Most companies mention “we offer competitive salary” when recruiting for a new role. But what is a “competitive salary”? And how much are people getting paid in the fintech, tech, finance, and iGaming industries today? Finance Magnates gained exclusive access to a report by Emerald Zebra that revealed salaries across Cyprus-based roles in these industries.
CFDs Is an Industry in Itself in Cyprus
Cyprus has a massive retail trading industry, which is locally termed “forex” (although it is technically much more than trading forex instruments). Thus, the island has a significant demand for trading and execution roles.
According to the latest survey, senior Trade/Dealing Room Managers make up to €95,000, while the junior levels receive a minimum of €20,000. Traders/Dealers of contracts for differences (CFDs) instruments also earn up to €84,000, compared to €54,000 for similar roles in other instruments.
The data is based on a survey of 550 employees working in the fintech, tech, financial services, and iGaming sectors in Cyprus. It also combined insights from Emerald Zebra’s talent pool of about 20,000 screened candidates, job advertisement data, and placement data.
Earlier, Finance Magnates also revealed the salaries in the FX and CFDs industry for roles based in three hubs: the United Kingdom, Cyprus, and the United Arab Emirates. Interestingly, Dubai-based roles offer much higher pay packages, while many executives in Cyprus have seen a pay drop.
According to the previous CFDs industry-focused survey, while the Cyprus-based Head of Dealings earns up to €65,000, similar roles in the UK and the UAE pay €117,000 and over €76,000, respectively.
Good Opportunities for Legal and Compliance Roles
Legal and compliance are crucial departments in any company, especially in the financial services sector. The compensation of the Head of Legal is between €35,000 and €150,000. Senior-level Heads of Compliance in Cyprus can earn up to €120,000, but the entry-level salary can be as low as €30,000. According to a previous survey by FinTop, Heads of Compliance in Cyprus' CFDs industry were making only up to €90,000.
There are three particular roles in risk management: Risk Manager, Quantitative Risk Manager, and Risk Officer. The latest survey revealed that the salaries of Risk Managers go as high as €96,000, while Quantitative Risk Managers earn up to €95,000.
Want a Good Pay? Join Engineering or Accounting
Cyprus-based marketing heads play a necessary role in every industry and make between €45,000 and €120,000. Sales and Business Development Heads at the senior level make up to €110,000.
The accounting department continues to be a high-paying job. The entry-level salary of a Financial Controller is €45,000, which can go up to €115,000. In accounting, the top salaries are earned by experienced Audit Managers, who receive up to €130,000. Treasury Managers also earn up to €125,000; however, the lower pay limit for this role is €24,000.
In engineering and tech, Software Engineering Managers make up to €170,000, while Team Leads take home €90,000. Full Stack Engineers and several other developers are also earning above €80,000 on the island.
The salaries of the Product Development team are also high, with Product Managers and Scrum Masters earning up to €144,000 and €135,000, respectively. Product Owners and DevOps Engineers remain two sought-after roles in terms of salaries.
Entry-Level Financial Executives Are Making More Than CEOs
Without question, the Chief Executive of a company makes the highest salary, which can go up to €300,000. While the salary of a senior-level CEO can average €192,500, for someone at the junior level, it can be as low as €36,000, averaging €54,000. Other C-level executives, including the Chief Technology Officer, Chief Marketing Officer, and Chief Compliance Officer, are also well-compensated, with senior-level salaries averaging €148,500, €150,000, and €135,000, respectively.
The salary range of CFOs varies the most after the CEO. Someone with experience can earn between €90,000 and €240,000. For a junior-level CFO, the minimum salary is €60,000, which is even higher than the minimum salary of a CEO.
The Director of Accounting is another high-paying role across levels of experience. Someone at the junior level can expect a starting salary of €72,000, which can go up to €180,000 for a senior.
About a Third of the Participants Receive Bonuses
The latest survey by Emerald Zebra had 84 percent of the respondents working in private companies. It can be further divided into 33 percent in fintech, 25 percent in finance, 12 percent in tech, and 6 percent in iGaming industries.
The survey report further highlighted that a significant portion of respondents earn between €20,000 and €44,999, with relatively fewer earning beyond €75,000. Additionally, nearly 42 percent of respondents do not receive any bonus or commission, while 29.6 percent receive between €1,000 and €4,999 in bonuses.
