2012 SALARY GUIDE - Recruitment and Talent Management Company

LONDON

2012 SALARY GUIDE

TABLE OF CONTENTSINTRODUCTION

ABOUT HUDSON BANKING & FINANCIAL SERVICES

MARKET OVERVIEW FOR 2012

SALARY TABLES

COMPLIANCE

FINANCE

IT

OPERATIONS

PROJECTS & CHANGE MANAGEMENT

RISK

TREASURY

OUR OFFICES

1

2

3

6

10

16

26

29

31

37

39

BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012 1 LONDON

INTRODUCTION

The guide will show you how salaries have fluctuated across the financial services industry with market overviews and salary information for each major specialist area. The salary data has been researched thoroughly by our consultants, and is based on candidates’ disclosure of salaries, advertised salaries and job offers by clients. They also take into account current market conditions and forecasts.

As we work with many of the UK’s leading financial services firms, we are able to forecast how remuneration packages for professionals in the sector will look in the coming months. It is important to note that salaries are influenced by company size, location, sector, hiring profile and benefits packages – this is in addition to qualifications, skills, experience and job remit. We haven’t been able to accommodate all of these variables in the figures presented, therefore please use this publication as a guide to current salaries only.

If you’d like to speak to us about what you’ve read in this booklet or have a general enquiry regarding recruitment or careers in financial services, please do not hesitate to get in touch. You’ll find our contact details on the back page of this guide.

We look forward to hearing from you.

Mike Game CEO, Hudson Europe

Welcome to the Hudson Banking & Financial Services Salary Guide for 2012. In this year’s edition we discuss salaries and benefits in 2011 and recruitment trends for the sector in 2012.

2 BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012

We boast a highly successful track record of working in partnership with many of the world’s leading investment banks, asset managers, brokers and financial services firms.

Our global presence, spanning across 20 countries, helps to connect hundreds of professionals to career opportunities in Europe, Middle East, North America, Australia, New Zealand and Asia each year.

Our approach to recruitment is multi-faceted with search and networking at its core. We have a team of consultants across the UK and Ireland who have an in-depth knowledge and understanding of the sector.

ABOUT HUDSON BANKING & FINANCIAL SERVICES

HUDSON IS A LEADING PROVIDER OF SPECIALISED RECRUITMENT FOR PERMANENT AND CONTRACT PROFESSIONALS, RECRUITMENT OUTSOURCING AND TALENT MANAGEMENT SOLUTIONS WORLDWIDE. THE HUDSON BANKING & FINANCIAL SERVICES TEAM SPECIALISE IN THE PROVISION AND RETENTION OF THE MOST INNOVATIVE AND TALENTED PROFESSIONALS ACROSS FRONT, MIDDLE AND BACK OFFICE.

Our specialist areas of expertise across financial services are:

| Advisory & Investment | Compliance | Finance | HR | IT | Legal | Marketing & Communications | Operations | Procurement | Risk | Sales | Treasury


MARKET OVERVIEW FOR 2012It was a positive start to 2011 as the economy continued to demonstrate an appetite for growth, with organisations investing in people, projects and development. There was significant media attention on bonus payments and reform within the banking sector, but still an air of optimism, which filtered through to hiring plans and growth for most of our clients. However, confidence deteriorated as the year progressed and the issues in Europe magnified, and towards the close of the year there were job losses, hiring freezes and companies scrutinising their budgets for 2012.

Overall, 2011 was similar to 2010 in that much of the permanent hiring took place in the first half of the year, when organisations clearly understood the need to attract the right talent. Looking forward to 2012, we foresee a year where retaining this key talent will be a key priority. We anticipate a greater availability of candidates during this year, but when managers are in a position to hire, the pressure to get this right will be significant.

While 2012 promises to be tight, there will still be a need for key hires in certain areas (e.g. change, compliance, risk and treasury) – a result of the weight of regulatory reform, which will not ease for some years. The reforms will inevitably force companies to become better capitalised. They will also have no choice but to erect risk-mitigating structures to ensure their entire lines of liquidity cannot dry up overnight. One thing is certain: uncertainty. Many people have opinions on how the year will look, but a prevailing view has not emerged. It is expected that the biggest demand in recruitment will be for people who can reduce the uncertainty, and for those who can clearly demonstrate the value of their contribution. However, considering most organisations are carrying out relatively similar work and budgets are guaranteed in some areas, many financial professionals will be happy to stay in their current role unless there are significant incentives to move.

As always, running a smooth recruitment process will be a key differentiator in attracting and hiring the right candidates. Although the availability of candidates is likely to rise year on year, there will be common needs across financial services organisations. So to ensure recruitment is successful, organisations will need to understand their teams’ needs from a competency perspective as well as the technical skills they require. Once these needs are established, measuring and assessing them consistently will be a key factor in making the right hiring choices.


SALARY TABLES


More than three years have passed since the demise of Lehman Brothers and the crisis that engulfed the global financial market. This has resulted in financial and political bodies taking a far stricter view on regulation in the banking and financial services sector.

The focus has now changed from a political perspective. The Government needs to be seen to be acting in the best interests of the country, ensuring financial institutions are fully equipped to withstand future financial strain and uncertainty. As the Government and politicians have changed, the major part of this rebuilding has been left to regulators. Governing bodies are insisting on greater capital requirements within the banks; and, while regulators may not fully understand the risks involved, they are able to regulate policies, procedures and daily activities to ensure a more structured and transparent industry. This new focus on regulation and governance has resulted in a greater need for experienced compliance professionals.

COMPLIANCERecruitment in the compliance industry grew through the early months of 2010 and continued in this vein throughout the year. The demand for experienced and specialist compliance personnel is now exceeding pre-recession levels, which is the result of the revised regulatory overview of the FSA and new and increased UK and EU regulation. There has been a significant increase in the number of specialist compliance staff coming into the market to meet the required resources for regulation and brand new teams are being created across a variety of areas. The increasing demand for specialist skills has had a knock-on effect on salaries. Attracting top talent for key compliance functions now requires remuneration above the typical market rate.

In London, the average increase in salary across the compliance industry was at 9 per cent in 2009, 15 per cent in 2010, and 20 to 22 per cent in 2011. As the industry is experiencing a limited pool of specialist candidates, good candidates can expect to receive multiple offers from prospective employers and strong counter offers from existing employers. The increase in bonus guarantees has also risen sharply for senior individuals.


COMPLIANCE

ANALYST AVP VP DIRECTOR

PERMANENT(£ PER ANNUM)

INVESTMENT BANKING

Global Head Of Compliance / Country Compliance Officer n / a n / a n / a 160,000 - 200,000 +

CF10 n / a n / a n / a 80,000 - 150,000 +

CF11 / MLRO n / a n / a n / a 80,000 - 150,000 +

Deputy MLRO n / a n / a n / a 75,000 - 110,000 +

Deputy Head Of Compliance n / a n / a n / a 75,000 - 110,000 +

Compliance Manager n / a 50,000 - 60,000 65,000 - 75,000 75,000 - 85,000

AML Manager n / a 50,000 - 60,000 65,000 - 75,000 75,000 - 85,000

AML Monitoring 35,000 - 40,000 45,000 - 55,000 55,000 - 60,000 65,000 - 75,000 +

KYC / On-Boarding 30,000 - 40,000 40,000 - 50,000 50,000 - 55,000 60,000 - 70,000 +

Reviews 40,000 - 45,000 45,000 - 60,000 60,000 - 80,000 80,000 - 95,000 +

Surveillance 35,000 - 45,000 45,000 - 55,000 55,000 - 65,000 65,000 - 75,000 +

Control Room 35,000 - 45,000 50,000 - 70,000 70,000 - 85,000 85,000 - 120,000 +

Advisory (Sales & Trading) 50,000 - 60,000 60,000 - 70,000 70,000 - 85,000 90,000 - 130,000 +

Advisory (IBD) 45,000 - 55,000 55,000 - 65,000 65,000 - 85,000 90,000 - 125,000 +

Financial Promotions 25,000 - 35,000 35,000 - 45,000 45,000 - 55,000 60,000 - 80,000

Training & Competence 25,000 - 35,000 35,000 - 45,000 45,000 - 55,000 60,000 - 80,000

Disclosures 35,000 - 45,000 50,000 - 60,000 60,000 - 80,000 80,000 - 100,000

Regulatory Affairs / Policy n / a n / a n / a 75,000 - 100,000 +


COMPLIANCE



ASSET MANAGEMENT, HEDGE FUNDS, PRIVATE EQUITY & BROKERAGE

CF10 n / a n / a n / a 75,000 - 100,000 +

CF11 n / a n / a n / a 75,000 - 100,000 +

Deputy MLRO n / a n / a n / a 65,000 - 90,000 +

Deputy Head Of Compliance n / a n / a n / a 65,000 - 90,000 +

Compliance Generalist 35,000 - 45,000 45,000 - 50,000 50,000 - 60,000 70,000 - 85,000

Guideline Monitoring 35,000 - 45,000 45,000 - 50,000 50,000 - 60,000 65,000 +

Compliance Monitoring 35,000 - 45,000 45,000 - 50,000 50,000 - 65,000 65,000 - 80,000 +

Distributions / Financial Promotions 35,000 - 45,000 45,000 - 50,000 50,000 - 60,000 60,000 - 80,000 +

COMPLIANCE


CONTRACT / TEMPORARY(£ PER DAY)

INVESTMENT BANKING

Global Head Of Compliance / Country Compliance Officer n / a n / a n / a 1,500 - 2,000 +

CF10 n / a n / a n / a 800 - 1,200 +

CF11 / MLRO n / a n / a n / a 800 - 1,200 +

Deputy MLRO n / a n / a n / a 650 - 1,000 +

Deputy Head Of Compliance n / a n / a n / a 650 - 1,000 +

Compliance Manager n / a 250 - 300 300 - 450 450 - 650

AML Manager n / a 250 - 300 300 - 450 450 - 650


COMPLIANCE



AML Monitoring 150 - 200 200 - 300 300 - 400 400 - 450 +

KYC / On-Boarding 120 - 150 150 - 250 250 - 350 350 - 400 +

Reviews 200 - 250 250 - 350 350 - 450 450 - 550 +

Surveillance 150 - 200 200 - 300 300 - 400 400 - 500 +

Control Room 150 - 200 200 - 300 300 - 400 400 - 600 +

Advisory (Sales & Trading) 250 - 300 300 - 400 400 - 500 500 - 650 +

Advisory (IBD) 250 - 300 300 - 400 400 - 500 500 - 650 +

Financial Promotions 120 - 150 150 - 200 200 - 250 300 - 400

Training & Competence 120 - 150 150 - 200 200 - 250 300 - 400

Disclosures 150 - 200 200 - 300 300 - 400 450 - 500

Regulatory Affairs / Policy n / a n / a n / a 400 - 600 +

ASSET MANAGEMENT, HEDGE FUNDS, PRIVATE EQUITY & BROKERAGE

CF10 n / a n / a n / a 450 - 600 +

CF11 n / a n / a n / a 450 - 600 +

Deputy MLRO n / a n / a n / a 300 - 500 +

Deputy Head Of Compliance n / a n / a n / a 300 - 500 +

Compliance Generalist 150 - 200 200 - 250 250 - 300 350 - 500

Guideline Monitoring 150 - 200 200 - 250 250 - 300 320 - 400

Compliance Monitoring 150 - 200 200 - 250 250 - 300 320 - 400 +

Distributions / Financial Promotions 120 - 150 150 - 200 200 - 300 300 - 450


After a steady year of recruitment in 2010, hiring levels in 2011 for the London market were somewhat unpredictable for the finance sector.

The first half of the year was reasonably stable. Client activity focused on senior level accountants, but the recruitment of personnel from the newly qualified to 2-3 years’ post qualified experience (PQE) bracket was significantly lower. The demand for these candidates fell further still as the year progressed. There was increased competition to retain and secure key talent. As a result counter-offers became more common from current employers. In such a competitive marketplace, the businesses that secured the best people were typically those that could be flexible on salaries, and those that sold the benefits of new jobs most effectively. Companies employing multiple interview phases that ran over a long period of time invariably missed out on their first choice candidates, while those that moved quickly did not.

FINANCEDespite the decreased level of recruitment, candidates that moved into a new job expected a minimum 10 per cent pay rise. This reflected increased competition for technical accountants with banking experience, rises in staff turnover, and small opportunities for growth, expansion and investment hiring. There was also a restructuring of compensation packages, which meant less of an emphasis on bonuses and ultimately less of a motivation for employees to make a move to another employer. Culture and work-life balance are now increasingly important factors for candidates considering a move.

There was greater demand for financial controllers in 2011 than in previous years and an increased call for management accountants who could drive businesses forward. Also sought after and in short supply were technical accountants with strong International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) experience, primarily as growing organisations focused on contractors with core technical accounting skills. The employers with competitive and attractive compensation packages were able to secure the best technical professionals. Regulatory reporting experience was also in high demand, corresponding to new FSA and compliance related requirements that led to ledger implementations and alterations to improve the accuracy of reporting.


In the second half of the year, there was a decline in the recruitment of both newly qualified and senior hires; and an increased pressure on cost led to heavy ‘off-shoring’ and a waning demand for recruitment altogether. Hiring freezes or pauses were a common response to market uncertainty, cost saving and the Eurozone crisis – particularly for investment banks. Banks were still recruiting in some areas, but it was increasingly difficult to find people for senior roles (e.g. managers, directors and vice presidents). These candidates were waiting on bonuses, due at the end of the year, which meant employers were also holding off for 2012, when it was expected that the candidate pool would open up again. During the last months of the year, employers spent the majority of their recruitment budgets on hires that were considered critical to the business. Ironically, most of these ‘critical’ hires were at a senior level – the candidates that were holding out for bonuses – which created a complex cycle.

In alternative investment firms, the year started positively and there was a renewed sense of urgency to fill allocated headcount. It was a challenging year overall as a flight to safety created a downward pressure on Assets Under Management (AUM), causing companies to consider their overheads and back-office staffing levels. The increase in market confidence we expected at the beginning of the year did not materialise and we saw decreased recruitment and an increase in headcount freezes and reviews, especially during the second half of the year. Cost-saving and company restructuring have become common practice and in the second half of the year recruitment was limited to business-critical hires rather than led by organic growth.

We have seen steady demand for experienced fund accountants, candidates with good regulatory reporting experience and proven finance directors. Candidates moving to another company could expect a pay increase of approximately 10 per cent, depending on how critical the hire was, but bonus percentages largely stayed level with the previous year.

With the markets in apparent turmoil and a continuing Eurozone crisis, we expect recruitment levels to be low in 2012 – especially in H1 – and also for businesses to focus on replacement hires rather than growth. Employers will be focused on strategic hiring and it is likely that they will be looking for technical accountants, internal auditors and regulatory reporting specialists, though recruitment will only materialise once the markets are stable and firms feel that they are strong enough to build on their current teams.


FINANCE

NEWLY QUALIFIED ASSOCIATE AVP VP DIRECTOR


FINANCIAL SERVICES

Management Reporting 45,000 - 55,000 52,000 - 60,000 60,000 - 75,000 70,000 - 95,000 95,000 +

Management Accounting 45,000 - 55,000 52,000 - 60,000 60,000 - 75,000 70,000 - 95,000 95,000 +

Cost Accountant 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

Finance Business Partner 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

FP&A 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

Project / Business Analyst 45,000 - 55,000 50,000 - 60,000 55,000 - 75,000 70,000 - 100,000 100,000 +

Fund Accounting 42,000 - 50,000 48,000 - 55,000 50,000 - 65,000 65,000 - 90,000 90,000 +

Financial Control 50,000 - 60,000 55,000 - 65,000 65,000 - 75,000 70,000 - 110,000 100,000 +

Financial Reporting 45,000 - 55,000 52,000 - 60,000 60,000 - 70,000 70,000 - 90,000 90,000 +

Project Accountant 52,000 - 60,000 55,000 - 66,000 67,000 - 80,000 75,000 - 105,000 100,000 +

Group Accountant 50,000 - 58,000 55,000 - 68,000 70,000 - 85,000 85,000 - 110,000 100,000 +

Finance Manager 50,000 - 58,000 55,000 - 68,000 70,000 - 85,000 85,000 - 110,000 100,000 +

Regulatory Reporting / Accounting 45,000 - 60,000 55,000 - 65,000 60,000 - 75,000 70,000 - 100,000 100,000 +

Regulatory Policy 52,000 - 60,000 55,000 - 66,000 67,000 - 80,000 75,000 - 105,000 100,000 +

Product Control 50,000 - 60,000 55,000 - 65,000 60,000 - 75,000 70,000 - 100,000 100,000 +

Valuations 52,000 - 60,000 58,000 - 68,000 65,000 - 80,000 80,000 - 95,000 105,000 +


FINANCE



INVESTMENT BANKING

Management Reporting 50,000 - 60,000 55,000 - 65,000 65,000 - 75,000 80,000 - 95,000 100,000 +

Management Accounting 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

Cost Accountant 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

Finance Business Partner 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

FP&A 50,000 - 58,000 55,000 - 65,000 66,000 - 80,000 80,000 - 100,000 105,000 +

Project / Business Analyst 52,000 - 60,000 55,000 - 65,000 66,000 - 80,000 85,000 - 105,000 110,000 +

Fund Accounting 50,000 - 58,000 58,000 - 66,000 67,000 - 80,000 85,000 - 100,000 100,000 +

Financial Control 50,000 - 58,000 55,000 - 68,000 70,000 - 85,000 85,000 - 110,000 100,000 +

Financial Reporting 52,000 - 60,000 55,000 - 66,000 67,000 - 80,000 75,000 - 105,000 100,000 +

Project Accountant 52,000 - 60,000 55,000 - 66,000 67,000 - 80,000 75,000 - 105,000 100,000 +

Group Accountant 50,000 - 58,000 55,000 - 68,000 70,000 - 85,000 85,000 - 110,000 100,000 +

Finance Manager 50,000 - 58,000 55,000 - 68,000 70,000 - 85,000 85,000 - 110,000 100,000 +

Regulatory Reporting / Accounting 52,000 - 60,000 55,000 - 66,000 67,000 - 80,000 75,000 - 105,000 100,000 +

Regulatory Policy 52,000 - 60,000 55,000 - 66,000 67,000 - 80,000 75,000 - 105,000 100,000 +

Product Control 52,000 - 60,000 58,000 - 68,000 65,000 - 80,000 80,000 - 95,000 105,000 +

Valuations 52,000 - 60,000 58,000 - 68,000 65,000 - 80,000 80,000 - 95,000 105,000 +


FINANCE



FINANCIAL SERVICES

Management Reporting 140 - 240 225 - 425 350 - 500 450 - 600 550 +

Management Accounting 140 - 230 225 - 425 350 - 500 450 - 600 550 +

Cost Accountant 140 - 230 225 - 425 350 - 500 450 - 600 550 +

Finance Business Partner 140 - 230 225 - 425 350 - 500 450 - 600 550 +

FP&A 140 - 230 225 - 425 350 - 500 450 - 600 550 +

Project / Business Analyst 140 - 240 225 - 450 350 - 550 450 - 650 600 +

Fund Accounting 140 - 230 225 - 400 300 - 475 400 - 550 500 +

Financial Control 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Financial Reporting 140 - 240 225 - 425 350 - 500 450 - 600 550 +

Project Accountant 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Group Accountant 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Finance Manager 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Regulatory Reporting / Accounting 140 - 240 225 - 450 350 - 500 450 - 600 600 +

Regulatory Policy 140 - 240 225 - 450 350 - 500 450 - 600 600 +

Product Control 140 - 230 225 - 425 350 - 500 450 - 600 600 +

Valuations 140 - 230 225 - 425 350 - 500 450 - 600 600 +


FINANCE



INVESTMENT BANKING

Management Reporting 140 - 240 225 - 425 350 - 500 450 - 600 550 +

Management Accounting 140 - 230 225 - 425 350 - 500 450 - 600 550 +

Cost Accountant 140 - 230 225 - 425 350 - 500 450 - 600 550 +

Finance Business Partner 140 - 230 225 - 425 350 - 500 450 - 600 550 +

FP&A 140 - 230 225 - 425 350 - 500 450 - 600 550 +

Project / Business Analyst 140 - 240 225 - 450 350 - 550 450 - 650 600 +

Fund Accounting 140 - 230 225 - 400 300 - 475 400 - 550 500 +

Financial Control 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Financial Reporting 140 - 240 225 - 425 350 - 500 450 - 600 550 +

Project Accountant 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Group Accountant 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Finance Manager 140 - 240 225 - 425 350 - 500 450 - 600 600 +

Regulatory Reporting / Accounting 140 - 240 225 - 450 350 - 500 450 - 600 600 +

Regulatory Policy 140 - 240 225 - 450 350 - 500 450 - 600 600 +

Product Control 140 - 230 225 - 425 350 - 500 450 - 600 600 +

Valuations 140 - 230 225 - 425 350 - 500 450 - 600 600 +


ITActivity across the sector was very similar to that of 2010: in the first half of 2011 hiring and competition levels were strong; but in the second half these levels reduced, and there was less movement from the candidate community due to the uncertainty in the economy and well-publicised cost cutting measures that came into effect.

However the technology world continues to attract talent. This is particularly true of financial services, where ongoing investment in IT remains critical to the success of a business and is seen as a key differentiator. IT staff are clearly valued by their employers and the user communities – for the impact they can make in improving what is already in place and for their ability to translate key business drivers into strategic solutions. Indeed, the candidates that demonstrate technical proficiency and a thirst for solving business problems will be at the heart of the ‘war for talent’ in 2012.

In broad terms, the demand for strong candidates in application development was typically high, particularly within FX, equities (including derivatives) and risk (significantly in counterpart exposure management). Some institutions hired heavily in development roles to build greater cross-asset class systems, and by the midpoint of the year clients were beginning to look for talented individuals outside the industry.

Across infrastructure and support there were elevated levels of recruitment around cloud computing and grid initiatives. Outside this, there was significant competition in front office application support, Direct Market Access (DMA) and for professionals with core competencies relating to minimising latency (outside of core decision-making systems).

Project work remained buoyant for most of 2011, which was good news for business analysts, project managers and business transformation professionals. The split between permanent hires and contractors was quite even, as it was in 2010, but there was less of a push to hire contractors in the second half of 2011, in line with budget and project reviews.

Retaining existing talent will be important in 2012. We expect to see a greater pressure to ensure every pound is well spent, as well as the need to balance the requirements of the business with tighter budgets. Clients will have high expectations when hiring and should ensure they have rigorous recruitment processes, including sound competency-based assessments. The competency profile fit of a candidate will be as important as his or her technical skills, and getting hiring right will ensure new additions are a sound investment.

In summary, we do not expect recruitment levels to be as buoyant in 2012 as they were in 2011. There will be areas of growth and ongoing investment, but this will come with the pressure to ensure recruitment decisions demonstrate a tangible return on investment. Our recommendation to all clients is to run an efficient recruitment process and to make sure that all those who are involved in recruitment processes can effectively articulate the opportunities on offer to candidates. There will be a plentiful supply of candidates in the early stages of the year, but with this there will be a greater level of choice. Organisations and interviewers who impress candidates in all areas of the interview process – including the basic elements of assessments – stand the greatest chance of hiring the people they want.


INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#)

JUNIOR INTERMEDIATE SENIOR

MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM


Application Packaging Engineer 30,000 40,000 40,000 60,000 60,000 80,000

Application Support (back office) 30,000 40,000 40,000 60,000 60,000 80,000

Application Support (front / middle office) 35,000 45,000 45,000 65,000 65,000 90,000

Application Support (front office, incl. Greeks, Monte Carlo, Black Scholes etc.) 45,000 55,000 55,000 75,000 75,000 100,000

AS400 / RPG400 Developer 35,000 45,000 45,000 60,000 60,000 80,000

BI Developer 40,000 50,000 50,000 75,000 75,000 95,000

Business Analyst (IT) 35,000 45,000 45,000 80,000 80,000 100,000

Citrix Administrator 30,000 35,000 35,000 55,000 55,000 80,000

Citrix Engineer 35,000 45,000 45,000 65,000 65,000 90,000

Cognos Developer (plus other industry standard reporting tools) 35,000 45,000 45,000 75,000 75,000 100,000

Cognos Support (plus other industry standard reporting tools) 30,000 40,000 40,000 65,000 65,000 80,000

Database DBA 35,000 45,000 45,000 70,000 70,000 95,000

Database Designer / Modeller 35,000 45,000 45,000 75,000 75,000 100,000

Database Developer 35,000 45,000 45,000 75,000 75,000 100,000

Datacentre Analyst 25,000 35,000 35,000 60,000 60,000 80,000

Datacentre Manager 50,000 60,000 60,000 80,000 80,000 120,000

Desktop Support 25,000 35,000 35,000 60,000 60,000 75,000

ETL Developer 35,000 45,000 45,000 75,000 75,000 100,000

Exchange / ISV Connectivity Analyst 30,000 40,000 40,000 75,000 75,000 100,000

Firewall Engineer 30,000 40,000 40,000 70,000 70,000 90,000

Information Architect 45,000 55,000 55,000 80,000 80,000 110,000

IT Auditor 30,000 40,000 40,000 65,000 65,000 85,000

IT Author 30,000 40,000 40,000 60,000 60,000 75,000

IT Facilities Manager 45,000 55,000 55,000 70,000 70,000 100,000

IT Shift Operator (incl. shift allowance) 25,000 35,000 35,000 50,000 50,000 60,000

Lotus Notes / Domino Support Analyst 30,000 40,000 40,000 65,000 65,000 85,000

Mainframe Developer (Cobol) 30,000 40,000 40,000 65,000 65,000 85,000






Market Data Support Engineer 35,000 45,000 45,000 80,000 80,000 110,000

Messaging Administrator (SWIFT / Websphere etc.) 30,000 40,000 40,000 75,000 75,000 95,000

Microsoft Exchange / OCS Administrator 30,000 40,000 40,000 75,000 75,000 95,000

Network / Security Engineer 35,000 45,000 45,000 75,000 75,000 100,000

Perl Developer 30,000 40,000 40,000 75,000 75,000 95,000

Powerbuilder / UNIX / Sybase / SQL Developer 35,000 45,000 45,000 75,000 75,000 95,000

Programme / Global Production Manager (IT) 70,000 80,000 80,000 85,000 85,000 120,000

Project Coordinator (IT) 25,000 35,000 35,000 60,000 60,000 75,000

Project Manager (IT) 45,000 55,000 55,000 75,000 75,000 110,000

SAP Specialist 35,000 45,000 45,000 75,000 75,000 110,000

Security Administrator 25,000 35,000 35,000 55,000 55,000 70,000

Security Analyst 30,000 40,000 40,000 60,000 60,000 80,000

Security Consultant 45,000 55,000 55,000 75,000 75,000 110,000

Service Desk Analyst 25,000 35,000 35,000 50,000 50,000 65,000

Service Management Analyst (Problem / Incident / Change etc.) 30,000 40,000 40,000 60,000 60,000 75,000

SharePoint Developer 30,000 40,000 40,000 65,000 65,000 85,000

Storage Administrator 30,000 30,000 30,000 65,000 65,000 90,000

Storage Engineer 35,000 45,000 45,000 75,000 75,000 100,000

Summit / Fidessa / Calypso / Murex etc. Developer 45,000 55,000 55,000 80,000 80,000 120,000

Summit / Fidessa / Calypso / Murex etc. Support Analyst 40,000 50,000 50,000 70,000 70,000 95,000

Test Analyst 25,000 35,000 35,000 80,000 80,000 100,000

UNIX Engineer 40,000 50,000 50,000 75,000 75,000 100,000

UNIX / Perl / Sybase Development Support 35,000 45,000 45,000 75,000 75,000 100,000

UNIX System Administrator 35,000 45,000 45,000 65,000 65,000 90,000

Voice Engineer 30,000 40,000 40,000 65,000 65,000 90,000

Wintel Administrator 30,000 40,000 40,000 65,000 65,000 90,000

Wintel Engineer 35,000 45,000 45,000 75,000 75,000 100,000





CONTRACT / INTERIM (£ PER DAY)

Application Packaging Engineer 250 350 350 450 450 500

Application Support (back office) 250 350 350 450 450 500

Application Support (front / middle office) 300 400 400 450 450 600

Application Support (front office, incl. Greeks, Monte Carlo, Black Scholes etc.) 350 450 450 500 500 750

AS400 / RPG400 Developer 250 350 350 400 400 500

BI Developer 300 400 400 475 475 600

Business Analyst (IT) 300 450 450 550 550 700

Citrix Administrator 250 325 325 375 375 450

Citrix Engineer 300 400 400 450 450 550

Cognos Developer (plus other industry standard reporting tools) 400 500 500 550 550 675

Cognos Support (plus other industry standard reporting tools) 300 400 400 500 500 600

Database DBA 350 425 425 475 475 600

Database Designer / Modeller 350 450 450 550 550 675

Database Developer 350 450 450 550 550 700

Datacentre Analyst 250 350 350 400 400 450

Datacentre Manager 450 550 550 650 650 800

Desktop Support 200 300 300 400 400 450

ETL Developer 350 450 450 550 550 650

Exchange / ISV Connectivity Analyst 300 400 400 525 525 625

Firewall Engineer 250 400 400 500 500 600

Information Architect 450 500 500 700 700 850

IT Auditor 250 400 400 500 500 550

IT Author 250 300 300 400 450 550

IT Facilities Manager 350 400 400 500 500 600

IT Shift Operator (incl. shift allowance) 225 300 300 350 350 425

Lotus Notes / Domino Support Analyst 250 350 350 425 425 500

Mainframe Developer (Cobol) 300 350 350 450 450 500






Market Data Support Engineer 300 400 400 500 500 600

Messaging Administrator (SWIFT / Websphere etc.) 300 400 400 450 450 550

Microsoft Exchange / OCS Administrator 300 400 400 450 450 550

Network / Security Engineer 250 400 400 500 500 575

Perl Developer 250 400 400 500 500 600

Powerbuilder / UNIX / Sybase / SQL Developer 350 400 400 500 500 600

Programme / Global Production Manager (IT) 550 650 650 800 800 1,200

Project Coordinator (IT) 225 350 350 400 400 500

Project Manager (IT) 400 500 500 600 600 800

SAP Specialist 350 450 450 600 600 700

Security Administrator 225 300 300 350 350 400

Security Analyst 275 350 350 400 400 450

Security Consultant 400 500 500 600 600 700

Service Desk Analyst 175 225 225 275 275 325

Service Management Analyst (Problem / Incident / Change etc.) 275 325 325 400 400 450

SharePoint Developer 300 375 375 425 425 500

Storage Administrator 300 400 400 450 450 550

Storage Engineer 350 450 450 500 500 600

Summit / Fidessa / Calypso / Murex etc. Developer 400 500 500 600 600 850

Summit / Fidessa / Calypso / Murex etc. Support Analyst 350 425 425 500 500 650

Test Analyst 250 400 400 550 550 650

UNIX Engineer 400 450 450 500 500 600

UNIX / Perl / Sybase Development Support 350 400 400 500 500 600

UNIX System Administrator 350 400 400 450 450 550

Voice Engineer 250 350 350 400 400 500

Wintel Administrator 300 400 400 450 450 550

Wintel Engineer 375 425 425 500 500 600


APPLICATION DEVELOPMENT




C# GUI Developer (back office) 30,000 40,000 40,000 60,000 60,000 70,000

C# GUI Developer (front office) 35,000 45,000 45,000 65,000 65,000 85,000

C# Server Developer (back office) 30,000 40,000 40,000 60,000 60,000 70,000

C# Server Developer (front office) 35,000 45,000 45,000 65,000 65,000 85,000

C# Team Lead / Tech Lead n / a n / a 65,000 75,000 75,000 90,000

C# Technical Architect 45,000 55,000 60,000 75,000 75,000 90,000

C++ / Unix Developer (back office) 30,000 40,000 40,000 65,000 70,000 80,000

C++ / Unix Developer (front office) 35,000 45,000 45,000 70,000 75,000 90,000

C++ / Windows Developer (back office) 30,000 40,000 40,000 65,000 70,000 80,000

C++ / Windows Developer (front office) 35,000 45,000 45,000 70,000 75,000 90,000

C++ Team Lead n / a n / a 65,000 75,000 75,000 95,000

Flex / RIA Developer 35,000 45,000 45,000 65,000 65,000 90,000

Front end Swing Java Developer (back office) 30,000 40,000 40,000 65,000 65,000 90,000

Front end Swing Java Developer (front office) 35,000 45,000 45,000 65,000 65,000 90,000

J2EE Developer (back office) 30,000 40,000 45,000 65,000 65,000 85,000

J2EE Developer (front office) 35,000 45,000 45,000 65,000 65,000 85,000

Quant Developer (C++ / Java / C#) 45,000 55,000 55,000 75,000 75,000 100,000

Server side J2SE Developer (back office) 30,000 40,000 40,000 60,000 60,000 85,000

Server side J2SE Developer (front office) 35,000 45,000 45,000 65,000 65,000 90,000

Technical Architect (Java - back office) 45,000 55,000 65,000 80,000 80,000 100,000

Technical Architect (Java - front office) 50,000 60,000 60,000 80,000 75,000 120,000

Technical Lead (Java - back office) n / a n / a 65,000 80,000 80,000 100,000

Technical Lead (Java - front office) n / a n / a 65,000 80,000 80,000 120,000

VBA / Excel (front office) 35,000 45,000 45,000 70,000 75,000 90,000

Visual Basic Developer 30,000 40,000 40,000 55,000 55,000 70,000

Visual C++ / MFC / COM Developer (back office) 30,000 40,000 40,000 65,000 70,000 80,000

Visual C++ / MFC / COM Developer (front office) 35,000 45,000 45,000 70,000 75,000 90,000






Web Developer (HTML / JavaScript / CSS) 30,000 40,000 40,000 50,000 50,000 70,000

WPF / Silverlight Developer (back office) 30,000 45,000 45,000 65,000 65,000 80,000

WPF / Silverlight Developer (front office) 35,000 50,000 55,000 70,000 70,000 90,000





C# GUI Developer (back office) 300 400 400 450 450 550

C# GUI Developer (front office) 350 450 450 550 550 600

C# Server Developer (back office) 300 400 400 450 450 550

C# Server Developer (front office) 350 450 450 550 550 600

C# Team Lead / Tech Lead n / a n / a 500 550 550 650

C# Technical Architect 400 450 500 550 550 700

C++ / Unix Developer (back office) 350 400 400 500 500 550

C++ / Unix Developer (front office) 400 450 500 550 550 650

C++ / Windows Developer (back office) 350 400 400 500 500 550

C++ / Windows Developer (front office) 400 450 500 550 550 650

C++ Team Lead n / a n / a 500 600 600 700

Flex / RIA Developer 375 450 425 550 525 700






Front end Swing Java Developer (back office) 350 450 450 550 550 675

Front end Swing Java Developer (front office) 400 475 475 575 575 700

J2EE Developer (back office) 350 450 450 550 550 650

J2EE Developer (front office) 350 450 450 550 550 650

Quant Developer (C++ / Java / C#) 400 450 500 600 650 700

Server side J2SE Developer (back office) 350 450 475 550 550 625

Server side J2SE Developer (front office) 375 450 450 550 550 650

Technical Architect (Java - back office) 425 475 475 575 575 650

Technical Architect (Java - front office) 425 475 475 600 575 750

Technical Lead (Java - back office) n / a n / a 500 600 575 650

Technical Lead (Java - front office) n / a n / a 500 600 575 700

VBA / Excel (front office) 350 450 450 550 550 600

Visual Basic Developer 300 400 400 450 450 500

Visual C++ / MFC / COM Developer (back office) 350 400 400 500 500 550

Visual C++ / MFC / COM Developer (front office) 400 450 500 550 550 650

Web Developer (HTML / JavaScript / CSS) 300 375 375 425 425 500

WPF / Silverlight Developer (back office) 350 400 400 500 550 600

WPF / Silverlight Developer (front office) 400 450 450 550 550 650


BUSINESS ANALYSIS AND PROJECT MANAGEMENT




BA Credit Risk 50,000 60,000 60,000 70,000 70,000 100,000

BA Finance IT 45,000 55,000 60,000 65,000 70,000 85,000

BA Fixed Income 55,000 70,000 75,000 85,000 95,000 115,000

BA Market Risk 60,000 65,000 65,000 75,000 75,000 100,000

BA OTC 50,000 60,000 60,000 70,000 70,000 90,000

BA Reference Data 50,000 60,000 60,000 70,000 70,000 85,000

BA / Test Analyst 45,000 50,000 50,000 65,000 65,000 75,000

Back Office BA 50,000 60,000 60,000 70,000 70,000 85,000

Back Office PM 50,000 60,000 60,000 70,000 70,000 90,000

Business Analyst FX 50,000 60,000 65,000 75,000 75,000 115,000

Business Analyst Rates 50,000 65,000 75,000 80,000 85,000 115,000

Development Manager 50,000 65,000 65,000 75,000 75,000 110,000

PM Credit Risk 50,000 60,000 60,000 70,000 70,000 110,000

PM Finance IT 50,000 65,000 65,000 75,000 75,000 120,000

PM Fixed Income 65,000 70,000 75,000 80,000 95,000 130,000

PM FX 50,000 75,000 75,000 95,000 100,000 130,000

PM Market Risk 50,000 65,000 65,000 75,000 75,000 120,000

PM OTC 50,000 60,000 60,000 70,000 70,000 110,000

PMO 30,000 45,000 45,000 65,000 70,000 95,000

Programme Manager 95,000 105,000 110,000 120,000 120,000 140,000

Test Manager 50,000 65,000 65,000 80,000 90,000 100,000


BUSINESS ANALYSIS AND PROJECT MANAGEMENT




BA Credit Risk 400 450 450 500 500 600

BA Finance IT (PnL) 400 450 450 500 500 650

BA Fixed Income 400 450 450 500 500 650

BA Market Risk 400 450 450 500 500 650

BA OTC 400 450 450 500 500 600

BA Reference Data 400 450 450 500 500 550

BA / Test Analyst 300 400 400 450 500 500

Back Office BA 400 450 450 500 500 550

Back Office PM 400 450 450 500 500 600

Business Analyst FX 400 450 450 500 500 700

Business Analyst Rates 300 400 400 500 500 700

Development Manager n / a n / a 600 800 800 1000

PM Credit Risk 600 700 700 750 750 850

PM Finance IT 600 650 650 800 800 1,000

PM Fixed Income 500 600 600 700 700 900

PM FX 600 700 700 800 800 900

PM Market Risk 600 700 700 800 800 1,000

PM OTC 500 550 600 750 800 1,000

PMO 250 350 350 500 500 800

Programme Manager 700 800 800 900 900 1,000

Test Manager 400 500 500 600 600 700


The year has been challenging for operations, with organisations suffering from reduced headcount expectations and final approval procedures becoming more stringent. Quarter 1 and 2 were fairly consistent. The majority of posts at Assistant Vice President (AVP) level and higher were covered by permanent hires, whereas the posts at analyst and senior analyst level were covered by interim hires. This trend continued into Q3 and Q4, though roles slowly became more focused on projects that included elements of change management and process improvement.

As a result of the poor market conditions, organisations have started to look for a higher calibre of candidate. Generally, they are no longer looking for people who can merely ‘do the job’, but personnel who can add extra value by driving new processes and procedures. Consequently, the recruitment process has become increasingly difficult and drawn-out, plus an increasing pressure to headhunt candidates from rival businesses has developed.

The demand for traditional back-office and ‘core’ operations roles has remained limited and, as a cost-saving exercise, some investment banks have ‘off-shored’ or ‘near-shored’ these areas of the business. The call for settlements,

OPERATIONSreconciliations, collateral, corporate actions and similar skill sets has decreased, and a shortage of these candidates in London has had a knock-on effect on the numbers of candidates following the natural progression into middle office. With the demand for these back office roles at a minimum, the emphasis in London has shifted to process improvements, projects and exposure to multiple asset classes, change management and new market initiatives.

The perceived outlook for 2012 is very similar to that of the latter parts of 2011 – namely, more outsourcing of traditional core operations roles and a focus on projects, change and business improvements. Organisations’ expectations are believed to stay the same and that the in-demand candidates will be those who can carry out project work over and above their business-as-usual tasks. Most banks will look to bulk-up middle office areas across all asset classes, but particularly in interest rate derivatives, credit derivatives and equity derivatives. As a result of the market crash, and where pure reconciliation and settlement roles have mainly been ‘off-shored’ or ‘near-shored’, there has been and will be more

emphasis on risk and controls within middle office. This is attractive to candidates as they gain more exposure and responsibility on top of their traditional middle office/trade support duties.

We expect the key areas of hiring to be change management, process improvement and business analysis. These positions are vital to many of the re-engineering, off-shoring and general ledger implementation programmes that the majority of organisations are embarking on. Strong candidates, from senior analysts to senior project managers and senior project management officers, are in constant demand, and organisations are willing to pay above the market rate to secure candidates.


OPERATIONS



INVESTMENT BANKING

Trade Support 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 +

Documentation Drafting 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 +

Documentation Confirmations 30,000 - 38,000 38,000 - 50,000 50,000 - 70,000 +

Collateral Management 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 +

Valuations 32,000 - 40,000 40,000 - 55,000 55,000 - 70,000 +

Corporate Actions 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 +

Dividends / Income Processing 28,000 - 35,000 35,000 - 48,000 48,000 - 60,000 +

Project Managers n / a n / a 65,000 - 80,000 +

Business Analysts 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 +

Settlements 30,000 - 38,000 38,000 - 50,000 50,000 - 70,000 +

Client Services 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 +

Prime Brokerage 32,000 - 40,000 40,000 - 55,000 55,000 - 70,000 +

Stock Lending 30,000 - 38,000 38,000 - 50,000 50,000 - 70,000 +

Loans Closing 32,000 - 40,000 40,000 - 55,000 55,000 - 70,000 +

Loans Administration 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 +

Reconciliations Control 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 +

Head of Operations (Asset Management) n / a 80,000 + 100,000 +

Head of Operations (Investment Bank) n / a 100,000 + 150,000 +

Static Data 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 +

FUND & INVESTMENT MANAGEMENT

Fund Managers Assistant 25,000 - 35,000 35,000 - 50,000 50,000 - 70,000 +

Fund Administration 20,000 - 30,000 30,000 - 40,000 40,000 - 55,000 +

Performance Analyst 25,000 - 35,000 35,000 - 50,000 50,000 - 70,000 +

Pricing / Valuations 20,000 - 30,000 30,000 - 40,000 40,000 - 55,000 +

Client Reporting 25,000 - 30,000 30,000 - 35,000 40,000 - 50,000 +


OPERATIONS



INVESTMENT BANKING

Trade Support 135 - 180 180 - 260 260 - 375

Documentation Drafting 150 - 200 200 - 275 275 - 400

Documentation Confirmations 130 - 180 180 - 240 240 - 320

Collateral Management 135 - 180 180 - 260 260 - 375

Valuations 130 - 180 180 - 240 240 - 320

Corporate Actions 120 - 170 170 - 250 250 - 320

Dividends / Income Processing 130 - 180 180 - 240 240 - 300

Project Managers n / a n / a 300 - 700

Business Analysts 150 - 200 200 - 275 275 - 400

Settlements 130 - 180 180 - 240 240 - 320

Client Services 120 - 170 170 - 250 250 - 320

Prime Brokerage 130 - 180 180 - 240 240 - 320

Stock Lending 130 - 180 180 - 240 240 - 320

Loans Closing 130 - 180 180 - 240 240 - 320

Loans Administration 120 - 170 170 - 250 250 - 320

Reconciliations Control 120 - 170 170 - 250 250 - 320

Head of Operations (Asset Management) n / a 350 - 450 450 +

Head of Operations (Investment Bank) n / a 400 - 550 550 +

Static Data 120 - 170 170 - 250 250 - 320

FUND & INVESTMENT MANAGEMENT

Fund Managers Assistant 120 - 170 170 - 250 250 - 320

Fund Administration 120 - 160 160 - 200 200 - 280

Performance Analyst 120 - 170 170 - 250 250 - 320

Pricing / Valuations 120 - 160 160 - 200 200 - 280

Client Reporting 120 - 170 170 - 250 250 - 320


The projects and change management market remained largely steady during 2011 in London, but experienced a slight slowdown towards the end of the year. This slowdown was largely due to the pressures of the wider economic environment and resulted in organisations focusing their activity on delivering key strategic and regulatory programmes, while postponing or cancelling other non-critical programmes. As a result, many permanent and interim positions were cancelled or put on hold as part of a larger recruitment freeze until the economic environment becomes more stable.

In spite of this slowdown, there was a high demand for Project Management Officers (PMOs) and change managers, as an ever-increasing focus on governance and control affects the way the industry conducts its changes, with organisations investing in central change teams to drive efficiencies and compliance across major programmes. Change professionals with skills in a given asset class, product control and/or a recognised accountancy qualification continue to be in demand, as well as


candidates with a background in pure consulting change. The net effect of the slowdown towards the end of 2011 is that there is greater competition for roles. While employers continue to seek the top candidates, they expect these candidates to have as broad a skill set as possible to maximise the effectiveness of their hires.

The depressed outlook for the wider financial services market may continue in 2012, but we believe project and change are likely to be among the first areas to pick up and will therefore remain steady over the year as a whole. This is due to the fact that almost all financial services organisations are under pressure to complete key business and finance change projects, either regulatory or structural.

Candidates with strong business and process improvement skills are likely to be in demand as organisations look to make efficiency savings where possible. This should ensure that projects and change management remains a lucrative interim market for those with the in-demand skills. Candidates who have been reluctant to enter such a candidate-heavy field will be provided with the relevant opportunities in core business and finance change projects.



NEWLY QUALIFIED ASSOCIATE AVP VP


FINANCIAL SERVICES

Business / Change Analyst 50,000 - 65,000 65,000 - 75,000 75,000 - 90,000 90 - 100,000

Project / Change Manager n / a 60,000 - 75,000 85,000 - 100,000 110, ,000 - 130,000

PMO 50,000 - 58,000 60,000 - 75,000 75,000 - 100,000 100,000 - 115,000

Programme Director n / a n / a n / a 110,000 +

PROJECTS & CHANGE MANAGEMENT1 - 3 YEARS' EXP 3 - 6 YEARS' EXP 6 YEARS' EXP


FINANCIAL SERVICES

Business / Change Analyst 300 - 400 400 - 500 500 - 600

Project / Change Manager 400 - 500 500 - 600 600 - 800

PMO 300 - 400 400 - 500 500 - 600

Programme Director 500 - 600 600 - 700 700 - 1,000


Recruitment in the risk market was somewhat unpredictable over the course of 2011.

In the first half of the year, hiring volumes were high across all risk types – a continuation of activity from H2 of 2010. There was huge demand for risk staff up until the end of Quarter 2 in 2011, but in the second half of the year the demand for risk managers levelled off and then began to decline. The compromised global economy and Eurozone crisis have had knock-on effects. Investment banks, in general, recorded losses in H2 of 2011, which meant there were only a few winners in investment banking over the year. Trading revenues were down and this has led to restricted budgets, redundancies and cost-cutting across the City.

RISKStatistics showed a significant reduction in hiring mandates, as banks introduced ‘hiring pauses’ and attempted to build out internal recruitment teams. There were also redundancies in many financial services departments – including risk management – and as a consequence many firms focused heavily on hiring internally rather than going out to the market.

Despite all this, it should be said that although the demand for risk staff dropped in Q2 2011, risk management was still an area less affected than many other vertical markets in the financial services sector. The increasing regulatory and political pressures on financial institutions increased the demand for risk staff in several key areas. Individuals with experience of risk projects, risk modelling, credit analysis and operational risk and controls became highly sought after. Other key pockets of hiring were in commodity trading houses and consultancies. The ‘big four’ have also been building out their risk advisory capability to put themselves in a good position to win business in 2012 while regulatory pressure continues, budgets remain tight and hiring is limited.

From a profile perspective, it is clear that the last couple of years have actually been good for risk management. The quality of staff, the numbers of people employed in risk management, and the influence risk managers now have in businesses are significantly higher. Risk now has a prominent role in each firm and risk teams need to be seen and heard internally and externally. There has been a larger demand for candidates that don’t have a background in risk but are looking to work in risk management, including those from trading, front office, auditing, finance and operations roles. Given the higher profile and calibre of risk management employees, however, client companies have been able to hold out for the best candidates and this has created a noticeable imbalance between supply and demand. It is still commonplace for the best candidates to receive multiple offers from interested companies and ‘buy backs’ from their current employers.


There has not been a significant change to salaries and compensation in risk management since 2010. Typically, candidates are changing roles in risk management for a 10 to 20 per cent increase in their base salary. There are exceptions, of course – typical factors that affect the level of increase in salary are the employer’s need and the combination of skills held by the candidate. Some candidates have moved for quite significant increases in their base salary (increases of up to 50 per cent), but there will have been specific drivers. For example, in the event of a client company replacing a key role, the client has had to pay a premium to replace this candidate. Most candidates are risk-averse when it comes to moving firms in this market, so candidates with a combination of specialist skills and desirable personality traits are commanding multiple offers and leveraging these offers to get a larger increase in their base salary. Another reason why candidates might receive larger than expected salary increases relates to the bonus potential of the role on offer.

In the main, the outlook for bonuses is gloomy – particularly in investment banking. Candidates are not expecting much beyond their guaranteed cash compensation. So, without an increase in base salary or a guaranteed bonus, candidates are hesitant to change employers. We will have to wait until Quarter 1 of 2012 to see how far bonuses in the financial services sector have been affected. Although, with less liquidity in the market, specific government intervention on bonuses, and the social perception of financial services bonus culture, it is likely that we will see bonus figures cut across the board, with poor performers receiving little or nothing, and good performers receiving ‘normal’ or above-average bonuses.

Looking ahead for 2012, we expect the market to continue in the same way as H2 of 2011, with lower volumes of hiring across the board in risk management. A lot depends on the Eurozone and the global economy. We know that confidence in the market is hard to gain and is easily lost, so aside from the usual end of bonus market movement, we are expecting next year’s market to be very volatile and therefore client-driven. There will be pockets of volume hiring, with the ever-present pressure from the regulators creating demand. But, in the main, we think 2012 will be a tough year for candidates.


RISK



MARKET RISK

Market Risk Reporting 30,000 - 45,000 45,000 - 65,000 60,000 - 90,000 80,000 - 120,000

Market Risk Management 40,000 - 55,000 55,000 - 75,000 70,000 - 110,000 100,000 - 140,000

Investment Risk & Performance Attribution 30,000 - 45,000 40,000 - 65,000 60,000 - 85,000 80,000 - 120,000

Prime Brokerage Risk 40,000 - 55,000 50,000 - 75,000 70,000 - 110,000 100,000 - 150,000

Regulatory Risk 35,000 - 50,000 45,000 - 70,000 65,000 - 100,000 95,000 - 130,000

Risk Data 30,000 - 45,000 45,000 - 65,000 65,000 - 85,000 80,000 - 130,000

Risk Consultancy 40,000 - 55,000 55,000 - 75,000 75,000 - 100,000 95,000 - 150,000

Market Risk Business Analyst 30,000 - 50,000 45,000 - 70,000 65,000 - 100,000 100,000 - 150,000

Market Risk Methodology 40,000 - 60,000 60,000 - 80,000 75,000 - 100,000 100,000 - 150,000

Model Validation 40,000 - 60,000 60,000 - 80,000 75,000 - 100,000 100,000 - 150,000

CREDIT RISK

Credit Analyst - NBFIs 32,000 - 45,000 45,000 - 65,000 65,000 - 90,000 90,000 - 120,000

Credit Analyst - FIs 32,000 - 45,000 45,000 - 65,000 65,000 - 90,000 90,000 - 120,000

Credit Analyst - Corporates 32,000 - 45,000 45,000 - 65,000 65,000 - 90,000 90,000 - 120,000

Credit Analyst – Hedge Funds 40,000 - 50,000 50,000 - 75,000 75,000 - 100,000 100,000 - 120,000

Credit Analyst – Natural Resources 40,000 - 50,000 50,000 - 75,000 75,000 - 100,000 100,000 - 120,000

Credit Analyst – Leverage / Structured Finance 40,000 - 50,000 50,000 - 75,000 75,000 - 100,000 100,000 - 120,000


RISK



Credit Risk Business Analyst 30,000 - 50,000 45,000 - 70,000 70,000 - 100,000 100,000 - 150,000

Ratings Analyst 35,000 - 45,000 45,000 - 60,000 60,000 - 80,000 80,000 - 100,000

Credit Risk Methodology 45,000 - 55,000 55,000 - 70,000 70,000 - 100,000 100,000 - 130,000

Credit Risk Control 45,000 - 55,000 55,000 - 70,000 70,000 - 100,000 100,000 - 130,000

Credit Risk Reporting 35,000 - 50,000 50,000 - 65,000 65,000 - 80,000 80,000 - 100,000

Exposure Management 35,000 - 50,000 50,000 - 65,000 65,000 - 80,000 80,000 - 100,000

OPERATIONAL RISK

Operational Risk – Capital Markets / Front Office 40,000 - 55,000 55,000 - 75,000 75,000 - 95,000 95,000 - 130,000

Operational Risk – Investment Banking Support Functions 35,000 - 50,000 50,000 - 65,000 65,000 - 85,000 85,000 - 110,000

Operational Risk – Retail & Corporate Banking 30,000 - 50,000 50,000 - 70,000 70,000 - 85,000 85,000 - 110,000

Operational Risk - Alternative Investments 35,000 - 55,000 55,000 - 75,000 75,000 - 100,000 100,000 - 130,000

Operational Risk – Group Function (Scenario, loss data, RCSA, etc) 40,000 - 55,000 55,000 - 75,000 75,000 - 100,000 100,000 - 120,000

Operational Risk – Capital Modelling 35,000 - 55,000 55,000 - 75,000 75,000 - 100,000 100,000 - 130,000

Operational Risk Reporting 30,000 - 45,000 45,000 - 60,000 60,000 - 90,000 n / a

Sustainability Analyst 45,000 - 55,000 55,000 - 70,000 70,000 - 85,000 85,000 - 110,000

Governance Officer 45,000 - 55,000 55,000 - 70,000 70,000 - 85,000 85,000 - 120,000

Operational Risk Consultant - Big 4 40,000 - 55,000 55,000 - 75,000 75,000 - 85,000 85,000 - 120,000


RISK

0 - 2 YEARS' EXP 2 - 6 YEARS' EXP 6 - 10 YEARS' EXP 10 + YEARS' EXP


MARKET RISK

Market Risk Reporting 150 - 250 200 - 400 350 - 600 550 +

Market Risk Management 200 - 300 250 - 500 450 - 700 700 +

Investment Risk & Performance Attribution 200 - 300 250 - 500 450 - 700 600 +

Prime Brokerage Risk 250 - 350 300 - 550 500 - 700 700 +

Regulatory Risk 150 - 250 200 - 400 350 - 600 550 +

Risk Data 150 - 250 200 - 400 350 - 600 550 +

Risk Consultancy 200 - 350 300 - 450 400 - 550 550 +

Market Risk Business Analyst 200 - 350 300 - 500 450 - 650 600 +

Market Risk Methodology 200 - 350 300 - 550 500 - 700 700 +

Model Validation 200 - 350 300 - 550 500 - 700 650 +

CREDIT RISK

Credit Analyst – NBFIs 150 - 250 200 - 400 350 - 600 550 +

Credit Analyst – FIs 150 - 250 200 - 400 350 - 600 550 +

Credit Analyst – Corporates 200 - 300 250 - 500 450 - 700 600 +

Credit Analyst – Hedge Funds 250 - 350 300 - 550 500 - 700 700 +

Credit Analyst – Natural Resources 200 - 300 250 - 500 450 - 700 600 +

Credit Analyst – Leverage / Structured Finance 200 - 300 250 - 500 450 - 700 600 +


RISK

0 - 2 YEARS' EXP 2 - 6 YEARS' EXP 6 - 10 YEARS' EXP 10 + YEARS' EXP


Credit Risk Business Analyst 200 - 350 300 - 450 400 - 550 550 +

Ratings Analyst 200 - 350 300 - 500 450 - 650 600 +

Credit Risk Methodology 250 - 350 300 - 550 500 - 700 800 +

Credit Risk Control 150 - 250 200 - 400 350 - 600 550 +

Credit Risk Reporting 150 - 250 200 - 400 350 - 600 550 +

Exposure Management 200 - 350 300 - 550 500 - 700 650 +

OPERATIONAL RISK

Operational Risk – Capital Markets / Front Office n / a 300 - 450 450 - 650 650 +

Operational Risk – Investment Banking Support Functions 200 - 250 250 - 400 400 - 550 550 +

Operational Risk – Retail & Corporate Banking 150 - 200 200 - 350 350 - 500 500 +

Operational Risk – Alternative Investments 200 - 250 250 - 400 400 - 550 550 +

Operational Risk – Group Function (Scenario, loss data, RCSA, etc) n / a 250 - 400 400 - 550 550 +

Operational Risk – Capital Modelling n / a 250 - 400 400 - 600 600 +

Operational Risk Reporting 150 - 200 200 - 350 350 - 550 n / a

Sustainability Analyst 150 - 200 200 - 350 350 - 550 550 +

Governance Officer 200 - 300 300 - 450 450 - 600 600 +


The importance of treasury to financial services firms cannot be understated. The flow of regulation since the 2008/09 recession has increased the size of treasury departments in almost every organisation. Group treasury has been the main area to be affected by FSA requirements, though individual business units have also witnessed a marked increase in scrutiny over recent years.

Since 2010, there has been a steady growth in companies hiring for asset and liability management, liquidity analysis and reporting and balance sheet management. The level of recruitment for these positions decreased somewhat in late 2011, but the sheer weight of regulation requirements will maintain a demand for key hires in 2012.

The focus on analysing the behaviour of balance sheets, and on all forms of non-traded risk management, remains as topical as ever. Balance sheets in the hundreds of billions of dollars are not immune to fluctuations of the market. As such, companies are seeking to deepen their understanding of all risks on their banking and trading books. Banks have taken on the brunt of the imposed regulatory changes, as the collapse of Lehman Brothers – which was linked

TREASURYinextricably to a lack of liquidity – demonstrated that the sourcing and management of funding would never be as painless as it was prior to the credit crunch.

With banks being forced to change the way they operate, the emphasis on secured funding and the robustness of capital has never been stronger. Funding is ever more difficult and essential to survival. For the first time in history, stress testing rather than mergers and acquisitions deals and trading volumes is now considered to be the most important information about how an investment bank operates. Media that largely ignored the activities of investment banks now regularly report on stress testing – not only in their economics sections, but as headline news and breaking news. The taxpayer now has a vested interest in how certain financial services providers perform. Notably, stress testing was the centrepiece of Bob Diamond’s (Chief Executive at Barclays) response to the Treasury Select Committee Inquiry in 2011. Risk managers and treasury professionals are responsible for day-to-day stress testing, and these employees are central to new regulations and to future organisational structures of investment banks.

Candidates with treasury backgrounds can expect to be in demand and well remunerated. The scarcity of people with solid treasury experience, and the elevation in status of these roles, accounts for this. In 2012, the market will be relatively healthy for both permanent and contract positions, even if it does not reach the lofty, reactionary heights of 2010. The point of new regulations and constant stress testing is to bring the world's financial system to a state where some of the banks can fail without taking the entire system down with them. Treasury professionals will continue to play a pivotal role in helping their own firms avoid failure and in reshaping the way financial services companies in the UK operate as a whole.


TREASURY

ANALYST ASSOCIATE AVP VP SVP


FINANCIAL SERVICES

Dealing / Funding 30,000 - 40,000 40,000 - 55,000 52,000 - 70,000 65,000 - 90,000 90,000 - 125,000

Liquidity Risk / Policy 30,000 - 40,000 40,000 - 55,000 52,000 - 70,000 75,000 - 90,000 85,000 - 120,000

Capital Management 30,000 - 40,000 40,000 - 55,000 52,000 - 70,000 75,000 - 90,000 85,000 - 120,000

Debt Management 30,000 - 40,000 40,000 - 55,000 52,000 - 70,000 75,000 - 90,000 85,000 - 120,000

TREASURY0 - 2 YEARS' EXP 2 - 6 YEARS' EXP 6 - 10 YEARS' EXP 10 + YEARS' EXP


FINANCIAL SERVICES

Dealing / Funding 200 - 300 300 - 550 500 - 700 800 - 1500

Liquidity Risk / Policy 200 - 300 300 - 550 500 - 700 800 - 1500

Capital Management 200 - 300 300 - 550 500 - 700 800 - 1500

Debt Management 200 - 300 300 - 550 500 - 700 800 - 1500

OUR OFFICES


OUR GLOBAL PRESENCE SPANS OVER 20 COUNTRIESAMERICAS | ASIA PACIFIC | EUROPE | MIDDLE EAST

OUR UK AND IRELAND OFFICES

BIRMINGHAM

Victoria Square House Victoria Square Birmingham B2 4AJ Tel: +44 121 633 0010

DUBLIN

10 Lower Mount Street Dublin 2 Tel: +353 1 676 5000

EDINBURGH

Caledonian Exchange 19a Canning Street Edinburgh EH3 8EG Tel: +44 131 555 4321

GLASGOW

130 St Vincent Street Glasgow G2 5HF Tel: +44 141 221 8182

LONDON

Chancery House 53 - 64 Chancery Lane London WC2A 1QS Tel: +44 20 7187 6000

MANCHESTER

The Chancery 58 Spring Gardens Manchester M2 1EW Tel: +44 161 832 7728

MILTON KEYNES

500 Avebury Boulevard Milton Keynes MK9 2BE Tel: +44 1908 547 995

READING

Greyfriars Gate 5 - 7 Greyfriars Road Reading, Berkshire RG1 1NU Tel: +44 118 939 1003

ABERDEEN

4 - 5 Golden Square Aberdeen AB10 1RD Tel: +44 1224 620 262

Aberdeen +44 1224 620 262

Birmingham +44 121 633 0010

Dublin +353 1 676 5000

Edinburgh +44 131 555 4321

Glasgow +44 141 221 8182

London +44 20 7187 6000

Manchester +44 161 832 7728

Milton Keynes +44 1908 547 995

Reading +44 118 939 1003

uk.hudson.com

Documents

2012 SALARY GUIDE - Recruitment and Talent Management Company