IT staff shortages inflate banking sector salaries

IT staff shortages inflate banking sector salaries

Investment banking sector reluctance to recruit from an increasing pool of ex-contractors means that many IT developer and fund manager roles are remaining vacant, says recruitment outfit Robert Walters.

The shortage of suitably qualified IT candidates willing to take on a permanent investment banking role has also meant that salary levels have stayed high for yet another year in a row, says the agency.

According to the Robert Walters bi-annual salary survey, junior developers with VC++, C++ and VB programming skills can achieve salaries of up to £40K, senior developer salaries average between £60K and £70K, while programme managers and technical architects can command up to £120K per annum.

Experienced java developers are in the greatest demand as investment banks embrace Internet initiatives.

Richard Lloyd, director, technology division at Robert Walters says the investment banking sector tends to appeal to IT candidates with exceptional academic backgrounds who are attracted to the idea of substantial budget and project responsibilities.

"Experienced staff are able to command exceptional salary increases and so churn rates are extremely high," he says. "The shortage of permanent senior candidates will continue to keep investment banking salaries high throughout the rest of the year."

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