Follow the money ?
The findings reveal that:
• Junior bankers in New York make over twice more than their Milan counterparts; the spread then narrows to settle at one and a half at MD level
• London is well ahead of New York in terms of senior banker pay - with a differential of £155,000
• New York seems like the best place to start a career in banking with total comp higher by £20,000 at Analyst level, and £25,000 at Associate level
• Start in New York, settle in London, retire in Paris seem to sum up the pay package dynamics: Paris has a lower cost of living than the New York and London, and yet there is only a £15,000 difference between Paris and New York at MD level
• Could London overtake New York as global finance hub ? Looking at the levels of MD packages shows London-based banks are competing hard for managerial talent
Robert Benson, CEO, Emolument.com said, 'Investment banking is a truly global industry with careers often involving moves across continents. From a purely financial viewpoint it would appear that moving west to east (NY – London – Paris) would give the optimal return, and a nice place to settle down in retirement!'.
See below for a detailed breakdown of the data:
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 16,000 contributions from 3,000 institutions so far 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.
image: © Groume