An increasing number of candidates have rather a nice dilemma on their hands: they have to choose between two or more job offers.

“Most good candidates will be looking at multiple opportunities. The market is quickly turning candidate short,” says Allira Salem, manager, Victoria, Hamill Andersen.

A year ago candidates may have had several interviews but few of these were leading to concrete offers. “Many firms were ‘just browsing’ the market and/or taking too long to make hiring decisions and losing candidates to their competition.”

Revenue generators in sought-after sectors, such as M&A and wealth management, who have good tenures on their CVs, are most likely to receive multiple offers, say recruiters.

Candidates: be cautious

Receiving multiple offers may be an ego boost, but it’s important to manage them well. Only negotiate with firms you actually want to work for, rather than talking to one bank simply to boost your salary at another. In the small world of financial services, a lack of openness and professionalism could backfire.

Employers who are clear about remuneration from the outset may choose to withdraw an offer should a candidate create a bidding war, says Martin Gooden from Advantage Professional. “This can also be viewed as a lack of commitment to the organisation, raising questions about the candidate’s motivation and whether they are solely moving jobs because of money and not career progression,” he adds.

Damien Damianos, banking consultant, Randstad, comments: “Candidates fare best when they do their research to better understand what a reasonable offer is. This will also enable them to better provide an expected salary indication.”

If the lowest remuneration offer meets the market rate, candidates should base their decision on other factors such as career progression opportunities, job responsibilities, training and development, specific hiring managers, future projects, the employer brand, and the working environment.

Salem recommends accepting or rejecting an offer within five business days. Waiting any longer will leave employers wondering if they have made the right decision and the offer itself may be withdrawn. “Candidates need to also bear in mind how they feel when waiting for an offer. The same goes for employers waiting for acceptance – timing is everything.”