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Pension & Investments: “Bonuses bump up asset management risk pros’ pay in ’09”
Total compensation for risk professionals in asset management rebounded in 2009, rising 4%, driven largely by bonuses, says a new report by Risk Talent Associates, a risk-management executive search firm. While salaries remained flat to slightly negative, bonuses grew by 7% in 2009, Michael Woodrow, president of Risk Talent Associates, said in a telephone interview.
Mr. Woodrow said last year’s survey reported a 14% decline in total compensation in 2008.
He also said the 2009 increase was surprising in that it wasn’t bigger, given the good year experienced by financial firms. “We are in a new age of compensation and not seeing the bigger numbers,” he said.
Mr. Woodrow said Europe and New York remain the places to earn top compensation among risk professionals, followed closely by the rest of the Northeast U.S.
The report also found as the financial system has stabilized job movement has declined. Mr. Woodrow said 23% of respondents report in the survey changing jobs in the last two years vs. 29% in last year’s survey. He said this trend looks likely to change again in the coming year: 35% report they will seek new jobs in the future as opportunities become more plentiful.
More than 225 risk professionals participated in the survey, Mr. Woodrow said.