Generous pay rises for CFA members
More chartered financial analysts in Australia experienced pay increases last year than in any other country, except China, according to research by the CFA Institute.
The 2007 CFA Institute Member Compensation Survey has found that 83 per cent of Australian respondents received a total pay increase from 2005 to 2006, five per cent behind the pay increases recorded in China.
The report also found a total 43 per cent of Australian CFA members received an increase of 20 per cent or more last year, and a further 40 per cent received 5 to 20 per cent extra.
In addition, 86 per cent of Australian respondents were eligible for a cash bonus last year, with 45 per cent reporting their bonus is primarily tied to individual performance.
CFA Society of Sydney President Olivia Engel said the highly competitive financial packages “may be a reflection of their high demand in the investment industry”.
Meanwhile, another survey released yesterday by eJobs Recruitment Specialists has found advertised financial planning job vacancies were up 49 per cent Australia-wide during the past quarter on the same period last year.
A key finding of the latest eJobs survey is that critical skills shortages have driven junior paraplanner salaries to a level commensurate with those with several years experience.
According to eJobs Financial Planning managing director Trevor Punnett, it is now common for employers to offer up to $60,000 per annum salary and ask for as little as six months experience.
At the top end, he said, senior paraplanners with specialisations in software and client or investment type can command up to $100,000 salary per annum plus bonuses.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
