Model risk/validation experience is where the new jobs were created in the consumer credit industry for 2014. Candidates with economic capital modeling experience including CCAR, DFAST, PPNR, even BASEL II/III saw multiple opportunities in multiple locations. The increase in federal regulations meant more and more banks needed to find people with this type of experience. These candidates are aware of their value and can demand significant increases in compensation. For instance, in Atlanta a typical risk manager can target a base salary of $110,000 to $130,000. Anyone with model risk validation experience at a manager level or higher can command $160,000 to $200,000 base salary. Almost a 50% increase!
Sean doesn’t see many roles that are strictly analytical, i.e. those working with data and sending it on to the modelers. Candidates must have been modeling or at one-time have done “hard-core” statistical work but the demand is for candidates who can take the data given to them and build, test, implement and explain what is going on to senior managers and outside stakeholders.
The shopping and looking of 2008-2012 ended in 2013. Companies are making actual offers and while 2014 was better than 2013, 2015 is looking to be a banner year for new hires. In 2012-2013 candidates were on the market for 1-3 months. At the end of 2014 and definitely into 2015 hot candidates are off the market within three weeks.