Analysts in India earn more money per month than analysts in the United States, according to data compiled by the Economic Times, a leading Indian business newspaper.
According to the data, analysts in India earned about $1.15 million per month, on average, compared to $1 million per year in the U.S. The highest earners in India were those with a salary of $1m and above.
The data came from an annual report on the salaries of the world’s most prominent and most prestigious firms compiled by The Economist Intelligence Unit, a London-based research group.
Analysts at the top of the earnings list include Indian-born John Lanchester, who earns $2.7 million a year at JPMorgan Chase; former U.K. Finance Secretary David Gauke, who earned $3.8 million in 2017; and former U:S.
Treasury Secretary Hank Paulson, who made $4.2 million.
Analytics in India are also considered top-paid in the country.
They earn more in India than in the world as a whole, with the median salary for an analyst at a global firm in the Indian city of New Delhi hovering around $2 million a month.
Analytical staff at Indian-owned Deloitte were the highest paid in India, earning $2,744 per month on average.
Analytic staff at the UBS Group were the second highest paid at $2m per month.
The report was based on a survey of about 1,500 global financial services companies in the two countries.
The survey covered all companies with more than 1,000 employees.
Analyzing the data The Economic Times report comes as Indian firms struggle to compete with their U. S. counterparts.
In 2017, the Indian stock market crashed as investors feared the country’s government could raise interest rates to curb the rupee’s recent gains.
The rupee is currently trading at about 62.9 to the U, down from 70 per dollar on March 1.
Investors have been taking a wait-and-see approach, as they do not expect the central bank to increase interest rates.
Analytically minded Indian companies are also finding it difficult to find a buyer for their stocks.
“It is still hard to find buyers for Indian stocks.
Many companies are trying to sell their shares for less than the market value,” said Vinod Kumar, an analyst with ETX Capital, an investment advisory firm based in New York.
Analyzers at Indian companies were also struggling to compete in the fast-changing environment of digital payments.
Indian firms have been grappling with a digital payments ecosystem that has seen a boom in digital payments since the Indian government launched its digital wallet platform, which enabled individuals to transfer money via smartphones, tablets and other mobile devices.
In 2016, there were more than 20 million online transactions involving the digital wallet.
This figure grew to more than 100 million transactions in 2017.
Analyts at some Indian firms said they were also experiencing difficulties in building a profitable business with digital payments as many transactions take place outside of India, in third countries.
“I do not think we can compete with other countries in the digital payments space, as we are still working on it,” said Nirmala Jain, an Indian-American executive who oversees digital business development at McKinsey & Company.
Analyzable data for Indian companies is available on the Indian Securities Exchange.
This report was produced by Economic Times.