The global recession has left few sectors of the economy unscathed, but the hardest hit has been the banking and finance sectors where job opportunities in some areas are down by more than 50 per cent, as most banks have slapped a strict hiring freeze.
'The banking and financial services industry - a customer, asset and capital driven sector - remains a challenging market for candidates because of the consolidation and restructuring within the industry since the financial tsunami in 2008,' said Eunice Ng, a director at Avanza Consulting.
The worst affected areas are investment banking, private equity and private banking, while some niche sectors, such as hedge funds and asset management, are showing signs of recovery.
'There is some employment movement in these areas, which are focusing on hiring individuals with a direct track record and specific experience in hedge funds, and major asset management players,' Ms Ng said.
Now, more than ever, executives have to justify every level of recruitment and prove the new hire is exactly what they need.
'Firms are very specific about what they want. They are looking for direct and proven industry backgrounds and experience, so it is very rare for individuals to be able to move into new areas within the industry,' Ms Ng said.