Demand for finance sector IT staff falls despite recruitment surge

The demand for finance sector IT staff has fallen 6% in the fourth quarter of 2010, despite industry recruitment levels increasing 21% compared to a year ago.

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The demand for finance sector IT staff has fallen 6% in the fourth quarter of 2010, despite industry recruitment levels increasing 21% compared to a year ago.

According to a Computer Weekly report from Salary Services Limited (SSL) and, the finance sector is the only private sector to see recruitment levels fall in the fourth quarter compared to the previous quarter. All other sectors experienced an increase in demand.

The number of jobs advertised for software houses and consultancies increased by 8%.

George Molyneaux, research director at SSL, said, "This growth may well be at the expense of jobs in finance as they transfer operations and development to outsourcing companies."

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"Whether the personnel affected transfer from finance to software houses is not clear. It is more likely that the outsourcing companies will be using a combination of onshore/offshore recruitment with staff being imported from outside the EU," said Molyneaux.

"At least the situation isn't as bad as the public sector, which has seen recruitment fall by 30% during the last quarter," he added.

The software skills most in demand in the finance sector are SQL, C, C#. Java and .Net. "Demand for contractors with Agile expertise is actually up on the previous quarter," said Molyneaux. The table below shows the programming vacancies financial institutes advertised for during the fourth quarter of 2010. Click on a skill to see more information on how demand has changed since 2007.



Salaries for financial sector project managers were down 11% on figures a year ago.

TABLE: Advertised salary/rates for selected job functions in the financial sector Source: Salary Services Limited /

Job title Salary Q410 Salary Q310 Salary Q409 Quarter % change Annual % change
Project manager 58,440 61,337 65,471 -5 -11
System auditor 47,195 48,821 45,685 -3 3
Developer 50,055 51,759 54,596 -3 -8
PC support analyst 29,255 28,244 28,030 4 4
System administrator 44,437 45,414 44,290 -2
Project manager 60 61 61 -1 -1
System auditor 47 44 46 6 2
Developer 58 58 59 -1
PC support analyst 25 24 24 3 4
System administrator 48 44 43 8 11



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