Junior bankers in the UAE earn annual bonuses that are on average double that of their counterparts in London, according to new research.
Compensation data supplier Emolument said that entry level bankers in the Gulf state averaged $27,000 per year in bonus payments, compared to $14,000 in the UK capital.
Fixed salaries were also more than a third higher in the UAE, at $91,000 annually, in contrast to $73,000 per year in London.
Professionals shouldn’t underestimate the fluidity of recruitment in banking in the UAE,” the report read. “If you are the right fit, you are probably in a very strong position to negotiate substantially thanks to the scarcity of candidates versus larger financial centres such as London.”
Emolument said that when it came to director and managing director level roles, bonuses and fixed pay were significantly higher for London-based banking executives. Director level salaries in the UAE averaged $200,000 per year with a $116,000 bonus in the UAE, compared to packages of more than $449,000 in London.
However, it found that overall compensation packages were comparable after “adjusting for tax and expat perks”. “The gap in real terms is narrower than shown through simple numbers,” it added.
Some Gulf states, including the UAE, do not impose personal income tax on employees, while many Western expats are also offered generous relocation and housing allowances by their employers.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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