Men in finance reach MD level two years before women
Emolument.com has analysed data from 4,700 UK front office bankers to see if it took longer for women to be promoted and if they earned different amounts compared to their male colleagues.
The data shows that a pay gap still exists in finance. Emolument.com says this is especially visible when looking at bonus payments, and that women are slower to be promoted throughout their career in banking.
Based on 4,700 front office banking & finance professionals working in the UK
According to the data, it takes women a maximum of six months more than men to reach managerial positions. Women, however, struggle to reach the most senior and highest paid titles in banking as fast as their male counterparts, taking two years more than male counterparts to reach managing director level.
Bonus differences in M&A and Trading:
Based on 615 M&A and Trading professionals with 10 to 15 years of experience
Emolument.com says in M&A, men and women both earn £160,000 annual salaries. Men's bonuses, however, are £29,000 higher while in trading, men's bonuses are twice that of women’s.
The data found that women are slightly more satisfied with their bonuses than men, despite being offered lower bonuses, both in M&A and trading.
Alice Leguay, co-founder & COO at Emolument.com, said, “While transparency in pay has come leaps and bounds in the financial services industry since 2008, there is still a clear pay gap between men and women, especially in the more opaque bonus component of remuneration. Without formal processes such as the recent Government's consultation, it is very likely that banks may not be aware of the pay gap within their own firms until they analyse their pay information. Providing transparency around pay, both for employers and employees is the surest way to encourage professionals to question the gender pay gap and push employers to close it.”