london fs salary survey2012
DESCRIPTION
Morgan McKinley 2012 Salary SurveyTRANSCRIPT
CONTENTS.
CHIEF OPERATIONS OFFICER’S LETTER 2
KEY SURVEY RESULTS 3
SALARY GUIDE 8
ACCOUNTING & FINANCE 9
ASSET MANAGEMENT & PRIVATE BANKING 9
BANKING 11
COMMODITIES 13
INSURANCE 14
AUDIT 16
BANKING 16
CHANGE & PROJECT MANAGEMENT 17
ASSET MANAGEMENT 17
BANKING FINANCE 18
BANKING OPERATIONS 21
BANKING RISK MANAGEMENT 23
INSURANCE 24
RETAIL BANKING 25
COMPLIANCE 26
CREDIT, RISK & QUANTITATIVE FINANCE 28
COMMODITIES 30
FRONT OFFICE 31
ASSET MANAGEMENT 31
CORPORATE FINANCE, M&A 32
HEDGE FUNDS 34
PRIVATE BANKING 35
HUMAN RESOURCES 36
INSURANCE 38
ACTUARIAL 38
TECHNICAL 39
MARKETING & COMMUNICATIONS 40
MIDDLE OFFICE & OPERATIONS 42
ASSET MANAGEMENT & PRIVATE BANKING 42
COMMODITIES 44
INVESTMENT BANKING &
BROKERAGE HOUSES 46
SECRETARIAL & SUPPORT 48
TAXATION 50
TECHNOLOGY 52
UNDERSTANDING THIS GUIDE 54
TALK TO US 55
CLICK ON THE HYPERLINKS TO GO TO PAGE
The last 12 months have been mixed for global
financial markets and consequently for financial
services hiring activity. The eurozone crisis has
created an extremely challenging operating
environment for many financial institutions in
Europe and beyond. Subsequently, the hiring
market has been significantly affected and the
pattern of recruitment activity throughout 2011 has
reflected this.
As a result, remuneration has fluctuated across the
sector with some pockets of the market enjoying
salary increases, whilst others have remained
relatively flat. Lack of visibility in the market has led
to some areas seeing increases in temporary and
contract recruitment instead of hiring permanent
professionals. Rates have increased in certain
areas as a result. Our recent survey of 372 hiring
managers and professionals working across
financial services in London provides some
interesting insight into views on compensation
levels.
The results of the survey also reflect current market
conditions. Survey highlights show that only 12% of
those in the permanent market are feeling more
confident about job availability compared to this
time last year.
On a more positive note, just over a third (35%) are
optimistic that salaries will rise over the course of
2012 while 50% expect salaries to stay at their
current levels.
In the temporary hiring market, 11% felt more
confident with respect to job availability than this
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
temporary recruitment markets, the main driver
for increasing salaries is expected to be
attracting and retaining key staff – clearly a
significant focus for financial institutions.
It looks likely that headcount will continue to be
closely scrutinised in the early part of 2012. This
is illustrated again in both the permanent and
temporary areas of the hiring market where
survey respondents acknowledged their
companies’ continued drive for cost reduction.
The mixed findings of our survey clearly reflect
the lack of visibility and turbulence in the hiring
market as the new year begins. It is well known
that financial markets thrive on stability.
Therefore a conclusion to the eurozone crisis
and clarity on regulatory issues such as the
Vickers report should bring greater transparency
and confidence to the banking system in the UK.
Finally, we hope you find this salary survey
informative and welcome your feedback.
I would also like to take this opportunity to thank
you for your continued support and wish you all
the best for 2012.
Andrew Evans
Chief Operations Officer
Financial Services | United Kingdom
T: +44 (0) 207 092 0150
Welcome to
Morgan McKinley’s
2012 London
Financial Services
Salary Survey
CHIEF
OPERATIONS
OFFICER’S
LETTER.
2
FINANCIAL SERVICES.
KEY SURVEY RESULTS
3
FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – PERMANENT
Q1 Q2
4
How confident are you about the London
financial services jobs market compared to
this time last year?
Do you expect basic salaries within your business
to increase, decrease or stay the same over the
next 12 months and by what percentage?
PERMANENT
FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – PERMANENT
Q3 Q4
5
If your company is planning to increase
salaries, what do you think will drive this?
If your company is planning to decrease
salaries, what do you think will drive this?
PERMANENT
In line with
inflation
Skills
shortagesAttracting
or retaining
key staff
Reformulation of
total compensation
structure
Increase in
candidate
availability
Focus on cost
management
Directive from
senior
management
FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – TEMPORARY
Q1 Q2
6
How confident are you about the London
financial services jobs market compared to
this time last year?
Do you expect temporary / contract rates to
increase, decrease or stay the same over the
next 12 months and by what percentage?
TEMPORARY
FINANCIAL SERVICES.
KEY RESEARCH FINDINGS – TEMPORARY
Q3 Q4
7
If your company is planning to increase
temporary / contract rates, what is driving this?
If your company is planning to decrease
temporary / contract rates, what is driving
this?
TEMPORARY
In line with
inflation
Skills
shortages
Attracting
or retaining
key staff
Reformulation of
total compensation
structure
Directive
From senior
management
Focus on cost
management
Increase in
candidate
availability
FINANCIAL SERVICES.
SALARY GUIDE
8
Role:Part
QualifiedNewly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
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+
PERMANENT
BASIC SALARIES (PER ANNUM)
9*Typically, these roles do not exist at this level
There has been a particular need for finance
professionals in the private equity sector and
we expect to see this continue.
Overall there has been growing concern
across all levels from professionals moving
roles in the current climate, resulting in an
extended time period for recruitment
processes and organisations protecting their
existing talent. We expect this to be a
continuing theme in 2012.
Asset management accounting recruitment
showed some positive signs in the early part
of 2011, but continued to be a challenging
market in H2.
Strong regulatory and control environments
continue to be a theme for large and small
asset managers alike, but basic salaries have
remained relatively static and will remain so
throughout 2012. We have seen spikes in the
need for qualified experienced auditors and
financial accountants but the part qualified
market has been quiet.
ACCOUNTING & FINANCE.
ASSET MANAGEMENT & PRIVATE BANKING
ACCOUNTING & FINANCE.
ASSET MANAGEMENT & PRIVATE BANKING
Role:Part
QualifiedNewly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
10+ years
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+
RATES (PER DAY)
TEMPORARY
10*Typically, these roles do not exist at this level
There was increased demand for
experienced asset management finance
contract professionals in 2011, particularly
in H1, which is in line with historical trends.
This upsurge was mainly due to a need to
increase controls and improve reporting
frameworks creating opportunities for
internal, external and fund reporting
specialists. There was also demand for
finance analysts who were involved in
planning and budgeting.
Market uncertainty over the summer
months caused hiring volumes to decrease
as firms focused on replacement hires and
cover only. While the larger institutional
asset managers’ hiring volumes decreased
as processing roles moved to regional
locations, the smaller firms (particularly
hedge funds and private equity
organisations) increased their hiring. The
skill sets in demand tended to be for
qualified accountants with good technical
skills and commercial acumen.
This trend is set to continue in 2012. As
firms look to retain key contractors, the
demand for the best candidates continues.
Firms are encouraged to plan their hiring
and act swiftly to ensure they attract and
retain the best talent. Rates remain stable
and are expected to continue to stay flat
moving into 2012, mainly due to a cost
reduction focus and the increased
candidate pool available.
ACCOUNTING & FINANCE.
BANKING
At the junior end of banking finance, the
market saw a resurgence in demand for
accountants with practical banking
experience, a shift from the demand for
newly qualified accountants back in 2010.
In particular, qualified accountants from Big
Four firms with working experience in
finance at an investment bank – anywhere
from two months to two years PQE – were
heavily targeted by banks to help
supplement established teams that had
become top heavy. This increase in
demand meant that a qualified accountant
with limited banking experience could earn
between £60,000 and £70,000.
Meanwhile, demand for talented newly
qualified accountants decreased in direct
correlation, although salaries at this level
remained consistent with 2010 levels. The
beginning of 2011 also saw a strong
demand for experienced professionals at
the senior end of the market. However, this
was more of a ‘focused demand’ in contrast
to the ‘get people through the door’ policy of
the previous year. Senior candidates with
specific technical product / accounting skill
sets were targeted for ‘exotic’ roles in
IPV, P&L / risk and accounting policy.
There was continued hiring within the
regulatory space, both in terms of line and
change roles. Base salaries remained
consistent with 2010 with slightly more
flexibility at the top of the VP scale for those
with complex banking knowledge and skill
sets.
Role:Part
Qualified
Entry Level
Newly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
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
Management Accountant £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
Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £110k £125k - £200k
PERMANENT
BASIC SALARIES (PER ANNUM)
11
ACCOUNTING & FINANCE.
BANKING
The accountancy and finance market in the
first half of 2011 carried on the trend from
2010 of recruiting heavily, especially in cost
/ revenue accounting along with strong
demand in product control.
Confidence was renewed and projects were
proceeding full steam ahead, until the
summer of 2011 when the market
contracted and professionals started having
to accept reduced rates and become more
open in their search for a position.
The number of available roles dropped by
approximately 15% during this period.
Newly qualified professionals from
accountancy practice have found it tough to
secure a role in financial services as
candidates with banking experience have
been the preferred option.
The senior contract market grew in
2011, which we expect will continue as
banks look to secure talent for key
integration and structure change projects.
However, with banks uncertain of how
economic conditions will change in the
short to medium term, hiring is for essential
roles only and rates have reduced due to
budget constraints.
TEMPORARY
RATES (PER DAY)
Role:Part
QualifiedNewly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
10+ years
Product Controller £200 - £250 £250 - £285 £300 - £380 £380 - £450 £450+
Legal Entity Controller £200 - £250 £250 - £285 £300 - £375 £375 - £450 £450+
Management Accountant £200 - £250 £250 - £285 £300 - £400 £400 - £500 £450+
Business Analyst £250 - £350 £300 - £400 £400 - £500 £500 - £600 £650+
Financial Accountant £200 - £250 £250 - £285 £300 - £350 £350 - £450 £450+
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
ACCOUNTING & FINANCE.
COMMODITIES
Role:Part
QualifiedNewly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
10+ years
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
Management Accountant £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
Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k
PERMANENT
BASIC SALARIES (PER ANNUM)
Over the past 12 months hiring has been
sluggish across the commodities finance
market as the focus on cost reductions has
increased and candidates have been less
inclined to move roles in such uncertain
times. Some areas are bucking the trend:
product controllers with strong analytical
capabilities and risk awareness are still in
short supply and continue to demand a
premium.
There has been a general trend across the
board to cut some senior and middle
management to lower costs and pass
greater responsibility to other staff, but this
has had only a ‘trimming’ effect on overall
headcount. Remuneration levels for 2012
are likely to remain fairly stable. If bonus
levels are as low as anticipated, the
increased supply of professionals is unlikely
to be matched by a marked increase in job
vacancies.
However, in the investment banking world
there is currently strong demand for
individuals with solid physicals experience
as this looks like an area set to expand over
the next few years. The continued spiking
of prices in the softs market largely due to
supply concerns is likely to result in an
increased headcount requirement as this
space remains lucrative. Overall, improved
confidence in the market will drive
recruitment at all levels.
13
ACCOUNTING & FINANCE.
INSURANCE (LIFE & NON-LIFE)
The jobs market for finance in insurance in
2011 was exceptionally busy. Momentum
picked up early in the year and job flow
steadily increased month on month with no
sign of slowing.
Much the same as 2010, many clients
looked to up-skill their teams but found a
shortage of exceptional candidates on the
market. Recruitment processes have
therefore taken longer than previous years.
Solvency II and corporate governance have
remained high on the list of recruitment
priorities with new positions regularly being
created. As a result, Morgan McKinley has
developed specialist teams with consultants
purely recruiting into both of these areas.
Moving into 2012 growth is still a hot topic
and companies are keen to get ahead of
the competition when it comes to hiring.
Consequently, many hiring managers in
this sector are reviewing their companies’
benefits structures and bonuses to ensure
they are competitive within the industry.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Part
QualifiedNewly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
10+ years
Financial Accountant £25k - £40k £40k - £55k £52k - £75k £65k - £95k £90k - £200k
Syndicate Accountant £25k - £45k £45k - £55k £50k - £70k £70k - £90k £90k+
Management Accountant £25k - £45k £40k - £55k £52k - £70k £65k - £95k £90k - £180k
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
Business Analyst / Project Manager £28k - £45k £40k - £58k £55k - £80k £75k - £100k £90k - £180k
Solvency II Technician £30k - £45k * £55k - £80k £75k - £110k £100k - £200k
14
*Typically, these roles do not exist at this level
ACCOUNTING & FINANCE.
INSURANCE (LIFE & NON-LIFE)
The market for temporary accounting and
finance roles in the insurance sector
remained strong in 2011.
The increased demand for permanent talent
had a positive impact on demand for
temporary staff. With the continued
implementation of Solvency II technically
competent professionals are in demand.
As a result of the high volume of roles
contractor rates continued to increase
throughout the year.
Moving into 2012, the outlook for contractors
specialising in insurance remains relatively
good. If bonus levels within the permanent
space are as low as anticipated, there may be
an increased supply of professionals entering
the temporary market.
However, this is unlikely to be matched by a
marked increase in new job roles.
New projects will need to be implemented
which will see a steady flow of positions
released for job seeking professionals in this
sector. The extension of the Solvency II
deadline will continue to keep contractors in
place and the ever growing governance of
the industry will ensure that qualified
accountants remain in high demand.
TEMPORARY
RATES (PER DAY)
Role:Part
QualifiedNewly Qualified
AVP /
2-5 years
VP /
5-7 years
Director /
10+ years
Financial Accountant £120 - £250 £230 - £250 £220 - £300 £300 - £550 £400+
Management Accountant £150 - £250 £230 - £250 £220 - £320 £300 - £400 £400+
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*Typically, these roles do not exist at this level
AUDIT.
BANKING
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
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+
PERMANENT
BASIC SALARIES (PER ANNUM)
16
The past 12 months has been an
interesting period for banking and financial
services professionals working in internal
audit. Job volumes and hiring activity were,
as predicted, buoyant as the demand for
experienced individuals continued to
increase. This impacted base salaries,
most noticeably at the VP level in
investment banking, where the most sought
after individuals were able to negotiate
slightly higher base salaries compared to
2010. Boutique banks and financial
services organisations appealed to some of
the industry’s best talent more than ever
before as people sought ways to broaden
their exposure.
The coming months look set to be equally
as buoyant, however challenges will remain
as institutions continue to be committed to
their search for only the best talent. This is
particularly true at the AVP level where
professionals who can ‘hit the ground
running’ are highly sought after.
CHANGE & PROJECT MANAGEMENT.
ASSET MANAGEMENT
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+
TEMPORARY / CONTRACT
RATES (PER DAY)
In 2011, the market for project professionals
within the asset management industry was
relatively stable. Most organisations have
had a range of ongoing project work but
there have been relatively few new major
programmes driving changes in pay rates.
As a result we have seen a fairly flat market
both in terms of demand from employers
and rates of pay for professionals.
Towards the end of 2011, a couple of larger
institutions also started to reduce rates for
contractors.
Early indications suggest a similar story for
2012 with little appetite for large budget
increases. However, we do expect to see
some steady incremental hiring to support
particular programmes.
Likely hiring hotspots will be in regulatory
programmes, particularly for those with retail
focused businesses.
17
CHANGE & PROJECT MANAGEMENT.
BANKING FINANCE
Throughout 2011 there was a gradual
decline in the number of permanent change
& project management job vacancies. Due
to the extremely difficult trading conditions
faced by the majority of banking
organisations, most projects were scaled
back or shelved indefinitely with cost being
the central concern. However, the majority
of the top tier banks are still running huge
programmes of change across their finance
infrastructure.
These change programmes are in response
to market regulation and the ongoing desire
to streamline processes and cut
expenditure. Despite this, the majority of
banks are either utilising their existing
project teams, drawing on the current line
function or turning to the contract market for
additional resources. This has all impacted
the shrinking permanent project jobs
market where salaries and total
compensation are often dwarfed by huge
daily rates and loyalty bonuses.
PERMANENT
BASIC SALARIES (PER ANNUM)
As a result permanent salaries largely
stayed at 2010 levels, although the best
individuals were often able to command
premiums. When demand decreases for
permanent employees, the candidate pool
shrinks as change professionals move to
the lucrative contract market or become
entrenched in niche long term roles. The
outlook for 2012 suggests low levels of
demand for only the best candidates in the
market. Compensation packages for these
sought after individuals should therefore
remain high.
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
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
*Typically, these roles do not exist at this level
CHANGE & PROJECT MANAGEMENT.
BANKING FINANCE
TEMPORARY / CONTRACT
RATES (PER DAY)
Role: Low Average High
Business Analyst £450 £550 £650+
Senior Business Analyst £600 £650 £750+
Project Manager £600 £700 £800+
Programme Manager £800 £900 £1200+
PMO £400 £500 £600+
Senior PMO £500 £600 £700+
19
Early 2011 hiring was steady as new
headcount and budgets were approved. H2
2011 saw wider market conditions and
global economic uncertainty lead to a more
prudent approach to hiring.
Overall, year-on-year job volumes were
down and there was a trend to interview
more candidates and take more to final
interview stages with no offer at the end of
the process.
The most consistent hiring has been for
large strategic programmes or regulatory
programmes with ring-fenced funding.
There has been an increase in the number
of counter-offers as banks try to retain their
top talent. Also, there has been a trend to
offer key contractors longer contracts with
notice periods of up to a month. On the
whole, professionals have become more
risk adverse and less willing to move to
new roles where they have to rebuild their
relationships and reputations.
The outlook for 2012 so far looks to be
similarly impacted by the economy. Banks
are expected to continue focusing on
regulatory programmes and replacement
hires. 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
“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.”
CHANGE & PROJECT MANAGEMENT.
BANKING OPERATIONS
The first and second quarters of 2011 were
extremely busy for the operations change
permanent jobs market at all levels. This
opened up movement at the senior end of
the market. The drive towards Central
Counterparty (CCP) clearing has resulted in
significant investment and therefore been
a notable focus for operations change
recruitment. Other initiatives have focused
heavily around data areas with clients
continuing the drive for single sources of
data across the organisation.
The third and fourth quarters saw a reduction
in hiring and, in many cases, restructuring
and unofficial freezes. Anticipated hiring for
CCP teams did not materialise at the
volumes predicted within the first half of the
year. Hiring managers are still interested in
developing CCP teams, so this is likely to
impact hiring in 2012.
After a number of years of seeing employers
shifting from offering permanent roles to
contract for financial reasons, we are now
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
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
seeing contractors looking seriously at
permanent roles as job stability becomes
increasingly attractive. Contract rates
decreased, by around 10% in the second
half of 2011.
Permanent salaries this year will remain
static. Some candidates are seeking
opportunities abroad as major investment
banks are increasingly bulking up capability
for offshore locations to deliver change.
21
*Typically, these roles do not exist at this level
CHANGE & PROJECT MANAGEMENT.
BANKING OPERATIONS
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+
TEMPORARY / CONTRACT
RATES (PER DAY)
22
Increased regulation in investment banking
has been the driver behind the majority of
change management hiring across the
sector as organisations have adapted to the
challenging regulatory landscape.
Hiring in the first half of 2011 was steady as
new budgets were approved and
organisations took on change specialists to
facilitate new regulation.
Hiring in the second half of the year slowed
in line with regular market patterns. It was
also impacted by challenging wider market
conditions with job availability falling in Q3
and tailing off in Q4 as contagion fears
around the eurozone crisis gripped financial
markets.
The outlook for 2012 is fairly stable and
hiring volumes will be dependent on the
overall economic environment.
A significant proportion of regulatory
change has been postponed or delayed in
2011 and we expect this to drive the
amount of hiring activity taking place in the
banking operations change market
throughout 2012.
CHANGE & PROJECT MANAGEMENT.
BANKING RISK MANAGEMENT
Role: Low Average High
Business Analyst £500 £550 £600+
Senior Business Analyst £600 £650 £700+
Project Manager £600 £650 £700+
Senior Project Manager £750 £800 £900+
Programme Manager £900 £950 £1000+
Junior PMO £450 £500 £550+
Senior PMO £550 £600 £650+
TEMPORARY / CONTRACT
RATES (PER DAY)
23
The hiring market within risk management
has been driven by the continued regulatory
changes imposed on financial institutions
over the past 12 months.
Rates were driven higher at the start of
2011 due to the shortage of experienced
subject matter experts across all risk
disciplines. This forced financial institutions
to offer higher rates in order to attract and
retain key talent.
Due to a lack of clarity within some of the
regulatory areas in terms of deadlines and
future requirements, the end of 2011 saw a
slow down in demand for these skill sets.
This has been reflected in a ‘leveling out’ of
pay rates and in some areas – in particular
operational risk – an actual decline in rates.
The initial signs for 2012 are positive with
new recruitment budgets for risk teams
again taking into account regulatory
changes and a consequently increased
demand for the requisite talent.
This may therefore have a slow but positive
impact on rates over the course of the year.
CHANGE & PROJECT MANAGEMENT.
INSURANCE
TEMPORARY / CONTRACT
RATES (PER DAY)
Role: Low Average High
Business Analyst £400 £450 £550+
Senior Business Analyst £550 £650 £750+
Project Manager £500 £550 £600+
Programme Manager £800 £900 £1200+
PMO £300 £400 £500+
Senior PMO £500 £600 £700+
24
stagnant. The end of 2011 also witnessed
both rate and tenure reductions across the
board at many financial institutions. This
again leads to increased levels of
professionals looking for work and it is still
relatively unclear as to what effect this will
have on average pay rates for 2012.
Q4 2011 saw the number of new roles in
this area drop off considerably. Many
employers cut costs by shelving non-
essential projects before year end, leading
to more professionals entering the jobs
market and a more competitive
environment for those interviewing.
This, coupled with uncertainty surrounding
budget sign-off, has meant that hiring
managers are taking considerably more
time to fill roles and the market has become
With deadlines for Solvency II being pushed
back there was less urgency to hire for
related projects pre-Christmas. Having said
this, larger insurers are indicating they will
be hiring in Q1 2012.
With many institutions admitting they would
have struggled to adhere to original
deadlines there is still much work to be
done.
CHANGE & PROJECT MANAGEMENT.
RETAIL BANKING
As a result, the outlook for 2012 is relatively
consistent with 2011, due to ongoing major
programmes, reengineering initiatives and
ongoing regulatory impacts.
Rates increased modestly in the first half of
2011, although many institutions are now
reducing contractor rates for existing staff
which will probably mean that on
average, rates for new contractors in the
early part of 2012 will be at a similar level to
the start of the previous year.
TEMPORARY / CONTRACT
RATES (PER DAY)
Role: Low Average High
Business Analyst £300 £450 £550+
Senior Business Analyst £450 £500 £600+
Project Manager £500 £550 £600+
Programme Manager £700 £800 £1000+
PMO £300 £400 £500+
Senior PMO £500 £600 £700+
The jobs market for change and project
management professionals in retail banking
was buoyant throughout 2011, driven by a
number of significant merger, integration
and divestment programmes of which we
anticipate more over the coming months.
Additional programmes are being put in
place in response to current regulatory
requirements. It is expected that further
change will be required to respond to
additional regulation in 2012.
25
COMPLIANCE.
Later in the year, issues in the eurozone
impacted the entire financial services sector
and caused some compliance functions to
put growth plans on hold and focus mainly on
key hires.
The control room has seen active hiring, with
some senior movements taking place, and a
number of control room specialists moving
into IBD advisory roles.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
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
*Typically, these roles do not exist at this level
Anti-Money Laundering (AML), financial
crime and Know Your Client (KYC) / on-
boarding have been similarly active and this
should continue until the end of 2012.
Professionals at the more senior end of the
market have seen the largest increases in
salaries. This may continue, as most
institutions have indicated this is an area in
which they will be investing so we expect
the market to remain strong in 2012.
There was a strong appetite to hire
experienced compliance professionals
throughout 2011, with a number of
seasoned professionals receiving multiple
offers.
Availability of roles was high, although there
was a slight dip in the second half of the
year. Front office compliance, in particular
was a key area of hiring for a number of
banks throughout the year.
COMPLIANCE.
TEMPORARY
RATES (PER DAY)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
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
The compliance temporary jobs market
maintained a strong level of recruitment
activity in 2011 as firms felt the pressure to
provide more information to regulatory
bodies.
Investment in these areas looks set to
continue leading to increased hiring in the
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.
Overall, there has been a decrease in the
number of temporary job opportunities in the
market and day rates are being driven down.
However, this has not deterred experienced
candidates from moving into the contract
market as Morgan McKinley registered its
largest number of temporary candidates in a
year in 2011.
Demand at the senior end of the market
continued, with many advisory professionals
moving into contract roles. This has enabled
them to command the highest rates,
especially those with strong product
knowledge and niche skills such as second
languages.
CREDIT, RISK & QUANTITATIVE FINANCE.
In the first half of 2011, hiring within the risk
market was incredibly buoyant with many
organisations expanding in key
areas, particularly within market and credit
risk. The effects of the eurozone crisis in
Q3 2011 onwards had a significant impact
on financial markets as a whole, however
risk management remained an area that
organisations chose to strengthen. During
this time we saw increased demand for
regulatory risk managers and operational
risk professionals.
As demand has risen for experienced
candidates, salaries have seen a slight
increase. This has also been affected by
individuals placing more emphasis on
securing a higher basic salary as the bonus
culture in the City has started to shift.
This has also been mirrored in the way
banks are structuring their total
compensation packages.
PERMANENT
SALARIES (PER DAY)
As financial market uncertainty continues, it
is expected that demand for strong risk
managers will remain high.
Regulatory requirements such as Basel 2.5
/ Basel 3 will continue to drive recruitment
through 2012. As the risk function has
grown in prominence, hiring managers’
expectations for the quality of candidates
have increased, which in turn has narrowed
the pool of suitable professionals even
further.
28
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
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
CREDIT, RISK & QUANTITATIVE FINANCE.
Credit, risk and quantitative finance
remained a busy area of the hiring market
in 2011. Hiring within regulatory risk was a
strong focus for many institutions due to the
continued increase in regulatory reform in
financial services.
This will be an area which will continue to
grow throughout 2012 and where there may
be subsequent skills shortages.
Recent months have seen a continued
focus on developing risk frameworks, in
particular, internal risk monitoring systems.
Institutions are hiring technical credit risk
and market risk specialists to support this.
Hiring has also focused on operational risk
managers, recruited to develop and
implement robust risk frameworks across
organisations.
TEMPORARY
RATES (PER DAY)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
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
Sign off for new positions was slightly
restricted in the second half of 2011, with
many institutions only recruiting for critical
hires due to hiring freezes.
Rates in 2011 remained relatively stable,
with a slight increase on the previous year.
The last quarter, however, saw a number of
rate cuts across the industry but these are
anticipated to be temporary and should
increase again in 2012.
29
CREDIT, RISK & QUANTITATIVE FINANCE.COMMODITIES
The commodities risk market remained
reasonably consistent in terms of job flow
throughout 2011. There was a rise in the
number of banking institutions looking to
increase headcount as they adjust their
strategies to be more competitive in the
market. There was also a significant
increase in the demand for physical
commodities, which has created a squeeze
on the number of individuals who have this
experience within the UK market.
Whilst the UK is a global financial hub, the
commodities market does differ from
location to location with Switzerland hosting
many of the world’s leading independent
trading houses. It is important to bear in
mind that due to tax and cost of living
differentials in Switzerland, salaries are on
average 18% higher than the UK which can
make it difficult to attract talent to the UK
from the Swiss market.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
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
Whilst Q3 of 2011 saw the start of an
economic slowdown across Western
Europe and the United States, many
employers are still expanding their
operations in Asia.
We expect the commodities market to
continue to be buoyant in 2012. Volatility in
global markets means the requirement for
strong risk managers is going to be even
more business critical. This in turn will
create demand and opportunity.
30
FRONT OFFICE.
ASSET MANAGEMENT
PERMANENT
BASIC SALARIES (PER ANNUM)
31
In 2011, asset management front office
salaries remained relatively stable for the
second year running as the markets
struggled to recover. Consequently, hiring
in the front office was kept to a minimum,
with replacement and strategic hires more
commonplace. Despite this, senior
investment professionals with strong
performance track records are still able to
command premiums.
In addition, product developers (particularly
those with Solvency II and UCITS IV
experience), are in continued demand.
Product specialist / client portfolio manager
roles at all levels of seniority were more
prevalent in the first half of 2011, a trend we
are expecting to see continue throughout
2012. With the markets failing to stabilise
over the last year, we have also observed
increased demand for strategists and
economists at all levels.
In line with this there is potential to see
overall earnings increase in the coming
compensation reviews for individuals with
these specialist skill sets.
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Fund / Portfolio Manager £40k - £50k £50k - £65k £65k - £100k £100k - £130k £130k+
Client Portfolio Manager / Investment Specialist /
Product Specialist£40k - £47k £47k - £65k £65k - £95k £95k - £110k £110k+
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+
FRONT OFFICE.
CORPORATE FINANCE, M&A
At the start of 2011 both investment banks
and boutiques alike were looking to add
headcount, particularly at the junior level.
Many deals (albeit smaller in the main
compared to the same quarter in 2010)
were drawn up, requiring additional support
at analyst and associate level.
As always there were specific mandates at
varying levels to replace leavers, typically
as a result of moves to private equity funds
or corporates.
Towards the second half of 2011 hiring
slowed dramatically due to continued
eurozone issues and negative outlook in
the US. IPOs and mergers were delayed or
put on hold indefinitely. As a result, some
banks implemented hiring freezes whilst
waiting for market visibility to improve.
Boutique firms continued to look at
candidates on an opportunistic basis to
secure high quality, well trained bankers
who may have been made redundant.
PERMANENT
BASIC SALARIES (PER ANNUM)
Hiring into private equity remained slow as
funds struggled to raise cash for
investments, meaning fewer deals and less
requirement for extra people to work on
transactions.
Due to increased regulation, sign-on
bonuses and guarantees are not
commonplace. In fact, in 2011 there were
many examples of candidates who moved
to top tier institutions on the same or lower
salaries.
Level: Analyst Associate VP Director *
1 £40k - £50k £70k - £80k £100k - £120k
£135k - £200k2 £45k - £55k £80k - £95k £110k - £130k
3 £50k - £63k £90k - £100k £120k - £140k
32
* Typically, there is only one level for director positions
“INTERESTINGLY,
DESPITE TURBULENT
TIMES, 2011 SAW
MORE START-UP
HEDGE FUNDS
EMERGE THAN IN
2010.”
33
FRONT OFFICE.
HEDGE FUNDS
PERMANENT
BASIC SALARIES (PER ANNUM)
Salaries in 2011 remained fairly
consistent with 2010 levels; many funds
did not perform as well as expected due
to the eurozone crisis. Caps on basic
earning potential continues to be a
theme in the hedge fund space with an
emphasis on bonuses linked to fund
performance. Having said that, we have
not observed any significant increases in
34
bonus levels, with high performing
portfolio managers and top rated research
analysts being the only real areas of
growth.
There has been a significant shift in focus
in emerging markets experience, with
event driven and special situation
strategies particularly popular.
Interestingly, despite turbulent times,
2011 saw more start-up hedge funds
emerge than in 2010.
In 2012, demand for high calibre
graduates with equity research
experience in top tier investment banks,
looking to make the move into the hedge
fund world, is expected to continue.
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Fund / Portfolio Manager £35k - £40k £40k - £60k £60k - £80k £80k - £120k £120k+
Client Portfolio Manager / Investment Specialist /
Product Specialist£35k - £42k £42k - £65k £65k - £75k £75k - £100k £100k - £130k
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+
FRONT OFFICE.
PRIVATE BANKING
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
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
There was consistent jobs growth for
private banking throughout 2011, as private
banks and wealth management firms
shifted their focus to client service and
value delivery. Boutiques and bespoke
partnerships are challenging the dominance
of established global firms. The impact of
new regulations and growing client
expectations has necessitated a change in
client service and investment methodologies.
Banks and wealth managers now see Retail
Distribution Review (RDR) compliance as a
key requirement for job seekers. Professionals
holding qualifications such as RDR Level
6 and above, including the PCIAM, are now
considered particularly attractive candidates.
With growing global instability and
uncertainty, wealth management continues
to be a lucrative area. There is strong
potential for significant growth as
institutions of all sizes compete to win and
retain assets.
HUMAN RESOURCES.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:
HR Business Partner £45k - £85k
Senior HR Business Partner £85k - £110k
HR Administrator £28k - £38k
HR Advisor / Officer £38k - £55k
Learning & Development Coordinator £27k - £35k
Learning & Development Advisor £35k - £50k
Learning & Development Business Partner £55k - £95k
Talent / OD Specialist £55k - £90k
Compensation and Benefits Administrator £30k - £41k
Compensation and Benefits / HRMI Analyst £41k - £55k
Compensation and Benefits / HRMI Manager £55k - £90k
Employee Relations Specialist £55k - £95k
Recruitment Coordinator £27k - £34k
Recruiter £34k - £55k
Recruitment Manager £50k - £75k
Graduate Recruitment / Development Administrator £28k - £36k
Graduate Recruitment / Development Advisor £36k - £55k
Graduate Recruitment / Development Manager £55k - £95k
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
The human resources permanent jobs market in 2011
was busier in some areas than others. Recruitment in
compensation and benefits was strong due to FSA
regulation and the structure of bonus payments
involving complex processes for implementing deferred
compensation schemes.
The specialist areas of reward and learning &
development were the first to be affected by the
beleaguered global economy in 2011 which resulted in
increased recruitment of HR generalists and business
partners to support the larger workload.
The 2012 outlook for hiring in HR is positive with many
more specialist roles being recruited and it is likely that
the coming months will have more of a focus on
learning & development where hiring managers are
looking to retain talent.
Salary levels for HR professionals are not expected to
rise dramatically but will continue to move at the same
pace as they have over the past few years.
HUMAN RESOURCES.
The human resources temporary and interim jobs
market slowed considerably during 2011 compared to
the previous year, with job volumes dropping after a
fairly busy first quarter.
The larger financial services organisations became
cautious after the first few months of 2011, with the
majority of roles being business critical or temporary
cover for maternity leave.
Interestingly, rates have increased slightly in certain
areas of HR as hiring managers seek out the best
talent and aim to attract those working for their
competitors who are hesitant to move due to instability
in the financial markets.
Areas such as HR projects and compensation were
especially competitive in the second half of 2011 as
year end processes kicked-off and project deadlines
became imminent.
Hiring activity is predicted to increase moving through
2012 and it is anticipated that rates will remain
competitive and steady, with more professionals
looking to enter the jobs market after completing
contracts in December 2011.
TEMPORARYRole:
HR Business Partner £300 - £450
Senior HR Business Partner £450 - £750
HR Administrator £120 - £160
HR Advisor / Officer £180 - £280
Learning and Development Coordinator £130 - £160
Learning and Development Advisor £180 - £280
Learning and Development Business Partner £300 - £550
Talent / OD Specialist £400 - £600
Compensation and Benefits Administrator £130 - £180
Compensation and Benefits / HRMI Analyst £250 - £450
Compensation and Benefits / HRMI Manager £450 - £800
Employee Relations Specialist £400 - £600
Recruitment Coordinator £120 - £150
Recruiter £200 - £350
Recruitment Manager £350 - £500
Graduate Recruitment / Development Administrator £130 - £180
Graduate Recruitment / Development Advisor £200 - £350
Graduate Recruitment / Development Manager £350 - £450
HR Project Support £180 - £280
HR Project Analyst £300 - £450
HR Project Manager £450 - £650
HR Programme Manager £650 - £850
RATES (PER DAY)
37
INSURANCE.
ACTUARIAL
The actuarial jobs market continued to grow
for permanent positions throughout 2011,
leading to higher basic salaries at job offer
stage. There will always be demand for
experienced actuaries, especially in the
build up to Solvency II and possibly
Solvency III and beyond. We have also
noticed an increase in graduates being
recruited into this area.
There are currently a number of job
opportunities available to newly qualified
actuaries within insurance companies,
consultancies, rating agencies and banks.
Once again, due to the ensuing regulatory
changes, there is a bias towards reserving
positions.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Actuarial
Student
Actuarial
Analyst
Qualified
Actuary
Risk
Management
Actuary
Head of
Department
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+
For an actuary the difference in salary
between one company and another is often
negligible, and so other factors begin to
make a more significant difference in the
job search process. Factors such as work
/life balance and location are becoming
more important where remuneration is not
the main driver.
38
*Typically, these roles do not exist at this level
INSURANCE.
TECHNICAL – CLAIMS, UNDERWRITING & BROKING
Throughout 2011 insurance was a growth
jobs market within the financial services
sector at a time when companies were
reducing headcount or restricting growth.
Insurance companies have maintained
consistent business performance or, in
many cases, grown. As a result, hiring
within the technical insurance market was
constant throughout the year.
Due to a high volume of hires in 2011, staff
retention has been a hot topic and many
insurers are offering ‘buy backs’ to keep
their best talent from joining competitors.
As a consequence, base salaries across
the industry have risen.
Expectations remain high for 2012, with the
outlook in the industry still relatively
optimistic.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Technical /
JuniorTeam Leader Manager
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
SALARIES (PER ANNUM)
40
The marketing and communications jobs
market was relatively stable in 2011,
resulting in few marked fluctuations in
salary levels. Compared to 2010, hiring
shifted away from marketing generalists
and more towards communications and PR
professionals and online specialists. Mid-
level PR and media relations managers
have been particularly in demand as they
offer a relatively low-cost alternative to
traditional marketing activities such as
marketing collateral, events etc. In terms of
products, there has been a significant
decrease in demand for exchange-traded
fund (ETF) marketing specialists compared
to the boom we saw last year. Fixed-
income specialisations however have been
particularly competitive for investment
writers and product specialists. As with
recent years, there has been an ever
present appetite to hire experienced RFP
writers and managers. With more and more
of the RFP talent pool attracted by
progression elsewhere within their firms,
increased demand for graduate RFP
professionals is expected in 2012.
*Typically, these roles do not exist at this level
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
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 *
MARKETING & COMMUNICATIONS.
There was a steady increase in contract
marketing opportunities in the City
throughout 2011, with the number of job
vacancies increasing by more than 5% from
2010. Hiring in 2011 was predominately
focused on investment writers, event
managers and strategic marketeers as
companies worked to develop innovative
marketing solutions in line with increased
market regulations. Internal
communications positions have also been
an area of growth as companies focus on
employee engagement strategies. Digital
marketing specialists were also in demand
in 2011 as financial institutions became
more aware of growing digital marketing
trends including mobile marketing and
social media. Further growth
TEMPORARY
RATES (PER DAY)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Marketing Generalist £100 - £130 £130 - £180 £180 - £250 £250 - £300 £300 - £400
PR / Corporate Communications £120 - £150 £150 - £200 £200 - £250 £250 - £300 £300 - £350
Sales Support / Investment Communications £100 - £200 £200 - £250 £250 - £300 £300 - £350 £350 - £450
RFPs £120 - £180 £180 - £220 £220 - £280 £280 - £350 £350 - £450
Investment Writer £120 - £155 £155 - £200 £200 - £275 £275 - £350 *
Product Marketing / Specialist £150 - £200 £200 - £250 £250 - £300 £300 - £400 £400 - £500
Investor / Consultant Relations £100 - £140 £140 - £200 £200 - £225 £225 - £300 £300 - £400
Internal Communications £100 - £120 £120 - £180 £180 - £250 £250 - £300 £300 - £400
E-Marketing £100 - £130 £130 - £165 £165 - £240 £240 - £300 £300 - £400
Events / Road shows £100 - £150 £150 - £180 £180 - £200 £200 - £250 £250 - £300
DTP / Graphics £120 - £150 £150 - £180 £180 - £225 £225 - £250 *
is anticipated for this field throughout 2012.
Pay rates have been relatively stable but
increases have been seen for experienced
RFP writers, product marketeers and
marketing managers as companies focused
on securing the best available candidates.
Sales and marketing pay rates are
expected to remain relatively stable
throughout 2012.
41
*Typically, these roles do not exist at this level
MIDDLE OFFICE & OPERATIONS.
ASSET MANAGEMENT & PRIVATE BANKING
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Relationship Manager £30k - £35k £35k - £55k £55k - £70k £65k - £85k £80k+
Client Services £25k - £30k £28k - £37k £35k - £45k £45k - £65k £65k+
Client Reporting £30k - £32k £30k - £35k £35k - £45k £40k - £55k £50k - £80k
Fund Manager’s Assistant £30k - £40k £40k - £50k £45k - £65k £60k - £70k £65k - £80k
Portfolio Control & Cash Manager £30k - £35k £32k - £40k £40k - £55k £50k - £65k £65k - £80k
Performance Analyst £32k - £35k £35k - £45k £45k - £65k £50k - £70k £70k+
Transitions Manager £40k - £45k £40k - £50k £50k - £65k £60k - £80k £70k - £100k
Fund Administrator £25k - £35k £35k - £45k £45k - £65k £65k - £90k £90k+
Valuations & Pricing £30k - £35k £32k - £38k £35k - £45k £60k - £70k £70k - £100k
Data Manager £30k - £35k £32k - £40k £40k - £55k £50k - £80k £70k+
Business Manager £40k - £50k £50k - £65k £65k - £90k £80k - £110k £120k+42
transition managers who might be able to
command slight increases.
We are also seeing increased demand for
professionals with strong client facing and
relationship management
experience, especially if this includes
managing relationships with institutional
clients.
The recruitment market for operations and
middle office roles was challenging in 2011.
Companies focused on performance
excellence and client services under a
constant pressure for cost efficiencies and
reduction. Basic salaries remained stable
and we expect similar in 2012, with the
exception of performance analysts and
Restructuring and continual process
improvements are driving a need for strong
asset management experts with experience
of operational change, and this is expected
to be consistent throughout 2012. We also
saw a premium being paid for specific
experience within asset management and
private wealth businesses.
MIDDLE OFFICE & OPERATIONS.
ASSET MANAGEMENT & PRIVATE BANKING
Throughout 2011 there was a decline in
temporary hiring across buy-side
operations, with job availability decreasing
by as much as 15% in some areas
compared to the previous years. Hiring in
the first half of 2011 was considerably
busier compared to the second half. This
can be attributed to various factors, such as
deteriorating global economic issues and
the exhaustion of recruitment budgets.
In addition, the performance of a desk or
individual business unit, also in part
determines its recruitment activity.
Outsourcing has continued to dominate the
operations space for the larger institutions,
with businesses looking to reduce costs
and streamline departments by sending
parts of their back office offshore.
TEMPORARY
RATES (PER HOUR)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7+ years
Client Services £12 - £14 £15 - £20 £21 - £25 £26 - £35
Client Reporting £13 - £15 £16 - £20 £21 - £26 £26 - £33
Fund Analyst £14 - £15 £16 - £20 £21 - £27 £28 - £38
Performance Analyst £12 - £15 £16 - £20 £21 - £25 £26 - £35
Fund Administrator £12 - £14 £15 - £18 £19 - £25 £26 - £33
Valuations & Pricing £12 - £14 £15 - £20 £21 - £23 £24 - £31
Data Management £12 - £14 £15 - £18 £19 - £22 £23 - £28
Reconciliations £12 - £14 £15 - £18 £19 - £25 £26 - £35
Trade Support £12 - £15 £16 - £19 £20 - £25 £26 - £37
Cash Management £12 - £14 £15 - £17 £18 - £22 £23 - £30
Settlements £12 - £15 £16 - £20 £15 - £21 £22 - £3043
Although early predictions indicated slight
increases, rates continued to remain at a
constant level throughout last year and
early suggestions are that these could
remain similar into the first few months of
this year. Candidates with strong and
consistent CVs, however, are in a better
position to negotiate a potential 5-10%
increase in hourly rate at offer stage.
MIDDLE OFFICE & OPERATIONS.
COMMODITIES
For the second consecutive year, the middle office and
operations commodities permanent jobs market saw a
number of flow and reconciliations roles being near-
shored by the bulge bracket investment banks in 2011.
This led to increased availability of more traditional
back office professionals.
Those with an understanding of the physical
markets, across energy and metals, were offered
considerable pay rises as businesses built out
functions. A lack of clarity around economic outlook
and less than favourable results throughout 2011 have
made it difficult to anticipate where growth will be in
2012.
With costs continually being scrutinised, it is fair to
predict that compensation will remain consistent with
2011 figures, where salaries were pushed up to
compensate for reduced bonuses. Recruitment is likely
to be mainly attrition-replacement based, although
hiring managers may take the opportunity to up-skill
and re-organise teams at the same time. Significant
growth is not predicted.
Regulation around higher capital requirements will
make it harder for institutions to acquire physical
assets, again negatively impacting a need for new
employees. Undoubtedly 2012 promises to be a
challenging year for this market.
PERMANENTBASIC SALARIES (PER ANNUM)
Role: Junior Mid level Senior
Head of Operations * * £120k+
Physical Energy Trade Support £35k - £55k £55k - £75k £75k - £110k
Commodity Derivatives Trade Support £30k - £45k £45k - £65k £65k - £90k
Clearing £30k - £40k £40k - £60k £60k - £90k
Settlements – Physical £25k - £45k £45k - £60k £60k - £90k
Settlements – Derivatives £25k - £40k £40k - £55k £55k - £70k
Contracts £30k - £45k £45k - £60k £60k - £80k
Documentation (Derivatives) £30k - £40k £40k - £55k £55k - £75k
Collateral £30k - £45k £45k - £65k £65k - £90k
Shipping / Scheduling £40k - £50k £50k - £70k £70k - £100k
Business Analyst £30k - £40k £40k - £55k £65k - £90k
Project Manager * £60k - £80k £90k+
Client Services £35k - £45k £45k - £60k £60k - £80k
MIS / Controls £30k - £40k £40k - £50k £50k - £70k
Trade Finance £30k - £32k £45k - £50k £65k - £70k
Vault Operations £25k - £28k £35k - £45k £55k - £65k
Static Data £25k - £35k £35k - £45k £45k - £65k
44
*Typically, these roles do not exist at this level
“RECRUITMENT IS
LIKELY TO BE MAINLY
REPLACEMENT-BASED,
ALTHOUGH HIRING
MANAGERS MAY TAKE
THE OPPORTUNITY TO
UP-SKILL TEAMS AT THE
SAME TIME.”
45
MIDDLE OFFICE & OPERATIONS.
INVESTMENT BANKING & BROKERAGE HOUSES
At the start of 2011 there was renewed
confidence in the jobs market following
some good results and positive sentiment
from a number of key players. There were
significant numbers of jobs released and
these were quickly filled by a mobile and
motivated candidate pool. However, in Q4
there were a number of redundancies
across middle office operations as banks
focused even more aggressively on
location strategy.
In 2012 we expect to see new budgets free
up capital to acquire top talent for
management and change management
positions. We will see the usual resignation-
replacement surge for line roles, but we will
also see some incremental headcount rises
following some houses publicly announcing
commitment to growing areas – especially
in relation to compliance with increases in
regulatory requirements.
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Trade or Sales Support / Desk Assistants
(+ up to £10k for Exotic Products)£35k - £45k £45k - £60k £65k - £85k £85k - £110k £110k+
Client Services (+£5-10k for languages) £30k - £40k £40k - £55k £50k - £75k £80k - £90k £90k - £100k
Documentation / Reconciliations /
Settlements£30k - £40k £40k - £65k £65k - £80k £80k - £95k *
Collateral / Margin Management £30k - £45k £45k - £65k £65k - £85k £90k+ £100k+
Clearing (+£10k for OTC Clearing) £35k - £45k £45k - £65k £65k - £85k £85k - £110k £110k+
Middle Office Control /
Regulatory Control & Reporting£30k - £45k £45k - £65k £65k - £85k £85k - £120k £120k+
Asset Servicing £30k - £40k £40k - £60k £55k - £80k £75k - £100k *46
Taking everything into account, it is
reasonable to expect a busy start to the
year, though perhaps not at the same level
as 2011. Clearly it will help to be ahead of
the game in competing for talent. Banks
that were able to source professionals at
the end of 2011 and extend offers for
acceptance post-bonus season, thus
negating the need for buy-outs, will reap the
rewards.
*Typically, these roles do not exist at this level
MIDDLE OFFICE & OPERATIONS.
INVESTMENT BANKING & BROKERAGE HOUSES
middle office oversight and control
functions. There has been increased
demand for operations professionals who
are able to demonstrate solid risk
awareness and who are able to critically
assess and improve controls and
processes. It would be prudent for all job
seekers to consider how they could add
such value prior to any interviews.
TEMPORARY
RATES (PER HOUR)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7+ years
Loans £15 - £20 £18 - £23 £22 - £26 £25 - £30
Client Services £13 - £16 £18 - £24 £22 - £26 £25 - £30
Asset Servicing £15 - £18 £17 - £23 £22 - £25 £24 - £30
Collateral £18 - £20 £20 - £24 £23 - £26 £25 - £35
Reconciliations £13 - £16 £15 - £20 £20 - £25 £24 - £27
Equity / Fixed Income Trade Support £15 - £18 £18 - £23 £23 - £27 £25 - £30
OTC Trade Support £17 - £21 £20 - £24 £24 - £27 £26 - £33
Commodities Operations £14 - £17 £16 - £23 £20 - £25 £24 - £30
Futures and Options Operations £15 - £20 £19 - £23 £23 - £26 £25 - £30
FX / MM / FX Options Operations £14 - £16 £17 - £20 £21 - £23 £24 - £33
Settlements £13 - £17 £18 - £24 £22 - £26 £25+
47
In 2011 many companies continued to shift
their back office operations and processing
to both regional and offshore locations. This
trend is likely to continue this year as cost
reduction remains a key focus. As a result
of these previous expenditure reviews and
headcount restrictions, a large number of
long term contract positions were also
created. There has also been growth in
niche areas, particularly those sitting within
Pay rates fluctuated substantially
throughout 2011 between banks and have
varied by up to 35% in some instances for
comparable positions. A number of banks
have been forced to reduce rates, typically
cuts of up to 10% have been all too
common in recent months. Hiring activity
should increase in Q1 2012 but recruitment
processes will be as competitive as they
have ever been.
SECRETARIAL & SUPPORT.
PERMANENT
BASIC SALARIES (PER ANNUM)
48
Salaries within the secretarial & support jobs market
within financial services held steady in 2011.
There was however, greater demand for senior level
candidates compared to 2010. These senior level roles
are increasingly becoming team support focused and not
always one-to-one positions. Secretarial & support
professionals are therefore having to be more flexible
when looking for a new role.
The number of available job opportunities was slightly
lower in 2011 than the previous year – down by
approximately 17%. However, we saw a slight peak in
jobs in Q4 2011.
It is predicted that 2012 will see an upturn in roles and
more variety across all areas of the secretarial & support
market.
Salaries for the coming year are unlikely to increase
significantly; 2011 saw an average of 5-6% increases for
those seeking new roles.
Role:
Office Manager £35k - £55k
Executive Assistant £45k - £60k
Personal Assistant £35k - £45k
Float Secretary £35k - £42k
Trading Floor Secretary £32k - £42k
Bi-lingual Secretary £32k - £40k
Team Secretary £32k - £38k
Research Assistant £32k - £38k
Senior Administrator / Business Assistant £35k - £50k
Administrator £25k - £35k
Junior Administrator £22k - £25k
Reception Manager £28k - £35k
Receptionist / Switchboard £23k - £30k
SECRETARIAL & SUPPORT.
There were three main hiring trends within secretarial &
support in London in 2011 and these look set to continue
this year. The first is the increased demand for
multilingual skills in addition to typical PA duties.
The second is the decline of the traditional one-to-one PA
role; the number of executives who have exclusive PAs
has been declining for some time but this was particularly
noticeable in 2011.
The third major trend is related to the length of secretarial
& support contracts. In recent years these have
increased from 3-6 months to rolling or 12 month
contracts.
As always, to be a successful secretarial temp you need
to be reliable, professional and flexible, with the skill set
to cover a range of duties. Commitment to the role is also
essential to building credibility in this highly competitive
market.
Basic rates remained mostly steady in 2011, with the
exception of a few peaks and troughs. No major
fluctuations in basic rates are expected for 2012.
TEMPORARY
BASIC RATES (PER HOUR)
Role:
Office Manager £17 - £23
Senior Executive Assistant £20 - £25
Executive Assistant £18 - £22
Personal Assistant £16 - £21
Float Secretary £16 - £21
Trading Floor Secretary £16 - £20
Bi-lingual Secretary £16 - £19
Team Secretary £16 - £19
Senior Administrator £17 - £23
Junior Administrator £12 - £16
Receptionist / Switchboard £12 - £13
49
TAXATION.
The first half of 2011 saw a continuation of
the recovery witnessed over the course of
2010. There was hiring activity in all areas
of group tax across the banking and wider
financial services market, including some
notable senior appointments. Whereas the
bulk of recruitment in 2010 was for
replacement hires, an increasing number of
companies recruited for expansion in 2011.
There is ongoing demand for compliance,
risk reporting, VAT and transfer pricing
specialists.
There has also been a definite increase in
advisory, transactional and project-led
roles. However opportunities for tax
structuring professionals within the front
office remain in fairly short supply.
The recovery witnessed in the first three
quarters of 2011 was unfortunately curtailed
in the latter months of the year as a result
of the eurozone crisis and concern that it
would negatively impact the UK economy
and financial services sector in 2012 and
PERMANENT
BASIC SALARIES (PER ANNUM)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Tax Compliance & Reporting £25k - £35k £35k - £60k £60k - £80k £80k - £120k £120k - £200k
Tax Advisory & Structuring £25k - £40k £40k - £65k £65k - £90k £90k - £150k £150k - £250k
International Tax £25k - £40k £40k - £65k £65k - £90k £90k - £150k £150k - £250k
VAT £20k - £35k £35k - £55k £55k - £75k £75k - £100k £100k - £200k
Transfer Pricing £25k - £35k £35k - £60k £60k - £80k £80k - £120k £120k - £200k
Operations Tax £20k - £32k £32k - £50k £50k - £75k £75k - £110k £110k - £150k
Expatriate & Employment Tax £20k - £35k £35k - £50k £50k - £70k £70k - £100k £100k - £150k
beyond. Recently, several job opportunities
have been withdrawn, put on hold or filled
with a contractor, and several companies
have unfortunately made redundancies.
Despite this, there are still many financial
services organisations either recruiting or
planning to recruit in 2012, which indicates
that the impacts of ongoing global
economic uncertainty may not be as great
as some fear.
50
TAXATION.
The interim taxation hiring market
continued where it had left off in 2010 with
a steady flow of contract and interim roles
coming onto the market in H1 2011. The
majority of roles created were to assist in-
house tax teams with the burden of
compliance and reporting work with some
organisations unable to increase headcount
due to budgetary constraints. There was
some demand for more senior level interim
contractors to cover strategic projects but
the main demand remained predominantly
at the tax accountant and tax manager
levels. Hiring managers continued to favour
professionals with some prior experience in
UK taxation but with the increased job flow
at the end of 2010 and the start of 2011, the
supply of candidates at the more popular
tax accountant level gradually decreased.
This led some businesses to relax their
criteria or increase rates to attract the best
talent.
TEMPORARY
RATES (PER HOUR)
Role:Analyst /
0-2 years
AVP /
2-5 years
VP /
5-7 years
Director /
7-10 years
MD /
10+ years
Corporate Tax £15 - £20 £20 - £30 £30 - £40 £40 - £50 £50 - £100
VAT £12 - £18 £18 - £28 £28 - £35 £35 - £45 £45 - £80
Transfer Pricing £15 - £20 £20 - £30 £30 - £40 £40 - £50 £50 - £100
Expatriate & Employment Tax £12 - £18 £18 - £28 £28 - £35 £35 - £45 £45 - £80
The interim market looks set to be relatively
active at the start of 2012. Some
organisations are choosing to replace
leavers with contract hires whilst they wait
to review those positions on a permanent
basis once the impact of the current
economic climate becomes clearer.
Prospects for interim and contract tax
professionals in 2012 remain relatively
positive.
51
TECHNOLOGY.
Technology remains an important component within
the financial services sector as it continues to drive
change, despite current challenging market conditions.
Salaries for top tier IT developers remain attractive as
business and technology continue to converge in
trading environments.
Many firms are making a play directly for the sharpest
minds at a graduate level and the ‘war for talent’
remains fierce at this industry entry point. The result is
that highly qualified individuals can expect to enter the
market on generous salaries as we see more of a
focus on technical talent rather than commercial
experience.
A trend towards hiring in business intelligence has
continued as company leaders strive to better collate,
analyse, understand and present the data affecting the
strategic outlook and, in many cases, survival of their
businesses.
In the final quarter of 2011 budgetary allowances were
made for continued hiring into risk management,
compliance and governance technologies. Across
regulated environments the pace of change and need
for implementation has not slowed.
PERMANENTBASIC SALARIES (PER ANNUM)
Role: Junior Mid level Senior
C++ Developer £38k - £42k £65k - £75k £105k - £115k
C# Developer £28k - £32k £45k - £55k £75k - £85k
Java Developer £28k - £32k £55k - £65k £95k - £105k
Web Developer £23k - £27k £40k - £45k £50k - £55k
.net Developer £28k - £32k £55k - £65k £75k - £85k
Applications Developer £28k - £32k £55k - £65k £75k - £85k
Tester £24k - £30k £55k - £65k £65k - £75k
Technical Analyst £33k - £37k £55k - £65k £75k - £85k
Database Administrator £23k - £27k £45k - £55k £65k - £70k
Business Analyst £38k - £42k £65k - £70k £85k -£95k
Project Manager £48k - £52k £65k - £75k £95k - £105k
Manager * £75k - £85k £95k - £105k
Director * £115k - £125k £145k - £155k
Network Engineer £28k - £32k £40k - £50k £65k - £75k
Support £23k - £27k £35k - £45k £55k - £65k
Technical Architect * £75k - £85k £105k - £115k
SQL £33k - £37k £55k - £65k £75k - £85k
Systems Analyst * £40k - £50k £60k - £70k
52*Typically, these roles do not exist at this level
TECHNOLOGY.
TEMPORARY
Role: Junior Mid level Senior
C++ Developer £300 - £350 £450 - £550 £600 - £700
C# Developer £275 - £350 £525 - £600 £625 - £700
Java Developer £300 - £350 £525 - £575 £600 - £700
Web Developer £200 - £250 £300 - £350 £400 - £500
.net Developer £250 - £325 £350 - £400 £550 - £600
Applications Developer £250 - £300 £350 - £400 £450 - £550
Test Analyst £200 - £300 £350 - £450 £500 - £550
Technical Analyst £250 - £325 £400 - £475 £600 - £650
Database Administrator £275 - £325 £375 - £450 £550 - £600
Business Analyst £300 - £400 £450 - £525 £600 - £700
Project Manager £300 - £400 £475 - £600 £650 - £800
IT Manager * £600 - £700 £800 - £1000
Director * £700 - £800 £900 - £1200
Network Engineer £200 - £300 £350 - £450 £475 - £550
Support £250 - £300 £400 - £450 £500 - £550
Technical Architect £400 - £500 £600 - £700 £800 - £1000
SQL £280 - £320 £400 - £500 £550 - £600
Systems Analyst £200 - £280 £375 - £450 £475 - £600
53
As technology continues to move up the value chain in
financial services it is no longer viewed as a peripheral
or commodity but as a key component to the success
of global businesses. The need for cutting edge
technology and technologists is now more important
than ever.
Despite this, technology recruitment has not been
immune to blanket 10-15% rate reductions as banks
seek cost savings in the current climate.
There are, however, pockets of the market that have
awarded significant daily rate increases. Areas that
have increased in importance include systems
focusing on information security, credit / market risk
and automated trading platforms that are revenue
generating.
Java developers in FX and commodities specialists
are in particularly high demand and there have been
seismic shifts in day rates for Java developers with
ION Marketview experience.
The overall volume of temporary and contract
vacancies in technology dropped in the latter part of
2011, however there is scope for a buoyant market
again early in 2012 as leaders seek highly skilled
contractors to get project deadlines back on track.
RATES (PER DAY)
*Typically, these roles do not exist at this level
Visit www.morganmckinley.co.uk for more information
SALARY SURVEY | FINANCIAL SERVICES | LONDON 2012.
UNDERSTANDING THIS GUIDE
METHODOLOGY:
Morgan McKinley conducted a telephone survey
with 372 professionals across multiple functions
and roles in the London financial services sector
between the 14th and 23rd of November 2011.
The aggregated results of this research are used
in this edition of the Morgan McKinley London
Financial Services Salary Survey 2012.
The salary information provided in this survey has
been compiled by dedicated researchers across
all of Morgan McKinley’s financial services
divisions. Our researchers are continually in
contact with both employers and candidates
across the financial services sector in London.
STRUCTURE OF SALARY TABLES:
We acknowledge that different financial
institutions have varying corporate structures. For
ease of use, this document includes both
corporate titles and years’ experience to classify
approximate salary ranges.
SALARY DATA:
The salary ranges in this guide are indications of
what individuals with similar experience might
expect to earn in new roles in 2012. This salary
data is based on placements made during the last
six months, as well as the specialist knowledge of
Morgan McKinley’s consultants.
Salaries listed cover basic salaries only and do not
include bonus payments or benefits. This is due to
the variety of ways in which financial services
employers manage employee pay and reward.
Please note, the information presented in this
document should be used as a general guide only.
Where number of years of experience is mentioned,
it is only to give an approximate framework in which
to gauge what a typical professional is likely to earn
with the level of experience shown.
In order to match candidates to the right career
opportunity for them, Morgan McKinley assesses
individuals on all their skills and abilities when
deciding on their suitability for roles with our clients.
SALARY GUIDE INFORMATION
For more specific salary or hiring information, please
visit www.morganmckinley.co.uk or contact your
Morgan McKinley consultant directly.
© 2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction
of this material is strictly prohibited. 54
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