Manchester, the UK’s third-biggest city, is home to global financial giants and innovative Fintech start-ups.
Manchester’s economic growth has comfortably outpaced the rest of the UK over the past two decades, making it the largest financial centre outside London.
The evolving job market, encouraged by strategic reforms and investments, makes a compelling case for why it may be one of the best places in the UK to pursue a career in finance.
A hub for financial services
Greater Manchester has proven to be a prime location for major global financial institutions.
The city is home to some of the world’s leading finance companies including BNY, Vanguard, JP Morgan, OakNorth Bank, and Starling Bank, alongside over 200 startups and scaleups.
BNY Mellon highlights Manchester as one of its six global strategic locations and has made significant investments in the city since establishing its office in 2005.
The office now hosts over 2,000 employees and advanced digital infrastructure.
BNY Mellon is also deeply committed to local community engagement and developing future talent through apprenticeship programs, which aim to transform career opportunities for the local workforce.
Vanguard also chose Manchester for its first office outside London in 2023, influenced by Greater Manchester’s skilled workforce, digital connectivity, and quality of life.
This shows the city’s capacity to support Vanguard’s operational needs while offering a dynamic environment for business growth.
Similarly, S&P Global recently expanded its operations in Manchester to leverage the city-region’s strengths in green finance, fintech, and financial services.
This expansion aims to enhance their capacity to gather and analyse market intelligence globally.
Adyen and Klarna, on the other hand, are leading the digital banking revolution in Manchester.
The city’s fintech sector contributes over £1bn to the regional economy.
The thriving environment in financial services is enhanced by significant investments in innovation accelerating developments in cryptocurrency, blockchain, AI, and green finance.
Welcoming environment for new businesses
At the core of Manchester’s financial services expansion is MIDAS, the Inward Investment Agency supported by the Greater Manchester Combined Authority and Mayor Andy Burnham.
This agency fuels the city’s financial growth by providing support to new and existing businesses that are looking for expansion.
The risks and costs for businesses investing in the region are reduced thanks to the services offered by MIDAS, such as market insights, connections to key networks, and property solutions.
These services attracted many firms to the city, generating thousands of valuable jobs, and boosting the local economy over the past five years.
Not only are businesses choosing Manchester, but people are as well.
Today’s young talents are looking at where housing is affordable, where they can achieve a good work-life balance and where they can access a rich cultural and social life.
With a variety of job openings, thanks to many businesses setting up shop, the cost of living, and the rich cultural heritage, Manchester has become the ideal place to start a new adventure for many.
According to EY’s latest regional economic forecast, the city is expected to record the second-fastest rate of employment growth of all UK towns and cities from 2024 to 2027, with job numbers in the city forecast to grow 1.7% per year over the period.
Education and skills development
Relocating into a fast-growing financial hub is an indicator of progress, but businesses truly thrive only when they employ top talent.
To support the needs of the local economy, the city works with schools, colleges, and employers to create an integrated skills system.
Manchester Metropolitan University and the University of Manchester have specialised FinTech programs that graduate over 5,000 students per year to respond to the needs of local employers.
These programs offer continuous learning opportunities for career advancement in finance.
Collaborations between academia and industry ensure that graduates acquire the essential knowledge needed to leverage the latest innovations like TradingView and develop optimal strategies in this competitive sector.
Manchester’s approach extends beyond traditional education into proactive engagements with the financial industry.
To ensure that training is relevant and responsive to the evolving marketplace, the Department for Education introduced the Greater Manchester Local Skills Improvement Plan (LSIP).
This plan is supported by various stakeholders including businesses, local authorities, and educational institutions, which together enhance the region’s training and recruitment strategies.
To further align with industry demands, Manchester’s educational strategy focuses on specific training for in-demand skills.
Sector-specific boot camps and programs target skill gaps in the finance and tech industries.
These training programs not only help people gain technical abilities, but also soft skills like communication, management, and problem-solving, which are crucial in the finance sector.
A city of opportunities
Driven by a perfect storm of talent, technology, and opportunity Manchester’s financial services sector continues to grow, creating a fertile ground for financial institutions and start-ups alike.
The dynamic growth in the sector makes Manchester not just a viable option, but a desirable destination for finance professionals seeking to advance their careers in an innovative and supportive environment.
As the city continues to evolve and adapt to global economic trends, it solidifies its reputation as a leading finance hub, inspiring professionals to consider it as their next career move.
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