Recruitment firm, Michael Page India stated, salaries and hiring in the financial services sector is expected to grow in 2014-2015 period. The report, salary and employment forecast for 2014-2015 also reported that hiring is expected to grow up 20% as 79% of the financial services companies are looking at increasing employment in the coming 12 months to make their reporting and analytics team stronger.
As Big Data and Machine Learning roles in these companies can tap into the qualified analytics professionals and statisticians at PhD levels at cheaper salaries than those paid overseas, the employment is likely to pickup at a faster pace.
Big Data looks after customer profiling and profiting for financial services firms. It also helps in fraud detection and management by giving the firms a predictive model to upsell and cross-sell their products by anticipating customer needs.
Professional hired for such niche roles will be in a position to demand higher salaries as compared to a regular 10% hike expected every year. The expected hike in salary is around 25%-35% for the niche roles, and the average annual increase is expected to be around 15%.
Product control, regulatory reporting, and legal entity controllers in finance are some of the niche roles that will be most sought after in the near future. The risk management sector will look at credit risk which will be the highest paid job.
This forecast’s timing perfect as international banks were under the pressure of cutting down on their costs. This way India offers a perfect solution of hiring the best talent at a much lower price.
The other key areas likely to see growth over the few years in the financial services sector are private equity, management consulting, and real estate.