8 Financial Services 2014 IT Salary Trends

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As the economy continues to improve, so does the salary picture for the financial services industry. According to the according to the InformationWeek 2014 US IT Salary Survey: Banking and Securities, more than two-thirds of IT pros in banking and securities firms received a raise in the past year. While the pay hike is important, other benefits matter to this group as well. Overall, this year’s research indicates that a majority of IT staff and managers are satisfied with their compensation and all aspects of their employment relationship.

Survey respondents include 603 staff-level employees and 651 managers from a variety of banking and securities organizations. Participants are about equally split between larger and smaller firms, with 51% of respondents working for banking and securities organizations with fewer than 5,000 employees. A third of survey participants (33%) work for organizations with more than 20,000 employees.

2014 Banking & Securities Salary Trend

More than 70% of IT staff and managers in banking and securities firms received a raise in the past year. The median base salary for staff climbed 1.4%, to $98,000 from 2013, while the median base salary for managers has leveled off at $120,000 since last year. Total compensation -- including bonuses and other direct cash payments received during the previous 12 months -- rose for both groups, a 1.9% jump for staff, and a 2.6 percent rise for managers.

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