The booming Financial Services sector in Scotland Viewpoint careers advice blog

The booming Financial Services sector in Scotland Scotland’s financial services industry has a perfect mix of home-grown and international businesses, resulting in many leading banks and financial services organisations calling Scotland their home. This includes RBS, LBG, J.P Morgan, Tesco Bank, Citi, Scottish Widows, Barclays, HSBC and Sainsbury’s Bank. Impressively, Scotland’s financial services industry accounts for 8 percent of the Scottish economy, generates £8.8 billion and employs around 85 thousand people (HM Government, May 2013) Scotland â€" the second home of financial services Many companies have chosen to make Scotland their ‘second base’ outside of London, and indeed we are seeing an increasing amount of organisations chosing their Scotland sites for expansion plans or development projects over their other UK sites. The main contributing factor being the highly skilled workforce within the financial services sector. The main skills in demand in Scotland at present are within the Change field â€" Programme Managers, Project Managers, Business Analysts etc. both in a permanent and contract capacity. There is always a constant need for support staff in the Investment Banking market â€" front, middle and back office. The Scottish financial sector also thrives on innovative IT and technical support including technical functions of organisations such as JP Morgan and Morgan Stanley. As an example, JP Morgan have their Mobile Development Centre in Glasgow which delivers Mobile UX/UI Design, Development, and Testing services into the firm and the Scotland team is leading the way with award-winning app development. Hays are currently working with them to recruit the industry’s best talent from across the world. So, there is a wealth of opportunities within the Scottish financial services sector, as, expatriate Russell Storey a Project and Change Management professional based in Edinburgh explains: “The strong financial sector has given me the opportunity to build a successful career across 3 of the largest financial organisations in the UK. Specialising in organisational change and project management I have compiled a diverse CV â€" most notably first-hand experience of the extraordinary events of 2008 and the subsequent transformation of our industry Hays have facilitated my recent transition from a permanency into a contract role in the beginning of 2013 and the support I have received from the team has been excellent. With so much change already on the cards for the next 5-10 years already I am confident there will be no shortage of work opportunities and Scotland will continue to be a great place to be regardless of what the future holds.” Scotland â€" a better quality of life It’s not just about the way these organisations lead in collaboration, professional standards and world-class industry endorsed qualifications that attracts people to Scotland â€" it’s also about a completely different lifestyle. There are many reasons why living in Scotland is wonderful. With average commuting times of just 26 minutes (Source: Quarterly Labour Force Survey, October December 2009) a better quality of life can be achieved. For those hankering for the great outdoors, stunning Loch Lomond is a short 45 minute drive from Glasgow and the rolling hills of Perthshire just 45 minutes from Edinburgh. Go an hour further north and you’ll reach fantastic ski destinations, an abundance of challenging hills to climb and some beautiful coastal villages to explore. These experiences are shared with many of our candidates, including Storey, a Financial Services professional who relocated from Australia to Scotland, who has shared his experiences with us: “Having moved from Australia to the UK over 10 years ago now, I have called Scotland home ever since. Based in Edinburgh, I love the cultural diversity and of the city as well as its close proximity to Europe. Less well known is the accessibility of an outdoor and adventure lifestyle amongst the stunning natural beauty offered by Scotland. An avid Mountain Biker, Scotland has some of the best terrain in both the UK and in the world to explore. Whilst I have been tempted many times by the lure of London, the work-life balance and overall life satisfaction I experience here in Scotland has proved too much for me to give up. I do love London and visit on a regular basis to visit friends and as needed for work however I still find a gentle sense of relief every time my train pulls in to Waverley or the flight captain welcomes us to Edinburgh.” Would you consider making the move? Scotland has a lot to offer. As well as excellent work opportunities, you will find friendly cities, beautiful scenery, good travel links and a great quality of life. That’s why, for centuries, people from all over the world have been choosing to live in Scotland. Would you consider a move to one of the most important financial hubs in Europe? Visit our website to search and apply for jobs in Scotland. Engage with fellow financial markets professionals across the globe and stay up to date with the latest news, by joining our LinkedIn group. Join the conversation