Wall Streeters hit by recent layoffs might look to the federal government for a bailout, or, more to the point, a job.
A year since the Dodd-Frank financial reform act was signed, necessitating the creation of thousands of job positions, federal agencies such as the Securities and Exchange Commission and Commodities Futures Trading Commission are expanding headcount. They plan to hire at least 2,000 by October 2012.
"Hiring is somewhat slower than it was a year ago, but there are still openings for finance professionals," said Lily Whiteman, an expert on federal careers and the author of How to Land a Top-Paying Federal Job.
Congressional disputes on how to fund mandated reforms had delayed hiring until April, when money was finally released. Hiring at some agencies, like the SEC and CFTC, "dried up almost completely," over the past year, said Derrick Dortch, the president of The Diversa Group, a career-coaching firm based in Washington, D.C. "But I'm anticipating that it will pick back up within the next year or so."
Here's a guide to the hiring at various federal agencies for the next 14 months.
Related: How to Get a Job in Financial Regulation
CFPB: The Consumer Financial Protection Bureau (CFPB) created last year is in charge of overseeing rules on checking accounts, mortgages and credit cards as well as enforcing rules on lending practices. Staffers currently number 500, with about 200 of those transfers from other agencies.
All six of the agency's divisions have openings. Divisions include Consumer Engagement and Education, Supervision, Fair Lending and Enforcement, and External Affairs, among others.
By the end of September, the agency expects to employ 750 and expand further to 1,200 by September 2012, according to its budget request.
Of the 47 jobs posted on the agency's website, many are for examiners, who will oversee financial institutions and make sure they're in compliance with federal consumer laws. Another area that's hiring is the research, markets and regulations division, which will comprise 10% of the CFPB's staff.
The agency is especially interested in candidates with finance experience. A number of employees have come to the CFPB from Wall Street.
SEC: The SEC hopes to fill 780 positions by September 30, 2012, the end of fiscal year 2012.
According to the agency's budget request, 312 positions would go toward strengthening core operations, like gathering market intelligence, monitoring financial disclosures of corporations and overseeing money market funds. The other 468 positions would deal with implementing new rules from the finance reform bill relating to the derivatives market, overseeing hedge funds and whistle-blowing.
In addition to examiners, the agency will hire staffers with experience in derivatives, credit default swaps, collateralized debt obligations and securitized products, according to the budget request. Compliance officers will also be hired.
CFTC: According to its budget request, the CFTC wants to hire 308 employees by October 2012 to add to its current total of 675 employees.
"The CFTC is taking on a significantly expanded scope and mission," Chairman Gary Gensler said in recent testimony before the House. "Without sufficient funds, there will be fewer cops on the beat."
To cope with increased responsibilities, the agency wants to hire examiners, economists, audit staff and analysts. Two thirds of the new hires would focus on implementing the financial regulatory bill.
OCC: Dodd-Frank dissolved the Office of Thrift Supervision, and 674 of those employees headed to the Office of Comptroller and Currency, which oversees and charters national banks. The OCC hires between 100 and 150 examiners every year and is gearing up for fall hiring cycle to begin in September, a spokesperson said. The agency is hiring both experienced and inexperienced bank examiners to work across a variety of sectors, such as asset management, capital markets, compliance and credit. Bank examiners with five to 15 years of experience can expect to be "embedded" at the banks and oversee risks in their respective areas.
FDIC: The FDIC is hiring for its Office of Complex Financial Institutions, which will monitor and detect risks among the largest, most systematically important financial institutions. The agency wants the office to have about 156 employees. A spokesperson declined to specify how many positions are still available, but said applicants should have experience in supervising and monitoring large complex financial institutions both domestic and international.
However, the FDIC plans to decrease total headcount as well. Of the 8,250 employees, nearly one third are term employees who have two-to-three year contracts and retired annuitants who are former workers for the FDIC who came back to help during the crisis. The agency estimates that total headcount will shrink back down once these temporary employees finish their terms.
Write to Julie Steinberg at julies@fins.com