More competition for finance jobs, as pay increases by 3.8%

According to the latest job market data from the UK’s leading independent job board, CV-Library, the amount of finance professionals applying for new jobs increased by 8.4% last month, while average salaries also grew by a steady 3.8%.

The findings, which compared job market data from June 2019 with the same period last year, comes as welcome news to employers that are hiring right now, as the amount of finance professionals looking for work online grew by 72.4%.

A key driving factor behind this could well by the jump in pay. The findings reveal that average pay for new finance jobs currently sits at £34,542, compared to £34,139 in May 2019 and £33,285 in June 2018.

Lee Biggins, founder and CEO of CV-Library comments: “Many organisations have had no choice but to push up their pay packets, as they look to attract more professionals to their companies. Our findings suggest that these efforts may well be paying off, as more people are considering moving jobs right now, particularly across the finance industry.”

Despite these positive trends, the amount of finance jobs on offer fell by 4.5% year-on-year and a further 8.6% month-on-month, according to the findings.

Biggins continues: “While there are less finance jobs up for grabs, it’s important to remember that this is not unusual at this time of year, given that hiring tends to slow down in the summer months. However, we could also attribute it to the fact that employers are focussing on offering fewer jobs, with higher pay, in a bid to meet the growing demands of candidates in the market.”