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More candidates, fewer jobs, lower salaries

The latest piece of research from Morgan McKinley doesn’t make great reading if you’re trying to find a new job.

According to the recruitment company’s latest monthly missive, there are now 2,900 more bankers looking for jobs than there are jobs to be had.

Unsurprisingly, given the circumstances, the average banking salary is down 5% year on year, while senior banking salaries are down nearly 10%.

The good news is that it takes the average candidate only around two months to find a new job, a week longer than this time last year.

Senior people are likely to find it hardest to slot themselves back in. Rob Thesiger, chief exec of Morgan Mckinley, says senior hiring has slowed and the bulk of activity is now at junior and mid-levels.

Comments (8)

  1. Bulk of hiring is at Junior level? Are you stupid at Morgan MCKinley? There is no junior position anywhere! experience, VP to Dir level, track record …. is that junior level?

  2. ERT student… i beg to differ… been at my new associate level front office job, with no prior experience, for about 4 weeks now… so there are some jobs out there.

  3. I agree…every job I see requires experience. How is a new graduate supposed to even enter the job market outside the grad schemes?!

  4. emloyers or should I say the recruitment agencies want track record despite the degrees,they want relevant experience which the university never can give. how do we (graduates)get the job then?

  5. most FO jobs (other than as grad hires) require experience even in the boom times. and even then, one could argue that some experience is required in the form of internships. if you’re not applying via a grad “scheme” as such, then get SOME experience, if necessary in the form of non-paid shadowing someone on a desk (anywhere, any asset class will do). try to get your FSA exams done, as these are simply an administrative pain for you to do once you start somewhere; the fact you’ve shown the initiative will also stand you out from the crowd of wannabe traders/salespeople. do some spreadbetting, read books, just make sure that you have as good an understanding of the esoteric jargon juggernaut that WILL hit you when you start… it’s a lot more difficult (and embarrassing) having to ask (seemingly stupid) questions when you’re under pressure … try looking on a trading floor when someone’s unsure of their position 30 seconds before payroll numbers are out!

    spot n forward Reply
  6. Grads you should have done an internship or temped over the summers to get the experience, stop applying to Shipwrecked. It is offensive to expect a hand out at the end of your 4 years for going to the library. Clearly people are getting these jobs and HR know that they exist. Pick up the phone and sort out some work experience.

  7. I think you have to put Morgan McKinley into context: they specialise in back and middle office roles. Thus plenty of junior product control roles available, but whether there are plenty of junior front office roles available remains to be seen.

  8. The Dude, how did u get ur job….

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