eFinancialCareers Releases Financial Services Tech Job Report for US, UK and Singapore on 20th Anniversary

A report by eFinancialCareers (celebrating its 20-year anniversary) analyses technology job postings for the first seven months of 2020 in three global markets (UK, Singapore and United States). Demand for technology specialists in Financial Services is increasing and this article provides an excellent insight into the demand / opportunities that exist across the UK.

From eFinancialCareers

Demand for Technologists Increasing, London Remains Stable Barometer

CENTENNIAL, Colorado, Sept. 9, 2020 /PRNewswire/ — DHI Group, Inc. (NYSE: DHX) announced today that eFinancialCareers, the trusted specialist financial services platform, has released The Financial Services Tech Job Report as it celebrates its 20-year anniversary. The report analyses tech job postings from the first seven months of 2020 for three global financial markets: United Kingdom, Singapore and United States. eFinancialCareers is proud to lead the finance-tech recruitment space by partnering with the world’s most respected financial organisations to provide unique industry insights and efficiently place best-in-class professionals.

Financial services tech hiring was trending positively across the UK, Singapore and the US in January and February of 2020, compared to 2019. The pandemic put an abrupt end to this momentum as office closures in Singapore, the UK and US during February and March led to negative trends in each market, specifically:

• UK job postings are down 12% year-over-year, though job posting volumes have gradually increased from April to July, consistent with the UK’s approach to reopening.
• Singapore job postings are down 11% year-over-year, though volumes between June and July show growth as a result of the city state’s emerging from its ‘circuit breaker’ lockdown.
• While the US tech job posting volume within the financial services industry was relatively flat year-over-year (-5%), the country managed to gradually close the gap between monthly job posting levels in 2020 and 2019.
  • For more US-specific data: Competition Intensifies for Tech Talent in US Financial Services Market

London’s Stability Illustrated by Ongoing Demand for Roles & Flat Decline
The UK’s stability is best represented by London, which was virtually flat (-2%) in 2020 compared to 2019. London showed impressive stability in uncertain times while also posting over 57% of overall tech job postings from financial services organisations.

The ongoing strong demand for technologists in London comes despite suggestions that banks would recruit more heavily outside the city to cut costs.

Desired Occupations & Skills Speak to Upcoming Competition for Talent
In the UK, the overall top occupations include software engineer, data analyst, business analyst and project manager, a possible indicator that firms are refocusing efforts on new projects to capitalise on the market and address shifting industry needs.

“Among financial institutions in the U.K., some of the fastest growing skills are related to development, data, security and infrastructure. Employers don’t appear to be in a defensive mode; they’re actively courting technologists to innovate ahead their competitors. While mainstream skills are still top of mind, an increase in artificial intelligence and cloud technologies will likely further encourage an increase in competition for highly skilled technologists,” shared Art Zeile, CEO of DHI Group, parent company of eFinancialCareers.

The fastest growing occupation was security management specialist, reflecting the growing emphasis on data security and fraud. Software engineer was the number one ranked occupation for volume and also registered year-over-year growth of 8%.

Top Financial Giants Ranked by Job Posting Volume
The UK’s top hiring financial institutions include giants in the industry: JPMorgan Chase, Citi, HSBC, Barclays and RBS. Deutsche Bank and Bloomberg both showed significant ranking increases from 2019 to 2020; Deutsche Bank improved its rank by 10, Bloomberg improved by eight spots.

Report Methodology
eFinancialCareers’ Financial Services Tech Job Report focuses on the tech hiring activity within the financial services industry and reviews tech job posting volumes from the US, UK and Singapore (via Burning Glass Technologies). To add clarity, insurance organisations and professional services organisations such as the “Big 4” were removed. The data covers two primary datasets:

• Comparisons between January 1st – July 31st of 2020 and 2019 in the US, UK and Singapore
• Deep dives into the fastest growing locations, employers, occupations, and skills