Marks Sattin, the accountancy and financial services recruiter, has released details of its research into salaries in the professions.
Professionals in the financial services sector enjoyed average salary increases of nearly 8% in 2010 and many are expecting a bumper 13.5% rise this year. This would bring the average salary to £41,300.
However, Marks Sattin’s MD, Dave Way, said salary increases were below expectations last year as employers looked to restoring their margins after the recession and if that trend is repeated this year, the rise will only be 8.5%. He went on to say that professionals in the sector are optimistic that business will continue to pick up, but they may be being over optimistic in their expectation of a 13.5% rise.
The survey also discovered that the average bonus payment last year was £6,900 equating to nearly 20% of basic salary. Job security in the sector improved last year as the average time spent in a role rose by two months to 31.5 months.
Temporary staff’s pay remained higher than their permanent and contractor counterparts even though their rate only increased by 2%. The average temporary worker earned the equivalent of £45,100 last year, 24% more than those with more stable contracts.
Meanwhile, Powerchex has reported that the two 4 day weekends in April had an adverse affect on recruitment in the financial services sector.
The number of job offers in investment banking dropped by more than 30% last month and stockbroking and hedge funds also reported less recruitment activity. On the other hand, job offers in investment management bucked the trend by rising 19% compared to the previous month.
One group that has seen a marked increase in recruitment activity is IT contractors. There were 75% more vacancies for their skills last month compared to this time last year as companies look to improve data security.
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