Bonuses for the IT staff at hedge funds have doubled in the past year, despite the troubles affecting the overall sector, reports Network World.
Hedge fund IT staff can expect bonuses in the 50 percent plus range, which is nearly double the 25 to 30 percent bonuses they received last year, according to data compiled by the recruitment firm, ReThink. Their survey also revealed that base salaries are rising by 15 percent, well in excess of the annual inflation rate.
Software developers with experience in algorithmic trading platforms are at the top of the list for bonuses. These programmers are developing the automated high volume trading platforms that are playing an increasingly important role at both hedge funds and exchanges.
Industry players are locked in an “arms race” to develop the best trading systems, which is fueling the demand for top programmers, says Fhamid Malik, head of financial services at ReThink Recruitment. The last six months has also seen the reappearance of guaranteed bonuses into contracts. It makes this an ideal time to secure or negotiate an excellent compensation contract if you’re in financial IT.
The article quoted starting base salaries for qualified IT staff in the UK at U.S. $160,000 on average, a rise of 15 percent from last year. In addition, employers are willing to pay a premium of roughly 20 percent for senior IT staff who have successfully developed and implemented proprietary trading systems.
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