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Fund managers will be the winners in end-of-year Christmas bonuses Back  
Fund managers, stockbrokers and senior managers in corporate banking can expect to get as much as 100 per cent of their salary as end-of-year bonuses this Christmas.
Employees in the fund management sector can look forward to a nice present from their employers this Christmas, as they will be the biggest winners in end-of-year bonus payments, and can expect to get up to 100 per cent of their salaries.

Other top earners will be those professionals working in corporate banking, and accountants, who can expect to earn up to 20 per cent of their salary over the next month.

Bonus structure

According to Yvonne Kiely, a principal consultant with Sigmar Financial/Banking, bonuses can vary in financial services, depending of course on the level of the employee and the sector in which they are employed. Moreover, some companies offer no bonus but would pay overtime, she says, whereas others would then offer very high bonuses with no overtime to balance it out. ‘Some companies often cap bonuses at 15 per cent but this is more usual for administration or back office roles. If the role is revenue generating then the bonus will be linked to performance,’ she added.

Mia Barry, a manager in banking and financial services at Robert Walters, says that junior financial services staff are likely to get bonuses of between 5-8 per cent this year, but she adds that for junior staff the figure tends to be a monetary number like €2,500 twice yearly rather than an end of year percentage.

Middle managers can expect to get somewhere between 15-20 per cent, so according to Joslin Rowe’s survey published on page 10, a manager with 4-5 years experience, earning from €45,000-€60,000, can expect to get a Christmas bonus of around €7650 to €10,200.

Senior management are the big bonus winners says Barry, with bonuses in the region of 40-100 per cent.
There is a clear distinction between the financial services sectors, with fund managers on the highest bonus structure. Some managers can expect to get 100 per cent of their salary as a bonus. The reason for this, says Kiely, is that, ‘candidates working in this industry are generating revenue for their company and contributing to company performance. Obviously the bonus they receive is based on their own performance, but is not capped at a certain level’.

Front office banking is also very highly paid, says Barry, with people working in structured and corporate finance and business banking tending to earn bonuses around, and sometimes well over, the 100 per cent mark.

She says, ‘The reason for this is that their responsibility is to win business for the bank and to make the bank money - the bottom line. A person closing a deal worth millions of euros to the bank will be rewarded handsomely. A lot of people in this industry have skills that will not only make the bank millions but also save the bank huge amounts in tax structures etc. So both people who are experts at selling the products face to face and people who are experts at structuring deals are equally rewarded’.

In the fund servicing industry, bonuses can vary with the level of the candidate. ‘Administrators with up to two or three years experience can expect to earn from 10-13 per cent. Supervisors and assistant managers can earn up to 18 per cent and managers up to 25 per cent. Department heads can earn up to 30 per cent,’ says Barry.

Bonuses can vary again in corporate banking and international lending with the level of the candidate. Candidates with two years experience can expect to earn up 17-20 per cent and relationship managers can expect to earn from 20-30 per cent and senior managers up to 50 per cent or even up to 70 per cent.
The treasury industry also pays out very competitive bonuses to candidates working in a dealing capacity with candidates expected to earn 30-50 per cent. Candidates working in back office can expect to earn 10-15 per cent.

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