Finance & Insurance is the Place to be for Contractors!
New figures released last week by the Association of Professional Staffing Companies (APSCo) have clearly indicated that the financial services industry is the place to be for limited company contractors this summer.
Looking at the figures
The latest APSCo data covers March, April and May 2017 – and shows that opportunities in the finance sector have increased by just under a third (29.4%). Quite an impressive figure! The general consensus in the industry is that this growth has been driven by Brexit, as major financial organisations are aiming to ensure they are in a position of strength prior to the formal negotiations which have just started.
Within the finance sector, the highest area of growth was in commercial banking – showing an increasing percentage which was higher than the investment, consumer finance and accounting disciplines combined. These findings should be taken in context against an overall decrease of 2.7% year on year, but it’s clear that more recent figures are very positive.
Other notable stats
The insurance sector saw significant growth of 10.5% during the same three months, which again brings numerous opportunities for contractors with expertise in this field. Bankers were still the most highly sought-after professionals, though with a small decrease over the last set of figures, and people operating in a sales role showed the greatest demand – up by 14.7%.
Meanwhile, the new data also showed that London is most definitely still the finance hub of the UK, with more than half of all vacancies (54.9%) based in the capital. The highest regional growth rate was found in the West Midlands, with an increase of 29.7% – thanks in part to new hiring by HSBC.
Commenting on the APSCo findings, Chief Executive Ann Swain said, “Despite a slight dip in demand for financial services vacancies over the year, in recent months, the sector experienced significant growth. We are, on the whole, seeing a sustained and measurable increase in opportunities in the sector which is very encouraging news for the economy as a whole.”