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Thursday, 18th April 2024
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Growth in financial salaries slows down Back  
Growth in average salaries across Ireland’s international financial services sector eased to 6.75 per cent in the year to August 2002, from 8 percent in 2001, according to Ernst & Young’s 12th annual survey on remuneration within the sector.
‘I’m surprised it didn’t fall lower,’ says Janet Moran, director at Parker Bridge, the financial recruitment specialist. ‘The decrease in the rate of growth could have been worse. This may be due to the skill set required in the sector. Overall though, compared to London, wages in the industry are poor here,’ she added.
Ernst & Young surveyed 60 different financial services institutions both inside and outside the IFSC and collated information on current remuneration levels for 86 different job titles based on analysis of over 1,000 job holders.
The survey found that salary increases in the IFSC and non-IFSC insurance sector were, on average, higher than for banking executives.
‘The insurance industry has grown due to high premiums and it tends to be more flexible on salaries and not as tied to bands as much as say, banks,’ said Moran.
The survey also found financial services staffing levels have fallen by 2 per cent overall, with IFSC institutions experiencing 5 per cent expansion while non-IFSC institutions saw staff levels decrease by 7 per cent.
‘Again, this may be to do with the skill sets required in certain industries or the turnover of staff,’ suggested Moran.

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