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Operational investment banker : Salary and conditions

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  1. Job description
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Case studies

  • Range of typical starting salaries: £30,000 - £45,000 plus benefits and 10% bonus.
  • Salary progression varies according to the role with the best-paid operations staff earning £85,000 to £120,000, plus a 20% to 30% bonus.
  • Remuneration packages in investment banks often include benefits such as health insurance, life assurance and subsidised gym membership, plus discretionary annual bonuses (based on individual and company performance). Salary and bonus levels are affected by economic conditions. Salaries in operations do not reach the levels of the revenue-generating front office roles, such as trading, but still remain high compared to similar roles in other sectors.
  • Investment banks have a reputation for long working hours. While this is true for divisions such as corporate finance, working hours in operations tend to be more regular, typically 8.00am to between 5.30 and 6.30pm, Monday to Friday. However, when working on projects or towards the end of the month, longer hours and some weekend work may be necessary to meet deadlines.
  • The job is mostly office based.
  • Flexible or part-time working is becoming more common, especially in the regional hub offices sited away from the City. There are no opportunities for self-employment, though consultants may be used for major improvement projects. Many banks have career break schemes, but they are often restricted to long-serving members of staff e.g. more than five years’ service, and are only approved by senior management on a case-by-case basis.
  • Investment banking has traditionally been male dominated, but there tends to be a higher proportion of women in operations than in other areas. Many banks participate in schemes that encourage applications from women and other underrepresented groups, such as Women in Banking and Finance .
  • Most of the jobs are available in financial centres, such as London, although there has been a tendency to move operation functions to lower cost areas in the UK, e.g. Bournemouth, Glasgow, and offshore, e.g. to India   Job availability tends to fluctuate wildly due to economic conditions.
  • Many banks having a 'business casual' dress code, though some maintain the requirement for smart business dress. The working environment may be demanding and stressful, with tight deadlines, but the role offers variety and challenge. It is sometimes necessary to adjust home and social life to meet the priorities of the job. The culture is often described as 'work hard, play hard' and socialising with colleagues is common.
  • There may be some travel involved to some of the bank's other sites overseas, but travel opportunities are limited in operations, and will depend on the department or product.
 
AGCAS
Written by Graham Philpott, University of Reading
Date: 
June 2010
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