Big increases at top push up average City pay…

The average City salary has reached more than £50,000 in the year to March 2006, according to a report by recruitment consultancy Morgan McKinley.

After breaking through the £50,000 barrier on three occasions earlier in the year, the average salary fell below £47,000 in December, but has risen every month since then to reach £51,571 in March – a 10% increase on 2005’s £46,990.

The most impressive increases were at the top level, with senior financial services professionals seeing the greatest salary rise, up 20% to £82,400 in March, compared with £68,846 the previous year.

However, salaries for administrative and support staff working in financial services barely inched up to £28,763 compared with the £28,162 average in March 2005. And middle market City workers saw their salaries actually fall over the year to March, ending on £43,549, compared with an average of £43,961 in 2005.

Robert Thesiger, chief executive of Morgan McKinley, said the rise in the City average illustrated the robust nature of the financial services recruitment market.


chart

Comments are closed.