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BDMs in hot demand

By Victoria Young
 — 1 minute read
Financial services companies compete for candidates with impressive remuneration packages
Business development managers (BDM) are the latest hot property in the financial services sector - commanding wage packages of up to $160,000, according to experts.

A snapshot of licensee and platform services BDM remuneration compiled by Apex Consulting showed total employment costs ranging from $100,000 to $135,000 for a BDM with about 12 months' experience and up to $160,000 for two years' experience.

One platform and product supplier's BDM package offered a base of up to $100,000, super, uncapped bonuses, car, travel expenses and tools of the trade.

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"[BDM jobseekers] often have a lot of choice. Employers must remember it comes down to three key points - culture, mentoring and then cold hard cash," Apex Consulting principal Dugald Braithwaite said.

Link Recruitment banking and finance division manager Toni Maselli said financial services companies were competing for candidates and often faced a wages war.

"The financial services sector has zero unemployment across the board. It's a good market to be looking for a job. It's all about the candidates - and they know it. Big name [companies] aren't enough anymore," Maselli said.

Maselli's main challenge is coaching clients to sell their business' value proposition to potential employees. A firm's expected work-life balance, environmental policy, training and mentoring schemes helped to get candidates over the line, he said.

It is a win/win situation for candidates. Jobseekers regularly received up to $1000 for referrals, Maselli said.

BDMs in hot demand
Financial services companies compete for candidates with impressive remuneration packages
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