26th March 2024
BDM Salary Survey 2024: Closing of the gender pay gap
Year on year, Paul Harper Search release their BDM Salary survey, which reveals key trends in Financial Services compensation.
Key findings from this years' data shows:
Decline in Total Earnings: For the first time, the survey recorded a decrease in mean total earnings of BDMs, dropping by 5% from £121,438 in 2022 to £115,945 in 2023. This reflects the challenging market conditions and BDMs' difficulty in meeting business targets.
Stagnant Basic Salaries: There was a marginal 1% increase in mean basic salaries, from £75,450 to £76,514, marking the smallest recorded year-over-year growth.
Bonus Structure Adjustments: Bonuses now constitute 34% of total earnings, a decrease from 38% in 2022, indicating a shift from the historical trend where bonuses formed a significant portion of BDM compensation.
Regional and Role-Specific Disparities: The survey unveiled a 12% variation in basic salaries across regions and significant differences in total earnings between roles, with DFMs/MPS Providers and National Account Managers leading in compensation.
Closing of the Gender Pay Gap: A groundbreaking finding of the survey is the near-elimination of the basic salary gap between male and female BDMs and a reversal in total earnings, with female BDMs now earning more on average than their male counterparts.
This report offers valuable insights into the current compensation landscape for BDMs and other roles in the financial services industry.
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