Securing a superannuation position, especially in an industry fund, is one of the safest ways you can ride out the financial crisis. But unfortunately firms are still fickle when it comes to letting new entrants into their industry.

“Working in super is one of the most secure careers in financial services, and the least affected by redundancies. But funds are now looking internally for staff first and are not so quick to hire externally as they once were,” says Vicki-Anne Craigen, managing consultant at search firm Beilby.

Back-office jobs - such as fund accountants, paraplanners and business analysts - dominate recruitment, says Sarah Wapling, a practice leader at Link Recruitment. “It’s still mainly replacement, but I have noticed a few growth roles, just in the last couple of weeks.”

In contrast to banks, super funds generally prefer redeployment to retrenchment. Some sales staff, for example, have recently taken up member-education and relationship- management roles. Wapling explains: “these are still customer-facing positions but they are focused on training and retaining existing clients, rather than getting new ones.”

Wapling reckons there is more talent on the market than she’s seen for eight years. This potential candidate pool is split fairly evenly between professionals from the superannuation, funds management and brokerage sectors.

“There wasn’t so much interest in super last year because it was seen as a conservative industry in comparison to glamorous sectors like broking and funds management. Now there’s been a definite shift in perception. People value the career stability that super can offer them,” says Wapling.

Craigen has also noticed an increase in people wanting to break into super. “An RG 146 qualification is highly sought after by employers so it is advantageous to have this if you’re wanting to specialise in superannuation,” she adds.

But super funds often have experienced candidates to choose from, making it tough for outsiders to compete, according to Wapling. “It’s not easy for them, especially with those already in the industry becoming more flexible with pay.”

Commercial funds are generally more willing to axe jobs. In March, for example, Challenger Financial Services Group made cuts across its businesses, particularly in the back office. The majority of hiring is happening within industry funds such as REST, Hostplus, Vision Super and Australian Super.

“If you’re working for an industry fund, it’s important to have an understanding of the philosophy of these funds. In the future, I think firms will be looking more for all-rounders – people who have worked for corporate & industry superannuation funds as well as master trusts,” says Craigen.