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Banks Fight Big Data Talent Gap

Salaries are up for banking IT staff and managers, according to the 2014 InformationWeek Analytics Salary Survey.

The intense global competition for professionals at all levels with leading-edge analytics and big data capabilities is helping drive improvements in the financial services industry for IT talent, according to the 2014 InformationWeek Analytics Salary Survey.

Overall, the IT hiring and salary picture for the financial services industry is improving, although gains since last year's survey have been slight and not dramatic, according to the more than 1,250 banking and securities IT professionals who participated in the 2014 InformationWeek Analytics Salary Survey. Salaries for banking and investment firm IT staff and managers have risen slightly since 2013. The median base salary for IT staff climbed 1.4% to $98,000, while the median base salary for managers has leveled off at $120,000. Total compensation -- including bonuses and other direct cash payments received during the previous 12 months -- rose for both groups, a 1.9% jump for staff, and a 2.6% rise for managers.

The InformationWeek Analytics research suggests, however, that there's still a gender gap in financial services, as women in both IT staff and management positions continue to be paid less. Their base salaries, bonuses and total compensation levels have risen, but are still not on par with their male counterparts.

Read the rest of this story on Bank Systems & Technology.