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Although London has long been considered the top Professional Services hub within the UK, recent years have seen Edinburgh emerge as a strong contender to dethrone the capital.
Perhaps best known for its Financial Services sector, which employs nearly 11 percent of the working population in Finance and Insurance, Edinburgh has also seen rapid growth in its Technology sector, thus increasing eligibility to become one of the UK’s top fintech centres.
In this blog, we take a close look at Edinburgh’s rapidly growing Professional Services sector, and how skilled and qualified individuals can benefit from the opportunities which have arisen as a result of the boom.
According to a recent report by TheCityUK (full article published in The Scotsman), Scotland’s financial services sector is outstripping London’s in terms of jobs growth, after 10,000 posts were added in the past year. The number of people employed in the financial and related professional services industry north of the Border grew by 6.6 per cent from 151,000 to 161,000 in the last year.
That compares with London – the UK’s largest financial centre – which saw its overall headcount grow by 5 percent. Financial and related professional services account for about 9 percent of the Scottish economy, making it one of the largest area contributions outside London.
Apart from being one of the UK’s largest financial services hubs outside of London, Edinburgh is also a major European centre for asset management and asset servicing. Scotland’s capital has also been at the forefront of the life assurance market for more than 200 years and remains a major banking centre. More than 35,000 people work within Edinburgh’s financial services and insurance sector, while more than 90 percent of all Scottish fund managers are based in the city region. The city is home to Europe’s second largest asset fund manager, Standard Life Aberdeen, as well as several retail and challenger banks and providers of ethical finance.
Furthermore, Edinburgh’s reputation as an emerging technology cluster, combined with the city’s thriving entrepreneurial ecosystem and mature strengths in financial services, mean the city is also poised to become one of the world’s top ten fintech hubs.
According to Invest in Edinburgh, Scotland’s capital is ‘one of the fastest growing and most productive cities in the UK. Across all business sectors, it is a magnet for established as well as young companies, start-ups and entrepreneurs.’
Home to a wide range of sectors, including financial services, technology, creative industries and life sciences, Edinburgh boasts a diverse range of opportunities for working professionals to tap into. Compared with other major UK cities, Edinburgh also has one of the lowest unemployment rates as well as the highest proportion of high-skilled occupations. In 2016, residents had the 2nd highest annual earnings in the UK.
If you are pursuing a role in financial services, you’ll be spoilt for choice in Edinburgh! The city is headquarters to the Royal Bank of Scotland, UK Green Investment Bank, Baillie Gifford, Martin Currie and Artemis Investment Management as well as being a major outpost for the Bank of New York Mellon and JP Morgan.
Major insurance companies also have headquarters based in the city thanks to the presence of Standard Life Investments, AEGON Asset Management UK and the Scottish Widows Investment Partnership (now part of Aberdeen Asset Management).
In addition to all of the above, you will also benefit from lower living and housing costs, as well as a less busy or strenuous commute.
So what are you waiting for? Make your move!
Our Professional Services team in Edinburgh comprises of experienced specialists with a wealth of knowledge and experience within Edinburgh’s professional and financial services sector. If you want to move to a city where you will be spoilt for choice in finance and other professional services opportunities, then why not give us a call? Alternatively, you can have a look at our natiowide vacancies below.