Total compensation and salary increased an average of nine per cent in 2005 for professionals working at US risk technology and software companies, according to research conducted by specialist recruitment firm Risk Talent Associates (RTA).
Commenting on the results of a professional compensation survey, Michael Woodrow, president of RTA, says: "The most senior executives reported non-cash bonuses that averaged around US$286,000 in 2005, up from $280,000 a year earlier. But the biggest leap came in the form of cash bonuses. In 2004, a managing director or president of a risk technology firm took home an average of $153,000. This year, the same individual could take home up to $204,000."
The firm also released the results of a smaller survey on corporate risk managers which shows minor growth in total compensation and salaries in 2005, averaging 5.5% and 1.5% respectively.
Average compensation rates are very similar for risk managers with seven to 15 years of experience ($255,000) and those with more than 16 years of experience ($265,000). Corporate risk managers with fewer than seven years of experience receive on average $95,000 in total compensation. Cash bonuses made up roughly 40% of total compensation at the executive level, compared to 11% for risk analysts and risk managers.
Meanwhile a survey released in the UK by specialist banking and financial services recruitment firm Morgan McKinley shows that nearly three quarters of employees in London's financial district expect their 2005/2006 bonuses to be higher than 2004, with a quarter expecting this year's bonus to be double last year's. The research, which surveyed 150 City employees, found that only six per cent expect their 2005 bonuses to be less than a year ago.
But the Morgan McKinley research also shows that the average City salaries decreased by 4.2% to £49,334 in August 2005 compared to July but are still up 1.7% on August last year.
The number of new jobs coming on to the market increased to 6489 in August 2005, compared to 5922 in July 2005 and 4347 in August 2004.