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.