Job creation soared by almost 20% in July, forcing investment banks to offer deeper “golden hellos” in the scramble to attract the best staff.

According to the monthly salary survey by recruitment firm Morgan McKinley, 19% more jobs were created in the banking and financial sector last month than in June.

However the survey showed that there were 27% more new jobs than there were new candidates last month, reflecting a shortage of staff which is boosting pay for junior and senior candidates alike.

Senior professionals saw their salaries boosted by 7% compared to six months ago, while middle-market salaries were 4% higher than in June.

City AM says a survey by recruitment firm Joslin Rowe found that average golden handshakes are 150,000, but star players can easily demand 500,000 and above. What’s more, the firm says new candidates can expect to get their full year bonus in December, even if they join this summer.

Simon Howes, chief of hedge fund and finance at Hays recruitment firm told City AM, “The top 10% of investment bankers at director level and above on the move are receiving significant guaranteed bonuses over a three-year period. Even junior staff are seeing guaranteed bonuses written into their contracts, whereas historically this has not been the norm.”

Boom areas are in M&A and proprietary trading, and these areas can expect the biggest salary hikes.