Great news for those who work on Wall Street, or who want to in the future: a recent report suggests that salaries will be increasing steadily, across the board, for stock traders in the coming years.
The study, conducted by the Options Group, found that "compensation trends are most favorable for investment banking, equity derivatives and credit professionals in the U.S., EMEA and Asia." In fact, the news may be best for Americans: compensation will increase by roughly 10 percent for those working with commodities, securitized products and cash equities.
Options Group also reached other favorable findings regarding the state of the finance industry—for instance, hiring is expected to go up alongside compensation rates. The study found that, based on trends recorded during the first four months of 2014, traders and other finance industry professionals can expect "modest pay and bonus increases," with said increases potentially reaching past 15 percent.
The coming jobs report is of high importance—so hopefully, it reflects these increases
Many economists and other professionals in the finance industry are hoping that these trends observed by the Options Group will have an effect on both the country's overall economy and its job market. That's because, as one CNBC report recently detailed, the coming jobs report is going to be an incredibly important factor determining the direction of the nation's financial health for months to come.
"This is a huge deal this week in light of the fact that we got such awful GDP numbers last week," explained Jim Iuorio, trader at TJM Institutional Services, to the news outlet. "People have got to get some clarity from these numbers."
Due to Independence Day, the jobs report will be released one day earlier than normal this month. As Iuorio explained, due to the lower-than-expected first quarter GDP numbers, many will be keeping a very close eye on the information regarding the U.S. job market on this latest report.
"Even though the Q1 GDP figure is old news, the financial markets will need to see continued strength in the current quarter to become confident that last quarter's results were truly an aberration," wrote Joseph LaVorgna, chief U.S. economist for Deutsche Bank, in a recent note, according to CNBC. "In this regard, the June employment report … takes on added significance."
LaVorgna, according to the news outlet, expects that first quarter GDP statistic to be completely irrelevant to the jobs report: he's predicting a 225,000 increase in non-farm payrolls, an even higher figure than most of his peers are projecting. Such an increase would certainly be good news for the economy on the whole. That would help bring some stability to Wall Street, and to the finance job market, as another industry expert illustrated.
"The Street is looking for stability here," Michael Block, the chief strategist at Rhino Trading Partners, a New York-based broker-dealer, told CNBC. "The Street consensus looks very similar to what we saw in May. Expectations are very grounded. No one's really looking for anything to rock the boat here."
Experts and studies alike say that jobs are trending upward in the finance industry—so if you're not finding any openings, then you're simply not looking in the right places. Check out employer websites, job boards and as many other outlets as you can in search of positions like operations jobs and insurance jobs, if you're hoping to earn your way into the industry. After all, the statistics show that the odds may be better now than they have been in many years.