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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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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?
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.
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.
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