The financial services talent squeeze has rocketed paraplanners' salaries to an all time high, according to research by eJobs Recruitment Specialists financial planning division.
As the talent supply dries up, junior paraplanners are commanding salaries for those with several years' experience and Advanced Diploma of Financial Services (ADFS) or Certified Financial Planner qualifications.
The average salary of a paraplanner with two years' experience, ADFS and financial planning software training, has reached the new benchmark of $65,000 per annum.
According to eJobs Financial Planning managing director Trevor Punnett, analysing job adverts from Sydney, regional New South Wales and the Australian Capital Territory, found paraplanner salaries had continued to rise.
The talent shortage means it is common for employers to offer up to $60,000 per annum salary and ask for as little as six months' experience.
"Based on this information, it is apparent that a career-minded, degree qualified, new entrant into paraplanning, perhaps starting on a $45,000 [per annum] salary, can look forward to their salary rapidly increasing as their qualifications and training increase," Punnett said.
"After just six months and with their DFS [Diploma of Financial Services] they can potentially earn $50,000 to $65,000 [per annum], after 12 to 18 months towards ADFS $50,000 to $75,000 [per annum] and with two years' experience and ADFS anything from $55,000 to $75,000 [per annum]."
At the top end, senior paraplanners with specialisations in software and client or investment type can command up to $100,000 salary per annum plus bonuses. One advert for an XPlan specialist offered $110,000 per annum.
A survey by eJobs of the last quarter's advertised jobs found vacancies were up 49 per cent Australia-wide compared to the same period last year.
