London Fs Salary Survey2012

CONTENTS.

CHIEF OPERATIONS OFFICER’S LETTER 2

KEY SURVEY RESULTS 3

SALARY GUIDE 8

ACCOUNTING & FINANCE 9

ASSET MANAGEMENT & PRIVATE BANKING 9

BANKING 11

COMMODITIES 13

INSURANCE 14

AUDIT 16

BANKING 16

CHANGE & PROJECT MANAGEMENT 17

ASSET MANAGEMENT 17

BANKING FINANCE 18

BANKING OPERATIONS 21

BANKING RISK MANAGEMENT 23

INSURANCE 24

RETAIL BANKING 25

COMPLIANCE 26

CREDIT, RISK & QUANTITATIVE FINANCE 28

COMMODITIES 30

FRONT OFFICE 31

ASSET MANAGEMENT 31

CORPORATE FINANCE, M&A 32

HEDGE FUNDS 34

PRIVATE BANKING 35

HUMAN RESOURCES 36

INSURANCE 38

ACTUARIAL 38

TECHNICAL 39

MARKETING & COMMUNICATIONS 40

MIDDLE OFFICE & OPERATIONS 42

ASSET MANAGEMENT & PRIVATE BANKING 42

COMMODITIES 44

INVESTMENT BANKING &

BROKERAGE HOUSES 46

SECRETARIAL & SUPPORT 48

TAXATION 50

TECHNOLOGY 52

UNDERSTANDING THIS GUIDE 54

TALK TO US 55

CLICK ON THE HYPERLINKS TO GO TO PAGE

The last 12 months have been mixed for global

financial markets and consequently for financial

services hiring activity. The eurozone crisis has

created an extremely challenging operating

environment for many financial institutions in

Europe and beyond. Subsequently, the hiring

market has been significantly affected and the

pattern of recruitment activity throughout 2011 has

reflected this.

As a result, remuneration has fluctuated across the

sector with some pockets of the market enjoying

salary increases, whilst others have remained

relatively flat. Lack of visibility in the market has led

to some areas seeing increases in temporary and

contract recruitment instead of hiring permanent

professionals. Rates have increased in certain

areas as a result. Our recent survey of 372 hiring

managers and professionals working across

financial services in London provides some

interesting insight into views on compensation

levels.

The results of the survey also reflect current market

conditions. Survey highlights show that only 12% of

those in the permanent market are feeling more

confident about job availability compared to this

time last year.

On a more positive note, just over a third (35%) are

optimistic that salaries will rise over the course of

2012 while 50% expect salaries to stay at their

current levels.

In the temporary hiring market, 11% felt more

confident with respect to job availability than this

time last year, with 52% feeling equally as

confident. Over 60% anticipate that rates will

either remain the same or will rise over the next

12 months. In both the permanent and

temporary recruitment markets, the main driver

for increasing salaries is expected to be

attracting and retaining key staff – clearly a

significant focus for financial institutions.

It looks likely that headcount will continue to be

closely scrutinised in the early part of 2012. This

is illustrated again in both the permanent and

temporary areas of the hiring market where

survey respondents acknowledged their

companies’ continued drive for cost reduction.

The mixed findings of our survey clearly reflect

the lack of visibility and turbulence in the hiring

market as the new year begins. It is well known

that financial markets thrive on stability.

Therefore a conclusion to the eurozone crisis

and clarity on regulatory issues such as the

Vickers report should bring greater transparency

and confidence to the banking system in the UK.

Finally, we hope you find this salary survey

informative and welcome your feedback.

I would also like to take this opportunity to thank

you for your continued support and wish you all

the best for 2012.

Andrew Evans

Chief Operations Officer

Financial Services | United Kingdom

T: +44 (0) 207 092 0150

E: [email protected]

Welcome to

Morgan McKinley’s

2012 London

Financial Services

Salary Survey

CHIEF

OPERATIONS

OFFICER’S

LETTER.

2

FINANCIAL SERVICES.

KEY SURVEY RESULTS

3

FINANCIAL SERVICES.

KEY RESEARCH FINDINGS – PERMANENT

Q1 Q2

4

How confident are you about the London

financial services jobs market compared to

this time last year?

Do you expect basic salaries within your business

to increase, decrease or stay the same over the

next 12 months and by what percentage?

PERMANENT

FINANCIAL SERVICES.

KEY RESEARCH FINDINGS – PERMANENT

Q3 Q4

5

If your company is planning to increase

salaries, what do you think will drive this?

If your company is planning to decrease

salaries, what do you think will drive this?

PERMANENT

In line with

inflation

Skills

shortagesAttracting

or retaining

key staff

Reformulation of

total compensation

structure

Increase in

candidate

availability

Focus on cost

management

Directive from

senior

management

FINANCIAL SERVICES.

KEY RESEARCH FINDINGS – TEMPORARY

Q1 Q2

6

How confident are you about the London

financial services jobs market compared to

this time last year?

Do you expect temporary / contract rates to

increase, decrease or stay the same over the

next 12 months and by what percentage?

TEMPORARY

FINANCIAL SERVICES.

KEY RESEARCH FINDINGS – TEMPORARY

Q3 Q4

7

If your company is planning to increase

temporary / contract rates, what is driving this?

If your company is planning to decrease

temporary / contract rates, what is driving

this?

TEMPORARY

In line with

inflation

Skills

shortages

Attracting

or retaining

key staff

Reformulation of

total compensation

structure

Directive

From senior

management

Focus on cost

management

Increase in

candidate

availability

FINANCIAL SERVICES.

SALARY GUIDE

8

Role:Part

QualifiedNewly Qualified

AVP /

2-5 years

VP /

5-7 years

Director /

10+ years

Financial Accountant £25k - £45k £45k - £52k £50k - £70k £65k - £80k £75k - £100k

Management Accountant £30k - £45k £45k - £52k £50k - £75k £75k - £85k £80k - £95k

Financial Controller * £45k - £65k £60k - £80k £75k - £90k £85k+

Fund Accountant £25k - £40k £40k - £55k £50k - £65k £65k - £85k £85k - £100k

Internal Auditor £30k - £35k £45k - £50k £50k - £70k £65k - £90k £85k - £120k

Regulatory Accountant £30k - £35k £40k - £55k £50k - £65k £60k - £80k £80k - £100k

Business / Finance Analyst £30k - £35k £45k - £60k £55k - £75k £70k - £90k £85k+

PERMANENT

BASIC SALARIES (PER ANNUM)

9*Typically, these roles do not exist at this level

There has been a particular need for finance

professionals in the private equity sector and

we expect to see this continue.

Overall there has been growing concern

across all levels from professionals moving

roles in the current climate, resulting in an

extended time period for recruitment

processes and organisations protecting their

existing talent. We expect this to be a

continuing theme in 2012.

Asset management accounting recruitment

showed some positive signs in the early part

of 2011, but continued to be a challenging

market in H2.

Strong regulatory and control environments

continue to be a theme for large and small

asset managers alike, but basic salaries have

remained relatively static and will remain so

throughout 2012. We have seen spikes in the

need for qualified experienced auditors and

financial accountants but the part qualified

market has been quiet.

ACCOUNTING & FINANCE.

ASSET MANAGEMENT & PRIVATE BANKING



Role:Part


AVP /

2-5 years

VP /

5-7 years

Director /

10+ years

Financial Accountant £150 - £220 £200 - £250 £250 - £350 £300 - £400 £400+

Management Accountant £150 - £220 £230 - £270 £250 - £350 £300 - £400 £400+

Financial Controller * * £300 - £350 £350 - £450 £450+

Fund Accountant £150 - £200 £200 - £250 £200 - £300 £250 - £350 £350+

Regulatory Accountant £150 - £250 £230 - £250 £250 - £350 £300 - £400 £400+

Business / Finance Analyst £200 - £250 £250 - £300 £300 - £350 £350 - £450 £450+

RATES (PER DAY)

TEMPORARY


There was increased demand for

experienced asset management finance

contract professionals in 2011, particularly

in H1, which is in line with historical trends.

This upsurge was mainly due to a need to

increase controls and improve reporting

frameworks creating opportunities for

internal, external and fund reporting

specialists. There was also demand for

finance analysts who were involved in

planning and budgeting.

Market uncertainty over the summer

months caused hiring volumes to decrease

as firms focused on replacement hires and

cover only. While the larger institutional

asset managers’ hiring volumes decreased

as processing roles moved to regional

locations, the smaller firms (particularly

hedge funds and private equity

organisations) increased their hiring. The

skill sets in demand tended to be for

qualified accountants with good technical

skills and commercial acumen.

This trend is set to continue in 2012. As

firms look to retain key contractors, the

demand for the best candidates continues.

Firms are encouraged to plan their hiring

and act swiftly to ensure they attract and

retain the best talent. Rates remain stable

and are expected to continue to stay flat

moving into 2012, mainly due to a cost

reduction focus and the increased

candidate pool available.


BANKING

At the junior end of banking finance, the

market saw a resurgence in demand for

accountants with practical banking

experience, a shift from the demand for

newly qualified accountants back in 2010.

In particular, qualified accountants from Big

Four firms with working experience in

finance at an investment bank – anywhere

from two months to two years PQE – were

heavily targeted by banks to help

supplement established teams that had

become top heavy. This increase in

demand meant that a qualified accountant

with limited banking experience could earn

between £60,000 and £70,000.

Meanwhile, demand for talented newly

qualified accountants decreased in direct

correlation, although salaries at this level

remained consistent with 2010 levels. The

beginning of 2011 also saw a strong

demand for experienced professionals at

the senior end of the market. However, this

was more of a ‘focused demand’ in contrast

to the ‘get people through the door’ policy of

the previous year. Senior candidates with

specific technical product / accounting skill

sets were targeted for ‘exotic’ roles in

IPV, P&L / risk and accounting policy.

There was continued hiring within the

regulatory space, both in terms of line and

change roles. Base salaries remained

consistent with 2010 with slightly more

flexibility at the top of the VP scale for those

with complex banking knowledge and skill

sets.

Role:Part

Qualified

Entry Level

Newly Qualified

AVP /

2-5 years

VP /

5-7 years

Director /

10+ years

Product Controller £35k - £50k £50k - £59k £59k - £75k £80k - £110k £125k - £200k

Financial Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £180k

Legal Entity Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165k


Regulatory Reporter £35k - £47k £47k - £59k £59k - £75k £80k - £110k £110k - £180k

Business Analyst / Project Manager £35k - £48k £48k - £59k £59k - £75k £80k - £120k £125k - £200k

Business Manager / COO £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k

Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £110k £125k - £200k

PERMANENT


11


BANKING

The accountancy and finance market in the

first half of 2011 carried on the trend from

2010 of recruiting heavily, especially in cost

/ revenue accounting along with strong

demand in product control.

Confidence was renewed and projects were

proceeding full steam ahead, until the

summer of 2011 when the market

contracted and professionals started having

to accept reduced rates and become more

open in their search for a position.

The number of available roles dropped by

approximately 15% during this period.

Newly qualified professionals from

accountancy practice have found it tough to

secure a role in financial services as

candidates with banking experience have

been the preferred option.

The senior contract market grew in

2011, which we expect will continue as

banks look to secure talent for key

integration and structure change projects.

However, with banks uncertain of how

economic conditions will change in the

short to medium term, hiring is for essential

roles only and rates have reduced due to

budget constraints.

TEMPORARY

RATES (PER DAY)

Role:Part


AVP /

2-5 years

VP /

5-7 years

Director /

10+ years

Product Controller £200 - £250 £250 - £285 £300 - £380 £380 - £450 £450+

Legal Entity Controller £200 - £250 £250 - £285 £300 - £375 £375 - £450 £450+


Business Analyst £250 - £350 £300 - £400 £400 - £500 £500 - £600 £650+


Finance Business Partner £200 - £250 £250 - £285 £300 - £400 £400 - £500 £450+

Financial Planner and Analyst £200 - £250 £250 - £285 £300 - £400 £425 - £500 £500+

12


COMMODITIES

Role:Part


AVP /

2-5 years

VP /

5-7 years

Director /

10+ years

Product Controller £35k - £50k £50k - £59k £59k - £75k £80k - £120k £125k - £200k

Financial Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £180k

Legal Entity Controller £35k - £47k £47k - £58k £58k - £75k £80k - £110k £110k - £165k


Regulatory Reporter £35k - £47k £47k - £59k £59k - £75k £80k - £110k £110k - £180k


Business Manager / COO £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k

Valuations £35k - £48k £48k - £59k £59k - £85k £80k - £120k £125k - £200k

PERMANENT


Over the past 12 months hiring has been

sluggish across the commodities finance

market as the focus on cost reductions has

increased and candidates have been less

inclined to move roles in such uncertain

times. Some areas are bucking the trend:

product controllers with strong analytical

capabilities and risk awareness are still in

short supply and continue to demand a

premium.

There has been a general trend across the

board to cut some senior and middle

management to lower costs and pass

greater responsibility to other staff, but this

has had only a ‘trimming’ effect on overall

headcount. Remuneration levels for 2012

are likely to remain fairly stable. If bonus

levels are as low as anticipated, the

increased supply of professionals is unlikely

to be matched by a marked increase in job

vacancies.

However, in the investment banking world

there is currently strong demand for

individuals with solid physicals experience

as this looks like an area set to expand over

the next few years. The continued spiking

of prices in the softs market largely due to

supply concerns is likely to result in an

increased headcount requirement as this

space remains lucrative. Overall, improved

confidence in the market will drive

recruitment at all levels.

13


INSURANCE (LIFE & NON-LIFE)

The jobs market for finance in insurance in

2011 was exceptionally busy. Momentum

picked up early in the year and job flow

steadily increased month on month with no

sign of slowing.

Much the same as 2010, many clients

looked to up-skill their teams but found a

shortage of exceptional candidates on the

market. Recruitment processes have

therefore taken longer than previous years.

Solvency II and corporate governance have

remained high on the list of recruitment

priorities with new positions regularly being

created. As a result, Morgan McKinley has

developed specialist teams with consultants

purely recruiting into both of these areas.

Moving into 2012 growth is still a hot topic

and companies are keen to get ahead of

the competition when it comes to hiring.

Consequently, many hiring managers in

this sector are reviewing their companies’

benefits structures and bonuses to ensure

they are competitive within the industry.

PERMANENT


Role:Part


AVP /

2-5 years

VP /

5-7 years

Director /

10+ years

Financial Accountant £25k - £40k £40k - £55k £52k - £75k £65k - £95k £90k - £200k

Syndicate Accountant £25k - £45k £45k - £55k £50k - £70k £70k - £90k £90k+


Business Partner / COO £35k - £45k £45k - £55k £52k - £75k £70k - £110k £95k - £200k

Internal Auditor / Governance Controller £25k - £40k £40k - £55k £50k - £75k £65k - £90k £90k - £150k


Solvency II Technician £30k - £45k * £55k - £80k £75k - £110k £100k - £200k

14

*Typically, these roles do not exist at this level


INSURANCE (LIFE & NON-LIFE)

The market for temporary accounting and

finance roles in the insurance sector

remained strong in 2011.

The increased demand for permanent talent

had a positive impact on demand for

temporary staff. With the continued

implementation of Solvency II technically

competent professionals are in demand.

As a result of the high volume of roles

contractor rates continued to increase

throughout the year.

Moving into 2012, the outlook for contractors

specialising in insurance remains relatively

good. If bonus levels within the permanent

space are as low as anticipated, there may be

an increased supply of professionals entering

the temporary market.

However, this is unlikely to be matched by a

marked increase in new job roles.

New projects will need to be implemented

which will see a steady flow of positions

released for job seeking professionals in this

sector. The extension of the Solvency II

deadline will continue to keep contractors in

place and the ever growing governance of

the industry will ensure that qualified

accountants remain in high demand.

TEMPORARY

RATES (PER DAY)

Role:Part


AVP /

2-5 years

VP /

5-7 years

Director /

10+ years



Financial Controller * * £250 - £350 £300 - £550 £450+

Fund Accountant £120 - £210 £210 - £250 £200 - £280 £250 - £300 £350+

Regulatory Accountant £150 - £250 £230 - £250 £220 - £350 £250 - £400 £400+

Business / Finance Analyst £200 - £250 £250 - £300 £250 - £350 £320 - £450 £400+

Solvency II Technician £200 - £250 * £250 - £500 £350 - £750 £500+


AUDIT.

BANKING

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

Investment Banking £50k - £60k £60k - £75k £75k - £100k £110k+

Retail / Commercial Banking £45k - £55k £55k - £70k £70k - £95k £100k+

SME Banking £40k - £50k £50k - £60k £60k - £75k £90k+

PERMANENT


16

The past 12 months has been an

interesting period for banking and financial

services professionals working in internal

audit. Job volumes and hiring activity were,

as predicted, buoyant as the demand for

experienced individuals continued to

increase. This impacted base salaries,

most noticeably at the VP level in

investment banking, where the most sought

after individuals were able to negotiate

slightly higher base salaries compared to

2010. Boutique banks and financial

services organisations appealed to some of

the industry’s best talent more than ever

before as people sought ways to broaden

their exposure.

The coming months look set to be equally

as buoyant, however challenges will remain

as institutions continue to be committed to

their search for only the best talent. This is

particularly true at the AVP level where

professionals who can ‘hit the ground

running’ are highly sought after.

CHANGE & PROJECT MANAGEMENT.

ASSET MANAGEMENT

Role: Low Average High

Business Analyst £400 £450 £500+

Senior Business Analyst £500 £550 £600+

Project Manager £550 £600 £650+

Senior Project Manager £600 £650 £700+

Programme Manager £750 £850 £1000+

Junior PMO £400 £450 £500+

Senior PMO £450 £550 £650+

TEMPORARY / CONTRACT

RATES (PER DAY)

In 2011, the market for project professionals

within the asset management industry was

relatively stable. Most organisations have

had a range of ongoing project work but

there have been relatively few new major

programmes driving changes in pay rates.

As a result we have seen a fairly flat market

both in terms of demand from employers

and rates of pay for professionals.

Towards the end of 2011, a couple of larger

institutions also started to reduce rates for

contractors.

Early indications suggest a similar story for

2012 with little appetite for large budget

increases. However, we do expect to see

some steady incremental hiring to support

particular programmes.

Likely hiring hotspots will be in regulatory

programmes, particularly for those with retail

focused businesses.

17


BANKING FINANCE

Throughout 2011 there was a gradual

decline in the number of permanent change

& project management job vacancies. Due

to the extremely difficult trading conditions

faced by the majority of banking

organisations, most projects were scaled

back or shelved indefinitely with cost being

the central concern. However, the majority

of the top tier banks are still running huge

programmes of change across their finance

infrastructure.

These change programmes are in response

to market regulation and the ongoing desire

to streamline processes and cut

expenditure. Despite this, the majority of

banks are either utilising their existing

project teams, drawing on the current line

function or turning to the contract market for

additional resources. This has all impacted

the shrinking permanent project jobs

market where salaries and total

compensation are often dwarfed by huge

daily rates and loyalty bonuses.

PERMANENT


As a result permanent salaries largely

stayed at 2010 levels, although the best

individuals were often able to command

premiums. When demand decreases for

permanent employees, the candidate pool

shrinks as change professionals move to

the lucrative contract market or become

entrenched in niche long term roles. The

outlook for 2012 suggests low levels of

demand for only the best candidates in the

market. Compensation packages for these

sought after individuals should therefore

remain high.

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

Business Analyst £40k - £60k £60k - £75k £75k - £100k *

Project Manager * £60k - £75k £75k - £110k £120k - £180k

Programme Manager * * £85k - £110k £120k - £180k

PMO £40k - £55k £55k - £75k £75k - £100k *

18



BANKING FINANCE


RATES (PER DAY)






PMO £400 £500 £600+

Senior PMO £500 £600 £700+

19

Early 2011 hiring was steady as new

headcount and budgets were approved. H2

2011 saw wider market conditions and

global economic uncertainty lead to a more

prudent approach to hiring.

Overall, year-on-year job volumes were

down and there was a trend to interview

more candidates and take more to final

interview stages with no offer at the end of

the process.

The most consistent hiring has been for

large strategic programmes or regulatory

programmes with ring-fenced funding.

There has been an increase in the number

of counter-offers as banks try to retain their

top talent. Also, there has been a trend to

offer key contractors longer contracts with

notice periods of up to a month. On the

whole, professionals have become more

risk adverse and less willing to move to

new roles where they have to rebuild their

relationships and reputations.

The outlook for 2012 so far looks to be

similarly impacted by the economy. Banks

are expected to continue focusing on

regulatory programmes and replacement

hires. There may also be a push towards

temporary hiring as banks seek a flexible

workforce with the ability to introduce new

skill sets as required.

20

“THERE MAY ALSO BE A

PUSH TOWARDS

TEMPORARY HIRING AS

BANKS SEEK A FLEXIBLE

WORKFORCE WITH THE

ABILITY TO INTRODUCE

NEW SKILL SETS AS

REQUIRED.”


BANKING OPERATIONS

The first and second quarters of 2011 were

extremely busy for the operations change

permanent jobs market at all levels. This

opened up movement at the senior end of

the market. The drive towards Central

Counterparty (CCP) clearing has resulted in

significant investment and therefore been

a notable focus for operations change

recruitment. Other initiatives have focused

heavily around data areas with clients

continuing the drive for single sources of

data across the organisation.

The third and fourth quarters saw a reduction

in hiring and, in many cases, restructuring

and unofficial freezes. Anticipated hiring for

CCP teams did not materialise at the

volumes predicted within the first half of the

year. Hiring managers are still interested in

developing CCP teams, so this is likely to

impact hiring in 2012.

After a number of years of seeing employers

shifting from offering permanent roles to

contract for financial reasons, we are now

PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

Business Analyst £50k - £60k £55k - £65k £70k - £95k *

Project Manager £60k - £70k £70k - £75k £85k - £100k £95k - £130k

Programme Manager * £70k - £75k £95k - £110k £110k - £130k

PMO £50k - £60k £55k - £65k £70k - £95k £90k - £110k

seeing contractors looking seriously at

permanent roles as job stability becomes

increasingly attractive. Contract rates

decreased, by around 10% in the second

half of 2011.

Permanent salaries this year will remain

static. Some candidates are seeking

opportunities abroad as major investment

banks are increasingly bulking up capability

for offshore locations to deliver change.

21



BANKING OPERATIONS







Junior PMO £400 £450 £500+

Senior PMO £450 £550 £650+


RATES (PER DAY)

22

Increased regulation in investment banking

has been the driver behind the majority of

change management hiring across the

sector as organisations have adapted to the

challenging regulatory landscape.

Hiring in the first half of 2011 was steady as

new budgets were approved and

organisations took on change specialists to

facilitate new regulation.

Hiring in the second half of the year slowed

in line with regular market patterns. It was

also impacted by challenging wider market

conditions with job availability falling in Q3

and tailing off in Q4 as contagion fears

around the eurozone crisis gripped financial

markets.

The outlook for 2012 is fairly stable and

hiring volumes will be dependent on the

overall economic environment.

A significant proportion of regulatory

change has been postponed or delayed in

2011 and we expect this to drive the

amount of hiring activity taking place in the

banking operations change market

throughout 2012.


BANKING RISK MANAGEMENT







Junior PMO £450 £500 £550+

Senior PMO £550 £600 £650+


RATES (PER DAY)

23

The hiring market within risk management

has been driven by the continued regulatory

changes imposed on financial institutions

over the past 12 months.

Rates were driven higher at the start of

2011 due to the shortage of experienced

subject matter experts across all risk

disciplines. This forced financial institutions

to offer higher rates in order to attract and

retain key talent.

Due to a lack of clarity within some of the

regulatory areas in terms of deadlines and

future requirements, the end of 2011 saw a

slow down in demand for these skill sets.

This has been reflected in a ‘leveling out’ of

pay rates and in some areas – in particular

operational risk – an actual decline in rates.

The initial signs for 2012 are positive with

new recruitment budgets for risk teams

again taking into account regulatory

changes and a consequently increased

demand for the requisite talent.

This may therefore have a slow but positive

impact on rates over the course of the year.


INSURANCE


RATES (PER DAY)






PMO £300 £400 £500+

Senior PMO £500 £600 £700+

24

stagnant. The end of 2011 also witnessed

both rate and tenure reductions across the

board at many financial institutions. This

again leads to increased levels of

professionals looking for work and it is still

relatively unclear as to what effect this will

have on average pay rates for 2012.

Q4 2011 saw the number of new roles in

this area drop off considerably. Many

employers cut costs by shelving non-

essential projects before year end, leading

to more professionals entering the jobs

market and a more competitive

environment for those interviewing.

This, coupled with uncertainty surrounding

budget sign-off, has meant that hiring

managers are taking considerably more

time to fill roles and the market has become

With deadlines for Solvency II being pushed

back there was less urgency to hire for

related projects pre-Christmas. Having said

this, larger insurers are indicating they will

be hiring in Q1 2012.

With many institutions admitting they would

have struggled to adhere to original

deadlines there is still much work to be

done.


RETAIL BANKING

As a result, the outlook for 2012 is relatively

consistent with 2011, due to ongoing major

programmes, reengineering initiatives and

ongoing regulatory impacts.

Rates increased modestly in the first half of

2011, although many institutions are now

reducing contractor rates for existing staff

which will probably mean that on

average, rates for new contractors in the

early part of 2012 will be at a similar level to

the start of the previous year.


RATES (PER DAY)






PMO £300 £400 £500+

Senior PMO £500 £600 £700+

The jobs market for change and project

management professionals in retail banking

was buoyant throughout 2011, driven by a

number of significant merger, integration

and divestment programmes of which we

anticipate more over the coming months.

Additional programmes are being put in

place in response to current regulatory

requirements. It is expected that further

change will be required to respond to

additional regulation in 2012.

25

COMPLIANCE.

Later in the year, issues in the eurozone

impacted the entire financial services sector

and caused some compliance functions to

put growth plans on hold and focus mainly on

key hires.

The control room has seen active hiring, with

some senior movements taking place, and a

number of control room specialists moving

into IBD advisory roles.

PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

KYC / On-boarding Analyst £28k - £35k £36k - £42k £43k - £58k £59k - £98k *

Monitoring & Surveillance £36k - £45k £46k - £55k £56k - £72k £73k - £95k £96k - £150k

Control Room £30k - £38k £39k - £46k £47k - £68k £69k - £100k £101k - £150k

Central Compliance £33k - £41k £42k - £51k £52k - £68k £69k - £108k £110k - £160k

Compliance Advisory (Front Office) £40k - £53k £54k - £69k £70k - £100k £101k - £140k £141k - £180k

26


Anti-Money Laundering (AML), financial

crime and Know Your Client (KYC) / on-

boarding have been similarly active and this

should continue until the end of 2012.

Professionals at the more senior end of the

market have seen the largest increases in

salaries. This may continue, as most

institutions have indicated this is an area in

which they will be investing so we expect

the market to remain strong in 2012.

There was a strong appetite to hire

experienced compliance professionals

throughout 2011, with a number of

seasoned professionals receiving multiple

offers.

Availability of roles was high, although there

was a slight dip in the second half of the

year. Front office compliance, in particular

was a key area of hiring for a number of

banks throughout the year.

COMPLIANCE.

TEMPORARY

RATES (PER DAY)

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

KYC / On-boarding Analyst £150 - £250 £250 - £350 £350 - £400 £400 - £450 £450+

Monitoring & Surveillance £150 - £250 £250 - £300 £300 - £350 £350 - £450 £450 - £600

Control Room £200 - £300 £300 - £350 £350 - £400 £400 - £450 £450 - £550

Central Compliance £150 - £250 £250 - £350 £350 - £450 £450 - £600 £600+

Compliance Advisory (Front Office) £200 - £300 £300 - £400 £450 - £550 £550 - £650 £650 - £800

27

The compliance temporary jobs market

maintained a strong level of recruitment

activity in 2011 as firms felt the pressure to

provide more information to regulatory

bodies.

Investment in these areas looks set to

continue leading to increased hiring in the

coming months. Know Your Client (KYC) and

Anti-Money Laundering (AML) were the

busiest areas for the compliance contract

market with analysts in demand across a

wide variety of organisations.

Overall, there has been a decrease in the

number of temporary job opportunities in the

market and day rates are being driven down.

However, this has not deterred experienced

candidates from moving into the contract

market as Morgan McKinley registered its

largest number of temporary candidates in a

year in 2011.

Demand at the senior end of the market

continued, with many advisory professionals

moving into contract roles. This has enabled

them to command the highest rates,

especially those with strong product

knowledge and niche skills such as second

languages.

CREDIT, RISK & QUANTITATIVE FINANCE.

In the first half of 2011, hiring within the risk

market was incredibly buoyant with many

organisations expanding in key

areas, particularly within market and credit

risk. The effects of the eurozone crisis in

Q3 2011 onwards had a significant impact

on financial markets as a whole, however

risk management remained an area that

organisations chose to strengthen. During

this time we saw increased demand for

regulatory risk managers and operational

risk professionals.

As demand has risen for experienced

candidates, salaries have seen a slight

increase. This has also been affected by

individuals placing more emphasis on

securing a higher basic salary as the bonus

culture in the City has started to shift.

This has also been mirrored in the way

banks are structuring their total

compensation packages.

PERMANENT

SALARIES (PER DAY)

As financial market uncertainty continues, it

is expected that demand for strong risk

managers will remain high.

Regulatory requirements such as Basel 2.5

/ Basel 3 will continue to drive recruitment

through 2012. As the risk function has

grown in prominence, hiring managers’

expectations for the quality of candidates

have increased, which in turn has narrowed

the pool of suitable professionals even

further.

28

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Market Risk Management £30k - £45k £45k - £80k £68k - £110k £100k - £150k £140k - £250k

Market Risk Control £26k - £40k £40k - £68k £65k - £90k £85k - £120k £105k - £190k

Investment / Portfolio Risk £25k - £40k £40k - £65k £62k - £85k £80k - £110k £100k - £180k

Credit Analysis £28k - £42k £42k - £80k £68k - £100k £90k - £140k £130k - £200k

Credit Risk Control £26k - £40k £40k - £65k £65k - £90k £85k - £120k £105k - £180k

Operational Risk Management £26k - £40k £40k - £75k £65k - £100k £95k - £140k £130k - £200k

Quantitative Risk Analysis £35k - £60k £50k - £85k £70k - £140k £110k - £200k £160k - £275k

CREDIT, RISK & QUANTITATIVE FINANCE.

Credit, risk and quantitative finance

remained a busy area of the hiring market

in 2011. Hiring within regulatory risk was a

strong focus for many institutions due to the

continued increase in regulatory reform in

financial services.

This will be an area which will continue to

grow throughout 2012 and where there may

be subsequent skills shortages.

Recent months have seen a continued

focus on developing risk frameworks, in

particular, internal risk monitoring systems.

Institutions are hiring technical credit risk

and market risk specialists to support this.

Hiring has also focused on operational risk

managers, recruited to develop and

implement robust risk frameworks across

organisations.

TEMPORARY

RATES (PER DAY)

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Market Risk Management £250 - £300 £300 - £450 £450 - £550 £550 - £650 £650 - £900

Market Risk Control £200 - £250 £250 - £400 £350 - £450 £450 - £600 £600 - £800

Investment / Portfolio Risk £250 - £280 £280 - £350 £300 - £450 £450 - £550 £550 - £750

Credit Analysis £180 - £230 £230 - £350 £300 - £420 £420 - £500 £500 - £750

Credit Risk Control £220 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800

Operational Risk Management £200 - £250 £250 - £350 £350 - £500 £500 - £650 £650 - £750

Quantitative Risk Analysis £200 - £250 £250 - £400 £400 - £500 £500 - £700 £700 - £1100

Sign off for new positions was slightly

restricted in the second half of 2011, with

many institutions only recruiting for critical

hires due to hiring freezes.

Rates in 2011 remained relatively stable,

with a slight increase on the previous year.

The last quarter, however, saw a number of

rate cuts across the industry but these are

anticipated to be temporary and should

increase again in 2012.

29

CREDIT, RISK & QUANTITATIVE FINANCE.COMMODITIES

The commodities risk market remained

reasonably consistent in terms of job flow

throughout 2011. There was a rise in the

number of banking institutions looking to

increase headcount as they adjust their

strategies to be more competitive in the

market. There was also a significant

increase in the demand for physical

commodities, which has created a squeeze

on the number of individuals who have this

experience within the UK market.

Whilst the UK is a global financial hub, the

commodities market does differ from

location to location with Switzerland hosting

many of the world’s leading independent

trading houses. It is important to bear in

mind that due to tax and cost of living

differentials in Switzerland, salaries are on

average 18% higher than the UK which can

make it difficult to attract talent to the UK

from the Swiss market.

PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Market Risk Management £30k - £45k £45k - £75k £60k - £120k £100k - £170k £140k - £250k

Market Risk Control £26k - £45k £45k - £65k £60k - £100k £75k - £120k £100k - £150k

Credit Analysis £28k - £45k £45k - £75k £70k - £100k £90k - £125k £120k - £200k

Credit Risk Control £25k - £38k £35k - £55k £55k - £85k £75k - £100k £85k - £110k

Operational Risk £26k - £40k £40k - £65k £65k - £100k £80k - £120k £110k - £150k

Quantitative Risk Analysis £45k - £60k £55k - £80k £75k - £130k £110k - £180k £160k - £250k

Whilst Q3 of 2011 saw the start of an

economic slowdown across Western

Europe and the United States, many

employers are still expanding their

operations in Asia.

We expect the commodities market to

continue to be buoyant in 2012. Volatility in

global markets means the requirement for

strong risk managers is going to be even

more business critical. This in turn will

create demand and opportunity.

30

FRONT OFFICE.

ASSET MANAGEMENT

PERMANENT


31

In 2011, asset management front office

salaries remained relatively stable for the

second year running as the markets

struggled to recover. Consequently, hiring

in the front office was kept to a minimum,

with replacement and strategic hires more

commonplace. Despite this, senior

investment professionals with strong

performance track records are still able to

command premiums.

In addition, product developers (particularly

those with Solvency II and UCITS IV

experience), are in continued demand.

Product specialist / client portfolio manager

roles at all levels of seniority were more

prevalent in the first half of 2011, a trend we

are expecting to see continue throughout

2012. With the markets failing to stabilise

over the last year, we have also observed

increased demand for strategists and

economists at all levels.

In line with this there is potential to see

overall earnings increase in the coming

compensation reviews for individuals with

these specialist skill sets.

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Fund / Portfolio Manager £40k - £50k £50k - £65k £65k - £100k £100k - £130k £130k+

Client Portfolio Manager / Investment Specialist /

Product Specialist£40k - £47k £47k - £65k £65k - £95k £95k - £110k £110k+

Research Analyst £35k - £45k £45k - £65k £65k - £95k £90k - £120k £120k+

Investment Analyst (Fund of Funds) £30k - £42k £42k - £60k £60k - £80k £75k - £110k £110k+

Investment Strategist / Economist £30k - £40k £40k - £55k £55k - £80k £80k - £120k £120k+

Trader / Dealer £35k - £40k £40k - £55k £55k - £80k £80k - £110k £110k+

Product Development £35k - £40k £40k - £55k £55k - £80k £80k - £110k £110k+

Sales / Business Development £28k - £35k £35k - £50k £50k - £80k £80k - £120k £120k+

FRONT OFFICE.

CORPORATE FINANCE, M&A

At the start of 2011 both investment banks

and boutiques alike were looking to add

headcount, particularly at the junior level.

Many deals (albeit smaller in the main

compared to the same quarter in 2010)

were drawn up, requiring additional support

at analyst and associate level.

As always there were specific mandates at

varying levels to replace leavers, typically

as a result of moves to private equity funds

or corporates.

Towards the second half of 2011 hiring

slowed dramatically due to continued

eurozone issues and negative outlook in

the US. IPOs and mergers were delayed or

put on hold indefinitely. As a result, some

banks implemented hiring freezes whilst

waiting for market visibility to improve.

Boutique firms continued to look at

candidates on an opportunistic basis to

secure high quality, well trained bankers

who may have been made redundant.

PERMANENT


Hiring into private equity remained slow as

funds struggled to raise cash for

investments, meaning fewer deals and less

requirement for extra people to work on

transactions.

Due to increased regulation, sign-on

bonuses and guarantees are not

commonplace. In fact, in 2011 there were

many examples of candidates who moved

to top tier institutions on the same or lower

salaries.

Level: Analyst Associate VP Director *

1 £40k - £50k £70k - £80k £100k - £120k

£135k - £200k2 £45k - £55k £80k - £95k £110k - £130k

3 £50k - £63k £90k - £100k £120k - £140k

32

* Typically, there is only one level for director positions

“INTERESTINGLY,

DESPITE TURBULENT

TIMES, 2011 SAW

MORE START-UP

HEDGE FUNDS

EMERGE THAN IN

2010.”

33

FRONT OFFICE.

HEDGE FUNDS

PERMANENT


Salaries in 2011 remained fairly

consistent with 2010 levels; many funds

did not perform as well as expected due

to the eurozone crisis. Caps on basic

earning potential continues to be a

theme in the hedge fund space with an

emphasis on bonuses linked to fund

performance. Having said that, we have

not observed any significant increases in

34

bonus levels, with high performing

portfolio managers and top rated research

analysts being the only real areas of

growth.

There has been a significant shift in focus

in emerging markets experience, with

event driven and special situation

strategies particularly popular.

Interestingly, despite turbulent times,

2011 saw more start-up hedge funds

emerge than in 2010.

In 2012, demand for high calibre

graduates with equity research

experience in top tier investment banks,

looking to make the move into the hedge

fund world, is expected to continue.

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Fund / Portfolio Manager £35k - £40k £40k - £60k £60k - £80k £80k - £120k £120k+

Client Portfolio Manager / Investment Specialist /

Product Specialist£35k - £42k £42k - £65k £65k - £75k £75k - £100k £100k - £130k

Equity Research Analyst £30k - £40k £40k - £60k £60k - £80k £80k - £110k £110k - £130k

Economist / Investment Strategist £28k - £37k £37k - £55k £55k - £70k £70k - £110k £110k - £150k

Portfolio Construction £32k - £41k £41k - £55k £55k - £70k £70k - £85k £85k - £100k

Trader £25k - £37k £37k - £50k £50k - £70k £70k - £90k £90k - £110k

Product Development £35k - £40k £40k - £55k £55k - £75k £75k - £100k £95k - £120k


FRONT OFFICE.

PRIVATE BANKING

PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Private Banker £30k - £45k £45k - £75k £75k - £110k £100k - £150k £120k+

Fund / Portfolio Manager £35k - £40k £40k - £65k £65k - £85k £85k - £110k £110k - £130k

Investment Advisor / Consultant £30k - £42k £42k - £60k £60k - £80k £80k - £120k £120k+

Product Specialist £30k - £40k £40k - £65k £65k - £85k £85k - £100k £100k+

Research Analyst £30k - £42k £42k - £55k £55k - £70k £70k - £80k £80k - £100k

Investment Analyst (Fund of Funds) £30k - £42k £42k - £55k £50k - £65k £65k - £75k £75k - £90k

Investment Strategist / Economist £30k - £35k £35k - £45k £47k - £54k £55k - £65k £75k - £90k

Trader / Dealer £35k - £40k £40k - £48k £48k - £65k £65k - £90k £90k+


Product Development £35k - £42k £42k - £55k £55k - £80k £80k - £100k £100k - £120k 35

There was consistent jobs growth for

private banking throughout 2011, as private

banks and wealth management firms

shifted their focus to client service and

value delivery. Boutiques and bespoke

partnerships are challenging the dominance

of established global firms. The impact of

new regulations and growing client

expectations has necessitated a change in

client service and investment methodologies.

Banks and wealth managers now see Retail

Distribution Review (RDR) compliance as a

key requirement for job seekers. Professionals

holding qualifications such as RDR Level

6 and above, including the PCIAM, are now

considered particularly attractive candidates.

With growing global instability and

uncertainty, wealth management continues

to be a lucrative area. There is strong

potential for significant growth as

institutions of all sizes compete to win and

retain assets.

HUMAN RESOURCES.

PERMANENT


Role:

HR Business Partner £45k - £85k

Senior HR Business Partner £85k - £110k

HR Administrator £28k - £38k

HR Advisor / Officer £38k - £55k

Learning & Development Coordinator £27k - £35k

Learning & Development Advisor £35k - £50k

Learning & Development Business Partner £55k - £95k

Talent / OD Specialist £55k - £90k

Compensation and Benefits Administrator £30k - £41k

Compensation and Benefits / HRMI Analyst £41k - £55k

Compensation and Benefits / HRMI Manager £55k - £90k

Employee Relations Specialist £55k - £95k

Recruitment Coordinator £27k - £34k

Recruiter £34k - £55k

Recruitment Manager £50k - £75k

Graduate Recruitment / Development Administrator £28k - £36k

Graduate Recruitment / Development Advisor £36k - £55k

Graduate Recruitment / Development Manager £55k - £95k

HR Project Support £30k - £45k

HR Project Analyst £45k - £65k

HR Project Manager £65k - £85k

Head of Reward £80k - £145k

Head of L&D £80k - £130k

Head of Recruitment £75k - £110k

HR Programme Manager £85k - £125k 36

The human resources permanent jobs market in 2011

was busier in some areas than others. Recruitment in

compensation and benefits was strong due to FSA

regulation and the structure of bonus payments

involving complex processes for implementing deferred

compensation schemes.

The specialist areas of reward and learning &

development were the first to be affected by the

beleaguered global economy in 2011 which resulted in

increased recruitment of HR generalists and business

partners to support the larger workload.

The 2012 outlook for hiring in HR is positive with many

more specialist roles being recruited and it is likely that

the coming months will have more of a focus on

learning & development where hiring managers are

looking to retain talent.

Salary levels for HR professionals are not expected to

rise dramatically but will continue to move at the same

pace as they have over the past few years.

HUMAN RESOURCES.

The human resources temporary and interim jobs

market slowed considerably during 2011 compared to

the previous year, with job volumes dropping after a

fairly busy first quarter.

The larger financial services organisations became

cautious after the first few months of 2011, with the

majority of roles being business critical or temporary

cover for maternity leave.

Interestingly, rates have increased slightly in certain

areas of HR as hiring managers seek out the best

talent and aim to attract those working for their

competitors who are hesitant to move due to instability

in the financial markets.

Areas such as HR projects and compensation were

especially competitive in the second half of 2011 as

year end processes kicked-off and project deadlines

became imminent.

Hiring activity is predicted to increase moving through

2012 and it is anticipated that rates will remain

competitive and steady, with more professionals

looking to enter the jobs market after completing

contracts in December 2011.

TEMPORARYRole:

HR Business Partner £300 - £450

Senior HR Business Partner £450 - £750

HR Administrator £120 - £160

HR Advisor / Officer £180 - £280

Learning and Development Coordinator £130 - £160

Learning and Development Advisor £180 - £280

Learning and Development Business Partner £300 - £550

Talent / OD Specialist £400 - £600

Compensation and Benefits Administrator £130 - £180

Compensation and Benefits / HRMI Analyst £250 - £450

Compensation and Benefits / HRMI Manager £450 - £800

Employee Relations Specialist £400 - £600

Recruitment Coordinator £120 - £150

Recruiter £200 - £350

Recruitment Manager £350 - £500

Graduate Recruitment / Development Administrator £130 - £180

Graduate Recruitment / Development Advisor £200 - £350

Graduate Recruitment / Development Manager £350 - £450

HR Project Support £180 - £280

HR Project Analyst £300 - £450

HR Project Manager £450 - £650

HR Programme Manager £650 - £850

RATES (PER DAY)

37

INSURANCE.

ACTUARIAL

The actuarial jobs market continued to grow

for permanent positions throughout 2011,

leading to higher basic salaries at job offer

stage. There will always be demand for

experienced actuaries, especially in the

build up to Solvency II and possibly

Solvency III and beyond. We have also

noticed an increase in graduates being

recruited into this area.

There are currently a number of job

opportunities available to newly qualified

actuaries within insurance companies,

consultancies, rating agencies and banks.

Once again, due to the ensuing regulatory

changes, there is a bias towards reserving

positions.

PERMANENT


Role:Actuarial

Student

Actuarial

Analyst

Qualified

Actuary

Risk

Management

Actuary

Head of

Department

General Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k £85k+

Life Insurance £25k - £40k £38k - £55k £55k - £100k £60k - £110k £85k+

Reserving Actuary * £38k - £55k £55k - £100k £80k - £120k £100k+

Solvency II Technician * * £65k - £100k £90k - £150k £120k+

ALM Actuary * * £60k - £100k £80k - £120k £100k+

Pricing Actuary * £38k - £55k £60k - £100k £80k - £120k £100k+

Financial Reporting Actuary * * £60k - £100k £80k - £120k £100k+

For an actuary the difference in salary

between one company and another is often

negligible, and so other factors begin to

make a more significant difference in the

job search process. Factors such as work

/life balance and location are becoming

more important where remuneration is not

the main driver.

38


INSURANCE.

TECHNICAL – CLAIMS, UNDERWRITING & BROKING

Throughout 2011 insurance was a growth

jobs market within the financial services

sector at a time when companies were

reducing headcount or restricting growth.

Insurance companies have maintained

consistent business performance or, in

many cases, grown. As a result, hiring

within the technical insurance market was

constant throughout the year.

Due to a high volume of hires in 2011, staff

retention has been a hot topic and many

insurers are offering ‘buy backs’ to keep

their best talent from joining competitors.

As a consequence, base salaries across

the industry have risen.

Expectations remain high for 2012, with the

outlook in the industry still relatively

optimistic.

PERMANENT


Role:Technical /

JuniorTeam Leader Manager

Claims Adjuster £25k - £35k £35k - £50k £50k - £70k

Claims Technician / Broker £20k - £30k £30k - £50k £50k - £110k

Placing Broker £25k - £35k £35k - £60k £60k - £85k

Commercial Underwriter £20k - £25k £25k - £35k £35k - £60k

Property & Casualty Underwriter £25k - £35k £35k - £55k £55k - £80k

Specialist / Lloyds Underwriter £25k - £35k £35k - £70k £70k - £150k

39

MARKETING & COMMUNICATIONS.

PERMANENT

SALARIES (PER ANNUM)

40

The marketing and communications jobs

market was relatively stable in 2011,

resulting in few marked fluctuations in

salary levels. Compared to 2010, hiring

shifted away from marketing generalists

and more towards communications and PR

professionals and online specialists. Mid-

level PR and media relations managers

have been particularly in demand as they

offer a relatively low-cost alternative to

traditional marketing activities such as

marketing collateral, events etc. In terms of

products, there has been a significant

decrease in demand for exchange-traded

fund (ETF) marketing specialists compared

to the boom we saw last year. Fixed-

income specialisations however have been

particularly competitive for investment

writers and product specialists. As with

recent years, there has been an ever

present appetite to hire experienced RFP

writers and managers. With more and more

of the RFP talent pool attracted by

progression elsewhere within their firms,

increased demand for graduate RFP

professionals is expected in 2012.


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Marketing Generalist £25k - £32k £32k - £47k £47k - £65k £65k - £85k £85k - £130k

PR / Corporate Communications £25k - £30k £30k - £45k £45k - £60k £60k - £80k £80k - £130k

Sales Support / Investment Communications £25k - £30k £30k - £37k £37k - £55k £55k - £70k £70k - £90k

RFPs £25k - £35k £35k - £50k £50k - £65k £65k - £85k *

Investment Writer £25k - £32k £32k - £45k £45k - £70k £70k - £90k *

Product Marketing / Specialist £28k - £32k £32k - £55k £55k - £75k £75k - £90k £90k - £120k

Investor / Consultant Relations £25k - £37k £37k - £60k £55k - £75k £70k - £85k £80k - £105k

Internal Communications £25k - £35k £35k - £50k £50k - £65k £65k - £80k *

E-Marketing £27k - £34k £34k - £47k £47k - £65k £65k - £90k £90k - £125k

Events / Road shows £22k - £29k £29k - £40k £40k - £50k £50k - £75k *

DTP / Graphics £23k - £30k £30k - £35k £35k - £55k £55k - £70k *

MARKETING & COMMUNICATIONS.

There was a steady increase in contract

marketing opportunities in the City

throughout 2011, with the number of job

vacancies increasing by more than 5% from

2010. Hiring in 2011 was predominately

focused on investment writers, event

managers and strategic marketeers as

companies worked to develop innovative

marketing solutions in line with increased

market regulations. Internal

communications positions have also been

an area of growth as companies focus on

employee engagement strategies. Digital

marketing specialists were also in demand

in 2011 as financial institutions became

more aware of growing digital marketing

trends including mobile marketing and

social media. Further growth

TEMPORARY

RATES (PER DAY)

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Marketing Generalist £100 - £130 £130 - £180 £180 - £250 £250 - £300 £300 - £400

PR / Corporate Communications £120 - £150 £150 - £200 £200 - £250 £250 - £300 £300 - £350

Sales Support / Investment Communications £100 - £200 £200 - £250 £250 - £300 £300 - £350 £350 - £450

RFPs £120 - £180 £180 - £220 £220 - £280 £280 - £350 £350 - £450

Investment Writer £120 - £155 £155 - £200 £200 - £275 £275 - £350 *

Product Marketing / Specialist £150 - £200 £200 - £250 £250 - £300 £300 - £400 £400 - £500

Investor / Consultant Relations £100 - £140 £140 - £200 £200 - £225 £225 - £300 £300 - £400

Internal Communications £100 - £120 £120 - £180 £180 - £250 £250 - £300 £300 - £400

E-Marketing £100 - £130 £130 - £165 £165 - £240 £240 - £300 £300 - £400

Events / Road shows £100 - £150 £150 - £180 £180 - £200 £200 - £250 £250 - £300

DTP / Graphics £120 - £150 £150 - £180 £180 - £225 £225 - £250 *

is anticipated for this field throughout 2012.

Pay rates have been relatively stable but

increases have been seen for experienced

RFP writers, product marketeers and

marketing managers as companies focused

on securing the best available candidates.

Sales and marketing pay rates are

expected to remain relatively stable

throughout 2012.

41


MIDDLE OFFICE & OPERATIONS.


PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Relationship Manager £30k - £35k £35k - £55k £55k - £70k £65k - £85k £80k+

Client Services £25k - £30k £28k - £37k £35k - £45k £45k - £65k £65k+

Client Reporting £30k - £32k £30k - £35k £35k - £45k £40k - £55k £50k - £80k

Fund Manager’s Assistant £30k - £40k £40k - £50k £45k - £65k £60k - £70k £65k - £80k

Portfolio Control & Cash Manager £30k - £35k £32k - £40k £40k - £55k £50k - £65k £65k - £80k

Performance Analyst £32k - £35k £35k - £45k £45k - £65k £50k - £70k £70k+

Transitions Manager £40k - £45k £40k - £50k £50k - £65k £60k - £80k £70k - £100k

Fund Administrator £25k - £35k £35k - £45k £45k - £65k £65k - £90k £90k+

Valuations & Pricing £30k - £35k £32k - £38k £35k - £45k £60k - £70k £70k - £100k

Data Manager £30k - £35k £32k - £40k £40k - £55k £50k - £80k £70k+

Business Manager £40k - £50k £50k - £65k £65k - £90k £80k - £110k £120k+42

transition managers who might be able to

command slight increases.

We are also seeing increased demand for

professionals with strong client facing and

relationship management

experience, especially if this includes

managing relationships with institutional

clients.

The recruitment market for operations and

middle office roles was challenging in 2011.

Companies focused on performance

excellence and client services under a

constant pressure for cost efficiencies and

reduction. Basic salaries remained stable

and we expect similar in 2012, with the

exception of performance analysts and

Restructuring and continual process

improvements are driving a need for strong

asset management experts with experience

of operational change, and this is expected

to be consistent throughout 2012. We also

saw a premium being paid for specific

experience within asset management and

private wealth businesses.



Throughout 2011 there was a decline in

temporary hiring across buy-side

operations, with job availability decreasing

by as much as 15% in some areas

compared to the previous years. Hiring in

the first half of 2011 was considerably

busier compared to the second half. This

can be attributed to various factors, such as

deteriorating global economic issues and

the exhaustion of recruitment budgets.

In addition, the performance of a desk or

individual business unit, also in part

determines its recruitment activity.

Outsourcing has continued to dominate the

operations space for the larger institutions,

with businesses looking to reduce costs

and streamline departments by sending

parts of their back office offshore.

TEMPORARY

RATES (PER HOUR)

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7+ years

Client Services £12 - £14 £15 - £20 £21 - £25 £26 - £35

Client Reporting £13 - £15 £16 - £20 £21 - £26 £26 - £33

Fund Analyst £14 - £15 £16 - £20 £21 - £27 £28 - £38

Performance Analyst £12 - £15 £16 - £20 £21 - £25 £26 - £35

Fund Administrator £12 - £14 £15 - £18 £19 - £25 £26 - £33

Valuations & Pricing £12 - £14 £15 - £20 £21 - £23 £24 - £31

Data Management £12 - £14 £15 - £18 £19 - £22 £23 - £28

Reconciliations £12 - £14 £15 - £18 £19 - £25 £26 - £35

Trade Support £12 - £15 £16 - £19 £20 - £25 £26 - £37

Cash Management £12 - £14 £15 - £17 £18 - £22 £23 - £30

Settlements £12 - £15 £16 - £20 £15 - £21 £22 - £3043

Although early predictions indicated slight

increases, rates continued to remain at a

constant level throughout last year and

early suggestions are that these could

remain similar into the first few months of

this year. Candidates with strong and

consistent CVs, however, are in a better

position to negotiate a potential 5-10%

increase in hourly rate at offer stage.


COMMODITIES

For the second consecutive year, the middle office and

operations commodities permanent jobs market saw a

number of flow and reconciliations roles being near-

shored by the bulge bracket investment banks in 2011.

This led to increased availability of more traditional

back office professionals.

Those with an understanding of the physical

markets, across energy and metals, were offered

considerable pay rises as businesses built out

functions. A lack of clarity around economic outlook

and less than favourable results throughout 2011 have

made it difficult to anticipate where growth will be in

2012.

With costs continually being scrutinised, it is fair to

predict that compensation will remain consistent with

2011 figures, where salaries were pushed up to

compensate for reduced bonuses. Recruitment is likely

to be mainly attrition-replacement based, although

hiring managers may take the opportunity to up-skill

and re-organise teams at the same time. Significant

growth is not predicted.

Regulation around higher capital requirements will

make it harder for institutions to acquire physical

assets, again negatively impacting a need for new

employees. Undoubtedly 2012 promises to be a

challenging year for this market.

PERMANENTBASIC SALARIES (PER ANNUM)

Role: Junior Mid level Senior

Head of Operations * * £120k+

Physical Energy Trade Support £35k - £55k £55k - £75k £75k - £110k

Commodity Derivatives Trade Support £30k - £45k £45k - £65k £65k - £90k

Clearing £30k - £40k £40k - £60k £60k - £90k

Settlements – Physical £25k - £45k £45k - £60k £60k - £90k

Settlements – Derivatives £25k - £40k £40k - £55k £55k - £70k

Contracts £30k - £45k £45k - £60k £60k - £80k

Documentation (Derivatives) £30k - £40k £40k - £55k £55k - £75k

Collateral £30k - £45k £45k - £65k £65k - £90k

Shipping / Scheduling £40k - £50k £50k - £70k £70k - £100k

Business Analyst £30k - £40k £40k - £55k £65k - £90k

Project Manager * £60k - £80k £90k+

Client Services £35k - £45k £45k - £60k £60k - £80k

MIS / Controls £30k - £40k £40k - £50k £50k - £70k

Trade Finance £30k - £32k £45k - £50k £65k - £70k

Vault Operations £25k - £28k £35k - £45k £55k - £65k

Static Data £25k - £35k £35k - £45k £45k - £65k

44


“RECRUITMENT IS

LIKELY TO BE MAINLY

REPLACEMENT-BASED,

ALTHOUGH HIRING

MANAGERS MAY TAKE

THE OPPORTUNITY TO

UP-SKILL TEAMS AT THE

SAME TIME.”

45


INVESTMENT BANKING & BROKERAGE HOUSES

At the start of 2011 there was renewed

confidence in the jobs market following

some good results and positive sentiment

from a number of key players. There were

significant numbers of jobs released and

these were quickly filled by a mobile and

motivated candidate pool. However, in Q4

there were a number of redundancies

across middle office operations as banks

focused even more aggressively on

location strategy.

In 2012 we expect to see new budgets free

up capital to acquire top talent for

management and change management

positions. We will see the usual resignation-

replacement surge for line roles, but we will

also see some incremental headcount rises

following some houses publicly announcing

commitment to growing areas – especially

in relation to compliance with increases in

regulatory requirements.

PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Trade or Sales Support / Desk Assistants

(+ up to £10k for Exotic Products)£35k - £45k £45k - £60k £65k - £85k £85k - £110k £110k+

Client Services (+£5-10k for languages) £30k - £40k £40k - £55k £50k - £75k £80k - £90k £90k - £100k

Documentation / Reconciliations /

Settlements£30k - £40k £40k - £65k £65k - £80k £80k - £95k *

Collateral / Margin Management £30k - £45k £45k - £65k £65k - £85k £90k+ £100k+

Clearing (+£10k for OTC Clearing) £35k - £45k £45k - £65k £65k - £85k £85k - £110k £110k+

Middle Office Control /

Regulatory Control & Reporting£30k - £45k £45k - £65k £65k - £85k £85k - £120k £120k+

Asset Servicing £30k - £40k £40k - £60k £55k - £80k £75k - £100k *46

Taking everything into account, it is

reasonable to expect a busy start to the

year, though perhaps not at the same level

as 2011. Clearly it will help to be ahead of

the game in competing for talent. Banks

that were able to source professionals at

the end of 2011 and extend offers for

acceptance post-bonus season, thus

negating the need for buy-outs, will reap the

rewards.



INVESTMENT BANKING & BROKERAGE HOUSES

middle office oversight and control

functions. There has been increased

demand for operations professionals who

are able to demonstrate solid risk

awareness and who are able to critically

assess and improve controls and

processes. It would be prudent for all job

seekers to consider how they could add

such value prior to any interviews.

TEMPORARY

RATES (PER HOUR)

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7+ years

Loans £15 - £20 £18 - £23 £22 - £26 £25 - £30

Client Services £13 - £16 £18 - £24 £22 - £26 £25 - £30

Asset Servicing £15 - £18 £17 - £23 £22 - £25 £24 - £30

Collateral £18 - £20 £20 - £24 £23 - £26 £25 - £35

Reconciliations £13 - £16 £15 - £20 £20 - £25 £24 - £27

Equity / Fixed Income Trade Support £15 - £18 £18 - £23 £23 - £27 £25 - £30

OTC Trade Support £17 - £21 £20 - £24 £24 - £27 £26 - £33

Commodities Operations £14 - £17 £16 - £23 £20 - £25 £24 - £30

Futures and Options Operations £15 - £20 £19 - £23 £23 - £26 £25 - £30

FX / MM / FX Options Operations £14 - £16 £17 - £20 £21 - £23 £24 - £33

Settlements £13 - £17 £18 - £24 £22 - £26 £25+

47

In 2011 many companies continued to shift

their back office operations and processing

to both regional and offshore locations. This

trend is likely to continue this year as cost

reduction remains a key focus. As a result

of these previous expenditure reviews and

headcount restrictions, a large number of

long term contract positions were also

created. There has also been growth in

niche areas, particularly those sitting within

Pay rates fluctuated substantially

throughout 2011 between banks and have

varied by up to 35% in some instances for

comparable positions. A number of banks

have been forced to reduce rates, typically

cuts of up to 10% have been all too

common in recent months. Hiring activity

should increase in Q1 2012 but recruitment

processes will be as competitive as they

have ever been.

SECRETARIAL & SUPPORT.

PERMANENT


48

Salaries within the secretarial & support jobs market

within financial services held steady in 2011.

There was however, greater demand for senior level

candidates compared to 2010. These senior level roles

are increasingly becoming team support focused and not

always one-to-one positions. Secretarial & support

professionals are therefore having to be more flexible

when looking for a new role.

The number of available job opportunities was slightly

lower in 2011 than the previous year – down by

approximately 17%. However, we saw a slight peak in

jobs in Q4 2011.

It is predicted that 2012 will see an upturn in roles and

more variety across all areas of the secretarial & support

market.

Salaries for the coming year are unlikely to increase

significantly; 2011 saw an average of 5-6% increases for

those seeking new roles.

Role:

Office Manager £35k - £55k

Executive Assistant £45k - £60k

Personal Assistant £35k - £45k

Float Secretary £35k - £42k

Trading Floor Secretary £32k - £42k

Bi-lingual Secretary £32k - £40k

Team Secretary £32k - £38k

Research Assistant £32k - £38k

Senior Administrator / Business Assistant £35k - £50k

Administrator £25k - £35k

Junior Administrator £22k - £25k

Reception Manager £28k - £35k

Receptionist / Switchboard £23k - £30k

SECRETARIAL & SUPPORT.

There were three main hiring trends within secretarial &

support in London in 2011 and these look set to continue

this year. The first is the increased demand for

multilingual skills in addition to typical PA duties.

The second is the decline of the traditional one-to-one PA

role; the number of executives who have exclusive PAs

has been declining for some time but this was particularly

noticeable in 2011.

The third major trend is related to the length of secretarial

& support contracts. In recent years these have

increased from 3-6 months to rolling or 12 month

contracts.

As always, to be a successful secretarial temp you need

to be reliable, professional and flexible, with the skill set

to cover a range of duties. Commitment to the role is also

essential to building credibility in this highly competitive

market.

Basic rates remained mostly steady in 2011, with the

exception of a few peaks and troughs. No major

fluctuations in basic rates are expected for 2012.

TEMPORARY

BASIC RATES (PER HOUR)

Role:

Office Manager £17 - £23

Senior Executive Assistant £20 - £25

Executive Assistant £18 - £22

Personal Assistant £16 - £21

Float Secretary £16 - £21

Trading Floor Secretary £16 - £20

Bi-lingual Secretary £16 - £19

Team Secretary £16 - £19

Senior Administrator £17 - £23

Junior Administrator £12 - £16

Receptionist / Switchboard £12 - £13

49

TAXATION.

The first half of 2011 saw a continuation of

the recovery witnessed over the course of

2010. There was hiring activity in all areas

of group tax across the banking and wider

financial services market, including some

notable senior appointments. Whereas the

bulk of recruitment in 2010 was for

replacement hires, an increasing number of

companies recruited for expansion in 2011.

There is ongoing demand for compliance,

risk reporting, VAT and transfer pricing

specialists.

There has also been a definite increase in

advisory, transactional and project-led

roles. However opportunities for tax

structuring professionals within the front

office remain in fairly short supply.

The recovery witnessed in the first three

quarters of 2011 was unfortunately curtailed

in the latter months of the year as a result

of the eurozone crisis and concern that it

would negatively impact the UK economy

and financial services sector in 2012 and

PERMANENT


Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Tax Compliance & Reporting £25k - £35k £35k - £60k £60k - £80k £80k - £120k £120k - £200k

Tax Advisory & Structuring £25k - £40k £40k - £65k £65k - £90k £90k - £150k £150k - £250k

International Tax £25k - £40k £40k - £65k £65k - £90k £90k - £150k £150k - £250k

VAT £20k - £35k £35k - £55k £55k - £75k £75k - £100k £100k - £200k

Transfer Pricing £25k - £35k £35k - £60k £60k - £80k £80k - £120k £120k - £200k

Operations Tax £20k - £32k £32k - £50k £50k - £75k £75k - £110k £110k - £150k

Expatriate & Employment Tax £20k - £35k £35k - £50k £50k - £70k £70k - £100k £100k - £150k

beyond. Recently, several job opportunities

have been withdrawn, put on hold or filled

with a contractor, and several companies

have unfortunately made redundancies.

Despite this, there are still many financial

services organisations either recruiting or

planning to recruit in 2012, which indicates

that the impacts of ongoing global

economic uncertainty may not be as great

as some fear.

50

TAXATION.

The interim taxation hiring market

continued where it had left off in 2010 with

a steady flow of contract and interim roles

coming onto the market in H1 2011. The

majority of roles created were to assist in-

house tax teams with the burden of

compliance and reporting work with some

organisations unable to increase headcount

due to budgetary constraints. There was

some demand for more senior level interim

contractors to cover strategic projects but

the main demand remained predominantly

at the tax accountant and tax manager

levels. Hiring managers continued to favour

professionals with some prior experience in

UK taxation but with the increased job flow

at the end of 2010 and the start of 2011, the

supply of candidates at the more popular

tax accountant level gradually decreased.

This led some businesses to relax their

criteria or increase rates to attract the best

talent.

TEMPORARY

RATES (PER HOUR)

Role:Analyst /

0-2 years

AVP /

2-5 years

VP /

5-7 years

Director /

7-10 years

MD /

10+ years

Corporate Tax £15 - £20 £20 - £30 £30 - £40 £40 - £50 £50 - £100

VAT £12 - £18 £18 - £28 £28 - £35 £35 - £45 £45 - £80

Transfer Pricing £15 - £20 £20 - £30 £30 - £40 £40 - £50 £50 - £100

Expatriate & Employment Tax £12 - £18 £18 - £28 £28 - £35 £35 - £45 £45 - £80

The interim market looks set to be relatively

active at the start of 2012. Some

organisations are choosing to replace

leavers with contract hires whilst they wait

to review those positions on a permanent

basis once the impact of the current

economic climate becomes clearer.

Prospects for interim and contract tax

professionals in 2012 remain relatively

positive.

51

TECHNOLOGY.

Technology remains an important component within

the financial services sector as it continues to drive

change, despite current challenging market conditions.

Salaries for top tier IT developers remain attractive as

business and technology continue to converge in

trading environments.

Many firms are making a play directly for the sharpest

minds at a graduate level and the ‘war for talent’

remains fierce at this industry entry point. The result is

that highly qualified individuals can expect to enter the

market on generous salaries as we see more of a

focus on technical talent rather than commercial

experience.

A trend towards hiring in business intelligence has

continued as company leaders strive to better collate,

analyse, understand and present the data affecting the

strategic outlook and, in many cases, survival of their

businesses.

In the final quarter of 2011 budgetary allowances were

made for continued hiring into risk management,

compliance and governance technologies. Across

regulated environments the pace of change and need

for implementation has not slowed.

PERMANENTBASIC SALARIES (PER ANNUM)


C++ Developer £38k - £42k £65k - £75k £105k - £115k

C# Developer £28k - £32k £45k - £55k £75k - £85k

Java Developer £28k - £32k £55k - £65k £95k - £105k

Web Developer £23k - £27k £40k - £45k £50k - £55k

.net Developer £28k - £32k £55k - £65k £75k - £85k

Applications Developer £28k - £32k £55k - £65k £75k - £85k

Tester £24k - £30k £55k - £65k £65k - £75k

Technical Analyst £33k - £37k £55k - £65k £75k - £85k

Database Administrator £23k - £27k £45k - £55k £65k - £70k

Business Analyst £38k - £42k £65k - £70k £85k -£95k

Project Manager £48k - £52k £65k - £75k £95k - £105k

Manager * £75k - £85k £95k - £105k

Director * £115k - £125k £145k - £155k

Network Engineer £28k - £32k £40k - £50k £65k - £75k

Support £23k - £27k £35k - £45k £55k - £65k

Technical Architect * £75k - £85k £105k - £115k

SQL £33k - £37k £55k - £65k £75k - £85k

Systems Analyst * £40k - £50k £60k - £70k


TECHNOLOGY.

TEMPORARY


C++ Developer £300 - £350 £450 - £550 £600 - £700

C# Developer £275 - £350 £525 - £600 £625 - £700

Java Developer £300 - £350 £525 - £575 £600 - £700

Web Developer £200 - £250 £300 - £350 £400 - £500

.net Developer £250 - £325 £350 - £400 £550 - £600

Applications Developer £250 - £300 £350 - £400 £450 - £550

Test Analyst £200 - £300 £350 - £450 £500 - £550

Technical Analyst £250 - £325 £400 - £475 £600 - £650

Database Administrator £275 - £325 £375 - £450 £550 - £600

Business Analyst £300 - £400 £450 - £525 £600 - £700

Project Manager £300 - £400 £475 - £600 £650 - £800

IT Manager * £600 - £700 £800 - £1000

Director * £700 - £800 £900 - £1200

Network Engineer £200 - £300 £350 - £450 £475 - £550

Support £250 - £300 £400 - £450 £500 - £550

Technical Architect £400 - £500 £600 - £700 £800 - £1000

SQL £280 - £320 £400 - £500 £550 - £600

Systems Analyst £200 - £280 £375 - £450 £475 - £600

53

As technology continues to move up the value chain in

financial services it is no longer viewed as a peripheral

or commodity but as a key component to the success

of global businesses. The need for cutting edge

technology and technologists is now more important

than ever.

Despite this, technology recruitment has not been

immune to blanket 10-15% rate reductions as banks

seek cost savings in the current climate.

There are, however, pockets of the market that have

awarded significant daily rate increases. Areas that

have increased in importance include systems

focusing on information security, credit / market risk

and automated trading platforms that are revenue

generating.

Java developers in FX and commodities specialists

are in particularly high demand and there have been

seismic shifts in day rates for Java developers with

ION Marketview experience.

The overall volume of temporary and contract

vacancies in technology dropped in the latter part of

2011, however there is scope for a buoyant market

again early in 2012 as leaders seek highly skilled

contractors to get project deadlines back on track.

RATES (PER DAY)


Visit www.morganmckinley.co.uk for more information

SALARY SURVEY | FINANCIAL SERVICES | LONDON 2012.

UNDERSTANDING THIS GUIDE

METHODOLOGY:

Morgan McKinley conducted a telephone survey

with 372 professionals across multiple functions

and roles in the London financial services sector

between the 14th and 23rd of November 2011.

The aggregated results of this research are used

in this edition of the Morgan McKinley London

Financial Services Salary Survey 2012.

The salary information provided in this survey has

been compiled by dedicated researchers across

all of Morgan McKinley’s financial services

divisions. Our researchers are continually in

contact with both employers and candidates

across the financial services sector in London.

STRUCTURE OF SALARY TABLES:

We acknowledge that different financial

institutions have varying corporate structures. For

ease of use, this document includes both

corporate titles and years’ experience to classify

approximate salary ranges.

SALARY DATA:

The salary ranges in this guide are indications of

what individuals with similar experience might

expect to earn in new roles in 2012. This salary

data is based on placements made during the last

six months, as well as the specialist knowledge of

Morgan McKinley’s consultants.

Salaries listed cover basic salaries only and do not

include bonus payments or benefits. This is due to

the variety of ways in which financial services

employers manage employee pay and reward.

Please note, the information presented in this

document should be used as a general guide only.

Where number of years of experience is mentioned,

it is only to give an approximate framework in which

to gauge what a typical professional is likely to earn

with the level of experience shown.

In order to match candidates to the right career

opportunity for them, Morgan McKinley assesses

individuals on all their skills and abilities when

deciding on their suitability for roles with our clients.

SALARY GUIDE INFORMATION

For more specific salary or hiring information, please

visit www.morganmckinley.co.uk or contact your

Morgan McKinley consultant directly.

© 2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction

of this material is strictly prohibited. 54

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Documents

London Fs Salary Survey2012