UK Finance Jobs Inch Towards 2008 Peak
After several turbulent years, the finance job market in the UK finally seems to be back on track. Since 2008, never has a degree in finance mattered more …
Showing a strong sign of recovery from the financial crisis, finance jobs are inching towards their 2008 peak. Earlier today, City A.M. reported that 10,000 new finance jobs were filled in the last 3 months of 2013. While 10,000 new jobs in Q4 of 2013 make for great reading, 2014 promises to be even better.
In Q1 of 2014, a further 15,000 jobs are expected to be added to the finance workers market. The growth, at the current rate, has seen the job market levels climb to within touching distance of its 2008 high. If growth continues as expected, the 2008 peak might even be surpassed in the coming couple of years.
Finance Jobs Grow For First Time Since Early 2012
A Reuters report stated that recruitment in the City financial district grew by two thirds compared to the same time in 2012. It has also been the first instance in over 22 months where recruitment levels have shown a year-on-year increase by the month.
Investment banks have possibly been the biggest winners in the current economic recovery. Compared to December 2012, investment banks in UK created 67% more jobs. It has been suggested that the cautious but growing recruitment process indicates UK financial firms are planning growth steadily.
Britain Outpaces Other European Markets
A major recruiter in the City claimed, in the City A.M. article, that ‘51% more vacancies were advertised since December 2013 compared to the previous month. It is worth noting here that Britain’s job market growth is now outpacing other major European economies.
Compared to Germany’s 30%, 56% of UK employers look willing to hire. This bodes well for both professionals and students as most would have greater opportunities to access than ever, since 2008. The UK also outpaced Italy (41%) and Spain (27%), both of which are countries looking to recover from economy-jarring recessions.
Perhaps, the most significant sign of economic recovery in the UK is that finance jobs in Q1 2014 look set to hit 1.16 million. This growth would leave the finance job market just 52,000 shy of its Q4 2008 peak pre-crisis.
Combined with the fact that the UK graduate job market is booming (which we wrote about earlier here), the UK economic recovery seems robust. This would not only mean great news for finance professionals but also young finance graduates. With the right education, qualifications, career guidance and market-preparedness, finance sector graduates look set for a wonderful few years in the UK.
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