Johannesburg — DESPITE the global market turmoil, the financial services sector is still regarded as the most popular sector to work in by SA's professionals, according to a recent study by employer branding specialist Magnet Communications.

Professionals in the financial services industry ranked Allan Gray as their employer of choice, followed by Investec, with Rand Merchant Bank third.

Mark Orpen-Lyall, personnel manager at Allan Gray, said last week that while the economic downturn had not negatively affected the company, it had caused it to seek South African talent abroad.

"There are many talented South Africans abroad, particularly in London, and given the poor economic conditions many are seriously considering returning. Recently, we have started focusing on this group, and we'll drive this even harder this year," said Orpen-Lyall.

The study was carried out in August-October last year among 6228 professionals of all ages. The research contains the career choices and ideal employers of those who are fairly new to their careers and those whose choices are rooted in years of professional experience. Professionals were identified from alumni networks at 23 tertiary institutions and professional associations such as the South African Institute of Chartered Accountants , the Institute of Bankers, and the Institute of Internal Auditors.

Orpen-Lyall said professionals were attracted to Allan Gray's "strong focus on ethics and performance-driven culture", but mentioned that there had been some struggles. "One of the major challenges we face is geography. There is a perception that Cape Town is a 'sleepy hollow', and, particularly among blacks, the lack of social networks is not appealing. A second challenge would be the scarce resources we have to choose from as a result of the brain drain, but I do think that this will be reversed, at least in the short-term with the economic downturn overseas."

Professionals cited a career in academic research as their second choice, followed by education. Surprisingly, a career in accounting and auditing took only ninth place, while law did not even make the top 10.

When asked about their remuneration packages, most professionals would include either performance-related bonuses or paid education in the form of an MBA, with professionals in financial services and engineering consulting preferring shares or options.

In an environment in which attracting key talent becomes all the more important, employers need to acknowledge the unique needs of employees.

The study found that, on average, the salary (including commissions and bonuses but excluding pension benefits) for a young professional was R300983, while for senior professionals it was R433747. Chemical, mining and electrical engineering graduates were the highest-earning young professionals at R300000-R 400000, while the majority of young professionals in commerce, science, humanities, law and healthcare received an average salary of R100000-R200000. The highest earners in commerce were chartered accountants and banking, finance and insurance risk management graduates.