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Financial sector wages rise

Published: Friday, 11 January 2008   Category: Professional & financial services

Salaries in the financial sector in the UK rose by an average of 4.2 per cent last year, according to a new report.

The research, from consultants Watson Wyatt, revealed that rises in the average total cash in the sector which includes bonuses and salaries were varied from 1.2 per cent to 11.3 per cent.

Iain Nichols, a senior consultant at Watson Wyatt, says: "The trend continues whereby base pay increases are fairly consistent across organisations. The differentiation is made through bonus payments and comes as a result of the desire to differentiate individual performance, as well as the financial performance of the organisation, with salaries rising above average where there is demand for specific skills and abilities."

Also in the report was the fact that people working in investment banking had the biggest pay rises, with a median of 11.3 per cent. This is good news for those looking for graduate finance jobs.

Watson Wyatt was formed in 1995 after Wyatt and Watson merged to form one company.

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