There is a reason why there are so few high ranking technologists

For the humble technologist working in investment banking, making it to the hallowed halls of director and managing director is the preserve of the lucky few. Technical skills alone have not traditionally been enough to propel you up the career ladder, but changes are afoot.

Even those techies who make it to MD may be questioning there career choice when they compare their pay packages to front office colleagues. IT MDs rarely earn north of 500k, which is not to be sniffed at, but doesn't compare too favourably with other areas of investment banking.

More pressingly, perhaps, is the difficulty of breaking beyond mid-level roles.

Simon Masters, head of recruitment at financial trading IT vendor Trayport and former technology recruitment manager at a US bulge bracket bank, says: "Traditionally, a mid-ranking technologist would struggle to progress without taking a less hands on role, leading a large team and getting involved in overseeing product strategy."

Paul Bennie, director at IT in finance executive search firm Bennie MacLean, adds: "The front line business has historically seen IT as a cost centre or support function. Whereas now there's a recognition that technology is intrinsically tied to revenue and therefore top performers have been elevated to the senior ranks, and the salaries that go with it."

Masters agrees that investment banks are increasingly recognising the importance of elevating techies to director and managing director level. As we've noted previously, senior technologists are currently being highly sought after.

"Banks are placing a clear career trajectory in front of IT staff, showing them that they can make it to director or managing director level, without moving away from their core skills," he says. "It's enough to be the best technologist in your field, without having to be a great manager. There's still a long way to go, but it's improving."

Bennie agrees that banks want to "send a message to the technology fraternity that there's a definite career path to MD". He says that they're promoting people from less front office facing areas: "This year, people working in production support were made MDs. This is not a glamour role by any means. What's more, architects with no managerial responsibilities can now make to MD level on technical skills alone."

Barclays Capital, which has taken on a number of technology MDs in the last six months, has recently hired Lakh Patra as head of foreign exchange IT. He joins from Bank of America Merrill Lynch.