London salaries 2019: Which jobs will get you a pay rise?

 
Joe Curtis
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The Square Mile - London's Financial District
Investment banking wages are set to drop in 2019 (Source: Getty)

Talent has rarely been so in demand as it is in 2019.


Against a backdrop of a record employment rate, UK wages keep going up, with pay growth hitting a post-financial crisis peak of 3.3 per cent in late 2018.

Read more: Employment rate hits new record as wages grow

But as a UK-wide average that doesn’t give us a picture of whether or not you’re likely to benefit from a higher salary this year.

And if you’re hoping to secure a pay rise from your employer in 2019, it helps to understand how much your colleagues might be earning.


That’s where we can help. Data from recruiter Robert Walters annual salary survey shows what salary hikes each London sector can expect in 2019.

So if your boss is holding out on you, take a look at the table below: you might be able to point to what rivals are paying, or realise that it’s time to get into another industry altogether.

On average, Londoners can expect to earn a three per cent pay rise in 2019, though contractors will earn a nine per cent pay rise on average.

But if you’re in financial services, you may have to wait to see your salary go up - Brexit-related uncertainty is weighing on the City as the industry holds its breath to see whether the UK will end up with a deal.

Read more: Barclays pushes £166bn assets to Dublin in Brexit move

Meanwhile, salaries are rising outside of the capital at a faster rate in some places.

Permanent salaries will rise seven per cent in the north west this year, while Midlands contractors can expect to earn 11 per cent extra.

Chris Hickey, UK boss of Robert Walters, said: “The UK remains a ‘two-speed economy’, with London-based financial services firms experiencing slow growth due to Brexit-related concerns, while non-financial services companies outside of London experienced much faster growth.

“Manchester, Leeds and Birmingham have been particularly successful in positioning themselves as regional tech-hubs, attracting talent that would have historically migrated to London.”

Here is a breakdown to London salary hikes divided by sector:

Job 2019 salary Percentage change in 2019
Accounting and finance £79k +9 per cent
Legal in-house £74k No change
Legal private practice £112k +6 per cent
Procurement £89k +6 per cent
Financial services analyst £43k No change
Financial services associate £59k No change
Financial services manager £73k No change
Technology £85k +7 per cent

And here are the job sectors in London boasting the biggest salary hikes on 2018:

Job Percentage salary change in 2019
Accounting and financial
In-house +5 per cent
Commercial +13 per cent
Interim CFO +8 per cent
Interim SME finance director +12 per cent
Interim business change +5 per cent
Internal audit +8 per cent
Legal
Private practice +6 per cent
Compliance +22 per cent
Risk +10 per cent
Procurement +6 per cent
Chief procurement officer +6 per cent
Senior buyer +9 per cent
Risk +10 to +20 per cent
Tax
Head of tax +16 per cent
Banking contractor +12 per cent
Investment banking
Derivatives trade support analyst -19 per cent
Manager -6 per cent
Relationship management -15 per cent
Data management -11 per cent