How much am I worth? Managing director, fixed income sales

A panel of specialist headhunters give their assessment of typical London pay packages: managing director, fixed income sales, European global bank; salary 120,000-150,000, bonus extremely variable but 500% or more possible.

It is a sad reflection on European and US equity markets that the

only consistent big earners in financial markets over the past two years

have been in fixed income.

A managing director in fixed income sales is at the top of the pile - and can expect to be rewarded as such. Headhunters differ over precisely how much such individuals can get paid,

but whoever you speak too suggest it is not money to be sneezed at.

Richard Fraser of RJF Global Search says an MD in fixed income sales is generally

looking at up to 150,000 basic with a bonus running up to 700%. Shaun

Springer of Napier Scott agrees on the basic but puts the bonus at up to

600,000 (ie 400%), adding that such individuals will probably have had a head of

region title (UK, Italy or Germany, for instance).

Their bonus will be "very dependant on individual profit or loss which in turn can be reliant upon where, for example, the fund business is allocated," says Springer.

Fraser says: "Typically these people will have at least six - though usually eight to 10 - years in the market, and be aged between 33-45: they will have an excellent product knowledge and a good technical understanding of fixed income products."

The really top-notch people can get paid even more than this.

Richard Fisher of Alexander Mann says an outstanding MD running a

global fixed income sales business at a European Bank could earn between

1.75m and 3.25m - hardly loose change. So what attributes get an individual

this level of remuneration?

Fisher suggests an excellent track record is vital along with experience

both in sales and running a market-leading business. Strong institutional/corporate client relationships are important, as is the ability to attract quality sales-people.

He cites gravitas, motivation and charisma as key along with a detailed knowledge of different regions and cultures and - especially for someone at a European global bank - the ability to converse in a number of

different languages.

Even all this may not be enough. Fraser says there have been a number of deparures

in recnet months, with many significant players leaving to form

start-ups or set off for extended gardening leave before joining a rival bank.

Coupled with an increased sophistication among investors this has meant that those remaining in situ have had to bolster their knowledge base and workrate to stay ahead of the game.

"Demand for fixed income structured products has been especially buoyant

creating in turn a strong demand for talented individuals who can handle a

wide range of products," says Fraser, adding however that the market last

year was slightly unpredictable, with an inevitable slight negative impact

on bonuses.

This year the picture in Europe is unclear. Institutional investors such as insurance companies and pension funds have been driving the market, but some countires are now in recession.

Combined with a revival of equities, this could leave fixed income specialists feeling less secure than before.

Figures and commentary supplied by Alexander Mann Global Markets, RJF Global

Search and Napier Scott.