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How much extra money will you get for changing jobs?

As recruitment starts to recover within the Australian banking sector, are firms also becoming more generous with their pay increments?

In early 2009, candidates were willing to compromise on their cash, with some accepting new roles for the same (or even less) money than before. Those who got pay hikes generally got small ones.

But as we head into 2010 and the talent war heats up again in certain sectors, will you be pushing for a 20 to 30 per cent salary rise when you jump ship, just like in the boom times? And more importantly, will you actually get one?

Or does it largely demand on which firm you are interviewing with? Credit-crunched banks like UBS, Citigroup and Bank of America-Merrill Lynch have all recently upped Australian salaries as they battle to stop defections to less tarnished rivals.

Or is it all about which job sector you're in. A senior FIG investment banker is in a strong position to demand a decent increment. A junior settlements person less so.

Give us your thoughts below on the great pay debate.

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AUTHOReFinancialCareers Australia Insider Comment
  • Ca
    Caan
    9 December 2009

    Being in recruitment for over 10 years you would be looking at the following in investment banking / funds management

    2-3 years exp - 5-10%
    4-6 - 20-30%
    6 years plus 35%

    But remember bonus's change with a lot more upside in sharing of revenue and equity.

  • IT
    IT
    5 December 2009

    I've just joined for 15% more. Better than where I was.

  • Un
    Unemployed
    3 December 2009

    Don't think we're quiet at the 30% market yet! Especially not for junior candidates. I've been looking for six months and still no job...let along a massive pay hike.

  • RR
    RR
    3 December 2009

    Dear Unemployed
    Any pay increase would be massive for you mate. You are, after all, unemployed

  • Sa
    Sarah
    3 December 2009

    In investment banking, big pay rises are back. Not sure bout the rest of the finance industry, then again, who cares. The large rises have always been at the foreign i-banks and the gfc hasn't even changed this.

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