How much am I worth? Vice president, fixed income sales, US investment bank

A panel of specialist headhunters give their assessment of typical London pay packages: Vice president, fixed income sales, US investment bank: salary 90,000, bonus 100-150%

Conventional wisdom suggests that when equities are performing badly, fixed income products are in the ascendant - but in 2002 it has not been so straightforward.

At a time when investors have been looking to put their money into property, art or even under the mattress rather than keep it in financial markets, the fixed income market has been unsteady, to say the least.

"This market looks good only because equities look so bad," says Ben Hertzberg of TMP Worldwide, while acknowledging that fixed income sales did have a good year in 2001. "There is a lot of competition and the market is changing with a definite move away from vanilla products and increasing efforts to hedge risk."

Despite - or maybe because of - the market being in such flux, top fixed income salesmen are still able to command their asking price. US houses, which generally pay some 10-15% above the market rate elsewhere, are offering one-year guarantees, while European houses are still offering up to two-year guarantees, according to Shirin Stanley, fixed income consultant at AMGM.

She says new players have come into the market - many from equities and other non-performing areas - but the emphasis remains on high quality sales people.

So what makes a good salesman these days?

Despite not having a reputation for being the most cerebral people in financial markets, the most successful fixed income salesmen are those with a range of qualities, at ease in a variety of cultures and languages and with sound technical expertise.

As ever, strong client relationships backed with sound product knowledge is important, but Stanley says distribution teams are now looking to attract individuals with a strong academic background and at least some understanding of the "whole gamut of debt instruments", including exotica such as structured credit derivatives.

"Transferring into sales from structuring, research or product management has become more common, but barriers to entry are higher than they were," she says.

One result of the past two years is that the fixed income market has come into its own and is no longer seen as the poor cousin of investment banking, according to Shaun Springer of Napier Scott.

"Fixed income will continue to reap high rewards for the banking community and will go from strength to strength as the recovery in Europe gathers pace," he says, adding however that only the "top 5%" of fixed income salespeople can hope to match the lofty salary levels currently enjoyed by the credit derivatives side.

He says client base is as important as geographical focus.

"Insurance companies in Italy and Germany will place you in the most competitive, and so highest paid, market. Banks and funds come next, whilst the poor souls covering corporates will have their day - but only in three to four years."

Contributors include Napier Scott, Alexander Mann Global Markets and TMP Worldwide