Salary survey: Trade finance buoyed by former Soviet Union

Trade finance may not be the most glamorous sector to work in, but pay levels have held up better than in many others, according to a survey.

Directors of trade finance in London earned bonuses of 31% on average in 2002, down from 41% the year before, the report by the remuneration consultancy Monks says. Senior marketing managers pulled in 10%, compared 14% in 2001.

Energy-related deals in the former Soviet Union have been a growth area, headhunters said. Total world trade has also been increasing, albeit more slowly than in the late 1990s.

Sian Griffiths, a consultant in commodities trade finance at the recruitment firm Exchange Consulting Group, said there was a move away from traditional transactional trades towards more derivatives-based structured business.

'Will we see trade financiers having to widen their skills base to adapt to these changes or indeed might banks redirect their customer focus?' she said. 'If we do we will inevitably see an increase in demand for new personnel."

However Mark Pettman, manager of debt and structured finance at the recruiter Michael Page, said there was currently little recruiting going on in trade finance. 'An increase in trade volumes does not in itself lead to a need for more staff,' he said.

Staff most in demand include those with good financial modelling skills, as much trade finance is becoming more complex, he said.

Monks' survey covered positions at small and medium-sized firms and compared pay in May this year with figures a year before.