The banking sector saw increased demand for accounting and finance professionals in 2010. Newly qualified accountants were in high demand, and their salaries increased by 15-30% across functions. Demand for temporary product controllers and other finance roles also grew in 2010 and is expected to remain strong in 2011, driving up daily rates by around 20%. Experienced temporary candidates can earn over £450 per day.

2. CONTENTS.
CLICK ON THE HYPERLINKS TO GO TO PAGE
CHIEF OPERATIONS OFFICER’S LETTER 2 COMPLIANCE 22 MIDDLE OFFICE & OPERATIONS 35
KEY SURVEY RESULTS 3 ASSET MANAGEMENT & PRIVATE BANKING
CREDIT, RISK & QUANTITATIVE FINANCE 24 INVESTMENT BANKING & BROKERAGE HOUSES
SALARY GUIDE 7 FRONT OFFICE 26 COMMODITIES
ASSET MANAGEMENT
ACCOUNTING & FINANCE 8 CORPORATE FINANCE, M&A SALES & MARKETING 41
ASSET MANAGEMENT & PRIVATE BANKING HEDGE FUNDS
BANKING PRIVATE BANKING SECRETARIAL & SUPPORT 43
INSURANCE
HUMAN RESOURCES 31
TAXATION 45
AUDIT 15
BANKING INSURANCE 33
ACTUARIAL TECHNOLOGY 47
CHANGE & PROJECT MANAGEMENT 16 TECHNICAL
UNDERSTANDING THIS GUIDE 49
BANKING FINANCE
BANKING OPERATIONS TALK TO US 50
BANKING RISK

3. CHIEF
OPERATIONS
OFFICER’S Welcome to
Morgan McKinley’s
2011 London
LETTER. Financial Services
Salary Survey
Clearly the financial services markets have This not only reflects an improving market and
endured a turbulent couple of years. We all hope a stronger demand for talent by our clients but
that the worst of this is behind us and the market is is a strong indication of how, once again, it is
finally returning to some form of normality. However, becoming increasingly difficult to attract and
some of the knock-on effects continue, with the retain staff. Over half (52%) of our clients cited
market still lacking visibility of business activity that attracting and retaining staff would be the
levels, resulting in a degree of uncertainty filtering key driver for salary increases this year.
through to the hiring market. Combining this with a
Combined with these results, the whole subject
number of ongoing global economic issues, the
of bonus is clearly a key barometer of market
employment market and therefore salaries have
conditions. Whilst the largest percentage of our
continued to fluctuate.
clients (38%) felt that bonuses would remain
To provide a clearer picture for you, the job seeker similar to 2009/10, over a quarter (27%) felt they
and our clients, we have carried out extensive would increase in the 2010/11 bonus round.
research across the London financial services Overall, the trends and key indicators for 2011
market into current salary levels across all continue to point to further improvement in the
disciplines as well as salary and bonus employment market.
expectations. We have combined this data with
We hope you find this salary guide informative.
insight from our specialist consultants to give
If you have any questions, feedback or would
further clarity on trends and market conditions.
like to discuss any of the findings in this salary
Over the course of 2010, we saw increased hiring survey, please feel free to contact me or any of
activity in the financial services sector. According to my colleagues here at Morgan McKinley for
Morgan McKinley's widely read monthly London further information.
Employment Monitor, the total number of job
Finally, I would like to thank you for your
vacancies increased by 48% year-on-year. Whilst
continued support and wish you all the best in
this is a pleasing increase, it is still at relatively
your employment endeavours in 2011.
suppressed levels when compared to pre-recession
levels. Andrew Evans
Chief Operations Officer
Other key findings from our research are also
Financial Services | United Kingdom
positive. Well over half of hiring managers (62%)
T: +44 (0) 20 7557 7258
expect to see salaries increase over 2011. Only a
E: aevans@morganmckinley.co.uk
quarter (26%) expect them to stay the same.
2

4. FINANCIAL SERVICES.
KEY SURVEY RESULTS
3

5. FINANCIAL SERVICES.
KEY RESEARCH FINDINGS
Do you expect basic salary offers from Do you expect your company's
Q1 your business to increase, decrease or Q2 temporary / contract rates to
stay the same over the next 12 months increase, decrease or stay the same
and by what percentage? over the next 12 months and by what
percentage?
Not known Not known
More than 26% decrease More than 26% decrease
21-25% decrease 21-25% decrease
16-20% decrease 16-20% decrease
11-15% decrease 11-15% decrease
6-10% decrease 6-10% decrease
1-5% decrease 1-5% decrease
Stay the same Stay the same
1-5% increase 1-5% increase
6-10% increase 6-10% increase
11-15% increase 11-15% increase
16-20% increase 16-20% increase
21-25% increase 21-25% increase
More than 26% increase More than 26% increase
0% 5% 10% 15% 20% 25% 30% 35% 0% 5% 10% 15% 20% 25% 30% 35% 40%
4

6. FINANCIAL SERVICES.
KEY RESEARCH FINDINGS
If your company is planning to increase If your company is planning to decrease
Q3 salaries, what is driving this change? Q4 salaries, what is driving this change?
8%
13% 23%
56%
In line with inflation To attract / retain key staff
Skills shortage Other factors
5

7. FINANCIAL SERVICES.
KEY RESEARCH FINDINGS
How do you think bonus amounts paid Is your organisation planning to
Q5 out at your firm for 2010-11 will compare Q6 restructure the components that make
to those paid for 2009-10? up total compensation (e.g. proportion
of basic salary versus bonus).
Not known 49%
50%
101%+ lower
91-100% lower
81-90% lower 45%
71-80% lower
61-70% lower 40%
51-60% lower
41-50% lower 35% 34%
31-40% lower
21-30% lower 30%
11-20% lower
6-10% lower 25%
Similar (+/-5%)
6-10% higher 20% 17%
11-20% higher
21-30% higher 15%
31-40% higher
41-50% higher 10%
51-60% higher
61-70% higher 5%
71-80% higher
81-90% higher 0%
91-100% higher
101%+ higher Yes
No
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Not known
6

8. FINANCIAL SERVICES.
SALARY GUIDE
7

9. ACCOUNTING & FINANCE.
ASSET MANAGEMENT & PRIVATE BANKING
PERMANENT
Accounting and finance recruitment across as well as experienced business finance
the investment management market partners with the ability to bridge back and
showed consistent growth in 2010. On the front office functions. Salaries for accounting
back of a much tougher and more highly and finance professionals have increased
regulated trading environment, the need to slightly at the newly qualified level and some
monitor financial activity, adhere to financial companies are paying a premium for those
regulations and provide transparent with specific asset management experience.
financial reports translated to an increased Movement is expected following the Q1 2011
requirement for qualified accountants. bonus round but it is uncertain whether this
Financial accountants and controllers will result in a spike in basic salary offers to
continue to be in high demand in 2011, attract the best talent.
BASIC SALARIES (PER ANNUM)
Part Newly AVP VP Director
Role:
Qualified Qualified (2-5 years) (5-7 years) (10+ years)
Financial Accountant £25k - £32k £30k - £55k £50k - £70k £65k - £80k £75k - £100k
Management Accountant £30k - £35k £30k - £55k £50k - £75k £75k - £85k £80k - £95k
Financial Controller * £45k - £65k £60k - £80k £75k - £90k £85k+
Fund Accountant £25k - £35k £30k - £55k £50k - £65k £65k - £85k £85k - £100k
Internal Auditor £30k - £35k £35k - £50k £50k - £70k £65k - £90k £85k - £120k
Regulatory Accountant £30k - £35k £30k - £55k £50k - £65k £60k - £80k £80k - £100k
Business / Finance Analyst £30k - £35k £35k - £60k £55k - £75k £70k - £90k £85k+
*Typically, roles do not exist at this level 8

10. ACCOUNTING & FINANCE.
ASSET MANAGEMENT & PRIVATE BANKING
TEMPORARY
As market confidence grew in 2010, many the cost focus seen in 2009. 2011 has accountants in London. At present, the flow
asset and wealth management companies started positively with many companies of asset management specialists seeking
placed more emphasis on permanent actively recruiting. The majority new job opportunities is being impacted by
hiring, meaning temporary recruitment was of London-based recruitment continues to the investment banking sector, which is
often a short term solution to cover busy be for client-facing roles, as well as offering a higher volume of roles at higher
periods or parental leave. In H1 2010 there positions requiring complex product pay rates. The strongest top tier asset
was demand for management accountants knowledge such as hedge fund accountants management professionals are being
and financial analysts to prepare budgets and Fund of Funds specialists. Many large retained with higher rates. Turnaround
and undertake project work. This was firms relocated processing roles to UK times for temporary recruitment can be
largely focused around revenue and AUM regions and offshore, which influenced the slow, meaning that the firms that move
reporting, which was a shift away from demand for part qualified quickly often get the best talent.
RATES (PER DAY)
Part Newly AVP VP Director
Role:
Qualified Qualified (2-5 years) (5-7 years) (10+ years)
Financial Accountant £120 - £250 £230 - £250 £220 - £300 £300 - £400 £400+
Management Accountant £150 - £250 £230 - £250 £220 - £320 £300 - £400 £400+
Financial Controller * * £250 - £350 £300 - £450 £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+
*Typically, roles do not exist at this level
9

11. ACCOUNTING & FINANCE.
BANKING
PERMANENT
The financial services jobs market saw a could earn between £47,000 and £59,000. to see increased regulatory
resurgence in demand for newly qualified Meanwhile, demand for talented junior requirements, rises in staff turnover and
and part qualified accountants in 2010. In finance professionals with direct banking small opportunities for growth, expansion
particular, junior accountants with experience remained consistently and investment hiring. These
experience at the Big Four accountancy high, leading to increases in base salary factors, combined with the need to
firms were heavily targeted by banks to fill offers of up to 25% in 2010. Competition for restructure compensation packages so that
the void at their junior levels caused by talent also returned at the senior end of the they are less bonus-oriented, have
redundancies and other transitions during market. Companies that had not hired continued in 2011. In this more competitive
the financial crisis. This increase in demand senior finance professionals in any great environment, there have been increases in
meant that a newly qualified accountant volume in the previous 18 months began basic salaries of 15 to 30% across all
functions.
BASIC SALARIES (PER ANNUM)
Part Newly AVP VP Director
Role:
Qualified Qualified (2-5 years) (5-7 years) (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
10

12. ACCOUNTING & FINANCE.
BANKING
TEMPORARY
In 2010 the financial services sector institutions viewed temporary staff as a earned daily rates in excess of £450.
demanded a steady stream of temporary flexible and time efficient hiring option to Financial controllers (especially those with
and contract workers with expertise in a assist in meeting their business targets. product knowledge), management
range of finance functions, driving rates up This mood was reflected in a 59% increase accountants and IT finance business
by around 20% across the board. Many in new temporary job opportunities year-on- partners are also in high demand. Many
professionals sought contract opportunities year from 2009 to 2010. Demand for investment banks have forecasted similar
for lifestyle changes, deferred bonus temporary product controllers is expected or higher temporary recruitment volumes
incentives or the flexibility of not being ‘tied’ to remain strong in 2011, especially within for 2011, indicating an increase in business
to an employer for a number of years. As technical areas such as structured credit. confidence compared to the start of 2010.
market confidence grew, many financial Experienced candidates in this field have
RATES (PER DAY)
Part Newly AVP VP Director
Role:
Qualified Qualified (2-5 years) (5-7 years) (10+ years)
Product Controller £250 - £300 £250 - £300 £300 - £380 £380 - £450 £450+
Legal Entity Controller £200 - £300 £250 - £320 £300 - £375 £375 - £450 £450+
Management Accountant £220 - £300 £250 - £320 £325 - £400 £400 - £500 £450+
Business Analyst £250 - £350 £300 - £400 £400 - £500 £500 - £600 £650+
Financial Accountant £200 - £300 £250 - £315 £315 - £400 £400 - £500 £450+
Finance Business Partner £200 - £300 £270 - £330 £330 - £420 £400 - £500 £450+
Financial Planner and Analyst £220 - £300 £300 - £350 £350 - £400 £425 - £500 £500+
11

13. ACCOUNTING & FINANCE.
INSURANCE (LIFE & NON-LIFE)
PERMANENT
In 2010 the market for accounting and rises or deferred bonuses. These talent of 2011. In particular, more stringent
finance jobs in insurance returned to a retention strategies have seen basic compliance requirements, such as
situation in which demand for experienced salaries increase by up to 20% and have Solvency II and IFRS 4 Phase 2 should
insurance professionals outstripped supply. given job seekers much more control during continue to fuel demand for accountancy
As this trend continued throughout the year, the offer process. This picture of the and finance professionals with experience
companies looked at ways to retain staff, insurance hiring market is expected to in control and regulation.
such as implementing retrospective pay remain the same throughout the first half
BASIC SALARIES (PER ANNUM)
Part Newly AVP VP Director
Role:
Qualified Qualified (2-5 years) (5-7 years) (10+ years)
Financial Accountant £25k - £45k £40k - £55k £52k - £70k £65k - £95k £90k - £200k
Syndicate Accountant £20k - £40k £40k - £55k £55k - £65k £65k - £80k £80k+
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 £25k - £45k £40k - £55k £50k - £75k £65k - £90k £90k - £180k
Business Analyst / Project Manager £28k - £45k £40k - £58k £55k - £80k £75k - £100k £90k - £180k
Technical Accountant £30k - £45k £40k - £58k £55k - £80k £75k - £110k £100k - £200k
12

14. ACCOUNTING & FINANCE.
INSURANCE (LIFE & NON-LIFE)
TEMPORARY
The market for temporary accounting and focused around controls (i.e. SOX) and Solvency II continues to dominate the
finance insurance roles was buoyant in improving control frameworks in response majority of project recruitment and a shortage
2010. The challenges that organisations to a more highly regulated environment. of candidates in this space has pushed up
faced in attracting and retaining the best Moving into 2011, the need for greater pay rates. Syndicate accountants are also
talent for permanent hires meant that there clarity around reporting has resulted in still in short supply. Overall it is predicted that
was a greater demand for temporary staff increased demand for MI specialists and hiring in this area will remain steady over the
and in particular, those seeking temp-to- professionals with expertise in advanced next six months with strong demand for
perm opportunities. Recruitment was systems and process improvement. insurance finance specialists.
RATES (PER DAY)
Part Newly AVP VP Director
Role:
Qualified Qualified (2-5 years) (5-7 years) (10+ years)
Financial Accountant £120 - £250 £230 - £250 £220 - £300 £300 - £400 £400+
Management Accountant £150 - £250 £230 - £250 £220 - £320 £300 - £400 £400+
Financial Controller * * £250 - £350 £300 - £450 £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+
*Typically, roles do not exist at this level
13

15. AUDIT.
BANKING
PERMANENT
The demand from the banking and financial attracting and retaining key talent in this
services sector for internal audit, risk and area. Some businesses are even
controls professionals increased over 2010. considering candidates who have
This trend is set to continue throughout alternative audit backgrounds such as
2011 as many businesses look to hire the operational risk, Sarbannes-
best talent for their global audit teams. It is Oxley, business audit and non-financial
expected that this demand will push up services audit experience (for the more
salaries from 2010 levels. The key issue for junior candidates). Such moves would have
financial services clients has been been considered highly unusual two years
ago.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years)
Investment Banker £50k - £60k £60k - £75k £75k - £95k £100k+
Retail / Commercial Banker £45k - £55k £55k - £70k £70k - £95k £100k+
SME Banker £40k - £50k £50k - £60k £60k - £75k £90k+
14

16. “BASIC SALARIES ARE
DEFINITELY GOING TO
BE A HOT TOPIC THIS
YEAR DUE TO
DOWNWARD PRESSURE
ON BONUSES.”
HR Advisor, world leading liquid equities exchange group
15

17. CHANGE & PROJECT MANAGEMENT.
BANKING FINANCE
PERMANENT
The change and project management jobs of support functions. Banks are also expected to remain high throughout 2011.
market was extremely busy in 2010; a trend focusing on implementation of new systems There is a shortage of suitable permanent
that is set to continue throughout 2011. A and processes in their continual drive candidates for such roles and in turn, many
large proportion of investment banks have towards efficiency. This has resulted in a companies have increased their basic
embarked upon large programmes of sharp increase in the hiring of project salary offers to combat this.
change over the past two years, driven by managers and associated subject matter
factors including the new regulatory experts, as former line managers diversify
environment, integrations and offshoring their careers and skill sets. This demand is
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years)
Business Analyst £40k - £60k £55k - £70k £70k - £95k *
Project Manager * £60k - £70k £75k - £110k £120k - £180k
Programme Manager * * £85k - £110k £120k - £180k
PMO £40k - £55k £55k - £70k £70k - £95k *
*Typically, roles do not exist at this level
16

18. CHANGE & PROJECT MANAGEMENT.
BANKING FINANCE
TEMPORARY / CONTRACT
The temporary change and project and product control will therefore continue 20% to an average of £650 per day. In 2010
management jobs market is typically strong to be in high demand throughout 2011, as many mid level business analysts left
at the start of the year as budget for they were in 2010. Those with liquidity and permanent roles to enter the contract market
headcount sign-off is more readily regulatory knowledge will be particularly as, in many cases, it offered opportunities to
available. It is also particularly buoyant as sought after as companies prepare for take home significantly higher net pay when
many of the major investment banks are Basel III. These increases in hiring demand compared to permanent roles at AVP and
either starting or continuing large will have a positive impact on pay rates. An Junior VP levels.
finance transformation programmes. example of this is at the senior business
Professionals with experience in financial analysis level where rates have risen by
RATES (PER DAY)
Role: Low Average High
Business Analyst £350 £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+
17

19. CHANGE & PROJECT MANAGEMENT.
BANKING OPERATIONS
PERMANENT
Following a lull in 2009, hiring for great deal of additional hiring for project a potential increase in hiring activity within
operations change roles increased in 2010 management, typically for large business CCP projects across larger organisations.
on the back of new straight through integration programmes. Whilst project Increased hiring volumes and consequent
processing (STP) initiatives, increased management roles are traditionally filled skills shortages are expected to boost
governance and stricter regulatory reform. by contractors due to the ongoing, long term salary offers in the change and project
In particular, over-the-counter (OTC), on- nature of change management, 2011 should management space in 2011. Contract rates
boarding and technology saw increased see an increasing trend by employers to fill increased significantly in 2010 but the
hiring activity as companies placed more these roles on a permanent basis. It is permanent market has yet to catch up.
emphasis on ensuring that their systems forecast that such a trend will continue Therefore, it is likely that salaries may
were robust and efficient. There was also a throughout the first half of 2011, alongside increase by up to 10% this year as a result.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director
Role:
(0-2 years) (2-5 years) (5-7 years) (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
*Typically, roles do not exist at this level
18

20. CHANGE & PROJECT MANAGEMENT.
BANKING OPERATIONS
TEMPORARY / CONTRACT
Temporary hiring within the operations client on-boarding and technology is set to
change and project management market continue into 2011. Rates are increasing
picked up in 2010. Similar to the permanent steadily in this market and, in most
market, this improvement was on the back cases, significantly outstrip what a
of new Straight Through Processing professional could earn in an equivalent
initiatives, increased governance and permanent role. If, as anticipated, the
regulatory reform. Demand for current talent shortage continues, rates
professionals with expertise in OTC, should continue to increase over 2011.
RATES (PER DAY)
Role: Low Average High
Business Analyst £400 £450 £500+
Senior Business Analyst £500 £550 £600+
Project Manager £550 £600 £650+
Senior Project Manager £600 £650 £700+
Programme Manager £750 £850 £1000+
Junior PMO £400 £450 £500+
Senior PMO £450 £550 £650+
19

21. CHANGE & PROJECT MANAGEMENT.
BANKING RISK
TEMPORARY / CONTRACT
Most of the major banks have recently been up over the second half of 2010, although Salary rates have increased over the last
recruiting for similar types of project to a lesser extent, with most roles focused few months due to the high demand – a
roles, including business analysts and around control and framework trend which is expected to continue as
project managers in market and credit risk. improvement. Moving into 2011, temporary banks respond to future regulatory
This can be mainly attributed to increased recruitment in this market is expected to be requirements.
regulatory changes and the subsequent focused on current Basel II processes, and
upgrades to risk infrastructure. The the ability to cope with the expected
operational risk project market also picked requirements of Basel III.
RATES (PER DAY)
Role: Low Average High
Business Analyst £400 £500 £600
Senior Business Analyst £550 £650 £750
Project Manager £650 £750 £900
Programme Manager
£800 £900 £1200
20

22. “COMPETITION FROM
ASIAN MARKETS
WILL BE SIGNIFICANT
THIS YEAR.”
HR Manager, global investment bank
21

23. COMPLIANCE.
PERMANENT
There was a significant increase in hiring continue to be extremely active throughout
activity in compliance in 2010. The number 2011. Candidates in this area have seen
of job opportunities on offer for entry level some of the highest increases in basic
and experienced compliance specialists far salaries. Salaries are also on the rise for
outweighed the number of professionals regulatory specialists on both the sell and
actively seeking work. More buy sides. This indicates that the financial
specifically, front office compliance advisory services compliance and regulatory markets
specialists were highly sought after in 2010 will remain competitive throughout 2011.
and it appears as if this particular area will
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
KYC / On-boarding Analyst £28k - £33k £34k - £38k £39k - £55k £56k - £90k *
Monitoring & Surveillance £35k - £42k £43k - £50k £51k - £69k £70k - £95k £96k - £150k
Control Room £30k - £35k £36k - £42k £43k - £65k £66k - £95k £96k - £140k
Central Compliance £33k - £39k £40k - £47k £48k - £65k £66k - £105k £106k - £160k
Compliance Advisory (Front Office) £35k - £45k £46k - £65k £66k - £100k £101k - £140k £141k - £180k
*Typically, roles do not exist at this level
22

24. COMPLIANCE.
TEMPORARY
Demand for compliance professionals to fill area for top tier investment banks.
temporary roles rose by approximately 40% Essentially, functions that support non-
from 2009 to 2010. Banks were particularly trading areas are working to improve their
interested in analysts, financial crime processes to mitigate risk and ensure that
investigators and monitoring and controls are in place. The compliance jobs
surveillance specialists, as they worked to market is seeing new highs for day rates
tighten their processes in line with FSA and compared to 2010, and it is expected that
other regulatory requirements. At the start this will remain the case as banks continue
of 2011 control is also a significant growth to invest heavily in these areas.
RATES (PER DAY)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
KYC / On-boarding Analyst £150 - £250 £250 - £300 £300 - £350 £350 - £400 £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 £400 - £500 £500 - £600 £600 - £800
23

25. CREDIT, RISK & QUANTITATIVE FINANCE.
PERMANENT
Hiring within credit, risk and quantitative Technology risk also saw increased hiring There is currently a lot of pressure to limit
finance increased dramatically during 2010. activity as businesses placed more bonus pools, which may result in more
Following a lull in 2009, hiring returned on emphasis on ensuring that their risk professionals choosing to move. Base
the back of increased governance and systems and reporting units were robust salaries have steadily increased within the
stricter regulatory reform surrounding the and efficient according to standards set by risk management sector over the last 12
internal risk frameworks of many businesses. local regulatory authorities. These trends months, and areas such as counterparty
Areas such as market risk, credit are set to continue into 2011, however, the analytics and market risk (covering equity
risk, operational risk and quantitative risk in next bonus round is likely to dictate the derivatives especially) should see high
particular saw significant rises in hiring. extent of movement in the market. calibre individuals receiving higher salaries.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Market Risk Manager £30k - £45k £45k - £60k £60k - £95k £110k - £150k £140k - £250k
Market Risk Controller £26k - £45k £45k - £65k £60k - £90k £75k - £120k £90k - £150k
Investment / Portfolio Risk £25k - £40k £35k - £55k £55k - £80k £80k - £110k £100k - £150k
Credit Analyst £28k - £45k £45k - £65k £65k - £95k £80k - £125k £120k - £200k
Credit Risk Controller £25k - £38k £35k - £55k £55k - £85k £75k - £100k £85k - £110k
Operational Risk £26k - £38k £35k - £55k £50k - £85k £80k - £110k £85k - £145k
Quantitative Risk Analyst £35k - £50k £45k - £65k £70k - £110k £90k - £180k £150k - £300k
24

26. CREDIT, RISK & QUANTITATIVE FINANCE.
TEMPORARY
The number of regulatory changes in 2010 hiring. Rates across some of the larger in the markets. There have been the first
made it necessary for financial institutions financial institutions increased as a result of signs of banks looking for Basel III
to fortify their risk teams. During the first a lack of quality candidates and a greater professionals and overall recruitment in the
half of the year many managers had the volume of jobs. Moving into 2011 the market is set to continue strongly. Day
necessary sign-off for new hires and were temporary credit, risk and quantitative rates have remained reasonably steady at
trying to move quickly as the market finance markets have bounced back again, the start of 2011 but these have the
became busier and more competitive. with heavy recruitment across credit potential to increase as the candidate pool
Towards H2 2010, the market slowed analysis. This suggests that financial gets smaller and the number of job
considerably and some of the firms that services institutions have a slightly greater vacancies increase.
had recruited heavily in H1 were no longer appetite for risk leading to greater lending
RATES (PER DAY)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Market Risk Manager £200 - £250 £250 - £400 £400 - £500 £500 - £650 £650 - £900
Market Risk Controller £200 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800
Investment / Portfolio Risk £200 - £250 £250 - £300 £300 - £400 £400 - £550 £550 - £750
Credit Analyst £180 - £230 £230 - £300 £300 - £400 £400 - £500 £500 - £750
Credit Risk Controller £200 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800
Operational Risk £200 - £250 £250 - £320 £320 - £450 £450 - £550 £550 - £750
Quantitative Risk Analyst £200 - £250 £250 - £350 £350 - £500 £500 - £700 £700 - £1000
25

27. FRONT OFFICE.
ASSET MANAGEMENT
PERMANENT
In many cases front office salaries have takeover or merger situations, where staff Experienced investment managers are also
remained fairly stable in the last 12 months, at director level and above have in some hot property, especially those with
leaving high expectations for the Q1 2011 cases received salary increases of as much specialised fixed income expertise, and as
compensation review round. To date, the as 50%. Moving into 2011, there is a result there have been significant uplifts in
most significant pay rises have generally continued demand for product and salary as the market competes for top
been at senior levels and / or knee-jerk investment specialists in both wealth and talent.
reactions to leavers or movements in the asset management, meaning quality
market. Notably, some firms have had to candidates can command premium salaries
take measures to ensure stability in within this space.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Fund / Portfolio Manager £40k - £50k £45k - £65k £65k - £90k £100k - £130k £150k+
Client Portfolio Manager / Investment
£35k - £45k £45k - £62k £62k - £80k £85k - £110k £110k+
Specialist / Product Specialist
Research Analyst £35k - £45k £45k - £60k £60k - £80k £90k - £120k £130k+
Investment Analyst (Fund of Funds) £30k - £42k £42k - £55k £55k - £75k £75k - £90k £100k+
Investment Strategist / Economist £30k - £40k £40k - £52k £52k - £80k £80k - £110k £120k+
Trader / Dealer £35k - £40k £40k - £50k £50k - £75k £80k - £110k £120k+
Product Development £35k - £40k £40k - £52k £52k - £80k £80k - £100k £150k+
26
Sales / Business Development £25k - £32k £32k - £47k £47k - £70k £70k - £120k £120k+

28. FRONT OFFICE.
CORPORATE FINANCE, M&A
PERMANENT
There was rapid growth in investment 2009 became quickly exhausted and, in bulge bracket banks would only consider
banking and capital market hiring in 2010, some cases, whole teams of professionals crucial or replacement hires and some
particularly in the first half of the year. were moving from one bank to another. By boutiques were able to take advantage of
Demand outstripped supply for top-rated the second half of 2010 most senior this lack of investment banking hiring.
talent across all levels. This skills shortage managers were focused on completing Recruitment levels for the first half of 2011
made it quite difficult for specialist deals and a large percentage of hiring will depend somewhat on the fall out of the
boutiques to compete against the larger budgets and headcount targets for the year bonus season, but a gradual increase in
bulge bracket banks. The supply of had been met. Consequently, there was a hiring and salaries is expected.
immediately available candidates who were decline in job vacancies that continued until
made redundant during the downturn in the end of the year. During this time most
BASIC SALARIES (PER ANNUM)
Level: Analyst Associate VP Director
1 £40k - £50k £70k - £80k £100k - £120k
2 £45k - £55k £80k - £95k £110k - £130k £135k - £200k
3 £50k - £63k £90k - £100k £120k - £140k
27

29. FRONT OFFICE.
HEDGE FUNDS
PERMANENT
Recent hiring within hedge funds has payouts before making career moves. It is However, some funds have frozen base
focused on equity research analysts, with expected that more opportunities will open salaries and offered increased bonuses,
particular demand for senior professionals up in this market towards the end of Q1. In whilst others have a base salary capped at
with global generalist backgrounds. terms of basic salary, indications from £100k even for founders or senior PMs.
Experienced fund managers with strong employers and job seekers are that any pay
track records are also always in high increase will be directly related to their
demand. The start of 2011 saw many individual and company performance rather
professionals waiting to receive bonus than inflation.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Fund / Portfolio Manager £35k - £40k £40k - £55k £60k - £80k £80k - £100k £110k+
Client Portfolio Manager / Investment
£35k - £42k £42k - £60k £65k - £75k £75k - £90k £95k - £110k
Specialist / Product Specialist
Equity Research Analyst £30k - £40k £40k - £55k £65k - £75k £80k - £100k £110k - £130k
Economist / Investment Strategist £28k - £37k £37k - £50k £55k - £70k £65k - £80k £90k - £120k
Portfolio Construction £32k - £41k £41k - £55k £60k - £65k £70k - £80k £85k - £95k
Trader £25k - £37k £37k - £50k £55k - £70k £70k - £85k £90k - £110k
Product Development £35k - £40k £40k - £50k £55k - £70k £75k - £90k £85k - £100k
Sales / Business Development £25k - £32k £32k - £45k £50k - £70k £65k - £100k £120k+ 28

30. FRONT OFFICE.
PRIVATE BANKING
PERMANENT
The private banking sector continued its attract potential clients in a highly guaranteed bonuses are making a
upward trajectory in 2010 as high net worth competitive market. Hiring has been a comeback for some senior and even mid-
individuals worldwide worked to preserve major element of this strategy and there level professionals. Salary offers for many
and grow their assets after the impact of the has been increased demand for private hires have been 20% above levels seen in
global financial crisis. Private banks have bankers, investment advisors, product 2010, partly due to increased counter offers
maintained large-scale programmes to developers, product specialists and for top performers.
improve their investment offerings, business developers. Basic salaries have
infrastructure and technology in order to been affected by this demand and
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Private Banker £45k - £62k £62k - £75k £75k - £100k £80k - £90k £100k+
Fund / Portfolio Manager £35k - £40k £40k - £55k £55k - £65k £70k - £90k £90k - £100k
Investment Advisor/ Consultant £30k - £42k £42k - £55k £60k - £75k £80k - £90k £100k+
Product Specialist £30k - £40k £40k - £50k £50k - £60k £70k - £85k £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 - £60k £65k - £90k £90k+
Sales / Business Development £35k - £42k £42k - £55k £60k - £75k £75k - £100k £100k+
29
Product Development £35k - £42k £42k - £50k £50k - £60k £80k - £100k £100k - £120k

31. “I EXPECT BONUS PAY
OUTS FOR 2010-2011
WILL BE SIMILAR
(+/- 5%) TO LAST YEAR.”
38% of survey respondents
30

32. HUMAN RESOURCES. BASIC SALARIES (PER ANNUM)
Role:
PERMANENT
HR Business Partner £55k - £85k
Senior HR Business Partner £85k - £110k
The human resources hiring market, being so
HR Administrator £28k - £38k
varied and diverse in its disciplines, had mixed
fortunes in 2010. Average salaries rose HR Advisor / Officer £38k - £55k
throughout the period, with the greatest gains Learning and Development Coordinator £27k - £35k
seen within commercially-focused areas such
Learning and Development Advisor £35k - £50k
as compensation and benefits and employee
relations. Learning and Development Partner £55k - £95k
Talent / OD Specialist £55k - £90k
Generalist HR practitioners’ salaries, particularly
Compensation and Benefits Administrator £30k - £41k
within the junior to mid manager range, rose
over the past 12 months as a result of skill Compensation and Benefits / HRMI Analyst £41k - £55k
shortages at these levels.
Compensation and Benefits / MRMI Manager £55k - £90k
The year ahead looks promising for HR Employee Relations Specialist £55k - £95k
hiring, with many companies acquiring talent for Recruitment Coordinator £27k - £34k
their resourcing functions. This indicates
Recruiter £34k - £55k
intentions to boost company headcounts and
mirrors anecdotal evidence from the market. Recruitment Manager £50k - £75k
More specifically, it is expected that learning Grad Rec / Development Administrator £28k - £36k
and development professionals will become
Grad Rec / Development Advisor £36k - £55k
highly prized in 2011, as companies start
investing in this area once again. Grad Rec / Development Manager £55k - £95k
HR Project Support £30k - £45k
HR Project Analyst £45k - £65k
HR Project Manager £65k - £85k
HR Programme Manager £85k - £125k
31

33. HUMAN RESOURCES. RATES (PER DAY)
Role:
TEMPORARY
HR Business Partner £300 - £450
Senior HR Business Partner £450 - £600
Temporary human resources recruitment levels remained
HR Administrator £120 - £150
steady across 2010, with some seasonal highs in
specialist areas. Demand for temporary learning and HR Advisor / Officer £180 - £280
development (L&D) professionals increased throughout Learning and Development Coordinator £130 - £160
the year as financial institutions considered ways to best
Learning and Development Advisor £180 - £280
retain talent. This resulted in a slight uplift in daily rates
for professionals with L&D experience. Learning and Development Partner £300 - £550
Talent / OD Specialist £400 - £600
Seasonal trends late in 2010 also influenced increased
Compensation and Benefits Administrator £130 - £180
demand for interim compensation professionals to assist
with year-end pay round processes, as well as junior Compensation and Benefits / HRMI Analyst £200 - £350
management information analysts required for reporting
Compensation and Benefits / MRMI Manager £400 - £600
support. As always, this demand allowed HR analysts to
command higher daily rates than usual. Interest in Employee Relations Specialist £350 - £550
recruitment professionals was also high as banks Recruitment Coordinator £120 - £150
prepared to ramp up their hiring in H1 2011.
Recruiter £200 - £330
The graduate recruitment season in Q4 2010 created Recruitment Manager £350 - £450
interim vacancies for recruiters and administrators to Grad Rec / Development Administrator £130 - £180
process institutions’ graduate milkround activity and the
Grad Rec / Development Advisor £200 - £300
following interview and assessment period. Professionals
moving into these positions came from a very small pool Grad Rec / Development Manager £300 - £400
and therefore the banks with more competitive rates were HR Project Support £180 - £280
able to recruit the strongest candidates to their teams.
HR Project Analyst £300 - £450
Overall, project roles are tipped to increase throughout HR Project Manager £450 - £550
2011 as HR projects and HR transformations get HR Programme Manager £550 - £650
underway in many of the larger banks.
32

34. INSURANCE.
ACTUARIAL
PERMANENT
Contrary to a number of areas in insurance There are currently a number of job In many cases looking for a new role is not
recruitment, the actuarial jobs market opportunities available to newly qualified always a question of salary – many
continued to grow significantly throughout actuaries in insurance professionals consider work / life
2010, leading to an increase in basic salary companies, consultancies, rating agencies balance, location and contract options when
offers. Experienced actuaries will always be and banks. Employers are aware of actuary considering a potential employer.
in demand but recent regulatory changes professionals’ niche skills and the
such as Solvency II have made them even importance of attracting and retaining
more sought after. the best talent in the market.
BASIC SALARIES (PER ANNUM)
Personal / Risk
Actuarial Actuarial Head of
Role: Commercial Management
Student Analyst Department
Actuary Actuary
General Insurance £25k- £40k £38k - £55k £55k - £100k £60k - £110k £85k+
£85k+
Life Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k
Actuarial Actuarial Qualified Senior Head of
Project role:
Student Analyst Analyst Actuary Department
With Profits Actuary * * £55k - £100k £80k - £120k £100k+
Solvency 2 * * £65k - £100k £90k - £150k £120k+
ALM Actuary * * £60k - £100k £80k - £120k £100k+
Pricing Actuary * * £60k - £100k £80k - £120k £100k+
Financial Reporting Actuary * * £60k - £100k £80k - £120k £100k+
*Typically, roles do not exist at this level 33

35. INSURANCE.
TECHNICAL – CLAIMS, UNDERWRITING & BROKING
PERMANENT
There was a gradual increase in hiring increasing the strength of their teams.
demand for technical insurance Brokers will be key targets as professionals
professionals in 2010, which was reflected that can assist management to protect their
by an increase in salaries across the existing business and take advantage of
market. It is expected that the insurance opportunities presented by the recovering
jobs market in the London financial services market. This has the potential to bring
sector will continue to improve in about a skills deficit in this field, which will
2011, which in turn will see companies in turn be reflected in increases in basic
working to retain their top talent whilst salary offers for new hires.
BASIC SALARIES (PER ANNUM)
Role: Technical / Junior Team 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
34

36. MIDDLE OFFICE & OPERATIONS.
ASSET MANAGEMENT & PRIVATE BANKING
PERMANENT
The past 12 months were a challenging Hiring managers maintained cautious ever-changing investment market. Basic
time for both job seekers and employers control over their headcount budgets and salaries across these areas increased
within the asset and wealth management carried out thorough searches to appoint marginally to attract professionals with
markets. Professionals working in back or the right person for each opportunity. Areas exposure in the asset management
middle office positions were encouraged by of increased hiring activity included industry. Strong demand for senior data
an improving economic climate in the business strategy and relationship managers also continues into 2011 and
second half of 2010 and interest in new job management as companies streamlined basic salary offers for these roles have
opportunities was high. their investment structures to adapt to the increased compared to 2009-10.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (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 £40k - £50k £50k - £70k £70k+
Transitions Manager £40k - £45k £40k - £50k £45k - £55k £55k - £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+
35

37. MIDDLE OFFICE & OPERATIONS.
ASSET MANAGEMENT & PRIVATE BANKING
TEMPORARY
The past 12 months saw a recovery in but also as a direct result of the exhaustion over the course of 2011 by approximately
temporary hiring across buy-side of some recruitment budgets from 5 to 10%. Notably, many top tier candidates
operations in the City, with a 35% increase aggressive hiring in the first half of 2010. are receiving multiple job offers, which may
in new job vacancies from 2009 to 2010. There was a continuation in the trend for lead to more rapid and higher increases in
The second half of the year was outsourcing – particularly for lower level pay rates.
considerably slower than the first half transactional and processing level positions
however. This slowdown can largely be – to both offshore and northern areas of the
attributed to a number of economic factors UK. It is predicted that rates will increase
RATES (PER HOUR)
Analyst AVP VP Director
Role:
(0-2 years) (2-5 years) (5-7 years) (7+ years)
Client Services £12 - £14 £15 - £20 £21 - £25 £26 - £35
Client Reporting £13 - £15 £16 - £18 £19 - £25 £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
36
Settlements £12 - £15 £16 - £20 £15 - £21 £22 - £30

38. MIDDLE OFFICE & OPERATIONS.
COMMODITIES
PERMANENT
In 2010 the commodities recruitment supply and, in many cases, this puts them Increase for professionals with strong
market experienced trends similar to those in a strong position to negotiate business analysis and change skills. These
experienced in the investment banking compensation. There are a number of will be required for multiple streams of
middle office and operations areas. It is build-outs in ‘cash-rich’ investment banks in projects at all institutions – large and small
anticipated that there will be relatively the physical markets that require specialist – as all commodities houses attempt to
aggressive hiring activity in the first half of staff to deal with storage and transport, and meet new regulatory requirements. Those
2011, tapering off again towards year-end. the manual nature of the trade flow; this is with operational risk knowledge and a
At present, commodities professionals pushing up salaries for those with the right proven track record in automating trade flow
specialising in precious metals are in short expertise. It is expected that demand will will also be highly attractive to employers.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Trade Support (Exotic) £35k - £45k £45k - £55k £55k - £80k £55k - £85k £85k - £100k
Trade Support (Flow) £35k - £40k £40k - £50k £45k - £75k £50k - £80k £80k - £90k
Documentation £30k - £40k £40k - £50k £50k - £70k £50k - £75k £75k - £90k
Physical Contracts £30k - £45k £45k - £55k £55k - £65k £55k - £80k £80k - £95k
Shipping / Scheduling £35k - £45k £45k - £55k £55k - £70k £60k - £85k £85k+
Settlements £30k - £35k £35k - £45k £45k - £65k £50k - £70k £70k - £90k
Business Analyst £35k - £40k £40k - £60k £60k - £80k £65k - £90k £90k+
37

39. MIDDLE OFFICE & OPERATIONS.
INVESTMENT BANKING & BROKERAGE HOUSES
PERMANENT
The outlook for the 2011 middle office and financial banking roles within the change
operations jobs market is a positive one management sector, as well as stricter
across most financial institutions, with regulatory reform imposed by the FSA, is
increased activity from both employers and resulting in strong demand for change
professionals looking for new opportunities professionals to build (or re-build) systems
already observed. Many companies are and processes. Control and risk-focused
increasing their headcounts earlier than professionals are also in high
required in order to secure top talent ahead demand, particularly for complex or specialist
of their competitors and to compensate for product lines. It is expected that base salaries
expected attrition. The previous lack of will increase in 2011, as companies compete
to secure top tier candidates.
BASIC SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Trade Support (Exotic) £35k - £45k £45k - £55k £55k - £80k £55k - £85k £85k - £100k
Trade Support (Flow) £35k - £40k £40k - £50k £45k - £75k £50k - £80k £80k - £90k
Documentation £30k - £40k £40k - £50k £50k - £70k £50k - £75k £75k - £90k
Physical Contracts £30k - £45k £45k - £55k £55k - £65k £55k - £80k £80k - £95k
Shipping / Scheduling £35k - £45k £45k - £55k £55k - £70k £60k - £85k £85k+
Settlements £30k - £35k £35k - £45k £45k - £65k £50k - £70k £70k - £90k
Business Analyst £35k - £40k £40k - £60k £60k - £80k £65k - £90k £90k+
38

40. MIDDLE OFFICE & OPERATIONS.
INVESTMENT BANKING & BROKERAGE HOUSES
TEMPORARY
Changes to the investment banking and bonds processing is now undertaken in more complex product areas such as
operations hiring landscape in 2010 elsewhere, with most financial institutions derivatives and structured products, within
followed trends established over the past now retaining experts in London to co- the middle office. Demand for professionals
five years. One notable trend was the ordinate these off-site teams. This has with strong quantitative and analytical skills
outsourcing of processing functions for resulted in lower volumes of roles for more sets caused rates to increase by up to 15%
vanilla transactions to lower cost locations skilled operations individuals on higher in 2010, a trend which is expected to
such as India, Kuala Lumpur, Glasgow and rates in London. The bulk of hiring within continue into 2011.
the Midlands. The majority of FX, equity banking operations in 2010 was focused
RATES (PER HOUR)
Analyst AVP VP Director
Role:
(0-2 years) (2-5 years) (5-7 years) (7+ years)
Loans £16 - £18 £19 - £22 £22 - £30 £31 - £40
Client Services £14 - £17 £18 - £22 £23 - £27 £28 - £37
Asset Servicing £15 - £17 £18 - £22 £23 - £25 £26 - £35
Collateral £15 - £18 £19 - £23 £24 - £30 £31 - £40
Reconciliations £14 - £17 £18 - £22 £23 - £25 £26 - £35
Equity and Fixed Income Trade Support £15 - £17 £18 - £22 £23 - £29 £30 - £39
OTC Trade Support £18 - £20 £21 - £25 £26 - £32 £33 - £42
Commodities Operations £16 - £18 £19 - £23 £24 - £30 £31 - £40
Futures and Options Operations £14 - £16 £17 - £19 £20 - £27 £28 - £38
FX / MM / FX Options Operations £14 - £16 £17 - £20 £21 - £23 £24 - £33
Settlements £14 - £17 £18 - £22 £23 - £25 £26 - £33 39

41. “COMPETITORS
POACHING EMPLOYEES
WILL BE OUR BIGGEST
PERSONNEL CHALLENGE
IN 2011.”
37% of survey respondents
Visit www.morganmckinley.co.uk for more information 40

42. SALES AND MARKETING.
PERMANENT
The past 12 months were very busy for market bottomed out. In 2011 it is expected In many cases, early career decisions can
permanent marketing roles. Hiring across that financial institutions will be quite result in faster progression ‘up the ladder’.
the board led to stiff competition in areas particular in their role requirements and will It is predicted that 2011 will see increased
such as internal communication, Request look for more specialised marketeers as demand for digital and social media
for Proposal (RFP) writing and e-marketing. opposed to generalists – both in terms of marketeers, CSR professionals and other
This was partly due to a reaction to the skill set and product knowledge. Basic candidates with niche marketing skills.
significant cuts in the marketing workforce starting salaries in marketing are fairly
made in 2009, which resulted in a shortage similar but the differences become
of experienced professionals once the apparent as professionals specialise.
SALARIES (PER ANNUM)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Marketing Generalist £25k - £32k £32k - £47k £47k - £60k £65k - £75k £75k+
Sales Support / Investment Communications £25k - £30k £30k - £37k £37k - £55k £55k - £70k £65k - £90k
RFPs £25k - £35k £35k - £50k £50k - £60k £65k - £75k £95k+
Investment Writer £25k - £32k £32k - £45k £45k - £65k £70k - £90k £70k - £90k
Product Marketing / Specialist £28k - £32k £32k - £55k £55k - £70k £70k - £80k £85k - £150k
Investor / Consultant Relations £25k - £37k £37k - £60k £55k - £75k £70k - £85k £80k - £150k
Internal Communications £25k - £35k £35k - £50k £50k - £60k £65k - £75k £95k+
E-Marketing £27k - £34k £34k - £47k £47k - £60k £60k - £90k £90k - £125k
Events / Roadshows £22k - £29k £29k - £40k £40k - £50k £50k - £60k £55k - £65k
DTP / Graphics £23k - £30k £30k - £35k £35k - £45k £50k - £55k £55k - £60k 41

43. SALES AND MARKETING.
TEMPORARY
The City saw a steady increase in the writers. Internal and external months, companies have had to offer up to
volume of contract marketing vacancies communication positions was also a growth 15% more than market rates to secure the
throughout 2010, with new job opportunities area in 2010. As competition increased, a strongest candidates. As the need for top
increasing by 25% year-on-year. With the company’s need to differentiate itself using talent continues to increase, average sales
gradual market recovery there has been an a highly-skilled, creative communications and marketing pay rates may increase by
increase in new fund launches, which has team became a necessity rather than a as much as 10% during 2011.
led to increased demand for investment luxury. In some instances over the past 12
RATES (PER DAY)
Analyst AVP VP Director MD
Role:
(0-2 years) (2-5 years) (5-7 years) (7-10 years) (10+ years)
Marketing Generalist £100 - £130 £130 - £165 £165 - £240 £240 - £300 £300 - £400
Sales Support / Investment Communications £100 - £200 £200 - £250 £250 - £300 £300 - £350 £350 - £450
RFPs £120 - £155 £155 - £200 £200 - £275 £275 - £350 £350 - £450
Investment Writer £120 - £155 £155 - £200 £200 - £275 £275 - £350 £350 - £450
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 / Roadshows £100 - £120 £120 - £150 £150 - £175 £175 - £225 £225 - £325
DTP / Graphics £125 - £150 £150 - £175 £175 - £225 £225 - £250 £250 - £350 42

44. SECRETARIAL & SUPPORT.
PERMANENT
Following minimal movement in 2009 as a second half of the year. Anecdotal evidence Notably, there has been no dramatic
result of the global economic downturn, the and early recruitment activity in 2011 increase in salary offers in 2011, potentially
permanent secretarial and support jobs suggest that the market is picking up once because many professionals are keen to
market encountered peaks and troughs in again. Investment banking is leading the secure permanent roles and are prioritising
2010. There was a substantial increase in way in secretarial and support hiring, with job security over salary expectations.
hiring in the first half of 2010 across a range hedge funds and asset management firms
of levels and salary bands, but new job also proactively seeking experienced staff.
vacancies dropped significantly in the
BASIC SALARIES (PER ANNUM)
Role:
Receptionist / Switchboard £23k - £30k
Junior Administrator £25k - £35k
Senior Administrator £35k - £50k
Bi-lingual Secretary £32k - £40k
Trading Floor Secretary £32 - £40k
Team Secretary £32k - £38k
Office Manager £35k - £50k
Personal Assistant £35k - £45k
Executive Assistant £40k - £50k
Senior Executive Assistant £45k - £60k 43