Boom for financial services in last quarter

Boom for financial services in last quarter

The financial services sector is helping to drive a boom for professional recruitment firms, which now have eight per cent more vacancies on their books compared to last year.

According to new data from the Association of Professional Staffing Companies (APSCo) professional recruitment firms now have eight per cent more vacancies on their books than this time last year. The finding is in line with the latest data from the Office for National Statistics (ONS), which reveals that overall employment levels increased by 42,000 in the three months to July.

Other key findings include:

  • Permanent vacancies increase 8% year-on-year
  • Finance & accounting roles up by 16%
  • Contract vacancies remain stable
  • Average salaries climb, increasing by 5.7%

This positive sentiment complements recent reports that business investment in the UK rose 2.9 per cent in the second quarter compared with the first three months of 2015 – the highest figure in a year.

APSCo’s figures reveal that median salaries across all professional sectors continue to climb steadily, increasing by 5.7 per cent year-on-year. This figure is characterised by notable fluctuations in terms of sector, with sales and financial services, for example, recording uplifts of 16.9 per cent and 8.5 per cent respectively.

This rise in salary within the professional arena exceeds the national increase as reported by the ONS which found that average earnings grew at an annual rate of 2.9 per cent in the three months to July 2015. In fact, it was noted by Ann Swain, CEO of APSCo that the salary increase, coupled with zero inflation, real wage growth, as a measure of living standards is at its highest level for 12 years.

Says Adam Michaelson of Charles McKenzie Associates: “This is great news for UK plc and financial services, and is certainly reflected in the number of enquiries being received. The steady increase in demand is consistent with the rise in vacancies seen across the whole UK economy that coupled with better wage growth, points to a positive conclusion to the year as we enter the final quarter of 2015.“