The IT jobs market is heading for a dip following recent unprecedented growth in vacancies in the financial services sector, according to recruitment specialist McGregor Boyall.
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The latest financial services IT hiring index by McGregor Boyall showed a sustained recovery of the IT job market in the financial services sector in the second quarter of 2010.
Speaking to Computer Weekly, Laurie Boyall, managing director of McGregor Boyall, said, "While our last report showed a sharp increase in opportunities during the first two months of the year, by the end of June we had seen a 225% jump in permanent vacancy numbers compared to the beginning of the year, which is almost unprecedented."
Despite growth between January and June, Boyall predicts a drop in opportunities in the second half of the year. "There has been a very strong recovery [in the IT jobs market] for 15 to 18 months. But it cannot be sustained at its current levels. The public sector is going to be doing very little hiring or replacing for the foreseeable future, forcing technology companies to redeploy into the private sector.
"It is not all doom and gloom. There will be a flattening of growth as the recovery cannot go on forever. But if you are only in the public sector, be very careful."
The index, which tracked the number of IT vacancies received from a range of financial organisations, also showed the most in demand skill sets continue to be dominated by developers and business analysts, forming 41% and 16% of total vacancies respectively.