Despite the global financial crisis, working for a bank is still a sought-after career for IT professionals. Essential project and integration work are propping up the hiring market, but if you don’t have banking-sector experience, you probably won’t get a job.

The Big Four banks spend heavily in technology and this investment creates IT jobs which are generally more interesting and better paid than those in most other sectors.

“Compared to some industries, it’s easy for a banking IT professional to make or save a bank money, so IT is not always thought of as a cost centre,” says Andrew Blades, general manager at Bradman Recruitment.

The bonuses on offer also explain why techies are staying loyal to the sector. “In a bank, if you are working directly with the business, you can get banking-style bonuses,” explains Blades.

So what’s the hiring market like? “IT recruitment was hit hard at the start of the downturn, but banks are now lean and efficient and have specific projects to recruit for which haven’t been cut. Essential projects are still going ahead depending on the cost/reward to the banks,” says Duncan Amos, divisional director, Bluefin Resources.

IT projects at the big Four - increasingly staffed by fixed-term employees - are generating most of the jobs. The Westpac/St George integration and the CBA core banking upgrade are two significant examples.

There is a sufficient supply of experienced candidates to meet most of the current demand, making it difficult for non-financial IT professionals to get a job at a bank. “It’s impossible to get into banking IT and impossible to get out of it too,” says Blades.

“Generally, banks want the top 5% of IT candidates and they want degrees in both technology and business. Candidates must understand why banks work the way they do, understand the trading systems,” he adds.

Amos thinks it’s tougher than ever to find your first job in finance technology. “There are more candidates around and more Australians returning from London having worked in banks there. Banks can afford to demand industry experience.”

Any exceptions? Amos says certain architecture and process-analyst jobs require a background at a large corporation with complex IT systems, not necessarily at a bank.

Blades adds: “Possible exceptions are candidates from a defence background, who will have experience with robust, cutting-edge technology.”