Why Your Finance Job Search is Dead in the Water During Summer

Like any other sector, finance jobs have a hiring cycle during which many companies plan to look for new staff.

According to Fed Finance, a Canadian recruitment firm, “Like many business sectors, the finance sector requires a steady stream of staff and turnover.

However, it should be noted that this sector has a specific hiring cycle, and that some periods are more favourable than others for applications.”

That’s why it’s important to track the months during which finance companies do most of their hiring. You don’t want to prolong your finance job search process for too long, or waste energy on prospects that won’t pan out in the end.

You may wonder if summer is a good time for pursuing a new finance job.

Indeed, the summer months may be when you might think hiring would make sense. This time of year is usually slower, with children home from school and vacations. Young people are graduating with finance college or graduate degrees.

Unfortunately, however, summer is the worst time of the year to apply for finance jobs – here’s why.

Why Is Summer a Slow Season?

Many employees take breaks during the summer months, and in connection, few recruiters use this time to seek out candidates. “Companies can take advantage of this downtime to start thinking about organizing recruitment for the new school year and analyzing market trends,” explains Fed Finance.

“Summer is slow, as people travel throughout July and August before getting caught up in back-to-school routines, so they’re not the most active months.

However, firms hurry to onboard new hires between September and November before their budgets close. You want to position yourself to join the company as soon as the hiring manager is ready in the fall,” Amy Kaufman of the search and consulting firm BVOH adds.

If you’re itching to get started on your finance job search in the summer, you can start reviewing applications to see what most positions are searching for.

It’s a good idea to create templates for your cover letter and resume so you’re ready when hiring amps back up in September.

When Is the Best Hiring Season for Finance Jobs?

The best seasons for finance recruitment are late winter through early spring.

February through May is when finance companies are hiring most actively since these new budgets have been allocated, and they haven’t reached the downturn of the summer months or the hectic post-summer months of September and November.

Don’t get started too early in the new year, though. In January, most companies are still finalizing their previous accounting year, so they don’t yet know the budgets they’ll have available for human resources in the upcoming year.

Public accounting professionals are able to start searching for positions in March, April, and May, as well. “Busy seasons are starting to wind down and there are generally a lot of companies searching for these people. If you are in public accounting, you might think about getting a head start on your peers – although there may be less opportunities available, there will also be far less competition for the choice roles,” Kaufman explains.

Are there Other Hiring Periods During the Year?

Companies are busy in September through November, but they can have money in their budgets leftover to still hire during this period.

Interestingly, you might want to try your luck at applying to jobs in December before the holidays later in the month. There are fewer jobs open during this month than any other, but there are also fewer applicants submitting their resumes to the jobs that are open. So, this month has the fewest job options, but the highest likelihood that you’ll win the job for which you apply.

How to Get a Job in Finance

As you’re waiting for the fall hiring season to ramp into gear, you can still use the summer season to make valuable progress in your job search. For instance, you could start browsing Ivy Exec’s finance jobs, searching for positions that interest you, and then identifying the qualifications most of the positions require. You can use this information to construct your resume, though you will eventually want to tailor this document specifically to each job for which you apply.

Next, watch this webinar to make sure you know how to construct a finance resume that gets read by recruiters and hiring managers.

You could also work with a one-on-one mentor who could help you put your best foot forward in your application. 

Remember, there is more to securing a job in finance than simply putting in applications. Use the time when companies are not hiring to prepare yourself.