As we pin up our 2015 calendars and move one more year past the economic decline of 2008, compliance efforts in the financial services industry continue to evolve. With these evolutions and new regulations come the inevitable shifts in hiring: firms in the financial services and banking industries are reactively working to reinforce and build out their compliance departments and put more proactive systems in place, and their hiring activity is reflecting that. Since compliance is such a rapidly-changing field, many have been choosing to opt for consulting and contract hires as opposed to long-term placements, especially in regards to high-level positions within Anti-Money Laundering (AML) and Know Your Client (KYC) compliance efforts.

Managers, C-level executives, Project Managers, and Business Analysts are amongst those in highest demand in AML and KYC compliance roles, and many are now being hired on a short-term basis. In fact, two of The Execu|Search Group’s major global financial services clients have indicated that they plan to increase their project-based hires by 50% over Q1 and Q2 of 2015. Our internal stats also point toward an exponential growth in temporary hires in compliance, with a 118.6% increase in job orders quarter over quarter from Q3 to Q4. According to a recent survey conducted by The Execu|Search Group for our annual Regional Hiring Outlook whitepaper, 34% of financial services employers plan to utilize temporary/contract staff, while 32% plan to utilize temporary-to-permanent staff in 2015.

One way to obtain one of these positions is through working with a recruiting firm, which candidates typically find more beneficial than working as an independent contractor. “When working through a recruiting firm, job seekers have greater freedom and flexibility in their assignments and can often extend them to work long-term for the company if desired by both parties,” says Erica St. Pierre, Managing Director of Corporate Accounts at The Execu|Search Group. “In addition, recruiters can act on the candidate’s behalf when negotiating pay, and ensure their skills are well-compensated based on market value.”

Working on one of these temporary assignments yields a number of benefits, and compensation is first and foremost on the list. “The compliance marketplace is candidate-driven right now and employers know that,” says Alex Wright, Managing Director of The Execu|Search Group’s Accounting/Finance division. “Candidates are in demand and many companies are often willing to let their offers reflect that in order to attract top talent for the position, as well as negotiate when necessary.” In addition, these professionals typically enjoy greater scheduling flexibility, allowing them to achieve a better work-life balance—something that’s becoming more and more desired amongst working professionals.

Beyond compensation and flexibility, candidates can use these opportunities to build up their resumes, keep their skills fresh, and stay on top of new policies and procedures—all vital necessities to working in the compliance field. In fact, many employers are now looking to fill these positions with candidates coming from varied backgrounds, opening up opportunities to job seekers who have worked on a variety of these permanent and short-term assignments. “Since compliance will continue to evolve in the foreseeable future, these firms need candidates who have remained on top of recent developments,” says Wright. “While longevity with a company is typically a valued trait in a candidate, hiring managers are no longer looking for a compliance professional who has stayed at the same bank for 20 years. They’re looking for someone who is up-to-date on industry changes and can hit the ground running.”