COMP NEWS – Software engineers working in the financial services sector saw big bumps in their bonus compensation in 2023.

After a disappointing year for technology pay in finance in 2022, it seems that last year marked a return to form. Our salary and bonus report, based on our compensation survey which had 6,000 respondents, found that engineers and developers in banking and the broader financial services industry earned over $200k on average last year. This was due in no small part to some big bonus increases.

 

Bonuses were up across each seniority level for banking technologists. Vice presidents (VPs) in technology saw the biggest increase in bonuses, with a rise of over 20%, while analyst bonuses rose by an average of 17%. Total compensation for analysts was over $110k on average.

Although bonuses increased, many engineers and technology staff are still unhappy with their pay. Only one in three of those surveyed were satisfied with their compensation.

Unfortunately, technology staff in banks don’t seem happy with this. Only 35% of respondents were happy with their pay for last year, down from 49% the year before. This might be because they’re pulling longer shifts; technologists in finance worked an additional two hours per week on average in 2023 compared to 2022.

 

Another reason may be that the bonuses aren’t evenly spread. Some engineers have been said to receive significantly lower bonuses, or even none at all; remote workers claim to have been hurt in particular. 

To read more about software engineer pay in banking, click here.

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