Financial Sector Employees Seek to Survive Job Cuts Through More Training

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"With financial institutions slashing jobs across Wall Street and Main Street, employees are seeking ways to survive the job cuts by differentiating themselves through training," according to Gregory J. Calpakis, CAMS, executive director of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

"The most effective way employees can demonstrate that they add value to their organizations is to be highly trained and knowledgeable about their field of expertise," says Calpakis. "They must position themselves as irreplaceable assets that their employers cannot afford to let go."

"In the compliance sector, we have seen a jump in demand for training in all types of financial institutions—from big banks to money services businesses to securities and brokerage firms.

"The regulatory environment is complicated, and given the recent failures of risk controls in the financial sector, an area where financial institutions cannot afford to lose expertise is in risk and compliance."

Anti-money laundering professionals recognize the critical value of highly specialized AML training—offered by ACAMS in its "CAMS" certification—and especially its impact on salary levels, says Calpakis. In ACAMS' recent survey of AML professionals, CAMS-certified specialists reported earning on average a 20% higher compensation than those who were not CAMS-certified.

"The premium placed on professionals with the right knowledge and skill set becomes even more relevant in times of economic turmoil and regulatory change," says Calpakis. "Professionals in the area of anti-money laundering compliance must be able to show that they have a full grasp of all the latest regulatory requirements and can understand the complexity of compliance across a full spectrum of financial products, services and jurisdictions."