According to Glassdoor (which collates salary data submitted anonymously), the average base salary for an FX trader in the UK in November 2022 was £69,182 and additional cash compensation, including bonuses and commission, averaged £86,851. The equivalent figures for an FX analyst were £40,207 and £4,102, respectively.
The most in-demand roles within the institutional space are sales professionals that have a genuine transferable book of clients, followed by trade support roles, such as solutions and operations, observed Reece Pawsey, the Director FinTop Consulting. “Within the retail space the greatest demand is for multilingual sales and business development professionals, which typically consists of retention and conversion,” he said.
Unsurprisingly, there are insufficient numbers of candidates who meet the institutional profile, which has led to some brokers extending their search beyond individuals who bring business with them to those with experience but no transferable book of clients, or even more junior candidates. In the retail space, many candidates fit into either the retention or conversation category but lack the experience to generate new business.
Reece Pawsey, FinTop Consulting
According to Pawsey, brokers in the institutional space are now offering significantly higher base salaries than they were 12 months ago, unlike their retail counterparts, where salaries have remained largely the same. “As more new players enter the market it will become increasingly competitive with brokers competing for experienced candidates with a book of clients,” he said. “That being said, the suitability of these clients also depends on the spreads, products and additional solutions offered by the broker.”
Rebalancing of Roles
Michael Williams Associates has seen a consistent demand for both sales and trading roles explained the Managing Partner, Neil Price. “Following the transition of selected staff from London to the EU in line with the post-Brexit regulatory requirement over the last two years, we are now seeing firms rebalance – essentially moving from the establishment of new desks to expansion and upgrading,” he said.
The move towards digitisation of the FX business continues to drive the need for technical and quantitative experience,…
