The survey also found that between 2012 and 2013, on average private bankers received a 24 per cent rise in bonus. The report was compiled from 1,293 survey responses in total, of which 135 were professionals working within the private wealth management space.

“Throughout 2013 we have also seen a continual positive increase in bonus levels, including the re-emergence of guaranteed bonuses. Following a period of uncertainty and regulatory change across the industry since 2011, it now appears that there is greater clarity in terms of regulation. Furthermore, there is wide expectation that we are now entering a period of improved performance, which is directly being reflected in the level of bonus rewards,” the executive search firm said.

When broken down by country, the average basic salary in Switzerland in 2013 is €144,500 (around $195,000), and the bonus is €108,900 (2012: €140,200, €90,600); in the UK, the figures are €110,403 and €51,000 (€108,400, €59,000); in Germany, the figures are €81,000 and €24,800 (€79,300, €16,500), and in Benelux, the figures are €128,900, €79,100 (€126,100, €71,700).

On the future, 25 per cent of all those surveyed by Carlton said they expect bonuses to rise in 2014, 50 per cent see no change and 25 per cent expect to see a drop.

“Within the private wealth management space, the average basic salary that respondents received increased 2 per cent between 2012 and 2013, with the majority of respondents’ basic salaries staying the same (55 per cent). Average bonuses also increased 10 per cent within the same time frame, with an increase in bonuses across all levels of seniority except director level,” the report said.

There were several reasons for private banking’s relatively strong showing for basic salaries. Firstly, Carlton said, revenue streams in this part of the financial world are “very predictable”, so private banks can estimate how much revenue they will generate each year to a large degree of certainty. This enables them to allocate larger base salaries up front, in comparison to waiting to how much revenue has been generating at year end and allocating a large percentage of compensation as bonuses proportionate to revenue for that year.

Secondly, in comparison to other banking sectors, private banking/wealth management has been relatively resilient since 2010.

“When comparing salary benchmarks across different locations, despite the fact that Switzerland has been highly targeted by various authorities in regards to its private banking practices, salaries here have remained the highest in comparison to other countries. This can be attributed simply to the generally high cost of living here, which is very unlikely to change in the foreseeable future,” it said.