Compensation: Seasoned managers in certain financial specialties have seen double-digit pay increases this year, while entry and mid-level salaries have been mostly flat, according to a new survey.
Financial sector pay has been mostly flat in Luxembourg this year, but has bulged by a quarter or more for those in a few in-demand specialties, Luxembourg-based consultancy Fast has indicated in its Salary Survey 2013.
Roles in security and cash administration were among biggest gainers in the Fast study. Average gross monthly earnings, based on a 13-month salary, for experienced managers rose 36% from €6,250 last year to €8,500 in 2013, according to Fast figures, which were released on Thursday. Salaries for junior staff were up from €2,000 in 2012’s report to €2,850 this year.
Salaries for experienced fund administration managers showed a 24% jump, from €7,700 in 2012 to €9,500 per month this year. Entry-level pay increased from €2,800 to €3,000.
Legal and compliance staff were among the higher paid positions overall, although they experienced lower rises. A manager with more than three years of experience earned on average €9,500 gross per month, up from €9,230 last year. The average in 2013 for an experienced team leader was €5,250 and €2,700 for an entry level position, both the same figures reported for 2012.
Business analysis and project management positions were likewise among the best paid fields in the review, with averages being reported of €3,000 per month for entry level staff up to €9,250 for experienced managers.
No gains in some fields
Compensation in marketing and risk management were flat compared to last year.
Office administration was lowest paid category overall in this month’s Fast survey, with figures reported from a reported €2,400 up to €6,150 for experienced managers.
The new government, and its unknown proposals for Luxembourg’s budget and tax regime have brought a degree of uncertainty to the investment funds sector, company director Anita De Viell noted in the report.
“It will be easy to increase subscription taxes to generate a nice revenue like the €600.5m in 2012 but what will the real impact be?” she wrote.
Fast is an 18-year-old Luxembourg-based recruitment and training firm specialised in the financial services sector. The firm launched its annual salary survey in 2002 and uses data “compiled from a variety of sources including our own database.”
The company stressed that its study is “indicative” and not a “definitive analysis” of the employment market.