Juniors are in demand. The trend, already well-established in 2013, is intensifying and almost every bank, boutique and fund we speak to wants to recruit at analyst or associate level.

This is most evident at investment banks, where the slowdown in hiring since the financial crisis has meant many team structures now look like inverted pyramids. Deal-exposed analysts with financial modelling skills and a decent attitude are rare and precious. Their counterparts one and two years ahead of them are becoming so too. And, with headhunters calling them daily, or even twice or three times a day, they know it.