Accounting & Finance – UK Finance Labour Market Trends Report, March 2024
London leads the way for finance vacancies as 2024 sees pick-up across C&I.
Key findings include:
- Accountancy and Banking remain muted whilst C&I surges, up 24.6% in London
- Regionally, finance vacancies have now dipped below 2023 levels
- The media sector has seen the biggest surge in 2024, with vacancies up by 31.4%.
- Goldman Sachs is one to watch, with a 435% increase in finance vacancies
DOWNLOAD THE REPORT
DOWNLOAD THE REPORT
When examining recruitment activity in the capital, the signs are positive. Indeed, there has been a 24.6% increase in recruitment within Commerce & Industry in 2024 compared to the monthly average of 2023, with increases in retail, media, and technology. In contrast, regional activity has yet to experience such an upturn, with aggregate vacancies down by 5.4% so far this year and Commerce & Industry experiencing a 5.7% drop specifically. This is according to the latest UK Finance Labour Market Trends report by Morgan McKinley and market data analysts Vacancysoft.
Bex Pearce – Customer Director – Morgan McKinley comments:
“Amid economic upheavals and the hope of economic recoveries, the role of skilled finance professionals still remains crucial. Our customers recognise the multifaceted benefits of a diverse workforce and with that, organisations are increasingly prioritising ED&I initiatives to foster innovation, enhance decision-making, and drive sustainable growth.”
Finance Vacancies in Banking decline faster than in Insurance
Recruitment in Financial Services declined in both sectors in 2023 compared to 2022, the dip within Banking was more pronounced at 38.3%, significantly greater than the 11.5% decrease seen in Insurance. London and the South experienced the sharpest declines, down by 42% and 42.2% respectively. However, so far this year, across the South and Midlands, the monthly average has increased significantly by 54%, and 27.5%, while London has remained flat.
Conversely, within the Insurance sector, in the capital, the figure had risen from 43% in 2023 to 50.5% by 2024. In contrast, the South’s share has decreased from 22.8% in 2020 to 20.2% YTD.
C&I recruitment in London outpaces the regions in 2024
Across Commerce and Industry, there had been a sharp decline in finance roles (-52.9%) within technology companies in 2023. However, in 2024 so far, there is an uplift of 25%. Similarly, the Media sector has seen the biggest surge in 2024, with vacancies up by 31.4%. Meanwhile, Retail has remained the largest industry, but with a 27.6% decrease in 2023 compared to 2022, it has yet to see the uptick observed in Media and Technology so far this year.
By region, London has seen the biggest uplift this year so far with the highest share 38.3% of the national total. In contrast, across the other regions, volumes continue to decline.
Goldman Sachs is one to watch, with 2024 monthly volumes up 435% on 2023
Within Financial Services, the biggest increase was at Goldman Sachs, by 435% when comparing their 2024 monthly average to that of 2023. Similarly, another surge was at Evelyn Partners by 231%. In contrast, Phoenix Group has seen the sharpest fall in 2024, with vacancies dropping by 62.1% in terms of the monthly average.
In C&I, Thermo Fisher Scientific showed the biggest increase in the monthly average of 213.6% so far. Similarly, Anglo American has experienced the second biggest growth, up by 110.8%. In contrast, BAE Systems after recording high vacancies in 2023, volumes seem to have dropped off by 44% this year.
Access the full report to boost your recruitment with the latest market data!
All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights you need to power your business.
If you would like to book a consultation with us to analyse trends in your market, you can schedule one here.
