Financial services jobs markets a strong upward trend
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Financial Services Job Market: A Strong Upward Trend
Overview
The financial services sector is a pivotal part of the UK's economy, contributing over 5% to the country's GDP and employing more than a million people. With a myriad of firms, both domestic and international, the UK is home to one of the world's largest financial markets. Consequently, the demand for jobs in this sector is surging, reaching levels not seen since 2000.
Sector Dynamics
The financial services industry is vast, encompassing securities dealers, brokers, investment management firms, mutual fund companies, insurance companies, credit card companies, as well as investment and commercial banks. Many firms have shifted operations from central London to the suburbs, like Highgate Hook and Ilford, to benefit from lower property and office rents. Smaller businesses such as insurance brokers and tax advisors are relocating from areas like Kennington to Richmond or Hammersmith. Despite this trend, banking, investment, accounting, and bookkeeping roles remain concentrated in the city, while suburban areas increasingly appeal to smaller financial service firms.
Employment Trends
A recent study by the Blomfield Group indicates that filling positions now averages 12 weeks from posting to start date. Salaries are climbing rapidly; in Dublin, they've jumped more than 10% from £33,310 in February to £36,692 in March, marking the fastest job-fill rate in five years. This upward salary trend is more pronounced in Dublin than in London, Edinburgh, or Glasgow.
In London, salaries rose by 3.5% over the month to £36,146, while in Scotland, they increased by 6.5% to £21,678. Paul Cotter, Managing Director of Blomfield's Dublin office, noted the accelerated job-fill rate reflects renewed market confidence.
Regional Comparisons
London, Edinburgh, and Glasgow are experiencing similar trends with shorter hiring times. In London, it now takes 8.6 weeks to fill a job, a marked improvement from over 15 weeks in 2004. In Scotland, the process averages 9.7 weeks, down from 14.3 weeks in 2001.
This robust growth and confidence in the financial services job market signal a promising future for both job seekers and employers throughout the UK and Ireland.
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