The study shows there are 20,000 more finance jobs than five years ago. London and the south east of England lost 21,000 over the same period.

Jobs in life insurance and pension funds in Scotland fell by 4,000, but new banking jobs rose by 24,000.

Business and financial services employ 107,000 Scots or 4.7% of the workforce.

Average wage

Scotland’s two biggest companies the Royal Bank of Scotland and the Bank of Scotland employ about 35,000 people between them.

The report said that the average full-time financial sector worker in the UK earns, on average, 699 per week.

This is the most of any major industry group and almost 200 more than the average UK wage.

Across the UK there are 30 local authority areas where more than 25% of the workforce are employed in the broader business and finance sector.

Twenty-five of these are in London and the south east of England, four are in the east of England and one is in Scotland.

More recently significant growth in banking jobs in Scotland has more than offset job losses in insurance and pension funds Tim Crawford Bank of Scotland

The study said that 26% of people living in Edinburgh work in business and financial services.

The next highest local authority areas were East Lothian and East Dunbartonshire (19%), followed by Midlothian (18%) and West Lothian (17%). Glasgow was 14%.

Tim Crawford, group insurance agent finance career change at Bank of Scotland, said: “Scotland has delivered the company finance insurance premium finance insurance yahoo auto rate growth in financial services finance or insurance or real estate in Great Britain on a five, 10 and 20 year time frame.

“Good pay levels and the sector’s ability to generate new jobs in ancillary areas such as IT and the law have made a real auto car finance insurance rate to Scotland.

“More recently significant growth in banking jobs in Scotland has more than offset job losses in insurance and pension funds.”