Harrington Starr's 2013 Salary Survey, which has surveyed over 16,500 professionals in the FinTech space to produce an accurate look at how salaries are changing across the industry.
2. Introduction
Survey headlines
Hot Skills
SALARY INFORMATION
Buy and Sell Side Trading Systems
Commodities Technology
Investment Banking
Buy Side Technology
Exchanges, MTF, Brokerages
Insurance
Market Data
Package details (Bonus, Commission & Benefits)
Market Overview
Summary
About Harrington Starr
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TABLE OF
CONTENTS
0 2
3. ranging from entry level to senior appointments
in the financial services and commodities
technology sector.
This survey has been produced taking data from
over 16,500 technology professionals and over
2,200 companies in the industry and gives a
comprehensive benchmark of salaries in the
following areas:
■ Investment Banks
■ Hedge Funds, Asset Managers
■ Buy and Sell Side Vendors
■ Consultancies
■ Trading Houses
■ Exchanges, MTFs and Trading Venues
■ Brokerages and Market Makers
■ Market Data Suppliers
■ Technology Solutions Providers
■ Insurance and Re-insurance businesses
We have sought to give as accurate a range as
possible in each area with some fascinating
areas of growth in the industry. We will take
you through the data and present analysis and
explanation that we hope will help ensure gives
you a clear picture of the market in 2013 and the
opportunities that it presents.
For the first time, we are able to benchmark
against data from a previous year and the overall
growth of 6.7% presents an extremely positive
picture of what has been a robust and sustained
period of prosperity for the industry.
This data is taken from and centres around the
London market and has a focus on permanent
salaries in the sector. The salary growth and
increasing job levels point to a market which
defies the wider economy with innovation,
regulation and evolving technology creating a
significant boost for the trading tech community.
2013 SALARY
SURVEY
WELCOMETO
HARRINGTON STARR’S
WHERE WE ARE
DELIGHTED TO PRESENT COVERAGE OF
2966 SEPARATE SALARY BANDS
••
0 3
4. he major growth in salaries points at the
MTFs (11%) and Buy & Sell Side Trading
Systems vendors (10%). With the continued
and increasing significance of Dark Pools
and the resurgence of confidence in the
MTFs, salaries have again been driven up as particularly
specific skill sets are demanded to maintain the technology
advantage. The growth in vendor tech is again positive. With
so many competitive platforms now in the space, and such
a premium on innovation, the major players are willing to
invest more significant figures to attract the cream from the
end user environments. With the gap narrowing from the
traditional bonus advantages that the end users enjoyed,
more senior technologists from those environments are
willing to take the leap to the more work/life friendly culture
that can be enjoyed in the vendor space. For this, vendors
are willing to pay that little bit more.
Perhaps the most pleasing
is the growth seen in
salaries among the Tier 1
Investment Banks. With
salaries also increasing
in the Tier 2 and 3 banks ,
hiring campaigns returning
and far fewer redundancies
in technology, the outlook
remains far rosier for those
seeking advancement in the
IBs this year. A strong start
to the markets in January,
returning confidence, and an
increase in the significance
of technology have all driven
a return to investing in
headcount and, with fewer
people with niche talent
in the space, competition
for the best personnel has
driven salaries higher.
Position wise, the big
winners in this year’s review
points at developers,
specifically those
around .NET and
web technology.
User friendly design
has been one of the
principal agendas of
companies throughout
2012 and, with
developers being asked to do more and add more business
benefit, salaries have risen accordingly. The more niche
support areas have enjoyed some growth and the more
senior positions, sales and professional services roles have
enjoyed steady, if not quite so significant growth.
Interestingly, the biggest growth areas seems to fall in the 2-4
year category. The lack of hiring during the early years of the
financial crisis led to a significant drop in graduate intake in
2008-2010. The result was a significant technology skills drain
in these years and candidates at that level of experience are
subsequently in high demand. The data suggests that people
looking for mid level experience have been having to pay
significantly more as competition again drives salary.
Alongside the opportunities and positivity that this research
creates, we caveat it with the difficulty that many companies
will find in attracting the talent they require. We believe that the
upward trend in salaries will continue into 2014 and our more
anecdotal research points to significant hiring spikes in trading
technology in the months ahead. Those who are not presenting
themselves as employers of choice may well struggle to retain,
attract and secure the best talent to their business.
2013 SALARY
SURVEY
HARRINGTON STARR’S
T
••
INNOVATIVE AREAS OF THE SECTOR
HAVE DRIVEN SALARY GROWTH AS
MULTIPLE TECHNOLOGIES HAVE EMERGED
CREATING A VISIBLE SKILLS GAP
••
•• 0 4
5. or candidates
in the space,
it is the most
positive time
to be looking
for work in the sector that
we have seen for some
time. Hiring levels are
peaking, employment is
high and companies are
willing to pay to secure
the best talent. The only
issue to compensate
that is the main demand
is for specific skill sets.
The heaviest skills mass
sits in the more standard
technology roles where
investment remains static.
We are not seeing terrific
spikes in legacy systems,
standard infrastructure
support or generic project
management. Pressure
remains in that space.
Writing this as we approach the end of Q1, it is very clear
that the major beneficiaries of the current market are those
with “trendy” skill sets. FPGA and Microwave specialists are
candidates who everyone wants but few can find. Digital,
Social, Big Data, Risk, Reporting and Cloud specialists
can take their pick of opportunities and those with certain
vendor technologies and electronic trading knowledge will
immediately be snapped up. Candidates who have had
either the foresight or fortitude to position themselves in
these areas will see their salaries increase significantly in
the years ahead.
The trend is very much suiting those with skills in bleeding
edge technology. Hiring companies within financial services
and commodities technology are looking for candidates
who can add value or who can help drive them into new and
competitive areas. Speed, precision, control and cost drive
hiring campaigns and everyone is seeking an advantage. That
creates opportunity for those who can bring those elements
for a company and an increase in value for what they can
deliver a company.
Whilst growth may still not have returned to hiring of
pre-crisis levels, the market seems to be more comfortable
with volatility and technology is being seen more and more
as the ticket to recovery. Companies cannot be left behind
owing to the huge figures that can be won or saved through
innovative technology and hence, investment is being seen,
arguably for the first time, as a money maker rather than
costly, necessary investment. That represents excellent news
for those operating in the space.
We hope you find the data both useful and helpful either as
an employer or employee.
2013 SALARY
SURVEY
HARRINGTON STARR’S
F
••
CANDIDATES WITH NICHE
SKILL SETS ARE PRESENTED
WITH A PERFECT TIME TO
BE LOOKING FOR WORK
••
••
0 5
6. irstly, the industry is driven by a seemingly unending number of technologies and business areas. A Project Manager
with five years of experience in Connectivity within the Buy Side could be £15k more expensive, with a Project Manager
with the same level of experience in a more traditional business area. With that in mind, there can be very significant
salary differences in what are, by title, the same position.
We have tried to take the data to give as narrow a range as possible but, in some cases, this may be up to £20k. The range is
very much an average and in some instances we may see some companies or positions pay significantly over the range listed.
To illustrate, pre-sales in market data is rated at £55-75k in the survey. We have, however, worked with companies willing to
pay up to six figures for this where specific market knowledge or a wider skill set is needed. These are, however, the anomalies
and the ranges provided form the average bands from the scale reviewed.
With each vendor technology carrying a different price ticket, each asset class either more or less valuable and the
combinations of all placing a different premium on what an individual may be worth, we have simply tried to find the mean
in all areas. What we believe that we have presented, however, is the sectors most comprehensive overview of salaries in the
London market. Should you have any more requests or indeed require a more specific estimate of a particular skill set, we
would be absolutely delighted to consult with you directly and put you in touch with one of our vertically aligned consultants.
Finally, we have illustrated each area that has grown or shrunk by colour.
Some interesting patterns appear!
2013 SALARY
SURVEY
HARRINGTON STARR’S
PointsOf Note
Before we look at the data in full detail, it is worth mentioning a few points of note.
F
••
0 6
7. 6.7%AVERAGESALARYINCREASEIN FS ANDCOMMODITIESTECH
SURVEY
HEADLINES
£54,522Highest average salary in
sector – buy side tech
GROWTH IN SALARIES
TOTAL NUMBER OF CANDIDATE
SALARIES REVIEWED
TOTAL NUMBER OF
COMPANIES CONSULTED
9% 9%8%
5%
2%
7% 7%
Buyandsell
sidetrading
systems
Commodities
technologies
Investment
banking
Buyside Exchange/
MTF/
brokerage
Insurance Market
data
AVERAGE
SALARY
INFSAND
COMMODITIES
TECH
£48,976
2,121
16,588
0 7
8. hese averages are taken from all salaries registered
in each individual business area ranging from
graduate entry level through to Heads of Technology
Department. With the Buy Side salaries having taken the lead
from the Investment Banks in recent years, it is particularly
interesting to see the MTFs and Brokerages follow the trend
with new tech investment driving salary increase. Growth in
the Investment Banks has been muted for obvious reasons in
recent years and, with the cream of the banking talent taking
the dive into hedge funds and prop trading ventures, salaries
have increased accordingly. Will we see Investment Banking
salaries return to the summit? Our prediction is not for a
good few years yet.
AVERAGE SALARY
PER BUSINESS AREA
£46,933
Buy
and
SellSideTradingSystem
s
Com
m
odities
Investm
entBanking
Buy
SideTechnology
Exchange,Brokerageand
M
TF
Insurance
M
arketData
£49,820
£51,051
£54,522
£53,733
£44,283
£42,590
Overall Average:£48,976
T
••
0 8
9. hese positions
represent our start
of year predictions
for the Financial Services
roles that will be in highest
demand in 2013. The
bandings above represent
the average salaries across
the sectors surveyed in this
report. Whilst in some cases
not the highest salaries
available, these are certainly
the areas where we are
seeing the highest demand
for our client base.
T
••
FINANCIAL SERVICES
TECHNOLOGY 2013
The Hottest Skills In
Web Development (ASP) £45,000 – 65,000
Regulatory Analysis £70,000 – 90,000
FIX Messaging Specialists £60,000 – 75,000
Business Intelligence £55,000 – 80,000
Multiple Trading System Knowledge £95,000 – 110,000
Fixed Income & FX Tech Specialists £60,000 – 80,000
Java / C++ £55,000 – 70,000
Risk Management & Systems Implementation £90,000 – 110,000
Automated Trade Support £55,000 – 70,000
FPGA £60,000 – 85,000
Cloud Infrastructure Specialists £65,000 – 85,000
Vendor Platform Sales £70,000 – 90,000
0 9
10. gain, taken as an average, these are
the salaries for the positions within
Commodities Technology that have been
pin pointed by Harrington Starr experts as the most
sought after by hiring companies in the sector.
Some interesting themes
present themselves here.
Business knowledge and
subject matter expertise
remain critical in the
Commodities Trading
Sector. Those who specialise
in a particular vendor
system or business area
such as soft commodities
will quickly be snapped up.
Developers who can gather
requirements are in demand
throughout all areas.
Development has evolved
and those with the ability to
translate and liaise with the
business will be ever more
significant.
••
COMMODITIES
TECHNOLOGY 2013
The Hottest Skills In
Project Managers Delivering Trading Software £85,000 – 100,000
Trade Support With Business Knowledge £45,000 – 70,000
Trading Solution Subject Matter Experts £65,000 – 90,000
Developers Who Can Gather Requirements £75,000 – 85,000
Soft Commodities And Software Solutions £75,000 – 90,000
A
1 0
12. AREA OVERALL VENDOR CONSULTANCY SERVICE PROVIDER
Senior 2% 5% -2% 5%
Sales -7% -7% No Change -7%
Support (FIX) 16% 14% N/A 15%
Support 16% 18% 14% 15%
.NET, Java, SQL, C++ etc 23% 24% 20% 25%
TEST, QA, Quant etc 6% 5% 6% 7%
AVERAGE 9% 10% 6% 10%
robust set of results are returned from the Buy and
Sell Side Trading Technology space. The spikes in
support and .NET development are interesting and
point towards a drive for customer
service and user experience. Customer
expectation has soared with greater
deliver expected from vendors. Many
have over sold and under delivered
in recent years and expectations have
risen from customers expecting world
class support. This has driven rises in
this area.
The interesting part centres around a fall in sales positions.
The sector has suffered recently with a number of mediocre
sales people having cost companies in the space. The best
are being well compensated and rewarded for their sales
performances. Companies are paying off proof of delivery and
the bigger basics that were being flushed on sales people
failing to deliver have been scaled back. It is a tale of the do-
ers seeing their salaries grow and those who are yet to deliver
having to more to prove their worth.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
A
1 2
13. VENDOR CONSULTANCY SERVICE PROVIDER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • • • • • • • 120-140
Programme Manager • • 95-110 • • 95-110 • • 105-120
Senior Project Manager • • 80-95 • • 80-95 • • 85-100
Project Manager 30-45 50-75 75-90 35-45 50-75 75-90 30-50 55-70 70-85
Business Analyst 30-35 35-50 55-75 25-35 35-50 55-75 30-35 40-55 60-80
Client Services Manager • • 55-75 • • 55-75 • • 55-75
Relationship Manager 30-35 35-50 55-70 30-35 35-50 55-70 30-35 35-50 55-80
Business Consultant 30-35 35-50 55-75 25-35 35-50 55-75 30-35 40-55 60-80
Product Manager 30-35 40-55 60-80 • • • 30-35 40-55 60-80
Head of Trading Systems • • • • • • • • 110-125
Technical Analyst 30-35 35-50 55-75 25-35 35-50 55-75 30-35 40-55 60-75
Client Service Director • • 80-95 • • 80-95 • • 80-95
Account Manager 25-35 35-45 45-60 20-30 35-45 45-60 20-30 35-45 45-60
Implementation Consultant 25-35 40-60 60-85 25-35 40-60 60-85 25-35 40-60 60-85
Director of Professional Services • • 100-130 • • 100-130 • • 100-130
Head of Connectivity • • 85-95 • • • • • 85-95
UP DOWN NO CHANGE • = Not applicable
1 3
14. VENDOR CONSULTANCY SERVICE PROVIDER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
FIX Support 30-35 45-55 55-70 • • • 30-35 45-55 55-70
Technical Account Manager 30-35 35-45 50-65 • • • 30-35 35-45 50-65
Production Support 30-35 35-45 45-65 • • • 30-35 35-45 45-65
FIX On-Boarding 30-35 35-50 55-75 • • • 30-35 35-50 55-75
Connectivity Analyst 25-30 30-45 45-60 • • • 25-30 30-45 45-60
Operations Support • • • • • • • • •
Application Support 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Client Services Specialist 30-35 35-45 45-55 • • • • • •
Market Data Support 28-35 35-45 45-60 • • • 30-35 35-45 45-60
Product Support 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Product Owner/Specialist • 40-50 50-65 • • • • • •
Trade Floor Support • • • • • • 30-35 35-45 50-65
Helpdesk 25-28 28-35 35-50 • • • 25-28 28-35 35-50
UP DOWN NO CHANGE • = Not applicable
1 4
15. VENDOR CONSULTANCY SERVICE PROVIDER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Sales Director/Head of Sales • • 120-150 • • • • • 120-160
Sales Managers • • 75-90 • • • • • 75-90
Sales Executives 35-45 50-65 65-75 • • • 35-45 50-65 65-75
Financial Software Sales 35-45 50-65 65-80 • • • 35-45 50-65 65-80
Pre-sales specialist 30-40 40-50 50-75 • • • 30-40 40-50 50-75
Account Manager 20-30 35-45 45-60 • • • 20-30 35-45 45-60
Relationship Manager 30-35 35-50 55-85 • • • 30-35 35-50 55-85
New Business Development 25-35 35-55 60-85 • • • 25-35 35-55 60-85
Head of Marketing • • 90-120 • • • • • 90-120
Head of Product • • 100-120 • • • • • 100-120
UP DOWN NO CHANGE • = Not applicable
1 5
20. AREA OVERALL VENDOR CONSULTANCY SERVICE PROVIDER
Senior 4% 5% 2% No Change
Sales 7% 7% 7% 5%
Support No Change No Change No Change No Change
Networks No Change No Change No Change No Change
.NET, Java, SQL, C++ etc 11% 9% 9% 13%
TEST, QA, Quant etc 8% 6% 9% 8%
AVERAGE 5% 5% 5% 5%
his sector has shown steady growth throughout. The support areas have shown little
to no change whereas sales has grown fairly significantly. It has been fascinating
to watch competition in the vendors in particular. There has firstly been a spike
in smaller players stealing market share.
The other trend has seen the bigger players
trade successful years. OpenLink, Triple Point
and Allegro in particular seem to win bids in
alternate groupings leading to barren patches
for each forcing a re-think in sales hiring. Those
with strong track records of global bid wins
therefore find themselves able to play company
against company and counter offers are naturally
significant. The result is a natural spike in sales
salaries as illustrated clearly here.
.Net development positions again see strong growth and
Java is equally robust. System design and user experience
are again the focal drivers here as innovation remains critical
to advantage in this particular space. The status quo in the
support element is interesting and we may see a rise here
towards the start of 2014. At the moment, the priority in the
industry is to win business and develop the best systems.
Support is perhaps taken for granted and, should this lead to
churn, we will see companies raise their salaries to maintain
their best staff rather than risk performance and production
issues.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
T
2 0
21. VENDOR CONSULTANCY TRADING HOUSE
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • 110-130 • • • • • 100-150
Programme Manager • • 100-120 • • 100-120 • • 110-120
Senior Project Manager • • 85-100 • • 85-100 • • 85-100
Project Manager 25-35 45-60 75-85 25-35 45-55 75-85 25-35 45-55 65-85
Business Analyst 30-45 45-60 65-85 30-45 45-55 65-85 30-45 45-55 65-85
Client Services Manager • • 75-95 • • 75-95 • • 75-95
Relationship Manager • • 75-95 • • 75-95 • •
Business Consultant • • 85-100 • • 80-100 • • 85-100
Product Manager • • 75-100 • • 75-100 • • 75-100
Head of Trading Systems • • 100-120 • • 100-120 • • 120-140
Technical Analyst 25-40 40-50 55-65 25-40 40-50 55-65 25-40 45-55 55-75
Client Service Director • • 90-110 • • 90-110 • • •
Account Manager • • 65-75 • • 65-75 • • •
Implementation Consultant 35-45 45-55 65-80 35-45 45-55 65-80 35-50 55-65 65-85
Director of Professional Services • • 110-120 • • 100-120 • • •
UP • = Not applicableDOWN NO CHANGE 2 1
22. VENDOR CONSULTANCY TRADING HOUSE
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Technical Account Manager 30-40 40-55 55-80 30-40 40-55 55-80 30-45 45-60 60-85
Production Support 25-35 35-45 55-65 25-35 35-45 55-65 25-35 35-45 55-65
Operations Support 30-45 45-55 60-75 30-45 45-55 60-75 30-45 45-55 60-80
Application Support 30-40 40-50 50-65 30-40 40-50 50-65 30-45 45-55 55-70
Client Services Specialist 30-40 40-55 55-80 30-40 40-55 55-80 30-45 45-60 60-85
Market Data Support 30-40 40-50 50-60 30-40 40-50 50-60 30-40 40-50 50-60
Product Support 30-40 40-55 55-65 30-40 40-55 55-65 30-40 40-55 55-65
Product Owner/Specialist 30-45 45-55 65-75 30-45 45-55 65-75 30-45 45-55 65-80
Trade Floor Support 25-35 35-45 45-55 25-35 35-45 45-55 25-35 45-55 55-70
Helpdesk 20-30 30-40 • 20-30 30-40 • 20-30 30-40 •
UP DOWN NO CHANGE • = Not applicable
2 2
23. VENDOR CONSULTANCY TRADING HOUSE
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Sales Director/Head of Sales • • 100-150 • • 100-150 • • •
Sales Managers • • 90-110 • • 90-110 • • •
Sales Executives 35-40 40-55 65-90 35-40 40-55 65-90 • • •
Pre-sales specialist 35-40 40-50 50-75 • • • • • •
Technical Pre-sales 30-40 40-50 50-65 • • • • • •
Account Manager • 45-55 55-65 • 45-55 55-75 • • •
Relationship Manager • 45-55 55-65 • 45-55 55-75 • • •
New Business Development • 45-55 55-85 • 45-55 55-85 • • •
Business Manager • • 85-100 • • 85-100 • • •
Head of Marketing • • 85-100 • • 85-100 • • •
Chief Marketing Officer • • 100-130 • • 100-130 • • •
Head of Product • • 75-100 • • • • • 85-110
UP DOWN NO CHANGE • = Not applicable
2 3
28. AREA INCREASE TIER 1 TIER 2 TIER 3
Senior 0.4% -3% 2% -2%
Ops Fix Support 6% 4% 6% 6%
Support 9% 8% 11% 8%
.NET, Java, SQL, C++ etc 12% 6% 14% 15%
TEST, QA, Quant etc 7% 6% 7% 16%
AVERAGE 7% 4% 8% 9%
hese represent perhaps the most exciting pages of the
survey. Investment Banking salaries act as a strong
barometer for wider employment and economic
confidence and growth. For the first
time in quite some time, we see
salaries in the banks rise. Aligned to
this is regular media reporting of an
increase in project and tech spend
which will have significant and positive
implications to the wider financial
community.
Unsurprisingly, development technology is again the front
runner. More and more is, however, expected for the money.
Those with communication and analytical skills to liaise with
the business are at the top of this scale, those pure techies
tend to fall at the bottom. Either way, it is a good time to be
a developer!
Of most significance is the 4% rise in Tier 1 Banks where
salaries have flat lined for some years. Senior positions are
the only area of decline, as with the Tier 3s, which points to a
continuing reticence for companies to be seen to be rewarding
heads of department in this climate. Again, we anticipate a
thaw here in the next 12 – 18 months. The climate is certainly
improving in the banks as this data illustrates and the theme
of redundancies is certainly far less apparent.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
T
OVERALL
2 8
29. TIER 1 TIER 2 TIER 3
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • 110-140 • • 110-130 • • 90-105
Programme Manager • • 110-130 • • 110-130 • • 100-120
Senior Project Manager • • 95-110 • • 95-110 • • 90-105
Project Manager • 55-70 75-100 • 55-70 75-100 • 55-70 75-95
Business Analyst 35-45 45-65 65-90 35-45 45-65 65-90 35-45 45-65 65-80
Head of Trading Systems • • 100-130 • • 100-130 • • 90-120
Technical Analyst 35-45 45-65 65- 80 35-45 45-65 65-80 35-45 45-65 65-75
Head of Connectivity • • 90-110 • • 90-110 • • 90-100
UP DOWN NO CHANGE • = Not applicable
2 9
30. TIER 1 TIER 2 TIER 3
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
FIX Support 30-40 40-60 65-75 30-40 40-60 65-75 30-40 40-60 65-70
Production Support 30-40 40-60 60-75 30-40 40-60 60-75 30-40 40-60 60-70
FIX On-Boarding 40-45 40-60 65-85 40-45 40-60 65-85 40-45 40-60 65-80
Connectivity Analyst 30-40 40-65 65-75 30-40 40-65 65-75 30-40 40-65 65-70
Operations Support 30-40 40-55 55-70 30-40 40-55 55-70 30-40 40-60 50-60
Application Support 30-40 40-60 60-75 30-40 40-60 60-75 30-40 40-60 60-70
Market Data Support 30-40 40-55 55-70 30-40 40-55 55-70 30-40 40-55 55-65
Product Support 30-40 40-60 60-70 30-40 40-60 60-70 30-40 40-60 55-65
Trade Floor Support 30-40 40-55 55-75 30-40 40-55 55-75 30-40 40-55 55-70
Helpdesk 25-35 30-35 35-45 25-35 30-35 35-45 25-35 30-35 35-45
UP DOWN NO CHANGE • = Not applicable
3 0
35. AREA INCREASE MANAGER HEDGE FUND PROP TRADING
Senior No Change No Change No Change No Change
Ops Fix Support 7% 9% 4% 7%
Support 10% 8% 12% 9%
.NET, Java, SQL, C++ etc 16% 22% 2% 20%
TEST, QA, Quant etc 7% 4% 3% 14%
AVERAGE 8% 9% 4% 8%
he data paints another very strong picture in the Buy
Side with Investment Managers and Prop Trading
Houses faring particularly well. The Hedge Funds
return steady growth and see a spike in support where issues
with certain vendor technologies have
led to a bigger need for in house teams
to support – often at a premium.
Prop Trading has seen some growth and this comes from the
trend of pop ups appearing with stunning regularity in the
space. With bankers now restricted in their bonuses, many
have taken the gamble to launch alternative funds. These
smaller IT departments necessitate smaller teams who can do
more so, whilst salaries are up, so too are the expectations of
what candidates are expected to do to maintain a job in this
area.
The lack of movement in Senior positions in this space is
somewhat surprising. Whilst salaries have always been
fairly strong in the BA/PM sector here, we have seen little
significant increase. Expect that to cause some churn issues
towards the start of 2014.
There are big gains for .Net and C# developers in investment
managers and prop trading companies as again we note a
desire for cleaner and more innovative code. The spikes in the
Investment Managers is interesting and the sector has seen a
strong rise in salary over recent years. Often the poor cousin
to the Investment Banking salary, the Investment Managers
have now drawn parallel and in some cases usurped the
packages on offer in the more arduous culture that one may
find in a bank.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
T
OVERALL INVESTMENT
3 5
36. INVESTMENT MANAGER HEDGE FUND PROP SHOP
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • 100-130 • • 110-140 • • 90-120
Programme Manager • • 95-110 • • 100-120 • • 90-100
Senior Project Manager • • 90-100 • • 95-105 • • 85-95
Project Manager • 60-85 85-110 • 60-85 85-110 • 60-85 85-110
Business Analyst 35-40 40-60 60-80 35-40 40-60 60-80 35-40 40-60 60-80
Head of Trading Systems • • 00-135 • • 100-140 • • 100-140
Technical Analyst 35-40 40-55 55-75 35-45 45-65 65-85 35-40 40-55 55-75
Head of Connectivity • • 100-120 • • 105-120 • • 100-120
UP DOWN NO CHANGE • = Not applicable
3 6
37. INVESTMENT MANAGER HEDGE FUND PROP SHOP
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
FIX Support 30-40 40-55 55-70 30-35 35-60 60-75 30-40 40-55 55-70
Production Support 30-35 35-55 55-70 30-40 45-60 60-75 30-35 35-55 55-75
FIX On-Boarding 30-35 35-55 55-75 40-45 40-60 60-80 30-35 35-55 55-75
Connectivity Analyst 30-35 35-55 55-75 40-45 40-60 60-80 30-35 35-55 55-75
Operations Support 30-40 40-55 55-70 30-40 40-55 55-70 30-35 35-50 50-70
Application Support 30-35 35-55 55-70 30-40 45-60 60-75 30-35 35-55 55-75
Market Data Support 30-35 35-50 50-70 30-40 40-55 55-70 30-35 35-50 50-70
Trade Floor Support 30-40 40-55 55-70 30-40 40-55 55-75 30-40 40-55 55-70
Helpdesk 28-30 30-35 35-45 28-30 30-35 35-45 28-30 30-35 35-45
UP DOWN NO CHANGE • = Not applicable
3 7
38. INVESTMENT MANAGER HEDGE FUND PROP SHOP
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Systems Administrator 30-35 35-50 50-70 30-35 35-50 50-70 30-35 35-50 50-70
Network Engineer 30-35 40-55 60-90 28-35 35-50 60-85 28-35 35-50 60-85
Low Latency Engineer 30-40 40-60 70-100 30-40 40-60 70-90 30-40 40-60 70-90
Linux Engineer 30-35 40-55 60-85 30-35 40-55 60-75 30-35 40-55 60-75
Windows Engineer 25-30 35-55 55-80 25-30 35-55 55-75 25-30 35-55 55-75
Network Architect • • 90-120 • • 90-105 • • 80-100
NOC Engineer 30-35 35-45 55-70 30-35 30-40 50-65 30-35 30-40 50-60
Market Data Acquisition 30-40 40-55 60-80 30-40 40-55 60-75 30-40 40-55 60-75
Market Data 30-40 40-60 65-85 30-40 40-60 65-8O 30-40 40-60 60-70
UP DOWN NO CHANGE • = Not applicable
3 8
42. AREA OVERALL EXCHANGE MTF BROKERAGE
Senior 7% 8% 9% 3%
Sales 15% 6% 15% 12%
Support (FIX) No Change No Change No Change No Change
Support 11% 10% 12% 11%
.NET, Java, SQL, C++ etc 8% 8% 12% 3%
TEST, QA, Quant etc 12% 10% 16% 8%
AVERAGE 9% 7% 11% 6%
ne of the strongest returns of the survey is presented
by the Exchanges, Brokerages and MTFs with the latter
showing the most significant spike of the survey. With
theexceptionofFIXandmoreTradeand
Operational support positions, which
have levelled out having arguably been
above market norm for some time, it is
a clean sweep of positive growth.
Hiring levels across all three areas have been strong. The
MTFs have enjoyed a resurgence of late with Turquoise the
latest to report record growth figures . Dark Pools have heaped
pressure on the IDBs and they have responded by raising their
game and offerings. The Market Makers have seen steady
improvements in business levels and the Exchanges have
enjoyed record trading levels. All of this requires strong staff
to compete in what has arguably developed into the most
competitive sector in the survey. In turn, this has led to a
battle for talent which has seen a significant growth in salary
throughout.
The only alarm bell is this has also proved one of the most
volatile sectors for salary over recent years and a “boom and
bust” mentality can be seen. Whilst salaries are expected to
maintain growth for the short term, this can very quickly move
backwards as trading volumes fall or confidence in alternative
trading wanes.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
O
4 2
43. EXCHANGE MTF BROKERAGE/MARKET MAKER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • 120-150 • • 120-150 • • 120-150
Programme Manager • • 110-130 • • 110-130 • • 110-130
Senior Project Manager • • 100-115 • • 100-115 • • 100-110
Project Manager 35-45 45-70 70-100 35-45 45-70 70-100 35-45 45-70 70-100
Business Analyst 30-35 35-55 55-80 30-35 35-55 55-80 30-35 35-55 55-80
Client Services Manager • 45-60 65-80 • 45-60 65-80 • 45-60 65-80
Relationship Manager 40-60 60-80 40-60 60-80 40-60 60-80
Head of Trading Systems • • 110-140 • • 110-140 • • 115-140
Technical Analyst 30-35 35-50 50-65 30-40 40-50 50-65 30-35 40-50 50-65
Head of Connectivity • • 100-120 • • 100-120 • • 100-120
Technical Account Manager 30-40 40-55 55-70 30-40 40-55 55-70 30-40 40-55 55-75
UP DOWN NO CHANGE • = Not applicable
4 3
44. EXCHANGE MTF BROKERAGE/MARKET MAKER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
FIX Support 30-35 35-50 50-65 30-35 35-50 50-65 30-35 40-55 50-70
Production Support 30-35 35-45 45-65 30-35 35-45 45-65 30-35 35-50 45-70
FIX On-Boarding 30-40 40-55 55-75 30-40 40-55 55-75 30-40 40-55 55-75
Connectivity Analyst 30-40 40-55 55-75 30-40 40-55 55-75 30-40 40-55 55-75
Operations Support 35-40 40-50 50-65 35-40 40-50 50-65 35-40 40-50 50-65
Application Support 30-35 35-50 50-70 30-35 35-50 50-70 30-35 35-50 50-70
Market Data Support 30-35 35-50 50-65 30-35 35-50 50-65 30-35 35-50 50-65
Product Support 30-35 35-45 45-60 30-35 35-45 45-65 30-35 35-45 45-65
Trade Floor Support 30-35 35-50 50-65 30-35 35-45 45-65 30-35 35-45 45-70
Helpdesk 25-30 30-35 35-45 25-30 30-35 35-45 25-30 30-35 35-45
UP DOWN NO CHANGE • = Not applicable
4 4
45. EXCHANGE MTF BROKERAGE/MARKET MAKER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Sales Director/Head of Sales • • 120-150 • • 120-150 • • 120-150
Sales Managers • • 90-120 • • 90-120 • • 90-120
Sales Executives 35-45 45-55 55-75 35-45 45-55 55-75 35-45 45-55 60-85
Account Manager 35-45 45-55 55-75 35-45 45-55 55-75 35-45 45-55 60-85
Relationship Manager 40-45 45-55 55-75 40-45 45-55 55-75 40-45 45-55 55-80
New Business Development 30-40 50-70 70-110 30-40 50-70 70-110 30-40 50-70 70-110
Head of Marketing • • 100-120 • • 100-120 • • 100-120
UP DOWN NO CHANGE • = Not applicable
4 5
50. AREA OVERALL INSURANCE HOUSE VENDOR CONSULTANCY
Senior No Change No Change No Change No Change
Ops Support No Change No Change No Change No Change
Support No Change No Change No Change No Change
.NET, Java, SQL, C++ etc 18% -2% 25% 23%
TEST, QA, Quant etc -10% -9% -5% -15%
AVERAGE 2% -2% 4% 2%
nsurance represents the area that has seen the least
change in salary in the survey. Perhaps the area that
has been effected least, or indeed benefited the most
from the financial crisis, this comes
as little surprise. The salary increases
here fall more in line with the wider
economic picture and steady growth is
a natural picture to see.
There has been little to no change throughout the support and
senior roles but a big contrast in the development picture.
Whilst C# and .NET positions have
shown significant leaps in vendors and
consultancies, tech integration salaries
have retracted sharply. The industry has
very much swung to these technologies
and user experience is again key.
We anticipate further steady growth here in an area that
remains strong financially. Insurance is a banker that will do
well in both good times and bad. That is perhaps reflected in
these results.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
I
5 0
51. UP DOWN NO CHANGE • = Not applicable
INSURANCE HOUSE VENDOR CONSULTANCY
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • 100-120 • • 90-105 • • 90-105
Programme Manager • • 95-110 • • 90-100 • • 90-100
Senior Project Manager • • 80-95 • • 75-85 • • 75-85
Project Manager 30-40 40-60 60-80 25-35 35-55 55-75 25-35 35-55 55-75
Business Analyst 30-40 40-55 55-75 25-30 30-50 50-65 25-30 30-50 50-65
Client Services Manager • • • • • 60-75 • • 60-75
Relationship Manager • • • • 35-50 50-70 • 35-50 50-70
Business Consultant 30-40 40-55 55-75 25-30 30-50 50-65 25-30 30-50 50-65
Product Manager • • • 25-35 35-50 50-70 25-35 35-50 50-70
Head of Trading Systems • • 100-120 • • 90-105 • • 90-105
Technical Analyst 30-40 40-55 55-75 25-30 30-50 50-65 25-30 30-50 50-65
Client Service Director • • • • • 85-100 • • 85-100
Account Manager • • • 25-35 35-40 45-65 25-35 35-40 45-65
5 1
52. INSURANCE HOUSE VENDOR CONSULTANCY
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Production Support 25-30 30-45 45-60 25-30 30-40 40-55 25-30 30-40 40-55
Application Support 25-30 30-45 45-60 25-30 30-40 40-55 25-30 30-40 40-55
Client Services Specialist • • • 25-30 30-40 40-55 25-30 30-40 40-55
Product Support • • • 25-30 30-40 40-55 25-30 30-40 40-55
Product Owner/Specialist • • • 25-30 30-45 45-60 25-30 30-45 45-60
Helpdesk 20-28 28-35 35-42 20-25 25-32 32-38 20-25 25-32 32-38
UP DOWN NO CHANGE • = Not applicable
5 2
53. INSURANCE HOUSE VENDOR CONSULTANCY
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Systems Administrator 20-28 30-40 40-50 20-28 30-40 40-55 20-28 30-40 40-50
Network Support 20-30 30-40 45-55 20-30 30-40 40-50 20-30 30-40 45-55
Systems Analyst 20-28 28-35 40-55 20-28 28-35 35-50 20-28 28-35 40-55
Linux Engineer 25-30 30-45 50-65 25-30 30-45 50-60 25-30 30-45 50-65
Windows Engineer 20-25 25-40 45-60 20-25 25-40 45-55 20-25 25-40 45-60
Network Architect • • 60-80 • • 60-75 • • 60-80
Data Centre Engineer 20-25 25-35 45-60 20-25 25-35 40-55 20-25 25-35 45-60
NOC Engineer 20-25 25-35 40-50 20-25 25-35 35-45 20-25 25-35 40-50
UP DOWN NO CHANGE • = Not applicable
5 3
54. INSURANCE HOUSE VENDOR CONSULTANCY
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
VBA/Excel Analyst Support 20-25 30-40 40-65 20-25 25-40 40-50 20-30 30-40 40-50
Web Developer (CSS/HTML) 25-35 35-45 45-60 25-35 30-45 45-50 25-30 30-45 45-60
Java/J2EE Analyst Programmer 30-35 40-55 55-70 30-35 35-45 45-60 30-35 40-55 55-70
Java Software Engineer 30-35 40-55 55-70 30-35 35-45 45-60 25-30 30-35 40-70
.NET Winforms AP 30-35 40-55 55-70 30-35 35-45 45-60 25-30 30-35 40-70
.NET WCF or WPF 30-35 40-55 55-70 30-35 35-45 45-65 25-30 30-35 40-70
.NET Web ASP.NET AP 30-35 40-55 55-70 30-35 35-45 45-60 25-30 30-35 40-70
C++ Software Engineer/Developer • 40-55 55-75 • 35- 45 45-70 • 30-45 50-75
SQL DBA 30-35 35-45 45-55 20-25 25-30 45-55 20-25 25-30 45-60
SQL Developer 30-35 35-45 45-60 25-30 35-40 45-55 25-30 35-40 45-60
SQL DB Architect • • 70-100 • • 50-70 • • 50-80
Oracle DBA 30-35 35-45 40-55 20-25 25-30 45-55 20-25 25-35 45-60
UP DOWN NO CHANGE • = Not applicable
5 4
55. INSURANCE HOUSE VENDOR CONSULTANCY
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Java Technical Architect • • 65-100 • • 55-75 • • 60-85
.NET Technical Architect • • 65-100 • • 45-65 • • 60-85
Manual Test Analyst/ QA 25-32 32-38 40-50 18-25 25-30 35-50 18-25 25-30 35-50
Automation Test Analyst 25-34 32-40 40-50 20-25 28-32 35-50 20-25 28-32 35-55
Test Manager • • 50-75 • • 45-65 • • 50-65
Tester / Business Analyst • 45-55 50-60 • 35-40 40-50 • 35-45 45-55
Development Manager • • 70-110 • • 65-90 • • 65-100
Tech Integration Engineer • 45-55 55-80 • 40-50 50-60 • 40-50 50-60
Data Analysts 28-34 34-40 40-50 26-28 28-35 35-45 28-34 35-40 40-50
Data Architect • • 65-75 • • 55-65 • • 60-70
UP DOWN NO CHANGE • = Not applicable
5 5
57. AREA OVERALL VENDOR CONSULTANCY DATA PROVIDER
Senior 1% 0.5% -1% -2.5%
Sales No Change No Change No Change No Change
Support (FIX/Ops) 15% 14% No Change 16%
Support 9% 9% 10% 9%
.NET, Java, SQL, C++ etc 10% 12% 13% 3%
TEST, QA, Quant etc 7% 8% 6% 8%
AVERAGE 7% 7% 5% 6%
very strong return for the Support, Connectivity and
Client Services roles in vendors and data providers can
be seen in the market data sector which points to a
strong expectation from the end user
around delivery. We have seen nearly
all clients in the space compete for
very similar profiles which has led to
bidding wars driving salaries upwards.
The sales sector has flat lined which is not uncommon in
this set of results. Again, we have seen the best sales people
demand higher salaries but the 80/20 rule dictates that these
elite performers are in the minority. There is less appetite
to reward underperformers with comfortable high salaries
and a greater emphasis has been placed around bonus and
commission driving basics flat.
The Senior levels also see a marginal move forward with
drops in both data providers and consultancies. This is also a
fairly consistent theme with caution still existing around high
reward packages. Development, as throughout, spikes across
the board as the sector has embraced new gen tech.
POSITION AND
COMPANY TYPE
Average Percentage
Growthin
••
A
5 7
58. UP DOWN NO CHANGE • = Not applicable
VENDOR CONSULTANCY DATA PROVIDER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Head of IT • • • • • • • • 120-140
Programme Manager • • 95-100 • • 95-100 • • 100-115
Senior Project Manager • • 80-90 • • 80-95 ª • 85-100
Project Manager 30-40 45-65 65-85 30-40 45-65 65-85 30-40 45-65 65-85
Business Analyst 30-35 35-50 55-75 25-35 35-50 55-75 30-35 35-50 55-75
Client Services Manager • • 55-75 • • 55-75 • • 55-75
Relationship Manager 30-35 35-50 55-70 30-35 35-50 55-70 30-35 35-50 55-80
Product Manager 30-35 40-55 60-80 • • • 30-35 40-55 60-80
Technical Analyst 30-35 35-50 55-75 25-35 35-50 55-75 30-35 40-55 60-75
Client Service Director • • 80-95 • • 80-95 • • 80-95
Account Manager 25-35 35-45 45-60 25-35 35-45 45-60 25-35 35-45 45-60
Implementation Consultant 30-35 40-60 60-85 30-35 40-60 60-85 30-35 40-60 60-85
Director of Professional Services • • 100-130 • • 100-130 • • 100-130
Head of Connectivity • • 85-95 • • • • • 85-95
5 8
59. UP DOWN NO CHANGE • = Not applicable
VENDOR CONSULTANCY DATA PROVIDER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
FIX Support 30-35 40-50 50-65 • • • 30-35 40-50 50-65
Technical Account Manager 30-35 35-45 44-55 • • • 30-35 35-45 45-55
Production Support 30-35 35-45 45-60 • • • 30-35 35-45 45-60
FIX On-Boarding 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Connectivity Analyst 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Operations Support • • • • • • 30-35 35-50 50-60
Application Support 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Client Services Specialist 30-35 35-45 45-60 • • • • • •
Market Data Support 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Product Support 30-35 35-45 45-60 • • • 30-35 35-45 45-60
Product Owner/Specialist • 40-50 50-65 • • • • • •
Trade Floor Support • • • • • • 30-35 35-45 50-65
Helpdesk 25-30 30-40 40-45 • • • 25-30 30-40 40-45
5 9
60. VENDOR CONSULTANCY DATA PROVIDER
Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+
Sales Director/Head of Sales • • 120-150 • • • • • 120-160
Sales Managers • • 85-100 • • • • • 85-100
Sales Executives 35-45 50-65 65-80 • • • 35-45 50-65 65-80
Financial Software Sales 35-45 50-65 65-80 • • • 35-45 50-65 65-80
Pre-sales specialist 30-40 40-50 50-75 • • • 30-40 40-50 50-75
Technical Pre-sales 30-40 40-50 50-75 • • • 30-40 40-50 50-75
Account Manager 20-30 35-45 45-60 • • • 20-30 35-45 45-60
Relationship Manager 30-35 35-50 55-85 • • • 30-35 35-50 55-85
New Business Development 25-35 35-55 60-85 • • • 25-35 35-55 60-85
Business Manager • • 120-150 • • • • • 120-150
Head of Marketing • • 90-120 • • • • • 90-120
Head of Product • • 100-120 • • • • • 100-120
UP DOWN NO CHANGE • = Not applicable
6 0
65. tarting with bonuses, there has been little to
no change in levels expected to be paid out
in 2013. Bonus levels have been accepted
as having moved backwards but the sharp
decline seems to have been arrested.
The hedge funds have returned the strongest levels
throughout making them the most attractive compensation
packages in the financial services and commodities
technology sector. Senior execs within technology are
averaging over 75% in hedge funds and even junior staff are
seeing up to 40% returned.
The remainder of the industry remains fairly normalised with
some returning 0% still, though those being very much the
anomaly. As confidence and competition has returned we
are seeing pockets of people begin to boost bonuses as a
retention tool but not enough to make a significant move in
the industry averages.
We believe that the bonus
payments will become
a feature in 2014 with
retention of key staff more
and more of an issue. As
more companies start to
compete, others will have
to raise the bar in order
to attract and retain staff.
Expectations will rise
amongst the candidate
community and we will
see bonus again become a
feature of negotiation.
Overall, bonuses in the
space remain far from
terrible though they remain
below levels we have seen
before. The differences
from company to company
remain marked which makes
this a difficult report to
create. Many will provide
little to nothing, many
will be linked to company
performance, many will be
based around the individual.
When presented with the full data however, patterns emerge
and what we see is an industry that will pay around 10% in
bonus to its junior staff, 15% for those who have been in situ
for 2-10 years, 20% to senior technology professionals and
around 35% to its executives.
When compared to wider industry, and indeed much of the
front office, these represent an encouraging picture of careers
and bonuses in the technology space.
2013 SALARY
SURVEY
HARRINGTON STARR’S
S
In this section we explore bonuses,
commission levels and the package details that
can be expected in the industry.
6 5
67. SALES COMMISSION
Junior £40-
45k
£30k
£50k
£120k
£80k
£180k
£100k
£250k
£140k
£260k
Senior
Mid
Level
Sales
Manager
Sales
Director
he sales sector has been amongst the most
interesting areas to review in the report.
Again from last year, the picture is near
identical. The graphic above illustrates
relatively static basics although, as
previously shown, we have seen a 3-4% rise in salary. For the
purposes of the above, we have kept them to round figures.
OTE packages remain settled and whilst some will over
achieve significantly, we also see many fall below. The haves
and have nots in the sector are noticeable with large deal
sizes having a significant impact on yearly packages. Deal
cycles have elongated significantly over recent years but,
with many bids that we know of nearing completion, we
predict significant wins for many with big deals exploding
OTE earnings.
Sales people have been under pressure in the space with
challenges around client decision making. A number
of projects were canned through 2012 and, should the
freezes thaw in 2013, many will see plentiful opportunity.
Consistency is well rewarded but that consistency is hard
found. Those with those track record are, in some instances,
able to write their own cheques. Those who cannot prove
delivery will find pay increases and employment chances far
more difficult.
UK sales have been
challenging this year for a
number of the traditional
power houses in vendor
technology over both
commodities and buy
and sell side systems
companies. The Banks and
End Users have been far
more stringent about due
diligence and expected
more in delivery. Pre-sales
have become worth their
weight in gold. This has
meant static compensation
levels that can naturally
be enhanced significantly
by bonuses based on
performance.
With sales so critical to
company success, it is
surprising that it remains
one of the lowest growing
areas. The key comes from
the fact that OTE is the
driver. Sales people will be driven principally by the reward
from their return. The OTEs above are a benchmark but many
can significantly over perform. We have seen these levels
come back as standard in the industry but some companies
will win the race for talent by opening the cheque book and
paying above the odds. There are question marks about
this strategy over mercenary talent and interview “blaggers”
failing to deliver once they have negotiated a strong package.
Our advice is to pay a competitive base, create a strong
culture, sell your business and product strategy well and the
best will naturally be attracted to your business irrespective
of external interest.
T
Level Basic OTE
•• 6 7
68. Additional
packageoptions
Work from Home
“20% Time”
Company Events
Sabbaticals
Company Events
Work/Life Balance
Dry Cleaning
25 days holiday
Life Insurance
Death In Service
Health
Dental
Pensions*
Equity
Share Schemes
Gym
Lunch or Vouchers
Child Care Vouchers
Free Breakfast
Cycle to Work
Free Travel
Season Ticket Loan
Sponsored Training
MBA
University Sponsor
Company Holidays
On Site Gym
Flexitime
he significance of package has also sprung
to life in recent months. Google and the Tech
Valley giants such as Facebook, Zappos and
Instagram have revolutionised the working
environment and this has spread into what
candidates expect in the financial services and commodities
sector. Companies are having to re-shape their package to
attract and retain talent and are becoming more and more
innovative in their methods of doing so.
Packages vary significantly. Start ups will focus on culture
and environment, larger companies will offer significant
pensions, car allowances and health packages. Whichever
route that has been taken, it has become clear that the
packaging of an offer is extending far beyond simply the
basic offered.
We have asterisked the pensions because this varied
wildly. From a leading market information provider
offering 30% final salary schemes through to those offering
stakeholder pensions the variations were genuinely
remarkable. There was no concrete trend in any particular
business area with the average sitting at around 6%. In
talking to applicants, some felt that the pension was a critical
part of the package. To others it was wholly irrelevant.
T
••
6 8
69. environment and treatment
delivered in the package. Applicants are looking for a company
that offers “mastery, autonomy and purpose” to quote the
work of Dan Pink, the author of Drive. With that in mind, the
challenge offered, the training and development, the culture
and quality of work and the overall purpose of the company
became as significant as salary to many.
Packages are changing and when companies offer different and
unique “care packages” they can outgun competitors offering
bigger salaries or more lucrative
deals. The progression of the cloud
has led to more flexitime or the
ability to work from home. This
has become a significant choice for
many. Those that support families
and promote work life balance
in a sector that has traditionally
scorned such efforts are winning.
Flexibility and innovation in how a
company looks after their staff are
so, so important.
Family has become
important with more
pressure on working parents.
Where companies can offer
child care vouchers or creche
facilities, four day weeks or
flexible start time, they are
winning an important and
significant demographic.
Share schemes and equity
plays are sought by many,
particularly in start up
environments and some
companies are open to
this. Whilst this has always
been the case, the boom in
start ups that are expected
this year mean companies
will have to be creative in
attracting the right people
on board. Some will be
more open to sharing than
others and this will naturally
be more attractive to an
applicant.
Life, holiday, pension, health
and death in service are
now universally expected.
The big change is the rise
in peripheral package
details that are becoming
more significant and
expected from an ever more
demanding applicant base.
Free breakfasts, lunches, massages, yoga classes, and dry
cleaning were among some of the “new generation” offers
presented alongside stunning company events and grand
gestures. Expectation in the work place has been changed
and companies who are ambivalent towards staff well being
are seeing their best staff leave. The old concept of if you are
not looking after your staff someone else will has never been
more apparent.
Autonomy is interesting. Google’s 20% time where developers
are given 20% of their time to run on self managed projects
have given birth to winning concepts such as Google Mail
and Google News. This has flicked a switch in developers
throughout the industry who are seeking the opportunity to be
creative and contribute to the company strategy. Whilst this
has still not fully taken off, it remains a focal point of interest
for many. Those who can provide this may find an advantage
in hiring the best talent from their competition.
Regarding mastery, training, new technology and interesting
projects are key. Applicants are looking to work with people
they can learn from and with technologies that can advance
their careers. If their company cannot provide this they will
move. Those that invest in career development programmes,
give challenges and help people move up through the
company with external courses and MBA sponsorship are
seeing far less churn and movement in their headcount.
OF MORE UNIVERSAL SIGNIFICANCE
IN THIS WAS THE CULTURE,
••
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70. MARKET
OVERVIEW
The job boards, an unofficial economic barometer, show
significantly increasing requirement levels, and we have had
over 80% of our clients report an increase in hiring levels
expected from 2013.
Demand is particularly strong around a series of technologies
and there is a noticeable talent shortage which has led to an
increase in salary around these areas. Web tech, Business
Intelligence, FPGA, Java, Regulatory Analysis, Risk, Cloud, FIX,
Fixed Income, FX, Project Management, Soft Commodities
and Trade Support all represent areas of keen interest from
hiring managers and companies are ready to pay handsomely
accordingly.
We have been speaking for some time about a skills gap that
exists within trading technology and this looks set to stretch
further this year as more companies gain the confidence to
hire once again. There are demonstrable skills shortages for
a number of vendor technologies, asset classes and niche
technologies with advancement of areas such as FPGA
and Microwave in particular being strangled by a lack of
programming talent in the space. This makes candidates with
the skill set extremely useful to the market.
Looking at demand, opportunities, shortages and
concerns, the market in 2013 is overwhelmingly
positive. The start to the year has been strong and
confidence has been resurgent in hiring.
Opportunities exist for applicants and hiring managers
alike. The more nimble companies who have worked hard
to create a brand as an “employer of choice” and have
streamlined recruitment efficiency to allow a quick service
are moving ahead in their ability to attract talent to their
business. Those who work on the culture and experience
of their company will win. For candidates looking for
positions, there will be a number of opportunities. It is,
however, important to not that this is not the case for
everyone. Exposure to the right technology and building
skill sets in boom areas is trendy. Strategic development of
your career is essential and the rewards substantial.
Concerns still exist, of that there can be no question.
Companies are more confident but spend is still being very
closely monitored. These are uncertain times and people
are reluctant to roll the dice on exactly when a recovery will
be apparent. Recruitment processes can be far longer and
there is a concern about “bad hiring” which can become a
significant business cost. On the candidate side, security
remains an issue and many will be very cautious about
making a move and losing employer good will. This has,
however, been a noticeably decreasing trend as more and
more people are becoming more confident in making the
jump.
The market picture for Financial Services and Commodities
Technology is, therefore, an encouraging one. We have
quoted increases across the industry in basic salary and
increases in hiring levels and vacancies. That augers well
for the year ahead.
•• 7 0
71. In
Summary...Many thanks for taking the time to read
this report and we trust that it has proven
useful. We would be delighted to talk to you
about any of the findings in more detail and
welcome any feedback on the numbers.
The headlines from the report focus on
growth and innovation. Growth almost
universally in both basic salary and
employment demand and innovation
in a series of new technologies
increasing opportunity.
The financial markets are diversifying and a
number of David’s are starting to challenge
Goliath. Smaller players are growing rapidly
within prop trading, high tech vendors
and MTFs and this has challenged the
status quo where the bigger companies
naturally attracted and paid for the most
experienced talent.
Financial Technology is no longer
dominated by the Investment Banks but
there are ominous signs of recovery there
too. It is almost a sense of the Banks lying
low in the sin bin waiting to return to the
action and we believe that we will see this
happen in the near to mid future.
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We wish you luck in the year ahead and
please let us know if we can be of service!
72. ABOUT
HARRINGTON
STARR
● Global Leaders in Financial Services and
Commodities Technology Recruitment.
● Founded in 2010 with a management team boasting
forty years of technology recruitment experience.
● Permanent, Retained, Contract and
Interim Recruitment Solutions.
● Trusted Advisors to the leading names in vendor, consultancy
and end user channels in Trading Systems Technology.
● Working with over 400 of the leading, global names in
vendor technology houses, consultancies, investment banks,
asset managers, hedge funds, exchanges, brokerages, prop
shops and trading houses.
● Repeat business representing over 90% of our portfolio
hi-lighting excellent levels of customer delight.
● Excellence through understanding the needs
of all of our customers.
Everything we do is centred
around the customer experience
that we provide. User friendly
recruitment which aims to be
better at every touch point.
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73. BEING OF SERVICE
– Seven Complementary Value Adding Products
mystique
The
HARRINGTON STARR
not by revolutionising but just doing things
better at every touch point for our customers.
The Harrington Starr Service breaks down into
seven key areas of differentiation:
IS IT POSSIBLE TO DELIVER A
TRULY DIFFERENT RECRUITMENT EXPERIENCE?
WE BELIEVE THAT YOU CAN,
HS Five Starr Service
HS Intelligence
HS Community
HS Connect
HS Consulting
HS Coach
HS Care
The HARRINGTON STARR
MYSTIQUE centres around
adding value and providing a
service that goes far above simply
placing a candidate. We look to
position ourselves as thought
leaders in the financial services and
commodities technology community
and champion excellence in customer
service in the recruitment industry.
This is a service driven by you the
client and can be totally tailored to
your specific campaign.
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