End to Scottish fund admin job-hopping?

This time last year, with the influx of new players in the Scottish market and a pronounced skills shortage, staff in the fund administration space were able to command steep salary rises as companies competed for their services. Has the picture now changed?

The main concern in the financial services sector generally in Scotland, it seems, is the degree of uncertainty over the fate of the market and this has spread to fund administration. While the jobs still need to be filled, candidates would rather stick with the security of their existing role.

"Security is a massive issue for candidates right now," says David Bond, director of Edinburgh-based headhunter Cairns Bond. "If things are going relatively well within their existing firms, they're less inclined to move. However, where we are seeing candidate flow is when they have a fear of being displaced or believe their firm to be in trouble."

Paul Curry, senior consultant at Hudson in Scotland, says that the number of fund admin roles has diminished in the second half of the year, but the balance is still slightly in the candidate's favour.

"The big change is that candidates are not able to dictate salary and terms. A further impact of this will be that candidates will have to work harder to secure the right move, and employers will be able to choose from more robust shortlists," he says.

However, Caroline Guthrie, branch manager at Robert Half in Edinburgh, believes that certain areas, most notably fund accountants, are still able to leverage pay rises when switching jobs.

"The fact is, we don't have large numbers of qualified accountants banging on our door," she says. "They know their worth and can still command a 10% pay rise when changing positions, and most are willing to seek out new opportunities."