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Mini-boom in City IT spending fuels salary growth at high end

The number of jobs advertised for permanent IT professionals working in the finance sector has risen by over 8% over the past 12 months, as the City enjoys a mini-boom in IT spending.

Demand for IT professionals with experience of compliance and security has pushed the number of vacancies advertised in the finance sector from 21,976 to 23,814 between the last quarters of 2004 and 2005.

Finance comes second only to the software and services industry as the sector with the most IT vacancies, dramatically outstripping retail, media, manufacturing and the public sector, the latest Computer Weekly/SSL jobs survey reveals.

The impact of regulations, including Sarbanes-Oxley, Basel 2 and MiFID, combined with bumper profits in the investment banks, has led to rising recruitment in the sector. The upturn has helped raise salaries for IT professionals with business experience in senior jobs, at a time when other sectors are seeing salaries stagnate or fall.

Advertised salaries for IT directors in the finance sector rose by 3% over the 2005 period to an average of £90,625. Salaries for management consultants in finance were up by 2.7%, from £66,475 to £68,289, and systems analysts by 5% from £32,147 to £33,622.

The average salary for network managers rose by 9% from £53,044 to £57,878. However, advertised salaries for staff with more technically focused skills have fallen, reflecting growing pressure on salaries from offshore outsourcing.

Average salaries for programmers were down 8% from £30,012 to £27,698 over the course of the year, while salaries for senior programmers were down 2.2% from £41,166 to £40,250.

There has been a similar pattern for contractors. Advertised hourly rates for high-end staff in finance rose, with management consultants up 5.1% to £61 an hour  and project managers up 3.7 to £56 an hour. However, rates for programmers fell by 14% to £30 an hour, rates for PC support technicians fell by 5.6%, and network support engineers saw their rates fall by 10.6%.

Click here for across-the-board analysis of the Computer Weekly/SSL survey 

 

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