Finance sector jobs soared in January, shows research

The number of job vacancies in the finance sector increased in January by 12 per cent more than in the same month last year, according to the Association of Professional Staffing Companies (Apsco).

Research showed that average salaries in banking jobs have increased by 4.9 per cent, whilst the average salary across all professional sectors in the UK increased by 4.2 per cent. Pay growth in the professional sector was found to be higher than the UK average recorded by the Office for National Statistics in the latter half of 2015.

Record high

Permanent vacancies have increased, whilst contract vacancies have risen by six per cent. The number of temporary jobs has also increased on the year, with vacancies in finance and accounting rising by 10 per cent and IT vacancies rising by 7 per cent.

The engineering sector experienced a downturn, with the number of permanent jobs down by 12 per cent, which Apsco said was due to a succession of cutbacks in the manufacturing sector.

However, Apsco Chief Executive, Ann Swain, stated that employment levels in general have continued to rise and that the size of the UK workforce is now at an “all-time record high.”

Opportunities

According to Swain, the UK banking sector is continuing to perform well, despite job losses at Lloyds, Barclays and Credit Suisse. This is due to an increase in opportunities in the regions.

“In fact, most people employed in the sector are now based outside the capital, with firms such as Merrill Lynch and Investec creating thousands of opportunities in the Northern Powerhouse,” she said.