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Salaries in Scotland’s financial services sector grew by 11.4% between March 2007 and March 2008 according to financial services recruiter, Joslin Rowe. In March 2007 the average financial services salary was £21,893. This has now risen to £24,396. The average accountant in Scotland is now paid £30,667. The average salary in investment management is now £31,600. The 11.4% rise contrasted with below inflation rises seen in London’s financial services sector (2.7%) and the UK (4.0%) as job markets in Edinburgh and Glasgow successfully weathered the storms currently battering the London jobs market.

Joslin Rowe director, Margaret Dyer says:  “These figures are a clear sign Scotland’s financial services sector remains robust despite the difficult global economic conditions. However, the next year will be crucial. We would anticipate salaries will rise much more slowly as firms adopt a cautious approach to the continuing fall out of the credit crunch. "

Rates for temporary workers in Scotland’s financial service sector have not increased in line with permanent salaries however. Average hourly rates for temporary workers are £8.48, compared to £8.36 an hour in March 2007. It’s a different story in London. Rates for temporary roles within London’s financial services sector have risen 9.4% to £18.09 (from £16.54 in March 2007).

Margaret Dyer said “The more stable hourly rates in Scotland are actually a reflection of the healthy permanent job market. Temporary workers have been the main beneficiaries of London’s unstable job market; hiring freezes have forced banks to take on more temporary staff in the middle and back offices to meet workloads in the short tem. Rate rises in London reflect this increased demand for temps. But fewer institutions in Glasgow and Edinburgh have been forced to put blanket hiring freezes in place – so temporary pay remains at similar levels to last year.”