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Financial services salaries increase as candidate numbers fall in 2005

Financial services workers are seeing increasing salaries as the number of suitable candidates drops, according to Morgan McKinley.

The specialist in financial services recruitment reveals average salaries increasing 2.64 per cent a year, now at 48,281.

Salaries of senior professionals have increased 5 per cent over the last year from 70,852 in April 2004 to 74,409 in April 2005. They have grown 13 per cent during quarter 1 in 2005.

New vacancies have grown by 24 per cent in the last month and by 15.6 per cent over the last year.

The number of candidates has decreased by 9.9 per cent in the last month and 19.6 per cent over the last year.

Morgan McKinley chief executive Robert Thesiger says: Recruitment activity has increased at the top end of the market and this is having an upward effect on salaries.

Hiring volumes increased steadily throughout 2004 due to improvements in market activity and demand for skilled staff at all levels and across several product groups including fixed income, equity and credit derivatives is continuing apace during 2005.

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