IT Workers In Demand at Financial Companies, and They Expect Big Bonuses

Don’t ever underestimate the greenbacks, Mr. IT Manager. Your employees are pining for more of the compensation pie in 2010.

More than 40 percent of technology workers who work for Wall Street firms think compensation is the most important reason to work in financial fields, according to a new report. In a survey that polled 2,145 Wall Street professionals, 55 percent of technology survey respondents said compensation was important but not necessarily the most important reason to work for a financial firm.

As of Nov. 1, technology job openings at financial companies are up 54 percent from a year ago on the eFinancialCareers site. In the United States, there are 1,553 opportunities; In the U.K., that number is almost double at 3,124. Asia has more than 2,400 job vacancies while Europe and the Middle East have more than 1,600. It’s a good time to have experience in financial technologies, finds a report from the Dice-owned job board eFinancialCareers.

What skills and technology experience are in demand at financial companies in the United States?

“Wall Street institutions are looking to recruit programmers and developers particularly with C++, C# or Java, database administrators and project managers in various operations including algorithmic trading, risk management and wealth management,” said Constance Melrose, managing director, eFinancialCareers North America, in an interview with eWEEK. “Experience in financial services is always a plus, especially at investment banks and broker-dealers. Investment managers and others on the ‘buyside’ are more open to recruiting technology professionals from other industries."

For technologists in financial companies, the survey found year-end bonuses are on the agenda. IT managers looking to keep their talented technology employees retained should consider how compensation plays a factor in career decisions like changing jobs and job satisfaction.  

“With the tech unemployment rate at 4.8 percent – well below the national average of 9.6 percent – Wall Street tech professionals are in a position to sit across from managers and negotiate a desirable bonus with the confidence of a positive employment environment,” wrote Melrose in a November statement about the survey. “In fact, of the tech professionals who expect a higher bonus this year, 18 percent attribute the better payout to changing employers in the last year, showing they aren’t afraid to capitalize on opportunities for career advancement.”