Earnings shrink for financial professionals

Average financial sector earnings were down 10% in 2012, according to the latest eFinancialCareers’ Compensation Survey.

Earnings shrink for financial professionals


Front and back office workers took the hit, with both reporting a 12% decine while non-salary earnings made up 44% of total compensation, a decrease of seven percentage points from 51% in 2010.

Entry level workers were the hardest hit, with compensation falling 21%, and bonuses accounting for 24% of total compensation compared to 43% in 2011.

The survey also found that 40% of finance professionals in the UK are actively pursuing new career opportunities and higher compensation, while 5% are looking to exit the financial sector.

Middle office workers, however, have seen an average 3% increase in salaries over the year.

James Bennett, global managing director of eFinancialCareers, said: “Bankers know the days of big bonuses are behind them, and financial services is no longer the goldmine it once was. But finance professionals tend to be forward thinkers, always looking for the next lucrative opportunity. Of those who are considering switching firms this year, only 5% stated they wanted to change industry altogether. So it looks like the breaking point where shrinking compensation is just not worth the long working hours is still some way off.”




Latest Stories