Average broker pay leaps 17% in 2011 – official figures

Official government figures have revealed that the average annual salary earned by financial and insurance brokers this year has increased 17.3% on 2010 to £54,924.

Average broker salaries have risen quicker than any other profession this year, barring screen printers (up 17.9% to £18,198), and brokers rank as the seventh best paid occupation out of 422, according to the Daily Mail.

Financial and insurance brokers' average salary increase is even ahead of that seen by the occupation at the top of the leader board - directors and chief executives of major organisations - who have seen their average wages rise 15% on last year to £112,157.

The Annual Survey of Hours and Earnings (November 2011), published by the Office for National Statistics, is collated from HM Revenue & Customers and Pay As You Earn (PAYE) tax records using a 1% sample of employee jobs.

It revealed that the average annual salary across the UK for a full-time employee is now £26,200, up 1.4% on 2010.

Brokers rank just below air traffic controllers in sixth (up 6.8% to £55,352), police officers who are inspectors or above in fifth (up 3.8% to £58,746) medical practitioners in fourth (down 0.6% to £69,952), aircraft pilots and flight engineers in third (no move at £71,555) and corporate managers and senior officials in second (up 7.1% to £77,679).

By comparison, the lowest earning occupation was school mid-day assistants, with salaries up 0.7% in 2011 to just £2,189 a year.

To see the full table of 2011 annual earnings according to occupation, click here