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City financial services job market index: June – July 2022

City financial services job market index: June – July 2022

Filter tag: Change Management and Executive Outplacement, Leadership Capability, Strategies for Growth

Executive Summary

There is no silver bullet when it comes to measuring demand in the U.K. financial services job market.

Over the years we have looked at everything from indices from recruitment agencies, aggregated job board data as well as government/ONS data. All of them are useful indicators but fail to offer an accurate reflection of what’s happening across Financial Services as well as individual and significant sub-sectors.

The City Career LAB & Rialto job market index captures data directly from corporate careers sites as a way of measuring jobs activity – specifically demand. It’s not perfect*, but is perhaps the most accurate indicator of hiring demand in the U.K. financial services jobs market.

Each month we collect and analyse data from a broad and diverse basket of handpicked employers that represent a particular sub-sector of Financial Services in the U.K.

The results which include all permanent and fixed term contract positions across all functions of the chosen organisations will be published on our joint websites and LinkedIn – to show and explain the direction of the hiring market(s) from month to month.

 

Key take-outs including analysis below;

Hiring demand across UK financial services is down 2% this month after coming in flat last time around which is further proof that the job market for UK Financial Services is levelling out.

But before anyone gets too excited – it’s worth noting that we’re not talking big reverses and the overall index is still up 35% on the same time last year. The 2% only tells half the story though as there were some notable risers and fallers that almost cancelled each other out:

The biggest reverse this month is (perhaps unsurprisingly) Fintech which is showing as 19% down and that’s on the back of showing flat or down in each of the last 3 months.

Investment Management and Banking & Markets are also down by 12% and 5% respectively.

Conversely Wealth and Private Banking actually rose by 28% following some uninspiring performance of late. Information Services also rose by a healthy 9% whilst Insurance almost showed as flat after rising just 1%.

It’s worth noting that July & August are typically two of the quieter months of the year for hiring – given the number of people away or on holiday. It doesn’t always impact the volume of roles posted, but it certainly impacts on how many are filled (and how many applications are made of course).

As a reminder – the Job Market Index is intended to be the most accurate read on hiring demand in the UK financial services sector.

 

The indicators show;

Banking & Markets: Corporate & Investment Banking, Markets, Securities Services (excl. Consumer/retail) -5%
Investment management: Asset Management, Alternatives -12%
Insurance: General, Life, Reinsurance, Broking +1%
Wealth & Private Banking +28%
Fintech: Banking, Lending, Payments, Insurtech, Crowdfunding -19%
Information Services: Data Providers, Ratings Agencies, Risk Analytics +9%

 

Author: Dan Whitehead, Founder/Career Coach City Career Lab & Associate Director Rialto Consultancy Ltd supported by Richard Chiumento, Director, Rialto Consultancy Ltd

*Lack of perfection is based on the fact that it typically won’t pick up the majority of the Senior Director/ED or MD positions as not many of these get posted in the first place. However, it will pick up the majority of positions at other levels, which is 90% of all open roles – thereby proving a good indication of hiring demand for that sub sector more generally.

 There is some inevitable ‘contamination’ of the data where firms are operating across more than one area but I am confident that my choice of firms and the way I have collected the data will minimise the impact of this to less than 5%.

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