Leaving London

JPMorgan has Glasgow, Citigroup has Belfast. Now Merrill Lynch has Camberley.

On a website devoted to its Camberley technology centre, Merrill boasts of the quality of life on offer in the Surrey town. It's currently looking to fill 12 positions at the new centre, including everything from Unix administrators to messaging support analysts.

The 'quality of life' benefits of working outside London are a draw for IT employees, says Dominic Hilleard, permanent recruitment manager at CyberTeam Resource Management. Shorter commutes, better work/life balance and lower cost of living are just a few of the advantages individuals relocating out of London can look forward to.

If you don't have prior financial services experience, recruiters say it can be easier to land an IT in finance role if you apply for positions outside London. There's typically a smaller labour pool to pick from, so some banks will accept candidates from other industry sectors such as insurance, says Ben Davis, senior consultant specialising in infrastructure roles at recruitment firm McGregor Boyall.

What's at stake for such move? Potential disadvantages are a lack of alternative career opportunities with other companies in the future - because once out of London it is hard to return, given the differential in house prices.

And of course, the pay isn't quite as high as in London - it is estimated to be about 10% to 15% less but this varies by firm, role and location. General costs such as commuting and housing are factors considered in the pay figures.

What about the future of jobs in London? Generally, recruiters expect job opportunities in London to decline over time, but not to an alarming degree. Hilleard points out that as long as traders are based in the City there will be IT specialists needed to support them.