The Pensions Management Institute (PMI) today unveiled the first findings from its second Career Development Survey*. Conducted in November 2015, the PMI was able to capture a wide range of views from over 450 of its members on career development alongside wider issues within the retirement savings industry.
The first of the findings released by the PMI reveal that, five years since the PMI’s last Career Development Survey in 2010, there have been significant increases in reported salaries, with the average rising by almost £10,000 to £59,118. While this must be seen in the context of a low inflation economy since the financial crisis of 2008, it still compares favourably with the Office of National Statistics (ONS) average salary for Financial and Insurance Services, being slightly above its figure of £58,120**.
Future earnings prospects look even stronger for PMI qualified Associates and Fellows***, especially when comparing pensions professionals to those in other industries****
|Profession||Median Weekly Salary|
|Pilots and aircraft engineers||£1800.90|
|Fellow PMI Qualified||£1625.00|
|Air traffic controllers||£1500.80|
|Marketing and Sales Directors||£1341.70|
|Associate PMI Qualified||£1265.38|
|Advertising & PR Directors||£1253.10|
Kevin LeGrand, PMI President said: “This is our second Career Development Survey, with the world of pensions a very different place to where we were five years ago. Even though as an industry we still feel the impact of the financial crisis, the outlook for individuals is very promising. For anyone considering a career in financial services, a future in the pensions and retirement savings industry is looking very bright indeed.” He added: “For those individuals wanting to further enhance their prospects, it is clear a PMI qualification will help lift both their career progression and potential financial reward. With such a promising picture, the career pathway to pensions may cease to be the accidental one we in the industry hear about all too often, and instead become a very solid and intentional decision.”
* PMI Career Development Survey, conducted in November 2015 among 450 of PMI’s membership.
** ONS 2015 average salary for Financial and Insurance Services.
*** Average salaries of PMI Members
**** Salary Survey published in The Independent, with PMI Qualified Associate and Fellow median weekly added.