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2 Sep 2016 12:00pm

New York tops pay table for financial professionals

Despite the high cost of living, NY is still more attractive than London or Paris

NewYorkcity800
Caption: Despite the high cost of living, NY is still more attractive than London

While the cost of living is higher in New York, professionals in roles such as trading and advisory consultancy are better off there than in London or Paris, the salary-benchmarking site Emolument.com found.

A trader working in New York at a vice president level earns on average £216,000 annually, compared with £165,000 in London and £118,000 in Paris.

The cost of living in London and Paris is 15% and 16% lower than New York respectively but the pay gap is wider at 24% and 45%.

Legal professionals, however, are better off working in Zurich and London than in Paris and New York. The Swiss city offers the largest pay packet, with an average of £162,000 salary and bonus combined.

In London and Paris, the compensation is lower at £111,000 and £97,000 respectively, but the living costs make up for the difference.

Alice Leguay, co-founder and chief operating officer at Emolument.com said, “Financial Services remains by far the best paying industry globally as bonuses boost the total pay package far beyond other jobs.

“The high concentration of financial professionals in some locations such as Zurich, London and New York is a contributing factor to the high costs of living with bankers pushing up property prices in the most desirable locations.”

Fund managers and software developers should avoid Zurich because of the high cost of living ands instead consider New York, where they can take advantage of proximity to top technology centres and high performing firms.

Jessica Fino

 

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