Going to London to find work at a bank is no longer mission impossible. The UK economy may still be struggling, but financial services job vacancies are picking up, at least for now.

Compared with July 2009, there was a 71 per cent increase in new jobs in London's financial district in July 2010, according to the most recent survey from recruitment firm Morgan McKinley.

However, there is still some uncertainty about prospects for the employment market for the rest of 2010 because of issues such as UK government austerity measures, reductions in consumer confidence and speculation of a double-dip recession in the US, says Andrew Evans, managing director, Morgan McKinley Financial Services.

In Australia, there has been a recent and substantial rise in the number of candidates expressing interest in relocating to London, says Lynne Beggs, regional director of Hays GlobaLink.

"I don't think the GFC has damaged London's reputation for Australian professionals. There was concern that there wouldn't be the same volume of roles available for Australians as there was pre-GFC, but now that London's market is stabilising and opportunities are opening up again, this concern has abated," she tells eFinancialCareers.com.au.

James Nicholson, managing director, Robert Walters Australia, adds: "There are still conflicting views on where the market is headed and exactly how buoyant it currently is. But, from what we have seen recently, London's financial services firms are still short of good candidates in certain skill sets."

Better compensation, a desire to use London as a travel base, and (most importantly) gaining experience in a major global financial centre are key reasons why Australians are making the move, he says.

Hot in the City

Nicholson highlights the following job functions as being in demand.

  • Newly-qualified accountants - especially those with financial services audit experience - for roles within product control, risk, financial reporting and audit.
  • Management reporting: firms are looking for individuals with banking experience who can work in business partnering roles.
  • Individuals within IT audit or operational risk who can directly translate their experience in Australia to the UK.
  • People with derivative product knowledge within risk, valuations, operations and finance can also easily use this experience to enter the UK market.

Beggs says most Australians in London work at analyst or associate level. "Many of them then secure permanent roles if their employers sponsor them. There are opportunities for more experienced professionals, but these are harder to find. Most candidates start at a more junior level and work their way up in the organisation," she adds.

Why London loves you

Nicholson says their strong work ethic is the main reason why Australians are sought after in the City. Other factors include being well educated and having English as a first language.

"In addition, many Australian professionals are on working holiday visas, which means they get paid hourly, and so they are willing to put in extra hours in order to maximise their earning potential," says Beggs.