City vacancies up by half on strong recovery

Tim Wallace
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Finance vacancies have surged 46 per cent on the year and salaries are starting to rise
BOOMING markets and a surge in stock market flotations have led to a huge jump in hiring in financial services, recruiters Astbury Marsden said today.

The firm found 3,470 new City jobs were created in September, up 34 per cent on the 2,580 new vacancies in August, and up 46 per cent on the 2,380 created in September last year.

A strong recovery in the equity markets is one contributing factor – equity capital markets offerings have raised $678.1bn (£424.7bn) so far this year, the most since 2007.

And merger and acquisition deals are similarly booming, up 60 per cent on the year so far to a total value of $2.66 trillion.

“As the IPO and M&A markets heat up, this will have a positive knock on effect on hiring in equities trading, broking and corporate finance departments,” said Adam Jackson from Ast­bury Marsden.

The recovery is boosting hiring across other sectors of the economy as well – demand for engineering roles is up 46 per cent on the year, according to the Association of Professional Staffing Companies (Apsco).

And hiring in IT is up 24 per cent, while demand for media professionals has increased by 18 per cent on the year.

Pay is also rising as a result, Apsco’s study found.

Median salaries across all profes­sional sectors are up 3.9 per cent on the year, led by engineering’s 12.2 per cent leap.

“As far as employers are concerned, the only cloud on the horizon would be a candidate shortage, which could put any growth plans in jeopardy,” said Apsco’s Ann Swain. “Businesses therefore need to be prepared to invest in their talent attraction strategies, ensuring they position themselves firmly as an employer of choice.”

However, it is not only growth which is driving hiring. Part of the increase in vacancies also comes from a rise in demand for cyber-security workers, as banks and other finance firms face unprecedented online threats, Astbury Marden said.