Finance sector's IT staff budgets rise

Survey says financial services companies pay premium for IT security experts

Financial services companies will increase demand for IT staff this year to meet security and compliance requirements, research predicts.

A survey conducted by the Association for Technology Staffing Companies (ATSCo) shows that the IT budgets of financial institutions grew by 13 per cent during 2005, compared with 11 per cent in 2004.

‘Across the board, security and compliance seem to be driving IT spending,’ ATSCo chief executive Ann Swain told Computing.

‘The best-paid opportunities are where these drivers overlap with demands for IT professionals in the City.’

The research shows that security specialists received the biggest pay rises among IT professionals in 2005, rising by 22 per cent year on year. The trend is likely to continue this year.
Financial organisations are in particular need of skilled security staff as threats increase.

‘These organisations are playing catch-up with security issues all the time,’ said Swain.

There is also a strong demand for staff to deal with updated reporting processes to meet regulatory demands such as Basel II and Sarbanes-Oxley.

‘The financial reporting processes of most organisations are totally driven by IT systems, and Sarbanes-Oxley has generated huge amounts of work in re-aligning systems,’ said Swain.

‘The chief information officer’s role in sign-off of financial data has changed almost beyond recognition in the past few years. The demand for IT skills in this area has been bigger than anyone thought.’