New technology jobs may go offshore
Spending on trading technology in the UK is booming. But recruiters say Indian IT pros may bear the brunt of any hiring.
Michael Lappin of ML Select says, "Expenditure may not all be in the UK but possibly in other countries such as India where many banks have their back office departments."
According to a recent survey by Kinsey Consulting, UK financial institutions are expected to spend over 3bn on trading technology. Out of this pool, about 32% is slated to go to trading applications, 29% on market data, 14% on telecoms, 11% on hardware and 14% on other systems.
Lappin believes the greatest beneficiaries will be people who are well versed in the programming languages C++ and Java, as well as more seasoned IT specialists who have skills in derivatives and risk trading. Senior project managers who can oversee the development or upgrade of these complex trading systems will also be in great demand.
As for salaries, in general, those with C++ and three to five years experience can earn between 60,000 to 70,000 with a bonus of up to 50% of their salaries, while project managers could be looking at the 200,000 to 250,000 range.
