Between July and September last year, eFinancialCareers surveyed over 4,500 people to get a better up-to-date picture of pay in the financial sector. With questions focused on role types, working hours, territories and more, the resulting report is a detailed and illuminating read.
Here are just four of the main points summarised to give you a taste of the more detailed document.
Tech roles in banking pay better across the board
That’s a slight simplification, as the highest paying roles across the banking sector are, as you’d expect, seen in trading and sales.
But these relatively few positions skew the mean averages and for a more solid median average income, jobs in tech appear to offer a lot.
Behind IBD, risk and sales/trading, tech’s mean salary compensation is highest - but it also shows the smallest disparity with the median number.
America gives bigger bonuses
With an average solid six figure annual bonus for employees at associate level or above, the US banking industry offers more than other territories.
No need for UK bankers to feel short changed though - their average bonuses still match up pretty well with their European equivalents.
And compared to their Asian Pacific counterparts, British banking workers do significantly better bonus wise, on average.
Money makes people feel better
Better compensation was stated as the number one reason for people to feel good about their job.
Well over half of male and female respondents cited this factor, compared to just over 20 percent saying more flexible/remote working options.
But while healthy pay was the most stated happiness factor, others included progression opportunities, team culture and more responsibility.
Burnout not necessarily affecting everyone
Maybe surprisingly, the number of hours that financial sector professionals work during the week wasn’t seen as a problem across the board.
Significant percentages of workers at all levels didn’t feel that a reduction in hours worked would make them feel better.
Although a deep dive could uncover that many didn’t mind working long hours Monday-Friday but didn’t want their weekends encroached upon.
Want to learn more?
The full findings of this comprehensive report are detailed in the Review of eFinancialCareers’ 2021 Compensation Survey.
With a clearer picture of the compensation packages and job satisfaction levels in the banking and financial sector, you may like to know more.
To discuss your next career move or find out more about relevant roles, please sign up to our executive network or contact us today.
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