Hiring Continues to Grow for Graduates in Finance
New figures suggest that concerns about the impact of the financial crisis on recruitment for the sector may have been unfounded, with reports suggesting that hiring has remained consistent, and even increased in some areas, despite the ongoing economic difficulties.
The news will be extremely positive for graduates entering the jobs market and seeking out top banking jobs in London and throughout the UK. It also indicates a broader confidence in Britain’s economy overall, as graduate recruitment is a strong indicator of what is going on in the wider economy. Between 2007 and 2009, Britain’s top 100 employers cut their graduate recruitment by nearly 25pc when the recession hit, and trimmed it again during the wobble of 2012. Now vacancies are beginning to exceed their pre-crisis peak.
Research from Morgan McKinley, the recruitment specialists, studied 157 hiring managers to assess the impact of the financial crisis on hiring strategies and to understand recruiters’ views on current market challenges. 68pc of survey respondents said that the primary challenge related to a shortage of adequately skilled candidates (47pc) and a lack of future talent for robust succession planning (21pc).
Graduate Recruitment Continues to Be Strong
Over half of firms (53pc) said that the economic downturn had had no immediate impact on their graduate recruitment programmes, and 9pc had actually increased their hiring activity. Half of all respondents said that the financial crisis no longer had a measurable impact on their plans to hire graduates.
Morgan McKinley Financial Services’ spokesman, Operations Director Hakan Enver, said that there had been a great deal of discussion about the financial crisis and the impact on graduate hires but that the data showed that there was a positive picture overall. He said that this demonstrated excellent resilience in the sector and suggested that the future prospects for British banking recruitment were also positive.
The Morgan McKinley Employment Monitor report has shown that there is actually a 14pc growth of month-on-month jobs availability, with a yearly increase of 17pc paired with a jump of 59pc in those looking for new roles. As ever, the most active month for job-seeking is April, and the figures show an underlying trend of overall growth with increases across all measures – both in terms of job availability and numbers of those seeking roles.
Great Opportunities for Job Seekers
Additionally, salaries are up by 19pc on average, suggesting that confidence is growing. Morgan McKinley expects to see the trend for salary increases continuing to push upwards for role movers, which will continue to be a key contributory factor to those seeking fresh opportunities. Median starting salaries in the field are now c.£30,000.
The MD of High Fliers Research, Martin Birchall, said that it was good news that finance graduates were now emerging into a buoyant graduate jobs market with a better choice of vacancies at big firms and with more attractive starting salaries.
So what does this mean for new graduates and those looking for top banking jobs? The message remains the same: banks are hiring and there are opportunities for the brightest and most talented graduates who are ready to make their mark in a challenging, exciting and rewarding world. The challenge is to stand out from the crowd with an excellent CV, strong experience and an obvious desire to succeed.