The finance sector in the UK saw significant shifts and trends in 2024, as outlined in the Year in Review report by Morgan McKinley and Vacancysoft. Increased investment in AI, political changes, and falling interest rates marked the year as pivotal for the industry. AI and machine learning played a crucial role, with a 98% increase in AI investments and 63% of financial institutions now investing in AI.
Fintech emerged as a major player in the professional vacancies market, with a 44% year-on-year increase in the UK. The sector’s growth was fueled by venture capital funding, AI adoption, and the rise of new companies. Wise Payments and Ebury Partners led the pack with significant increases in vacancies, emphasizing the sector’s appeal for talent, especially in commercial roles.
The accountancy sector also experienced a resurgence in 2024, with a 29% rise in vacancies, driven by increased investment in green services and AI integration. Tax professionals saw a surge in demand due to evolving government policies, regulatory changes, and new opportunities in the sector. PwC and regional firms like Francis Clark and Azets reported substantial growth in vacancies.
On the other hand, the banking sector faced a decline in vacancies across divisions, with a notable 11% reduction in 2024. Risk and compliance roles saw a 20% drop, reflecting ongoing restructuring and regulatory challenges. Despite this, areas like banking operations and IT development displayed resilience, showing a shift towards operational efficiency and technology adoption.
London stood out as a hub for finance sector growth, with a 7% increase in vacancies, while the rest of the UK experienced a 4% decline. This imbalance highlighted the need for efforts to decentralize opportunities and promote growth in regions outside the capital for a more balanced market across the country.
Victoria Walmsley, Managing Director of Morgan McKinley UK, noted the resilience of the UK job market in 2024 amidst global uncertainties. She highlighted key sectors like technology, healthcare, and renewable energy driving digital transformation and innovation. Looking ahead to 2025, she emphasized the challenges and opportunities for growth, urging businesses to remain adaptable and collaborative to navigate the evolving job market and foster economic resilience.
As we reflect on the trends and shifts in the UK finance sector in 2024, one thing is clear – change is inevitable, but with the right strategies and investments, the industry can continue to evolve and thrive in the years ahead. Let’s stay tuned to see how the landscape transforms and what new opportunities emerge for professionals in finance.
