Now that Morgan McKinley has been measuring job opportunities in the London financial services sector for eight years, we are well positioned to illustrate the meteoric rise of the financial services hiring market, followed by the dramatic effects of the credit crunch starting in 08 (Chart 1). Comparing 2011 to the previous year shows that job opportunities fell by 8% and a much larger 43% drop compared to 2006 when financial services hiring was peaking. This pattern of hiring strongly reflects the shape of the global economy over these years.

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Returning to December 11 – job availability was at its lowest monthly level for the whole calendar year. This is partly because December typically sees a fall in job opportunities as it is a shorter working month due to the festive period. However taking this into account, December 11 represented an even greater slowdown than expected in financial institutions’ hiring activity across London. As mentioned in previous Employment Monitors, onging issues in the eurozone, compounded by turbulence in financial markets sent shockwaves through financial institutions in Q3 11 and Q4 11, rendering the hiring market very subdued, particularly in the wind down towards Christmas. Sentiment from hiring managers remained highly cautious in December 11, influenced by well-documented volatility across financial markets plus announcements of potential lay-offs. This has had a clear effect on professionals’ confidence in the jobs market, with a 40% drop in those who were active in the hiring market in December 11

The increase in the time taken to fill job opportunities from 55 to 61 days – the longest period since February 11 – highlights the challenges that exist in managing professionals through the process of securing a new role. Whilst it is usual to see recruitment processes in some institutions speed up to get key hires on board towards the end of year, evidence in December 11 points towards the opposite with even longer job sign-off and interview processes. As we have noted previously, the City hiring market thrives on confidence, and there is currently a distinct lack of confidence amongst hiring managers.

Referring back to the last eight years of the London Employment Monitor, we look with interest to see how 2012 will pan out. Anecdotal evidence from the City’s major employers indicates that the first half of 2012 may be slightly better than H1 11, but visibility remains limited. Looking at recent history, even in the ‘rebound’ year of 2010, the overall volume of jobs released (61,671) was so far below 2007 job numbers (114,471) that it begs the question we are regularly asked: will London financial services hiring ever return to the same level of activity.

Employment, Financial Services, Financial services in London, Financial services UK

During an interview, it’s often questions unrelated to your ability to do the job that take candidates by surprise. While you’ll never be able to anticipate every question you might be asked in an interview, you can get a head start by developing strong, concise answers to commonly used questions.

Q: Tell me a bit about yourself
What they’re really saying: I’m trying to figure out if you’re a good fit for my team.

They’re not asking for an autobiography. This question calls for a one-minute advert that summarises your years of experience and skills and your personality in the context of the job. Get to the point and sell your professional self. A few brief sentences that demonstrate experience, proven results and desire to contribute is all that’s needed.

Q: What are your weaknesses?
What they’re really saying: No one is perfect, how do you perceive yourself?

This question is one many job seekers dread so it’s important to prepare a good answer. The secret to answering this question is using your weaknesses to your advantage.

Q: Why should we recruit you?
What they’re really saying: What skills and experience can you offer us over the other candidates?

The key to answering any question about you versus your competition is using specifics. Give real examples that show them why you are the candidate best suited to the job. Point out your achievements and accomplishments throughout your career that are relevant to the open position. Pinpoint the qualities you have that are truly valuable to the company.

Q: Where do you see yourself in 5 (or 10) years time?
What they’re really saying: Do you know where you’re going in life, and are we part of it?

This question is really testing your stability and reliability; you need to talk about goals you have that relate to the job. This will demonstrate that you understand the industry and the company and are motivated to succeed there.

Employers are simply trying to gain an insight into those they are interviewing. Remember they’re not purposely trying to trick or embarrass you. Good luck!

Careers, Curriculum Vitae, cv, Employment, interview, interview practice, interview processes, Interview question, jobs, London

Our latest monthly London Employment Monitor – October 11 is now available with video commentary. Click below to watch COO Andrew Evans talk though October’s highlights.

Highlights:

• The Morgan McKinley London Employment Monitor registered a 0.4% increase in available jobs across London’s financial services sector in October 11 compared to September 11

• This represented a decrease of 22% from the same month last year

• The number of professionals entering the London financial services jobs market rose by 9% month-on-month in October 11

• Compared to October 10, this was an increase of 4% on the number of professionals looking for new roles

• The average salary for those taking up new positions in October 11 fell by 5% from September 11 to £52,601

• The time taken to fill new job roles decreased by 10 days to reach 53 days.

Click here to view the London Employment Monitor – Oct 11

Accountancy, accounting jobs, Asset management, banking and capital markets, banks, Canary Wharf, City of London, CVs, Employment, finance jobs, Financial Services, hiring activity, jobs, Jobs market, London, London Employment, Professionals, Salaries

Whilst the Prime Minister is taking his annual summer holiday, Nick Clegg the deputy PM will be heading to Bristol this weekend in order to meet local people, an event hosted by Heart FM. The event is to be held at a secret location, with 300 people in attendance.

Clegg last came to Bristol when the three party leaders of the Conservative, Labour and Liberal Democrats came head to head for the second televised election debate. At the time, we did not know that we were heading towards a coalition government and two of the three leaders would unite to run the country.

Whilst the event is still very much a secret, the Deputy PM is likely to receive a range of questions from the 300 strong audience.

With out doubt a variety of topics will be discussed and debated, including the budget and economy. Post budget, Clegg now speaks strongly and passionately that this is very much a “Coalition” and not a Conservative budget. Some may say that it may create a “double dip” in terms of the recession; they say they had no choice to take action in this way.

We have seen a turn in the Bristol and the South-West market in terms of a renewed confidence in hiring and the number of clients opening their doors to us. That said, we have not seen the uplift as quickly as we would have liked and we are still preparing ourselves to see how the rest of 2010 evolves. It will be interesting to see if anyone poses questions to Clegg in terms of any trends within employment and hiring.

His visit brings excitement to the Bristol community as we see the return of the UK Government to the West Country.

Bristol, Double dip recession, Employment, Hiring, Nick Clegg, South West market, UK Government, West Country