If you’re an operations or technology executive and think you are being underpaid, you probably are.
Or at least your peers think you are.
A recent survey of about 200 Wall Street executives conducted by eFinancialCareers.com, a career site for the finance industry, shows that workers in other departments of financial firms think that ops and tech executives are getting short-changed.
About 21 percent of respondents said that ops workers were underpaid while 10 percent said that technology executives were underpaid. Risk management followed at 9 percent. And the majority of votes for these groups came from colleagues in other departments.
About a quarter of the respondents came from the buy-side, another 19 percent identified themselves as working for a commercial bank and another 10 percent toil away at bulge-bracket banks.
The survey had respondents from 26 different departments or specialties including investment banking, fund management, and derivatives to name a few. No department was responsible for more than 10 percent of the votes, says eFinancialCareers. The firm did not quantify the term “underpaid.”
Just why are operations and technology professional underpaid?
“The connection between revenue and these jobs is harder to put into a formula. But it’s clear that colleagues in other departments recognize how much value is delivered by tech and ops relative to compensation,” says Constance Melrose, managing director of eFinancialCareers in North America.
The most surprising finding: risk managers were considered underpaid, given the focus on risk management in recent years. “Risk management is getting a higher and higher profile on Wall Street, and indeed the Fed believes risk managers should be key contributors in setting incentive compensation plans,’’ says Melrose.
“Their colleagues in other departments are telling us that risk managers are underpaid, and that tells me that front office professionals like bankers and traders understand how important risk managers can be in preserving the strength, and competitiveness, of their firms – and that they aren’t recognized as well as they should be for this contribution,’’ according to Melrose.
This article first appeared on the Securities Technology Monitor web site
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