IT salary survey: more pay and more contractors

A survey by IT specialist recruiter Thomson Keene, suggests pay for some financial services IT staff soared in the recent bonus round.

Quant developers were among the main beneficiaries of banks' largesse. Following a 42% increase in total pay, the survey suggests some are now earning total packages of 180,000.

By comparison, pay for project managers and programme managers remained relatively static.

Andrew Keene of Thomson Keene attributed quant developers' good fortune to a shortage of talent. "This is basically a supply and demand issue," he said. "Key investment banks are prepared to increase salaries to attract the best candidates."

Keene said senior managers within equity derivatives are in demand, with most candidates able to command both a salary hike and a guaranteed bonus. Senior management have seen also a marked increase, particularly on the bonus front.

Biggest rises reserved for contractors

Contractors are also thriving in current market conditions. Following a generous 40% pay rise between 2003 and 2005, IT programme managers in investment banks can now command up to 1,000 per day.

Overall, Keene says demand is highest for IT professionals with very strong C# or Java development skills, for those with project/programme management skills related to specific banking applications and for anyone with product knowledge.