Product controllers follow the money
A new salary survey suggests accountants who want to maximise their earning potential in investment banks, should opt for careers in product control.
The survey, by recruitment firm the PSD Group, found that newly qualified accountants working in product control jobs in investment banks and hedge funds earn 6% more than their investment banking counterparts occupying management and regulatory reporting roles.
It also suggests the pay discrepancy escalates with seniority: Accountants with three to four years' experience can earn nearly 40% more working as product controllers than as management or regulatory reporting specialists.
PSD Group says salaries for newly qualified staff working in investment banks rose considerably in 2005 as hiring increased. It adds that retail banks are also looking for accountants for product and financial control roles, and that this is contributing to pressure to an already tight market. Lloyds TSB, for example, is among those rumoured to be building its financial markets division.
Salaries and bonuses, product and hedge fund control
Newly qualified : Salary:47k-52k;Average bonus 25%
Up to two years' post qualification experience : Salary: 53k-63k; Average bonus 32%
Three to four years' post qualification experience Salary: 57k-78k; Average bonus 43%
Vice president Salary: 72k-118k; Average bonus71%
Head Salary:95k-160k; Average bonus 92%
Salaries and bonuses, financial control, statutory accounting and regulatory reporting, investment banks
Newly qualified : Salary:44k-51k;Average bonus 16%
Up to two years' post qualification experience : Salary: 52k-58k; Average bonus 22%
Three to four years' post qualification experience Salary: 53k-64k; Average bonus 25%
Vice president Salary: 64k-97k; Average bonus42%
Head Salary:98k-127k; Average bonus 65%
