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Global Fintech Salary Guide 2018 By Moorlands Human Capital/ Kennedy UK

London 7 September – Fintech or Financial Technology, a term increasingly used in media and technology circles, describes all things related to the emerging and changing financial services sector. Examples lie in innovations in retail banking, alternative lending and crypto-currencies like bitcoin. Despite it being such a hot topic, many people don’t quite have a handle on it or understand its meaning. Yet the industry behind Fintech is booming and has attracted global investments of $17,4 billion in 2017 alone. Executive search firm Moorlands Human Capital, partner of the global Kennedy Executive Search & Consulting Network, conducted a survey to determine what the c-level talent in this industry are earning. A total of 503 individuals from 500 businesses with revenues between $5 million and $5,3 billion were all surveyed, with all companies based in either Asia Pacific, Europe or North America, where Kennedy Executive has partner offices.

CEO Compensation

A total of 137 CEOs were surveyed regarding their total annual compensation and what amounts were fixed versus variable. Variable compensation included cash bonuses, long-term incentives awarded for that year, retirement provisions and other benefits. The survey showed that the average base salary for a CEO in Fintech business is $353,000. The lowest reported base salary was $93,350 and the highest $659,000. When looking at total compensation, the lowest reported figure was $228,000 with the highest earning CEO bringing home a total of $1,600,000. The average total compensation reported was $857,000.

CTO Compensation

The same was asked of a total of 90 CTOs. With an average base salary of $215,000, they make considerably less then their boss. The lowest reported base salary for CTOs was $85,000 and the highest $346,000, less than the average base salary for CEOs. However, it is in the variables where CTOs can substantially add to their base salaries. The average total compensation reported, including all benefits was $521,000 with the lowest total compensation being $163,000 and the highest $844,000.

CFO Compensation

At $94,000, the basic compensation for a Chief Financial Officer at the bottom of the compensation chart compares with what their technical counterparts earn.  Still, the average and highest reported compensations are lower. On average, a CFO brings home a base salary of $158,000 and the highest reported figure is $221,000. To compare, this is only $6,000 more than the average base salaries for CTOs.  When it comes to total compensation, CFOs in Fintech can make quite a difference with variables. But at $246,000, the average total compensation for a CFO is still more than half of what CTOs bank on average. The lowest reported total compensation for a CFO is $147,000 and the highest $346,000. A total of 74 CFOs were surveyed.

Sales & Marketing Director Compensation

Out of a total of 155 Sales and Marketing Directors, the lowest reported base salary was $77,000. But this rises to an average of $235,000, which is more than the highest reported base income for CFOs. The highest reported base salary was $392,000, higher than the average for CEOs and also higher than the highest total compensation for CFOs. When looking at the variables, the lowest total compensation reported is $126,000. Interesting is the sudden rise to an average total compensation of $375,000. More striking is the highest reported total figure of $625,000, which is substantially higher than the reported highest total figure for CFOs and nearing the reported totals for CTOs and CEOs. This disparity is due to the Sales & Marketing Director being rewarded for revenue generation.

HR Directors

When looking at the figures for those in charge of Human Resources, it shows they earn less than their fellow board members, as is the case in most industries. The lowest reported at $66,000 which is the lowest reported in the entire survey. With an average of $152,000 and the highest base salary reported at $225,000, an HR Director can be compared to that of a CFO.  However, when it comes to total compensation, they are left behind slightly with an average total figure of $221,000. The lowest reported total was $105,000 with the highest being $312,000 for an HR Director.The obvious difference between the HR Director and the rest of the senior executives is not uncommon in the financial services space.  In Fintech it is almost certainly due to organizations focusing on product development and client acquisition rather than on strategic human capital management.

 

Paul Battye, owner of Moorlands Human Capital / Kennedy Executive United Kingdom: “This is the first time we have conducted and published this executive salary survey. We therefore have no historical data to compare the outcome against. However, it provides a good insight in the compensation of c-level executives in this booming industry. We can see that customer acquisition is valued highly by FinTech’s given the level of compensation paid to Sales and Marketing directors. It will be fascinating as the years go by to see if this phenomenon continues or if we see a harmonisation of compensation across the C-suite. In future years, we aim to be able to highlight the major trends in Fintech c-lever salaries.”

 

Jorg Stegemann, CEO of Kennedy Executive: “Finance is a hugely inflectional industry. Since the great financial crisis, we have seen the real emergence of fintech as an industry in its own right. We at Kennedy are committed to helping organisations secure the best talent in the market and this research highlights our dedication to this fast growing sector.”

Paul Battye, owner of Moorlands Human Capital / Kennedy Executive United Kingdom: “This is the first time we have conducted and published this executive salary survey. We therefore have no historical data to compare the outcome against. However, it provides a good insight in the compensation of c-level executives in this booming industry. We can see that customer acquisition is valued highly by FinTech’s given the level of compensation paid to Sales and Marketing directors. It will be fascinating as the years go by to see if this phenomenon continues or if we see a harmonisation of compensation across the C-suite. In future years, we aim to be able to highlight the major trends in fintech c-lever salaries”.

Jorg Stegemann, CEO of Kennedy Executive: “Finance is a hugely inflectional industry. Since the great financial crisis, we have seen the real emergence of fintech as an industry in its own right. We at Kennedy are committed to helping organisations secure the best talent in the market and this research highlights our dedication to this fast growing sector.

A link to the full report and survey can be found here

About Moorlands Human Capital

Moorlands Human Capital is a boutique executive talent management consultancy focused on delivering innovative solutions tailored to meet our clients’ ever changing needs. We specialise in Board Appointments, Executive Assessment, Executive Research, Executive Search, Interim Management and Leadership Consulting. Moorlands Human Capital is proud partner of the Kennedy Executive network.

About Kennedy Executive Search & Consulting

Kennedy Executive Search & Consulting is a global partner network of retained search boutiques in Europe, Africa, North America and Asia Pacific with offices in Amsterdam, Budapest, Copenhagen, Denver, Frankfurt, Johannesburg, London, Milan, Monaco, Oslo, Paris, Prague, Sydney and Vienna. The network covers 360 degrees of talent management: direct search finds and assesses the right talent in the market; consulting develops people and organizations. As a network, Kennedy will run 365 strategic recruitments all over the world this year. Kennedy Executive Search & Consulting helps organizations to achieve their goals and people to enhance their careers every day.

PRESS CONTACT:

Paul Battye: (+44) 0207 887 4534 / paul.battye@moorlandshumancapital.com

 

Integrated People Solutions is an executive placement firm in Denver, Colorado, and is part of the Kennedy Executive Network

 

 

Posted in #leadership, #kennedypartners, #integratedpeoplesolutions, #executivesearch, #fintech, #finance, #Technology

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