Toucan

The City's top ten careers have an average wage packet of £534,400 a year – but they are set to end their careers at 50.

Research by Route City Wealth Club shows traders head the top earners list with average annual income of £1.4 million, behind general finance and legal at £1.0 million and £573,000 respectively.

Performance-related bonuses were a significant percentage of annual income for the top three highest paid careers with them accounting for 82 per cent (traders), 70 per cent (general finance) and 37 per cent (legal).

Next on the list of top earners stood recruitment (£477,500), insurance (£388,500) and management consultancy (£379,200).

Over their whole careers, the City's elite will earn £8.89 million – with traders taking in £22.2 million.

However, high pay comes with high pressure and on average City workers call it a day at 50.

Mark Worrall, Route managing director, said: “Many of our members work in intensely pressurised careers that have a relatively short life span with only 20 ‘peak earning years’ and are very focused on performance related bonuses.

"So while they have the opportunity to earn more than half a million a year, this part of their working life generally doesn’t last very long. Most are facing 'retirement' at 45 to 50, thus it is vital that they manage the income from their hard work well."

The research also uncovered when the City's top earners were earning most in their careers.

In general finance, the income peak happened between 30 and 35 – taking home £1.1 million. While those in trading, recruitment and management consultancy had to wait until their early 40s.


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