You’re probably sick of seeing Lehman-collapse anniversary articles, but please read on – this one’s a bit different. It focuses purely on how the recruitment landscape has changed for candidates in Australia compared to September 2008. Below are a few key themes which keep cropping up in conversations with bankers, recruiters and HR managers.

Banks want the perfect match…

Firms no longer like the “compromise candidate”, who ticks two-thirds of the boxes, but needs time and/or training to really get up to speed. In the current climate, the job spec and your CV should basically be one in the same, so try to apply for a similar position (but at a better bank).

…so staff are stuck in silos

Recruiters, banks and industry bodies have traditionally enjoyed boasting about the amazing range of job options in financial services. Fair enough – there are admittedly quite a few functions. But these days it’s much more difficult to move horizontally between different job types (or even between coverage sectors), leaving many employees marooned unless they want to climb (very vertically) up their existing career ladder.

The middle office gets some respect…

Risk, compliance, product control: did you even know what they were before the global meltdown? And if you did, did you care? During the last year, a combination of front-office prudence and increased regulation has bought these governance-centric functions to the fore. Not many mid-office maestros have lost their jobs and a severe skill shortage makes them hot property in the employment market. So demand is still strong and supply is still weak – who said this crisis hasn’t produced any winners?

…and the generation game gets tougher

It’s a real dash for cash in the front office. Recruitment for revenue-generating roles is all about finding bankers who can make money from day one. Either you have the networks and know-how for investment banking, or the clients and FUM for wealth management. Experience is essential if you want to make an immediate impact on revenue, which obviously makes life tough for junior candidates. Being a cost-centre in i-banking isn’t fun either – researchers are very much the poor relations of traders and salespeople.

Headhunters: the fall…

Remember that recruiter who placed you back in ’07? Having trouble tracking him down again? The financial crisis hasn’t just damaged banking careers, it’s ravaged the recruitment industry too, with many firms reducing their finance-sector team to a rump. And a few niche players have disappeared altogether. Some say this is a good thing – the weak headhunters have been rooted out, so those that remain can provide decent advice to candidates. Other think agencies are understaffed and are overstretched, so they don't offer much value-add.

…boutiques: the rise

Job seekers aren’t so snobby about where they work – any role’s a good one during a recession, especially if you’re unemployed. The boutique corporate advisory firms have capitalised on this newfound flexibility (and the bulge bracket’s demise) and are targeting i-banking talent that they couldn’t recruit during the boom era.

Sign off is just so slow…

Banks might have recently lifted their recruitment freezes, but getting sign offs for new roles is still a time-consuming chore, especially at global firms. Before the Lehman collapse, Australian franchises of foreign banks enjoyed much greater degree autonomy over who, when and how they could recruit. But in 2009, head offices have to approve even the most junior of hires, and candidates in Australia must endure several extra interview rounds, some of which will be with their big bosses overseas. Don’t be shocked if there is a three-month gap between sending your CV and getting the final go-head.

…and becoming an expat in Asia is just so difficult

Asia might have suffered less than the West over the past year, but if anything, finding work in Asia has become more difficult because the jobs on offer demand local client networks and/or local market knowledge. And forget about being a fat cat Aussie expat in Hong Kong or Singapore – the financial crisis has dealt a killer blow to puffed-up packages. Banks can no longer be bullied into paying for your condo, car and school fees.

That can’t be all, surely?

Got any more ideas about how the hiring landscape has changed since Lehman fell? Leave your comments below.