Source: McGregor Boyall
There is now clear evidence that the 1st quarter recovery in the IT job market in the financial services sector continued into the 2nd quarter. That's according to the latest Financial Services IT hiring index from specialist recruiter McGregor Boyall.
The index tracks the number of vacancies received from a constant range of sixteen financial markets organisations. "While our last report showed a sharp increase in opportunities during the first two months of the year, by the end of June we had seen a 255% jump in permanent vacancy numbers compared with the beginning of the year, which is almost unprecedented".
Whilst not as dramatic a statistic, the contract market saw vacancies jump by 75% compared with the first week of January suggesting that IT budgets for specific projects are on the increase.
The index also showed that permanent hiring is now, on average outpacing contract hiring on an ongoing basis - a reversal of the 2009 trend.
" The very sharp increase in permanent roles, which is continuing to outpace contract requirements, indicates an increased level of confidence in the market", added Boyall.
The most in demand skill sets have continued to be dominated by Developers (41% of vacancies) and Business Analysts' ( 16%) of vacancies. The top three most active hirers from a product area perspective have been Risk (14%), Derivatives (13%) and Equities (9%).
Nevertheless, Boyall sound a note of caution. "While everything points to a sustained recovery, the past few weeks have seen a slight element of hesitancy creeping into clients' plans. Whether this is simply a traditional summer pause or something more substantial remains to be seen."