Women working in financial services in the UK earned on average 21% less than men in 2011, according to eFinancialCareers’ latest Salary & Bonus Survey Report*. When controlling for years of experience, education levels and specific occupations, women finance professionals’ base salary was on average £14,500 less than their male counterparts. When bonuses are factored in, males out-earned females by over £30,000.
James Bennett, Global Managing Director of eFinancialCareers comments: “Despite an increased focus on diversity in the financial sector, our survey shows that women still struggle to get a fair deal when it comes to compensation. Financial services need to do more to narrow the gap, no only to promote equality in pay, but also to ensure they remain attractive to the best talent, men or women.”
The eFinancialCareers Salary & Bonus Report revealed some more interest findings:
Bonuses were down this year, but base salaries have remained stable or increased for the majority of respondents. Half of finance professionals responding to the survey said they had received a salary increase this year. However, in the 2010 survey, six in ten (60%) said they had received an uplift, which suggests that pay rises are now less common.
A similar proportion of surveyed finance professionals (47%) reported that their salary had remained stable. This represents a ten percentage point increase on last year, when 37% reported that their salary had not changed.
Over four in 10 (43%) agreed they were somewhat or very satisfied with their base salary in 2011, this compares to nearly five in 10 (49%) in 2010. On the opposite end, over a third (36%) said they were somewhat or very dissatisfied, compared to three in 10 (30%) last year.
Education pays off - taking a Masters degree could improve pay prospects. On average, survey respondents with a Masters earned up to 20% more than those with a graduate degree in 2011.