Financial employment agencies help people find jobs in the financial services industry, and companies pay a search fee for their services. They also provide temporary and contingent workers, and help find qualified candidates for senior positions. They can also help find licensed employees for companies.
Financial employment agencies are recruitment companies that specialize in helping people find jobs in the financial services industry. Banks, investment firms, and accounting firms often come into contact with finance employment agencies whenever positions within a firm need to be filled. Individuals can register with agencies and are contacted by agency representatives when job opportunities suited to their specific skills become available.
Companies that recruit workers from financial agencies pay a search fee to the company. Agencies also provide employers with temporary workers with work experience in the financial services industry. The employer pays the temp employee’s salary directly to the agency, and the agency retains a certain percentage of the pay as commission and passes the remainder to the employee. Contingent workers are technically employed by the agency and not the finance company they are hired to work for.
Financial employment agencies help people find entry-level jobs with banks and other finance companies. Teller positions at banks often have a very high turnover rate, and as a result, some banks regularly contact employment agencies to schedule interviews with potential candidates. Agents often send people with money handling experience and customer service skills to bank job interviews. Before scheduling interviews, agents typically brief candidates on what to expect from the interview, and some conduct mock interviews to prepare candidates.
Major investment banks typically work with finance employment agencies to find qualified candidates for senior positions within the firm. People who oversee mutual funds and complex securities need to have extensive industry experience in addition to strong academic credentials. Qualified applicants are less numerous for these highly specialized jobs than for other positions in some companies. Financial employment agencies help to hunt down qualified candidates. Headhunting involves conducting extensive research on high-ranking employees at other companies and contacting qualified individuals to see if they would be interested in leaving their current employer.
People working in the financial services industry need to obtain licenses to sell insurance or securities. Before obtaining these licenses, individuals must undergo extensive classroom training and then pass a licensing exam. To avoid the cost of paying employees to undertake this training, many finance companies rely on finance employment agencies to find potential employees who have already obtained the necessary licenses to perform the job. Some agencies proactively look for licensed employees when companies aren’t hiring, so employees can quickly find employers whenever jobs are available.
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