eFinancialCareers

Scotland’s financial sector continues to boom. But where are all the people to fill the jobs? The most recent Bank of Scotland survey of the Scottish labour market, published in October, reveals finance and accounting employers are facing acute skills shortages – they rank second behind engineering and construction as finding it hardest to fill roles. The gaping hole in the supply of talent might be down to the fact that Scotland... Read more

Is Edinburgh a world-leading financial centre (and commensurately good place to develop your career)? Only just. The city has slipped five places in a survey of top financial centres, but scraped into the top 20 cities in the world. In the second report from the Global Financial Centres Index, commissioned by the City of London Corporation, Edinburgh ranked 20th out of 50 centres, down from 15th in a survey earlier this year. The... Read more

Forget cash, it’s the right corporate culture that Scottish financial services employees want. In contrast to their money-hungry counterparts south of the border, 88% of financial services workers in Scotland rate an organisation’s culture as more important than remuneration, according to a survey by recruiters Badenoch & Clark. Margaret Hare, recruitment consultant at Qualitas in Scotland, says: “I would say that we have seen a move towards candidates looking towards the more... Read more

Worried that investment banks culling staff in London will send a flood of City-slickers cap-in-hand to Scotland? Fear not. The Centre for Economic and Business Research’s forecast of 6,500 financial services job cuts in London have understandably left City workers hot under their pink collars. In light of this revelation, we asked our readers where they would go if they were to lose their jobs. A total of 1,070 responded and... Read more

With contemporary art prices rising 55% in the past year, Scotland’s private bankers would do well to know their Monet from their Manet. However, while London’s investment scene appears convinced of the benefits of art as an investment class (witness this week’s Frieze Art Fair, which is expected to raise £145m), Scotland may be falling behind. The Bank of Scotland is sadly lacking in art expertise at its private banking arm, while... Read more

Does Scotland really need to pay for its financial services jobs? A war of words has broken out in Scotland after the SNP-led administration awarded £6m to US investment bank Morgan Stanley, as long as it creates 600 jobs in Glasgow. The handout from the Regional Selective Assistance scheme, which amounts to £10k per job, was blasted by both opposition politicians and groups who look into how taxpayers' money is spent,... Read more

Scots companies look to be going on a hiring spree – and if you've got international experience you'll be laughing. According to the bi-annual Robert Half Scotland Employment Index, one in four Scots employers intends to up staffing levels over the next six months. Nearly half of employers surveyed – 43% – said they wanted candidates with overseas experience because of their knowledge of different cultures and languages and the fresh... Read more

Working so hard you don't have time to do anything else? It may be time to try a concierge. In the drive to win and retain top personnel, some UK financial services groups are bringing the services of 'lifestyle management' companies for their top employees. They do everything from the dry-cleaning drop-off and pick-up finding and waiting on repair men and parcels, or organising holidays. Ben Maxmin, an account director at... Read more

Scotland's banks are scrambling to hire property specialists. Irish banks are at the forefront of the move – Anglo Irish Bank recently poached 30-year Royal Bank of Scotland veteran Jim Brydie to head up its Scottish lending team. Brydie was recruited after the former head, Ken Hillen, left to join Bank of Ireland. Last year Bank of Ireland, Anglo Irish and Allied Irish all surpassed £1bn in Scottish commercial lending. Scotland's... Read more

Salaries in Scotland are rising faster than ever, and financial services temps are riding the wave. The new Scottish Labour Market Report, published this week by Bank of Scotland, shows salaries in the country increasing at their fastest level for four years. The report highlights soaring demand for contractors in the financial services sector, where it says pay is rising particularly rapidly. Tim Crawford, group economist at Bank of Scotland, comments: "The... Read more

Should working in Scotland carry a health warning? The Federation of Small Businesses Scotland's annual Index of Success, published earlier this week, suggests it should. The index revealed Scotland came bottom when compared with ten other similar countries on economic performance, employment rates, health and education. Scotland 's poor ranking was due largely to the country's low life expectancy rate, the lowest in the UK. But headhunters charged with attracting top-tier... Read more

Scotland's biggest financial employers have given a lukewarm reception to the growing trend for paying staff to recruit new employees. According to a survey by the Institute of Personnel and Development, around 50% of UK employers now have such "introducer" schemes in place. A quick glance at the headline cost savings helps to explain why the practice is increasingly popular with employers. Recruiting an employee via referral can knock as much... Read more

London's finance workers may be nervous about their jobs disappearing to China and India, but recruiters say Scottish workers have no such fears. In an otherwise bullish report on UK financial and business services, the respected Ernst & Young ITEM Club warned last month that competition from India in particular posed a threat to the UK's biggest industry. But despite an ongoing review of its operations by Prudential – which could... Read more

More and more Edinburgh bankers are splitting their time between Scotland and London. Take a walk around Edinburgh airport any weekday morning and one of the fastest growing trends of modern times will be immediately apparent – the growth in Edinburgh/London commuters is huge. Angus Macpherson, the recently appointed chief executive of Edinburgh-headquartered investment house Noble Group, believes a twin city approach is now vital for the success of his business.... Read more

Should you go for Columbia or Cranfield, LBS or NYU Stern? You may be based in Edinburgh and doing business in Europe, but when it comes to doing an MBA you’re probably still better off across the Atlantic. Although Europe’s MBA schools have progressed in leaps and bounds in the past decade, American banks in Europe (and even European banks in Europe) still favour schools in the US. Merrill Lynch, for example, targets... Read more

Is Scotland's booming financial services growth about to be derailed by a lack of the smack of firm government? Fears are growing in Scotland 's finance sector that the minority government headed by SNP leader Alex Salmond will be unable to provide "clear leadership" which could stall the sector's hitherto rapid expansion. The SNP is opposed to a number of schemes which the financial sector sees as vital to its continuing... Read more

Our recent poll suggests Edinburgh's finance folk are perfectly happy where they are. Asked if they would be willing to relocate, 84.6% of those working in the Scottish capital said they didn't want to move. For the small minority who did fancy heading elsewhere, Dublin and London were equally appealing – each polling 8% of the vote. Unsurprisingly, given Auld Reekie's many attractions, work/life balance is the main factor keeping them... Read more

Scotland's financial services employees are in hot demand, but they're not being paid much more than before. The latest salary survey by recruitment firm Morgan McKinley shows pay rising much faster in London than north of the border. Alex Phillips, manager of Morgan McKinley's Edinburgh office, says: "Scotland has not stood still. The financial services industry continues to grow and salaries also grow, but not as markedly as they might in... Read more