Having to find a job within Nigeria’s financial market can be very challenging. For investment bankers, finance professionals, and recent graduates, merchant banks, including companies like FSDH, are a goal of everyone’s career.
They are popular due to their prestige, challenging work, and let’s be honest, good salaries. But what are the salaries like in the prestigious FSDH Merchant Bank?
This article will clarify the major elements of salary structure within FSDH Merchant Bank. We will present various levels of salary structure, bonuses, and benefits to help determine which side of the salary structure you will be on if you are applying for a job at FSDH Merchant Bank.
FSDH Merchant Bank Salary Structure Breakdown (2025)
When looking at some of these numbers, it should be noted that we are dealing with averages obtained through research that includes job ads, reviews of employees who are working at the bank, benchmarks, and reconnaissance of active HR trends.
1. Entry Level / Graduate Trainees
This is the entry point for most graduates through the highly competitive FSDH Graduate Trainee Program.
- Common Job Titles: Graduate Trainee, Analyst Trainee
- Estimated Monthly Gross Salary: ₦150,000 – ₦250,000
- Estimated Annual Gross Salary: ₦1,800,000 – ₦3,000,000
Explanation and Context:
For the most part, starting salary depends on the type of degree accomplished (First Class graduates are usually offered more), the institution of university that was attended, and the performance during recruitment.
This graduate trainee program is very challenging, consisting of learning in a classroom setting and moving through various teams in a company’s departments.
2. Junior Analysts / Analysts (1 – 3 years of work experience)
After completion of the trainee programs, it is common for the employees to step into specialized roles, with most candidates targeting the position of an Analyst in one of the following sections: Investment Banking, Asset Management, and Transaction Banking.
- Common Job Titles: Financial Analyst, Junior Analyst
- Monthly Gross Salary: ₦250,000 – ₦450,000
- Annual Gross Salary: ₦3,000,000 – ₦5,400,000
Breakdown and Context:
Your performance in this position will have a direct impact on your earning potential. The Analysts on the deal teams have the most responsibility and do the most work. Analysts spend their time doing financial modeling, performing market research, and making presentations for clients.
The pay for Analysts is ranked in a wide range due to deals starting to include pay for performance, and a small, but increasing, larger bonus.
3. Associate Level(4-7 years experience)
The Associate position is where the career path begins to branch. Associates are in charge of supervising the Analysts, managing client relationships, and assume greater roles deal execution.
- Common Positions: Associate, Investment Banking Associate, Senior Consultant on Banking Relations.
- Monthly Gross Salary: ₦500,000 – ₦900,000
- Annual Gross Salary: ₦6,000,000 – ₦10,800,000
Explanations and Additional Information:
The Associate position is where the financial compensation begins to become more reasonable. The starting salary is higher and, in addition, the bonus is higher, which will be examined in a separate discussion.
Associates who are able to consistently and swiftly close deals are able to reach compensation levels rivaling more senior manager levels in other sectors.
4. Assistant Manager / Manager Level (8-12 years experience)
Managers at FSDH are allocated to leading teams, administrative supervision of major clients, and mentoring for revenue generation.
- Typical Roles: Portfolio Manager, Assistant Manager, Relationship Manager (Corporate).
- Monthly Gross Salary: ₦900,000 – ₦1,500,000
- Annual Gross Salary: ₦10,800,000 – ₦18,000,000
Breakdown and Context:
Most pay for this level falls under incentive compensation. While the base salary is quite substantial, the manager earns the most due to the income they are able to generate for the bank.
For example, one manager in investment banking who is at the top of his or her trade and is performing extremely well in the investment banking area can earn an additional bonus of 100% of their base salary or in some cases 50% of the base salary in a year.
5. Senior Manager / Director Level (13+ years experience)
This level is the constituent core of the leadership and the decision making tier of the bank. They are each the head of a business unit, set the strategy of the unit, direct the unit, manage top level contacts, and are the overall top manager of the unit.
- Typical Roles: Senior Manager, Vice President, Director, Head of Department.
- Monthly Gross Salary: ₦1,800,000 – ₦3,500,000+
- Annual Gross Salary: ₦21,600,000 – ₦42,000,000+
Explanation and Context:
This is one of the most customized level salary wise because it is fully negotiated. It is very high for the most part, but again the compensation is very high and varies due to the additional bonuses for performance, profit sharing, incentives for the long term commitments.
Bonuses and Performance Incentives at FSDH
Incentives are definitely a big part of the discussion when Dissecting someone’s salary at the level of FSDH. There has to be a list of the factors that are related to the revenue that a staff will make at FSDH.
- Analysts/Associates: Can expect bonuses ranging from 10% to 50% of their annual base salary in a good year.
- Managers/Directors: Bonuses can range from 50% to 150%+ of their base salary. In a record-breaking year for the bank and their department, this figure can be even higher.
Bonuses are determined by:
- Company Performance: Did the bank hit its overall profit targets?
- Departmental/Team Performance: How did your business unit perform?
- Individual Performance: What was your direct contribution? Did you exceed your targets?
The FSDH Benefits Package
Total Compensation FSDH focuses on the overall value each employee brings to the company. The company also provides a very competitive benefits package to all employees.
- Health Insurance The company offers employees and their dependents, spouses, and children a full medical plan.
- Pension Contribution Employee base contribution of 10% is needed to be a candidate along with employer contribution of 8%. Outstanding employees have the opportunity to negotiate for a higher pension contribution.
- Staff Loans Employees are afforded the opportunity for staff concessional loans at lowest rates on the market.
- Leave Allowance Employees get a fully paid allowance to spend as they see fit and the company covers the full cost of their annual holiday.
- Professional Development Costs for certifications required are covered for employees. These include the CFA, ACCA, and CIS.
- Life Insurance Employees are provided with group life insurance.
How FSDH Compares to Other Banks in Nigeria
Relative to the rest of the Nigerian banking industry, FSDH Merchant Bank has the distinguishing feature of being one of the most sought-after employers in the industry.
FSDH vs. Other Commercial Banks: FSDH has a higher than average salary, especially at the middle and senior levels, compared to many commercial banks. This is due to the fact that the field of merchant banking is more specialized.
On the other hand, commercial banks have a bigger employee base, wider branch distribution, and offer more diverse career options.
FSDH vs. Other Merchant Banks: When compared to other leading merchant banks in Nigeria, FSDH has a strong position as well. They include Coronation Merchant Bank, Rand Merchant Bank, and FBNQuest Merchant Bank. While most of these banks offer almost the same salary ranges, the bonuses and corporate culture tend to differ.
Other Investment Companies: Smaller investment banking boutiques tend to offer higher base bonuses, especially to top performers, but FSDH has far more stability. They also offer a wider pool of services, and have more clearly defined career tracks.
Conclusion
Overall, working at FSDH Merchant Bank is one of the most prominent career paths for finance professionals in Nigeria. The Bank is positioned to offer one of the best salary and compensation packages in the industry due to the projected salary and compensation structures for the year 2025. And as the bank has built one of the most structured Graduate Trainee programs, it also has one of the most structured career paths.
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