CareerBank: Financial Professionals Can Expect Salary Uptick for New Hires
February 23, 2006
CAREERBANK: FINANCIAL PROFESSIONALS CAN EXPECT SALARY UPTICK FOR NEW HIRES
CareerBank.Com Annual Salary Survey Released, Shows Entry Level Jobs Outpacing Senior Positions In Income Growth While Gender Gap Continues
ROCKVILLE, MD – February 23, 2006 -- CareerBank.com, the Web’s leading employment site for financial services professionals across North America, says that a recent surge in job-vacancy postings suggests that financial professionals can expect an uptick in salaries for new hires in 2006.
The projection comes as CareerBank.com has released its 2005 annual salary survey that showed a continued income gap between men and women while also pinpointing a discrepancy in income growth between younger workers and more senior ones.
Across the board, salaries for accountants, insurance executives, bankers and other financial professionals remained essentially flat in 2005, the company says.
The CareerBank.com salary survey is based on responses from more than 6,500 users of its online service. Participants were asked about their 2005 incomes.
CareerBank.com’s report may be viewed at www.careerbank.com/ssurvey2005/ssurvey2005results.cfm.
Looking into 2006, recent CareerBank.com data suggests that the demand for workers is accelerating. The company said there has been a recent jump in the number of hiring organizations posting help-wanted ads -- up by about 20 percent in January 2006 compared to January 2005.
“It appears that we have turned a corner with the new year. There is more robust demand for new staff,” said Wes Crews, CareerBank.com president and CEO. “That suggests that we can expect an income uptick for new hires in 2006.”
Highlights of CareerBank.com’s 2005 salary survey include:
- Overall, 2005 salaries remained mostly flat, with respondents an average decrease of (a statistically insignificant) 1 percent;
- A wide discrepancy evident in income changes between entry-level workers (up an average of 12 percent) and those individuals at the executive and partner levels (an average 10 percent decrease); and
- Women earned 21 percent less than men for similar positions, though that gap fell 4 percent last year.
The survey also indicated that the use of online career sites to find employment rose 5% from last year, while the use of newspapers dropped 4%.
“As a service focused exclusively on financial professionals, we stay in close touch with both employers and job candidates,” Crews says. “This year looks to be a good one for job seekers.”
CareerBank.com specializes in providing online job posting, job tracking, resume databases and career advice services for the accounting, finance, mortgage, insurance, banking and related communities. The site is utilized by millions of financial services professionals, and also partners with more than 110 associations and other organizations (including 41 state associations of certified public accountants) consisting of employers and recruiters.
MEDIA CONTACT
John Buckman
Buckman Communications for CareerBank.com
412 381 2900
jbuckman@buckman.biz
