SEXISM AND THE CITY!
Differences in pay between men and women are still alive and well in the City with wealthy women earning an average of 37% less than their high earning male counterparts. These new figures from The Route City wealth club (The Route) show that men earn significantly higher average salaries (£445,000) than women (£281,000).
Mark Worrall, managing director of The Route, commented: “We recently launched our unique wealth management club concept and based on the client data we have it appears that under 20% of our high earning clients are women. We know that women are traditionally more likely to take career breaks to start a family so with generally shorter careers and in many instances lower salaries, it is vitally important that women make the most of their income by using a professional wealth management service.”
The Route data goes on to show that the legal and management consultancy (MC) sectors have the largest salary disparity between sexes with men (legal: £622,000 and MC: £431,000) earning on average 59% more than women (legal: £255,000 and MC: £175,000).
These findings echo those released by the Law Society in May 2008 when they found that the median salary for all male solicitors was £60,000 – more than £19,000 higher than their female counterparts – and appears to show that the gap widens as employees climb the career ladder.
Women (£147,000) who worked in property management and investment also earn significantly less than the men (£319,000) who work within this industry.
Average Annual High Earners Income:
|
Job Sector |
Average Annual Income including Bonus |
|
|||
| Overall | Female | Male | DifferenceFemale vs. Male | ||
|
Media/Marketing/ Communications |
£170,000 | £129,000 | £174,000 | -26% | |
|
General Finance including insurance and traders |
£1,190,000 | £851,000 | £1,218,000 | -30% | |
|
Natural Resources Investment/Management |
£366,000 | £284,000 | £406,000 | -30% | |
|
Property Management/ Investment |
£313,000 | £147,000 | £319,000 | -54% | |
| Legal | £573,000 | £255,000 | £622,000 | -59% | |
| Management Consultancy | £379,000 | £175,000 | £431,000 | -59% | |
| Self Employed | £124,000 | £130,000 | £121,000 | +7% | |
| Overall Average | £444,571 | £281,000 | £470,000 | 40% | |
However, the Route client research also showed that women who were self employed (£130,000) earned on average more than men (£121,000). Thus illustrating that women who ‘go it alone’ may earn less than those in the corporate world but do out strip their male counter parts.
Nabila Sadiq of financial services recruiter, Joslin Rowe Temporaries, said: “These figures are hugely worrying and show the gender pay gap in the City is worse than the London average – let alone that of the UK as a whole. According to the Greater London Authority women in London are paid up to 23% less than men while the mean gender gap across the whole of the UK is 17%.
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