Blackwater: Europe Leads ETF Industry Compensation Growth
- Europe leads in year-over-year compensation gains while the U.S. still pays best.
- Trading roles command the highest pay at $510K while operations lag at $197K.
- Women in the ETF industry earn 20% less than men, according to the global survey.
Exchange-traded fund industry compensation growth varies dramatically by region and role, with European professionals seeing the largest gains despite the United States maintaining its position as the highest-paying market, according to Blackwater's 2025 Global ETF Industry Salary Survey.
European ETF professionals experienced a 13% year-over-year increase in compensation, reflecting the region's market expansion and competition for experienced talent, according to the report. Asia-Pacific saw a 6% increase, driven by ETF growth in emerging markets and increased institutional adoption, while Americas compensation rose 5%.
The survey shows that despite macro headwinds, ETF professionals are seeing healthy compensation growth, with differences across roles, regions and seniority levels.
The United States remains the top-paying region globally, offering salaries 35% higher than Europe and 27% higher than Asia-Pacific, according to the survey. The average total compensation across all ETF professionals reached $339,000, with bonuses averaging 62% of base salary.
Trading roles emerged as the highest earners at $510,000 on average, reflecting the premium placed on liquidity provision and execution expertise, according to the report. Operations roles lagged behind at $197,000, highlighting the disparity between front and back-office compensation.
Heads of business command an average of $1.1 million, reinforcing the value placed on leadership and revenue-generating capabilities, the survey found. Product roles experienced a 16% jump since 2024, driven by demand for innovation in ETF design and strategy.
Blackwater: ETF Compensation Trends Shift by Seniority
The survey revealed changes in compensation patterns across different career levels. Analyst-level pay remained flat year over year, suggesting limited upward pressure at entry level, according to the report. Associate-level compensation increased 8%, indicating what the report described as a "juniorfication" trend, where firms are leaning on more junior talent for mid-level responsibilities.
The report identified eight key challenges facing ETF professionals, including fee compression suppressing compensation and limited market size restricting opportunities. The survey noted that the low-margin nature of ETFs combined with ongoing price wars directly impacts how much firms are willing or able to pay.
Gender pay disparities persist across the industry, with women in ETFs earning 20% less than men on average, according to the survey. The report called this "a stark reminder that gender pay disparity remains a challenge in the industry."
The 2025 Global ETF Industry Salary Survey reflects input from over 1,000 ETF professionals worldwide, according to Blackwater, a specialist talent and education firm dedicated exclusively to the global ETF industry. The firm has conducted the survey for four years in response to market demand for clear compensation benchmarks.
