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Competition is Still High Despite Stalling Salaries | The Financial Technology Salary Survey

Author: Ryan Waters, VP

Published date: 2023/08

Ryan Waters Web

​​Change and Transformation Professionals' Salary Insights: A Comprehensive Survey Revealing Earnings Across the Industry

Salaries within the Change and Transformation space remained consistent from last year. We saw 2 years of salary increases, but in 2023 they appear to have stalled. The reason for this is tougher market conditions and a flat-lining of the market’s hiring curve.

In ’21 and ’22, the uptick in roles meant that multiple firms were fighting over the same talent, driving salaries to an all-time high. It is no surprise that this has stalled somewhat in the last 6 months.

Most candidates appreciate this and understand the current landscape. And while salaries have stayed the same, there’s no big drop either, so that’s an overall positive.

Packages vary massively. Some firms, (corporates, Banks, Asset Managers etc.) tend to offer better packages and with strong pensions (5%-12%), plus life insurance and 25 days holiday. FinTech firms and start-ups may offer less attractive packages but can offer equity on top of a competitive salary.

Last year was a very candidate-driven market, with many receiving multiple offers.

But the balance has shifted slightly, though there’s still competition for top talent.

I see salaries remaining the same for the rest of the year with a potential uptick again in ’24. Still, the best talent will always have access to top-tier salaries in the space.

Download your free copy of The Financial Technologist Salary Survey here.