A study of City jobseekers over the past five years shows a 20% increase in female and overseas applicants.

There was also a rise in applicants with postgraduate qualifications.

The study, by financial recruitment firm Jonathan Wren, says overseas workers give the City an "atmosphere of modern multiculturalism".

'Old boy' stereotypes

Managing director Phil Marks said: "Despite a chronic financial skills shortage, these figures suggest the competition for City jobs is on the rise.

"In the past a strong non-related degree from a good university may well have been enough to get most new recruits through the door of a City establishment.

"But today graduates hoping to enter the Square Mile with a non-related degree will find it tough when they're up against competitors who have not one, but maybe two, relevant qualifications.

"The shape of the City workforce is changing, and is more representative and diverse than people realise.

"An influx of professionals from around the world is creating an atmosphere of modern multiculturalism, which can only be a good thing for an institution fighting to distance itself from old boy-style stereotypes."