A report has indicated that it takes seven weeks to fill a vacancy in the financial services sector on average.

The annual study by recruitment firm Robert Half showed roles in risk function took the longest to fill - just over two months, or 8.2 weeks.

Positions in compliance took a similar amount of time to fill - just over 8 weeks on average.

In contrast, roles in operations support took the shortest amount of time to occupy, with companies filling a position in 6.38 weeks on average.

The length of time taken to find permanent recruits could be explained by the amount of competition between professionals, the authors of the report suggested.

The report illustrated that the most effective way of recruiting new employees was through recruitment consultants. Internal referrals and financial services job boards rounded out the top three, when it came to looking for effective methods for sourcing employees in financial services.

Luke Davis, vice-president of Robert Half Financial Services, said: “In a competitive marketplace, financial services firms are eager to avoid having vital roles left vacant for crucial functions, such as risk and compliance, for extended periods.

“During the hiring process, it can be challenging to keep this a priority while managing the day-to-day activities of the function, coordinating schedules, booking interviews and screening interviews. As result, this extended hiring process could result in businesses missing out on skilled candidates to their competitors.

“Sourcing and hiring for open roles requires significant time commitment and focus. Being able to outsource these requirements, combined with the ability to draw upon an untapped talent pool for skilled professionals, including professionals who are not actively looking for new opportunities becomes ever more invaluable in a competitive marketplace.”