Morgan McKinley London Employment Monitor May 2010
Financial services hiring at second highest level this year
Highlights
- Financial services new job vacancies in London rose by 3% month-on-month in May 10 – the second highest volume of new jobs since September 08
- Compared to May 09, new job opportunities in May 10 increased by 82%
- The number of new professionals entering the City employment market in May 10 fell slightly by 2% compared to April 10
- Compared to May 09, the number of new professionals looking for roles in the City rose by 41% in May 10
- The average salary for those placed in jobs in the City in May 10 was up 9% compared to salaries for those securing jobs in April 10
Moderate rise for City hiring
London’s financial services jobs market saw a 3% month-on-month increase from 5,569 to 5,733 newly available jobs in May 10. Compared to May 09, job opportunities rose by 82% from 3,150 showing continued steady recovery in the City employment market in May 10.
The number of professionals entering the financial services jobs market fell slightly by 2% from a peak of 11,910 in April 10 to 11,730 in May 10. There was also a 41% increase in professionals newly active in the City jobs market from 8,320 in May 09 to 11,730 in May 10, 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 10 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 10 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 10, 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 increase in the City
Salaries for professionals securing jobs in the financial services sector in May 10 were higher than those for individuals who found new roles in April 10, with the average City salary increasing by 9% to ₤55,353. Compared to the same time last year, the average salary in this sector was 12% higher in May 10 with increases at all job levels.
Andrew Evans continued:
“The average salary for roles placed in May 10 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.”
Chart 1: New jobs vs. new candidates
Chart 2: Average salaries
-ENDS-
Further press information:
Alexandra Fleming
Tel: +44 (0)20 7438 3154
Email: afleming@morganmckinley.com
Alternatively, please contact the Press Office on +44(0)207 092 0260.
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 £20,000-£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.