Back To Perm Land Banking VP Role

[cojak]

Back To Perm Land Banking VP Role

So basically - we don't know. This is a contractor's forum, not a permie's forum. You'll be just as well looking at JobServe for this info.

Good luck in your new job.

[LondonPM1]

Some banks have bull$hit grading systems, e.g. Barclays have Managing Director -> Director -> VP -> AVP -> Analyst, to replace what would previously have been IT1, IT2, IT3, IT4, IT5, etc. But they are grades, rather than job titles.

And VPs weren't necessarily people managers, some VPs were just senior techies and didn't even have a 'Head of...' title. There were also some people manager AVPs.

In that sytem, over £100k for a VP would be outstandingly absurd, they were on more like £60k and up.

Yup this is exactly correct - These titles are nothing more then grading systems rather then team management responsibility and this is the model used at a number of big banks

[chopper]

Some banks have bull$hit grading systems, e.g. Barclays have Managing Director -> Director -> VP -> AVP -> Analyst, to replace what would previously have been IT1, IT2, IT3, IT4, IT5, etc. But they are grades, rather than job titles.

And VPs weren't necessarily people managers, some VPs were just senior techies and didn't even have a 'Head of...' title. There were also some people manager AVPs.

In that sytem, over £100k for a VP would be outstandingly absurd, they were on more like £60k and up.

[BoggyMcCBoggyFace]

Where I am VP is 75k-115k base in tech and that's front office tech, to get 100k + as a VP you need to be manager of people, VP salary band is so wide imo because as soon as you hit VP you go from 1 months notice to 3 months, so its win win employee happy to have VP at title employer now has you on 3 months notice. If you a VP on the business side front office salary banding is approx 90-130k.

As others have said a lot has changed in banking last few years, I remember the days of nice pay rises and bonuses every year now the reality is most people had no wage rise in 3-4 years and bonus are nil or a few k.

[MyUserName]

ISTR I was a VP at Statestreet bank when they had an office in Windsor. It was nothing special, all of my colleagues were VPs too. There are different levels of VP. I have forgotten what I was, I think it was something like 12 but I am really not sure.

It varies from bank to bank. I would have thought about £80k would be good going. Higher than that would mean you have some mission critical skills that the bank really wants.

However, I have been out of IBs for about 3 years now so there might have been a sudden change whilst I have been gone.

[BlasterBates]

I do often see developer jobs in London in Finance for well over 100K but you would have to already be earning a similar amount of money to be able to get somewhat more from another bank or hedge fund, and you would have to be phenomenally good, probably a contributor to open source projects, sitting on the standards committees, and living and breathing the technology.

https://www.jobserve.com/gb/en/searc...958D6CE9C9EAB/

Probably 80K is a more a realistic goal.

[ChimpMaster]

As said above, VP is just Americanism for low or mid level manager. £70k to £80k is probably about the base for these roles, going by my experience from a few years back.

Big difference is not the £ but the fact that you'll be expected to work your nuts off in the perm role for that money.

[uk contractor]

Lots of BS around about this on glassdoor. Only way you get £120-140K is if its a Trade Floor or Front Office type role & you have a very long track record. For ages now IBs have been shedding jobs left right & centre outsourcing wherever they can. £70K PA sounds about right plus whatever bonus or package they offer on top. VP in many IBs is just a fancy title more of a manager who did not get fired, outsourced, made redundant or stuck around-clung on for their career!

[Lance]

surely it depends what the VP does?

In some places VP is one step down from the board, in other it's one step up from the scroats. Or are all IBs identical in the way they structure their management tiers?
The roles and responsibilities are what's key not the title.

In any case, wouldn't a VP be an inside IR35 role? Which would make 650p/d not much different to £140k salary.

[kaiser78]

I have posted this in professional because I am after sensible discussion and debate rather then nonsense found on General

I ve done a lot of research on glassdoor and google

What would a perm VP position at an IB expect to make as a base. Figures seem to suggest 120K which i think is the low side and 140K as the upper side of things.

For the nosy ones I imagine a comparable contractor day rate to be 650 - 700.

Am I far off the number perm wise in your experience? Funny because 650 a day taking into account tax position is heaps better

I am aware of VP roles at a US IB starting as 'low' as £70k base, for entry level VPs. So anything over £100k+ base is probably at the mid range, and the range you are talking about as being the higher end of the VP scale.

[Camels]

Depends whether you're talking base salary or package, those figures look reasonable to me for VP base level in an IB.

If base you should expect a fairly chunky bonus on top, as well as the usual medical/dental/holiday/training/etc benefits, which of course would not be available on a day rate contract unless you funded them yourself.

HTH

[LondonPM1]

I have posted this in professional because I am after sensible discussion and debate rather then nonsense found on General

I ve done a lot of research on glassdoor and google

What would a perm VP position at an IB expect to make as a base. Figures seem to suggest 120K which i think is the low side and 140K as the upper side of things.

For the nosy ones I imagine a comparable contractor day rate to be 650 - 700.

Am I far off the number perm wise in your experience? Funny because 650 a day taking into account tax position is heaps better