CONTENTS.CLICK ON THE HYPERLINKS TO GO TO PAGECHIEF OPERATIONS OFFICER’S LETTER       2      INSURANCE                    ...
CHIEFOPERATIONSOFFICER’S                                     Welcome to                                              Morga...
FINANCIAL SERVICES.KEY SURVEY RESULTS                      3
FINANCIAL SERVICES.KEY RESEARCH FINDINGS – PERMANENTPERMANENT     How confident are you about the London            Do you...
FINANCIAL SERVICES.KEY RESEARCH FINDINGS – PERMANENTPERMANENT          If your company is planning to increase            ...
FINANCIAL SERVICES.KEY RESEARCH FINDINGS – TEMPORARYTEMPORARY     How confident are you about the London            Do you...
FINANCIAL SERVICES.KEY RESEARCH FINDINGS – TEMPORARYTEMPORARY           If your company is planning to increase           ...
FINANCIAL SERVICES.SALARY GUIDE                      8
ACCOUNTING & FINANCE.ASSET MANAGEMENT & PRIVATE BANKINGPERMANENTAsset management accounting recruitment           There ha...
ACCOUNTING & FINANCE.ASSET MANAGEMENT & PRIVATE BANKINGTEMPORARYThere was increased demand for                    Market u...
ACCOUNTING & FINANCE.BANKINGPERMANENTAt the junior end of banking finance, the         demand meant that a qualified accou...
ACCOUNTING & FINANCE.BANKINGTEMPORARYThe accountancy and finance market in the        The number of available roles droppe...
ACCOUNTING & FINANCE.COMMODITIESPERMANENTOver the past 12 months hiring has been          There has been a general trend a...
ACCOUNTING & FINANCE.INSURANCE (LIFE & NON-LIFE)PERMANENTThe jobs market for finance in insurance in         Solvency II a...
ACCOUNTING & FINANCE.INSURANCE (LIFE & NON-LIFE)TEMPORARYThe market for temporary accounting and     As a result of the hi...
AUDIT.BANKINGPERMANENTThe past 12 months has been an                    slightly higher base salaries compared to         ...
CHANGE & PROJECT MANAGEMENT.ASSET MANAGEMENTTEMPORARY / CONTRACTIn 2011, the market for project professionals     Towards ...
CHANGE & PROJECT MANAGEMENT.BANKING FINANCEPERMANENTThroughout 2011 there was a gradual               These change program...
CHANGE & PROJECT MANAGEMENT.BANKING FINANCETEMPORARY / CONTRACTEarly 2011 hiring was steady as new                The most...
“THERE MAY ALSO BE APUSH TOWARDSTEMPORARY HIRING ASBANKS SEEK A FLEXIBLEWORKFORCE WITH THEABILITY TO INTRODUCENEW SKILL SE...
CHANGE & PROJECT MANAGEMENT.BANKING OPERATIONSPERMANENTThe first and second quarters of 2011 were      The third and fourt...
CHANGE & PROJECT MANAGEMENT.BANKING OPERATIONSTEMPORARY / CONTRACTIncreased regulation in investment banking         Hirin...
CHANGE & PROJECT MANAGEMENT.BANKING RISK MANAGEMENTTEMPORARY / CONTRACTThe hiring market within risk management           ...
CHANGE & PROJECT MANAGEMENT.INSURANCETEMPORARY / CONTRACTQ4 2011 saw the number of new roles in            stagnant. The e...
CHANGE & PROJECT MANAGEMENT.RETAIL BANKINGTEMPORARY / CONTRACTThe jobs market for change and project          As a result,...
COMPLIANCE.PERMANENTThere was a strong appetite to hire                Later in the year, issues in the eurozone          ...
COMPLIANCE.TEMPORARYThe compliance temporary jobs market             Overall, there has been a decrease in the          De...
CREDIT, RISK & QUANTITATIVE FINANCE.PERMANENTIn the first half of 2011, hiring within the risk   As demand has risen for e...
CREDIT, RISK & QUANTITATIVE FINANCE.TEMPORARYCredit, risk and quantitative finance           Recent months have seen a con...
CREDIT, RISK & QUANTITATIVE FINANCE.COMMODITIESPERMANENTThe commodities risk market remained          Whilst the UK is a g...
FRONT OFFICE.ASSET MANAGEMENTPERMANENTIn 2011, asset management front office                In addition, product developer...
FRONT OFFICE.CORPORATE FINANCE, M&APERMANENTAt the start of 2011 both investment banks       Towards the second half of 20...
“INTERESTINGLY,DESPITE TURBULENTTIMES, 2011 SAWMORE START-UPHEDGE FUNDSEMERGE THAN IN2010.”                    33
FRONT OFFICE.HEDGE FUNDSPERMANENTSalaries in 2011 remained fairly                       bonus levels, with high performing...
FRONT OFFICE.PRIVATE BANKINGPERMANENTThere was consistent jobs growth for           expectations has necessitated a change...
HUMAN RESOURCES.                                                                               BASIC SALARIES (PER ANNUM) ...
HUMAN RESOURCES.                                                                                    RATES (PER DAY)TEMPORA...
INSURANCE.ACTUARIALPERMANENTThe actuarial jobs market continued to grow      There are currently a number of job          ...
INSURANCE.TECHNICAL – CLAIMS, UNDERWRITING & BROKING PERMANENTThroughout 2011 insurance was a growth         Due to a high...
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
London Fs Salary Survey2012
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Morgan McKinley 2012 Salary Survey

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London Fs Salary Survey2012

  1. 1. CONTENTS.CLICK ON THE HYPERLINKS TO GO TO PAGECHIEF OPERATIONS OFFICER’S LETTER 2 INSURANCE 24 MARKETING & COMMUNICATIONS 40 KEY SURVEY RESULTS 3 RETAIL BANKING 25 SALARY GUIDE 8 MIDDLE OFFICE & OPERATIONS 42 COMPLIANCE 26 ASSET MANAGEMENT & PRIVATE BANKING 42ACCOUNTING & FINANCE 9 CREDIT, RISK & QUANTITATIVE FINANCE 28 COMMODITIES 44 ASSET MANAGEMENT & PRIVATE BANKING 9 COMMODITIES 30 INVESTMENT BANKING & BANKING 11 BROKERAGE HOUSES 46 COMMODITIES 13 FRONT OFFICE 31 INSURANCE 14 ASSET MANAGEMENT 31 SECRETARIAL & SUPPORT 48 CORPORATE FINANCE, M&A 32AUDIT 16 HEDGE FUNDS 34 BANKING 16 PRIVATE BANKING 35 TAXATION 50CHANGE & PROJECT MANAGEMENT 17 HUMAN RESOURCES 36 TECHNOLOGY 52 ASSET MANAGEMENT 17 BANKING FINANCE 18 INSURANCE 38 UNDERSTANDING THIS GUIDE 54 BANKING OPERATIONS 21 ACTUARIAL 38 BANKING RISK MANAGEMENT 23 TECHNICAL 39 TALK TO US 55
  2. 2. CHIEFOPERATIONSOFFICER’S Welcome to Morgan McKinley’s In the temporary hiring market, 11% felt more confident with respect to job availability than this 2012 LondonLETTER. Financial Services Salary Survey time last year, with 52% feeling equally as confident. Over 60% anticipate that rates will either remain the same or will rise over the next 12 months. In both the permanent and The last 12 months have been mixed for global temporary recruitment markets, the main driver financial markets and consequently for financial for increasing salaries is expected to be services hiring activity. The eurozone crisis has attracting and retaining key staff – clearly a created an extremely challenging operating significant focus for financial institutions. environment for many financial institutions in Europe and beyond. Subsequently, the hiring It looks likely that headcount will continue to be market has been significantly affected and the closely scrutinised in the early part of 2012. This pattern of recruitment activity throughout 2011 has is illustrated again in both the permanent and reflected this. temporary areas of the hiring market where survey respondents acknowledged their As a result, remuneration has fluctuated across the companies’ continued drive for cost reduction. sector with some pockets of the market enjoying salary increases, whilst others have remained The mixed findings of our survey clearly reflect relatively flat. Lack of visibility in the market has led the lack of visibility and turbulence in the hiring to some areas seeing increases in temporary and market as the new year begins. It is well known contract recruitment instead of hiring permanent that financial markets thrive on stability. professionals. Rates have increased in certain Therefore a conclusion to the eurozone crisis areas as a result. Our recent survey of 372 hiring and clarity on regulatory issues such as the managers and professionals working across Vickers report should bring greater transparency financial services in London provides some and confidence to the banking system in the UK. interesting insight into views on compensation Finally, we hope you find this salary survey levels. informative and welcome your feedback. The results of the survey also reflect current market I would also like to take this opportunity to thank conditions. Survey highlights show that only 12% of you for your continued support and wish you all those in the permanent market are feeling more the best for 2012. confident about job availability compared to this time last year. Andrew Evans On a more positive note, just over a third (35%) are Chief Operations Officer optimistic that salaries will rise over the course of Financial Services | United Kingdom 2012 while 50% expect salaries to stay at their T: +44 (0) 207 092 0150 current levels. E: aevans@morganmckinley.co.uk 2
  3. 3. FINANCIAL SERVICES.KEY SURVEY RESULTS 3
  4. 4. FINANCIAL SERVICES.KEY RESEARCH FINDINGS – PERMANENTPERMANENT How confident are you about the London Do you expect basic salaries within your businessQ1 financial services jobs market compared to Q2 to increase, decrease or stay the same over the this time last year? next 12 months and by what percentage? 4
  5. 5. FINANCIAL SERVICES.KEY RESEARCH FINDINGS – PERMANENTPERMANENT If your company is planning to increase If your company is planning to decreaseQ3 salaries, what do you think will drive this? Q4 salaries, what do you think will drive this? Reformulation of total compensation Directive from structure senior management Increase in candidate In line with availability inflation Skills Attracting shortagesor retaining key staff Focus on cost management 5
  6. 6. FINANCIAL SERVICES.KEY RESEARCH FINDINGS – TEMPORARYTEMPORARY How confident are you about the London Do you expect temporary / contract rates toQ1 financial services jobs market compared to Q2 increase, decrease or stay the same over the this time last year? next 12 months and by what percentage? 6
  7. 7. FINANCIAL SERVICES.KEY RESEARCH FINDINGS – TEMPORARYTEMPORARY If your company is planning to increase If your company is planning to decreaseQ3 temporary / contract rates, what is driving this? Q4 temporary / contract rates, what is driving this? Reformulation of Increase in Directive total compensation candidate From senior structure availability management In line with inflation Attractingor retaining Skills key staff shortages Focus on cost management 7
  8. 8. FINANCIAL SERVICES.SALARY GUIDE 8
  9. 9. ACCOUNTING & FINANCE.ASSET MANAGEMENT & PRIVATE BANKINGPERMANENTAsset management accounting recruitment There has been a particular need for financeshowed some positive signs in the early part professionals in the private equity sector andof 2011, but continued to be a challenging we expect to see this continue.market in H2. Overall there has been growing concernStrong regulatory and control environments across all levels from professionals movingcontinue to be a theme for large and small roles in the current climate, resulting in anasset managers alike, but basic salaries have extended time period for recruitmentremained relatively static and will remain so processes and organisations protecting theirthroughout 2012. We have seen spikes in the existing talent. We expect this to be aneed for qualified experienced auditors and continuing theme in 2012.financial accountants but the part qualifiedmarket has been quiet. BASIC SALARIES (PER ANNUM) Part AVP / VP / Director /Role: Newly Qualified Qualified 2-5 years 5-7 years 10+ yearsFinancial Accountant £25k - £45k £45k - £52k £50k - £70k £65k - £80k £75k - £100kManagement Accountant £30k - £45k £45k - £52k £50k - £75k £75k - £85k £80k - £95kFinancial Controller * £45k - £65k £60k - £80k £75k - £90k £85k+Fund Accountant £25k - £40k £40k - £55k £50k - £65k £65k - £85k £85k - £100kInternal Auditor £30k - £35k £45k - £50k £50k - £70k £65k - £90k £85k - £120kRegulatory Accountant £30k - £35k £40k - £55k £50k - £65k £60k - £80k £80k - £100kBusiness / Finance Analyst £30k - £35k £45k - £60k £55k - £75k £70k - £90k £85k+ 9 *Typically, these roles do not exist at this level
  10. 10. ACCOUNTING & FINANCE.ASSET MANAGEMENT & PRIVATE BANKINGTEMPORARYThere was increased demand for Market uncertainty over the summer This trend is set to continue in 2012. Asexperienced asset management finance months caused hiring volumes to decrease firms look to retain key contractors, thecontract professionals in 2011, particularly as firms focused on replacement hires and demand for the best candidates continues.in H1, which is in line with historical trends. cover only. While the larger institutional Firms are encouraged to plan their hiringThis upsurge was mainly due to a need to asset managers’ hiring volumes decreased and act swiftly to ensure they attract andincrease controls and improve reporting as processing roles moved to regional retain the best talent. Rates remain stableframeworks creating opportunities for locations, the smaller firms (particularly and are expected to continue to stay flatinternal, external and fund reporting hedge funds and private equity moving into 2012, mainly due to a costspecialists. There was also demand for organisations) increased their hiring. The reduction focus and the increasedfinance analysts who were involved in skill sets in demand tended to be for candidate pool available.planning and budgeting. qualified accountants with good technical skills and commercial acumen. RATES (PER DAY) Part AVP / VP / Director /Role: Newly Qualified Qualified 2-5 years 5-7 years 10+ yearsFinancial 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+ *Typically, these roles do not exist at this level 10
  11. 11. ACCOUNTING & FINANCE.BANKINGPERMANENTAt the junior end of banking finance, the demand meant that a qualified accountant the previous year. Senior candidates withmarket saw a resurgence in demand for with limited banking experience could earn specific technical product / accounting skillaccountants with practical banking between £60,000 and £70,000. sets were targeted for ‘exotic’ roles inexperience, a shift from the demand for Meanwhile, demand for talented newly IPV, P&L / risk and accounting policy.newly qualified accountants back in 2010. qualified accountants decreased in direct There was continued hiring within theIn particular, qualified accountants from Big correlation, although salaries at this level regulatory space, both in terms of line andFour firms with working experience in remained consistent with 2010 levels. The change roles. Base salaries remainedfinance at an investment bank – anywhere beginning of 2011 also saw a strong consistent with 2010 with slightly morefrom two months to two years PQE – were demand for experienced professionals at flexibility at the top of the VP scale for thoseheavily targeted by banks to help the senior end of the market. However, this with complex banking knowledge and skillsupplement established teams that had was more of a ‘focused demand’ in contrast sets.become top heavy. This increase in to the ‘get people through the door’ policy of BASIC SALARIES (PER ANNUM) Part Entry Level AVP / VP / Director /Role: Qualified Newly Qualified 2-5 years 5-7 years 10+ yearsProduct Controller £35k - £50k £50k - £59k £59k - £75k £80k - £110k £125k - £200kFinancial Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £180kLegal Entity Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165kManagement Accountant £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165kRegulatory Reporter £35k - £47k £47k - £59k £59k - £75k £80k - £110k £110k - £180kBusiness Analyst / Project Manager £35k - £48k £48k - £59k £59k - £75k £80k - £120k £125k - £200kBusiness Manager / COO £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k 11Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £110k £125k - £200k
  12. 12. ACCOUNTING & FINANCE.BANKINGTEMPORARYThe accountancy and finance market in the The number of available roles dropped by The senior contract market grew infirst half of 2011 carried on the trend from approximately 15% during this period. 2011, which we expect will continue as2010 of recruiting heavily, especially in cost banks look to secure talent for key Newly qualified professionals from/ revenue accounting along with strong integration and structure change projects. accountancy practice have found it tough todemand in product control. secure a role in financial services as However, with banks uncertain of howConfidence was renewed and projects were candidates with banking experience have economic conditions will change in theproceeding full steam ahead, until the been the preferred option. short to medium term, hiring is for essentialsummer of 2011 when the market roles only and rates have reduced due tocontracted and professionals started having budget constraints.to accept reduced rates and become moreopen in their search for a position. RATES (PER DAY) Part AVP / VP / Director /Role: Newly Qualified Qualified 2-5 years 5-7 years 10+ yearsProduct 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
  13. 13. ACCOUNTING & FINANCE.COMMODITIESPERMANENTOver the past 12 months hiring has been There has been a general trend across the However, in the investment banking worldsluggish across the commodities finance board to cut some senior and middle there is currently strong demand formarket as the focus on cost reductions has management to lower costs and pass individuals with solid physicals experienceincreased and candidates have been less greater responsibility to other staff, but this as this looks like an area set to expand overinclined to move roles in such uncertain has had only a ‘trimming’ effect on overall the next few years. The continued spikingtimes. Some areas are bucking the trend: headcount. Remuneration levels for 2012 of prices in the softs market largely due toproduct controllers with strong analytical are likely to remain fairly stable. If bonus supply concerns is likely to result in ancapabilities and risk awareness are still in levels are as low as anticipated, the increased headcount requirement as thisshort supply and continue to demand a increased supply of professionals is unlikely space remains lucrative. Overall, improvedpremium. to be matched by a marked increase in job confidence in the market will drive vacancies. recruitment at all levels. BASIC SALARIES (PER ANNUM) Part AVP / VP / Director /Role: Newly Qualified Qualified 2-5 years 5-7 years 10+ yearsProduct Controller £35k - £50k £50k - £59k £59k - £75k £80k - £120k £125k - £200kFinancial Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £180kLegal Entity Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165kManagement Accountant £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165kRegulatory Reporter £35k - £47k £47k - £59k £59k - £75k £80k - £110k £110k - £180kBusiness Analyst / Project Manager £35k - £48k £48k - £59k £59k - £75k £80k - £120k £125k - £200kBusiness Manager / COO £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200kValuations £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k 13
  14. 14. ACCOUNTING & FINANCE.INSURANCE (LIFE & NON-LIFE)PERMANENTThe jobs market for finance in insurance in Solvency II and corporate governance have Moving into 2012 growth is still a hot topic2011 was exceptionally busy. Momentum remained high on the list of recruitment and companies are keen to get ahead ofpicked up early in the year and job flow priorities with new positions regularly being the competition when it comes to hiring.steadily increased month on month with no created. As a result, Morgan McKinley has Consequently, many hiring managers insign of slowing. developed specialist teams with consultants this sector are reviewing their companies’ purely recruiting into both of these areas.Much the same as 2010, many clients benefits structures and bonuses to ensurelooked to up-skill their teams but found a they are competitive within the industry.shortage of exceptional candidates on themarket. Recruitment processes havetherefore taken longer than previous years. BASIC SALARIES (PER ANNUM) Part AVP / VP / Director /Role: Newly Qualified Qualified 2-5 years 5-7 years 10+ yearsFinancial Accountant £25k - £40k £40k - £55k £52k - £75k £65k - £95k £90k - £200kSyndicate Accountant £25k - £45k £45k - £55k £50k - £70k £70k - £90k £90k+Management Accountant £25k - £45k £40k - £55k £52k - £70k £65k - £95k £90k - £180kBusiness Partner / COO £35k - £45k £45k - £55k £52k - £75k £70k - £110k £95k - £200kInternal Auditor / Governance Controller £25k - £40k £40k - £55k £50k - £75k £65k - £90k £90k - £150kBusiness Analyst / Project Manager £28k - £45k £40k - £58k £55k - £80k £75k - £100k £90k - £180kSolvency II Technician £30k - £45k * £55k - £80k £75k - £110k £100k - £200k *Typically, these roles do not exist at this level 14
  15. 15. ACCOUNTING & FINANCE.INSURANCE (LIFE & NON-LIFE)TEMPORARYThe market for temporary accounting and As a result of the high volume of roles However, this is unlikely to be matched by afinance roles in the insurance sector contractor rates continued to increase marked increase in new job roles.remained strong in 2011. throughout the year. New projects will need to be implementedThe increased demand for permanent talent Moving into 2012, the outlook for contractors which will see a steady flow of positionshad a positive impact on demand for specialising in insurance remains relatively released for job seeking professionals in thistemporary staff. With the continued good. If bonus levels within the permanent sector. The extension of the Solvency IIimplementation of Solvency II technically space are as low as anticipated, there may be deadline will continue to keep contractors incompetent professionals are in demand. an increased supply of professionals entering place and the ever growing governance of the temporary market. the industry will ensure that qualified accountants remain in high demand. RATES (PER DAY) Part AVP / VP / Director /Role: Newly Qualified Qualified 2-5 years 5-7 years 10+ yearsFinancial 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+ *Typically, these roles do not exist at this level 15
  16. 16. AUDIT.BANKINGPERMANENTThe past 12 months has been an slightly higher base salaries compared to The coming months look set to be equallyinteresting period for banking and financial 2010. Boutique banks and financial as buoyant, however challenges will remainservices professionals working in internal services organisations appealed to some of as institutions continue to be committed toaudit. Job volumes and hiring activity were, the industry’s best talent more than ever their search for only the best talent. This isas predicted, buoyant as the demand for before as people sought ways to broaden particularly true at the AVP level whereexperienced individuals continued to their exposure. professionals who can ‘hit the groundincrease. This impacted base salaries, running’ are highly sought after.most noticeably at the VP level ininvestment banking, where the most soughtafter individuals were able to negotiate BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director /Role: 0-2 years 2-5 years 5-7 years 7-10 yearsInvestment Banking £50k - £60k £60k - £75k £75k - £100k £110k+Retail / Commercial Banking £45k - £55k £55k - £70k £70k - £95k £100k+SME Banking £40k - £50k £50k - £60k £60k - £75k £90k+ 16
  17. 17. CHANGE & PROJECT MANAGEMENT.ASSET MANAGEMENTTEMPORARY / CONTRACTIn 2011, the market for project professionals Towards the end of 2011, a couple of larger Likely hiring hotspots will be in regulatorywithin the asset management industry was institutions also started to reduce rates for programmes, particularly for those with retailrelatively stable. Most organisations have contractors. focused businesses.had a range of ongoing project work but Early indications suggest a similar story forthere have been relatively few new major 2012 with little appetite for large budgetprogrammes driving changes in pay rates. increases. However, we do expect to seeAs a result we have seen a fairly flat market some steady incremental hiring to supportboth in terms of demand from employers particular programmes.and rates of pay for professionals. RATES (PER DAY)Role: Low Average HighBusiness Analyst £400 £450 £500+Senior Business Analyst £500 £550 £600+Project Manager £550 £600 £650+Senior Project Manager £600 £650 £700+Programme Manager £750 £850 £1000+Junior PMO £400 £450 £500+Senior PMO £450 £550 £650+ 17
  18. 18. CHANGE & PROJECT MANAGEMENT.BANKING FINANCEPERMANENTThroughout 2011 there was a gradual These change programmes are in response As a result permanent salaries largelydecline in the number of permanent change to market regulation and the ongoing desire stayed at 2010 levels, although the best& project management job vacancies. Due to streamline processes and cut individuals were often able to commandto the extremely difficult trading conditions expenditure. Despite this, the majority of premiums. When demand decreases forfaced by the majority of banking banks are either utilising their existing permanent employees, the candidate poolorganisations, most projects were scaled project teams, drawing on the current line shrinks as change professionals move toback or shelved indefinitely with cost being function or turning to the contract market for the lucrative contract market or becomethe central concern. However, the majority additional resources. This has all impacted entrenched in niche long term roles. Theof the top tier banks are still running huge the shrinking permanent project jobs outlook for 2012 suggests low levels ofprogrammes of change across their finance market where salaries and total demand for only the best candidates in theinfrastructure. compensation are often dwarfed by huge market. Compensation packages for these daily rates and loyalty bonuses. sought after individuals should therefore remain high. BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director /Role: 0-2 years 2-5 years 5-7 years 7-10 yearsBusiness Analyst £40k - £60k £60k - £75k £75k - £100k *Project Manager * £60k - £75k £75k - £110k £120k - £180kProgramme Manager * * £85k - £110k £120k - £180kPMO £40k - £55k £55k - £75k £75k - £100k * *Typically, these roles do not exist at this level 18
  19. 19. CHANGE & PROJECT MANAGEMENT.BANKING FINANCETEMPORARY / CONTRACTEarly 2011 hiring was steady as new The most consistent hiring has been for new roles where they have to rebuild theirheadcount and budgets were approved. H2 large strategic programmes or regulatory relationships and reputations.2011 saw wider market conditions and programmes with ring-fenced funding. The outlook for 2012 so far looks to beglobal economic uncertainty lead to a more There has been an increase in the number similarly impacted by the economy. Banksprudent approach to hiring. of counter-offers as banks try to retain their are expected to continue focusing onOverall, year-on-year job volumes were top talent. Also, there has been a trend to regulatory programmes and replacementdown and there was a trend to interview offer key contractors longer contracts with hires. There may also be a push towardsmore candidates and take more to final notice periods of up to a month. On the temporary hiring as banks seek a flexibleinterview stages with no offer at the end of whole, professionals have become more workforce with the ability to introduce newthe process. risk adverse and less willing to move to skill sets as required. RATES (PER DAY)Role: Low Average HighBusiness 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
  20. 20. “THERE MAY ALSO BE APUSH TOWARDSTEMPORARY HIRING ASBANKS SEEK A FLEXIBLEWORKFORCE WITH THEABILITY TO INTRODUCENEW SKILL SETS ASREQUIRED.” 20
  21. 21. CHANGE & PROJECT MANAGEMENT.BANKING OPERATIONSPERMANENTThe first and second quarters of 2011 were The third and fourth quarters saw a reduction seeing contractors looking seriously atextremely busy for the operations change in hiring and, in many cases, restructuring permanent roles as job stability becomespermanent jobs market at all levels. This and unofficial freezes. Anticipated hiring for increasingly attractive. Contract ratesopened up movement at the senior end of CCP teams did not materialise at the decreased, by around 10% in the secondthe market. The drive towards Central volumes predicted within the first half of the half of 2011.Counterparty (CCP) clearing has resulted in year. Hiring managers are still interested in Permanent salaries this year will remainsignificant investment and therefore been developing CCP teams, so this is likely to static. Some candidates are seekinga notable focus for operations change impact hiring in 2012. opportunities abroad as major investmentrecruitment. Other initiatives have focused After a number of years of seeing employers banks are increasingly bulking up capabilityheavily around data areas with clients shifting from offering permanent roles to for offshore locations to deliver change.continuing the drive for single sources of contract for financial reasons, we are nowdata across the organisation. BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director /Role: 0-2 years 2-5 years 5-7 years 7-10 yearsBusiness Analyst £50k - £60k £55k - £65k £70k - £95k *Project Manager £60k - £70k £70k - £75k £85k - £100k £95k - £130kProgramme Manager * £70k - £75k £95k - £110k £110k - £130kPMO £50k - £60k £55k - £65k £70k - £95k £90k - £110k *Typically, these roles do not exist at this level 21
  22. 22. CHANGE & PROJECT MANAGEMENT.BANKING OPERATIONSTEMPORARY / CONTRACTIncreased regulation in investment banking Hiring in the second half of the year slowed A significant proportion of regulatoryhas been the driver behind the majority of in line with regular market patterns. It was change has been postponed or delayed inchange management hiring across the also impacted by challenging wider market 2011 and we expect this to drive thesector as organisations have adapted to the conditions with job availability falling in Q3 amount of hiring activity taking place in thechallenging regulatory landscape. and tailing off in Q4 as contagion fears banking operations change market around the eurozone crisis gripped financial throughout 2012.Hiring in the first half of 2011 was steady as markets.new budgets were approved andorganisations took on change specialists to The outlook for 2012 is fairly stable andfacilitate new regulation. hiring volumes will be dependent on the overall economic environment. RATES (PER DAY)Role: Low Average HighBusiness 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+ 22
  23. 23. CHANGE & PROJECT MANAGEMENT.BANKING RISK MANAGEMENTTEMPORARY / CONTRACTThe hiring market within risk management Due to a lack of clarity within some of the The initial signs for 2012 are positive withhas been driven by the continued regulatory regulatory areas in terms of deadlines and new recruitment budgets for risk teamschanges imposed on financial institutions future requirements, the end of 2011 saw a again taking into account regulatoryover the past 12 months. slow down in demand for these skill sets. changes and a consequently increased demand for the requisite talent.Rates were driven higher at the start of This has been reflected in a ‘leveling out’ of2011 due to the shortage of experienced pay rates and in some areas – in particular This may therefore have a slow but positivesubject matter experts across all risk operational risk – an actual decline in rates. impact on rates over the course of the year.disciplines. This forced financial institutionsto offer higher rates in order to attract andretain key talent. RATES (PER DAY)Role: Low Average HighBusiness 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+ 23
  24. 24. CHANGE & PROJECT MANAGEMENT.INSURANCETEMPORARY / CONTRACTQ4 2011 saw the number of new roles in stagnant. The end of 2011 also witnessed With deadlines for Solvency II being pushedthis area drop off considerably. Many both rate and tenure reductions across the back there was less urgency to hire foremployers cut costs by shelving non- board at many financial institutions. This related projects pre-Christmas. Having saidessential projects before year end, leading again leads to increased levels of this, larger insurers are indicating they willto more professionals entering the jobs professionals looking for work and it is still be hiring in Q1 2012.market and a more competitive relatively unclear as to what effect this will With many institutions admitting they wouldenvironment for those interviewing. have on average pay rates for 2012. have struggled to adhere to originalThis, coupled with uncertainty surrounding deadlines there is still much work to bebudget sign-off, has meant that hiring done.managers are taking considerably moretime to fill roles and the market has become RATES (PER DAY)Role: Low Average HighBusiness 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
  25. 25. CHANGE & PROJECT MANAGEMENT.RETAIL BANKINGTEMPORARY / CONTRACTThe jobs market for change and project As a result, the outlook for 2012 is relativelymanagement professionals in retail banking consistent with 2011, due to ongoing majorwas buoyant throughout 2011, driven by a programmes, reengineering initiatives andnumber of significant merger, integration ongoing regulatory impacts.and divestment programmes of which we Rates increased modestly in the first half ofanticipate more over the coming months. 2011, although many institutions are nowAdditional programmes are being put in reducing contractor rates for existing staffplace in response to current regulatory which will probably mean that onrequirements. It is expected that further average, rates for new contractors in thechange will be required to respond to early part of 2012 will be at a similar level toadditional regulation in 2012. the start of the previous year. RATES (PER DAY)Role: Low Average HighBusiness 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+ 25
  26. 26. COMPLIANCE.PERMANENTThere was a strong appetite to hire Later in the year, issues in the eurozone Anti-Money Laundering (AML), financialexperienced compliance professionals impacted the entire financial services sector crime and Know Your Client (KYC) / on-throughout 2011, with a number of and caused some compliance functions to boarding have been similarly active and thisseasoned professionals receiving multiple put growth plans on hold and focus mainly on should continue until the end of 2012.offers. key hires. Professionals at the more senior end of theAvailability of roles was high, although there The control room has seen active hiring, with market have seen the largest increases inwas a slight dip in the second half of the some senior movements taking place, and a salaries. This may continue, as mostyear. Front office compliance, in particular number of control room specialists moving institutions have indicated this is an area inwas a key area of hiring for a number of into IBD advisory roles. which they will be investing so we expectbanks throughout the year. the market to remain strong in 2012. BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsKYC / On-boarding Analyst £28k - £35k £36k - £42k £43k - £58k £59k - £98k *Monitoring & Surveillance £36k - £45k £46k - £55k £56k - £72k £73k - £95k £96k - £150kControl Room £30k - £38k £39k - £46k £47k - £68k £69k - £100k £101k - £150kCentral Compliance £33k - £41k £42k - £51k £52k - £68k £69k - £108k £110k - £160kCompliance Advisory (Front Office) £40k - £53k £54k - £69k £70k - £100k £101k - £140k £141k - £180k *Typically, these roles do not exist at this level 26
  27. 27. COMPLIANCE.TEMPORARYThe compliance temporary jobs market Overall, there has been a decrease in the Demand at the senior end of the marketmaintained a strong level of recruitment number of temporary job opportunities in the continued, with many advisory professionalsactivity in 2011 as firms felt the pressure to market and day rates are being driven down. moving into contract roles. This has enabledprovide more information to regulatory However, this has not deterred experienced them to command the highest rates,bodies. candidates from moving into the contract especially those with strong product market as Morgan McKinley registered its knowledge and niche skills such as secondInvestment in these areas looks set to largest number of temporary candidates in a languages.continue leading to increased hiring in the year in 2011.coming months. Know Your Client (KYC) andAnti-Money Laundering (AML) were thebusiest areas for the compliance contractmarket with analysts in demand across awide variety of organisations. RATES (PER DAY) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsKYC / On-boarding Analyst £150 - £250 £250 - £350 £350 - £400 £400 - £450 £450+Monitoring & Surveillance £150 - £250 £250 - £300 £300 - £350 £350 - £450 £450 - £600Control Room £200 - £300 £300 - £350 £350 - £400 £400 - £450 £450 - £550Central 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
  28. 28. CREDIT, RISK & QUANTITATIVE FINANCE.PERMANENTIn the first half of 2011, hiring within the risk As demand has risen for experienced As financial market uncertainty continues, itmarket was incredibly buoyant with many candidates, salaries have seen a slight is expected that demand for strong riskorganisations expanding in key increase. This has also been affected by managers will remain high.areas, particularly within market and credit individuals placing more emphasis on Regulatory requirements such as Basel 2.5risk. The effects of the eurozone crisis in securing a higher basic salary as the bonus / Basel 3 will continue to drive recruitmentQ3 2011 onwards had a significant impact culture in the City has started to shift. through 2012. As the risk function hason financial markets as a whole, however This has also been mirrored in the way grown in prominence, hiring managers’risk management remained an area that banks are structuring their total expectations for the quality of candidatesorganisations chose to strengthen. During compensation packages. have increased, which in turn has narrowedthis time we saw increased demand for the pool of suitable professionals evenregulatory risk managers and operational further.risk professionals. SALARIES (PER DAY) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsMarket Risk Management £30k - £45k £45k - £80k £68k - £110k £100k - £150k £140k - £250kMarket Risk Control £26k - £40k £40k - £68k £65k - £90k £85k - £120k £105k - £190kInvestment / Portfolio Risk £25k - £40k £40k - £65k £62k - £85k £80k - £110k £100k - £180kCredit Analysis £28k - £42k £42k - £80k £68k - £100k £90k - £140k £130k - £200kCredit Risk Control £26k - £40k £40k - £65k £65k - £90k £85k - £120k £105k - £180kOperational Risk Management £26k - £40k £40k - £75k £65k - £100k £95k - £140k £130k - £200kQuantitative Risk Analysis £35k - £60k £50k - £85k £70k - £140k £110k - £200k £160k - £275k 28
  29. 29. CREDIT, RISK & QUANTITATIVE FINANCE.TEMPORARYCredit, risk and quantitative finance Recent months have seen a continued Sign off for new positions was slightlyremained a busy area of the hiring market focus on developing risk frameworks, in restricted in the second half of 2011, within 2011. Hiring within regulatory risk was a particular, internal risk monitoring systems. many institutions only recruiting for criticalstrong focus for many institutions due to the Institutions are hiring technical credit risk hires due to hiring freezes.continued increase in regulatory reform in and market risk specialists to support this. Rates in 2011 remained relatively stable,financial services. Hiring has also focused on operational risk with a slight increase on the previous year.This will be an area which will continue to managers, recruited to develop and The last quarter, however, saw a number ofgrow throughout 2012 and where there may implement robust risk frameworks across rate cuts across the industry but these arebe subsequent skills shortages. organisations. anticipated to be temporary and should increase again in 2012. RATES (PER DAY) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsMarket Risk Management £250 - £300 £300 - £450 £450 - £550 £550 - £650 £650 - £900Market Risk Control £200 - £250 £250 - £400 £350 - £450 £450 - £600 £600 - £800Investment / Portfolio Risk £250 - £280 £280 - £350 £300 - £450 £450 - £550 £550 - £750Credit Analysis £180 - £230 £230 - £350 £300 - £420 £420 - £500 £500 - £750Credit Risk Control £220 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800Operational Risk Management £200 - £250 £250 - £350 £350 - £500 £500 - £650 £650 - £750Quantitative Risk Analysis £200 - £250 £250 - £400 £400 - £500 £500 - £700 £700 - £1100 29
  30. 30. CREDIT, RISK & QUANTITATIVE FINANCE.COMMODITIESPERMANENTThe commodities risk market remained Whilst the UK is a global financial hub, the Whilst Q3 of 2011 saw the start of anreasonably consistent in terms of job flow commodities market does differ from economic slowdown across Westernthroughout 2011. There was a rise in the location to location with Switzerland hosting Europe and the United States, manynumber of banking institutions looking to many of the world’s leading independent employers are still expanding theirincrease headcount as they adjust their trading houses. It is important to bear in operations in Asia.strategies to be more competitive in the mind that due to tax and cost of living We expect the commodities market tomarket. There was also a significant differentials in Switzerland, salaries are on continue to be buoyant in 2012. Volatility inincrease in the demand for physical average 18% higher than the UK which can global markets means the requirement forcommodities, which has created a squeeze make it difficult to attract talent to the UK strong risk managers is going to be evenon the number of individuals who have this from the Swiss market. more business critical. This in turn willexperience within the UK market. create demand and opportunity. BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsMarket Risk Management £30k - £45k £45k - £75k £60k - £120k £100k - £170k £140k - £250kMarket Risk Control £26k - £45k £45k - £65k £60k - £100k £75k - £120k £100k - £150kCredit Analysis £28k - £45k £45k - £75k £70k - £100k £90k - £125k £120k - £200kCredit Risk Control £25k - £38k £35k - £55k £55k - £85k £75k - £100k £85k - £110kOperational Risk £26k - £40k £40k - £65k £65k - £100k £80k - £120k £110k - £150kQuantitative Risk Analysis £45k - £60k £55k - £80k £75k - £130k £110k - £180k £160k - £250k 30
  31. 31. FRONT OFFICE.ASSET MANAGEMENTPERMANENTIn 2011, asset management front office In addition, product developers (particularly In line with this there is potential to seesalaries remained relatively stable for the those with Solvency II and UCITS IV overall earnings increase in the comingsecond year running as the markets experience), are in continued demand. compensation reviews for individuals withstruggled to recover. Consequently, hiring Product specialist / client portfolio manager these specialist skill sets.in the front office was kept to a minimum, roles at all levels of seniority were morewith replacement and strategic hires more prevalent in the first half of 2011, a trend wecommonplace. Despite this, senior are expecting to see continue throughoutinvestment professionals with strong 2012. With the markets failing to stabiliseperformance track records are still able to over the last year, we have also observedcommand premiums. increased demand for strategists and economists at all levels. BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsFund / Portfolio Manager £40k - £50k £50k - £65k £65k - £100k £100k - £130k £130k+Client Portfolio Manager / Investment Specialist / £40k - £47k £47k - £65k £65k - £95k £95k - £110k £110k+Product SpecialistResearch Analyst £35k - £45k £45k - £65k £65k - £95k £90k - £120k £120k+Investment Analyst (Fund of Funds) £30k - £42k £42k - £60k £60k - £80k £75k - £110k £110k+Investment Strategist / Economist £30k - £40k £40k - £55k £55k - £80k £80k - £120k £120k+Trader / Dealer £35k - £40k £40k - £55k £55k - £80k £80k - £110k £110k+Product Development £35k - £40k £40k - £55k £55k - £80k £80k - £110k £110k+Sales / Business Development £28k - £35k £35k - £50k £50k - £80k £80k - £120k £120k+ 31
  32. 32. FRONT OFFICE.CORPORATE FINANCE, M&APERMANENTAt the start of 2011 both investment banks Towards the second half of 2011 hiring Hiring into private equity remained slow asand boutiques alike were looking to add slowed dramatically due to continued funds struggled to raise cash forheadcount, particularly at the junior level. eurozone issues and negative outlook in investments, meaning fewer deals and lessMany deals (albeit smaller in the main the US. IPOs and mergers were delayed or requirement for extra people to work oncompared to the same quarter in 2010) put on hold indefinitely. As a result, some transactions.were drawn up, requiring additional support banks implemented hiring freezes whilst Due to increased regulation, sign-onat analyst and associate level. waiting for market visibility to improve. bonuses and guarantees are notAs always there were specific mandates at Boutique firms continued to look at commonplace. In fact, in 2011 there werevarying levels to replace leavers, typically candidates on an opportunistic basis to many examples of candidates who movedas a result of moves to private equity funds secure high quality, well trained bankers to top tier institutions on the same or loweror corporates. who may have been made redundant. salaries. BASIC SALARIES (PER ANNUM)Level: Analyst Associate VP Director *1 £40k - £50k £70k - £80k £100k - £120k2 £45k - £55k £80k - £95k £110k - £130k £135k - £200k3 £50k - £63k £90k - £100k £120k - £140k * Typically, there is only one level for director positions 32
  33. 33. “INTERESTINGLY,DESPITE TURBULENTTIMES, 2011 SAWMORE START-UPHEDGE FUNDSEMERGE THAN IN2010.” 33
  34. 34. FRONT OFFICE.HEDGE FUNDSPERMANENTSalaries in 2011 remained fairly bonus levels, with high performing Interestingly, despite turbulent times,consistent with 2010 levels; many funds portfolio managers and top rated research 2011 saw more start-up hedge fundsdid not perform as well as expected due analysts being the only real areas of emerge than in 2010.to the eurozone crisis. Caps on basic growth. In 2012, demand for high calibreearning potential continues to be a graduates with equity research There has been a significant shift in focustheme in the hedge fund space with an experience in top tier investment banks, in emerging markets experience, withemphasis on bonuses linked to fund looking to make the move into the hedge event driven and special situationperformance. Having said that, we have fund world, is expected to continue. strategies particularly popular.not observed any significant increases in BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsFund / Portfolio Manager £35k - £40k £40k - £60k £60k - £80k £80k - £120k £120k+Client Portfolio Manager / Investment Specialist / £35k - £42k £42k - £65k £65k - £75k £75k - £100k £100k - £130kProduct SpecialistEquity Research Analyst £30k - £40k £40k - £60k £60k - £80k £80k - £110k £110k - £130kEconomist / Investment Strategist £28k - £37k £37k - £55k £55k - £70k £70k - £110k £110k - £150kPortfolio Construction £32k - £41k £41k - £55k £55k - £70k £70k - £85k £85k - £100kTrader £25k - £37k £37k - £50k £50k - £70k £70k - £90k £90k - £110kProduct Development £35k - £40k £40k - £55k £55k - £75k £75k - £100k £95k - £120kSales / Business Development £25k - £32k £32k - £50k £50k - £75k £70k - £100k £100k+ 34
  35. 35. FRONT OFFICE.PRIVATE BANKINGPERMANENTThere was consistent jobs growth for expectations has necessitated a change in With growing global instability andprivate banking throughout 2011, as private client service and investment methodologies. uncertainty, wealth management continuesbanks and wealth management firms Banks and wealth managers now see Retail to be a lucrative area. There is strongshifted their focus to client service and Distribution Review (RDR) compliance as a potential for significant growth asvalue delivery. Boutiques and bespoke key requirement for job seekers. Professionals institutions of all sizes compete to win andpartnerships are challenging the dominance holding qualifications such as RDR Level retain assets.of established global firms. The impact of 6 and above, including the PCIAM, are nownew regulations and growing client considered particularly attractive candidates. BASIC SALARIES (PER ANNUM) Analyst / AVP / VP / Director / MD /Role: 0-2 years 2-5 years 5-7 years 7-10 years 10+ yearsPrivate Banker £30k - £45k £45k - £75k £75k - £110k £100k - £150k £120k+Fund / Portfolio Manager £35k - £40k £40k - £65k £65k - £85k £85k - £110k £110k - £130kInvestment 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 - £100kInvestment Analyst (Fund of Funds) £30k - £42k £42k - £55k £50k - £65k £65k - £75k £75k - £90kInvestment Strategist / Economist £30k - £35k £35k - £45k £47k - £54k £55k - £65k £75k - £90kTrader / 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
  36. 36. HUMAN RESOURCES. BASIC SALARIES (PER ANNUM) Role:PERMANENT HR Business Partner £45k - £85k Senior HR Business Partner £85k - £110kThe human resources permanent jobs market in 2011 HR Administrator £28k - £38kwas busier in some areas than others. Recruitment in HR Advisor / Officer £38k - £55kcompensation and benefits was strong due to FSA Learning & Development Coordinator £27k - £35kregulation and the structure of bonus paymentsinvolving complex processes for implementing deferred Learning & Development Advisor £35k - £50kcompensation schemes. Learning & Development Business Partner £55k - £95kThe specialist areas of reward and learning & Talent / OD Specialist £55k - £90kdevelopment were the first to be affected by the Compensation and Benefits Administrator £30k - £41kbeleaguered global economy in 2011 which resulted in Compensation and Benefits / HRMI Analyst £41k - £55kincreased recruitment of HR generalists and business Compensation and Benefits / HRMI Manager £55k - £90kpartners to support the larger workload. Employee Relations Specialist £55k - £95kThe 2012 outlook for hiring in HR is positive with many Recruitment Coordinator £27k - £34kmore specialist roles being recruited and it is likely thatthe coming months will have more of a focus on Recruiter £34k - £55klearning & development where hiring managers are Recruitment Manager £50k - £75klooking to retain talent. Graduate Recruitment / Development Administrator £28k - £36kSalary levels for HR professionals are not expected to Graduate Recruitment / Development Advisor £36k - £55krise dramatically but will continue to move at the same Graduate Recruitment / Development Manager £55k - £95kpace as they have over the past few years. HR Project Support £30k - £45k HR Project Analyst £45k - £65k HR Project Manager £65k - £85k Head of Reward £80k - £145k Head of L&D £80k - £130k Head of Recruitment £75k - £110k HR Programme Manager £85k - £125k 36
  37. 37. HUMAN RESOURCES. RATES (PER DAY)TEMPORARY Role: HR Business Partner £300 - £450The human resources temporary and interim jobs Senior HR Business Partner £450 - £750market slowed considerably during 2011 compared tothe previous year, with job volumes dropping after a HR Administrator £120 - £160fairly busy first quarter. HR Advisor / Officer £180 - £280The larger financial services organisations became Learning and Development Coordinator £130 - £160cautious after the first few months of 2011, with the Learning and Development Advisor £180 - £280majority of roles being business critical or temporarycover for maternity leave. Learning and Development Business Partner £300 - £550Interestingly, rates have increased slightly in certain Talent / OD Specialist £400 - £600areas of HR as hiring managers seek out the best Compensation and Benefits Administrator £130 - £180talent and aim to attract those working for their Compensation and Benefits / HRMI Analyst £250 - £450competitors who are hesitant to move due to instabilityin the financial markets. Compensation and Benefits / HRMI Manager £450 - £800Areas such as HR projects and compensation were Employee Relations Specialist £400 - £600especially competitive in the second half of 2011 as Recruitment Coordinator £120 - £150year end processes kicked-off and project deadlines Recruiter £200 - £350became imminent. Recruitment Manager £350 - £500Hiring activity is predicted to increase moving through2012 and it is anticipated that rates will remain Graduate Recruitment / Development Administrator £130 - £180competitive and steady, with more professionals Graduate Recruitment / Development Advisor £200 - £350looking to enter the jobs market after completing Graduate Recruitment / Development Manager £350 - £450contracts in December 2011. HR Project Support £180 - £280 HR Project Analyst £300 - £450 HR Project Manager £450 - £650 HR Programme Manager £650 - £850 37
  38. 38. INSURANCE.ACTUARIALPERMANENTThe actuarial jobs market continued to grow There are currently a number of job For an actuary the difference in salaryfor permanent positions throughout 2011, opportunities available to newly qualified between one company and another is oftenleading to higher basic salaries at job offer actuaries within insurance companies, negligible, and so other factors begin tostage. There will always be demand for consultancies, rating agencies and banks. make a more significant difference in theexperienced actuaries, especially in the Once again, due to the ensuing regulatory job search process. Factors such as workbuild up to Solvency II and possibly changes, there is a bias towards reserving /life balance and location are becomingSolvency III and beyond. We have also positions. more important where remuneration is notnoticed an increase in graduates being the main driver.recruited into this area. BASIC SALARIES (PER ANNUM) Risk Actuarial Actuarial Qualified Head ofRole: Management Student Analyst Actuary Department ActuaryGeneral 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+ *Typically, these roles do not exist at this level 38
  39. 39. INSURANCE.TECHNICAL – CLAIMS, UNDERWRITING & BROKING PERMANENTThroughout 2011 insurance was a growth Due to a high volume of hires in 2011, staffjobs market within the financial services retention has been a hot topic and manysector at a time when companies were insurers are offering ‘buy backs’ to keepreducing headcount or restricting growth. their best talent from joining competitors.Insurance companies have maintained As a consequence, base salaries acrossconsistent business performance or, in the industry have risen.many cases, grown. As a result, hiring Expectations remain high for 2012, with thewithin the technical insurance market was outlook in the industry still relativelyconstant throughout the year. optimistic. BASIC SALARIES (PER ANNUM) Technical /Role: Team Leader Manager JuniorClaims Adjuster £25k - £35k £35k - £50k £50k - £70kClaims Technician / Broker £20k - £30k £30k - £50k £50k - £110kPlacing Broker £25k - £35k £35k - £60k £60k - £85kCommercial Underwriter £20k - £25k £25k - £35k £35k - £60kProperty & Casualty Underwriter £25k - £35k £35k - £55k £55k - £80kSpecialist / Lloyds Underwriter £25k - £35k £35k - £70k £70k - £150k 39

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