Morgan McKinley research: Dip in starting salaries in financial services

The average salary for employees in the financial services sector securing new roles in July 2011 dipped by 3% compared to salary levels for those starting new roles in July 2010, according to research by Morgan McKinley.

The Morgan McKinley Employment Monitor found that the average salary for those securing new roles in July 2011 fell to £50,591 from the average pay of professionals who took up new roles in June 2010.

Andrew Evans, chief operations officer at Morgan McKinley Financial Services, said: “As banks focus on cost efficiencies, decision making over job specifications and compensation has become prolonged.

“These extended negotiations have been reflected by a slight dip in the average salary for new joiners in July 2011, compared to the average salary for professionals starting new jobs in June 2011.”

Read more articles on pay and bonuses in the financial sector