Financial Services Salary Survey Key Findings

CONTENTS.
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CHIEF OPERATIONS OFFICER’S LETTER 2 INSURANCE 24 MARKETING & COMMUNICATIONS 40
KEY SURVEY RESULTS 3 RETAIL BANKING 25
SALARY GUIDE 8 MIDDLE OFFICE & OPERATIONS 42
COMPLIANCE 26
ASSET MANAGEMENT & PRIVATE BANKING 42
ACCOUNTING & FINANCE 9 CREDIT, RISK & QUANTITATIVE FINANCE 28 COMMODITIES 44
ASSET MANAGEMENT & PRIVATE BANKING 9 COMMODITIES 30 INVESTMENT BANKING &
BANKING 11 BROKERAGE HOUSES 46
COMMODITIES 13 FRONT OFFICE 31
INSURANCE 14 ASSET MANAGEMENT 31 SECRETARIAL & SUPPORT 48
CORPORATE FINANCE, M&A 32
AUDIT 16 HEDGE FUNDS 34
BANKING 16 PRIVATE BANKING 35 TAXATION 50

CHANGE & PROJECT MANAGEMENT 17 HUMAN RESOURCES 36 TECHNOLOGY 52
ASSET MANAGEMENT 17
BANKING FINANCE 18 INSURANCE 38 UNDERSTANDING THIS GUIDE 54
BANKING OPERATIONS 21 ACTUARIAL 38
BANKING RISK MANAGEMENT 23 TECHNICAL 39 TALK TO US 55

CHIEF
OPERATIONS
OFFICER’S Welcome to
Morgan McKinley’s In the temporary hiring market, 11% felt more
confident with respect to job availability than this
2012 London
LETTER. Financial Services
Salary Survey
time last year, with 52% feeling equally as
confident. Over 60% anticipate that rates will
either remain the same or will rise over the next
12 months. In both the permanent and
The last 12 months have been mixed for global temporary recruitment markets, the main driver
financial markets and consequently for financial for increasing salaries is expected to be
services hiring activity. The eurozone crisis has attracting and retaining key staff – clearly a
created an extremely challenging operating significant focus for financial institutions.
environment for many financial institutions in
Europe and beyond. Subsequently, the hiring It looks likely that headcount will continue to be
market has been significantly affected and the closely scrutinised in the early part of 2012. This
pattern of recruitment activity throughout 2011 has is illustrated again in both the permanent and
reflected this. temporary areas of the hiring market where
survey respondents acknowledged their
As a result, remuneration has fluctuated across the companies’ continued drive for cost reduction.
sector with some pockets of the market enjoying
salary increases, whilst others have remained The mixed findings of our survey clearly reflect
relatively flat. Lack of visibility in the market has led the lack of visibility and turbulence in the hiring
to some areas seeing increases in temporary and market as the new year begins. It is well known
contract recruitment instead of hiring permanent that financial markets thrive on stability.
professionals. Rates have increased in certain Therefore a conclusion to the eurozone crisis
areas as a result. Our recent survey of 372 hiring and clarity on regulatory issues such as the
managers and professionals working across Vickers report should bring greater transparency
financial services in London provides some and confidence to the banking system in the UK.
interesting insight into views on compensation Finally, we hope you find this salary survey
levels. informative and welcome your feedback.
The results of the survey also reflect current market I would also like to take this opportunity to thank
conditions. Survey highlights show that only 12% of you for your continued support and wish you all
those in the permanent market are feeling more the best for 2012.
confident about job availability compared to this
time last year. Andrew Evans

On a more positive note, just over a third (35%) are Chief Operations Officer
optimistic that salaries will rise over the course of Financial Services | United Kingdom
2012 while 50% expect salaries to stay at their T: +44 (0) 207 092 0150
current levels. E: aevans@morganmckinley.co.uk

2

FINANCIAL SERVICES.
KEY SURVEY RESULTS

3

FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – PERMANENT

PERMANENT

How confident are you about the London Do you expect basic salaries within your business
Q1 financial services jobs market compared to Q2 to increase, decrease or stay the same over the
this time last year? next 12 months and by what percentage?

4

FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – PERMANENT

PERMANENT

If your company is planning to increase If your company is planning to decrease
Q3 salaries, what do you think will drive this? Q4 salaries, what do you think will drive this?

Reformulation of
total compensation Directive from
structure senior
management Increase in
candidate
In line with availability
inflation

Skills
Attracting shortages
or retaining
key staff
Focus on cost
management

5

FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – TEMPORARY

TEMPORARY

How confident are you about the London Do you expect temporary / contract rates to
Q1 financial services jobs market compared to Q2 increase, decrease or stay the same over the
this time last year? next 12 months and by what percentage?

6

FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – TEMPORARY

TEMPORARY

If your company is planning to increase If your company is planning to decrease
Q3 temporary / contract rates, what is driving this? Q4 temporary / contract rates, what is driving
this?

Reformulation of Increase in Directive
total compensation candidate From senior
structure availability management
In line with
inflation

Attracting
or retaining Skills
key staff shortages

Focus on cost
management
7

FINANCIAL SERVICES.
SALARY GUIDE

8

ACCOUNTING & FINANCE.
ASSET MANAGEMENT & PRIVATE BANKING
PERMANENT

Asset management accounting recruitment There has been a particular need for finance
showed some positive signs in the early part professionals in the private equity sector and
of 2011, but continued to be a challenging we expect to see this continue.
market in H2.
Overall there has been growing concern
Strong regulatory and control environments across all levels from professionals moving
continue to be a theme for large and small roles in the current climate, resulting in an
asset managers alike, but basic salaries have extended time period for recruitment
remained relatively static and will remain so processes and organisations protecting their
throughout 2012. We have seen spikes in the existing talent. We expect this to be a
need for qualified experienced auditors and continuing theme in 2012.
financial accountants but the part qualified
market has been quiet.

BASIC SALARIES (PER ANNUM)

Part AVP / VP / Director /
Role: Newly Qualified
Qualified 2-5 years 5-7 years 10+ years

Financial Accountant £25k - £45k £45k - £52k £50k - £70k £65k - £80k £75k - £100k

Management Accountant £30k - £45k £45k - £52k £50k - £75k £75k - £85k £80k - £95k

Financial Controller * £45k - £65k £60k - £80k £75k - £90k £85k+

Fund Accountant £25k - £40k £40k - £55k £50k - £65k £65k - £85k £85k - £100k

Internal Auditor £30k - £35k £45k - £50k £50k - £70k £65k - £90k £85k - £120k

Regulatory Accountant £30k - £35k £40k - £55k £50k - £65k £60k - £80k £80k - £100k

Business / Finance Analyst £30k - £35k £45k - £60k £55k - £75k £70k - £90k £85k+
9
*Typically, these roles do not exist at this level

ASSET MANAGEMENT & PRIVATE BANKING
TEMPORARY

There was increased demand for Market uncertainty over the summer This trend is set to continue in 2012. As
experienced asset management finance months caused hiring volumes to decrease firms look to retain key contractors, the
contract professionals in 2011, particularly as firms focused on replacement hires and demand for the best candidates continues.
in H1, which is in line with historical trends. cover only. While the larger institutional Firms are encouraged to plan their hiring
This upsurge was mainly due to a need to asset managers’ hiring volumes decreased and act swiftly to ensure they attract and
increase controls and improve reporting as processing roles moved to regional retain the best talent. Rates remain stable
frameworks creating opportunities for locations, the smaller firms (particularly and are expected to continue to stay flat
internal, external and fund reporting hedge funds and private equity moving into 2012, mainly due to a cost
specialists. There was also demand for organisations) increased their hiring. The reduction focus and the increased
finance analysts who were involved in skill sets in demand tended to be for candidate pool available.
planning and budgeting. qualified accountants with good technical
skills and commercial acumen.

RATES (PER DAY)


Financial Accountant £150 - £220 £200 - £250 £250 - £350 £300 - £400 £400+

Management Accountant £150 - £220 £230 - £270 £250 - £350 £300 - £400 £400+

Financial Controller * * £300 - £350 £350 - £450 £450+

Fund Accountant £150 - £200 £200 - £250 £200 - £300 £250 - £350 £350+

Regulatory Accountant £150 - £250 £230 - £250 £250 - £350 £300 - £400 £400+

Business / Finance Analyst £200 - £250 £250 - £300 £300 - £350 £350 - £450 £450+

10

BANKING
PERMANENT

At the junior end of banking finance, the demand meant that a qualified accountant the previous year. Senior candidates with
market saw a resurgence in demand for with limited banking experience could earn specific technical product / accounting skill
accountants with practical banking between £60,000 and £70,000. sets were targeted for ‘exotic’ roles in
experience, a shift from the demand for Meanwhile, demand for talented newly IPV, P&L / risk and accounting policy.
newly qualified accountants back in 2010. qualified accountants decreased in direct There was continued hiring within the
In particular, qualified accountants from Big correlation, although salaries at this level regulatory space, both in terms of line and
Four firms with working experience in remained consistent with 2010 levels. The change roles. Base salaries remained
finance at an investment bank – anywhere beginning of 2011 also saw a strong consistent with 2010 with slightly more
from two months to two years PQE – were demand for experienced professionals at flexibility at the top of the VP scale for those
heavily targeted by banks to help the senior end of the market. However, this with complex banking knowledge and skill
supplement established teams that had was more of a ‘focused demand’ in contrast sets.
become top heavy. This increase in to the ‘get people through the door’ policy of


Part Entry Level AVP / VP / Director /
Role:
Qualified Newly Qualified 2-5 years 5-7 years 10+ years

Product Controller £35k - £50k £50k - £59k £59k - £75k £80k - £110k £125k - £200k

Financial Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £180k

Legal Entity Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165k


Regulatory Reporter £35k - £47k £47k - £59k £59k - £75k £80k - £110k £110k - £180k

Business Analyst / Project Manager £35k - £48k £48k - £59k £59k - £75k £80k - £120k £125k - £200k

Business Manager / COO £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k
11
Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £110k £125k - £200k

BANKING
TEMPORARY

The accountancy and finance market in the The number of available roles dropped by The senior contract market grew in
first half of 2011 carried on the trend from approximately 15% during this period. 2011, which we expect will continue as
2010 of recruiting heavily, especially in cost banks look to secure talent for key
Newly qualified professionals from
/ revenue accounting along with strong integration and structure change projects.
accountancy practice have found it tough to
demand in product control.
secure a role in financial services as However, with banks uncertain of how
Confidence was renewed and projects were candidates with banking experience have economic conditions will change in the
proceeding full steam ahead, until the been the preferred option. short to medium term, hiring is for essential
summer of 2011 when the market roles only and rates have reduced due to
contracted and professionals started having budget constraints.
to accept reduced rates and become more
open in their search for a position.

RATES (PER DAY)


Product Controller £200 - £250 £250 - £285 £300 - £380 £380 - £450 £450+

Legal Entity Controller £200 - £250 £250 - £285 £300 - £375 £375 - £450 £450+


Business Analyst £250 - £350 £300 - £400 £400 - £500 £500 - £600 £650+


Finance Business Partner £200 - £250 £250 - £285 £300 - £400 £400 - £500 £450+

Financial Planner and Analyst £200 - £250 £250 - £285 £300 - £400 £425 - £500 £500+

12

COMMODITIES
PERMANENT

Over the past 12 months hiring has been There has been a general trend across the However, in the investment banking world
sluggish across the commodities finance board to cut some senior and middle there is currently strong demand for
market as the focus on cost reductions has management to lower costs and pass individuals with solid physicals experience
increased and candidates have been less greater responsibility to other staff, but this as this looks like an area set to expand over
inclined to move roles in such uncertain has had only a ‘trimming’ effect on overall the next few years. The continued spiking
times. Some areas are bucking the trend: headcount. Remuneration levels for 2012 of prices in the softs market largely due to
product controllers with strong analytical are likely to remain fairly stable. If bonus supply concerns is likely to result in an
capabilities and risk awareness are still in levels are as low as anticipated, the increased headcount requirement as this
short supply and continue to demand a increased supply of professionals is unlikely space remains lucrative. Overall, improved
premium. to be matched by a marked increase in job confidence in the market will drive
vacancies. recruitment at all levels.



Product Controller £35k - £50k £50k - £59k £59k - £75k £80k - £120k £125k - £200k

Financial Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £180k

Legal Entity Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165k


Regulatory Reporter £35k - £47k £47k - £59k £59k - £75k £80k - £110k £110k - £180k


Business Manager / COO £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k

Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k

13

INSURANCE (LIFE & NON-LIFE)
PERMANENT

The jobs market for finance in insurance in Solvency II and corporate governance have Moving into 2012 growth is still a hot topic
2011 was exceptionally busy. Momentum remained high on the list of recruitment and companies are keen to get ahead of
picked up early in the year and job flow priorities with new positions regularly being the competition when it comes to hiring.
steadily increased month on month with no created. As a result, Morgan McKinley has
Consequently, many hiring managers in
sign of slowing. developed specialist teams with consultants
this sector are reviewing their companies’
purely recruiting into both of these areas.
Much the same as 2010, many clients benefits structures and bonuses to ensure
looked to up-skill their teams but found a they are competitive within the industry.
shortage of exceptional candidates on the
market. Recruitment processes have
therefore taken longer than previous years.



Financial Accountant £25k - £40k £40k - £55k £52k - £75k £65k - £95k £90k - £200k

Syndicate Accountant £25k - £45k £45k - £55k £50k - £70k £70k - £90k £90k+


Business Partner / COO £35k - £45k £45k - £55k £52k - £75k £70k - £110k £95k - £200k

Internal Auditor / Governance Controller £25k - £40k £40k - £55k £50k - £75k £65k - £90k £90k - £150k


Solvency II Technician £30k - £45k * £55k - £80k £75k - £110k £100k - £200k


14

INSURANCE (LIFE & NON-LIFE)
TEMPORARY

The market for temporary accounting and As a result of the high volume of roles However, this is unlikely to be matched by a
finance roles in the insurance sector contractor rates continued to increase marked increase in new job roles.
remained strong in 2011. throughout the year.
New projects will need to be implemented
The increased demand for permanent talent Moving into 2012, the outlook for contractors which will see a steady flow of positions
had a positive impact on demand for specialising in insurance remains relatively released for job seeking professionals in this
temporary staff. With the continued good. If bonus levels within the permanent sector. The extension of the Solvency II
implementation of Solvency II technically space are as low as anticipated, there may be deadline will continue to keep contractors in
competent professionals are in demand. an increased supply of professionals entering place and the ever growing governance of
the temporary market. the industry will ensure that qualified
accountants remain in high demand.

RATES (PER DAY)




Financial Controller * * £250 - £350 £300 - £550 £450+

Fund Accountant £120 - £210 £210 - £250 £200 - £280 £250 - £300 £350+

Regulatory Accountant £150 - £250 £230 - £250 £220 - £350 £250 - £400 £400+

Business / Finance Analyst £200 - £250 £250 - £300 £250 - £350 £320 - £450 £400+

Solvency II Technician £200 - £250 * £250 - £500 £350 - £750 £500+

15

AUDIT.
BANKING
PERMANENT

The past 12 months has been an slightly higher base salaries compared to The coming months look set to be equally
interesting period for banking and financial 2010. Boutique banks and financial as buoyant, however challenges will remain
services professionals working in internal services organisations appealed to some of as institutions continue to be committed to
audit. Job volumes and hiring activity were, the industry’s best talent more than ever their search for only the best talent. This is
as predicted, buoyant as the demand for before as people sought ways to broaden particularly true at the AVP level where
experienced individuals continued to their exposure. professionals who can ‘hit the ground
increase. This impacted base salaries, running’ are highly sought after.
most noticeably at the VP level in
investment banking, where the most sought
after individuals were able to negotiate


Analyst / AVP / VP / Director /
Role:
0-2 years 2-5 years 5-7 years 7-10 years

Investment Banking £50k - £60k £60k - £75k £75k - £100k £110k+

Retail / Commercial Banking £45k - £55k £55k - £70k £70k - £95k £100k+

SME Banking £40k - £50k £50k - £60k £60k - £75k £90k+

16

CHANGE & PROJECT MANAGEMENT.
ASSET MANAGEMENT
TEMPORARY / CONTRACT

In 2011, the market for project professionals Towards the end of 2011, a couple of larger Likely hiring hotspots will be in regulatory
within the asset management industry was institutions also started to reduce rates for programmes, particularly for those with retail
relatively stable. Most organisations have contractors. focused businesses.
had a range of ongoing project work but
Early indications suggest a similar story for
there have been relatively few new major
2012 with little appetite for large budget
programmes driving changes in pay rates.
increases. However, we do expect to see
As a result we have seen a fairly flat market some steady incremental hiring to support
both in terms of demand from employers particular programmes.
and rates of pay for professionals.

RATES (PER DAY)

Role: Low Average High

Business Analyst £400 £450 £500+

Senior Business Analyst £500 £550 £600+

Project Manager £550 £600 £650+

Senior Project Manager £600 £650 £700+

Programme Manager £750 £850 £1000+

Junior PMO £400 £450 £500+

Senior PMO £450 £550 £650+

17

BANKING FINANCE
PERMANENT

Throughout 2011 there was a gradual These change programmes are in response As a result permanent salaries largely
decline in the number of permanent change to market regulation and the ongoing desire stayed at 2010 levels, although the best
& project management job vacancies. Due to streamline processes and cut individuals were often able to command
to the extremely difficult trading conditions expenditure. Despite this, the majority of premiums. When demand decreases for
faced by the majority of banking banks are either utilising their existing permanent employees, the candidate pool
organisations, most projects were scaled project teams, drawing on the current line shrinks as change professionals move to
back or shelved indefinitely with cost being function or turning to the contract market for the lucrative contract market or become
the central concern. However, the majority additional resources. This has all impacted entrenched in niche long term roles. The
of the top tier banks are still running huge the shrinking permanent project jobs outlook for 2012 suggests low levels of
programmes of change across their finance market where salaries and total demand for only the best candidates in the
infrastructure. compensation are often dwarfed by huge market. Compensation packages for these
daily rates and loyalty bonuses. sought after individuals should therefore
remain high.


Role:

Business Analyst £40k - £60k £60k - £75k £75k - £100k *

Project Manager * £60k - £75k £75k - £110k £120k - £180k

Programme Manager * * £85k - £110k £120k - £180k

PMO £40k - £55k £55k - £75k £75k - £100k *


18

BANKING FINANCE

Early 2011 hiring was steady as new The most consistent hiring has been for new roles where they have to rebuild their
headcount and budgets were approved. H2 large strategic programmes or regulatory relationships and reputations.
2011 saw wider market conditions and programmes with ring-fenced funding.
The outlook for 2012 so far looks to be
global economic uncertainty lead to a more
There has been an increase in the number similarly impacted by the economy. Banks
prudent approach to hiring.
of counter-offers as banks try to retain their are expected to continue focusing on
Overall, year-on-year job volumes were top talent. Also, there has been a trend to regulatory programmes and replacement
down and there was a trend to interview offer key contractors longer contracts with hires. There may also be a push towards
more candidates and take more to final notice periods of up to a month. On the temporary hiring as banks seek a flexible
interview stages with no offer at the end of whole, professionals have become more workforce with the ability to introduce new
the process. risk adverse and less willing to move to skill sets as required.

RATES (PER DAY)






PMO £400 £500 £600+

Senior PMO £500 £600 £700+

19

“THERE MAY ALSO BE A
PUSH TOWARDS
TEMPORARY HIRING AS
BANKS SEEK A FLEXIBLE
WORKFORCE WITH THE
ABILITY TO INTRODUCE
NEW SKILL SETS AS
REQUIRED.”

20

BANKING OPERATIONS
PERMANENT

The first and second quarters of 2011 were The third and fourth quarters saw a reduction seeing contractors looking seriously at
extremely busy for the operations change in hiring and, in many cases, restructuring permanent roles as job stability becomes
permanent jobs market at all levels. This and unofficial freezes. Anticipated hiring for increasingly attractive. Contract rates
opened up movement at the senior end of CCP teams did not materialise at the decreased, by around 10% in the second
the market. The drive towards Central volumes predicted within the first half of the half of 2011.
Counterparty (CCP) clearing has resulted in year. Hiring managers are still interested in
Permanent salaries this year will remain
significant investment and therefore been developing CCP teams, so this is likely to
static. Some candidates are seeking
a notable focus for operations change impact hiring in 2012.
opportunities abroad as major investment
recruitment. Other initiatives have focused
After a number of years of seeing employers banks are increasingly bulking up capability
heavily around data areas with clients
shifting from offering permanent roles to for offshore locations to deliver change.
continuing the drive for single sources of
contract for financial reasons, we are now
data across the organisation.


Role:

Business Analyst £50k - £60k £55k - £65k £70k - £95k *

Project Manager £60k - £70k £70k - £75k £85k - £100k £95k - £130k

Programme Manager * £70k - £75k £95k - £110k £110k - £130k

PMO £50k - £60k £55k - £65k £70k - £95k £90k - £110k


21

BANKING OPERATIONS

Increased regulation in investment banking Hiring in the second half of the year slowed A significant proportion of regulatory
has been the driver behind the majority of in line with regular market patterns. It was change has been postponed or delayed in
change management hiring across the also impacted by challenging wider market 2011 and we expect this to drive the
sector as organisations have adapted to the conditions with job availability falling in Q3 amount of hiring activity taking place in the
challenging regulatory landscape. and tailing off in Q4 as contagion fears banking operations change market
around the eurozone crisis gripped financial throughout 2012.
Hiring in the first half of 2011 was steady as
markets.
new budgets were approved and
organisations took on change specialists to The outlook for 2012 is fairly stable and
facilitate new regulation. hiring volumes will be dependent on the
overall economic environment.

RATES (PER DAY)







Junior PMO £400 £450 £500+

Senior PMO £450 £550 £650+

22

BANKING RISK MANAGEMENT

The hiring market within risk management Due to a lack of clarity within some of the The initial signs for 2012 are positive with
has been driven by the continued regulatory regulatory areas in terms of deadlines and new recruitment budgets for risk teams
changes imposed on financial institutions future requirements, the end of 2011 saw a again taking into account regulatory
over the past 12 months. slow down in demand for these skill sets. changes and a consequently increased
demand for the requisite talent.
Rates were driven higher at the start of This has been reflected in a ‘leveling out’ of
2011 due to the shortage of experienced pay rates and in some areas – in particular This may therefore have a slow but positive
subject matter experts across all risk operational risk – an actual decline in rates. impact on rates over the course of the year.
disciplines. This forced financial institutions
to offer higher rates in order to attract and
retain key talent.

RATES (PER DAY)







Junior PMO £450 £500 £550+

Senior PMO £550 £600 £650+

23

INSURANCE

Q4 2011 saw the number of new roles in stagnant. The end of 2011 also witnessed With deadlines for Solvency II being pushed
this area drop off considerably. Many both rate and tenure reductions across the back there was less urgency to hire for
employers cut costs by shelving non- board at many financial institutions. This related projects pre-Christmas. Having said
essential projects before year end, leading again leads to increased levels of this, larger insurers are indicating they will
to more professionals entering the jobs professionals looking for work and it is still be hiring in Q1 2012.
market and a more competitive relatively unclear as to what effect this will
With many institutions admitting they would
environment for those interviewing. have on average pay rates for 2012.
have struggled to adhere to original
This, coupled with uncertainty surrounding deadlines there is still much work to be
budget sign-off, has meant that hiring done.
managers are taking considerably more
time to fill roles and the market has become

RATES (PER DAY)






PMO £300 £400 £500+

Senior PMO £500 £600 £700+

24

RETAIL BANKING

The jobs market for change and project As a result, the outlook for 2012 is relatively
management professionals in retail banking consistent with 2011, due to ongoing major
was buoyant throughout 2011, driven by a programmes, reengineering initiatives and
number of significant merger, integration ongoing regulatory impacts.
and divestment programmes of which we
Rates increased modestly in the first half of
anticipate more over the coming months.
2011, although many institutions are now
Additional programmes are being put in
reducing contractor rates for existing staff
place in response to current regulatory
which will probably mean that on
requirements. It is expected that further
average, rates for new contractors in the
change will be required to respond to
early part of 2012 will be at a similar level to
additional regulation in 2012.
the start of the previous year.

RATES (PER DAY)






PMO £300 £400 £500+

Senior PMO £500 £600 £700+

25

COMPLIANCE.

PERMANENT

There was a strong appetite to hire Later in the year, issues in the eurozone Anti-Money Laundering (AML), financial
experienced compliance professionals impacted the entire financial services sector crime and Know Your Client (KYC) / on-
throughout 2011, with a number of and caused some compliance functions to boarding have been similarly active and this
seasoned professionals receiving multiple put growth plans on hold and focus mainly on should continue until the end of 2012.
offers. key hires.
Professionals at the more senior end of the
Availability of roles was high, although there The control room has seen active hiring, with market have seen the largest increases in
was a slight dip in the second half of the some senior movements taking place, and a salaries. This may continue, as most
year. Front office compliance, in particular number of control room specialists moving institutions have indicated this is an area in
was a key area of hiring for a number of into IBD advisory roles. which they will be investing so we expect
banks throughout the year. the market to remain strong in 2012.


Analyst / AVP / VP / Director / MD /
Role:
0-2 years 2-5 years 5-7 years 7-10 years 10+ years

KYC / On-boarding Analyst £28k - £35k £36k - £42k £43k - £58k £59k - £98k *

Monitoring & Surveillance £36k - £45k £46k - £55k £56k - £72k £73k - £95k £96k - £150k

Control Room £30k - £38k £39k - £46k £47k - £68k £69k - £100k £101k - £150k

Central Compliance £33k - £41k £42k - £51k £52k - £68k £69k - £108k £110k - £160k

Compliance Advisory (Front Office) £40k - £53k £54k - £69k £70k - £100k £101k - £140k £141k - £180k


26

COMPLIANCE.

TEMPORARY

The compliance temporary jobs market Overall, there has been a decrease in the Demand at the senior end of the market
maintained a strong level of recruitment number of temporary job opportunities in the continued, with many advisory professionals
activity in 2011 as firms felt the pressure to market and day rates are being driven down. moving into contract roles. This has enabled
provide more information to regulatory However, this has not deterred experienced them to command the highest rates,
bodies. candidates from moving into the contract especially those with strong product
market as Morgan McKinley registered its knowledge and niche skills such as second
Investment in these areas looks set to
largest number of temporary candidates in a languages.
continue leading to increased hiring in the
year in 2011.
coming months. Know Your Client (KYC) and
Anti-Money Laundering (AML) were the
busiest areas for the compliance contract
market with analysts in demand across a
wide variety of organisations.

RATES (PER DAY)

Role:

KYC / On-boarding Analyst £150 - £250 £250 - £350 £350 - £400 £400 - £450 £450+

Monitoring & Surveillance £150 - £250 £250 - £300 £300 - £350 £350 - £450 £450 - £600

Control Room £200 - £300 £300 - £350 £350 - £400 £400 - £450 £450 - £550

Central Compliance £150 - £250 £250 - £350 £350 - £450 £450 - £600 £600+

Compliance Advisory (Front Office) £200 - £300 £300 - £400 £450 - £550 £550 - £650 £650 - £800

27

CREDIT, RISK & QUANTITATIVE FINANCE.

PERMANENT

In the first half of 2011, hiring within the risk As demand has risen for experienced As financial market uncertainty continues, it
market was incredibly buoyant with many candidates, salaries have seen a slight is expected that demand for strong risk
organisations expanding in key increase. This has also been affected by managers will remain high.
areas, particularly within market and credit individuals placing more emphasis on
Regulatory requirements such as Basel 2.5
risk. The effects of the eurozone crisis in securing a higher basic salary as the bonus
/ Basel 3 will continue to drive recruitment
Q3 2011 onwards had a significant impact culture in the City has started to shift.
through 2012. As the risk function has
on financial markets as a whole, however
This has also been mirrored in the way grown in prominence, hiring managers’
risk management remained an area that
banks are structuring their total expectations for the quality of candidates
organisations chose to strengthen. During
compensation packages. have increased, which in turn has narrowed
this time we saw increased demand for
the pool of suitable professionals even
regulatory risk managers and operational
further.
risk professionals.

SALARIES (PER DAY)

Role:

Market Risk Management £30k - £45k £45k - £80k £68k - £110k £100k - £150k £140k - £250k

Market Risk Control £26k - £40k £40k - £68k £65k - £90k £85k - £120k £105k - £190k

Investment / Portfolio Risk £25k - £40k £40k - £65k £62k - £85k £80k - £110k £100k - £180k

Credit Analysis £28k - £42k £42k - £80k £68k - £100k £90k - £140k £130k - £200k

Credit Risk Control £26k - £40k £40k - £65k £65k - £90k £85k - £120k £105k - £180k

Operational Risk Management £26k - £40k £40k - £75k £65k - £100k £95k - £140k £130k - £200k

Quantitative Risk Analysis £35k - £60k £50k - £85k £70k - £140k £110k - £200k £160k - £275k
28


TEMPORARY

Credit, risk and quantitative finance Recent months have seen a continued Sign off for new positions was slightly
remained a busy area of the hiring market focus on developing risk frameworks, in restricted in the second half of 2011, with
in 2011. Hiring within regulatory risk was a particular, internal risk monitoring systems. many institutions only recruiting for critical
strong focus for many institutions due to the Institutions are hiring technical credit risk hires due to hiring freezes.
continued increase in regulatory reform in and market risk specialists to support this.
Rates in 2011 remained relatively stable,
financial services.
Hiring has also focused on operational risk with a slight increase on the previous year.
This will be an area which will continue to managers, recruited to develop and The last quarter, however, saw a number of
grow throughout 2012 and where there may implement robust risk frameworks across rate cuts across the industry but these are
be subsequent skills shortages. organisations. anticipated to be temporary and should
increase again in 2012.

RATES (PER DAY)

Role:

Market Risk Management £250 - £300 £300 - £450 £450 - £550 £550 - £650 £650 - £900

Market Risk Control £200 - £250 £250 - £400 £350 - £450 £450 - £600 £600 - £800

Investment / Portfolio Risk £250 - £280 £280 - £350 £300 - £450 £450 - £550 £550 - £750

Credit Analysis £180 - £230 £230 - £350 £300 - £420 £420 - £500 £500 - £750

Credit Risk Control £220 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800

Operational Risk Management £200 - £250 £250 - £350 £350 - £500 £500 - £650 £650 - £750

Quantitative Risk Analysis £200 - £250 £250 - £400 £400 - £500 £500 - £700 £700 - £1100

29

COMMODITIES
PERMANENT

The commodities risk market remained Whilst the UK is a global financial hub, the Whilst Q3 of 2011 saw the start of an
reasonably consistent in terms of job flow commodities market does differ from economic slowdown across Western
throughout 2011. There was a rise in the location to location with Switzerland hosting Europe and the United States, many
number of banking institutions looking to many of the world’s leading independent employers are still expanding their
increase headcount as they adjust their trading houses. It is important to bear in operations in Asia.
strategies to be more competitive in the mind that due to tax and cost of living
We expect the commodities market to
market. There was also a significant differentials in Switzerland, salaries are on
continue to be buoyant in 2012. Volatility in
increase in the demand for physical average 18% higher than the UK which can
global markets means the requirement for
commodities, which has created a squeeze make it difficult to attract talent to the UK
strong risk managers is going to be even
on the number of individuals who have this from the Swiss market.
more business critical. This in turn will
experience within the UK market.
create demand and opportunity.


Role:

Market Risk Management £30k - £45k £45k - £75k £60k - £120k £100k - £170k £140k - £250k

Market Risk Control £26k - £45k £45k - £65k £60k - £100k £75k - £120k £100k - £150k

Credit Analysis £28k - £45k £45k - £75k £70k - £100k £90k - £125k £120k - £200k

Credit Risk Control £25k - £38k £35k - £55k £55k - £85k £75k - £100k £85k - £110k

Operational Risk £26k - £40k £40k - £65k £65k - £100k £80k - £120k £110k - £150k

Quantitative Risk Analysis £45k - £60k £55k - £80k £75k - £130k £110k - £180k £160k - £250k

30

FRONT OFFICE.
ASSET MANAGEMENT
PERMANENT

In 2011, asset management front office In addition, product developers (particularly In line with this there is potential to see
salaries remained relatively stable for the those with Solvency II and UCITS IV overall earnings increase in the coming
second year running as the markets experience), are in continued demand. compensation reviews for individuals with
struggled to recover. Consequently, hiring Product specialist / client portfolio manager these specialist skill sets.
in the front office was kept to a minimum, roles at all levels of seniority were more
with replacement and strategic hires more prevalent in the first half of 2011, a trend we
commonplace. Despite this, senior are expecting to see continue throughout
investment professionals with strong 2012. With the markets failing to stabilise
performance track records are still able to over the last year, we have also observed
command premiums. increased demand for strategists and
economists at all levels.


Role:

Fund / Portfolio Manager £40k - £50k £50k - £65k £65k - £100k £100k - £130k £130k+

Client Portfolio Manager / Investment Specialist /
£40k - £47k £47k - £65k £65k - £95k £95k - £110k £110k+
Product Specialist

Research Analyst £35k - £45k £45k - £65k £65k - £95k £90k - £120k £120k+

Investment Analyst (Fund of Funds) £30k - £42k £42k - £60k £60k - £80k £75k - £110k £110k+

Investment Strategist / Economist £30k - £40k £40k - £55k £55k - £80k £80k - £120k £120k+

Trader / Dealer £35k - £40k £40k - £55k £55k - £80k £80k - £110k £110k+

Product Development £35k - £40k £40k - £55k £55k - £80k £80k - £110k £110k+

Sales / Business Development £28k - £35k £35k - £50k £50k - £80k £80k - £120k £120k+ 31

FRONT OFFICE.
CORPORATE FINANCE, M&A
PERMANENT

At the start of 2011 both investment banks Towards the second half of 2011 hiring Hiring into private equity remained slow as
and boutiques alike were looking to add slowed dramatically due to continued funds struggled to raise cash for
headcount, particularly at the junior level. eurozone issues and negative outlook in investments, meaning fewer deals and less
Many deals (albeit smaller in the main the US. IPOs and mergers were delayed or requirement for extra people to work on
compared to the same quarter in 2010) put on hold indefinitely. As a result, some transactions.
were drawn up, requiring additional support banks implemented hiring freezes whilst
Due to increased regulation, sign-on
at analyst and associate level. waiting for market visibility to improve.
bonuses and guarantees are not
As always there were specific mandates at Boutique firms continued to look at commonplace. In fact, in 2011 there were
varying levels to replace leavers, typically candidates on an opportunistic basis to many examples of candidates who moved
as a result of moves to private equity funds secure high quality, well trained bankers to top tier institutions on the same or lower
or corporates. who may have been made redundant. salaries.


Level: Analyst Associate VP Director *

1 £40k - £50k £70k - £80k £100k - £120k

2 £45k - £55k £80k - £95k £110k - £130k £135k - £200k

3 £50k - £63k £90k - £100k £120k - £140k

* Typically, there is only one level for director positions

32

“INTERESTINGLY,
DESPITE TURBULENT
TIMES, 2011 SAW
MORE START-UP
HEDGE FUNDS
EMERGE THAN IN
2010.”

33

FRONT OFFICE.
HEDGE FUNDS
PERMANENT

Salaries in 2011 remained fairly bonus levels, with high performing Interestingly, despite turbulent times,
consistent with 2010 levels; many funds portfolio managers and top rated research 2011 saw more start-up hedge funds
did not perform as well as expected due analysts being the only real areas of emerge than in 2010.
to the eurozone crisis. Caps on basic growth. In 2012, demand for high calibre
earning potential continues to be a graduates with equity research
There has been a significant shift in focus
theme in the hedge fund space with an experience in top tier investment banks,
in emerging markets experience, with
emphasis on bonuses linked to fund looking to make the move into the hedge
event driven and special situation
performance. Having said that, we have fund world, is expected to continue.
strategies particularly popular.
not observed any significant increases in


Role:
Fund / Portfolio Manager £35k - £40k £40k - £60k £60k - £80k £80k - £120k £120k+
Client Portfolio Manager / Investment Specialist /
£35k - £42k £42k - £65k £65k - £75k £75k - £100k £100k - £130k
Product Specialist

Equity Research Analyst £30k - £40k £40k - £60k £60k - £80k £80k - £110k £110k - £130k

Economist / Investment Strategist £28k - £37k £37k - £55k £55k - £70k £70k - £110k £110k - £150k

Portfolio Construction £32k - £41k £41k - £55k £55k - £70k £70k - £85k £85k - £100k

Trader £25k - £37k £37k - £50k £50k - £70k £70k - £90k £90k - £110k

Product Development £35k - £40k £40k - £55k £55k - £75k £75k - £100k £95k - £120k

Sales / Business Development £25k - £32k £32k - £50k £50k - £75k £70k - £100k £100k+

34

FRONT OFFICE.
PRIVATE BANKING
PERMANENT

There was consistent jobs growth for expectations has necessitated a change in With growing global instability and
private banking throughout 2011, as private client service and investment methodologies. uncertainty, wealth management continues
banks and wealth management firms Banks and wealth managers now see Retail to be a lucrative area. There is strong
shifted their focus to client service and Distribution Review (RDR) compliance as a potential for significant growth as
value delivery. Boutiques and bespoke key requirement for job seekers. Professionals institutions of all sizes compete to win and
partnerships are challenging the dominance holding qualifications such as RDR Level retain assets.
of established global firms. The impact of 6 and above, including the PCIAM, are now
new regulations and growing client considered particularly attractive candidates.


Role:

Private Banker £30k - £45k £45k - £75k £75k - £110k £100k - £150k £120k+

Fund / Portfolio Manager £35k - £40k £40k - £65k £65k - £85k £85k - £110k £110k - £130k

Investment Advisor / Consultant £30k - £42k £42k - £60k £60k - £80k £80k - £120k £120k+

Product Specialist £30k - £40k £40k - £65k £65k - £85k £85k - £100k £100k+

Research Analyst £30k - £42k £42k - £55k £55k - £70k £70k - £80k £80k - £100k

Investment Analyst (Fund of Funds) £30k - £42k £42k - £55k £50k - £65k £65k - £75k £75k - £90k

Investment Strategist / Economist £30k - £35k £35k - £45k £47k - £54k £55k - £65k £75k - £90k

Trader / Dealer £35k - £40k £40k - £48k £48k - £65k £65k - £90k £90k+

Sales / Business Development £35k - £42k £42k - £55k £60k - £75k £75k - £100k £100k+

Product Development £35k - £42k £42k - £55k £55k - £80k £80k - £100k £100k - £120k 35

HUMAN RESOURCES.

Role:
PERMANENT
HR Business Partner £45k - £85k

Senior HR Business Partner £85k - £110k

The human resources permanent jobs market in 2011 HR Administrator £28k - £38k
was busier in some areas than others. Recruitment in HR Advisor / Officer £38k - £55k
compensation and benefits was strong due to FSA
Learning & Development Coordinator £27k - £35k
regulation and the structure of bonus payments
involving complex processes for implementing deferred Learning & Development Advisor £35k - £50k

compensation schemes. Learning & Development Business Partner £55k - £95k

The specialist areas of reward and learning & Talent / OD Specialist £55k - £90k
development were the first to be affected by the Compensation and Benefits Administrator £30k - £41k
beleaguered global economy in 2011 which resulted in Compensation and Benefits / HRMI Analyst £41k - £55k
increased recruitment of HR generalists and business
Compensation and Benefits / HRMI Manager £55k - £90k
partners to support the larger workload.
Employee Relations Specialist £55k - £95k
The 2012 outlook for hiring in HR is positive with many
Recruitment Coordinator £27k - £34k
more specialist roles being recruited and it is likely that
the coming months will have more of a focus on Recruiter £34k - £55k
learning & development where hiring managers are Recruitment Manager £50k - £75k
looking to retain talent.
Graduate Recruitment / Development Administrator £28k - £36k
Salary levels for HR professionals are not expected to Graduate Recruitment / Development Advisor £36k - £55k
rise dramatically but will continue to move at the same
Graduate Recruitment / Development Manager £55k - £95k
pace as they have over the past few years.
HR Project Support £30k - £45k

HR Project Analyst £45k - £65k

HR Project Manager £65k - £85k

Head of Reward £80k - £145k

Head of L&D £80k - £130k

Head of Recruitment £75k - £110k

HR Programme Manager £85k - £125k 36

HUMAN RESOURCES.
RATES (PER DAY)

TEMPORARY
Role:

HR Business Partner £300 - £450
The human resources temporary and interim jobs
Senior HR Business Partner £450 - £750
market slowed considerably during 2011 compared to
the previous year, with job volumes dropping after a HR Administrator £120 - £160
fairly busy first quarter. HR Advisor / Officer £180 - £280
The larger financial services organisations became Learning and Development Coordinator £130 - £160
cautious after the first few months of 2011, with the
Learning and Development Advisor £180 - £280
majority of roles being business critical or temporary
cover for maternity leave. Learning and Development Business Partner £300 - £550

Interestingly, rates have increased slightly in certain Talent / OD Specialist £400 - £600
areas of HR as hiring managers seek out the best Compensation and Benefits Administrator £130 - £180
talent and aim to attract those working for their
Compensation and Benefits / HRMI Analyst £250 - £450
competitors who are hesitant to move due to instability
in the financial markets. Compensation and Benefits / HRMI Manager £450 - £800

Areas such as HR projects and compensation were Employee Relations Specialist £400 - £600
especially competitive in the second half of 2011 as Recruitment Coordinator £120 - £150
year end processes kicked-off and project deadlines
Recruiter £200 - £350
became imminent.
Recruitment Manager £350 - £500
Hiring activity is predicted to increase moving through
2012 and it is anticipated that rates will remain Graduate Recruitment / Development Administrator £130 - £180
competitive and steady, with more professionals Graduate Recruitment / Development Advisor £200 - £350
looking to enter the jobs market after completing
Graduate Recruitment / Development Manager £350 - £450
contracts in December 2011.
HR Project Support £180 - £280

HR Project Analyst £300 - £450

HR Project Manager £450 - £650

HR Programme Manager £650 - £850 37

INSURANCE.
ACTUARIAL
PERMANENT

The actuarial jobs market continued to grow There are currently a number of job For an actuary the difference in salary
for permanent positions throughout 2011, opportunities available to newly qualified between one company and another is often
leading to higher basic salaries at job offer actuaries within insurance companies, negligible, and so other factors begin to
stage. There will always be demand for consultancies, rating agencies and banks. make a more significant difference in the
experienced actuaries, especially in the Once again, due to the ensuing regulatory job search process. Factors such as work
build up to Solvency II and possibly changes, there is a bias towards reserving /life balance and location are becoming
Solvency III and beyond. We have also positions. more important where remuneration is not
noticed an increase in graduates being the main driver.
recruited into this area.


Risk
Actuarial Actuarial Qualified Head of
Role: Management
Student Analyst Actuary Department
Actuary

General Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k £85k+

Life Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k £85k+

Reserving Actuary * £38k - £55k £55k - £100k £80k - £120k £100k+

Solvency II Technician * * £65k - £100k £90k - £150k £120k+

ALM Actuary * * £60k - £100k £80k - £120k £100k+

Pricing Actuary * £38k - £55k £60k - £100k £80k - £120k £100k+

Financial Reporting Actuary * * £60k - £100k £80k - £120k £100k+


38

INSURANCE.
TECHNICAL – CLAIMS, UNDERWRITING & BROKING
PERMANENT

Throughout 2011 insurance was a growth Due to a high volume of hires in 2011, staff
jobs market within the financial services retention has been a hot topic and many
sector at a time when companies were insurers are offering ‘buy backs’ to keep
reducing headcount or restricting growth. their best talent from joining competitors.
Insurance companies have maintained As a consequence, base salaries across
consistent business performance or, in the industry have risen.
many cases, grown. As a result, hiring
Expectations remain high for 2012, with the
within the technical insurance market was
outlook in the industry still relatively
constant throughout the year.
optimistic.


Technical /
Role: Team Leader Manager
Junior

Claims Adjuster £25k - £35k £35k - £50k £50k - £70k

Claims Technician / Broker £20k - £30k £30k - £50k £50k - £110k

Placing Broker £25k - £35k £35k - £60k £60k - £85k

Commercial Underwriter £20k - £25k £25k - £35k £35k - £60k

Property & Casualty Underwriter £25k - £35k £35k - £55k £55k - £80k

Specialist / Lloyds Underwriter £25k - £35k £35k - £70k £70k - £150k

39

MARKETING & COMMUNICATIONS.

PERMANENT

The marketing and communications jobs offer a relatively low-cost alternative to writers and product specialists. As with
market was relatively stable in 2011, traditional marketing activities such as recent years, there has been an ever
resulting in few marked fluctuations in marketing collateral, events etc. In terms of present appetite to hire experienced RFP
salary levels. Compared to 2010, hiring products, there has been a significant writers and managers. With more and more
shifted away from marketing generalists decrease in demand for exchange-traded of the RFP talent pool attracted by
and more towards communications and PR fund (ETF) marketing specialists compared progression elsewhere within their firms,
professionals and online specialists. Mid- to the boom we saw last year. Fixed- increased demand for graduate RFP
level PR and media relations managers income specialisations however have been professionals is expected in 2012.
have been particularly in demand as they particularly competitive for investment

SALARIES (PER ANNUM)

Role:

Marketing Generalist £25k - £32k £32k - £47k £47k - £65k £65k - £85k £85k - £130k

PR / Corporate Communications £25k - £30k £30k - £45k £45k - £60k £60k - £80k £80k - £130k

Sales Support / Investment Communications £25k - £30k £30k - £37k £37k - £55k £55k - £70k £70k - £90k

RFPs £25k - £35k £35k - £50k £50k - £65k £65k - £85k *

Investment Writer £25k - £32k £32k - £45k £45k - £70k £70k - £90k *

Product Marketing / Specialist £28k - £32k £32k - £55k £55k - £75k £75k - £90k £90k - £120k

Investor / Consultant Relations £25k - £37k £37k - £60k £55k - £75k £70k - £85k £80k - £105k

Internal Communications £25k - £35k £35k - £50k £50k - £65k £65k - £80k *

E-Marketing £27k - £34k £34k - £47k £47k - £65k £65k - £90k £90k - £125k

Events / Road shows £22k - £29k £29k - £40k £40k - £50k £50k - £75k *

DTP / Graphics £23k - £30k £30k - £35k £35k - £55k £55k - £70k * 40

Financial Services Salary Survey Key Findings

Financial Services Salary Survey Key Findings

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