The latest research from the Robert Walters UK Jobs Index has revealed that the number of financial services job vacancies in the UK rose by 15% in the second quarter of 2017.
Mid and back office roles dominated hiring as banks and financial services firms look to adapt to impending legislation changes in the UK and USA.
Employers are acutely aware of the importance of having strong compliance teams in place to ensure that their operations are compliant with the new legislation brought by the approaching deadlines of the implementation of MifID II.
“Given the severe financial and reputational damage that can occur if firms fail to comply with regulations, sourcing top talent in compliance is a high priority,” commented James Murray, Associate Director at Robert Walters.
In addition to general salaries being available for permanent candidates, contractors can also command high daily rates as employers are effectively looking to take on experience professionals to oversee projects and ensure compliance.
Mid-level specialists in demand
Across finance and operations functions, hiring has been consistent throughout the first half of the year, representing an increase over the same period in 2016, whilst compliance, risk management and project professionals continue to be in demand as they were last year.
“Given the severe financial and reputational damage that can occur if firms fail to comply with regulations, sourcing top talent in compliance is a high priority."
Mid-level professionals have been in highest demand for all clients in the second quarter of 2017 as the dearth of graduate and newly-qualified professionals hired and trained in the years following the financial crisis now feeds through to candidate shortages further up the management chain.
SME banks and asset management firms have been responsible for the bulk of hiring in the finance and operations space, with staff at AVP and VP level being the most highly sought after.
As well as this, larger firms increasingly recognise compliance as a high activity area, with anti-financial crime specialists seeing particularly high demand for their skills.
“Across both areas, in an effort to secure top talent employers are prepared to offer not only highly competitive pay but also clear and structured career progression,” concluded James Murray.
“Projects professionals continue to be in demand this year as most large organisations are hiring to meet the next set of external challenges in the form of GDPR, SFTR and Brexit.”
Read the latest Hiring Advice articles here.
Are your salaries competitive? Request a copy of our annual Global Salary Survey.