Finance salary survey 2013

of 31PSD Finance Salary Survey 2013
PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Welcome to the 2013 PSD Finance Salary Survey which focuses on the
current trends for salaries, benefits and employment for finance professionals
across the UK. We have talked to significant numbers of employers and
employees in considerable depth and hope that we have produced a body
of work which you will find interesting and helpful. We intend to discuss the
findings with you and look forward to doing so shortly.
PSD Finance 2013
Finance Salary Survey

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
PSD is an international recruitment consultancy with over 300 employees
operating from 7 offices worldwide. In the UK we work from our London,
Haywards Heath and Manchester sites covering a range of functions and
sectors. PSD has been established since 1992 and is one of the longest
standing executive recruitment consultancies focusing on the market space
between newly qualified and managing director level. Half our work is done by
contingency recruitment and the balance through targeted executive search.
Our main differentiators are our specialist approach, the level of experience
of many of our staff and therefore the teams that they work in, our attendant
track record and finally, our flexibility of service.
Most importantly you are likely to deal with a consultant with several years
recruitment experience gained at PSD.
Recruitment Services
Our reputation has been built upon our ability to deliver highly effective
recruitment solutions to our client companies. Each consultant is fully trained
in file search, advertised selection, executive search and contracting & interim
solutions, ensuring that we are in the strongest position to recommend
solutions that are appropriate to the individual needs of our clients. The skills
and experience of our consultants and the resources and capability of the
PSD group enable us to handle a wide variety of recruitment requirements,
from single key appointments to large-scale recruitment projects, in both
international corporations and small private businesses.
PSD Finance
Of the 300 staff employed by PSD, some 40 of those are specialist finance
recruitment consultants whose expertise covers accountancy, tax, treasury,
audit and advisory positions from newly qualified up to group finance director
level positions. Our consultants also focus on a particular sector so that the
clients and candidates know that they are dealing with an individual who has
the innate knowledge of their specialist field.
We split our teams into those consultants working on permanent positions
and contracting and interim services. Clients have the option of using one
or both of the consultants in their respective sectors depending upon what
solution they are seeking. There is a single, international database that
provides candidates from all round the world, as well as a state of the art
research facility which tracks the careers of finance professionals.
The established and settled nature of the PSD Finance team means that
clients benefit from consistency of service at all levels.
PSD Overview
Finance Salary Survey

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PSD Overview
Sector Overview
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PSD Finance Salary Survey 2013
The opportunity for Internal Audit has never been greater, but requires
the solving of the age-old problem of doing more with less. With financial
reporting control processes generally well established and stabilised,
broadening internal audit’s mandate would appear to be the next logical step.
Whilst corporate profitability has recovered, companies outside of the
financial services sector, where regulatory pressures are not being brought to
bare, are sharply focused on restraining costs.
Businesses have become much more specific in their recruitment and now
tend to be absolute in their requirements for product knowledge and depth of
appreciation of controls. While we now see more IA candidates on the market,
the roles are still very specialist and are placing greater emphasis on sector
experience. These internal auditors tend to be coveted not only by more than
one potential employer but frequently by their existing employer too.
Demand for Senior Auditors and Internal Audit Managers remain high, as
many Head’s of Internal Audit look to restructure their teams by way of adding
another layer of management so that they are more able to be involved with
the business strategically.
Whilst the current economic climate provides a challenging environment,
today’s complex corporate business’s provide a real opportunity for the
Internal Audit profession.
Within the Financial Services sector, there has still been a steady demand
for high quality Internal Auditors during 2012 although not to the levels seen
in 2011. As highlighted above trying to identify good talent which meets the
clients exacting demands means the pool of talent becomes quite finite. This
has resulted in us having to be much more pro-active to identify and attract
key talent and speaking to people who are not actively looking for new roles.
This has also created wage inflation for the audit market again which naturally
creates challenges for banks as they try to be much more cost conscious
Sajid Ahmed
Consultant
International Audit
sajid.ahmed@
psdgroup.com
0161 234 0351
Sector Overview - Audit

PSD Overview
Sector Overview
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Banking and Financial Services
2011 did not unfold in the way it had been hoped within the banking sector
or the wider economy. The economy failed to grow meaningfully with GDP
up by just 0.8%. The forecast for 2012 was held at a similar level reinforcing
the view that challenging times remained ahead. Amidst this backdrop banks
continued to streamline operations focusing on core business lines for both
strategic and regulatory reasons.
The requirement for certain banks to increase capital to meet liquidity
requirements has had a knock on impact on activities including lending
to businesses and consumers despite low interest rates. Banks generally
have experienced increased regulatory pressures and increasingly intrusive
supervision, a feature that we expect to see continue beyond 2012. Banks
have also faced increased competition from each other as well as new
entrants looking to carve out market share.
We have witnessed a strong emphasis on cost management with banks
seeking to redeploy internal staff at risk as a priority for new roles. Additionally
outsourced recruitment providers and internal HR teams have more
aggressively adopted a direct sourcing model to adapt to the lower finance
recruitment volumes. From a finance recruitment perspective the majority of
the hires we have been involved in are related to finding replacements rather
than growth in new areas. A particular area were we have seen demand is
for commercially minded finance business partners with ability to provide
decision support in relation to controlling business costs or driving revenue.
As well as technical skills clients are increasingly seeking candidates with the
ability to communicate effectively with non-finance stakeholders.
Time to hire has increased in line with the higher levels of sign off required and
the increase in the number of interview rounds. Additionally we have noticed
candidates in employment becoming more selective and cautious about the
opportunities they will consider due to concerns around job security. These
factors have meant we are working harder to generate and maintain traction
across extended interview processes.
Kofi Kyei
Senior Consultant
Permanent
kofi.kyei@
psdgroup.com
0207 970 9621
Kristina Batty
Consultant
Permanent & Interim
kristina.batty@
psdgroup.com
0161 234 0381
Amardeep Parmar
Consultant
Payments
amardeep.parmar
@psdgroup.com
0207 970 9614
Sector Overview - Banking & Financial
Services

PSD Overview
Sector Overview
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Julian Middleton
Senior Consultant
Interim
julian.middleton@
psdgroup.com
0207 970 9761
Banking and Financial Services continued
Our research has shown that meaningful annual pay rises for existing finance
staff have proved more challenging to obtain. Subsequently candidates
moving externally are seeking to improve their packages significantly. This
requires effective offer management on our part to ensure win-win outcomes
for the successful applicant and client.
With our focus on developing and maintaining relationships within the
sector underpinned by excellent service we remain well positioned to offer
recruitment support in this challenging market.
Payments
During Q1 and Q2 demand was in line with the slow end to 2011 and slow
to recover from the Euro-zone crisis. Even those companies that were
experiencing good growth were exercising caution. The Queens’ Jubilee and
London Olympics held the market back over in to Q3, however as we have
moved into Q4 we have seen a significant improvement in the market with an
increased number of new requirements, with higher demand in the contract
and interim market than permanent hires.
The payment services sector has continued to expand, consistently
outperforming growth in most other sectors during 2012. Whilst there is still
growth within some of the major card schemes, the pace of growth has been
much higher SME companies in merchants services, foreign exchange and
currency transfer. There has been particularly strong growth in pre-paid and
pre-paid currency card businesses.
The key finance skills in demand have been centred around commercial
finance. Our key clients have been strengthening their decision support
teams with the result that candidates who have worked directly within the
business development, sales or relationship management functions have
been in demand and not necessarily easy to source, with competition from
many other sectors for the same skill set. Typically clients are looking to see
candidates from the payments sector, telecommunications or IT services.
Simon Dudley
Principal Consultant
Interim
simon.dudley@
psdgroup.com
0207 970 9681
Services

PSD Overview
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Payments continued
Demand for traditional finance candidates in financial accounting, reporting
and controllership has been more stable. Permanent candidates have been
less inclined to move and few companies have been expanding their teams
in this area. A small number of emerging high growth businesses have been
hiring in this area as they start to build up their finance teams. Typically clients
recruiting for these roles are seeking candidates who have had the regulatory
exposure from a payments business, or else the broader financial services
sector.
PSD has added a number of key large accounts to our portfolio from the
payment services sector, further widening our coverage to include the
majority of the key larger brands, whilst at the same time continuing to
develop close relationships with many of the emerging SME businesses that
are so characteristic of this exciting and dynamic sector. Feedback from our
clients indicates that PSD is a valued supplier with a high level of expertise
and knowledge in this sector, with consultants who are dedicated to the
payments space.
Services

PSD Overview
Sector Overview
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Business Services
2012 was a relatively stable year within the business services sector. A
number of businesses went through fairly major reorganisation projects with
significant headcount taken out of finance teams, as companies looked to cut
costs, in the face of a tough economic climate. Some businesses fared better
than others in this climate, with those able to provide innovative and bespoke
solutions, with a focus on cost reduction, having the most success.
Contracts and projects within the private sector remained steady with
business leaders appreciating the benefits of strategic outsourcing as a tool
to lower costs and improve efficiency.
The public sector remained relatively slow for the first six months of the year
with the emphasis on cost cutting remaining strong. The second half of the
year was more positive with a sharp increase in the number of projects being
put out to tender although the procurement processes for these projects
have become increasingly complex and drawn out. The desire for high quality
services at lower costs remains with the goal very much being more for less.
Recruitment within the sector remained slow with companies only looking to
recruit where there was a pressing need to do so and a cast iron business
requirement.
Candidates continued to put role security before career advancement and
personal progression with the prevalent view being, “I’d rather be secure
in a role that I’m not necessarily happy doing, than take the risk of doing
something new that might lack longevity or security”.
The latter half of the year saw an increase in bid and tender focused
recruitment with clients looking for strong candidates with experience in
financial modelling and financial bid management. This bodes well for the
start of 2013, as this usually leads to an increase in operationally focused
finance recruitment, in a relatively short space of time.
Ben Ardern
Associate Director
Permanent
ben.ardern@
psdgroup.com
0161 234 0366
James Ashcroft
Associate Director
Interim
james.ashcroft@
psdgroup.com
0207 970 9750
Sector Overview - Business Services

PSD Overview
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FMCG
The FMCG sector has remained fairly resilient through 2012 compared to
other industry sectors, with FMCG products such as food and drink being
staple products amongst consumers, sales continue despite monetary
constraints. The shift to own label products and discount retailers has
however had a knock on effect to suppliers with the continual pressure on
price resulting in a focus on cost reduction.
The sector has seen further consolidation with high profile takeovers/ mergers
continuing in a race to minimise overheads and focus on volume growth.
Whilst this has resulted in headcount reduction, high calibre individuals with
industry experience remain in high demand and companies have fought to
cling on to performing individuals.
Whilst the demand for organic produce seems to have eased off over the last
few years with consumers focussing more and more on cost, food miles and
origin remain key to the sector and new labelling legislation will put more and
more pressure on the Manufacturers.
Salaries have remained flat across the sector. The challenge is to find
Commercial Finance candidates who have excellent operational experience in
addition to technical financial reporting skills to enable best performance and
maximise profits.
Andrew Varty
Associate Director
Permanent & Interim
andrew.varty@
psdgroup.com
0161 234 0356
Sector Overview - FMCG

PSD Overview
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Defence and Aerospace
Across the Aerospace and Defence sector as a whole, cash conservation and
margin protection are driving short-term cost cutting and a renewed focus on
enterprise-wide efficiency. Organisations who can react quickly can achieve
significant improvements in earnings, market share and competitive position.
The key is technology-enabled change, delivered efficiently and with respect
for the culture and history of the industry.
In civil aerospace, the downturn means that despite the long-term growth
trend of passenger numbers, airlines are now faced with excess capacity
just when they are having to deal with unstable financing and fuel prices.
There are knock-on implications for manufacturers and other suppliers, who
need to juggle these problems alongside the traditional efficiency drivers of
capital intensive industries. The civil aerospace market is also responding to
economic challenges by creating shareholder value in MRO and aftermarket
activities.
Transport
In what was meant to be one of the most busy periods of rail franchising
history we have seen the unexpected happen. With Virgin Trains challenging
the award of the West Coast Bid to First Group - the underlying frailties of
the actual franchising process were left brutally exposed. With all future
franchising temporarily suspended this has meant a lot of resource is left on
the ‘bench’. Recruitment within the sector has remained steady through 2012
with a premium put on those individuals with rail sector experience, especially
within franchising. With everyone eagerly awaiting to see what the new
framework for all future rail franchising will look like in 2013 it will certainly be
an interesting year.
Sajid Ahmed
Consultant
Transport, Permanent
sajid.ahmed@
psdgroup.com
0161 234 0351
Andrew Varty
Associate Director
Defence & Aerospace, Permanent & Interim
andrew.varty@
psdgroup.com
0161 234 0356
Section Overview - Industry

PSD Overview
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Energy & Utilities
So far this year there has been considerable press relating to our electricity
and gas and to a lesser extent our water companies. This has mainly been
due to the profits being generated by the key players whilst the consumer
faces rising prices which has led to the regulator seeking greater transparency
in prices and a change to pricing. The government are also keen to be
involved which creates challenging times for the suppliers.
There is still the drive to develop low carbon technologies that are sustainable
and with an estimated 2.9 trillion of capital required in Europe up to 2020 to
fund low carbon technologies this creates lots of challenges for companies
and governments.
Oil and Gas
The upstream sector is vital to the economy in many ways and there have
been a lot of challenges within this market so far this year. Examples
being the Syria conflict and threats to shipping through the Straight of
Hormuz. Even though there has been a decline in crude prices overall
market capitalisation of upstream businesses have increased. Companies
with exploration activities in Africa have seen some good discoveries and
continue to grow and there has been some acquisition activities this year
as an example Premier Oil acquiring Encore Oil. There has been a steady
demand for experienced finance staff this year so far both on the contract and
permanent side with ongoing projects being a key driver for recruitment from
a contract perspective.
James Ashcroft
Associate Director
Interim
james.ashcroft@
psdgroup.com
0207 970 9750
Steve Maley
Associate Director
Oil & Gas and Energy & Utilities, Permanent
steve.maley@
psdgroup.com
0207 970 9718
Sector Overview - Industry

PSD Overview
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Insurance - Overview 2012
In light of a deepening global recession, the insurance industry faced its fair
share of challenges in 2012 as increasing regulatory demands, low interest
rates and a real slowdown of growth in emerging markets kept investors
and consumers uneasy. Insurers faring considerably better were those who
were reactive in their existing modelling practices whilst sourcing progressive
distribution channels to align themselves to a wholly unpredictable market
where needs are still rapidly changing. Overall, substantial growth in
the European market has been difficult to obtain in the face of possible
sovereign defaults but whilst extreme catastrophe losses in 2011 weakened
non-life profits, strengthened reinsurance and casualty rates kept general
performance stable for 2012. Life insurers enjoyed a modest performance in
2012, encouraged by intensive operational measures to satisfy more stringent
capital requirements.
Trends
As a result, we saw a moderate increase in roles within the Insurance
regulatory reporting and change space compared to 2011 but by no means
was this enough to stave off the general decline of mid-senior appointments
within the wider financial services arena. Placements made at the sub
£50k mark were appointments largely in financial accounting, analysis
and reporting, with senior accounting and business partner roles seeing
a moderate occurrence in the market, offering salaries of <£50k to £85k.
Effectively, movement at the £100k+ level remained intermittent with top
drawer candidates becoming increasingly averse to risk, particularly after a
heavy year of losses accumulated from a succession of natural disasters in
2011, which claimed a few senior scalps in the London market.
Outlook for 2013
The industry breathed a collective sigh of relief thanks to a non-eventual 10
month period across 2012 until Hurricane Sandy made headlines, ravaging
the Caribbean and east coast of the US in late October. So far, reported “early
estimates have pegged damage from Sandy between $10 billion and $20
billion. In comparison, Irene, which hit in August 2011, did about $4 billion
in damage on the East Coast alone, and Connecticut insurers paid out $240
million in claims for damage”, according to the State Insurance Department.
Sector Overview - Insurance

PSD Overview
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Outlook for 2013 continued
Analysts predict that eventual payouts in the aftermath will drive up insurance
premiums considerably going far into 2013, although the comparatively robust
and well-capitalised US primary insurers appear to have weathered most
of the costs, softening the exposure for the core Lloyd’s of London players.
Whilst of course it remains too early to calculate exact costs to the industry
in the UK and its true impact on the finance and accountancy employment
market, we can already expect a flat start to 2013 as a consequence
of significant restructuring programmes across many of the European
bancassurance giants in bids to shed costs.
Kristina Batty
Consultant
Permanent & Interim
kristina.batty@
psdgroup.com
0161 234 0381
Simon Dudley
Principal Consultant
Interim
simon.dudley@
psdgroup.com
0207 970 9681
Irene Tsang
Consultant
Permanent
irene.tsang@
psdgroup.com
0207 970 9737
Sector Overview - Insurance

PSD Overview
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UK Hospitality and Leisure Market
The UK and other western economies are going through a prolonged period
of structural adjustment and relatively low growth and volatility is likely
to persist. Against this disappointing backdrop, the London market has
demonstrated remarkable resilience. This has been helped by one-off events
such as the Olympics, but it also reveals a more fundamental strength that
London’s status as one of leading global cities means it can attract people
from all around the world, including those from emerging markets whose
economies continue to prosper.
The sector will remain challenging in 2013, as the inevitable Olympic hangover
kicks in.
In the UK regions, the picture is different. Here growth is more dependent on
the domestic economy, which has been squeezed by high inflation and the
aftermath of the financial crisis. Businesses have been unable to pass price
increases through the market.
This two-speed economy – with a healthy London market but much weaker
demand in the UK regions – looks set to persist in the “new normal” world.
Media
Media is a sector which employs circa 600,000 people according to one
report which was published this year. We anticipate that this figure will
have increased significantly coming to the close of 2012 with the sheer
volume of recruitment that has been observed throughout 2012. Media is
an ever changing and morphing sector undoubtedly driven by today’s latest
technological advancements.
These technological advancements combined with the increased usage of
smart phones has allowed traditional media organisations such as the BBC &
ITV to branch out in new areas such as mobile and digitalisation in the form of
apps and e-books for example.
Julian Middleton
Senior Consultant
Interim
julian.middleton@
psdgroup.com
0207 970 9761
Amardeep Parmar
Consultant
Permanent
amardeep.parmar@
psdgroup.com
0207 970 9614
Sector Overview - Leisure, Media, Retail
& Travel

PSD Overview
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Media continued
The continued success and demand for products alongside these such as
I-Player and On Demand has continued to provide opportunity in these new
exciting areas of development in terms of employment.
We have also noted an increase of SME organisations supporting the sector
especially in the areas of big data, analytics and informatics. With the sector
moving into a new digital era the amount of information processed by
organisations is actually harbouring a wealth of commercial and insightful
information waiting to be deciphered by such organisations. The emergence
of this type of company has proved healthy for employment within the sector
and promotes the demand for highly analytical accountants.
Salaries within the media sector have maintained a healthy stance from 2011
figures and have seen slight increases too especially within commercially
orientated roles. While a lack of opportunity at the top of the hierarchy has
been noted across all sectors recruitment remains healthy in the mid-senior
levels with strong prospects for 2013.
UK Retail Market
2012, in general, has been no different from the previous 4 years with the
status quo being exceptionally challenging across the retail market. With
some key brands facing some particularly difficult periods, such as Clinton
Cards, JJB Sports and more recently Comet, the question has been raised on
numerous occasions about what the future will hold for UK retailers.
Undoubtedly this is the age of the multi channel retailer and with E-commerce
being one of the fastest growing markets in Europe this is a key focus
for most businesses. However, the High Street is by no means lost and
consumers do still seem to enjoy the tangible feel of browsing through stores
seeing products they can touch, play with or try on, and there seems to be
a trend developing where experiential marketing is coming to the forefront
and visiting the shops is becoming a great deal more than just looking at the
products on show.
Kristina Batty
Consultant
Permanent & Interim
kristina.batty@
psdgroup.com
0161 234 0381
Andrew Hallam
Associate Director
Hotels, Permanent
andrew.hallam@
psdgroup.com
0207 970 9796
& Travel

PSD Overview
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UK Retail Market continued
Food is an area that continues to grow, with the trend continuing to be to dine
at home rather than to eat out, which has seen an increase in grocery sales
across the board. Consumers are looking to make savings wherever possible
and the true winners are the low cost brands who are seeing their market
share continue to grow.
Overall the sector has seen a challenging year where there have been some
casualties, however there have definitely been some brands that have gone
from strength to strength. The Summer events of the Diamond Jubilee and the
Olympic Games unfortunately don’t seem to have had the impact that was
originally predicted which could, in part, be attributed to the unusually wet
summer months.
Moving into the next year the prospects would appear to be more of the
same, with retailers needing to remain flexible and to look at different
strategies that can heighten the shopping experience as well as further
developing their online presence. With H1 looking to continue to prove
difficult, the general consensus is that things will begin to lift towards the
backend of the year as the wider economy starts to stabilise and consumer
confidence begins to lift.
& Travel

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Not-for-Profit / Public Sector
Many finance functions across the wider Public and Not for profit sectors
have spent the past few years supporting cost reduction programmes and
driving through operational efficiencies with new finance models resulting
in a subdued recruitment market. The second half of 2012 has seen a slight
increase in activity as Finance Leaders see the opportunity to renew their
focus on how to add value to their organisation by becoming more effective
strategic partners.
PSD has seen the Public Sector increasing its capability in finance business
partnering to provide a better support and decision making function enabling
organisations to achieve challenging future objectives. The government
sector will continue to see more Shared Service Centre being established
undertaking the more routine and transactional tasks freeing up space for
more Commercial focused individuals. Outsourcing to the private sector will
be key and PSD has already seen an increasing demand for Commercial
Finance and Bid Modellers in the BPO sector as the Public Sector increases
its tendering activity.
Recruitment into the sector will remain relatively slow throughout 2013
as Finance Leaders manage the transition process. The wider sector will
continue to see further redundancies and limited prospects for salary
increases which in turn will make attracting commercial candidates to the
sector challenging.
Peter Hardy
Managing Director
Permanent
peter.hardy@
psdgroup.com
0207 970 9701
James Ashcroft
Associate Director
Interim
james.ashcroft@
psdgroup.com
0207 970 9750
Daniel Bolton
Associate Director
Permanent & Interim
daniel.bolton@
psdgroup.com
0161 234 0364
Sector Overview - Not-for-Profit &
Public Sector

PSD Overview
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Professional Services
The outlook for a lot of organisations within the Professional Services sector
during 2012 has been overall a positive one mixed with changing strategy to
adapt to new revenue streams and changing regulations.
Within the legal market there has been structural change as deregulation
encourages new entrants to the market and this has led to greater
competition between firms as clients have a greater choice. The legal
services act has introduced opportunities for capital raising which will result
in business model change and law firm mergers and acquisitions as UK /
Western firms seek to increase their scale and global coverage with buoyant
activity in Asia.
Within the global consulting industry revenues have been good this year as
demand remains strong for external assistance to help organisations through
it seems continual business change. Firms appear happy to sign off for
consulting fees if they can see the benefits of their services and adding value
to their bottom line whether it be by cost reduction exercises, restructuring,
or, helping develop strategy to take advantage of high potential revenue
streams. Revenue from M&A activity though remains weak with the uncertain
economic trading conditions within the UK and Eurozone still with us.
Accountancy firms have generally had a positive year with the big 4 firms
enjoying good trading conditions especially in the first half of 2012 and there
has been continued expansion of staff across these businesses within the
UK despite weaker demand from the financial services sector. Within finance
functions, there seems to have been an appetite for candidates with good
commercial finance skills where they can have a visible impact on supporting
the business strategy.
The major firms also still face uncertainty with the Competition Commission
to publish their findings on UK audit market concentration with suggestions of
the big firms having to mandatorily rotate audits and separate their consulting
and audit businesses.
Steve Maley
Associate Director
Permanent
steve.maley@
psdgroup.com
0207 970 9718
Julian Middleton
Senior Consultant
Interim
julian.middleton@
psdgroup.com
0207 970 9761
Kristina Batty
Consultant
Permanent & Interim
kristina.batty@
psdgroup.com
0161 234 0381
Sector Overview - Professional Services

PSD Overview
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Commercial Development & Real Estate Fund & Investment
Management
2012 has once again proved challenging for the commercial property
sector. There have continued to be some high profile development projects
completed and the launch of the Shard of Glass in London was greeted well
by the public at large as an example of what can be achieved even in these
tricky economic times. However many companies have reported difficult
trading conditions, not least those involved in the retail sector, where the
demise of several high street names has caused issues with occupancy levels
and therefore, overall returns.
Nonetheless commercial developers have, in the main, strong balance sheets
and the will to develop further schemes across office, business space and
retail continues to be strong. Those with the right funding in place continue
to show innovation and the resulting schemes are often extremely effective.
Commercial developers continue to diversify and the bigger businesses
such as British Land and Land Securities are focusing increasing resources
onto residential and mixed use schemes. This partially driven by planning
implications, but also by the continued demand for city and town centre
dwelling. There are some fascinating mixed use projects that will hopefully
start seeing the light of day in the next 12 months notably Battersea Power
Station. The emphasis for commercial developers still remains London and
the South East.
It has been a tougher year for the real estate fund management businesses.
They have continued to do deals but on a limited scale, caused in the
main by the obvious difficulty of raising money. However student housing
schemes have been popular and there have been several other major
transactions created by what is always an innovative and creative sector.
The sheer number of real estate fund & investment management businesses
is impressive and they continue to raise funds through private equity and
institutional investment. There has been a trend for businesses to look at debt
funds as a potential new revenue stream but so far there has been more talk
than action, not surprisingly given the difficulty in raising this type of finance.
Peter Hardy
Managing Director
Permanent
peter.hardy@
psdgroup.com
0207 970 9701
Daniel Bolton
Associate Director
Permanent
daniel.bolton@
psdgroup.com
0161 234 0364
David Howard-Jones
Senior Consultant
Interim
david.howardjones@
psdgroup.com
0207 970 9650
Sector Overview - Property &
Construction

of 31
PSD Overview
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Commercial Development & Real Estate Fund & Investment
Management continued
2013 looks as though a quiet improvement will occur in the market sentiment
but the main threats remain a further meltdown in the Eurozone and the
potential flooding of the market by banks eager to reduce the number of toxic
assets that they hold.
Main Contracting
2012 has proved to be another flat year for the construction sector with many
organisations reporting a further fall in workloads. Q2 2012 saw total volume
fall by almost 4% against Q1 2012 and almost 10% against the same period
in 2011(ONS). New work has also fallen by over 12% against 2011 figures
(ONS).
Total output forecast for the sector in 2012 is predicted to decline by
5.9% (Leading Edge July 2012). Whilst output has improved recently, the
figures have been blighted by very poor output in January and February
2012 following on from a poor December 2011. Over the next two years,
construction output is forecast to grow, albeit, slowly mainly due to further
public spending cuts. There is still concern for many construction companies
with regards to forward order books and those that are at greater exposure
across Europe and the US. Margins have remained pretty constant across
construction and services and look set to do so going into 2013. The
government is looking to grow the construction sector with the Government
Funded Construction Pipeline including £40bn of projects and programmes
over the next 4 years but the outlook is pessimistic across the sector and
many are fearful of another bleak year.
Unemployment in the main has remained stable and there appears to be no
real sign of growth . Outlook over the next 12 months is that unemployment
will rise across the sector as the spending cuts implemented and to be
implemented take hold. There have been fewer opportunities across the
sector in 2012, as was to be expected, as companies are working hard to
retain key staff and skills.
Sector Overview - Property &
Construction

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Residential Development
With many organisations having chartered their way through the difficult
waters of recent years, 2012 has seen some improved sentiment towards the
sector. Many of the leading residential developers have posted an increase
in completions, reservations and cancellations have remained the same or
reduced.
Whilst house prices outside of London have remained flat or shown a
decrease, many organisations have managed to raise margins through further
cutting costs or improving the specification to raise the average selling price.
Businesses have had to adapt and many have sought a haven in the capital
with London continuing to provide growth within the sector. Much of this is
backed by foreign investment which has seen over 70% of sales in Q3 2012
bought as cash purchases.
The cost of buying in and around the city has also led to a rise in rental yield,
with many professionals unable to afford to purchase a home in the capital.
This is leading to a greater shift towards the build-to-let market to capitalise
on those unable to afford to buy their home.
There has been some success reported through the government’s first buy,
new buy and shared ownership schemes which have helped to bridge the
gap and entice buyers to market. The new buy scheme, whilst having mixed
reviews, has recently passed the 2000 reservations mark and is clearly a
much needed scheme.
Many housebuilders have started to replenish and increase their land banks
and with The National Planning Policy Framework introduced earlier in the
year, it may help to cut through some of the difficulties previously faced
around planning. There are, as ever, issues surrounding this but if approached
sensibly there is every chance it could be a success.
Lending is, as ever, one of the key issues holding back the sector. Smaller
housebuilders have really felt the pinch and have seen their market share
reduce considerably. Larger housebuilders or mixed-use developers have
in the main experienced the opposite and grown their market share. With
demand for homes still high, it is critical that finance is made available to build
new schemes and improve lending to homebuyers to enable them to make
their purchase and help stimulate the sector.
Sector Overview - Residential
Development

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Residential Development continued
Salaries within the sector remain constant although bonuses have started
to be paid out again. There is a realisation amongst accountants within the
sector that they were well rewarded when the market was buoyant and are
more realistic about their current value in this climate. Candidates are starting
to move again although recruitment has been quite flat across the sector in
2013.
Market sentiment across the sector is certainly more positive than this time
last year and housebuilders in general are cautiously going about expanding
their businesses again, albeit primarily in the South.
David Howard-Jones
Senior Consultant
Interim
david.howardjones@
psdgroup.com
0207 970 9650
Daniel Bolton
Associate Director
Permanent
daniel.bolton@
psdgroup.com
0161 234 0364
Sector Overview - Residential
Development

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Technology and IT Services
There have been a number of major changes in the world of Technology and
IT services in the past couple of years during what has obviously been an
extremely turbulent time for the economy. While 2011 was a step back in
the right direction in terms of the volume and level of opportunity on offer
2012 has seen more challenging circumstances return . PSD has noticed the
number of opportunities at the mid level (£40-70k) has remained strong while
at the senior level the market has been quieter. Whilst certain clients have
been adding head count over the course of the year there are organisations
which have not been in a position to recruit. Another observation is that
the length of time that it is taking for decisions to be made has been longer
with clients being more demanding around the blend of skills required to fill
positions.
Many clients have undergone or continue to undergo major restructures of
both their businesses and finance teams. Finance recruitment has perhaps
suffered more than certain areas as it is not seen as a revenue generating
area in the way that certain other functions are and thus it appears that it is
not always straightforward to get sign off or budget approval for these roles.
Many finance directors have commented that workloads have increased, with
business heads requiring more Management Information and there has been
a strong focus to ensure financial controls are tight. One area that seems to
be slightly busier that others is the F P & A function as businesses tentatively
return to look at the planning and analysis cycle that would have been in
progress before the economy and businesses started to suffer.
Despite the lower volume of opportunities there is actually a strong network
of quality candidates readily available in both operational and commercial
functions. We are finding that headhunting and search work is the best way to
locate the most relevant candidates in the market and are completing more of
this activity to meet client demands. As a result our candidate networking and
relationship building is still a key focus and will become increasingly important
as our clients retain and win new business.
We expect hiring levels to increase throughout the year as organisations
slowly recover confidence in the market and the act of spend on recruitment
is approached with less caution. Salary levels have broadly remained the
same and we do not expect this to change markedly in 2013.
Telecommunications
There have been a number of major changes in the world of
telecommunications in the past couple of years during what has obviously
been an extremely turbulent time for the economy. While 2011 was a step
back in the right direction in terms of the volume and level of opportunity on
offer 2012 has seen more challenging circumstances return.
Sector Overview - Technology &
Communication

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Telecommunications continued
PSD has noticed the number of opportunities at the mid level (£40-70k) has
remained strong while at the senior level the market has been quieter. Whilst
certain clients in the telecommunications space have been adding head count
over the course of the year there are organisations which have not been in
a position to recruit. Another observation is that the length of time that it is
taking for decisions to be made has been longer with clients being more
demanding around the blend of skills required to fill positions.
Many clients have undergone or continue to undergo major restructures of
both their businesses and finance teams. Finance recruitment has perhaps
suffered more than certain areas as it is not seen as a revenue generating
area in the way that certain other functions are and thus it appears that it is
not always straightforward to get sign off or budget approval for these roles.
Many finance directors have commented that workloads have increased, with
business heads requiring more Management Information and there has been
a strong focus to ensure financial controls are tight. One area that seems to
be slightly busier that others is the F P & A function as businesses tentatively
return to look at the planning and analysis cycle that would have been in
progress before the economy and businesses started to suffer.
Despite the lower volume of opportunities there is actually a strong network
of quality candidates readily available in both operational and commercial
functions. We are finding that headhunting and search work is the best way to
locate the most relevant candidates in the market and are completing more of
this activity to meet client demands. As a result our candidate networking and
relationship building is still a key focus and will become increasingly important
as our clients retain and win new business.
We expect hiring levels to increase throughout the year as organisations
slowly recover confidence in the market and the act of spend on recruitment
is approached with less caution. Salary levels have broadly remained the
same and we do not expect this to change markedly in 2013.
Jolyon O’Reilly
Consultant
Interim
jolyon.oreilly@
psdgroup.com
0207 970 9607
Matthew Dallat
Senior Consultant
Permanent
matthew.dallat@
psdgroup.com
0207 970 9752
Sector Overview - Technology &
Communication

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
PSD surveyed over 4000 Finance Directors across all sectors. The responses
provided the following results.
Question 1: In 2013 do you envisage your company to:
Question 2: What do you expect your headcount plans to be in 2013?
Market Sentiment

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Question 3: What do you feel will be the biggest challenges you will encounter
in 2013?
Question 4: What do you feel most attracts employees to your business?
The results provide a positive outlook. Not surprisingly, macro economics is the
biggest concern across the UK for 2013. 55.6% of those surveyed are expecting
their business to grow in 2013 and as a result headcount is also anticipated to
rise. Compared with the 2012 survey 62.9% of those surveyed are looking to in-
crease headcount or recruit to replace, compared with 47% in 2012. Only 18.5%
are looking to reduce headcount in 2013 compared with 28% in 2012. No clients
predict a recruitment freeze, whereas 12% expected this to be the case in 2012.
Market Sentiment

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
The salary range is a guide across all sectors. There will be anomalies that
would result in working outside of the bandings provided. For in-depth
bespoke salary advice, it is recommended that you contact the specialist
consultant for your sector.
London Newly Qualified 2-5 years PQE 6 years+ PQE Contract/Interim
Group Finance Director/CFO N/A N/A £110-350k £750-2000
Finance Director N/A N/A £78-190k £500-1000
Financial Controller/Head of Finance N/A £50-80k £65-120k £350-800
FP&A Manager N/A £50-75k £62-93k £300-500
Finance Manager N/A £47-65k £55-71k £250-400
Project/Systems Accountant £40-48k £45-65k £55-65k £250-400
Financial/Business Analyst £40-48k £45-63k £55-65k £250-400
Management/Financial Accountant £40-48k £45-55k £55-62k £250-350
Head of Audit N/A N/A £90-200k £500-1400
Manager N/A £52-65k £55-74k £300-450
IT Audit Manager N/A £54-70k £62-82k £300-450
IT Auditor N/A £50-60k £60-70k £275-450
Auditor £40-50k £45-60k £50-65k £250-350
The South Newly Qualified 2-5 years PQE 6 years+ PQE Contract/Interim
FP&A Manager N/A £50-67k £60-85k £300-500
Finance Manager £40-45k £45-60k £50-65k £250-350
Manager N/A £50-62k £54-71k £300-400
IT Auditor N/A £45-56k £60-70k £275-400
Auditor £38-46k £45-56k £50-62k £250-325
Salary Information

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
North & Midlands Newly Qualified 2-5 years PQE 6 years+ PQE Contract/Interim
FP&A Manager N/A £50-63k £60-72k £300-450
Finance Manager £35-45k £40-50k £45-55k £250-300
Manager N/A £45-60k £55-67k £275-350
IT Auditor N/A £40-50k £50-60k £250-325
Auditor £35-45k £40-50k £50-55k £250-275
Question: How much has your basic salary increased in the last twelve
months?
Salary Information

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Market Sentiment
Question: Do you expect your salary to increase over the next twelve months?
Question: What was your last bonus as a % of basic salary?

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Market Sentiment
Question: How much has your daily rate increased over the past twelve
months?
Question: Do you expect your daily rate to increase over the next twelve
months?

PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
Market Sentiment
Question: How positive do you feel about employment prospects should you
decide to move?
Question: Are you considering a move at the moment?

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PSD Overview
Sector Overview
Market Sentiment
Salary Information
Office Locations
PSD Overview
Sector Overview
Market Sentiment
Salary Information
UNITED KINGDOM
London Manchester Haywards Heath
28 Essex Street 2nd Floor, Abbey House 21 Perrymount Road
London 74 Mosley Street Haywards Heath
WC2R 3AT Manchester M2 3LW West Sussex RH16 3TP
+ 44 (0)207 970 9700 +44 (0)161 234 0300 +44 (0)1293 802 000
london@psdgroup.com manchester@psdgroup.com haywardsheath@psdgroup.com
GERMANY
Frankfurt Munich
PSD Group GmbH PSD Group GmbH
Goetheplatz 4 Sendlinger Straße 7
60311 Frankfurt 80331 München

+ 49 (0)69 1381 360 + 49 (0)89 189 8570
frankfurt@psdgroup.com munich@psdgroup.com
ASIA
Hong Kong Shanghai
5107,Central Plaza 27F, Room 2718-20
No.18 Harbour Road 381 Huai Hai Middle Road
Wanchai Shanghai Central Plaza
Hong Kong Shanghai 200020
China
+ 852 2531 2200 +86 21 6391 6060
hong.kong@psdgroup.com shanghai@psdgroup.com
Office Locations
We operate from seven locations in the UK, Europe and Asia.

Finance salary survey 2013

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Finance salary survey 2013