Morgan McKinley London Employment Monitor - May 09

“Monitoring the pulse of the City jobs market”

Appetite to hire increases within London’s financial services industry: New job vacancies up 14% in May 09

 

Highlights

• During May 09, the number of new job vacancies within the City increased by 14% compared with April 09
• However, this was still 62% fewer new job opportunities coming onto the market than a year ago (May 08)
• The volume of new candidates registering their interest for a role in London’s financial services sector increased by 18% during May 09 versus April 09. This was a drop of 14% on the same month the previous year (May 08)
• Those financial services professionals who did secure a new job during May 09 took an average of 55 days to do so, six days less than it took their counterparts in April 09
• The average City salary registered £49,238, rising 2% versus the same month the previous year (May 08).

Signs of improvement in hiring volumes across London’s financial services industry

A number of financial services institutions which have not recruited for some time have started to show signs of hiring again, albeit at low levels. Improved confidence in the wider industry and increased business volumes, particularly within the investment banking space, helped new job opportunities within London’s financial services recruitment market rise by 14% in May 09 versus the previous month (April 09). Despite the improved sentiment in the market, the year on year comparison still registered a fall of 62% in the number of job opportunities in May 09 versus May 08.

 

Candidate flow followed a similar pattern to new job opportunities during the month, recording an 18% increase in the number of financial services professionals who began their search for a new role during May 09 compared with the previous month (April 09). However, this number was still 14% less than a year ago (May 08).

 

The time it took for individuals to find a new role dropped by six days, to an average of 55 days, during May 09 compared to the previous month (April 09).

 

Andrew Evans, Managing Director of global professional recruiter, Morgan McKinley comments:
“As some recent economic indicators have shown, confidence within London’s financial services industry has improved over the last few weeks and this has translated into a slight increase in hiring activity during May 09. Recently, a number of firms which had put their recruitment plans on hold for the past six to 12 months, have started to hire again, albeit at suppressed levels. While certain pockets of financial services are recruiting more than others, it is interesting to note that for the first time in at least six months, there is now some hiring activity occurring across most areas and levels within the financial services sector in the City.

“The time it is taking for London’s financial services professionals to find their next role has fallen as well. This clearly demonstrates an improvement in the City’s appetite to hire. Jobseekers are still facing an extremely competitive jobs market, but one that is slightly more fluid than a year ago.

“Nevertheless, while there are some positive signs in the marketplace, the year on year new jobs figures give a candid picture of how difficult the market still is. Financial institutions remain extremely cautious when making new hires, ensuring they only recruit the highest calibre individuals for specific roles. The jobs market continues to be volatile with hiring patterns often changing from month to month and so we will have to wait and see whether the latest month’s increase in new job volumes will be sustained over the forthcoming summer period.”

 

Average City salary
The average City salary registered £49,238 during May 09; a 2% increase on the same month the previous year (May 08). This was a 6% drop versus April 09.

 

Chart 1: New candidates v. new jobs

 

 

 

 

 

 

 

 

 

Chart 2: City salaries - average ciy salaries

 

 

 

 

 

 

 

-ENDS-

Further press information:
Allira Carroll / Elizabeth Faulkner   
Tel: +44 (0)20 7438 3143 / +44 (0)20 7438 3155
Email: acarroll@morganmckinley.com / efaulkner@imprintplc.com

Alternatively, please contact the Press Office on +44 (0)20 7438 3150.

Note to editors:
Statistical methodology
Salaries
Annual salaries are based on confirmed placements by Morgan McKinley in a particular month. Salaries are segregated into three pay groups:
• Support and administration: Secretaries, receptionists, statistical assistants, administrative clerks, settlement clerks, fund administration, trade support, graduates, client services (salaries ranging from £10,000-£34,000)
• Middle market professionals: HR officers, junior analysts, project managers, financial controllers, product controllers, portfolio analysts, business analysts (salaries ranging from £35,000-£60,000)
• Directors and senior professionals: Corporate finance, bankers, fund managers, senior analysts (salaries ranging from £61,000+)

Monthly new jobs and new candidates
These are based on Morgan McKinley’s own weekly records of new permanent job vacancies and new candidates registering with the firm for permanent employment. Statistics for the full market are derived using Morgan McKinley’s market share.

About Morgan McKinley
Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across Banking & Financial Services, Commerce & Industry, Public Practice, Public Sector & Not For Profit and Taxation. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.

Morgan McKinley is a fully owned subsidiary of Premier Group.