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Friday, May 18, 2007

Salaries in 2007

This year promises to be even more exciting for the quantitative professional. The career information most frequently sought by clients and candidates in the field revolves around salary and other forms of compensation. Whether you are planning to grow your staff this year or are assessing your own career path, here are some points to consider:

Hot Skill Set – Web analytics, pricing, credit analytics, analytically-based strategy.

Fast Moving Market – Candidates (especially at the more junior end) are receiving multiple offers and are going off the market in three to five weeks, much faster than the more typical eight to twelve weeks we’ve been used to seeing.

Relocation Challenges – Many companies are reassessing their relocation packages as the housing market continues to stagnate in many parts of the country. Unless these packages contain a safety net to cushion probable double mortgage payments, many candidates are not able to accept offers that require relocation.

Sign-on Bonuses – are back! In the last 90 days, nearly 40% of all offers have included a bonus as an incentive for candidates to “sign on”.

Cross Industry Job Changes – Candidates are changing industries far more frequently, even at the more senior level. Client companies are making offers to candidates coming from other industries as the talent pool tightens. This provides candidates with an ideal opportunity to expand their knowledge across industries.

Compensation – Many companies are offering more competitive packages to attract top talent. Here are some guidelines:

Vice President/Director $135,000 to $250,000 On the corporate side, this level typically involves managing a group – the bigger the group, the higher the salary. Oftentimes, the top salaries are offered by boutique consulting firms where business development may play a major role in the compensation package. Of course, ability to provide thoughtful leadership and strategic vision is essential at this echelon.

Manager $110,000 to $140,000 This position is often attained as the result of an internal promotion. Interpersonal skills are key – especially those demonstrating initiative, team building and the ability to direct group projects. While technical competence is important, remember that emerging executive-level administrative skills are what really count as you move up the business ladder.

Senior Statistician $80,000 to $120,000 Talented business statisticians with excellent communication skills can command base salaries of up to $120K. To move up from here typically involves picking up management responsibilities or business development skills.

Senior Analyst/Analyst $60,000 to $85,000 These are our most sought after candidates. With a master’s degree in a quantitative discipline and two solid years’ experience in the corporate world, this candidate will often receive multiple offers and be snapped up quickly. The market is red hot ­for candidates with this degree of experience – back to the level of the dot com boom.

Entry-level Masters $50,000 to $65,000 Demand continues to increase over 2006’s healthy level. Because companies are not always successful in hiring enough talent with one-to-two years’ experience, they will often choose an entry-level candidate with solid academic credentials. Hiring candidates who might require visa sponsorship has become commonplace; clients not willing to do this greatly reduce their pool of applicants.

1 comment:

Shyam Varan Nath said...

I definately agree that data mining and other Business Intelligence jobs have hit the limelight. Professional Special Interest Groups like Oracle BIWA SIG (http://OracleBIWA.org) are a result of such increased interest in this field. BI professionals worldwide network with each other via BIWA SIG. To take it to the next level BIWA SIG is also hosting an Annual BIWa Summit in Oct 2-3 at Reston, VA. This event will have a lot of presentations and panels on Data Mining and other Advanced Analytics topics.

Another vendor neutral source of Data mining and related sources of job is:
http://www.kdnuggets.com/jobs/2007-05-17_xerox_90_database.html

Also check out this Blog post :
http://www.nytimes.com/2007/05/20/business/yourmoney/20compute.html?ref=technology

All points to the fact that Data Mining jobs are here to stay and not just as HYPE that will be forgotten as soon as HYPERION acquisition goes down the memory lane!

Thanks
Shyam
Thanks