In the past, the highest paid people were undoubtedly Investment Development Managers, but increasingly difficult stock market conditions mean that, this year, they are no longer the highest paid Specialists. That honour goes to the Corporate Pension Specialists who have seen a very significant rise in basic and total remuneration over the past 2 years.
According to our 2012 Salary, with a mean basic salary of £62,500, the Corporate Pension Specialist is just ahead of the Investment Development Manager whose mean salary is £61,292. However, while total earnings for Investment Development Managers have dropped by over 8%, Corporate Pensions Specialists have seen a massive rise of total earnings of over 23%.
This is undoubtedly the fastest growing area and reflects the level of competition within the market. Interestingly, despite all the concerns about the sales of regulated Wealth products moving forward, there is still considerable gap between remuneration for Specialists in the Wealth arena (Investment, Pensions and Platform) and those in the Risk arena (Protection and Group Risk).
In part this will reflect the higher level of qualification and knowledge required and therefore the supply of skilled individuals in this field.