harrington starr salary survey 2013

HARRINGTON STARR’SFINANCIAL SERVICES

& COMMODITIES TECHNOLOGY

PERMANENT STAFFING SALARY SURVEY

London’s Market by Market Technology Salary Survey

IntroductionSurvey headlinesHot Skills

SALARY INFORMATIONBuy and Sell Side Trading SystemsCommodities TechnologyInvestment BankingBuy Side TechnologyExchanges, MTF, BrokeragesInsuranceMarket Data

Package details (Bonus, Commission & Benefits)Market OverviewSummaryAbout Harrington Starr

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TABLE OF CONTENTS

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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

WELCOME TOHARRINGTON STARR’S

WHERE WE ARE DELIGHTED TO PRESENT COVERAGE OF 2966 SEPARATE SALARY BANDS

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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

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••I N N OVAT I V E A R E A S O F T H E S E C TO R

H AV E D R I V E N S A L A RY G R O W T H A S M U LT I P L E T E C H N O L O G I E S H AV E E M E R G E D

C R E AT I N G A V I S I B L E S K I L L S G A P••

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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


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••C A N D I DAT E S W I T H N I C H E

S K I L L S E T S A R E P R E S E N T E D W I T H A P E R F E C T T I M E TO

B E L O O K I N G F O R W O R K ••

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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


Points Of NoteBefore we look at the data in full detail, it is worth mentioning a few points of note.

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6.7%AVERAGE SALARY INCREASE IN FS AND COMMODITIES TECH

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%

Buy and sell side trading

systems

Commodities technologies

Investment banking

Buy side Exchange/ MTF/

brokerage

Insurance Market data

AVERAGE SALARY

IN FS AND COMMODITIES

TECH

£48,976

2,121

16,588

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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 Sell Side Tra

ding Systems

Commodities

Investment B

anking

Buy Side Technology

Exchange, Brokera

ge and MTF

Insura

nce

Market Data

£49,820£51,051£54,522£53,733£44,283£42,590

Overall Average: £48,976

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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.

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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

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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.

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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

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BUY AND SELL SIDE TRADING TECHNOLOGY

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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 Growth in

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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 applicable1 3


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

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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


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Systems Administrator 27-32 35-45 45-65 27-32 35-45 45-65 27-32 35-45 45-65 Network Support 30-35 35-50 50-65 30-35 35-50 50-65 30-35 35-50 50-65 Network Engineer 30-35 35-50 55-70 30-35 35-50 55-70 30-35 35-50 55-70 Low Latency Engineer 30-35 40-50 50-80 30-35 40-50 50-85 30-35 40-50 50-80 Linux Engineer 27-32 35-45 45-65 27-32 35-45 45-65 27-32 35-45 45-65 Windows Engineer 27-32 35-45 45-60 27-32 35-45 45-60 27-32 35-45 45-60 Network Architect • • 60-85 • • 65-90 • • 65-90 Data Centre Engineer 25-30 30-40 45-50 25-30 30-40 45-50 25-30 30-40 45-50 NOC Engineer 25-30 35-50 50-70 25-30 35-50 50-70 25-30 35-50 50-70 Market Data Analyst 25-35 30-45 40-65 25-35 30-45 40-65 25-35 30-45 40-65 CCNA 25-30 30-35 35-45 25-30 30-35 35-45 25-30 30-35 35-45 CCNP 30-35 35-50 50-65 30-35 35-50 50-65 30-35 35-50 50-65 CCIE • 50-60 65-85 • 50-60 65-85 • 50-60 65-85


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

VBA/Excel Analyst Support 18-23 25-30 28-35 18-23 25-32 28-35 18-25 25-30 30-40 Web Developer (CSS/HTML) 25-30 30-45 45-60 27-30 30-40 40-50 25-30 30-45 45-60 Java/J2EE Analyst Programmer 25-30 35-45 40-65 25-30 30-40 40-70 25-30 30-40 40-70 Java Software Engineer 25-30 35-45 45-65 25-30 35-45 45-70 25-30 28-35 40-65 .NET Winforms AP 28-30 30-35 35-70 28-32 35-45 40-65 25-32 35-45 45-65 .NET WCF or WPF 28-30 30-35 35-70 28-32 35-45 40-65 25-32 35-45 45-65 .NET Web ASP.NET AP 25-30 28-35 40-60 28-32 30-35 40-60 28-32 30-45 40-60 C++ Software Engineer/Developer • 35-45 50-60 • 35- 45 50-65 • 40-50 50-75 SQL DBA 25-30 30-40 45-60 25-30 35-40 45-65 25-30 30-40 45-60 SQL Developer 30-35 35-45 45-65 25-35 35-45 45-65 25-30 35-45 45-65 SQL DB Architect • • 50-80 • • 50-85 • • 50-80 Oracle DBA 25-30 30-35 45-60 20-25 25-30 45-60 25-30 30-40 45-60 Hardware Developer (FPGA /ASIC) 25-30 35-45 50-70 • • • • • •


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Java Technical Architect • • 55-75 • • 60-90 • • 60-90 .NET Technical Architect • • 55-75 • • 60-85 • • 60-85 Manual Test Analyst/ QA 18-25 25-30 35-50 18-25 25-30 35-50 18-25 25-30 35-50 Automation Test Analyst 20-25 28-32 35-50 20-25 28-32 35-55 20-25 28-32 35-55 Test Manager • • 45-65 • • 50-65 • • 50-70 Tester / Business Analyst • 35-40 40-50 • 35-45 45-55 • 35-45 45-55 Development Manager • • 65-90 • • 70-100 • • 65-90 Quant Dev 30-35 35-50 60-85 30-40 40-55 65-90 30-40 40-55 65-90 Quant Analyst/ Financial Engineer 40-45 45-60 75-110 40-45 45-60 75-110 40-45 45-60 75-110 Tech Integration Engineer • 45-55 60-80 • 45-55 60-90 • 45-55 60-80 Data Analysts 18-25 25-32 32-40 18-25 25-32 32-45 18-25 25-32 32-45 Data Architect • 45-65 65-85 • 45-65 65-85 • 45-65 65-85


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COMMODITIES TECHNOLOGY

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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 ChangeNetworks 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.



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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


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 •


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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


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Systems Administrator 25-35 35-45 45-55 25-35 35-45 45-55 25-35 35-45 45-55 Network Support 25-30 30-40 40-55 25-30 30-45 50-60 25-35 35-45 45-65 Network Engineer 25-35 35-55 60-80 25-35 45-55 55-75 30-35 45-55 55-75 Low Latency Engineer 25-35 35-55 60-85 25-35 45-55 60-85 25-35 45-55 60-80 Systems Analyst 30-40 40-50 50-65 30-40 40-50 50-65 30-40 45-55 55-70 Linux Engineer 25-35 35-45 50-65 25-35 35-45 50-65 25-35 35-50 55-75 Windows Engineer 25-35 30-40 40-55 25-35 30-40 40-55 25-35 30-40 40-55 Network Architect • • 60-85 • • 60-85 • • 70-90 Data Centre Engineer 25-30 30-40 40-60 25-30 30-40 40-60 25-30 30-45 40-70 NOC Engineer 25-30 30-40 40-60 25-30 30-40 40-60 25-30 30-45 40-70 Market Data Acquisition 30-35 40-50 0-60 30-35 40-50 0-60 30-40 40-55 55-70 Market Data Analyst 25-35 40-50 50-65 25-35 40-50 50-65 25-35 40-50 55-75 Functional Architect • • 85-100 • • 85-100 • • 85-110


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

VBA/Excel Analyst Support 20-25 25-40 35-65 18-23 30-45 45-65 25-30 30-50 50-70 Web Developer (CSS/HTML) 20-25 25-30 30-45 20-25 30-40 40-50 25-30 30-45 45-55 Java/J2EE Analyst Programmer 25-30 30-45 45-65 25-30 30-45 40-70 25-35 35-50 50-90 Java Software Engineer 25-30 35-45 45-65 25-30 35-45 45-70 25-35 35-50 50-90 .NET Winforms AP 25-30 30-40 40-55 25-30 30-40 40-55 25-32 35-45 45-85 .NET WCF or WPF 25-30 35-45 45-65 25-30 35-45 45-70 25-35 35-50 50-90 .NET Web ASP.NET AP 25-30 30-40 40-65 28-32 30-40 40-65 28-32 30-45 45-85 C++ Software Engineer/Developer • 35-45 50-65 • 35- 45 50-65 • 40-50 50-75 SQL DBA 25-30 30-40 45-65 25-35 35-45 45-75 25-35 35-55 55-85 SQL Developer 30-35 35-45 45-75 25-35 35-45 45-65 25-30 35-45 50-75 SQL DB Architect • • 50-80 • • 60-90 • • 70-100 Oracle DBA 25-30 30-35 45-60 20-25 25-30 45-60 25-30 30-40 45-60


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+



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INVESTMENT BANKS

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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.



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OVERALL

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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


2 9


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


3 0


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 Analyst 30-40 40-60 65-85 30-40 40-60 65-8O 30-40 40-60 60-70 CCNA 30-35 35-45 45-50 30-35 35-45 45-50 30-35 35-45 45-50 CCNP 35-40 45-60 65-90 35-40 45-60 65-90 35-40 45-60 65-85 CCIE • 50-65 70-90 • 50-65 70-90 • 50-65 70-85


3 1


Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

VBA/Excel Analyst Support 30-35 35-55 60-90 30-35 35-50 50-85 30-35 30-50 50-80 Web Developer (CSS/HTML) 30-35 35-50 50-70 30-35 35-50 50-65 30-35 35-45 45-60 Java/J2EE Analyst Programmer 35-45 45-60 65-95 35-40 40-55 55-90 30-40 40-55 55-85 Java Software Engineer 35-45 45-60 65-95 35-40 40-55 55-90 30-40 40-55 55-85 .NET Winforms AP 35-45 45-55 55-85 30-40 40-50 50-85 30-40 40-50 50-80 .NET WCF or WPF 35-45 45-60 65-95 35-40 40-55 55-90 30-40 40-55 55-85 .NET Web ASP.NET AP 35-45 45-60 65-95 35-40 40-55 55-90 30-40 40-55 55-85 C++ Software Engineer/Developer • 40-65 70-100 • 50-65 65-90 • 45-55 55-75 SQL DBA 30-45 45-65 60-90 30-45 45-55 55-85 30-40 40-55 55-80 SQL Developer 30-35 35-50 50-75 30-35 35-50 50-75 30-35 35-50 50-65 SQL DB Architect • • 70-120 • • 65-110 • • 60-95 Oracle DBA 30-45 45-65 60-90 30-45 45-55 55-85 30-40 40-55 55-80 Hardware Developer (FPGA / ASIC) • 45-65 75-100 • 45-65 70-90 • 45-60 65-85


3 2


Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+



3 3

BUYSIDE

3 4

AREA INCREASE MANAGER HEDGE FUND PROP TRADING

Senior No Change No Change No Change No ChangeOps & 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.



••

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OVERALL INVESTMENT

3 5

INVESTMENTMANAGER HEDGEFUND PROPSHOP

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


3 6


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


3 7


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


3 8


Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

VBA/Excel Analyst Support 30-35 35-50 50-70 30-35 35-55 55-80 25-30 30-40 40-50 Web Developer (CSS/HTML) 30-35 35-45 55-70 30-35 35-50 50-65 25-35 35-45 45-75 Java/J2EE Analyst Programmer 30-35 40-55 55-70 35-40 40-60 60-90 25- 30 35-45 55-80 Java Software Engineer 35-45 45-60 65-95 35-40 40-55 55-90 30-40 40-55 55-85 .NET Winforms AP 35-45 45-55 55-85 30-40 40-50 50-85 30-40 40-50 50-80 .NET WCF or WPF 35-45 45-60 65-95 35-40 40-55 55-90 30-40 40-55 55-85 C++ Software Engineer/Developer • 40-65 70-100 • 50-65 65-90 • 45-55 55-75 SQL DBA 30-45 45-65 60-90 30-45 45-55 55-85 30-40 40-55 55-80 SQL Developer 30-35 35-50 50-75 30-35 35-50 50-75 30-35 35-50 50-65 SQL DB Architect • • 70-120 • • 65-110 • • 60-95 Oracle DBA 30-45 45-65 60-90 30-45 45-55 55-85 30-40 40-55 55-80 Hardware Developer (FPGA / ASIC) • • • • 45-65 70-100 • 45-65 70-100


3 9


Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+



4 0

EXCHANGE, MTF, BROKERAGE &

MARKET MAKER

4 1

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

the exception of FIX and more Trade and 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.



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4 2

EXCHANGE MTF BROKERAGE/MARKETMAKER

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


4 3


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


4 4


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


4 5


Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Systems Administrator 30-35 35-45 45-60 30-35 35-45 45-60 30-35 35-45 45-60 Low Latency Engineer 30-35 35-55 60-90 30-35 35-55 60-75 30-35 35-55 60-90 Linux Engineer 30-35 35-50 50-70 30-35 35-45 50-65 30-35 35-50 50-70 Windows Engineer 30-35 35-45 45-70 30-35 35-45 45-70 30-35 35-45 45-70 Network Architect • • 90-115 • • 70-100 • • 90-115 Data Centre Engineer 30-35 35-45 45-60 30-35 35-45 45-60 30-35 35-45 45-60 NOC Engineer 30-35 35-45 45-60 30-35 35-45 45-60 30-35 35-45 45-60 Market Data Analyst 30-35 35-45 45-65 30-35 35-45 45-65 30-35 35-45 45-65 CCNA 30-35 35-40 40-50 30-35 35-40 40-50 30-35 35-40 40-50 CCNP 35-40 40-50 50-55 35-40 40-50 50-55 35-40 40-50 50-55 CCIE • 50-65 65-85 • 50-65 65-85 • 50-65 65-85


4 6



Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

VBA/Excel Analyst Support 20-25 25-40 40-45 20-25 25-40 40-50 25-30 30-40 40-50 Web Developer (CSS/HTML) 25-35 35-45 50-65 25-35 35-45 50-65 25-35 35-45 50-65 Java/J2EE Analyst Programmer 25-30 40-50 55-75 25-30 40-50 55-75 25-30 40-50 55-80 Java Software Engineer 25-30 40-50 55-75 25-30 40-50 55-75 25-30 40-50 55-80 .NET Winforms AP 25-30 40-50 55-75 25-30 40-50 55-75 25-30 40-50 55-80 .NET WCF or WPF 35-45 45-60 65-80 35-40 40-55 55-80 30-40 40-55 55-85 .NET Web ASP.NET AP 25-30 40-50 55-75 25-30 40-50 55-75 25-30 40-50 55-80 C++ Software Engineer/Developer • 40-60 60-80 • 45-55 55-80 • 45-55 55-80 SQL DBA 30-45 45-65 60-80 30-45 45-55 55-80 30-40 40-55 55-80 SQL Developer 30-35 35-50 50-70 30-35 35-50 50-70 30-35 35-50 50-70 SQL DB Architect • • 65-90 • • 60-85 • • 55-85 Oracle DBA 30-45 45-65 60-90 30-45 45-55 55-85 30-40 40-55 55-80 Hardware Developer (FPGA / ASIC) • 40-60 65-95 • 40-65 70-85 • 40-60 70-85

4 7


Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Java Technical Architect • • 60-90 • • 60-90 • • 55-85 .NET Technical Architect • • 60-90 • • 60-90 • • 55-85 Manual Test Analyst/ QA 30-35 35-45 45-70 30-35 35-50 50-70 30-35 35-45 50-75 Automation Test Analyst 30-35 35-50 50-75 30-35 35-50 50-75 30-35 35-50 50-75 Test Manager • • 65-90 • • 60-90 • • 60-95 Tester / Business Analyst • 40-60 60-70 • 40-60 60-70 • 40-55 55-65 Development Manager • • 70-110 • • 80-110 • • 85-110 Quant Dev 35-45 45-65 70-120 30-40 40-65 65-120 35-40 40-65 60-110 Quant Analyst/ Financial Engineer 35-45 45-70 70-130 30-40 40-65 65-130 35-40 40-75 60-120 Tech Integration Engineer • 55-65 65-85 • 55-70 70-80 • 55-70 70-85 Data Analysts 25-35 35-45 45-50 30-40 40-45 45-50 30-40 35-40 40-50 Data Architect • • 65-80 • • 65-85 • • 65-85


4 8

INSURANCE

4 9

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.



••

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5 0


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


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


5 2


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


5 3


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


5 4


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


5 5

MARKETDATA

5 6

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.



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5 7


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



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


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


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Systems Administrator 30-35 35-45 45-60 30-35 35-45 45-60 30-35 35-45 45-60 Network Engineer 30-40 40-55 55-80 30-40 40-55 55-80 30-40 40-55 55-80 Low Latency Engineer 30-40 45-55 60-85 30-40 45-55 60-85 30-40 45-55 60-85 Linux Engineer 30-35 40-50 50-70 30-35 40-50 50-70 30-35 40-50 50-70 Windows Engineer 30-35 35-45 45-60 30-35 35-45 45-60 30-35 35-45 45-60 Network Architect • • 80-100 • • 80-100 • • 80-100 NOC Engineer 30-35 35-45 45-60 30-35 35-45 45-60 30-35 35-45 45-60 Market Data Analyst 30-35 35-50 50-65 30-35 35-50 50-65 30-35 35-50 50-65 CCNA 30-35 35-45 45-50 30-35 35-45 45-50 30-35 35-45 45-50 CCNP 35-40 40-50 50-65 35-40 40-50 50-65 35-40 40-50 50-65 CCIE • 45-60 60-85 • 45-60 60-85 • 45-60 60-85


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

VBA/Excel Analyst Support 20-25 25-35 35-50 20-25 30-45 45-55 20-25 25-35 35-50 Web Developer (CSS/HTML) 25-30 30-45 45-55 25-30 35-45 45-60 25-30 30-45 45-55 Java/J2EE Analyst Programmer 25-35 35-45 45-65 25-35 35-45 45-70 25-35 35-45 45-70 Java Software Engineer 25-35 35-45 45-65 25-35 35-45 45-70 25-35 35-45 45-70 .NET Winforms AP 25-35 35-45 45-65 25-35 35-45 45-70 25-35 35-45 45-70 .NET WCF or WPF 25-35 35-45 45-65 25-35 35-45 45-75 25-35 35-45 45-70 .NET Web ASP.NET AP 25-35 35-45 45-65 25-35 35-45 45-70 25-35 35-45 45-70 C++ Software Engineer/Developer • 35-50 50-70 • 35-50 50-75 • 35-50 50-70 SQL DBA 25-30 30-35 40-65 25-30 30-40 40-70 25-30 30-35 40-65 SQL Developer 25-30 30-35 40-65 25-30 30-40 40-70 25-30 30-35 40-65 SQL DB Architect • • 50-75 • • 50-80 • • 55-85 Oracle DBA 25-30 30-35 40-65 25-30 30-40 40-70 25-30 30-35 40-65


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Grad 2-4 5+ Grad 2-4 5+ Grad 2-4 5+

Java Technical Architect • • 55-75 • • 60-85 • • 60-85 .NET Technical Architect • • 55-75 • • 60-85 • • 60-85 Manual Test Analyst/ QA 20-25 25-35 35-50 20-25 25-35 35-50 20-25 25-35 35-50 Automation Test Analyst 20-25 25-35 35-50 20-25 25-35 35-50 20-25 25-35 35-50 Test Manager • • 45-65 • • 50-65 • • 50-70 Tester / Business Analyst • 35-45 45-55 • 35-45 45-60 • 35-45 45-60 Development Manager • • 65-95 • • 65-100 • • 65-95 Quant Dev 30-35 35-50 50-90 30-40 40-55 55-90 30-40 40-55 55-90 Quant Analyst/ Financial Engineer 40-45 45-60 60-110 40-45 45-60 60-110 40-45 45-60 60-110 Tech Integration Engineer • 45-55 60-80 • 45-60 60-85 • 45-60 60-85 Data Analysts 20-25 25-35 35-50 20-25 25-35 35-50 20-25 25-35 35-50 Data Architect • • 65-85 • • 65-90 • • 65-85


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PACKAGE DETAILS

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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


S

In this section we explore bonuses, commission levels and the package details that can be expected in the industry.

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AVERAGE BONUSES

As Percentage Of Base Salary

Investment Bank

Asset Manager

Hedge Fund

Buy/Sell Vendor

Buy/Sell Consultancy

Solutions Provider

Exchange/MTF

Commodities Contultancy

Insurance Vendor

Broker/Market Maker

Market Data Provider

Commodities Vendor

Energy Trading House

Insurance

Junior Mid Senior Exec

20

20

40

10

8

10

10

5

5

15

10

8

10

10

20

20

30

30

6060

15

12

15

15

10

10

20

15

15

20

20

35

55

75

25

25

35

35

30

25

30

35

35

35

20

20

20

20

20

20

25

20

25

30

3020

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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

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Additional package options

Work from Home“20% Time”Company EventsSabbaticalsCompany EventsWork/Life BalanceDry Cleaning

25 days holidayLife InsuranceDeath In ServiceHealthDentalPensions*Equity

Share SchemesGymLunch or VouchersChild Care VouchersFree BreakfastCycle to WorkFree Travel

Season Ticket LoanSponsored TrainingMBAUniversity SponsorCompany HolidaysOn Site GymFlexitime

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

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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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MARKETOVERVIEW

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.

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InSummary...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!

ABOUT HARRINGTONSTARR

● 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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BEING OF SERVICE

– Seven Complementary Value Adding Products

mystiqueThe

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 ServiceHS IntelligenceHS CommunityHS ConnectHS ConsultingHS CoachHS 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.7 3

WWW.HARRINGTONSTARR.COM

@harringtonstarr

(search Harrington Starr)

99 WATERLOO ROADLONDON SE1 8RT

T: +0044 203 587 7007E: [email protected]

HARRINGTON STARR LIMITED

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