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According to the latest London Employment Monitor published by professional recruitment consultancy Morgan McKinley, London's financial services jobs market saw a +3% month-on-month increase from 5,569 to 5,733 newly available jobs in May 2010. Compared to May 2009, job opportunities rose by +82% from 3,150 showing continued steady recovery in the City employment market in May 2010.
The number of professionals entering the financial services jobs market fell slightly by -2% from a peak of 11,910 in April 2010 to 11,730 in May 2010. There was also a +41% increase in professionals newly active in the City jobs market from 8,320 in May 2009 to 11,730 in May 2010, as individuals remain confident enough in the market to consider moving jobs.
Andrew Evans, Managing Director of Morgan McKinley's financial services division, commented "overall, the market is improving with some ups and downs along the way, which is always going to be the case as recovery continues. May 2010 City hiring activity shows a gradual upward trajectory despite the distractions of a change in government and the continuing Eurozone issues in that month."
"Recruitment levels in May 2010 were, as expected fairly similar to the previous month. It will be interesting to see how the City reacts to the continued economic uncertainty in Europe and the announcements expected in the Chancellor's Emergency Budget, such as the proposed bank levy and tighter regulations in some areas of the financial services market. As a result, visibility of the City jobs market over the next few months is somewhat limited."
"There was only a slight downward fluctuation in the number of professionals looking for new roles in May 2010, although remaining at the second highest level this year as individuals were encouraged by the steady growth in the number of new job opportunities in the City."
Salaries for professionals securing jobs in the financial services sector in May 2010 were higher than those for individuals who found new roles in April 2010, with the average City salary increasing by +9% to 55,353 Pounds. Compared to the same time last year, the average salary in this sector was +12% higher in May 2010 with increases at all job levels.
Evans concluded "the average salary for roles placed in May 2010 was at its second highest level in the last twelve months. For the first time this year, salary rises clearly reflect the recent increasing competition for top talent across a number of job roles and functions in financial services."
"There has been particularly strong demand in change management, risk, compliance and finance roles as financial institutions address their changing operational and resource requirements following the cutbacks during the downturn. It now remains to be seen whether this level of hiring and consequent rise in salaries will continue into the second half of the year."