Despite banking jobs boom, finding a job is still incredibly tough
Great news: after last year's recruitment washout, banks in London are back hiring again. Recruitment firm Morgan McKinley calculates that 7,768 new banking jobs came onto the market in the second quarter of 2021, up from a meagre 2,490 in 2020. - An increase of 212%.
While this is undoubtedly a good thing for anyone tired of their current finance job, it would be wrong to suppose that the surge in new roles will make finding a new job easy. As the chart below shows, the increase in opportunities is simply a return to the 2019 norm (itself below the previous highs), and if Morgan McKinley is right then the rush of new jobs has been accompanied by a rush of new job seekers.
The upshot is that while you were much better off looking for a new finance job in the second quarter of 2021 than the second quarter of 2020 (when there were four new candidates per new role), you're in a far worse position than Q2 of 2017, 2018 or 2019 - when the number of new candidates and new jobs were roughly equivalent.
Morgan McKinley's comments don't necessarily reflect this. "We’re seeing an environment where the candidate dictates working conditions and can be selective on where they work,” says managing director of Morgan McKinley UK Hakan Enver. This might be the case - up to a point - but before anyone becomes too demanding, it's worth remembering that it's still very far from being a candidate's market.
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