Young quants and engineers have high hopes for bonuses, directors do not
Bonus expectations for quants and technologists in financial services are, by and large, not bad. Quants anticipate their bonuses will go up 12% on average, and tech staff expect theirs to rise 10%. However, breaking this down by seniority reveals a large disparity, particularly between junior staff and their seniors.
In both sectors, analysts and associates are expecting far bigger bonuses. Quant juniors expect their bonuses to rise an average of 36% while technologists expect a comparatively modest rise, 26%. One developer in New York was told to "work honest, work hard and the bonus will come to you." Quants, however, said there was little-to-no communication about their bonuses.
There's a stark contrast in the bonus expectations at VP level. Quants expect a 10% rise, engineers expect a 3% fall. An engineer for a major US bank in London says his employer gave him a "bleak outlook", while one in Singapore said she was given "vague lofty statements."
Fates reverse for directors and managing directors; quants expect their bonuses to fall by 4%, while technologists expect theirs to rise 4%. This disparity is driven by a number of quant directors in banking that are expecting their bonuses to disappear almost entirely. There are more quant directors expecting a bonus increase than a decrease, but their hopes are kept modest.
Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email email@example.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)