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England – City job availability up following summer lull

14 October 2013

Job availability in the City increased by +8% between August and September 2013 following a slowdown during the summer months, according to the Morgan McKinley London Employment Monitor.

Financial services job opportunities increased by +8% with the number of job seekers entering the market rising by +21%, month-on-month. The number of professionals actively seeking new jobs increased by +86% compared with the same period last year. The average rise in salaries for those securing positions in September was +15%.

Hakan Enver, Operations Director for Morgan McKinley Financial Services commented: “September 2013 marked five years since the collapse of Lehman Brothers which arguably led to the worst global recession in recent times.  The positive news however, is that the financial services sector is now on a noticeable road to recovery. 

“Following an anticipated drop in vacancies in July and August, which can be attributed to seasonal factors, there is a renewed energy within London’s financial services sector and the volume of vacancies are once again on the rise. This positive sentiment is also reflected in the fact that the latest quarterly Financial Services Survey from the Confederation of British Industry (CBI) and PwC reported that optimism is at a 17 year high with an estimated 10,000 financial jobs being created in quarter three,” he added. 

“There has been strong demand for advisory compliance professionals over the first nine months of the year and this trend is showing no signs of slowing down as we head towards Christmas. This demand is evident across the full sphere of product specialisms including, but not limited to, DCM, ECM, Equities Sales and Trading, Credit and Rates Trading and Structured Products. Commodities and Prime Brokerage are also spaces where we have seen movement in the last month.”

Mr Enver continued: “Many firms are looking to recruit at the SVP, Director, Executive Director and even Managing Director level. The current economic environment, coupled with heightened regulatory pressures, has increased the need for hires who can "hit the ground running" with minimal time spent on training and development.”

“Interestingly, there has been an 86% increase in active job hunting compared with the same time last year. This increasing appetite for exploring new career opportunities suggests that confidence levels are continuing to improve. This trend is reflected in the latest Quarterly Economic Survey from The British Chambers of Commerce, which has reported that indicators within both services and manufacturing point to improving economic conditions.”

Mr Enver concluded: “Unlike August, when there was a particularly high volume of senior level candidates being placed into new jobs, average salary increases in September reflected the range of positions filled during this time. Despite many governance and project-lead areas demanding more senior staff, it can take a number of weeks, even months to complete these processes.  With existing organisations exerting pressure to keep staff who have already resigned, this is further driving the average salary increases, which for the last few months has been hovering around the 15 – 20% mark. It is therefore a great time to consider your next move.”

Chart 1 Financial services jobs new to the market Sept 2013

Chart 1: Financial services jobs new to the market

Chart 2 Job seekers available both in and out of employment

Chart 2: Job seekers available both in and out of employment

Chart 3 Average change in salary each month

Chart 3: Average change in salary each month

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