As this year draws to a close and we look forward to the next, many of you working in the financial sciences and services sector will be thinking about searching for a new role.
The new role might be an opportunity to kick start your career, or a new challenge you need after achieving everything you can in your current role. Whatever your reasons are for wanting to move jobs, you have probably wondered when the best time is to do so.
There are definitely periods of the year which are more advantageous for changing jobs, and other periods that may pose additional challenges. Let’s look at the factors that affect the best time to move jobs, and how you can make the most of the opportunity.
Timing Your Job Move
It is worth taking a strategic approach to changing jobs and considering the pros and cons of each time of year. For example, the end of the year from November to December is generally a bad time to seek out a new job because hiring tends to slow down in the financial sciences and services sector during this time. This is because most companies turn their focus to year-end closing and may not have finalised their budget for the coming new year.
In addition, leaving your current role before the end of the year will mean missing out on your annual bonus, and likely not being eligible for one in your new role due to having only just started.
One of the better periods to seek a new role can be towards the end of the third quarter, around September to October. It is often around this time that companies assess their workforce ahead of the year end, identifying their needs for the coming new year.
However, probably the best time to actually move jobs is the first quarter between January and March. You have secured your bonus from your previous role and are ready to start afresh somewhere new. This is a good time because new years often mean new budgets, with many companies seeking to expand and add new members of staff.
There can also be more roles available during the first quarter of the year as plenty of other professionals will have moved on after securing their own end-of-year bonuses.
Planning Your Job Change
It is vital to properly plan your job move as roles in the financial sciences and services sector often require three month notice periods. Some lower-level positions may only require a one-month notice period, but the three-month requirement is becoming far more prevalent across the board as the roles become more complex and talent becomes more scarce.
So, plan ahead and be sure to start your job search well in advance of your ideal time to move. Make networking part of your plan, as your relationships within the industry can open doors and provide you with opportunities you won’t find on job boards.
Also keep yourself updated as the landscape of financial sciences and services is constantly evolving. Staying on top of all the latest industry trends and developments will ensure you are an attractive candidate when you apply for the next step of your career.
Looking to start an exciting new role in 2024? Find the opportunities you’re looking for with Castlefield Recruitment – get in touch to discuss your requirements.
