NOTE: if using the data below, it is essential that you refer to Emolument.com as â€˜salary benchmarking siteâ€™ and use hyperlinks to www.emolument.com
Emolument.com has analysed 706 salary and bonus entries from London-based bankers
Overwhelmingly, Business & Finance : as expected most bankers choose a business or finance-related degree such as Accounting or Economics, which shows an interest in the financial sector right from their late teens, when they picked their university course; thereby making most of them
However scarcity is highly prized: While they may represent 34% of the banking population, Business graduates are not the best paid â€“ far from it; Mathematics & Statistics grads at Director level earn on average close to Â£400,000 vs. Â£265,000 for those with a Business Accounting & Finance degree, reflecting the difficulty of learning these highly technical skills on the job, and how effective they are at structuring deals or trading in an environment using increasingly complex financial products
How about the arts? Surprisingly, banks even hire prospective bankers with arts degrees: HSBC leads the way with as much as 15% of its front office staff sourced from Arts and Humanities subjects; these bankers usually attended the most prestigious universities such as Oxford or Cambridge and are popular despite their lack of technical abilities
Most represented subjects - London Banking
Best paying subjects - London Banking Directors
Thomas Drewry, CEO at Emolument.com said: â€˜In the last few years, with mounting pressure for efficiency and the capacity of young bankers to hit the ground running, banks have tended to favour technical degrees. After all, spending a full 2 years teaching an analyst about yield curves, balance sheets and volatility is a costly exercise: from an HR point of view, when choosing between equally smart finance and classics graduates, why not go for the one who has 3 yearsâ€™ worth of relevant learning under his belt? Trading floors and corporate finance departments are likely to keep becoming less diverse when it comes to education.â€™
Best paying majors (salary + bonus)
Launching a brand new service: 'Emolument Employers'
Does Ernst & Young pay more than Accenture? Does Google value an MBA? From which universities does Goldman Sachs recruit? Find answers to these and hundreds more questions through the simple, transparent and dynamic graphs Emolument.com has just created for its new product: Emolument Employers.
Following its ground-breaking Alumni launch in 2014 which allows users to benchmark not only their jobs but their university and degrees, Emolument.com has now expanded its offering with Emolument Employers. Emolument.com has built this new technology to enable its 50,000 members to delve into the pay structure and demographics of specific companies, giving them yet another essential tool to make key career choices. Users can now benchmark career paths and specialisms, university degrees and employers for free in seconds with an intuitive, dynamic and reliable platform, which is fast becoming an indispensable career enhancing tool.
Thomas Drewry, CEO at Emolument.com said: â€˜Emolument.com created Employer reports on the back of user demand to help them navigate their annual salary negotiation discussions, job offers and internal transfers. They can now compare one company pay against another in the usual transparent and granular way for which Emolument is recognised. Going forward, we will continue to listen to our users' needs to build relevant functionality and gather even more data in order to promote transparency in pay which we believe is essential to empower our users to take control of their careers.'
Emolument Employer's intuitive interface:
Emolument Employers is transparent:
Emolument.com â€“ an overview Emolument.com was launched in 2012 as the only real-time bonus & salary-benchmarking site dedicated to finance and other professional services industries. With over 46,000 contributions from individuals at over 18,500 institutions the service has become the leading provider of validated real-time remuneration data. Emolument.com sources salary and bonus data directly from individual professionals who contribute anonymously. In return, contributors receive free access to aggregated market results broken down by title, location and sector. Emolumentâ€™s mission is to provide greater transparency about what professionals really earn to help them make more informed career decisions. Emolument.com has just launched its â€˜Alumniâ€™ service which allows users to benchmark themselves against their university peers (www.emolument.com/alumni). Users can now view both their â€˜educationâ€™ report on top of their existing job report. The new Education reports feature compensation ranking, industry spreads for their university peers. In line with Emolumentâ€™s existing services, these reports are free and available to users of Emolument.com and Emolument.com/alumni.