If you want to live and work in the City of London, the bar is set high. With the average flat (apartment) costing £518k across the whole of London, a recent study suggested you need to earn £134k to be considered ‘rich’ in the London.
Needless to say, most jobs in finance pay a lot more than the median full time weekly earnings of £617 in London (which works out as an annual salary of £32k). However, not everyone in the City is earning the kind of money associated with front office jobs in areas like M&A, where you can earn nearly £80k in the first year out of university.
Some of the worst paid jobs in finance are in global custody, where people are employed to perform administrative functions for wealth and asset managers. Here, you’ll be lucky to hit £80k even after eight years.
Custody jobs are tagged with ‘asset/wealth management’ in the chart below, compiled with data from the 2017 salary surveys by recruitment firms Robert Walters and Morgan McKinley. As it shows, there are some custody-related roles in London which pay salaries of £35k after five years.
‘Settlements’ roles are some of the worst offenders. When you start out in settlements in asset management, you can expect to earn £25k. Five years later, this should have risen to £39k.
Most surprising, is the comparatively low pay for supposedly hot data analytics jobs in banks. Robert Walters says the average statistical modeller in a London data analytics team earns a salary of £45k after five years.