Compensation packages for Python developers working in investment banking have swelled by up to £40k over the past year as demand for their services grows across the financial sector.
Python developers can now expect £80-140k working in investment banking, according to figures provided by IT in finance recruiters Thompson Keene, up from £70-100k at this point in 2013. Base salaries alone have surged from £65-90k last year to £75-120k in 2014.
Why is this? Quite simply demand for Python developers is on the up. Bank of America Merrill Lynch employs thousands of Python developers working on its Quartz project and recruitment is ongoing. JPMorgan, meanwhile, continues to hire Python developers for its Athena trading platform and companies as diverse as Winton Capital Management and Goldman Sachs currently have live roles requiring knowledge of the programming language.
Python is the stand out skill that has demanded a greater premium over the past 12 months, according to Thomson Keene’s figures, but other technology roles have also been subject to pay increases. Senior technical architects, for instance, can now expect £140-250k, up from £140-220k last year, while business analysts at AVP level have received a £10k uplift to total comp of £65-100k.
Despite a number of banks including Barclays, Royal Bank of Scotland and HSBC rolling out 10% rate cuts this year, contractor pay has also crept up, suggest the figures, particularly in more senior positions.
Programme managers can now expect day rates of £750-1,200, up from £750-1,000 last year, while project managers have received a moderate uplift of up to £50 a day. Only business analysts working on risk and regulation initiatives have received a significant rise, with day rates going from £550-650 in 2013 to £550-750 this year.
Thomson Keene’s salary research is in the tables below.