Financial services job ads plunge 60 per cent in 2009

Advertisements for jobs in financial services have plunged by 60 per cent compared to last year, according to statistics released by the financial planning division of eJobs Recruitment Specialists.

Western Australia has suffered the most, with an 87 per cent drop over the last 12 months in financial planning roles, including a plunge of more than 55 per cent over the last month.

Job ads in New South Wales dropped by 57 per cent in the last 12 months.

However, there has been an increase in advertising in some states for financial planning industry roles, with job ads in Victoria and Tasmania increasing by more than 51 per cent in the last month, and a 14 and 13 per cent increase for the last month in South Australia and Queensland respectively.

While job ads for paraplanners within NSW were consistent for the first quarter of 2009, junior paraplanner roles are increasingly being combined with administration duties. It is likely that many financial planning practices are turning to outsourcing paraplanning roles as they find it hard to maintain a high-cost, full-time internal paraplanner, according to the report.

Employers are not giving any indications of salary levels for entry-level financial planning jobs, with only one role advertised with a salary of $40,000.