In our latest Breaking into Fintech piece, we have looked into possibilities for graduates seeking a future in financial services across the UK.
While London is an appealing option for those with degrees looking to settle with new jobs, the high cost of living combined with the economic crisis makes its vibrant nightlife and energetic atmosphere less desirable. Fear not! There are many possibilities
for entry-level finance jobs outside the capital where finance grads can not only live, but thrive.
Research released by
CMC Markets revealed that Cambridge has more entry-level finance opportunities open for new talent that London, with 13.5 jobs per 100,000 people. London accounts for just 7.2 jobs per 100,000 people.
Next best is Oxford, with 5.6 jobs per 100,000 people. However, Birmingham is becoming a more attractive option as it is the most affordable out of the bunch, costing £1,269.89 on average per month, with 3.4 jobs per 100,000 people.
Fourth on the list is Norwich, offering 5.5 jobs per 100,000 people for finance grads. After Norwich the list reads that Bristol, Brighton, Coventry, Leicester, Edinburgh, and Leeds, in that order, are the best cities for entry-level finance jobs in the
UK.
Edinburgh is the only city that makes the list outside of England, with a living cost at about £1,417 per month and 2.3 jobs per 100,000 people.
Leicester, Leeds, and Coventry are the most affordable cities in the list (excluding Birmingham), all under £1,350 per month. On the other hand, Cambridge is the most expensive, costing approximately £1,765 per month. However, London takes the cake with
a whopping average cost of £2,347 per month.
Things are looking up, however, as the UK tech industry is on the rise. According to
GOV.UK, the UK is at the top of the tech sector in Europe and number three in the world after the US and China. In 2022, UK tech companies grew £24 billion.
According to data from
Morgan McKinley and analysts at Vacancysoft, there were 87,000 new professional vacancies across England and Wales in 2022, revealing the rapid growth in the financial sector.
Hakan Enver, managing director at Morgan McKinley observed: "Firms will need the right support and reassurance from the Government to provide confidence in what is likely to be an uncertain year. The Government must take action to solidify the UK's competitive
advantage and inject investment into both London and the rest of the UK by increasing trade deals, simplifying tax and investing in technology innovation".
Noting the significant growth in the sector,
TechShielder released a list of the top paying tech positions in the UK. The list revealed that the highest paying role is that of senior software engineers, who make an average of £63,824.
The role is closely followed by other types of engineers: operations and data engineers that make £61,745 and £60,731 on average respectively. The majority of the list is taken up by various developing roles, such as back end developer, net developer, and
software developer. According to the study, developers roughly make between £52,00 and £58,000.
At the bottom of the list, are software engineers and user experience designers, making £49,267 and £45,305 respectively.
A TechShielder spokesperson commented: "Tech jobs are in high demand. From coding to software design, data analysis and engineering, there are thousands of jobs in the UK within the tech industry. Positions in tech tend to pay highly due to the specific
skills and qualifications many of the roles require.
"Many positions require a degree qualification from a STEM subject (science, technology, engineering or mathematics), and some jobs require a postgraduate degree such as a master's. If you're looking to work within the tech sector, make sure to research
the qualifications you will need to do so.”
To explore more fintech opportunities, visit the Finextra Job Board for hundreds more roles, and bookmark the link for regular check-ins.