undoubtedly represents an opportunity to entrants to Jersey’s financial services sector, it also presents risks. Amongst others, these include cyberattacks, scams, identification theft and data breaches.
AP Personnel Manager Faron Le Prevost concludes, “The job market is still very buoyant and there a plethora of opportunities for job seekers. We don’t see the market changing for a while. Jersey is still a great place to progress your career in the financial services industry and to enjoy an excellent lifestyle”
For more information about our recruitment services, please email jersey@ap-personnel.com.