Financial Services Salary Guide 2018 - Matrix Recruitment · 2018. 4. 16. · top talent. Our Matrix Recruitment Annual Salary and Benefits Guide 2018 highlighted some interesting

Financial Services Salary Guide | 2018

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Financial Services Salary Guide 2018


WelcomeWelcome to our Salary Guide for 2018. The data has been complied through a combination of market research and using a review of the salary packages available to our candidates from our suite of clients.

Financial Services Ireland 2017 has been a notable year in the Financial Services market in Ireland. We saw high profile banks and insurance firms endorse Ireland as their destination of choice post-Brexit, with a number of large multinational Financial Services firms choosing Ireland as the location for their European headquarters. The list of companies announcing relocation is growing each month and their immiment arrival is set to have a positive impact on the Irish economy. Companies such as Barclays and JP Morgan have already made job announcements, with other notable relocation announcements from Northern Trust, Citadel, Tobam, alterDomus, Fundrock, Chaucer, Kabbage, Willis Towers Watson, Bank of China, Beazley Re.

While we await further confirmation of other companies relocating to Ireland, the economic outlook for 2018 is markedly positive and is expected to remain so in both the short and medium term.

The impact of Brexit and the relocation of companies here will directly impact the educational system, the construction industry and the return of Irish generations who have relocated abroad in search of jobs. Matrix Recruitment expects the jobs market will be highly competitive, with unemployment rates falling to an all-time low. This in turn will put further pressure on the demand for talent.

Through 2017, we have seen organisations endeavour to remain competitive with marginal increases of 5%-10% in salaries across the Financial Services specialities, but expect companies will need to further increase salaries to hold onto top talent. Our Matrix Recruitment Annual Salary and Benefits Guide 2018 highlighted some interesting data, with 56% of respondents noting they expected a pay rise in 2017, however only 6% received one. Where we are seeing increased activity is in organisations trying to explore other options in order to retain and attract skilled candidates. Traditionally employers have been hesitant to embrace flexible and remote working environments. However, as more workers seek

a better work-life balance, companies are now beginning to invest in technology that enables staff to work outside of he office. The additional pressures of rental costs in the capital, shortage of accommodation, childcare and commuting costs means companies are more open to exploring flexitime options, part-time working hours and remote working. Our Annual Salary and Benefits Guide discovered that 70% of our respondents are happy with their work-life balance. However, 37% admitted that working late meant missing out on seeing children, family and friends.

Industry Trends

InsuranceThe insurance field was hit hard with Storm Emma and Storm Ophelia striking as some of the worst storms in over 50 years in Ireland. Ophelia caused mayhem for 36 hours, thus resulting in many firms closing their doors and others only opening for business-critical tasks. Damages to the country, predominately in the West and South, amounted to somewhere between 500 and 800 million euro proving quite a costly 36 hours for the island.

Technological advances in the insurance industry remain slow as it still relies heavily on paper-based transactions and the high level of risk involved prevents the quick adoption of new processes. However, time and money is set to be invested in unlocking the potential revenue from utilising more advanced technology in the market.

We expect to see Brexit impact jobs in the sector in 2018 with companies such as Legg Mason, Citadel, Aviva, Beazley and Legal and General all considering expanding their operations in Ireland.


Investment BankingWe have already seen several “job wins” announced post-Brexit, however uncertainly surrounds how much of an impact these will have. Ireland has long been considered a Centre of Excellence for fund administration with over 13,000 people working within Fund Accounting, Transfer Agency, Custody, Financial Reporting, Risk & Compliance, and Audit among others. With this level of talent, it would not be surprising to hear of further notable job announcements in 2018. We expect much of these announcements to centre around back and middle office. There is much anticipation among professionals regarding potential Front Office positions.

Employers in this sector are busy defining their brand, salaries and remuneration packages in order to gain an advantage in a very competitive market for talent and experience, and with the impact of Brexit looming there will be a further squeeze for available talent. While we have seen relatively modest base salary increases, the focus for these organisations is on the total remuneration package with many looking to strengthen their healthcare, pensions, life insurance, wellbeing and work-life options. Into 2018 we expect continued demand for skilled talent, especially in the Risk & Compliance and Regulatory positions and for Qualified Accountants. The typical demand for experienced Fund Accounting and Transfer Agency professionals is not abating. Speed to hire will be essential.

Retail Banking2017 was another eventful year for the Retail Banking sector here in Ireland. Many banks continued to face scrutiny in 2017, in relation to

their handling of the mortgage tracker scandal. However, they have continued to forge ahead implementing transformation and technology programs. Banks are focusing on becoming more agile and innovative to make sure they stay competitive in the marketplace. There remains strong demand within Retail Banking for APA

and QFA qualified candidates.

Aircraft LeasingThere is not expected to be a notable impact on the Aircraft Leasing industry in Ireland following Brexit. Leasing is a non-regulated activity, and aviation lessors do not need EU regulatory market access to operate, therefore we do not expect the same “influx” of jobs as we could potentially see from Investment Banking and Insurance. However, Dublin remains a Centre of Excellence in Aircraft Leasing with the likes of AerCap, Avolon, and SMBC Aviation amongst others based here. In fact, 14 of the top 15 aircraft lessors are headquartered in Ireland. Currently the sector employs 1,800 people across sales and marketing, asset management, accounting, legal and tax functions. We expect marginal

increases in this number in 2018.

Credit UnionThe future of Credit Unions in Ireland remains positive. With recent mergers of smaller credit unions coming together to form strong and more stable community funds, improving cost efficiencies and strengthening the risk management framework within the Credit Union system.

The positive news is that loan arrears are falling. The regulatory environment is expanding and strengthening the future protection of its members assets.

Credit Unions have now entered the Fintech arena, which is key to remaining relevant in the loans industry. Many have also seen an increase in loan applications from a younger demographic through their use of social media platforms to promote products and services. By migrating customer feedback platforms online and increasing efficiencies in loan approval times, many Credit Union have seen significant reductions in costs and man hours.

Kevin Johnson, CUDA Chief Executive, has said they are committed to Credit Unions remaining


consumer-owned, co-operative financial services organisations, whose primary business is to provide a competitive return on the savings

of their members.

Outlook2018 offers a tremendously dynamic jobs market for candidates. However factors such as... and regulatory changes means employers will have to work harder than ever to attract and retain talent.

With Brexit and GDPR set to bring widespread changes to existing workplace practices, hiring for roles impacted by these will be a priority for many companies in 2018. Attracting talent from abroad for the most active roles such as Risk and Compliance, Financial Reporting, Regulatory Accountants & Fund Accountants, Business Analysts and Operational Risk Analysts will prove difficult. Although Data Architects and Project Mangers migrated abroad to find work during the recession, changes in regulation and expansion in Fintech capabilities are now driving up demand for these specialists. Speed of sourcing and hiring top talent in these areas will be key to filling roles from a depleted talent pool in 2018.

With the situation in the rental market in the capital, Brexit companies should be encouraged to look at locations in the South-East and West of the country. Availability of housing, schools and other infrastructure across the country is more readily available with room for further development, which in turn will benefit the Irish economy.

Looking at recruitment trends for 2018 we expect to see continued demand for Change Management Specialists, Compliance and Risk professionals, and subject matter experts such as those with GDPR exposure, Performance Fee experts and Private Equity professionals. Candidates with ACA, ACCA and CFA qualifications are still highly sought after.

Gillian Wall,Financial Services Recruitment ManagerT: 01 4690901E: [email protected]

Sarah MeagherFinancial Services Recruitment ConsultantT: 01 4690901E: [email protected]

To access our series of industry specific guides, visit www.matrixrecruitment.iew


Salary Guide 2018Fund Accounting

Transfer Agency/Shareholder Services

Job Title Dublin (€) Regionally (€)

Transfer Agent 23,000 - 33,000 23,000 - 30000

Senior Transfer Agent 30,000 - 38,000 30,000 - 35,000

Transfer Agency Supervisor 35,000 - 50,000 35,000 - 45,000

Transfer Agency Assistant Manager 48,000 - 60,000 45,000 - 55,000

Transfer Agency Manager/AVP 55,000 - 75,000 55,000 - 70,000

Senior Transfer Agency Manager/VP 75,000 - 100,000 65,000 - 90,000

Head of 95,000 - 140,000 85,000 - 130,000

Pricing/Market Data/Corporate Actions


Pricing Administrator 26,000 - 33,000 23,000 - 30000

Senior Pricing Administrator 30,000 - 45,000 30,000 - 36,000

Pricing Supervisor 45,000 - 55,000 35,000 - 50,000

Pricing Manager/AVP 55,000 - 76,000 55,000 - 70,000

Senior Pricing Manager/VP 75,000 - 100,000 70,000 - 90,000

Head of 110,000 - 150,000 100,000 - 130,000


Fund Accountant 28,000 - 35,000 25,000 - 30,000

Senior Fund Accountant 35,000 - 45,000 30,000 - 35,000

Fund Accounting Supervisor 45,000 - 55,000 35,000 - 45,000

Fund Accounting Assistant Manager 48,000 - 60,000 45,000 - 55,000

Fund Accounting Manager/AVP 60,000 - 75,000 55,000 - 70,000

Senior Fund Accounting Manager/VP 75,000 - 100,000 70,000 - 90,000

Head of 110,000 - 150,000 100,000 - 130,000

Managing Director 140,000 - 190,000 120,000 - 150,000

Trustee


Trustee Administrator 28,000 - 35,000 25,000 - 30,000

Senior Trustee Administrator 35,000 - 45,000 30,000 - 35,000

Trustee Supervisor 45,000 - 55,000 35,000 - 45,000

Transfer Agency Manager/AVP 48,000 - 60,000 45,000 - 55,000

Transfer Agency Senior Manager/VP 60,000 - 75,000 55,000 - 70,000

Head of 75,000 - 100,000 70,000 - 90,000


Salary Guide 2018Financial Reporting


Financial Reporting Accountant (Qualified) 50,000 - 65,000 40,000 - 55,000

Financial Reporting Associate (Part-Qualified) 35,000 - 45,000 30,000 - 40,000

Financial Reporting Manager/AVP 72,000 - 100,000 65,000 - 90,000

Head of Financial Reporting 95,000 - 140,000 85,000 - 130,000

Regulatory Reporting Accountant 55,000 - 65,000 55,000 - 65,000

Client Services


Client Service Administrator 28,000 - 35,000 25,000 - 30,000

Senior Client Service Administrator 35,000 - 45,000 30,000 - 35,000

Client Service Administrator Supervisor 45,000 - 55,000 35,000 - 45,000

Client Service Administrator Manager/AVP 50,000 - 70,000 50,000 - 65,000

Client Service Administrator Senior Manager/VP 75,000 - 100,000 70,000 - 90,000

Head of 110,000 - 150,000 100,000 - 130,000

Financial Control


Financial Analyst 50,000 - 65,000 45,000 - 55,000

Private Equity


Private Equity Accountant 65,000 - 85,000 55,000 - 75,000

Middle Office


Middle Office Administrator 28,000 - 35,000 25,000 - 32,000

Senior Middle Office Administrator 35,000 - 40,000 32,000 - 38,000

Middle Office Supervisor 40,000 - 50,000 38,000 - 45,000

Middle Office Manager 50,000 - 70,000 45,000 - 65,000

Middle Office Senior Manager 70,000 - 90,000 65,000 - 85,000

Head of Middle Office 90,000 - 120,000 85,000 - 110,000


Risk & Compliance

Salary Guide 2018


Head of Compliance 90,000 - 150,000 80,000 - 120,000

Compliance Manager (5 yrs + exp) 65,000 - 90,000 60,000 - 80,000

Risk Manager 70,000 - 95,000 65,000 - 80,000

Risk Analyst 45,000 - 65,000 40,000 - 60,000

AML Specialist 28,000 - 40,000 25,000 - 35,000

Internal Auditor 60,000 - 70,000 55,000 - 60,000

Custody


Custody Administrator 23,000 - 33,000 23,000 - 28,000

Senior Custody Administrator 30,000 - 38,000 26,000 - 35,000

Custody Supervisor 45,000 - 55,000 35,000 - 50,000

Custody Manager/AVP 55,000 - 76,000 55,000 - 70,000

Custody Senior Manager/VP 75,000 - 100,000 70,000 - 90,000

Head of 95,000 - 140,000 85,000 - 130,000

Treasury


Treasury Administrator 28,000 - 38,000 25,000 - 35,000

Treasury Analyst 38,000 - 48,000 35,000 - 45,000

Settlements Administrator 25,000 - 35,000 25,000 - 35,000

Treasury Manager 65,000 - 85,000 60,000 - 72,000

Project Management


Senior Project Manager/Business Transformation 100,000 - 150,000 85,000 - 120,000

Project Manager 65,000 - 95,000 55,000 - 85,000

Business Analyst 40,000 - 65,000 40,000 - 55,000

Wealth Management


Wealth Manager 3-5 years 65,000 - 85,000 60,000 - 80,000

Wealth Manager 5+ years 85,000 - 125,000 80,000 - 100,000

Customer Service Administrator 30,000 - 50,000 28,000 - 45,000


Salary Guide 2018

General Insurance


Personal Lines Administrator 25,000 - 35,000 22,000 - 29,000

Personal Lines Team Leader 35,000 - 45,000 33,000 - 43,000

Personal Lines Manager 40,000 - 55,000 35,000 - 50,000

Personal Lines Underwriter 35,000 - 50,000 33,000 - 42,000

Commercial Underwriting 50,000 - 80,000 45,000 - 70,000

Commercial Underwriting Junior 40,000 - 60,000 35,000 - 55,000

Commercial Underwriting Administrator 30,000 - 35,000 28,000 - 33,000

Telephone Development Executive 25,000 - 32,000 22,000 - 30,000

Commercial Account Handler 24,000 - 34,000 22,000 - 32,000

New Business Account Handler 30,000 - 35,000 28,000 - 32,000

Claims Handler 24,000 - 34,000 21,000 - 28,000

Retail Banking


Retail Banking - Customer Service Official 26,000 - 36,000 23,000 - 33,000

Retail Banking - Financial Advisor 35,000 - 45 ,000 33,000 - 45,000

Retail Banking - Branch Manager 55,000 - 90,000 45,000 - 70,000

Mortgage Underwriter 38,000 - 50,000 35,000 - 45,000

Mortgage Administrator 28,000 - 40,000 28,000 - 35,000

Mortgage Arrears Portfolio Manager 55,000 - 90,000 50,000 - 80,000

Life & Pensions


Life & Pensions Administrator 23,000 - 35,000 21,000 - 33,000

Life & Pensions Team Leader 35,000 - 45,000 33,000 - 42,000

Life & Pensions Manager 45,000 - 65,000 40,000 - 60,000

Group Pensions Administrator 35,000 - 44,000 32,000 - 40,000

Group Pensions Team Leader 45,000 - 60, 000 38,000 - 54,000

Group Pensions Manager 55,000 - 65,000 50, 000 - 60,000

Life Claims Officer 25,000 - 39,000 21,000 - 35,000

Life Claims Manager 65,000 - 80,000 55,000 - 75,000

Head of Underwriting 110,000 - 170,000 90,000 - 140,000

Senior Life Underwriter 45,000 - 80,000 30,000 - 65,000

Life Underwriter 25,000 - 50,000 20,000 - 45,000

Reinsurance Support 28,000 - 35,000 25,000 - 32,000

Reinsurance Underwriter 35,000 - 80,000 32,000 - 70,000


Salary Guide 2018Insurance - Risk & Compliance


Head of Compliance 100,000 - 135,000 80,000 - 110,000

Compliance Manager 75,000 - 90,000 60,000 - 80,000

Compliance Officer 38,000 - 50,000 28,000 - 38,000

AML Officer 30,000 - 45,000 25,000 - 35,000

Risk Manager 60,000 - 85,000 60,000 - 75,000

Mortgages - Operations


Head of Mortgages 90,000 - 110,000 75,000 - 105,000

Head of Lending 90,000 - 120,000 80,000 - 110,000

Arrears Portfolio Manager 55,000 - 65,000 50,000 - 60,000

Mortgage Administration Manager 65,000 - 90,000 60,000 - 85,000

Mortgage Administrator 28,000 - 32,000 25,000 - 30,000

Finance


Premium Collections Agent 25,000 - 32,000 22,000 - 29,000

Premium Collections Team Leader 28,000 - 36,000 25,000 - 32,000

Premium Collections Manager 35,000 - 50,000 30,000 - 42,000

Broker Development


Sales Agent 20,000 - 30,000 18,000 - 27,000

Administrator 25,000 - 35,000 20,000 - 28,000

Team Leader 35,000 - 45,000 30,000 - 38,000

Manager 40,000 - 55,000 38,000 - 50,000

Senior Account Executive 60,000 - 100,000 50,000 - 80,000

Business Development Manager 50,000 - 70,000 45,000 - 65,000

Senior Pensions Consultant 45,000 - 80,000 35,000 - 70,000

Broker Consultant 23,000 - 45,000 30,000 - 40,000

Sales Director 100,000 - 160,000 80,000 - 140,000

Financial Advisor 35,000 - 55,000 30,000 - 50,000

Call Centre Agent - Sales 21,000 - 26,000 21,000 - 24,000

Call Centre Agent - Support 21,000 - 26,000 21,000 - 24,000


Salary Guide 2018Credit Union


Front of House - Teller 21,000 - 28,000 19,000 - 25,000

Administration Officer 24,000 - 28,000 21,000 - 25,000

Lending Officer 30,000 - 40,000 26,000 - 35,000

Credit Controller 35,000 - 45,000 30,000 - 40,000

Accounts Officer 25,000 - 32,000 22,000 - 30,000

Money Laundering Officer 35,000 - 45,000 30,000 - 40,000

Business Development Manager 32,000 - 45,000 30,000 - 40,000

Payments


Customer Solutions Agent 25,000 - 27,000 23,000 - 25,000

Team Leader 38,000 - 55,000 32,000 - 48,000

Account Manager 37,000 - 50,000 35,000 - 47,000

Fraud Analyst 25,000 - 55,000 23,000 - 45,000

Risk Analyst 35,000 - 38,000 35.000 - 38,000

Lead Generation 33,000 - 55,000 33,000 - 55,000

Sales Representative 31,000 - 35,000 30,000 - 34,000

Aircraft Leasing


Tax Manager 65,000 - 75,000 60,000 - 70,000

Financial Reporting Accountant (Qualified) 55,000 - 65,000 50,000 - 55,000

Chief Financial Officer 120,000 - 180,000 100,000 - 160,000

Senior Financial Accountant 75,000 - 85,000 65,000 - 75,000

Senior Management Accountant 75,000 - 85,000 65,000 - 75,000

Senior Finance Analyst 55,000 - 75,000 45,000 - 65,000

Part-Qualified Accountant 35,000 - 45,000 30,000 - 40,000

Treasury Accountant 75,000 - 85,000 65,000 - 75,000

Internal Audit 65,000 - 85,000 60,000 - 80,000

Accounts Receivable / Accounts Payable 35,000 - 45,000 30,000 - 40,000

Risk Director 120,000 - 200,000 120,000 - 150,000

Company Secretarial 50,000 - 60,000 40,000 - 50,000

Contract Administrators 30,000 - 40,000 25,000 - 35,000

Lawyers / Legal Counsel 100,000 - 150,000 90,000 - 120,000


Salary Guide 2018 - Contractor Rates

Fund Accounting

Job Title Dublin (Daily Rate) Regionally (Daily Rate)

Senior Fund Accountant €17 - €25 per hour €15 - €22 per hour

Fund Accounting Supervisor €25 - €35 per hour €20 - €30 per hour

Fund Accounting Manager/AVP €35 - €45 per hour €30 - €40 per hour

Senior Fund Accounting Manager/VP €40 - €55 per hour €35 - €50 per hour

Transfer Agency/Shareholder Services


Transfer Agent €16 - €19 per hour €11 - €17 per hour

Senior Transfer Agent €18 - €25 per hour €15 - €22 per hour

Transfer Agency Supervisor €20 - €35 per hour €17 - €30 per hour

Transfer Agency Manager/AVP €40 - €60 per hour €30 - €40 per hour

Transfer Agency Manager/VP €55 - €70 per hour €35 - €50 per hour

Pricing


Senior Pricing Administrator €17 - €25 per hour €15 - €22 per hour

Pricing Supervisor €25 - €35 per hour €20 - €30 per hour

Pricing Manager/AVP €35 - €45 per hour €30 - €40 per hour

Senior Pricing Manager/VP €40 - €55 per hour €35 - €50 per hour

Trustee


Trustee Administrator €17 - €20 per hour €15 - €18 per hour

Senior Trustee Administrator €20 - €25 per hour €18 - €22 per hour

Supervisor Trustee €25 - €35 per hour €22 - €30 per hour

Financial Reporting


Financial Reporting Accountant (Qualified) €35 - €45 per hour €30 - €35 per hour

Financial Reporting Associate (Part-Qualified) €18 - €28 per hour €15 - €22 per hour

Financial Reporting Manager/AVP €40 - €50 per hour €35 - €45 per hour

Regulatory Reporting Accountant €30 - €35 per hour €30 - €5 per hour


Salary Guide 2018 - Contractor RatesFinancial Control


Financial Analyst €30 - €35 per hour €25 - €30 per hour

Private Equity


Private Equity Accountant €35 - €45 per hour €30 - €40 per hour

Client Servicing


Client Service Administrator €16 - €20 per hour €16 - €18 per hour

Senior Client Service Administrator €18 - €25 per hour €18 - €22 per hour

Client Service Administrator Supervisor €20 - €35 per hour €20 - €30 per hour

Client Service Administrator Manager/AVP €30 - €45 per hour €30 - €40 per hour

Client Service Administrator Senior Manager/VP €40 - €60 per hour €40 - €50 per hour

Middle Office


Middle Office Senior Administrator €22 - €27 per hour €20 - €25 per hour

Middle Office Supervisor €25 - €35 per hour €22 - €30 per hour

Risk & Compliance


Head of Compliance €50 - €75 per hour €45 - €70 per hour

Compliance Manager (5 yrs + exp) €40 - €60 per hour €35 - €55 per hour

Risk Manager €40 - €55 per hour €35 - €45 per hour

Risk Analyst €28 - €40 per hour €25 - €35 per hour

AML Specialist €14 - €22 per hour €12 - €20 per hour

Internal Auditor €35 - €40 per hour €35 - €40 per hour

Project Management


Senior Project Manager/Business Transformation €500- €750 per hour €450 - €650 per hour

Project Manager €400 - €650 per hour €300 - €550 per hour

Business Analyst €150 - €250 per hour €150 - €210 per hour


Retail Banking

Salary Guide 2018 - Contractor Rates


Retail Banking - Customer Service Official €15 - €20 per hour €15 - €20 per hour

Retail Banking - Financial Advisor €25 - €40 per hour €25 - €40 per hour

Retail Banking - Branch Manager €25 - €45 per hour €25 - €45 per hour

Mortgage Underwriter €20 - €25 per hour €20 - €25 per hour

Mortgage Administrator €15 - €25 per hour €15 - €23 per hour

Mortgage Arrears Portfolio Manager €30 - €50 per hour €27 - €45 per hour

Insurance - Risk & Compliance


Head of Compliance €571 - €771 per hour €460 - €620 per hour

Compliance Manager €429 - €514 per hour €340 - €410 per hour

Compliance Officer €217 - €286 per hour €180 - €240 per hour

AML Officer €171 - €257 per hour €140 - €210 per hour

Risk Manager €40 - €55 per hour €40 - €50 per hour


Contact Us

GalwayT: 091 744580E: [email protected]

WaterfordT: 051 353825E: [email protected]

Dublin T: 01 4690901E: [email protected]

AthloneT: 09064 90485E: [email protected]

CarlowT: 059 9139070E: [email protected]

www. matrixrecruitment.ie

Documents

Financial Services Salary Guide 2018 - Matrix Recruitment · 2018. 4. 16. · top talent. Our Matrix Recruitment Annual Salary and Benefits Guide 2018 highlighted some interesting