Employment trends in China’s financial industry in 2024 show some positive signs and development trends. According to the Economic and Financial Outlook Report for the Second Quarter of 2024 released by the China Banking Research Institute, China’s economy has started the year well, with macroeconomic policies further strengthened and enhanced internal driving forces for economic growth. This provides a favorable macroeconomic environment for the stability and development of the financial industry. It is preliminarily estimated that GDP will grow by about 4.8% year-on-year in the first quarter. Looking ahead to the second quarter, China’s economic sentiment is expected to see a slight rebound, with GDP growth expected to be around 5.1%.

Furthermore, as the Chinese economic environment continues to improve, the operating environment for the banking industry continues to optimize, and the overall operation of the financial industry remains stable. The banking industry actively implements the political and people-oriented nature of finance, increases support for the high-quality development of the real economy, achieves steady growth in scale, steadily improves profitability, maintains good asset quality, and contributes to the construction of a strong financial nation.

At the same time, the financial industry plays an important role in supporting the high-quality development of the real economy, which also means that the job market in the financial industry may remain dynamic. The financial industry will continue to play a key role in supporting stable employment in areas such as service consumption, manufacturing investment, foreign trade exports, and industrial transformation and upgrading.

The job demand situation in China’s financial industry in 2024 presents some obvious trends and characteristics:

Ensure that candidates have key professional certifications, such as Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), Certified Public Accountant (CPA), and licenses required for specific positions (e.g., licenses required for securities brokers). In addition, candidates with skills in data analysis, financial modeling, regulatory compliance, and digital skills are given priority consideration.

Popular positions in the financial industry include:

Investment Banking Positions

• Investment Banking Analyst: Analyzes company financials, prepares financial reports, and supports transactions such as mergers and acquisitions (M&A) and initial public offerings (IPOs).
• Investment Banking Vice President: Leads projects, manages analysts and associates, and drives transaction processes.
• M&A Advisor: Specializes in M&A transactions, provides strategic consulting and execution support.

Asset Management Positions

• Portfolio Manager: Manages investment portfolios, develops investment strategies, and executes trades.
• Research Analyst: Analyzes market trends, researches companies and industries, and provides investment recommendations.
• Fund Manager: Manages mutual funds or hedge funds, develops investment strategies, and monitors portfolio performance.

Risk Management Positions

• Risk Analyst: Evaluates and manages financial risks, predicts potential risks using quantitative models and tools.
• Compliance Officer: Ensures compliance with all relevant regulations and internal policies, monitors transactions and business activities.
• Credit Analyst: Evaluates the credit risk of borrowers, analyzes financial statements and credit reports.

Financial Market Positions

• Trader: Buys and sells securities in financial markets, manages trading risks.
• Salesperson: Sells financial products such as stocks, bonds, derivatives, etc., and maintains client relationships.
• Market Analyst: Analyzes market trends, provides market insights and trading recommendations.

Banking Positions

• Commercial Bank Manager: Manages bank branches, supervises staff, provides loans and other financial services.
• Credit Analyst: Evaluates the credit risk of loan applicants and determines loan terms.
• Relationship Manager: Manages and develops client relationships, provides financial advice and services.

Finance and Accounting Positions

• Financial Analyst: Analyzes financial data, writes reports, supports financial decision-making.
• Accountant: Handles accounting transactions, prepares financial statements, ensures compliance.
• Chief Financial Officer (CFO): Responsible for the company’s financial strategy and operations, manages the finance team.

Consulting and Advisory Positions

• Financial Advisor: Provides financial planning and investment advice to individuals or businesses.
• Management Consultant: Provides strategic consulting services, helps companies optimize business processes and improve efficiency.
• Tax Advisor: Provides tax planning and compliance services, optimizes tax strategies.

Technology and Data Positions

• Financial Engineer: Develops and uses mathematical models and algorithms to solve financial problems, designs financial products.
• Data Analyst: Analyzes big data, provides data-driven insights and decision support.
• IT Specialist: Supports and maintains financial systems and infrastructure, ensures information security and system reliability.

Insurance Positions

• Actuary: Evaluates risks and sets insurance rates using statistical and mathematical models.
• Claims Adjuster: Evaluates and processes insurance claims, ensures fair payments.
• Insurance Agent: Sells insurance products, provides customer service and advice.

The job demand and skill requirements in the financial industry in 2024 present a series of positive and diversified characteristics. The financial industry continues to attract the younger generation, injecting a continuous stream of fresh blood into the industry. With the increasing demand for highly educated talents, especially professionals with master’s and doctoral degrees, their proportion in the industry far exceeds that of other industries, reaching 38.45%. Graduates from top universities such as 211, 985, and Ivy League schools have a significant advantage in financial industry recruitment.

The regional talent aggregation effect is also very obvious, with major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen attracting more than half of the financial talents, with Shanghai particularly prominent in attracting financial talents. With the deepening of digital transformation, the demand for technical positions such as product managers and JAVA developers continues to grow, while the number of front-line business operation personnel decreases, and the business support capabilities of the middle and back offices are significantly strengthened.

The rapid penetration of technology into the financial industry has led to a decrease in demand for some traditional positions such as traders, logistics, and finance and accounting due to the application of artificial intelligence, while the demand for technology-related positions is rising. The securities industry particularly favors composite talents who not only have rich work experience but can also combine business with technology. The development blueprint for financial technology talent reveals the growth in demand for financial technology talents, especially those with relevant work experience.

Overall, the financial industry is actively adapting to economic development and technological changes, presenting new trends in talent demand. Financial institutions are increasingly valuing talents with digital skills, interdisciplinary capabilities, and high education levels, while continuously optimizing the talent structure to support business development and innovation.

For individuals and institutions intending to enter or further develop in the Chinese financial industry in 2024, continuous education and skills improvement are particularly important. The demand for high education and professional skills in the financial industry is constantly increasing, so individuals should consider acquiring relevant certificates and qualifications through continuing education to enhance their market competitiveness.

With the rapid development of financial technology, digital skills and knowledge of financial technology have become particularly crucial. Both individuals and companies need to actively adapt to this trend to maintain competitiveness in the market. Additionally, building and maintaining a strong network of contacts is essential for career development, and active participation in industry activities, conferences, and seminars can help establish valuable connections.

Job demand and skill requirements in the financial industry may change rapidly, so maintaining flexibility and adaptability is crucial for addressing future challenges. By adopting these strategies, whether job seekers, professionals, or financial institutions, they can better adapt to the development trends of the financial industry and achieve personal career development and business growth