The Harrington Starr Financial Technology Salary Survey 2023/24

The Financial Technology Salary Survey 2023/24

Harrington Starr | UK & USA

Quants Benefits

Welcome to the Harrington Starr Salary Survey 2023

Toby Babb, CEO

A salary survey completed during one of the most volatile economic periods in recent history… not an easy task!

A war for FinTech talent, global hyperinflation, co of living crisis, the great resignation, tech bubbles, big tech layo s, recessions, low unemployment, the crypto winter— this li could continue. The po -pandemic era has been chara erised by an unpredi able labour market that has been extremely di cult to predi .

Much of 2022 saw an unprecedented boom in global salaries, driven by a scarcity of supply. As financial technology has boomed, there has been a talent shortage that has

driven the power away from the employer and into the hands of the job seekers. Incredible (arguably unsu ainable) bidding wars ensued; with salaries rising by significant percentages as hedge funds and banks asserted control on the market by driving salaries for tech talent sky high.

2023 has been headlined by a cooling of tech markets across most sectors.

Particularly noteworthy is the corre ing of the enormous hiring surges seen in big tech, with mass redundancies seen across the board. However, the context to this is important; the percentages cut ill means the headcount remains well above pre-Pandemic levels.

3 The Harrington Starr Salary Survey 2023

The early months of the year saw a phony war with companies waiting to see what shook out in the market.

Was this going to be the moment we saw wage inflation start to settle and come down? Should we wait to see if the shock waves would ripple beyond big tech to the wider economy? Would we see a recessionary impact?

The financial technology market is, however, in the grip of a generational opportunity driven by game-changing market forces. And it’s colliding with extraordinary advances in tech not seen since the dot com times and the rapid evolution of the internet. Blockchain, AI, Digital Assets, Cloud adoption, and Data have all advanced at incredible pace. Technology is providing e ciency, e e iveness, produ ivity gains, and co and fri ion redu ion.

Those who have under-o ered have tended to lose talent. Those who have underpaid have seen a rition owing to the rising co of living, forcing a more mercenary workforce, ripped of the loyalties of ye eryear.

Fear has often been the reason why people remain in companies in volatile times.

Fear of the unknown. Fear of redundancy and being fir in, la out. Fear of unemployment. De ite the macro economy, one of the principal trends to ba e commentators recently has been the record lows in unemployment.

There remains a demon rable shortage of a across multiple se ors but none more so than in financial technology. As we will see in the pages that follow, salaries in the se or remain high. We are perhaps not seeing a growth to the extent of 2022 but there has been no drop.

Strong technologi s are ill receiving multiple, competitive, o ers. Hedge funds and banks are cherry picking top talent; leaving vendors and disruptors to compete, and needing rong packages and incentives to encourage people to join.

people are going to have to pay to secure the be talent. If you are under-o ering, expe two things: fir ly, you will ruggle to secure A-Players; secondly you may get an acceptance, but don’t bank on people aying for long. We are ill seeing average tenures across the indu ry of less than 18 months in tech. With the right o ers, that can be dramatically more, saving you fortunes in the process.

Naturally there is nuance. Each role can have a blend of skills that drive price. An Asset Manager may pay di erently to a art-up— who may o er more “skin in the game” to compete. Please do reach out to our team for a more accurate appraisal based on the ecific skills you are hiring for, or those that you want appraising.

2023/24 will continue to be an intere ing period for the se or. I predi a slowing of salary growth, an increase in contra hiring, but certainly no fall in what

The Harrington Starr team and I are always happy to benchmark salaries and give our consultation.

Please don’t hesitate to get in touch:

info@harringtonstarr.com

www.harringtonstarr.com

This salary survey is your guide to marketplace competition, and what it means to be paid fairly.

Ian Bailey, AVP

Beyond the Salary

The

Demand for UK Data Professionals is Soaring: How Will You Stand Out?

Between 2022 and 2023, the demand for skilled data professionals has soared— and salaries have also increased in this period. There has been an increase of approximately 7%. We can a ribute this to the growing demand and recognition of the importance of data-driven decisionmaking in financial in itutions.

It’s expe ed that salaries for data roles will continue to rise in the foreseeable future, making this both an exciting and rewarding career path for all data professionals.

Candidates are of course happy with this upward salary trend.

Gender

We are seeing higher levels of job satisfa ion and– in turn–an increase in talent retention.

We have also seen a significant increase in the availability of UK data roles; but competitiveness in this se or has increased alongside this.

Candidates need to have a strong skill set, relevant experience, and domain knowledge to stand out in this highly competitive job market.

Very high

Increase in number of UK Data professionals in last 12 months.

Software Engineering

6 Junior Mid Senior Lead

your success. our business.

2023 will be a year of opportunity for financial technology. Now is the time to grow your teams; to grow your career.

Software Engineering

7 Junior Mid Senior Lead

Retention Rates are Higher, but Salaries are Stalling

We’ve seen subtle marketplace changes that is refle ed in the changing a itudes of firms towards salaries. Whil there hasn’t been a massive change in salaries between 2022 and 2023, there are fewer higher paying roles available.

Optimi ically, we’d say this is refle ive of higher company retention rates. But it means that competition for these top roles is fierce.

There is a lot of good talent out there at the moment due to massive lay offs. But very few places for them to go. Engineering will always remain a competitive market– which works in the favour of firms.

And whenever we’re tasked with filling a role, we always have an exceptional pipeline of candidates on hand.

But it also works in the favour of candidates. Firms mu be increasing salaries to a ra and retain the be people. Not all technologi s are motivated by money, but they certainly know their market value.

12% 88% female male

Gender diversity

Rian English-Adams Ciara clarke

Infrastructure support

Hiring Budgets Released: Positive Outlook Ahead

Harriet Lamplugh de Smith, VP

Q2 2023 has seen the Support and Infra ru ure job market pick up, with new hiring budgets being released for the upcoming financial year. For the mo part, these financial technology firms are expanding the headcount of their technology teams— which will hopefully create a much more buoyant market for the remainder of 2023.

Salaries have largely remained similar to 2022. However, there is increased competition for exceptional technologi s within this ace. This has resulted in candidates holding a greater ability to di ate the salaries and packages they are looking for. As part of these packages, many candidates are ill demanding flexible/ hybrid working.

Average salary

Individuals moving to new firms are seeing, on average, their salary increase by 20%— more o en this is closer to 25%.

There is an increase in demand for experience in Powershell Scripting, so I would rongly recommend engineers inve time into this!

As we head into the latter part of 2023, I predict that this appetite for hiring will remain at an all time high. And hopefully, given this context, we will see a much more buoyant job market.

Biggest UK hub

Very high

27%

73% female male

Gender diversity

Median tenure

No change in number of professionals in last 12 months

Sales and marketing 11

Sales and marketing 12

Candidates: The Market is in Your Favour!

Hannah Chowdhury, AVP

FinTech companies and teams are rapidly growing, but job vacancies outpace the number of available candidates, driving arting salaries up.

2022 saw the highe salary budget increases in nearly 20 years in the Sales and Marketing field. And given the fundamental role salary plays in an organisation’s ability to a ra and retain talent, employers plan to carry this adju ment through to 2023–yet remain cautious about how and when they allocate the overall budget. Today, sales talent comes at a premium, e ecially in this market. Companies hiring in sales are facing shortages.

Beyond the Salary

32% 68% female male

In order to compete, firms are getting competitive with higher bases and commissions, and more attractive benefits/perks.

On the flip-side, firms that enforce ri in-o ce policies are experiencing the highe turnover rates.

Average salary

Gender diversity

Biggest UK hub

The need for talent in this field is now so great that many candidates receive 3-5 o ers during their job search. It’s a fierce market that swings highly in favour of candidates. It will certainly be intere ing to see innovative approaches arise to compete amid this.

Very high

Median tenure

Rise in Sales & Marketing professionals in last 12 months.

Change, transformation and product 13

Devops & Cloud

DevOps and SRE Salaries: Aligned and Stabalised

There’s some intere ing trends we can identify when comparing salaries between 2022 and 2023. Salaries for DevOps Engineers and Site Reliability Engineers have become more aligned, with junior engineers entering DevOps earning similar salaries to those entering their fir SRE role. This trend is consi ent across all seniority levels.

A further trend is that Junior and Mid-Level roles are now paying slightly less than what was reported in 2022. But there’s been an increase in the more senior echelons.

When assessing candidate rea ions to these changes, it seems that senior candidates tend to be more sele ive and value the overall role proposition. They carefully analyse opportunities

and salary demands, which are typically met or occasionally surpassed, leading to their satisfa ion. On the contrary, junior to mid-level candidates o en face rong competition and may need to adju their salary expe ations to improve their chances of securing a job, leading to more fru ration in their job search.

These areas are highly competitive. However, the potential for career growth and the high remuneration offered make it an attractive field for professionals.

In terms of future salary trends, it is anticipated that salaries will remain able until 2024, with no significant rise or fall expe ed in the near term.

George Harris, AVP

James Platt, VP

Salaries in the Application Support space have stayed relatively similar to those of 2022.

We believe the reason for this is because hiring demand has slowed compared to the highs of ‘21 & ’22— which I would say is unsurprising given the competition of the la 2 years. Markets are reverting

back to normal but sentiments are positive de ite this.

Application processes remain highly competitive. But candidates continue to advocate for needs– seeking, in particular, hybrid working, a good basic salary: and pension. This can vary depending on the indu ry se or you

are looking at– banks, asset managers and large corporates o er a ronger package across the board compared to some of the smaller scale-ups.

I have an optimi ic outlook for 2023/24. For the re of the year, I do believe the market will ay buoyant with high demand for excellent talent.

aNALYST/ oFFICER

pENETRATION tESTER (CERTIFIED)

cLOUD SECURITY/ dEVsECOPS sECURITY aRCHITECTURE

Salaries in security have remained competitive throughout 2023. This is largely due to a scarcity of talent in a lot of the key areas within cyber security. However, there has been a slight drop in salaries since 2022, where we came out of a buoyant marketplace with a lot of movement. This drop hasn’t persi ed however

and we have seen salaries abilise in the la 6-12 months.

Clients are typically happy to pay more money for in-demand skills, especially on the technical front. This includes (but is not limited to): threat hunting, red teaming, application security,

and most security engineering roles (including Cloud\SIEM engineering).

Mo candidates are aware that the fir half of 2022 wasn’t in-line with normal market conditions, but may ill expe to be well remunerated, e ecially if their skills are in demand.

CISO

Security Engineer

Security operations analyst

Application Security Engineer grc

Andrew Nitek, AVP

Quants 18 Junior MidSeniorLead

A New Equilibrium of Increased Opportunity

It’s no secret that this pa year has seen immense volatility across the financial technology ace. But there’s also been increased opportunity as the marketplace comes to create a new equilibrium.

This is particularly true for genuine Quantitative Specialists.

We’ve oken frequently about this being a market that’s in favour of the candidates. Firms have been forced to compete for the be talent, o ering revised, higher salaries. There is evidence that this is beginning to agnate in markets concerning traditional asset classes. Outside of this area however, the candidate driven imbalance persi s.

Benefits

Only 26% of firms offer childcare support benefits. Gym membership Pension match

Surveying 50 leading financial technology firms, we looked beyond the salary, exploring current benefits packages across the ace. From annual leave to wellness allowances, we reveal some of the mo popular o erings— and what more employees are looking for. And having surveyed the same group of companies in 2022, we look at how benefits packages are evolving.

Benefits allow firms to remain competitive and o er a well-rounded talent experience— a monthly pay cheque isn’t enough anymore. The following data evidences this, and reveals what you can do to andout amid increasing hunger for the be talent in the indu ry.

Benefits 20

TheBenefitofBenefitsin FinTech:Do

youconsider yourminorities?

Nadia Edwards-Dashti, Co-Founder and CCO

In today's diverse workforce, recognising and accommodating employees' unique needs and preferences is crucial for any business. Pursuing people growth is a complex venture to get right, and without the right people, it is di cult to reach any business goal.

When people accept or reject job offers, they consider salary, culture, opportunity and many other factors. One of these is the benefits package on offer.

Many benefits are required by law, such as certain health care provisions or ecific 401ks and retirement plans depending on company size. Others largely revolve around time o , flexible working, retirement, health, wellbeing or work-life balance.

Stability and Security

.

In 2022, businesses rewarded employees who le with pay raises, while those who ayed were in ead subje ed to what is called ‘loyalty taxes’. In a recent Bloomberg publication the findings are the reverse. They found that the focus now is on “job security”, which is being measured by “gauging the rength of an employer’s leadership, business pro e s and financial resiliency.” This can be measured by a number of things, one of which is the benefits package.

Needs analysis

.

The Whole Person

.

By under anding that di erent individuals require varying levels of support, FinTechs can o er a range of benefits, accomodating a diverse range of circum ances. For example, providing vision care benefits acknowledges that some will require glasses at some point. Similarly, o ering enhanced 401ks with matching or pension plans demon rates an organisation’s commitment to providing a secure financial future for all employees. Of the 50 financial technology in itutions, scale-ups and disruptors we surveyed, it was found that all of them had some form of eye health commitment in their benefits package. In contra , only two of them had dire support for audiological health. A third o ered childcare benefits, and nearly every one o ered a dental plan. The percentage of people needing eye support and those finding childcare benefits useful in their lifetime is not fairly refle ed in these current policies.

By o ering a range of benefits, individual needs can be addressed, leading to enhanced satisfa ion, engagement, and overall well-being. A Gartner report ates that, “82% of employees now say it’s important that their organisations see them as a whole person, rather than simply an employee.” In re onse, there has been a number of udies showcasing surges in mental health policies. While providing comprehensive benefits may involve some inve ment, the long-term advantages o en outweigh the co s. FinTechs should consider the potential savings associated with benefits. For in ance, preventative healthcare benefits can reduce healthcare co s by identifying and addressing issues early on, ultimately saving money in the long run. Moreover, the co of not providing benefits should be considered, as it can lead to decreased a morale, produ ivity, and retention–resulting in higher turnover co s.

The Financial Technology Salary Survey 2023/24

United States of America

Specialized Skill Sets

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Investor Expectations.

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Adam Mills, gENERAL mANAGER– nyc

The FinTech ace has continued to exhibit impressive growth. Alongside this, demand for skilled professionals in various disciplines has also grown— leading to increases in salaries across the US. Such changes are explicit in this year’s salary survey.

Increased demand in the market

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The indu ry has witnessed significant market opportunities as consumers and businesses increasingly adopt digital finance solutions. The pandemic further accelerated the adoption of online banking, mobile payment pla orms, and other services. As the market expands, FinTech firms are having to a ra top talent by o ering competitive, a ra ive packages, resulting in rising salaries.

Talent Demand and Shortage

Although this growth has slowed down recently, it continues to create a surge in demand for skilled professionals across multiple disciplines. Specifically, so ware engineering, produ management, data analytics, cybersecurity, compliance and sales. To meet this demand, FinTech firms are competing for talent with traditional finance in itutions and technology giants, thereby driving up salaries.

The marketplace is demanding individuals with a unique blend of technological proficiency and skills. Those that possess a deep under anding of financial sy ems, regulations, and trends, paired with advanced technical skills, are in high demand. Given the lack of individuals with this ecialized skill set, salaries for these roles have seen a noticeable increase as firms continue to try to a ra and retain top talent.

Competitive Landscape

.

It sure is competitive out there! Multiple e ablished players and art-ups are fighting for market share and inve or a ention. To gain a competitive edge, companies mu a ra skilled professionals who can develop innovative produ s and services, enhance security measures, and deliver exceptional user experiences. Higher salaries serve as a powerful incentive to a ra these individuals, allowing companies to rengthen their market position.

FinTech companies o en rely on funding from venture capital firms– which has also slowed in recent months. Inve ors have high expe ations— so expe to a ra highly skilled talent to match this.

Cost of Living

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USA 2 TheUSFinTechTalent Market:AttractingTop Professionalswith HigherSalaries Explore the USA Salary Survey

The co of living in major US hubs— such as San Francisco, New York City, Bo on and the newly popular Au in— tends to be higher than the national average. To ensure a competitive compensation package that meets the demands of people residing in these areas, firms are having to increase salaries more than usual. Companies are now opting to target candidates from other ates and increasing both their hybrid and remote working opportunities.

The Changing Face of Compensation:

Restructuring for a Stable Future

In 2023, we saw several large banks and hedge funds re ru ure their compensation models; increasing the bonus component and reducing base salaries. This is due to the surplus of talent we’re currently seeing in the market in the wake of the wide read redundancies. This is proving to be beneficial to firms as they can become more sele ive in their hiring choices.

But when considering top talent, the situation remains unchanged. Highly skilled candidates remain in high demand, and command the highest packages.

Haydyn Palmer, senior consultant

Software Engineering 24

We’re finding those that have ju been made redundant, or entering the job market for the fir time, are the ones that are accepting of the new, lower salaries— even accepting less than their previous role.

I would caution employers to avoid taking advantage of the current situation. The market may be in your favor now, but when this changes, candidates who are dissatisfied with the low salaries will be the first to seek new opportunities.

We’ve reached a new balance for salaries in the po -COVID era. It’s anticipated that this equilibrium will remain relatively able in the coming months— and potentially extend into next year. But when the marketplace regains its rength, businesses mu re-evaluate compensation rategies to retain the top talent.

Beyond the Salary

$152.6k

Average salary

Biggest US hub

Very high

18% 82% female male 4%

Gender diversity

Median tenure

Rise in Software Engineering professionals in last 12 months.

Sales and JuniorMidSeniorLead Beyond

the Salary

Kaitlin Edwards, Consultant

Between 2022 and 2023, there has been a noticeable salary increase for entry-level sales positions. For instance, the base pay for Business Development roles has risen from $55k to approximately $60k-65k.

Several fa ors inform this change, including inflation and the consi ent demand for skilled sales professionals.

Meanwhile, senior individual contributor sales roles have maintained a base pay range of around $150k to $180k. However, the notable change lies in the candidates who are now receiving salaries at the higher end of this range. In 2022 there was such a high demand for sale eople that individuals with ju 3 to 5 years full cycle sales experience were able to secure the top end of the base pay scale. However, with the extensive layo s in 2023, these recent hires were o en the fir to go. Many of them now face the

Average salary

challenge of not receiving the same level of compensation in their subsequent positions. On the other hand, candidates who have accumulated 10+ years of experience– and have also been consi ently earning similar base pay in their roles–are the ones reaching the high end of the pay range.

The large-scale layo s at the beginning of 2023 have only intensified the competition among an already ambitious candidate pool. But, de ite the challenges, there is ill a solid availability of sales roles. The number of openings may not be as high as in 2022, but there are ill many opportunities waiting to be seized.

Biggest US hubs

39% 61% female male

Gender diversity

Median tenure

Very high

Decrease in marketing professionals in last 12 months.

Change and transformation

People who are getting new jobs in 2023 aren't getting the same as they would have if they moved this time last year.

This is due to a myriad of fa ors such as lower funding, higher borrow co , risk averse cash rategies, and a more competitive market for jobs.

At the art of the year, candidates weren’t fully cognizant of this change. But as the year went on, mo candidates became aware of it, however junior candidates remained particularly ambitious. They want to get big increases to move, even though such increases would mean advancing in seniority too.

Firms are hiring but I hone ly believe talks of heightened competition in this ace are misguided. Skillsets and requirements are so ecific that very few candidates a ually fit the brief in mo cases. Firms appear aware of this as salaries aren’t flu uating as much as in the truly competitive markets— and I anticipate this a itude will persi into 2024.

James Campbell, AVP

Product management 29

Application Support salaries in the past year have been relatively stable. Complimented by good compensation packages; and remote work is a prominent part of this. As salaries are consi ent, candidates are a ive in ensuring they secure the compensation package they would like.

Typical benefits include: medical, dental, vision, and a 401k (savings plan) with a company match. If a firm o ers all of the aforementioned, plus a salary that is at lea market value, this represents a “good package”.

De ite ability in salaries, the ace ill remains highly competitive. The FinTech se or is home to a lot of talented individuals— and firms are

doing all they can to retain these top performers. Subsequently, we aren’t seeing an increase in the availability of roles.

The remainder of 2023 will see the la er conditions continue. But beyond that, I su e we’ll begin to see movements that could present a very di erent ory.

deep dive 30 A Deep Dive into Candidate Sentiment

Rob grant, COO

La year we condu ed our large ever candidate survey. The recruitment market was arguably at its hi orical zenith in terms of appetite for hiring and the comparative scarcity of suitable talent. But as popandemic working became the new norm and the co of living crisis moved from a simmering background issue into ark, harsh reality the economy and the labour market were at a crossroads.

So 12 months later we’re back with another deep dive into candidate sentiment within financial technology–and what’s changed?

What probably doesn’t come as a big surprise is a noticeable shi

41%

said “overall earning potential” was their number one priority

83%

“very likely” or “somewhat likely”to look for a new job in the next year

in the number of candidates prioritising the importance of compensation in their decisionmaking process. The UK has, at the time of writing, remained doggedly, and some might argue, impressively resi ant to the predi ions that it was heading for a deep recession. However, inflation ill remains ubbornly high and everybody is feeling the squeeze.

▪ 41% of candidates said that overall earning potential was their number one priority when choosing a new role (up from 37% in the 2022 survey)

▪ When asked “what would make you ay in your current role long term?” 53% said “more money” compared to the 49% that re onded the same la year

66%

said “more money” would make them stay in their current role long term

53% had been “approached at least 5 times” in the last year regarding a new role

Another noticeable takeaway was around flexible working conditions.

Across LinkedIn and from anecdotal evidence there seems to be a sense that firms were falling out of love with “the brave new world” of flexible and remote working. My feeling has always been that it was an uneasy alliance and that many employers felt forced to o er flexibility to ay a ra ive in a fiercely competitive recruitment market. The results in this survey seem to show early signs of corroborating that.

▪ The number of those who said their employers o ered flexible hours dropped sharply from 40% in 2022 to 33% in 2023

▪ A similar que ion noted a smaller decline in candidates who had the option to work from home: 63% compared to 65% la year

▪ Perhaps more telling was the percentage of people that felt less produ ive when working from home nearly doubled from 4% in 2022 to 7% this time around!

But what of the labour market itself?

A er an extraordinary popandemic boom, the end of 2022 and early 2023 saw news of large swathes of tech layo s. Obviously, there were numerous macro-economic fa ors but as Zoom’s CEO Eric Yuan put it, they simply didn't hire "su ainably" as they dealt with sudden success. This was true across a number of FinTechs and other major tech firms. Whil headline-grabbing, some of these numbers can be a ributed to rightsizing. So what does that mean for opportunities in our se or and the appetite for moving?

Following a historical record month for vacancies registered at Harrington Starr, this is what the candidates felt:

▪ There was a small increase in the number of those who said they were “unhappy” in their current role, and accordingly, a corre onding drop in those who said they “very happy”

likely” to be looking for a new job in the next 12 months

▪ 66% of candidates had been approached at lea 5 times regarding a new role compared to 63% la year

…so in other words it’s still an incredibly dynamic market with once again a surfeit of job opportunities.

Finally, we looked at what the future holds and overwhelmingly AI was the big winner in the “compelling tech” que ion, with the va majority of replies choosing this option. AI isn’t a new technology, but ChaptGPT managed to thru generative AI, and by association, “ andard” AI into the public conscious like never before. Whether it’s a force for good or we’ve sown the seeds of our own de ru ion, time will tell, but it certainly has the potential to revolutionise hiring and irrevocably alter the financial technology landscape!

▪ 83% of all re ondents were either “very likely or somewhat

Your Success. Our Business.

Global leaders in financial technology recruitment

Harrington Starr is a multi-award winning financial technology recruitment business based across London, Belfast and New York City. Founded in 2010, we are specialists in technology, change & transformation and sales recruitment and have helped clients and candidates across the globe.

Our diverse range of clients include banks, hedge funds, vendors, service providers, payment providers, asset managers, start-ups, and an array of renowned industry disruptors. The one thing they have in common though is that they trust Harrington Starr with their most important asset: people.

We are passionate about helping you grow your teams, brands, networks and your careers.

info@harringtonstarr.com

UK:+44(0)2035877007

USA:+16463812067

@HarringtonStarr

@harrington_starr

linkedin.com/company/harrington-starr

[This survey was conducted by Harrington Starr in July 2023 and all estimates are correct at the time of writing. Survey completed by 1000+ respondents. Market intelligence sources: Harrington Starr and LinkedIn Talent Insights.]