The intense global competition for professionals at all levels with leading-edge analytics and big data capabilities is helping drive improvements in the financial services industry for IT talent, according to the h2014 InformationWeek Analytics Salary Survey.
Overall, the IT hiring and salary picture for the financial services industry is improving, although gains since last year's survey have been slight and not dramatic, according to the more than 1,250 banking and securities IT professionals who participated in the 2014 InformationWeek Analytics Salary Survey. Salaries for banking and investment firm IT staff and managers have risen slightly since 2013. The median base salary for IT staff climbed 1.4 percent to $98,000, while the median base salary for managers has leveled off at $120,000. Total compensation -- including bonuses and other direct cash payments received during the previous 12 months -- rose for both groups, a 1.9 percent jump for staff, and a 2.6 percent rise for managers.The InformationWeek Analytics research suggests, however, that there's still a gender gap in financial services, as women in both IT staff and management positions continue to be paid less. Their base salaries, bonuses and total compensation levels have risen, but are still not on par with their male counterparts.
Noteworthy at banking and capital markets firms is that female IT staff reportedly received larger bonuses than their male counterparts. Women in banking and investment firm staff positions received a median of $9,000 a year in bonuses, compared to $5,000 for male staff.
In general, more than three-fourths (77%) of IT staff and 86% of IT managers said they expect bonuses in 2014. The bonuses are most often tied to personal and corporate performance for both groups, although a quarter of respondents said that their bonuses were tied to division performance, and slightly fewer said their bonuses and other cash compensation was tied to company profit sharing and/or completing project milestones.
Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio