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Local talent lifts Scotland’s financial services industry to recovery

The financial services industry in Scotland is showing signs of recovery, with permanent vacancies up by 34 per cent this year.

According to Change Recruitment’s Financial Services 2013 Salary Survey, the jobs market over the last six months shows that activity by firms hiring across the board for financial services is strongly up this year.

Temporary vacancies have seen an even more dramatic increase and have risen by 89 per cent.

Basic salaries in the investment sector have risen by 11 per cent and salaries for permanent jobs in asset servicing, risk and change management are on the up. There has also been an influx of 9 per cent of staff with no previous financial services experience in to the sector.

Different factors have been driving growth within each sub-sector. But growth across financial services in Scotland can be attributed to global companies setting up a base there and fuelling further growth by employing local, home-grown talent.

Change Recruitment associate director Andrew Welsh says: “Scotland’s universities have very vocational degrees in risk management and actuarial work.

“Global clients have initially brought managers from London, but have needed a local talent pool to carry that on.”

He says companies that move to Scotland from London are reducing their overheads through cheaper premises rather than lower wage bills.

Scotland-based IFA Affluent Financial Planning managing director Carl Melvin says: “There may be growth in companies that provide support services but it is not evident to me that we are seeing a significant increase in adviser numbers. The problem is recruiting young talent because there are too many IFAs in their fifties.

“Small regional firms don’t have the capacity to take on young people – the costs are too high.”

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