In spite of widespread pre-election jitters, the short-term outlook for the London job market is a bright one, according to global professional services recruiter Morgan McKinley.

The second quarter is looking to be a robust one for the London financial job job market, according to new research by Morgan McKinley.

There were 19 per cent more job openings in the financial services sector last month, compared to February, according to Morgan McKinley's London Employment Monitor. Boosted job availability outpaced the level of job-seekers as the number of those seeking new roles dipped 1 per cent. 

The figures are not broken down for specific sectors such as wealth management but can be indicative of broad trends in that sector. To view an article on the wealth sector and its contribution to the UK economy, click here.

“With the double digit increase in job openings month-on-month, we expect this to be the start of a positive trend that will continue through to April and May,” said the operations director at Morgan McKinley Financial Services, Hakan Enver. 

“This should make the second quarter of 2015 a particularly good environment for those seeking new opportunities, mostly as the rate of growth in job availability is currently outpacing those pursuing new employment.”

Backing up the rise in job market optimism, two-thirds of financial services firms reported a rise in profits, according to the CBI/PwC Financial Services Survey.

“UK banks are reporting growing confidence, steep revenue growth and increasing profitability, despite an unexpected stagnation in business volumes. Banks are more positive about credit risk, as the value of non-performing loans are expected to remain low in the next quarter. Additionally, industry commentators do not expect interest rates to rise in the near future,” said Kevin Burrowes, UK financial services leader at PricewaterhouseCoopers.

The ongoing regulatory scrutiny the financial industry is under is reflected in the surge in demand for compliance skills, and demand for such roles is expected to gain even more momentum as the year goes by. Strong candidates might be in a good position to negotiate a salary premium as this trend continues, according to Morgan McKinley.

Elsewhere, the growth of the UK fintech sector was highlighted as were the demands for global hiring to sustain such growth. Morgan Mckinley's Enver raised concerns of knock-on effects from potential regulatory tightening on immigration, as discussed during UK election debates.

“Whilst there is much dialogue about the lack of roles available for home grown talent, the volume of opportunities doesn’t necessarily indicate that this is the case,” said Enver.

“With these regulatory demands and ever evolving change programmes, there is a continual need to source talent from international markets, simply because demand outweighs supply.”

As for earnings, those securing new jobs were able to earn, on average, 18 per cent more by moving from one company to another.

The London Employment Monitor is based on Morgan McKinley’s own records of new vacancies and candidates registering with the firm for employment.