If you work in investment banking IT, you are no doubt (still) primarily motivated by earning potential over potentially exciting new innovations. Banking generally pays tech workers more than other industries, but within the sector which roles offer the larger salaries and which keep technologists on the breadline?
Recruiters Hudson have just released a very extensive salary survey looking at the financial technology market in the UK. Based on this, [efc_twitter text="here’s our round-up of the highest and lowest paying banking IT positions"] outside of the senior ranks.
Best paying banking technology jobs:
Big bata architect: Even junior big data architects start out on £65-80k, but this rises swiftly to a maximum of £170k at the intermediate level.
Python/Scala developers: Python and Scala developers have emerged from relative obscurity to become some of the best paid financial services technologists. Senior staff can now expect £100k, on a par with the ever-hot Java developers.
Trading systems developer, third-party platforms: If you’re a specialist developer with knowledge of third-party trading platforms like Fidessa, Calypso or Summit, banks appear willing to pay a premium. Junior roles start at £45k, but senior positions can pay in excess of £110k.
Ecommerce manager: Investment banks have been displacing their single-dealer ecommerce platforms for digital investment banking platforms that can serve demanding clients. Senior technology professionals who can manage these initiatives can expect a big pay packet – up to £130k, to be precise.
Project managers and business analysts, etrading: Pay for PM and BA roles generally exceeds more technical positions, with senior roles exceeding six figures regardless of specialisation. However, those working across asset classes on etrading projects edge the pay stakes. PMs here can expect up to £140k, whilst business analyst jobs can hit £115k.
Senior business architect, IT transformation: Outside of the senior ranks, business architects are the best paid in IT transformation within the financial sector – even more so than the Six Sigma consultants, who earn up to £100k. Business architects can bring in up to £115k.
Worst paying banking technology jobs:
Service desk analyst: Want to help investment bankers with their IT problems? Don’t expect a big salary for your trouble. Pay starts at £25k, but never makes it beyond £50k, suggests the survey.
Datacentre analyst: Datacentre analyst roles start at the bottom of the rung in the salary stakes, at £25k, and they rarely compete with other roles in IT infrastructure and support. At the top end, £70k salaries are not exactly tiny, but they don’t compare well with other banking tech roles.
QA analyst: Is the role of the QA analyst becoming less important as investment banks embrace Agile working methodologies? Perhaps, or at least salaries suggest that it’s becoming less well-remunerated – roles start at £25k, but do however jump to £90k for those at the senior end.
Development roles related to the back office: Should you choose to ply your development skills in an investment banks’ back office, expect to be paid less than your front office colleagues. The likes of C# GUI developers, C++ and Java/J2EE developers start on £30k – £10k less than the front office – and even senior positions plateau at £70k, compared to £95k in the front office.
Security administrator: Information security is, of course, hot in financial services and security consultants can haul in up to £110k. However, security admin roles pay poorly relative to other investment banking IT jobs. They start at £25k and never go beyond £65k.
PMO analyst, retail banking: We’ve mentioned previously that PMO salaries tend to hang at the bottom of the project management pay scales, but within financial services retail banking offers the lowest rates. Even senior salaries are capped at £55k, suggests the data.