Financial services sector salaries shoot up by more than £10k in five years

Salaries in the financial services sector have increased by more than £10,000 in the past five years, research by the Blomfield Group recruitment consultancy showed.

The average salary in 2001 stood at £23,347 but has now increased to £35,370.

But the gap between the average earnings for men and women in financial services has increased slightly, Blomfield’s snapshot of current market trends showed.

In 2001, a woman could expect to earn a typical salary of £22,047, compared with £24,497 for men, indicating a difference of £2,423.

The gap has now grown to £3,060 in 2006, with women earning £33,847 on average, compared with £36,907 for men.

However, Keith Robinson, managing director of Blomfield’s outsourced HR business Origin, said women in financial services were not being discriminated against.

“The pay differential stems partly from the fact that fewer women are applying for, or getting, the higher paid jobs – it’s not a matter of being discriminated against based on the same work,” he said.

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