Scottish financial services firms are recruiting again, but where are the jobs?

It's official - financial services firms in Scotland are hiring again, and in greater numbers than at any time since November 2008. But while this is an excellent hook for politicians to talk about an economic recovery north of the border, it would be wrong to suggest a definite upturn has taken place.

Official data shows that over 1,400 financial jobs were advertised during the month of September, representing 49% of all vacancies in Scotland and the largest number since November last year.

The figures have been heralded as good news for both the financial services industry and the economy as a whole, but it could be premature to suggest things are getting much better.

"The job culling we expected this year in financial services hasn't materialised in anything like the numbers we anticipated, and the sector is optimistic about future growth," says Dougie Adams, an adviser to the Ernst & Young Scottish Item Club. "However, while we may be returning to expansion, it's going to be slow for some time to come."

The other question, of course, is what types of roles are being created. As we've stated before, both asset management and wealth management firms have been hiring recently, but Adams says a number of these companies in Scotland still have hiring freezes in place.

Then, there's Scotland's battered banking sector. Surprisingly, recruiters tell us that banks are currently hiring, but the roles are relatively senior and very strategic. The numbers are also unlikely to match the recent redundancies.

"Within banking, the vast majority of new roles being created are around integration and change management projects, as they look to develop a strategy for the future" says Richard Park, country manager, Scotland for recruiters Martin Ward Anderson. "It's also taking a lot longer to fill vacancies, as the authorisation process is very slow, and a lot of the roles are on a contract basis."

One definite positive, suggests Adams, is that Scotland is involved with the "plumbing" of the financial services industry and that a large number of back office roles have been created north of the border.

Obviously, this includes more skilled positions, such as those in investment operations, but is it possible that the bulk of vacancies in Scotland's financial services sector are call centre roles?

Certainly, recent significant job creation announcements - 800 roles at Tesco Personal Finance and 500 jobs at esure in Glasgow - would suggest this is the case.