Morgan McKinley London Employment Monitor - October 09

“Monitoring the pulse of the City jobs market”

City job vacancies rise to highest number recorded this year

Highlights

• During October 09, the number of new financial services job vacancies in London rose by 15% compared to the previous month (September 09). This was the highest number recorded in any one month so far this year
• October 09 also recorded the smallest year on year percentage decrease in new job numbers for 16 months. New job numbers were down 19% in October 09 versus October 08.
• The number of financial services professionals who began their search for a new role in October 09 was up 6% on the previous month (September 09) but down 23% versus a year ago (October 08)
• Individuals who did secure a new role in October 09 took an average of 56 days to do so, the same amount of time it took their counterparts in October 08
• The average City salary registered £51,350 compared to £52,142 in September 09 and £48,021 in October 08.

October 09 shows further signs of improvement in London’s financial services jobs market

During October 09, London’s financial services hiring market showed further signs of improvement as the volume of new job vacancies reached the highest number recorded in any one month so far this year. New job opportunities rose by 15% in October 09 versus the previous month (September 09); from 3,843 to 4,410. The positive month-on-month uplift was to some extent supported by the year-on-year comparisons. October 09 still registered a fall of 19% in new job numbers compared with October 08, but this drop was the smallest seen for 16 months.

The number of financial services professionals who began their search for a new role during October 09 was up 6% compared to the previous month (September 09), although the annual comparison showed there were still 23% fewer new candidates registering than in October 08.

It took jobseekers an average of 56 days to find a new role during October 09, which was the same length of time it took their counterparts a year ago (October 08).

Andrew Evans, Managing Director of Morgan McKinley’s financial services division comments:

“The City jobs market has and continues to see a general trend of improvement each month and October’s figures are consistent with this pattern. London’s financial services recruitment market is in a very different place compared to 12 months ago when City hiring was in the midst of a downward trend which saw job volumes contract from month to month. In October 09, while the volume of new jobs coming onto the market remained lower than a year ago, the overall conditions were and continue to be more favourable. Progress has been slow and somewhat unsteady over the course of 2009 but hiring within London’s financial services sector is following an upward trend as confidence starts to return, slowly but surely.

“Amongst financial services employers, the appetite to hire has improved and this is encouraging individuals to start testing the jobs market and see what opportunities are out there. That said, seasonal factors are expected to kick in during November, which will mean new job opportunities and possibly candidate flow will slow over the next three months. February 2010 will be a good indicator as to whether the measured uplift in job numbers seen over the past six months will continue throughout 2010.”

Average City salary

The average City salary increased 2% compared to September 09; registering £51,350. This was also an increase of 7% versus the same month the previous year (October 08) when it registered £48,021.  However, the average for the whole year only saw a nominal rise of 1% when comparing the 12 month periods of November 08 - October 09 and November 07 – October 08, recording salaries of £50,603 and £50,032, respectively.
 
Chart 1: New candidates v. new jobs
 
Chart 2: Average City salaries
 
-ENDS-

Further press information:
Allira Carroll                                                Elizabeth Faulkner   
Tel: +44 (0)20 7438 3143                           +44 (0)20 7438 3155
Email: acarroll@morganmckinley.co.uk      efaulkner@morganmckinley.co.uk 

Alternatively, please contact the Press Office on +44 (0)20 7438 3150.

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.

www.morganmckinley.co.uk