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8 Financial Services 2014 IT Salary Trends

Technology pros in banking and securities continue to see their salaries rise, but workers are looking for training, flexibility, and job security as well.
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As the economy continues to improve, so does the salary picture for the financial services industry. According to the according to the InformationWeek 2014 US IT Salary Survey: Banking and Securities, more than two-thirds of IT pros in banking and securities firms received a raise in the past year. While the pay hike is important, other benefits matter to this group as well. Overall, this year’s research indicates that a majority of IT staff and managers are satisfied with their compensation and all aspects of their employment relationship.

Survey respondents include 603 staff-level employees and 651 managers from a variety of banking and securities organizations. Participants are about equally split between larger and smaller firms, with 51% of respondents working for banking and securities organizations with fewer than 5,000 employees. A third of survey participants (33%) work for organizations with more than 20,000 employees.

2014 Banking & Securities Salary Trend
More than 70% of IT staff and managers in banking and securities firms received a raise in the past year. The median base salary for staff climbed 1.4%, to $98,000 from 2013, while the median base salary for managers has leveled off at $120,000 since last year. Total compensation -- including bonuses and other direct cash payments received during the previous 12 months -- rose for both groups, a 1.9% jump for staff, and a 2.6 percent rise for managers.
More than 70% of IT staff and managers in banking and securities firms received a raise in the past year. The median base salary for staff climbed 1.4%, to $98,000 from 2013, while the median base salary for managers has leveled off at $120,000 since last year. Total compensation -- including bonuses and other direct cash payments received during the previous 12 months -- rose for both groups, a 1.9% jump for staff, and a 2.6 percent rise for managers.

 

 

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio

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Byurcan
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Byurcan,
User Rank: Author
5/21/2014 | 9:18:31 AM
Good to hear
That so many IT pros have recieved raises in the past year, hopefully this means the post-crisis days of flat IT budgets are beyond us.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
5/21/2014 | 10:04:36 AM
Re: Good to hear
Hopefully. Most IT budgets have seen single-digit increases in the past few years, but the increases fall far short of what's needed. With more resources being allocated to compliance, it's hard for the IT group to improve functionality for the business. Plus, demand for IT resouces is increasing faster than IT budgets are growing.
Becca L
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Becca L,
User Rank: Author
5/30/2014 | 4:33:27 PM
Re: Good to hear
When you ask them how much should we give they only answer more more more

http://youtu.be/ec0XKhAHR5I?t=1m39s
VsS978
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VsS978,
User Rank: Apprentice
6/30/2014 | 8:55:12 AM
Re: Good to hear
then do motivate them so their needs can be satisfied
Alison_Diana
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Alison_Diana,
User Rank: Apprentice
5/21/2014 | 10:35:05 AM
The Big Picture?
How do IT raises compare against other salaries in finance and banking? Did others receive bigger, smaller, or comparable raises in the past year, I wonder? And why?
Heather Vallis
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Heather Vallis,
User Rank: Apprentice
5/21/2014 | 10:47:21 AM
It's good to work on Wall Street
IT pros in banking and securities are faring better than the average IT worker: The base salary for IT staffers across all industries is a median $88K (compared with $98K in banking and securities); IT managers are pulling in $112K (compared with $120K). This extends to total compensation as well: Median compensation for IT staffers across all industries is $92K (compared with $104K) and $120K (vs. $140K) for managers.
Nathan Golia
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Nathan Golia,
User Rank: Author
5/21/2014 | 2:43:50 PM
Re: It's good to work on Wall Street
Wall Street firms do have the luxury of more assets than the average company overall as well, so it makes sense that their IT staff would be better compensated than the average IT worker.
Becca L
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Becca L,
User Rank: Author
6/30/2014 | 10:14:17 AM
Re: It's good to work on Wall Street
Absolutely. As they say, "follow the money"
grifgen
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grifgen,
User Rank: Apprentice
5/21/2014 | 3:55:52 PM
feeling underpaid
I have a feeling that I am underpaid after seeing these statistics. I am in IT and I always try to follow salary websites like Glassdoor to keep track of ranges and I recently received a personal salary prediction on Salary Fairy by other IT people in NY.

I guess currently I am in the bottom 10% of my title. Looking for ways to start the salary conversation or I guess I am going to have to jump ship. After all, as said in the article, personal fulfillment is important in performance and it starts with being satisfied with what you make.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
5/21/2014 | 4:18:08 PM
Re: feeling underpaid
Often the best way to have the salary discussion it to start a discussion with your supervisor about your performance. If you get good feedback during that discussion, then try and figure out what you are worth to your company (not what you think your worth is).


So, determine what your value is to your company. Quantify it and come up with some data (proof). And then go into the salary chat with your boss. If they value you and you can show you are undervalued, then you might do OK.

On the other side of the coin, however, the fastest way to end a raise discussion is to go in and talk about how you are underpaid and how you can get more somewhere else. If you do that, chances are your boss will call your bluff and tell you to see if you can do better elsewhere.
Becca L
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Becca L,
User Rank: Author
5/31/2014 | 7:06:45 PM
Re: feeling underpaid
It might also be worth adding that it could matter where you live. A lot of these FS firms are in NYC and in California, where cost of living (and therefore the salary) is significantly higher.
anon2836149044
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anon2836149044,
User Rank: Apprentice
8/6/2014 | 8:11:25 PM
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