Financial IT jobs growth ‘an anomaly’

Although the number of job offers made to IT contractors in the financial services sector grew last month, the increase was an “anomaly” according to Powerchex.

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Although the number of job offers made to IT contractors in the financial services sector grew last month, the increase was an “anomaly” according to Powerchex.

In its latest monthly jobs report, the pre-employment screening firm found that job offers made to IT contractors in financial services had increased by 17 percent in October, compared with September. The figure was also up by more than 10 percent on the same period last year.

However, despite jobs in investment banking and stockbrokerage firms also showing an increase, the overall number of employment offers made in financial services still fell for the third consecutive month. Insurance firms, hedge funds and investment managers all saw drops in recruitment.

Alexandra Kelly, managing director at Powerchex, said: “The moderate increase in opportunities in October [for IT contractors] is not something I see as being start of a trend, rather, an anomaly.

“In fact, I think that opportunities for contractors with financial services will decline as we head towards the end of the year, and into 2011.”

She added: “My position is still that any contractors who have the option of going permanent should take the plunge, as the option may not be there in a couple of months.”

Kelly believes that the ongoing overall decline in the job offers in financial services is not unexpected, especially with the government spending cuts starting to have an effect on the economy.

Despite this, the figures for October 2010 are still much better (up 20 percent) compared with last year, she said.

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