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City financial services job market index: May – June 2022

City financial services job market index: May – June 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 by sub sector below:

  • Hiring demand across UK financial services is flat this month after just a marginal gain of 1% the month before – indicating a levelling out of the job market. However, it is only marginal increases in Banking & Markets and Information Services(the largest constituents of the Index in terms of vacancy volumes) that have prevented an overall reverse.
  • There are two sub sectors showing a reverse this month (Wealth and Investment Management) and two showing as completely flat compared to last month (Fintech and Information Services). In the case of Fintech, a flat showing should be considered a positive  given that the Fintech jobs index had previously fallen for two months in a row.
  • How you look at these numbers depends on whether you have a glass half full or half empty kind of outlook. The half full brigade can point to a resilient job market – up a healthy 52% year on year, and which is still performing very well in Banking and Markets. The half empty types can also argue that the market has been showing signs of slowing down these last few months and asking whether this is the beginning of the end for what has been a tremendous run of new jobs in UK Financial Services.

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) +1%
Investment management: Asset Management, Alternatives -8%
Insurance: General, Life, Reinsurance, Broking +3%
Wealth & Private Banking -18%
Fintech: Banking, Lending, Payments, Insurtech, Crowdfunding -0%
Information Services: Data Providers, Ratings Agencies, Risk Analytics -0%

 

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 we are confident that the choice of firms and the way we have collected the data will minimise the impact of this to less than 5%.

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