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Report 012Profile of The CityLife Working Series 2014/5

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1. Introduction

A detailed investigation into people working in the City.

Seven years on from the start of the Global Financial Crisis, the world’s media continues to be fixated on the performance of the City. But what about the people who work in it every day? What does the average City worker look like, and what is working life like for them?

For the third year in a row, we will be sharing our ‘Life Working’ series. These reports seek to understand how the working lives of those employed in The City of London have changed over the last year. More specifically, they will give an insight into:

Report 012: Profile of the City: an updated view on how the makeup of the City has changed over the last 12 months

Report 013: Compensation: a detailed look at changes to pay in 2014 and bonus expectations for 2015

Report 014: Diversity: an updated view on how employees are creating more diverse work forces.

Report 015: Retention: a look into what makes people stay with their employer.

Report 016: Mobility and Flexible working: the changing views of employees towards relocating and the evolution of more flexible working practices.

The findings contained in this report are derived from data collected in a survey

conducted between 15th August and 23rd September 2014. The survey was distributed to a total of 27,238 current and former candidates and clients working in The City of London and Canary Wharf. The audience polled are predominately middle to senior ranking staff working across a range of financial sectors.

We’d like to say a huge ‘thank you’ to the 1,046 people who freely gave their time to share some very personal information about themselves and their views. Please consider that the responses given are based on the respondents interpretation of the question and response options.

The information and data contained in this report are for information purposes only and are not intended, nor implied to be a substitute for professional advice. In no event will Astbury Marsden be liable to you or any third party for any decision made or action taken in reliance of the results obtained through the use of the information and/or data contained or provided herein.

If you have questions regarding the survey or the report please contact:

Adam Jackson+44 (0)20 7065 1185adam.jackson@astburymarsden.com

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2 . Summary of findingsWhat does the profile of the average City worker look like?

London - not only does this distinctive City offer some of the best job opportunities in the world, but it possesses many major cultural landmarks. It’s not surprising that people from across the globe want to come and work here.

The City has a diverse range of people and cultures, and more than 300 languages are spoken within Greater London. But this infinitely varied City is still viewed through a selection of stereotypes. What is the reality?

We are pleased to share the findings from this year’s Life Working series. This is our third series of reports which allows us the opportunity to better identify subtle fluctuations to life working in the City.

So, what does the ‘average’ City worker look like in 2014?

• He is still most likely to be a white, heterosexual male, but also a little older, at 40 years.

• He is probably Christian but is almost equally likely to consider himself not to be religious.

• His salary has gone up to £84,922.• He spends between 45 minutes and 1

hour commuting to and from work.• With a working week that is between

41 and 45 hours long.

How do the results change when looking at the salary?

• This year we saw the gap between the average salaries paid for financial services and non-financial services employees reduce from a 32% differential in 2013 to 24% in 2014. Financial services salaries remained broadly the same, so this was due to a 6% increase on the non financial services base. Management consulting salaries were 12% higher than financial services with an average basic salary of £95,093.

• For the third year running, revenue generators remain the highest paid group of employees in the City. With strategy and change professionals not far behind.

• Pay continues to increase with experience and seniority, with 45% of Managing Directors earning over £160,000.

• The gender pay gap still exists; however, it continues to reduce. 21% of women and 22% of men earn between £60,000 and £80,000 and 8% of both sexes earn £120,000 - £140,000.

• Whilst the findings do not show any trends linking salary and ethnicity, this year has seen some further shifts in average pay. Average pay

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rose quickly for those from Indian and Pakistani backgrounds while Bangladeshi’s fell since last year.

• In contrast to last year, all religious groups saw their average pay increase in 2014. However, those with no religious affiliation saw a 5% decrease.

• Commuting pays. This year as the commute time increases, so does average salary. However for commutes over one hour 45 minutes, we saw it drop significantly, by £15,000.

• This year saw earnings continue to rise with the number of hours worked. In contrast to the last two years, earnings have continued to increase for those working more than 75 hours a week. In fact, we saw a 60% increase in salary for those working more than 66 hours when compared to last year.

Gender diversity continues to be a hot topic in the media. This year we have seen further improvements across the spectrum.

• The City workforce continues to diversify with an 8% increase in the proportion of women, to 29%.

• Technology and Compliance functions continue to show a low female representation with HR and Administration leading the way for equal gender representation.

• We have also seen a further increase in the proportion of women at Managing Director/Partner level. However, women remain significantly under-represented at senior levels.

• Women got younger – the median age fell to 35 years and the average also fell to 37.5. However, the median and average ages of men increased.

• For the third year in a row, we found that fewer women than men work more than 46 hours a week.

And finally, are we seeing City workers age quicker? • In line with last year, 98% of the City

are under 60 years of age.• The average age of financial services

staff went up from 39.3 to 40.1 during the year while we saw a small drop in the average age of non financial services staff to 39.0. Management Consulting staff are the oldest with an average age of 40.3.

• For the third year in a row, private equity continues to have the youngest staff, averaging 36 years. Regulators posses the oldest, at 45.7 years.

• According to this year’s research, the peak earning years of any City worker have gone up to between 50 and 59 years of age.

I hope you find this year’s report useful. Despite seeing some shifts in the make up of the City, there is still plenty to be done before we can call it a truly diverse workforce.

Adam JacksonDirector

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3 . The Participants

The most well represented sectors this year were investment banking (29%) and consulting (18%). We still received 13% of responses from non financial services employees, just a small drop on last year.

In line with 2013, ratings agencies had some of the lowest representation along with private equity.

An insight into the profile and working life of those taking part in the survey.

SectorFig 3.1

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FunctionFig 3.2 Similarly to last year, Technology remains a key function for city firms in 2014.

However, we have seen a 19% decrease in technologists as a proportion of the city workforce.

Finance and Risk & Governance functions are also a key component of any City firm. The largest increase (6%) was seen in the proportion of Strategy and Change roles. This could be due to the introduction of Consulting to the audience surveyed.

Job levelFig 3.3

The mix of job levels has remained consistent over the last two years.

There was a 3% increase in the proportion of respondents at the Vice President/Senior Manager level and a 3% decrease at Director/Executive Director.

After a drop in 2013, we saw Managing Director/Partner level staff return to a similar level to 2012.

Managing Director/Partner

Analyst/Executive

Associate/Manager

AssociateVice President

Manager

Vice President/Senior Manager

Director/ExecutiveDirector

Other

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Associate/Manager

AssociateVice President

Gender

Age

Fig 3.4

Fig 3.5

Despite, still being predominantly a male environment, this year’s survey shows a substantial, 8% increase in the proportion of women working in the City. This demonstrates excellent progress towards the commitment to improve gender diversity in London businesses.

The average age has increased from 39.3 to 40 in the last year. The median age has also increased by 1 year from 38 to 39.

In line with last year, one in eight is aged under 30 and seven in ten is 30 - 50 years old.

20-29

30-39

40-49

50-59

60plus

Average Age: 40

Median Age: 39

Gender 2014 2013 2012

Female 28.6% 20.3% 18.6%

Male 71.4% 79.7% 81.4%

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EthnicityFig 3.6

From an ethnic diversity perspective, the City is more varied than the UK, however, it is less diverse than London as a whole.

Just under 70% of respondents in the City are white, compared to just 60% of London. 1 in 8 of our respondents is Indian and just 4% are black. The City has a much higher representation of Asians representing 20% of the City as opposed to 13% of London as a whole.

Ethnic group 2014 2013 2012 +/-2011 Census Data*

% UK +/- % London

+/-

White British 43.9% 45.7% 40.9% -1.7% 80.5% -36.6%

59.8% -15.9%White Irish 4.2% 2.0% 1.9% 2.2% 0.9% 3.3%

White (other) 20.9% 23.2% 26.5% -2.3% 4.5% 16.4%

Mixed Race 2.3% 3.5% 3.1% -1.2% 2.2% 0.1% 5.0% -2.7%

Black African 2.7% 1.1% 2.2% 1.6% 1.8% 0.9%

18.5% -15.8%Black Caribbean 0.4% 0.4% 0.5% 0.1% 1.1% -0.7%

Black (other) 0.6% 0.5% 0.7% 0.1% 0.5% 0.1%

Indian 12.1% 10.7% 12.3% 1.4% 2.5% 9.6%

13.3% 0.8%

Pakistani 0.6% 2.1% 1.5% -1.4% 2.0% -1.4%

Bangladeshi 0.6% 0.9% 0.5% -0.3% 0.8% -0.2%

Chinese 5.0% 3.8% 3.9% 1.2% 0.7% 4.3%

Asian other (non Chinese) 2.3% 1.8% 1.6% 0.5% 1.5% 0.8%

Other 2.5% 1.7% 1.9% 0.8% 1.0% 1.5% 3.4% -0.9%

Prefer not to say 1.7% 2.7% 2.5% -1.0% 0.0% 1.7% 0.0% 1.7%

*Data taken from 2011 census

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Ethnic group 2014 2013 2012 +/-2011 Census Data*

% UK +/- % London

+/-

White British 43.9% 45.7% 40.9% -1.7% 80.5% -36.6%

59.8% -15.9%White Irish 4.2% 2.0% 1.9% 2.2% 0.9% 3.3%

White (other) 20.9% 23.2% 26.5% -2.3% 4.5% 16.4%

Mixed Race 2.3% 3.5% 3.1% -1.2% 2.2% 0.1% 5.0% -2.7%

Black African 2.7% 1.1% 2.2% 1.6% 1.8% 0.9%

18.5% -15.8%Black Caribbean 0.4% 0.4% 0.5% 0.1% 1.1% -0.7%

Black (other) 0.6% 0.5% 0.7% 0.1% 0.5% 0.1%

Indian 12.1% 10.7% 12.3% 1.4% 2.5% 9.6%

13.3% 0.8%

Pakistani 0.6% 2.1% 1.5% -1.4% 2.0% -1.4%

Bangladeshi 0.6% 0.9% 0.5% -0.3% 0.8% -0.2%

Chinese 5.0% 3.8% 3.9% 1.2% 0.7% 4.3%

Asian other (non Chinese) 2.3% 1.8% 1.6% 0.5% 1.5% 0.8%

Other 2.5% 1.7% 1.9% 0.8% 1.0% 1.5% 3.4% -0.9%

Prefer not to say 1.7% 2.7% 2.5% -1.0% 0.0% 1.7% 0.0% 1.7%

ReligionFig 3.7

Religion 2014 2013 2012 % London*

Christian 39.1% 41.4% 45.9% 48.4%

No religion 37.4% 34.7% 30.4% 20.7%

Hindu 9.0% 7.6% 9.0% 5.0%

Muslim 4.2% 4.9% 4.7% 12.4%

Any other religion 1.3% 1.8% 1.2% 0.6%

Jewish 1.5% 1.1% 0.9% 1.8%

Sikh 1.5% 1.1% 1.4% 1.5%

Buddhist 0.8% 0.9% 1.5% 1.0%

Prefer not to say 5.2% 6.7% 5.1% 8.5%

Sexual identityFig 3.8

Sexual orientation 2014 2013 2012 % Nationally*

Heterosexual 89.3% 88.2% 87.7% 93.5%

Gay/Lesbian 3.1% 2.5% 3.3% 1.1%

Bisexual 1.7% 1.8% 1.5% 0.4%

Other 0.8% 0.3% 1.0% 0.3%

Don’t know/Prefer not to say 5.0% 7.3% 6.6% 4.7%

TOTAL 100% 100% 100% 100%

Despite consistently falling, for the third year in a row, the largest religious group in the City is Christian (39%). Closely followed by 37% who consider themselves as having ‘no religion’.

There was a small increase in the number of Hindu, Jewish and Sikh individuals with decreases across all other religions in favour of ‘No Religion’

Since 2012, we have seen a steady increase in the proportion of heterosexuals to 89%. This is lower than the national average of 94%. Three times as many respondents in London compared to nationally, consider themselves to be gay, lesbian or bisexual.

*ONS: Integrated Household Survey January to December 2012

*Data taken from 2011 census

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SalaryFig 3.9

Salary range 2014 2013 2012

Less than £40,000 10.0% 8.6% 7.5%

£40,000 to £60,000 19.9% 21.9% 19.7%

£60,000 to £80,000 19.7% 21.5% 22.3%

£80,000 to £100,000 16.3% 18.0% 16.7%

£100,000 to £120,000 17.6% 13.9% 12.9%

£120,000 to £140,000 6.7% 7.6%

20.8%£140,000 to £160,000 4.8% 4.3%

£160,000 plus 5.0% 4.2%

*Excludes those who did not share details of their salary

In line with last year, half of respondents earned less than £80,000 in 2014. Within this, we saw an increase in those earning less than £40,000 and a decrease in all other salary bands.

The biggest increase (4%) was seen within the £100,000 - £120,000 bracket.

“Half of respondents earned less than £80,000 in 2014”

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Commute

Working hours

Fig 3.10

Fig 3.11

70% of respondents spend less than one hour commuting to work every day with 1 in 5 with a 15 - 30 minute commute.

Similarly to last year, 8% spend more than an hour and a half commuting to and from work every day.

Nearly three quarters of City employees spend more than 40 hours a week at work. However this has consistently reduced since 2012.

Just 5% of respondents work less than 35 hours per week. The highest proportion (28%) work 41 - 45 hours, a 4% increase on last year.

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Salary

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4 . SalaryMore detailed salary insights will be covered in our next report, Compensation, released in December.

SectorFig 4.1

One quarter of non financial services respondents, earn less than £45,000, compared to just 7% of those from Management Consulting. At the other end of the scale, 16% of financial services employees earn over £120,o00 compared to 13% of non financial services employees.

SectorLess than

£40,000

£40 - £60,000

£60 - £80,000

£80 - £100,000

£100 - £120,000

£120 - £140,000

£140 - £160,000

£160,000 plus

Financial Services

8.1% 19.5% 20.4% 18.6% 17.7% 6.9% 4.5% 4.5%

Non Financial Services

25.0% 28.3% 16.7% 5.0% 11.7% 5.0% 5.0% 3.3%

Management Consulting

7.1% 15.5% 19.0% 15.5% 21.4% 7.1% 6.0% 8.3%

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Job levelFig 4.3

Continuing on from the past two years, unsurprisingly the more senior the role, the higher the salary. For example, 34% of Analyst/Executive level staff earn less than £40,000, compared with 45% of Managing Director/Partner level respondents who earn over £160,000.

Job TitleLess than

£40,000

£40 - £60,000

£60 - £80,000

£80 - £100,000

£100 - £120,000

£120 - £140,000

£140 - £160,000

£160,000 plus

Analyst/Executive 33.7% 33.7% 15.7% 7.9% 4.5% 1.1% 1.1% 2.2%

Associate/Manager 15.4% 36.5% 28.8% 9.6% 5.8% 1.9% 0.0% 1.9%

Assistant Vice President 2.8% 22.2% 52.8% 11.1% 2.8% 2.8% 2.8% 2.8%

Manager 5.9% 27.1% 29.4% 20.0% 12.9% 2.4% 2.4% 0.0%

Vice President/Senior Manager 1.0% 3.0% 13.9% 31.7% 29.7% 8.9% 8.9% 3.0%

Director/Executive Director 0.0% 1.8% 3.5% 10.5% 33.3% 22.8% 15.8% 12.3%

Managing Director/Partner 0.0% 10.0% 0.0% 0.0% 30.0% 15.0% 0.0% 45.0%

Other 7.9% 23.7% 13.2% 18.4% 26.3% 5.3% 2.6% 2.6%

TOTAL 10.0% 19.9% 19.7% 16.3% 17.6% 6.7% 4.8% 5.0%

FunctionFig 4.2

Job TitleLess than £40,000

£40 - £60,000

£60 - £80,000

£80 - £100,000

£100 - £120,000

£120 - £140,000

£140 - £160,000

£160 plus

Administration 50.0% 40.0% 0.0% 10.0% 0.0% 0.0% 0.0% 0.0%

Compliance 6.3% 31.3% 43.8% 0.0% 6.3% 6.3% 6.3% 0.0%

Finance 19.7% 21.3% 27.9% 14.8% 6.6% 3.3% 1.6% 4.9%

HR 14.3% 38.1% 28.6% 9.5% 0.0% 4.8% 4.8% 0.0%

Internal Audit 23.1% 7.7% 15.4% 23.1% 15.4% 7.7% 7.7% 0.0%

Operations & Middle Office 6.7% 42.2% 24.4% 11.1% 6.7% 6.7% 0.0% 2.2%

Revenue Generating 4.0% 16.0% 16.0% 24.0% 12.0% 4.0% 8.0% 16.0%

Risk & Governance 1.7% 11.7% 15.0% 25.0% 23.3% 10.0% 5.0% 8.3%

Sales & Distribution 19.0% 19.0% 19.0% 14.3% 14.3% 0.0% 14.3% 0.0%

Strategy & Change 3.9% 17.6% 5.9% 21.6% 17.6% 11.8% 7.8% 13.7%

Technology 4.5% 9.0% 24.3% 16.2% 33.3% 6.3% 5.4% 0.9%

Other 18.2% 25.0% 9.1% 11.4% 18.2% 9.1% 2.3% 6.8%

TOTAL 10.0% 19.9% 19.7% 16.3% 17.6% 6.7% 4.8% 5.0%

The highest earners in the City can be found within Revenue Generating and Strategy & Change functions. This continues to reflect the ongoing focus for businesses on organisational change. In contrast, half of Administration staff earn less than £40,000 followed by 23% of Internal Audit staff.

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Sexual identityLess than £40,000

£40 - £60,000

£60 - £80,000

£80 - £100,000

£100 - £120,000

£120,000 - 140,000

£140 - 160,000

£160,000 plus

TOTAL

Bisexual 4.4% 2.3% 0.0% 1.3% 2.5% 0.0% 0.0% 4.2% 1.8%

Gay/Lesbian 0.0% 5.8% 2.3% 2.6% 2.5% 3.2% 8.7% 4.2% 3.3%

Heterosexual 95.6% 90.7% 97.7% 94.7% 95.1% 93.5% 87.0% 91.7% 94.1%

Other 0.0% 1.2% 0.0% 1.3% 0.0% 3.2% 4.3% 0.0% 0.9%

GenderFig 4.4

The results show that 56% of men earn over £80,000 a year compared to just 38% of women. Nearly 11% more women than men earn less than £40,000. The highest proportion of men earn £100,000 - £120,000; for women, it is £40,000 - £60,000.

For more gender insights, please see section 5.

GenderLess than £40,000

£40 - £60,000

£60 - £80,000

£80 - £100,000

£100 - £120,000

£120,000 - 140,000

£140 - 160,000

£160,000 plus

Female 17.6% 25.7% 19.1% 17.6% 11.0% 2.9% 3.7% 2.2%

Male 7.1% 17.4% 19.8% 15.9% 20.4% 8.3% 5.0% 6.2%

Sexual IdentityFig 4.5

We have found that gay and lesbian staff have a higher representation at salaries between £40,000 - £60,000 and £140,000 - £16o,000. Bisexual employees also show greater presence in the less than £40,000 and £160,000 plus salary brackets.

AgeFig 4.6

In line with previous years, the survey has shown that income steadily increases with age. It is fair to presume this is a result of an increase in experience. Of those earning less than £40,000, 44% are aged 20 -29 whilst 46% of those earning more than £160,000 are aged 50 - 59.

AgeLess than £40,000

£40 - £60,000

£60 - £80,000

£80 - £100,000

£100 - £120,000

£120,000 - 140,000

£140 - 160,000

£160,000 plus

20 - 29 43.8% 26.3% 10.6% 3.9% 0.0% 3.1% 0.0% 4.2%

30 - 39 41.7% 35.8% 52.1% 41.6% 41.7% 28.1% 13.0% 20.8%

40 - 49 10.4% 22.1% 23.4% 37.7% 40.5% 40.6% 47.8% 29.2%

50 - 59 4.2% 13.7% 11.7% 14.3% 14.3% 21.9% 34.8% 45.8%

60 plus 0.0% 2.1% 2.1% 2.6% 3.6% 6.3% 4.3% 0.0%

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EthnicityFig 4.7

The highest paid ethnic group is Indian at £92,052, shortly followed by Pakistani at £91,667. Both of these ethnicities have seen a 29% increase in their average salary over the last year. In contrast, Bangladeshi’s have seen a 24% decrease in their salary over the last 12 months.

The lowest paid ethnic group is ‘Asian Other’ with an 18% decrease on last year’s results.

ReligionFig 4.8

The highest paid religious group for the second year running is Jewish (£117,429). The lowest paid group is Muslim (£64,160).

Both Hindu and Buddhist groups saw a 20% increase in pay over the last year.

ReligionAverage Salary Change

2013 - 20142014 2013 2012

Christian £89,008 £86,087 £92,238 3.4%

Muslim £64,160 £62,921 £86,827 2.0%

Hindu £88,744 £73,940 £84,861 20.0%

Sikh £104,429 £104,146 £112,700 0.3%

Jewish £117,429 £105,875 £107,400 10.9%

Buddhist £72,500 £60,200 £85,438 20.4%

Other religion £80,833 £78,932 £97,538 2.4%

No religion £81,132 £85,037 £87,817 -4.6%

Not stated £79,928 £79,540 £103,306%% 0.5%

Ethnic groupAverage Salary Change

2013 - 20142014 2013 2012

White British £88,384 £89,696 £94,153 -1.5%

White Irish £74,625 £76,136 £82,963 -2.0%

White (other) £85,429 £80,826 £93,138 5.7%

Mixed Race £85,345 £84,590 £84,712 0.9%

Black African £56,346 £67,407 £60,433 -16.4%

Black Caribbean £64,500 £70,938 £76,667 -9.1%

Black (other) £63,667 £73,000 £75,286 -12.8%

Indian £92,052 £71,187 £86,853 29.3%

Pakistani £91,667 £70,685 £89,834 29.7%

Bangladeshi £47,333 £62,050 £49,100 -23.7%

Chinese £82,904 £77,512 £72,159 7.0%

Asian other (non Chinese) £64,273 £78,700 £73,700 -18.3%

Other £80,625 £64,222 £107,571 25.5%

Prefer not to say £73,125 £85,000 £109,000 -14.0%

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CommutingFig 4.9

This year, the highest paid commuters spend 1 hour 30 to 1 hr 45 commuting (£106,893).

Based on our survey, those who commute for 15 - 30 minutes are on average, the lowest paid (£79,038).

Working HoursFig 4.10

Income rises fairly steadily with the number of hours worked a week up to over 66 (£155,182). This is more in line with 2012, than 2013 with a 59% increase on last year.

The biggest drop was found for those working 61 - 65 hours. These people experienced a 10% drop in salary this year.

The lowest paid group work less than 30 hours a week.

Average weekly working hours 2014 2013 2012Change

2013-2014

Less than 30 £59,444 £62,893 £45,714 -5.5%

31 - 35 £59,818 £56,424 £49,500 6.0%

36 - 40 £67,079 £61,279 £79,069 9.5%

41 - 45 £82,089 £74,948 £78,561 9.5%

46 - 50 £84,830 £87,563 £86,588 -3.1%

51 - 55 £98,686 £95,353 £99,427 3.5%

56 - 60 £109,234 £102,747 £101,572 6.3%

61 - 65 £108,333 £119,893 £116,750 -9.6%

More than 66 £155,182 £97,517 £156,931 59.1%

*The number of respondents in the 66+ bracket was minimal, so this has been grouped together.

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Gender

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5 . Gender

Understanding the effect of gender on City working lives.

SectorFig 5.1

The most ‘balanced’ sector from a gender perspective, was Ratings Agencies (50%). All other sectors were predominantly male, except Fund Services which has the highest representation of women (64%).

According to the survey, both Commodity Trading and Private Equity are 100% male, with a low representation of females (9%) also found within Private Banking & Wealth Management.

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FunctionFig 5.2

On a functional basis, we see a higher representation of women within Administration (60%) and HR (52%).

The lowest proportion of women can be found in Compliance (6%) and Technology (8%).

When compared with last year’s survey, we identified a 19% increase in the proportion of women working in finance.

Job LevelFig 5.3

This year’s report has shown a further increase in the proportion of women at Director/Executive Director and Managing Director/Partner level. However, it has also shown a 15% increase in those at Analyst/Executive level.

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AgeFig 5.5

The average age for men has increased over the last 12 months, whilst for women it has decreased for the first time. At 37.5 years, the average age of women in the City is noticeably lower than for men (41 years). When looking at the Median age, women are a substantial, five years younger than men.

CommuteFig 5.6

Commute time Female Male

0 - 15 mins 2.9% 8.3%

15 - 30 mins 19.9% 16.8%

30 - 45 mins 25.7% 15.3%

45 mins - 1 hr 22.8% 20.6%

1 hr - 1 hr 15 11.8% 12.7%

1 hr 15 - 1 hr 30 2.2% 8.8%

1 hr 30 - 1 hr 45 1.5% 3.5%

1 hr 45 - 2 hrs 2.2% 3.2%

2 hrs plus 1.5% 1.5%

The average commute is fairly similar for both sexes. However, it does show that the highest proportion of women, 11% more than men, commute for 30 - 45 minutes a day. The highest proportion of men commute for between 45 minutes and 1 hour.

Average Age = 37.5

Average Age 2013 = 38.5

Average Age 2012 = 38.0

Median Age = 35.0

Median Age 2013 = 37.0

Median Age 2012 = 36.0

Average Age = 41.0

Average Age 2013 = 39.4

Average Age 2012 = 39.3

Median Age = 40.0

Median Age 2013 = 38.0

Median Age 2012 = 38.0

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Working HoursFig 5.7

Average weekly working hours Female Male

Less than 30 3.3% 1.6%

31 - 35 4.9% 1.6%

36 - 40 23.6% 20.1%

41 - 45 28.5% 27.9%

46 - 50 22.8% 24.4%

51 - 55 8.9% 10.7%

56 - 60 5.7% 8.1%

61 - 65 1.6% 2.3%

More than 66 0.8% 3.2%

The results are broadly in line with last year, with men working longer hours on average than women. Nearly half of men work for more than 46 hours a week compared to 40% of women.

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Age

24

6 . Age

Everybody gets older. How does this impact City workers?

SectorFig 6.1

Sector Average Age 2014 Average Age 2013 Average Age 2012

Financial Services 40.1 39.3 38.7

Non Financial Services 39.0 39.3 40.7

Management Consulting 40.3 n/a n/a

TOTAL 40.0 39.3 39.1

Financial services and management consulting staff are on average, one year older than non financial services staff. The average age for financial services has consistently risen over the last 2 years, whereas it has decreased for non financial services employees.

Sector 20 - 29 30 - 39 40 - 49 50 - 59 60+

Financial Services 10.5% 40.8% 30.3% 15.6% 2.7%

Non Financial Services 25.0% 35.0% 20.0% 18.3% 1.7%

Management Consulting 13.1% 35.7% 34.5% 14.3% 2.4%

TOTAL 12.8% 39.2% 29.8% 15.7% 2.5%

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Sector

Average Age 2014

Average Age 2013

Average Age 2012

Commodity Trading 36.6 38.6 37.2

Consulting 40.3 n/a n/a

Corporate Broking and Stockbroking 41.3 41.2 39.6

Exchanges and Trading Platforms 40.0 40.0 37.8

Fund Services 36.5 37.7 40.2

Insurance 38.1 41.7 41.1

Investment Banking 39.9 38.2 37.3

Investment Management 40.5 40.2 39.0

Non Financial Services 39.0 39.3 40.7

Payments, Clearing, Custody and Counterparty 44.1 42.9 37.3

Private Banking and Wealth Management 41.9 41.4 41.8

Private Equity 36.0 35.2 36.8

Ratings Agencies 38.0 38.7 38.9

Regulators 45.7 41.1 41.2

Retail Banks and Building Societies 42.9 40.8 42.2

TOTAL 40.0 39.3 39.1

FunctionFig 6.2

Function Average Age 2014 Average Age 2013 Average Age 2012

Administration 43.0 47.0 42.0

Compliance 43.9 45.5 45.7

Finance 34.6 37.5 36.4

HR 34.8 39.5 43.9

Internal Audit 41.5 46.2 43.2

Operations and Middle Office 41.1 39.7 38.5

Revenue Generating 40.6 35.4 35.9

Risk and Governance 41.6 39.1 38.2

Sales and Distribution 41.6 38.4 41.7

Strategy and Change 36.7 39.5 40.3

Technology 42.3 39.5 40.2

Other 40.3 36.8 39.9

TOTAL 40.0 39.3 39.1

Compliance staff have an average age of 43.9 years, followed by staff in Administration (43.0) and Technology (42.3). The youngest employees are found in Finance (34.6) and HR (34.8).

The biggest change was seen in Revenue Generators whose average age has increased by over 5 years.

The eldest staff are found within the Regulators with an average age of 45.7 years. In line with last year, the youngest are found within Private Equity (36.0).

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Job LevelFig 6.3

Job Title Average Age 2014 Average Age 2013 Average Age 2012

Analyst/Executive 36.7 38.3 36.4

Associate/Manager 34.6 33.7 33.3

Assistant Vice President 34.4 34.7 34.6

Manager 38.7 41.3 40.9

Vice President/Senior Manager 42.1 39.1 39.0

Director/Executive Director 45.3 43.6 43.3

Managing Director/Partner 49.9 45.9 45.5

Other 44.5 38.9 41.4

TOTAL 40.0 39.3 39.1

In general, the average age goes up as the job level increases. The only exceptions to this are at Analyst and Associate Vice President level. Analyst/Executive level employees are on average almost 2 years younger than the level above; Associate/Manager. This is a similar pattern demonstrated in the last two years.

GenderFig 6.4

A substantial 64% of women in the City are aged between 20 and 39, compared to less than half (47%) of men in the same bracket. In addition, 21% of male respondents are aged over 50, compared to just 10% of female.

With a greater proportion of women in the City at a younger age, are we seeing the impact of the diversity agenda at the start of the career ladder? If progression opportunities are equal, the repercussions should start to show over time.

Gender 20 - 29 30 - 39 40 - 49 50 - 59 60 plus

Female 17.0% 47.4% 25.2% 9.6% 0.7%

Male 11.2% 36.0% 31.9% 17.7% 3.2%

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Salary Band 20 - 29 30 - 39 40 - 49 50 - 59 60 plus TOTAL

Less than £40,000 34.4% 10.7% 3.5% 2.7% 0.0% 10.1%

£40 - £60,000 41.0% 18.2% 14.8% 17.3% 16.7% 19.9%

£60 - £80,000 16.4% 26.2% 15.5% 14.7% 16.7% 19.7%

£80 - £100,000 4.9% 17.1% 20.4% 14.7% 16.7% 16.1%

£100 - £120,000 0.0% 18.7% 23.9% 16.0% 25.0% 17.6%

£120 - £140,000 1.6% 4.8% 9.2% 9.3% 16.7% 6.7%

£140,000 - £160,000 0.0% 1.6% 7.7% 10.7% 8.3% 4.8%

£160,000 plus 1.6% 2.7% 4.9% 14.7% 0.0% 5.0%

TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

SalaryFig 6.5

This year, three quarters of 20 - 29 year olds earnt less than £60,000, this is an 8% decrease on 2012. In contrast, only 17% of those aged over 60 are in the same bracket.

Of the 30 - 39 age group, 28% earn over £100,000, compared to 51% of 50 - 59 year olds.

Commute time 20 - 29 30 - 39 40 - 49 50 - 59 60 plus AVERAGE

0 - 15 mins 10.5% 7.1% 7.0% 4.4% 18.2% 7.4%

15 - 30 mins 35.1% 23.8% 10.2% 13.2% 27.3% 19.7%

30 - 45 mins 21.1% 23.2% 21.9% 11.8% 0.0% 20.1%

45 mins - 1 hr 14.0% 25.0% 25.0% 23.5% 18.2% 23.1%

1 hr - 1 hr 15 5.3% 13.7% 14.1% 20.6% 18.2% 13.9%

1 hr 15 - 1 hr 30 8.8% 3.0% 10.2% 13.2% 9.1% 7.6%

1 hr 30 - 1 hr 45 1.8% 1.2% 4.7% 7.4% 0.0% 3.2%

1 hr 45 - 2 hrs 1.8% 1.8% 6.3% 1.5% 9.1% 3.2%

2hrs + 1.8% 1.2% 0.8% 4.4% 0.0% 1.6%

CommuteFig 6.6

A substantial 81% of twenty somethings commute for less than an hour, compared to just over half (53%) of 50 -59 year olds. At the other end of the scale, just 4% of 30 -39 year olds commute for over an hour and a half compared to 12% of 40 - 49 year olds.

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Working HoursFig 6.7

The highest proportion of over 60’s work less than 30 hours. This is compared to 56% of those who work 61 - 65 hours in the 40 -49 year bracket.

Average Hours Worked 20 - 29 30 - 39 40 - 49 50 - 59 60 plus

Less than 30 22.2% 33.3% 22.2% 11.1% 11.1%

31 - 35 36.4% 18.2% 27.3% 18.2% 0.0%

36 - 40 16.3% 40.2% 21.7% 19.6% 2.2%

41 - 45 12.4% 44.6% 28.9% 11.6% 2.5%

46 - 50 15.5% 32.0% 34.0% 15.5% 2.9%

51 - 55 6.8% 45.5% 31.8% 11.4% 4.5%

56 - 60 6.3% 43.8% 31.1% 18.8% 0.0%

61 - 65 0.0% 33.3% 55.6% 11.1% 0.0%

More than 66 9.1% 18.2% 36.4% 36.4% 0.0%

TOTAL 13.4% 38.9% 29.6% 15.5% 2.5%

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About Astbury MarsdenWe specialise in recruiting uniquely talented people in business technology, business transformation, regulatory and assurance functions and specialist technical skills. We intimately understand the dynamics of the financial services, energy and professional services markets; making sure we know the people our clients need to occupy critical roles throughout their business. We help clients determine the people they need and then we find the best of them.

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You can find more out at www.astburymarsden.com

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