Well-rated agencies?

Pay at ratings agencies isn't great compared to banks, but they're supposed to offer a better lifestyle. That's only partly true.

That ratings agencies pay less than banks does seem to be the case. While banks are well known for dishing out bonuses that equate to salaries for structured credit analysts and the like, bonuses at ratings agencies rarely hit more than 50%.

In fact, London-based recruiters say an intermediate-level credit analyst at a ratings agency can expect to earn between 60k and 65k with typically a 20% bonus.

So why would anyone work for a ratings agency? It's all down to training and variety of work, according to Standard & Poor's (S&P). "We provide more rigorous training than they will get anywhere else...," says Martin Winn, S&P's director of communications. "Employees will get a much broader experience than at an investment bank."

Rumour has it that ratings agencies are also more chummy places to work than investment banks. But one credit analyst who's done both says this isn't entirely true: "They get you there with claims that you'll work less hard, but after a few months you realise this is rubbish, and you might as well be paid more working for a bank."

However, Adam Seward, head of recruitment at Fitch Ratings, says it's all wrong to think that working for a ratings agency means working less hard. "We try to focus on providing challenging roles and the opportunity to develop... It's more about that than work/life balance," he says.