French bankers are on the move. Armed with a superior education, excellent mathematical skills, post graduate qualifications in financial engineering and the kind of passionate urge to work in finance that can only be found in some corners of the London School of Economics, native French speakers are turning up in London and applying for jobs in banking.
So says Morgan McKinley, the recruitment firm known for its monthly statistical insights into the state of jobs in the City. In yesterday’s installment, Morgan McKinley said London jobs were up 7% year-on-year in September. But it also said that new London job seekers were up 25% over the same period, and that this was partly due to an influx of French finance professionals.
“There has been an increase in the number of EU professionals wishing to relocate to the UK, particularly those from France,” Morgan McKinley CEO Hakan Enver declared. “In banking, all the way through the front, middle and back office, we’ve seen them,” he informed the Telegraph, adding that these French finance immigrants are mostly trying to escape high French taxes.
Is this true? Yes. And no.
Our own CV database suggests that native French speakers are certainly looking for jobs in London. But their numbers are fairly moderate. In the past three months, only 1,580 people with French as a first language have registered their interest for jobs in the City. This compares to 12,040 people for whom English is their first language.
However, native English job seekers do have one good reason to be fearful of their French rivals: they’re much better educated. Our CV database shows that 75% of native French speakers who’ve uploaded their CVs since July have a postgraduate qualification like a masters. This compares to just 36% of native English speakers.
French candidates do, however, tend to focus on particular types of financial services jobs. Derivatives and risk management are favourites, with 47% and 20% of French CVs containing these terms respectively. By comparison, only 28% and 20% of CVs belonging to UK nationals have this focus.
Kumaran Surenthirathas, head of front office at Eximius, a recruitment firm, says French bankers have always worked in the City of London and that there’s been no appreciable increase in their numbers recently. “There are already loads of French people working in the City – in some business areas they outnumber British people. London is the heart of the financial world, it’s no big deal.”
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