Competition For City Financial Jobs Getting Fiercer

Competition for financial jobs in the City of London is at its fiercest level in more than two years, according to City personnel consultants. 

Around five qualified candidates are available for each job in the City, according to the latest survey carried out by Astbury Martin, compared to 1.7 at the beginning of 2011.

The increased competition has been fuelled by a drop in the number of vacancies available. The 2,670 vacancies that were available in November this year was significantly fewer than in October.

Astbury Martin’s Mark Cameron said that the figures were bad news for people looking for work but good news for companies looking to have good selection options from a highly-qualified pool of candidates.

"It means they are being pitted against more intense competition then they may have faced for years," he explained. "However, this is the silver lining for those few institutions or departments looking to hire; they should be able to pick a higher calibre of candidate from a wider pool."

Geoff Newman from online recruitment company RecruitmentGenius.com who deals with financial recruitment believes the market will continue to fluctuate.

“Some of the major banks in the UK are not yet finished shedding the jobs that have been steadily going throughout the financial crisis. Lloyds Banking Group has already cut over 25,000 jobs in the last two years and are likely to cut a further 15,000. But overall the job market is looking promising with Glasgow recently reporting an expanding financial centre and Yorkshire Building Society recruiting.”

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