Banks paying more for top IT talent

Demand for IT professionals is booming, with experienced techies who know their way around the financial markets among the best paid, but bonuses are still below par, recruiters say.

"There are a higher number of vacancies than I have seen for a number of years," says Darren Ball, senior client manager at JM Search. "Java and C# specialists with financial markets and product knowledge are in high demand and command the best price: 80,000 a year is pretty standard. Business analysts with derivatives knowledge are also commanding significant amounts of money."

What's more, Ball says banks are searching for more higher level candidates than before, with demand for director- and VP-level technical developers who can hit the ground running on the rise.

"Banks are increasingly prepared to pay what is required for these people, and will go up an extra level for superstars," he says.

With banks such as JPMorgan investing heavily into technology, it seems the party is just getting started. However, many banks have yet to hand out bonuses as juicy as those seen in the front office.

"Bonuses vary hugely and are calculated on the basis of company or bank performance, performance of the business area or technology area that supports it, and fundamentally how individuals have performed against their peers," Ball says.

Another recruiter says a bonus of between 30% and 70% base salary is normal, but 70% is the maximum even for VPs and directors.