Professional services recruiter Morgan McKinley put out its latest London Employment Monitor for July and it contains some pretty interesting stats on bankers’ pay.
Morgan McKinley has teamed up with Emolument, a company that crowdsources data on pay in various industries, to look at how much bankers working in marketing make.
Marketing, more commonly known as sell-side, is the part of banks that produces research, meant to entice the buy-side — fund managers and investors — to buy stocks and bonds from the banks.
Here’s the pay data:
The chart above shows that when you factor in bonuses there are big jumps between associate and VP, when your pay more or less doubles, and then again between director and MD, when it more than doubles.
The take-home pay, including bonus, at the top — £466,115 ($US729,838) for MDs — is almost ten times the same figure at the lowest level — £47,441 ($US74,282) for analysts. That’s quite a career ladder.
Don’t feel too sorry for the lowly analyst though. Their average take-home is still way above the UK average, which stands at £25,376 ($US39,733) based on Office for National Statistics figures for weekly pay in June.
Salaries are also on the up. Hakan Enver, operations director at Morgan McKinley Financial Services, says in an emailed statement:
Last month showed that on average, a financial professional could demand up to 22% more salary by moving from one organisation to another. This is one of the highest percentage increases we have seen in a while, which bodes well for those considering a move. The market has an appetite to remunerate those with a skill set that is in high demand.