Which jobs will be safest in a downturn?

With big bonuses having just been paid out across the Australian banking industry, the last thing on anyoneís mind is the next downturn.

But it wasnít that long ago that economists were predicting there would be a slip in 2007, and some bankers may be wondering how the long the good times will last.

The word from recruiters is that if youíre on the debt side of the employment ledger, assessing credit and managing risk, youíre likely to be a lot safer than your equity peers when the next downturn arrives.

ìWhen things are great, everyone is right on the equity side, doing deals, investing, undertaking listings and getting involved in all the things related to growth strategies,î Elizabeth Roberts, associate director for Michael Pageís banking and financial services division, tells eFinancialCareers.

ìOn the flipside, in a downturn the areas that remain strong are linked to credit because everybody wants to know what their credit portfolio is like. Itís people like credit analysts and people working on the debt side that would be safest. Brokers and dealers would not hold firm. If thereís no deals to be done and things are tough, theyíll go with the downturn.î

Roberts says other safe areas are legal and compliance, audit and taxation, finance and technology infrastructure, as opposed to people in technology investment.

Rick Jansz, , managing consultant, IT and financial markets, for BSI People, agrees that employees involved in risk management play a key role in the down times.

ìLittle by little thereís been a steady growth in the whole credit risk area, and theyíre people that are probably hardest to find, so they wonít be hit as hard.î