Finance & Banking – UK Finance Labour Market Trends Report – July 2023

Accounting and Finance job levels in Q2 have not fallen, and the early signs in July indicate that Q3 is the bounce back we’ve been waiting for.

After a promising and bullish Q1 thanks to the increased job flow following the hiring freezes at the backend of 2022, the job numbers within Accounting & Finance remained relatively flat throughout Q2 – averaging at around 20-30% down on the same period of 2022. However, it was the only discipline not to see a fall in job flow from Q1-Q2 in 2023 according to the latest finance report by Morgan Mckinley and labour market data analysts Vacancysoft.

Other key findings include:

  • London’s financial sector recorded a substantial decline of -43.6% compared to the figures from the same period in 2022;
  • Executive management professionals experienced a remarkable 39.2% growth in 2022, but the forecast for 2023 indicates a potential decline of -72.8%;
  • NatWest Group and Lloyds Bank are the only two businesses in the top 20 to record positive vacancy growth in terms of the monthly average this year compared to last.

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The London 2023 forecast anticipates a continued decline in job opportunities, with a projected decrease of -31.5% compared to the monthly average of 2022. Similarly, Wales, which saw promising growth of 23.2% in 2022, is now expected to face a -27.3% year-on-year change in 2023. However, in the Finance and Banking industry, recruitment trends are often indicative of the overall health of the economy and early July numbers give hope to ease off these projections.

Nonetheless, the Banking sector also witnessed significant fluctuations in vacancies over the past year. While the first three months of 2023 showed consistent job totals above 2000, the numbers declined in the following months. The forecast for 2023 anticipates a negative year-on-year change of 35% for sector specialists, with a substantial decrease in job openings compared to 2022.

Recruitment processes have become more drawn out as companies take extra care to ensure every hire is the right one. We experienced many of the larger Investment Banks initiating hiring freezes and only looking to replace business critical roles. Most of the job flow was a varied mix, coming from across medium to smaller banks, asset managers and private equity companies” according to Scott Grundy, Senior Manager at Morgan McKinley.

While accounting and IT professionals face challenges in terms of decreasing opportunities, executive management professionals may experience the most significant decline. These shifting patterns call for professionals in the sector to adapt and explore emerging opportunities within the evolving job market.

By downloading the Finance Labour Market Trends Report for July 2023, you’ll gain a comprehensive understanding of the current landscape, allowing you to make informed decisions. Stay ahead of the curve and take your recruitment game to new heights.

Stay updated with the latest Finance recruitment trends by downloading your copy now!

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.

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