What Are the Latest Compensation Trends in Financial Services?

TL;DR

The 2023 e-financial careers report reveals that revenue-generating roles in financial services experience lower satisfaction with compensation amidst challenging market conditions, while non-revenue roles, especially operations, report higher satisfaction levels. Notably, working hours have improved, and compensation between buy-side and sell-side positions is now nearly equal when accounting for hours worked.

Transcript

foreign [Applause] today to delve into the latest e-financial careers report on compensation in their financial services industry with none other than the CEO of e-financial careers Peter Haley as we all know 2023 has been and continues to be a challenging year for financial services professionals this comprehensive survey based report is a valuabl... Read More

Key Insights

• 😘 Revenue-generating job functions show lower satisfaction with compensation in a challenging market.
• 😆 Non-revenue generating roles like operations are surprisingly more satisfied with their pay.
• 💦 Improvement in working conditions with a reduction in average working hours.
• ❓ Buy side compensation is comparable to the sell side, with various benefits and career paths.
• 😀 Technologists in financial services are facing challenges around the technologies they work on.
• 🥺 London and New York still lead in pay differentials at the MD level compared to Europe and Asia.
• 🧚 The report highlights the importance of a fair distribution of pay across job levels.

Questions & Answers

Q: What were the key highlights for revenue-generating job functions in the financial services sector?

Revenue-generating professionals showed lower satisfaction with compensation due to challenging market conditions in 2023.

Q: How do non-revenue generating roles like operations view their compensation according to the e-financial careers report?

Surprisingly, non-revenue generating roles like operations were the most satisfied with their pay, despite being lower paid compared to other roles.

Q: Have working conditions and long hours improved in financial services?

The report shows a reduction in average working hours, especially in investment banking, indicating some improvement in working conditions.

Q: How has the talent shortage in Tech and Quant roles affected compensation in the financial services sector?

With a cooling market in big Tech companies, financial services firms are taking advantage by recruiting talent, but tech salaries remain robust.

Summary & Key Takeaways

• The e-financial careers report covers compensation insights for 2023 in the financial services sector.

• Revenue-generating job functions show lower satisfaction due to challenging market conditions.

• Non-revenue generating roles like operations are surprisingly more satisfied with their compensation.