City high-fliers dream of city switch
- Nearly one-in-two finance professionals would switch financial centres if they could
- Work-life balance issues the main driver
only 1.2% for financial reasons
- Regional financial centres in UK and Ireland rise in popularity
According to a survey of over 1400 finance professionals ñ 95% of whom currently work in London - nearly half (47.5%) would choose to relocate tomorrow if they could. And according to the research, only 1.2% of those polled cited financial reasons as the driving force for looking to move.
The poll - conducted by leading financial careers jobsite eFinancialCareers.com ñ reveals that striking a better work-life balance (50.3%) and family reasons (16%) are the primary reasons for financial professionals potentially turning their back on London as their chosen work-place.
Ian Brown, editor-in-chief of eFinancialCareers.com, commented:
ìFinancial institutions should pay attention ñ money alone no longer seems to be the sole motivator for City employees. The perception in the markets, however, is that work/life balance is for wimps. These poll figures could be as high as they are because employees wanting to strike a balance are frustrated by the demands placed on them by employers.î
According to the survey, of those financial centres in greatest demand:
- Edinburgh is the most popular: 21.6% of those looking to move selected the Scottish capital
- 9% chose Dublin
- 6% chose New York.
However, for City professionals who are originally from England and wanting to relocate:
- 11% would opt for New York
- 5.2% for the regional centres in the North of England (Manchester, Leeds, Liverpool).
Ian Brown added:
ìWhile 35% of respondents openly state they would accept a drop in pay to move ñ our poll identifies via a separate question some 500 City workers who are prepared to take a cut. If we then consider that of the 1407 professionals surveyed, 662 individuals expressed a desire to relocate, we are potentially looking at up to 75% of those wanting to move being prepared to take a reduction in package.î
Of those wanting to move north of the border to Edinburgh, over 44% (44.3%) are aged under 30. By contrast, 30-40 year olds represent the largest age group (43.1%) of those wanting to cross the Irish Sea to Dublin.
The eFinancialCareers.com poll was conducted via the internet over a four week period from mid December 2005 to mid January 2006.
Of the 1407 respondents to the poll:
- 62.7% were front-office professionals
- 9% investment bankers
- 8.8% asset managers
- 4% in derivatives
- 2.4% with hedge funds.
London highfliers opt for Dublin over New York
- 1 in 10 financial professionals looking to relocate would choose Dublin
- Dublin more popular than New York
- 74.3% cite work/life balance
- 48% prepared to take pay-cut
- 30-40 year olds keenest to move
A poll of over 1400 financial professionals ñ the overwhelming majority currently working in London ñ reveals that more people would choose to move to Dublin than New York if they could.
According to the survey ñ carried out by leading financial careers jobsite eFinancialCareers.com ñ 9% of those looking to relocate would opt for Dublin, compared to just 6% for New York, if they could keep their current London role and pay package.
Of those wanting to move, 74.3% cited the work/life balance as the primary reason for switching cities.
Ian Brown, editor-in-chief of eFinancialCareers.com, says:
Financial institutions should pay attention ñ money alone no longer seems to be the sole motivator for City employees. The perception in the markets, however, is that work/life balance is for wimps. These poll figures could be as high as they are because employees wanting to strike a balance are frustrated by the demands placed on them by employers. People see Dublin as a place to achieve that balance.
Similarly, of those expressing a desire to relocate to Dublin, over 48% would be prepared to take a cut in wages to achieve their goal:
34.5% would take a pay cut from 5%-10%,
10.3% would take a pay cut from 10%-15%
3.4% would take a pay cut up to 25%
Ian Brown adds:
Interestingly, it is the more experienced professionals that are keenest to switch centres ñ it is the 30-somethings, not 20-somethings that are most drawn to Dublin.
According to the figures from eFinancialCareers.com, of those wanting to move:
22.4% are in the 30-35 age group
20.7% are in the 35-40 age group
Of those professionals most interested in relocating to Dublin:
10.3% are investment bankers
10.3% are accountants
6.9% are asset managers
6.9% are private equity/venture capitalists.
The poll was conducted via the internet over a four-week period from mid-December 2005 to mid-January 2006. There were 1407 respondents to the poll.
Edinburgh proves powerful lure to city high-fliers
Over 10% of City professionals would move North of the border if they could
Over 60% prepared to take pay-cut to achieve their goal
Under 35ís leading the charge
Over 10% (10.2%) of financial professionals working in London would choose to move to Edinburgh if they could keep their current roles and pay according to a survey of over 1400 professionals by leading financial careers jobsite eFinancialCareers.com.
But such is the lure of the Scottish capital, over 60% (60.2%) of those wanting to move would be willing to take a pay cut to achieve their goal:
34.3% by 5-10%
16.1% by 10-15%
6.3% by 15-25%
3.5% by over 25%
Of those wanting to move, 65.7% claimed the desire to achieve a better work/life balance, with just 18.2% citing cost of living as a factor. Less than 10% (9.1%) wanted to relocate because of family reasons.
Ian Brown, editor-in-chief of eFinancialCareers.com, says:
Financial institutions should pay attention ñ money alone no longer seems to be the sole motivator for City employees. The perception in the markets, however, is that work/life balance is for wimps. These poll figures could be as high as they are because employees wanting to strike a balance are frustrated by the demands placed on them by employers. People see Scotland as a place to achieve that balance.
According to the eFinancialCareers.com survey, over 44% (44.3%) of those looking to move are aged under 30, with a further 18.6% aged between 30-35.
Ian Brown adds:
The survey supports feedback we are hearing from elsewhere in the market that it is the younger generation most disillusioned with the 24/7 stereotype normally associated with the financial sector in London.
Of those professionals most interested in relocating to Scotland:
13% are asset managers
8.7% are investment bankers
4.3% are retail bankers
6.5% are accountants.
The poll was conducted via the internet over a four-week period from mid December 2005 to mid January 2006. There were 1407 respondents to the poll.
Efinancial News surveys on financial recruitment
.
