If you're working in banking, £100k ($140k) may not seem like much. After all, last year's salary and bonus survey by London recruitment firm Dartmouth Partners, said juniors in investment banking divisions (IBD) are earning £110k by year three. IBD jobs are in the front office, however, and are notorious for their long hours. How soon will you make £100k in a non-revenue generating back office banking job, where the hours are supposed to be shorter?
Not very soon at all. Research by Emolument.com, the real time pay benchmarking provider, suggests it takes a lot longer to earn £100k in combined salary and bonus if you're working in a support function.
Based on Emolument's research, the seven roles below represent the quickest routes to £100k in the back office. At the very least, Emolument says it will take you eight long years to make £100k in research support - and even this may be optimistic.
To make matters worse, Emolument suggests back office jobs may not even be that "relaxing." Although 71% of people in data management and research support said they were happy with their work life balance, this just fell to just 33% in client sales and support and 50% in syndicate management. In the two latter cases, contentment with work/life balance was a lot lower than in some of the highest paying banking jobs in the front office.
The low-pay/good-life correlation may not exist in banking after all. Emolument's findings amount to another reason to work in the front office.
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