London’s finance sector is bucking the national trend, experiencing a 7% surge in professional vacancies in 2024, according to the ‘Year in Review 2024’ report from Morgan McKinley and Vacancysoft. This contrasts sharply with a 4% decline in finance vacancies across the UK as a whole.
While Greater London saw a 7.1% increase, other regions experiencing growth include South West England (11.1%), Northern Ireland (15.6%), East of England (4.8%), and North East England (5.9%). However, significant decreases were seen in North West England (-25.9%), Scotland (-20.6%), South East England (-10.1%), Yorkshire and the Humber (-6.2%), West Midlands (-11.4%), East Midlands (-4.7%), and Wales (-16%).
The report analyses three core sectors, revealing an 11.5% decrease in banking vacancies – an improvement on 2023’s 38.2% drop – alongside growth in fintech and accountancy. Fintech led the way with a 44% year-on-year increase, driven by VC investment and AI adoption. “The ‘Year in Review 2024’ outlines how the fintech sector saw a 44% year-on-year increase in vacancies, driven by both VC investment and AI.” Accountancy vacancies also grew by 25%, a significant turnaround from 2023’s 47.2% decrease.
Sales and business development roles comprised the largest share (10%) of the 1,277 vacancies posted last year, a 54% increase. Wise Payments saw the largest increase in open positions (225%), equating to 335 roles, followed by Ebury Partners with a 148% increase (286 positions). In fintech, Starling Bank posted the most vacancies (463), followed by Radius (441), FIS (436), Wise (335), and Ebury.
Accounting vacancies saw a 29% increase, representing 54% of all positions and reaching a five-year high. Increased funding for green services and stronger AI integration fuelled this resurgence, creating new career paths, particularly in tax. Demand for tax experts surged due to changing regulations and government policies. PwC reported a 30% year-on-year increase in vacancies, exceeding 1,000 roles, driven by growth in sustainable practices and technology use. However, the largest growth was seen by regional firms Francis Clark (76%) and Azets (59%).
Banking vacancies contracted across most organisations due to restructuring and regulatory challenges. However, banking operations (6%) and IT development (2%) saw single-figure growth. The report notes: “Despite the contraction, initiatives like proposed regulatory reforms allowing investment banks to access retail capital could stimulate activity and unlock new growth opportunities in the years ahead.”
The report highlights the disparity in job vacancies between London and the rest of the UK, calling for decentralisation of opportunities.
Victoria Walmsley, managing director of Morgan McKinley UK, commented: “Challenges such as skills shortages, regulatory changes, and evolving workforce expectations remain, yet they also present opportunities for growth and innovation. With continued investment in emerging technologies and green energy, alongside strategic government initiatives to attract talent, the UK is positioned for further transformation.
“It is essential that businesses remain adaptable and collaborative, ensuring that we can navigate the evolving job market and continue to foster economic resilience and growth in the years ahead.” “And if you’re looking to make a move this year, make your job search smarter and more efficient with our AI-powered agent.”
Image source: Pixabay
