More and more jobs, fewer and fewer candidates

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If financial services job seekers in 2006 were spoilt for choice, it seems their counterparts in 2007 are in danger of drowning in a flood of offers.

The latest market study by recruitment firm Morgan McKinley suggests the number of financial services vacancies in London rose 27% between April 2006 and April 2007. The number of financial services job seekers rose 17% over the same period.

Morgan McKinley's stats imply there are now nearly two jobs per candidate. But the situation may be even more extreme than that.

"For every candidate there are probably seven or eight potential job offers," says David Howell, managing director of recruitment firm EM Financial Services. "The issue is increasingly becoming how to cope with a three or four-stage interview process at each of those firms - it can be incredibly time consuming."

Despite the candidate shortfall, Morgan McKinley's stats suggest pay is fairly static - average basic salaries stuck at around 51k in April compared to March.

Howell contests this, however: "We're finding that basic salaries are increasing marginally more than inflation every month," he says. "However, it's bonuses that have really gone through the roof."

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