United Kingdom Salary Survey 2011

8/7/2019 United Kingdom Salary Survey 2011

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The UK recruitment marketimproved signi cantly in 2010as con dence returned to themarket. Hiring volumes were

ar higher than in 2009 andcompetition or talent intensi edduring the year as employerssought to secure the bestcandidates.

As permanent hiring reezes rom2009 were li ted and businesseswere given the budget clearanceto hire, we saw a signi cantincrease in recruitment activityduring quarters one and two.Investment banking rms were

particularly active in this period,with hiring in operations unctionsat levels last seen in 2007.Compliance was also a keyrecruitment ocus or many

nancial services rms due toextensive FSA regulatory actionand Bank o England trans ormation.Job fows among commercialorganisations increased month-on-month and we saw a signi cant

increase in recruitment activityamong FTSE 100 and FTSE 250businesses. Encouragingly, manyo the roles recruited or weregrowth- ocused as employerslooked to take advantage oimproving market conditionsto drive existing margins.

We saw an increase in candidatesreceiving multiple job o ers andbuy-backs rom their existingemployers indicative o growingcompetition or the best people anda general talent shortage acrossthe market as many pro essionalscontinued to avour the job stabilityo their existing roles.

We also witnessed substantialincreases in contract recruitmentactivity during 2010, primarily dueto a rise in trans ormation andintegration work, regrowth andthe temporary lling o permanentvacancies. As with the permanent

market, high-calibre candidatesreceived multiple o ers andbuy-backs as rms sought tosecure the best talent . However,there was still an element ocaution as many clients continuedto opt or xed term contract andtemp-to-perm hires.

The recruitment market acrossthe UK regions also improved in2010 as con dence rose andemployers invested in businessgrowth once again. Many rmsthat reduced headcount duringthe downturn were the mostactive hirers as they sought to

rebuild their teams. Signi cantly,competition or talent intensi edand urgency returned to therecruitment process as businessesappreciated the importance omoving quickly and decisivelyto secure the best candidates.

Many rms were hiring in smallervolumes at the end o 2010 thanthey had been at the start, taking

stock ahead o 2011. As newbudgets are signed o , we expectheadcount approvals to be grantedand recruitment levels to rise.With market con dence alsoset to improve, more pro essionalswill explore new opportunities particularly once many receivetheir bonuses early in the year.

As investment banks continue

to come under scrutiny aroundthe bonuses paid to their sta ,it is unclear exactly how this willmani est itsel and what impactit will have on the xed/variablestructure o compensationpackages and there ore salaryand bonus levels or allpro essionals working in thesector in 2011.

Uni t E d k i nGdom

c oUnt R Y oV E R V i E W

Robert Walters Global Salar y Survey 2011


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L ONDON

LONDONACCOUNTING & FINANCEBANKING & FINANCIAL SERVICES

L ONDON

A C C OUNT I NG&

F I NA NC E -B A NK I NG&F I NA NC I A L S E R V I C E S

A C C OUNT I NG&


Robert Walters Global Salary Survey 20117

Robert Walters specialist banking division

represents permanent, temporary andcontract professionals, covering a broadspectrum of finance roles from accountsassistants, newly-qualified accountants andproject specialists through to finance directorsand chief financial officers. Our clients includeinvestment banks, corporate and consumerbanks, exchanges, trade houses and brokers.

Market OverviewPermanentAlthough there was a rise in recruitmentlevels at the start of 2010, we began to seethe most significant increases at the end of quarter one as firms looked to hire accountingprofessionals following a solid start to the year.The outlook remained positive into quarterthree, with a number of institutions organisingvolume recruitment events for newly-qualifiedlevel hires. We observed a slowdown in activityduring quarter four as firms rationalised theirheadcount after a busy year of hiring.

There was sustained demand throughoutthe year for project/change managementspecialists and control professionals acrossfixed income, equities and commodities. Atthe associate and AVP levels, project/changemanagement specialists and controlprofessionals across fixed income, equitiesand commodities were sought-after as clientsreviewed and re-engineered their infrastructure

in anticipation of growth in 2011. In thesecond half of the year, demand for audit andregulatory professionals rose as firms aimedto improve their capacity to deal with FSA changes and more closely manage their risk.

2010 was a more challenging year for thesenior finance market. However, hiringremained consistent at both vice presidentand director level and overall recruitment levelswere still significantly higher than 2009. There

was a steady demand across product controland change management as firms continued

to invest in multi-year finance transformation

programmes.

Base salaries increased throughout the yearacross all accounting and finance disciplines.This reflects increased competition foraccountants and also a broader re-basing of salaries to address the base-to-bonus ratioin line with FSA recommendations. In manycases recently-qualified accountants receivedaround 10% more in 2010 for their first roleout of private practice. The best candidatesoften received multiple offers, creating highlycompetitive market conditions.

In many cases firms were extremelyaggressive in buying back staff who receivedan offer of employment from a competitor. Atthe senior level, a number of clients adopteda greater variety of pay structures as firmssignificantly restructured the apportionment of salary, bonus and benefits.

Contract/Temporary Contract hiring levels increased dramaticallyin the first half of the year due to a mixtureof hiring for transformation and integrationwork, organic regrowth and in some casesthe temporary filling of permanent vacancies.However, we saw bulge-bracket demandlevels ease off slightly in quarters three andfour. Mid-sized and smaller banks were lessaffected and we saw hiring levels across these

firms remain relatively buoyant.

At the beginning of 2010, we saw greatestdemand for business analysts and accountingsystems specialists, with much of the work project-oriented in nature. During the secondhalf of the year, there was more demandfor management financial accountants toperform core financial duties in order to aiddecision making in 2011. The year was alsodominated by FSA and compliance-related

requirements as banks looked to tighten theirinternal controls after the downturn. The typesof roles that came to market moved away

from core regulatory work during the year

and instead focused on liquidity and scenarioanalysis. For example, product controllers with1 - 2 years experience were receiving up to375 a day, compared to 270 - 300 a yearpreviously. Similarly, statutory accountants in2009 typically received 325 - 375 per day,but this rose to 400 - 450 in 2010.

Outlook for 2011We anticipate increased movement of professionals once bonuses have been paidin the early part of 2011. As firms experiencenatural attrition and look to replace those whoseek opportunities elsewhere, recruitmentlevels will rise. We are expecting increasedcompetition to retain and secure key talentwith counter-offers and buy-backs becomingmore common as the talent pool shrinks.

Following reinvestments by banks in their frontoffice functions in 2010, we expect to seean increase in demand for core infrastructureprofessionals in the middle office to bettersupport front office buildouts. Moreover,there will be future demand in technicalaccounting functions, supporting tradingP&Ls and reporting lines. In particular, weenvisage continued demand for qualifiedproduct controllers and financial accountantswith strong product understanding andexperience. Regulatory reporting experiencewill also be sought-after in line with new capital

adequacy regulations, which will filter downinto change programmes undertaken forgeneral ledger/sub-ledger implementation andrefinement to improve reporting accuracy.

We expect contract recruitment to remainan essential part of our banking clientsrecruitment strategy, with most in-demandareas mirroring the permanent market acrossproduct control, financial reporting andregulatory.


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LONDONACCOUNTING & FINANCEBANKING & FINANCIAL SERVICES

L ONDON

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Robert Walters Global Salary Survey 2011 8

ROLEPERMANENTSALARY PER ANNUM UK

CONTRACTRATE PER DAY (PAYE) UK

2010 2011 2010 2011

Financial ControlFinancial/Management Accountant (8+ yrs' PQE) 100k+ 105k+ 400+ 450+Financial/Management Accountant (5 - 8 yrs' PQE) 75 - 100k 80 - 110k 350+ 400 - 450Financial/Management Accountant (3 - 5 yrs' PQE) 65 - 80k 70 - 85k 300 - 350 350 - 400Financial/Management Accountant (up to 3 yrs' PQE) 54 - 65k 60 - 70k 240 - 300 275 - 350Financial/Management Accountant (Newly-qualified) 52 - 55k 55 - 60k 200 - 250 200 - 275

Product ControlProduct Controller (8+ yrs' PQE) 100k+ 110k+ 400+ 450+Product Controller (5 - 8 yrs' PQE) 75 - 110k 85 - 115k 350 - 450 400 - 450Product Controller (3 - 5 yrs' PQE) 65 - 85k 70 - 85k 300 - 350 350 - 425Product Controller (up to 3 yrs' PQE) 55 - 68k 60 - 70k 250 - 325 300 - 375Product Controller (Newly-qualified) 52 - 55k 55 - 60k 225 - 300 250 - 275

Internal AuditorInternal Auditor (8+ yrs' PQE) 100k+ 105k+ 400+ 450+Internal Auditor (5 - 8 yrs' PQE) 75 - 100k 75 - 100k 350+ 400 - 450Internal Auditor (3 - 5 yrs' PQE) 65 - 80k 70 - 80k 300 - 350 350 - 400Internal Auditor (up to 3 yrs' PQE) 54 - 65k 60 - 70k 250 - 300 275 - 350Internal Auditor (Newly-qualified) 50 - 55k 55 - 60k 200 - 250 200 - 275

Project Management/Business AnalysisProject Management/Business Analysis (8+ yrs' PQE) 100k+ 110k+ 600+ 700+Project Management/Business Analysis (5 - 8 yrs' PQE) 80 - 110k 80 - 110k 550+ 550 - 650Project Management/Business Analysis (3 - 5 yrs' PQE) 65 - 80k 70 - 85k 400 - 500 450 - 550

Project Management/Business Analysis (up to 3 yrs' PQE) 54 - 65k 55 - 70k 300 - 400 350 - 450

Regulatory ReportingRegulatory Reporting (8+ yrs' PQE) 100k+ 100k+ 400+ 550+Regulatory Reporting (5 - 8 yrs' PQE) 75 - 110k 80 - 110k 350+ 450 - 550Regulatory Reporting (3 - 5 yrs' PQE) 65 - 85k 70 - 85k 300 - 350 350 - 450Regulatory Reporting (Newly-qualified - 3 yrs' PQE) 55 - 68k 55 - 70k 200 - 300 275 - 350Management/Financial Accountant 30 - 40k 35 - 45k 150 - 200 200 - 250

Part-qualified - CIMA/ACCA/ACA Payroll/Accounts Assistant 20 - 35k 20 - 35k 15 - 20 p/h 15 - 22 p/h

NB: Figures are basic salaries exclusive of benefits/bonuses unless otherwise specified. p/h = per hour.


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L ONDON

LONDONACCOUNTING & FINANCECOMMERCE & INDUSTRY

L ONDON

A C C OUNT I NG&

F I NA NC E -C OMME R C E &I NDUS T R Y

A C C OUNT I NG&



Our commerce division recruits across a

broad range of roles, from newly-qualifiedaccountants and transactional clerks tochief financial officers, on both a permanentand contract basis. We provide a fullrange of recruitment services to FTSE andAIM-listed companies, multinationals andowner-managed businesses. The primaryareas we specialise in include:

Engineering Healthcare IT/hi-tech/telecommunications Leisure and hospitality Manufacturing Marketing/PR/advertising Media Natural Resources Professional Services Real estate/property Retail/FMCG Utilities

Market OverviewThere was a steady growth in recruitmentthroughout the year as job volumes increasedquarter-on-quarter and overall hiring levelsexceeded those seen in 2009. Increasedeconomic confidence saw employers committo hiring strategies not possible in 2009and professionals started to look at newopportunities. In particular, we noticed asignificant increase in hiring among FTSE 100

and FTSE 250 businesses.

We saw continued demand for core financepositions, such as financial accountants,financial analysts, group reporting specialists,financial controllers and financial managers.However, there was a significant shift in thetypes of permanent roles available, withmore demand for commercially-focusedprofessionals who could drive the businessforward. Businesses also recruited candidates

at entry level to fill vacancies as a resultof promoting from within. Encouragingly,demand for newly-qualified accountants

grew throughout 2010. During the year, a

number of businesses actually increased theiroriginal offers to secure candidates over theircompetitors.

Consistent with 2009 trends, recruitmentactivity at the senior end of the marketremained slow in comparison with demand formore junior candidates. Businesses were keento recruit project specialists with a proventrack record of streamlining costs at thebusiness analyst and financial planning andanalysis level, particularly on a contract basis.Despite growth, there was still an elementof caution in the temporary market as manyclients continued to opt for fixed-term contracthires throughout 2010.

Recruitment levels increased across allsectors. However, the biggest hiring rises werewitnessed across manufacturing, retail, realestate, media and natural resources. Mostevident was the improvement across theretail sector, which saw a huge increase inrecruitment activity during 2010. With a notedimprovement across all sectors, candidatesin turn became increasingly committed toseeking new opportunities. With financialservices firms also recruiting in far greatervolumes in 2010, competition for talent wasintense. Businesses that could commit toincreased remuneration packages or, moreimportantly for some new recruits, career

progression while maintaining streamlinedhiring processes, usually secured the bestpeople.

With a number of businesses increasingtheir initial offers to secure candidates overtheir competitors, salaries rose for some.As illustrative examples, payroll managersin permanent positions could receive up to50k (compared to 40k in 2009), whilenewly-qualified candidates from practice

typically secured contract rates of around24 per hour (compared to 20 per hour in2009). At the part-qualified level, candidates

were more driven by remuneration and

study support offered. For contractors, theopportunity to gain exposure to new sectorsand build a broader CV for the future wasoften a key priority for those looking to move.

Outlook for 2011We anticipate continued recruitment growthduring 2011. Core finance roles will remainin highest demand, although we also expectbusinesses to seek commercially-focusedcandidates who can add value to the businessand drive growth as market confidence rises.For example as real estate companies seek to increase their investment portfolios theywill look to recruit commercially aware financeprofessionals into investment appraisal roles.

We also expect a return of demand forprofessionals with corporate financeexperience as companies look to growthrough mergers and acquisitions. Feedback from organisations operating in the mediaindustries provides a positive outlook for 2011,with many seeking to capitalise on their 2010growth and increase their headcount to levelsnot seen since 2008.

With competition for candidates from thefinancial services sector also likely to increase,employers will need to become more flexiblearound salaries if they wish to compete forthe best talent. This is especially relevant

for newly-qualified accountants who will bechoosing between a career in commerce andindustry or financial services. High demandfor newly-qualified accountants from theLondon market has resulted in Robert Waltersexpanding its current Candidate Roadshow(previously limited to taking place in SouthAfrica and Australia) to include Ireland.


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LONDONACCOUNTING & FINANCECOMMERCE & INDUSTRY

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CONTRACTRATE PER HOUR (PAYE) UK

2010 2011 2010 2011

QualifiedChief Financial Officer (FTSE 100) 450k+ 450k+ 1500+ p/d 1500+ p/dFinance Director - Large Organisation 200k+ 200k+ 1000+ p/d 1000+ p/dFinancial Controller - Large Organisation 125k+ 125k+ 500 - 750 p/d 500 - 750 p/dFinance Director - Small/Medium Organisation 100k+ 100k+ 550+ p/d 550 p/dHead of Audit 100k+ 100k+ 500 p/d 500 p/dFinancial Controller - Small/Medium Organisation 70 - 90k 70 - 90k 400 - 500 p/d 400 - 500 p/dFinance Manager 65 - 90k 65 - 90k 35 - 40 35 - 45FP&A Manager 65 - 85k 65 - 85k 38 - 42 38 - 45Audit Manager 60 - 80k 60 - 80k 35 - 40 35 - 40Analyst 55 - 75k 55 - 75k 28 - 40 28 - 40Systems Accountant 50 - 70k 50 - 70k 30 - 40 30 - 45Group Accountant 50 - 70k 50 - 70k 34 - 40 35 - 40Internal Auditor 50 - 70k 50 - 70k 25 - 30 25 - 30

Newly-qualified ACA 43 - 55k 43 - 55k 25 - 27 26 - 28Newly-qualified CIMA 40 - 55k 40 - 50k 24 - 26 25 - 27Newly-qualified ACCA 40 - 50k 40 - 50k 24 - 26 25 - 27

Part and non-qualifiedACCA Part 3/CIMA Strategic 35 - 42k 35 - 42k 18 - 24 18 - 25ACCA Part 2/CIMA Managerial 28 - 35k 30 - 35k 17 - 22 17 - 22ACCA Part 1/CIMA Certificate 25 - 30k 25 - 30k 15 - 17 15 - 17Finance Manager 35 - 50k 35 - 50k 20 - 30 20 - 30Credit Control Manager 35 - 50k 35 - 75k 18 - 25 20 - 40Revenue/Billings Manager 35 - 50k 35 - 60k 16 - 25 18 - 30

Business/Financial Analyst 35 - 45k 35 - 45k 16 - 28 16 - 28Systems Accountant 35k+ 35k+ 16 - 18 16 - 18Internal Audit 35k+ 35k+ 18 - 20 18 - 20Payroll Manager 30 - 40k 30 - 60k 18 - 25 20 - 30Purchase Ledger/Sales Ledger Manager 30 - 40k 30 - 40k 16 - 22 17 - 24Accounts Assistant 23 - 28k 23 - 30k 12 - 15 12 - 16Credit Controller 23 - 28k 23 - 30k 13 - 16 13 - 18Purchase Ledger/Sales Ledger Assistant 23 - 27k 23 - 27k 10 - 14 10 - 14Payroll Officer 20 - 26k 21 - 28k 10 - 14 10 - 14Graduate 21 - 24k 21 - 25k 10 - 12 10 - 13

NB: Figures are basic salaries exclusive of benefits/bonuses unless otherwise specified. p/d = per day.


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L ONDON

LONDONACCOUNTING & FINANCEINSURANCE

L ONDON

A C C OUNT I NG&

F I NA NC E -I NS UR A NC E

A C C OUNT I NG&



Our insurance division recruits permanent,

temporary and contract finance professionalsfor a variety of positions within the insurancemarket. The division typically recruits:

Accounts clerks Business analysts Finance managers, controllers and

directors Fully qualified and senior accountants Internal audit professionals Part-qualified and newly-qualified

accountants Project/systems accountants Risk specialists Solvency II specialists

Market OverviewPermanentIn 2010, recruitment activity remainedsimilar to 2009. We witnessed a slow startas professionals waited to see what theyear would bring. Although we started tosee more candidates showing an interestin new opportunities as 2010 progressed,we saw little movement within the industryas companies endeavoured to retain theirstrongest staff. We predict this trend tocontinue in early 2011 as professionals awaittheir bonus payout.

2010 saw demand for newly-qualifiedcandidates from practice with strong IFRS,

GAAP and insurance experience to moveinto roles within industry. Professionals atthe two years PQE level (50 - 70k salarybracket) with some industry experience wereparticularly sought-after throughout the yearas firms looked to recruit candidates whocould add value and build on their expertise.Little recruitment was seen at the seniorlevel and few candidates were looking tomove. However, we continued to see a strongdemand for candidates with Solvency II

experience as this became a key concern for anumber of organisations.

Salaries started to rise throughout the year

as insurance firms had to compete withincreased hiring activity among the banksfor the best candidates. For example, wesaw a higher proportion of newly-qualifiedprofessionals securing salaries at the higherend of the range in 2010 - most were typicallyable to secure salaries of 50 - 55k. Specificinsurance industry experience also attracteda premium. We expect salaries to continue torise in 2011.

ContractAs with permanent hiring, the insurancecontract recruitment market remained steadyat the start of 2010 following a relativelybuoyant 2009 (in comparison to otherindustries). We witnessed the traditionalincrease in overall job volumes during quarterthree after the summer lull.

The number of core finance contract rolesavailable fell slightly compared to 2009 dueto additional sign-off levels and the need forbusiness-critical hires only. However, the totalcontract job volume was supplemented byan increase in demand for risk and projectprofessionals.

We also noticed that internal reportingexperience became more sought-after inquarter three as insurance firms requiredprofessionals who could justify costs and

advise the business on streamlining strategies.

Solvency II became an increasingly importanthiring area throughout the year with the 2012deadline drawing nearer. Several firms realisedtheir models needed additional work and hiredproject managers, business analysts andfinance managers with Solvency II knowledge.

In response to increased hiring activity fromthe banks, rates for professionals with these

in-demand skill sets rose significantly during2010 as firms became more competitive ina bid to attract the best talent. For example,

average rates for candidates with Solvency II

experience were 400 - 700 a day in quartersone and two, depending on the exact natureof the role. Market rates rose to 600 - 1,000in quarters three and four.

Outlook for 2011While there was a somewhat static recruitmentmarket in 2010, we expect to see moreprofessionals open to new opportunities in2011, especially post-bonus season. Weexpect business-critical hires to be the firstpriority for most firms and we anticipategrowth in project areas that were strong in2010, such as risk and Solvency II. Firmsable to keep their recruitment processes slick and offer longer-term contracts, competitivecompensation packages and good careerprogression opportunities will find themselvesbest placed to secure high-calibre candidates.


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LONDONACCOUNTING & FINANCEINSURANCE

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2010 2011 2010 2011

Audit/Business ServicesPractice (5+ yrs PQE) 65k+ 80k+ 350+ 350+Practice (3 - 5 yrs PQE) 60 - 80k 60 - 80k 320+ 325+Practice (1 - 3 yrs PQE) 55 - 60k 55 - 60k 300+ 300+Newly-qualified (Big 4) 45 - 55k 45 - 55k 250+ 250+

Financial ControlFinancial Director (8+ yrs PQE) 100k+ 100k+ 500+ 500+Industry (5+ yrs PQE) 70 - 80k 70k+ 350+ 350+Industry (2 - 4 yrs PQE) 55 - 65k 55 - 65k 300+ 300+Industry (1 - 2 yrs PQE) 50 - 60k 50 - 60k 280+ 280+Newly-qualified 45 - 55k 45 - 55k 250+ 250+

Management AccountantIndustry (5+ yrs PQE) 70k+ 70k+ 350+ 350+Industry (2 - 4 yrs PQE) 55 - 65k 55 - 65k 300+ 325+Industry (1 - 2 yrs PQE) 50 - 60k 50 - 60k 280+ 280+Newly-qualified 45 - 55k 45 - 55k 250+ 250+

Internal Auditor2 - 3 yrs PQE 60k+ 60k+ 325+ 325+Newly-qualified 45 - 55k 45 - 55k 280+ 280+

Part-qualified - CIMA/ACCA/ACA Part-qualified Management/Financial Accountant 30 - 45k 30 - 45k 175 - 250 175 - 250

Payroll/Accounts Assistant 20 - 35k 20 - 35k 120 - 200 120 - 200

Project-related rolesBusiness Analyst 65 - 75k 70 - 85k 325+ 325+Project Manager (Solvency II) 75 - 120k 80 - 120k 600+ 700+Financial Planning Analysis 55 - 75k 60 - 80k 280+ 300+Systems Accountant 55 - 70k 55 - 70k 280+ 300+

NB: Figures are basic salaries exclusive of benefits/bonuses unless otherwise specified.


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L ONDON

LONDONACCOUNTING & FINANCEINVESTMENT MANAGEMENT FINANCE

L ONDON

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F I NA NC E -I NV E S T ME NT MA NA GE ME NT F I NA NC E

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Our investment management division was

established to meet the demands of clientsand candidates across the buy side of thefinancial services market. The team recruitsinto hedge funds and fund of funds, traditionalfund managers, wealth management(including private banks and family offices),custodian/securities services houses andprivate equity firms. Our consultants are highlyskilled and specialise in recruiting finance rolesfrom part-qualified accountants through tochief financial officers.

Market OverviewPermanentPermanent recruitment volumes increasedmonth-on-month throughout 2010 withhiring taking place across most investmentmanagement sectors. We witnessed notablelevels of recruitment within hedge funds,traditional asset management and privatewealth management. There were also highervolumes of vacancies in the front office -indicative of wider market confidence.

While investment banking recruitment slowedtowards the end of 2010 due to revenuepressure and the traditional end of yeartail-off, we have seen continued hiring by fundmanagers and hedge funds. Potential bonuspayments became more of an issue for thosehiring towards the end of 2010 as the majorityof firms were unwilling to offer guarantees or

sign-on bonuses.

Within traditional asset management, themajority of hiring was mostly at the juniorto mid-level. Increased confidence ledto a number of clients looking to replacecontracting staff with permanent employees.

Within alternative asset managers, some firmswere particularly active and hired multipleroles within front and middle office during the

second half of the year, something we did notsee at the beginning of 2010. We witnessedparticular demand for middle office, fund

accounting and corporate reporting within this

sector.

We also witnessed a push to hire a significantnumber of front and middle office staff withinthe private wealth sector during the year asthe bigger players looked to increase theirmarket share.

ContractContract recruitment continued at similar levelsto 2009 in the first half of the year, but webegan to see some growth in quarters threeand four. This was most likely due to assetmanagement firms' slower recovery from thefinancial crisis compared to investment banks.We saw most activity among private equityfirms, hedge funds and custody houses.

Most demand came at the junior level,with part-qualified accountants particularlysought-after as firms preferred to fill seniorlevel roles with permanent hires. However, wenoticed an increase in fixed term maternitycovers and a growing trend for institutionsrecruiting contractors to fill permanentvacancies as staff moved internally to work onother projects.

Generally, rates have remained at stablelevels throughout the year, with no dramaticincreases or decreases. This was in directcontrast to the investment banking sector and,

as a result, several investment managementclients began to recognise the importance of offering competitive pay rates to secure thebest financial services contractors.

Outlook for 2011Although challenges facing the investmentmanagement community will impact onrecruitment, increased confidence returning tothe sector should ensure that hiring levels willcontinue to increase. We expect the private

wealth sector once again to be the largestrecruiter across both front and middle offices,

with a number of roles also available in the

asset management and alternatives arenas.

There was a notable increase in the numberof new hedge fund firms registered with theFSA and we expect this trend to continueinto 2011. EU regulation should also promptfurther hiring within the regulatory space.In the contract market, we expect to seeincreased core financial reporting roles cometo market as firms look to strengthen theirteams. Business analysts will also be indemand to assist with systems, integrationand regulatory-driven project work.


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LONDONACCOUNTING & FINANCEINVESTMENT MANAGEMENT FINANCE

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2010 2011 2010 2011

Financial ControlChief Financial Officer/Finance Director 120k+ 140k+ 400+ 500+Financial Controller 85 - 120k 90 - 125k 350 - 400 350 - 400Financial Reporting Manager 70 - 85k 75 - 90k 280 - 350 325 - 350Senior Financial Accountant 60 - 70k 65 - 75k 280 - 300 300+Financial Accountant 45 - 60k 50 - 65k 250+ 250+

Management Reporting/AnalysisHead of Management Reporting 70 - 100k 70 - 100k 400+ 400+Senior Management Accountant 60 - 75k 60 - 80k 350+ 350+Management Accountant 45 - 65k 45 - 65k 300+ 300+

Fund AccountingHead of Fund Accounting 70 - 100k 75 - 100k+ 450+ 450+Fund Accounting Manager 60 - 85k 60 - 90k 400+ 400+Fund Accountant 40 - 60k 45 - 65k 250+ 280+

Regulatory ReportingHead of Regulatory 90k+ 95k+ 400+ 400+Regulatory Reporting Manager 70 - 90k 75 - 95k 350+ 350+Regulatory Accountant 45 - 70k 50 - 75k 280+ 300+

Project/Change ManagementBusiness Analyst 45 - 60k 55 - 70k 350 - 500 450 - 650Project Manager 70 - 90k 70 - 90k 450 - 550 550 - 650

Programme Manager 90 - 130k 90 - 130k 650 - 800 750 - 900

Part-qualified - ACCA/CIMA Part 3 35 - 45k 35 - 45k 20 - 25 p/h 20 - 25 p/hPart 2 25 - 35k 25 - 35k 18 - 23 p/h 18 - 23 p/hPart 1 25 - 30k 25 - 30k 15 - 18 p/h 15 - 18 p/h

NB: Figures are basic salaries exclusive of benefits/bonuses unless otherwise specified. p/h = per hour.


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L ONDON

LONDONACCOUNTING & FINANCEPUBLIC SECTOR/NOT-FOR-PROFIT/CHARITIES

L ONDON

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F I NA NC E -P UB L I C S E C T OR / NOT -F OR -P R OF I T / C HA R I T I E S

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Our public sector, not-for-profit and charities

division focuses on placing all levels of finance, general management and non-financeprofessionals. Roles we recruit for range fromfinance directors, finance managers, part andnewly-qualified accountants through to clericalroles. We also hire for non-finance positions,in areas such as policy, strategy, economicsand fundraising. Our unrivalled experienceacross the market has assisted many leadingorganisations within:

Arts and museums Central government Charities Education Healthcare Housing associations Local government Member associations

Market OverviewThroughout 2010 we witnessed increasedhiring but overall recruitment levels were stilllow. Despite these static market conditions,there was some demand for candidates withspecific niche skill sets. However, in the buildup to the general election and the OctoberSpending Review, there was little hiring incentral and local government in quarters twoand three.

The Coalition Governments announcementto abolish PCTs also led to reduced hiring inthe NHS, where all recruitment focused onbusiness-critical positions. Throughout theyear, we noticed an increase in secondmentsbetween government departments and jobshares also became more common.

During the first quarter, financial accountants

with year-end and statutory reportingexperience were in demand across centralgovernment and the NHS. Professionals withcosting and financial modelling experiencewere sought-after, specifically in the NHSas trusts sought to ascertain the true costof the services they provided. Within thenot-for-profit sector (particularly galleriesand museums) professionals with projectaccounting experience were sought-afterduring quarter one.

With the abolition of PCTs, we witnessedincreased demand for professionals withdue diligence and merger and acquisitionexperience from quarter two onwards asservice provider trusts tendered for contracts,often in competition with the private sector.

With impending cuts, talk of redundanciesand restructures taking place, professionalsworking in the public sector were concernedabout the security of their own positions.Temporary and contract candidates weretypically the first affected and a number of these sought employment in the private sector.While professionals in permanent roles werealso concerned, they were less keen to makethe same move. Across the public sector,contractors were generally more flexible whennegotiating pay rates than candidates seekinga permanent role.

Outlook for 2011

Due to the spending cuts set to beimplemented across the public services,charities and not-for-profit sectors in 2011, weexpect reduced recruitment activity throughoutthe year. We also therefore anticipate anincrease in the number of professionalsseeking new employment, with many lookingto the private sector. However, we couldwitness an increase in roles that will enablebusinesses to streamline efficiencies and costswithin the sector.


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A C C OUNT I NG&





2010 2011 2010 2011

QualifiedChief Financial Officer 90 - 120k 90 - 120kDivisional FD/Operational FD 60 - 75k 55 - 80k 450 - 550 p/d 450 - 550 p/dFinancial Controller/Finance Manager 45 - 55k 45 - 55k 250 - 380 p/d 300 - 400 p/dFP&A Manager 45 - 55k 45 - 55k 30 - 35 30 - 35Audit Manager 40 - 50k 40 - 50k 28 - 30 28 - 30Systems Accountant 40 - 50k 40 - 50k 28 - 30 28 - 30Analyst 45 - 50k 45 - 50k 23 - 30 30 - 40Internal Auditor 35 - 45k 35 - 45k 20 - 25 30 - 35Newly-qualified ACA 40 - 50k 40 - 50k 25 - 30 22 - 25Newly-qualified CIMA 40 - 50k 40 - 50k 22 - 26 25 - 30Newly-qualified ACCA 36 - 40k 36 - 40k 20 - 24 20 - 24Director of Policy 55 - 70k 55 - 70k 40 - 50 40 - 50Policy Manager 40 - 50k 40 - 50k 25 - 30 25 - 30Policy Analyst 32 - 42k 32 - 42k 15 - 25 15 - 25Programme Manager 55 - 70k 55 - 70k 50 - 65 50 - 65Project Manager 45 - 55k 45 - 55k 35 - 50 35 - 50Economist 40 - 45k 40 - 45k 20 - 25 20 - 25

Part & non-qualifiedACCA Part 3/CIMA Strategic 30 - 40k 30 - 40k 17 - 22 17 - 22ACCA Part 2/CIMA Managerial 25 - 32k 25 - 32k 14 - 18 14 - 18ACCA Part 1/CIMA Certificate 20 - 27k 20 - 27k 13 - 17 13 - 17Finance Manager 30 - 40k 30 - 40k 25 - 30 22 - 28Credit Control Manager 25 - 35k 25 - 35k 17 - 23 17 - 23

Revenue/Billings Manager 29 - 40k 29 - 40k 17 - 23 17 - 23Business/Financial Analyst 30 - 45k 30 - 45k 30 - 35 18 - 25Payroll Manager 25 - 30k 25 - 30k 18 - 22 18 - 22Purchase Ledger/Sales Ledger Manager 25 - 35k 25 - 35k 18 - 23 18 - 23Internal Audit 30 - 35k 30 - 35k 28 - 33 28 - 33Systems Accountant 30 - 40k 30 - 40k 25 - 35 25 - 35Accounts Assistant 22 - 25k 22 - 25k 13 - 16 13 - 16Credit Controller 19 - 25k 19 - 25k 13 - 16 13 - 16Purchase Ledger/Sales Ledger Assistant 18 - 22k 18 - 22k 10 - 14 10 - 14Payroll Officer 18 - 23k 18 - 23k 10 - 12 10 - 12Graduate 19 - 22k 19 - 22k 10 - 12 10 - 12



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L ONDON

LONDONCOMPLIANCE

L ONDON

C OMP L I A NC E

C OMP L I A NC E


Our compliance recruitment division

specialises in placing candidates fromgraduate through to director level inpermanent and contract roles across thefinancial services sector.

Market OverviewCompliance was a key recruitment focuswithin the financial services sector in 2010with hiring levels increasing throughout theyear. Significant FSA and Bank of Englandtransformation, extensive FSA regulatory

action and intense media scrutiny led tosignificant attention on the sector. Thisresulted in firms not only replenishing lostheadcount but also aggressively growing theircompliance teams.

Hiring levels within investment banks werebuoyant throughout 2010, with a consistentflow of control room roles available at theAVP-VP level. Advisory roles across fixedincome, equities, derivatives and commoditieswere also in high demand as banks looked forcandidates with extensive product knowledge.

Within the asset management sector, marketconfidence grew as the year progressed andrecruitment rose. The insurance and retailmarket also hired consistently, although thefocus was more on replacing leavers ratherthan growing teams.

Increased volumes of business and furtherplans for growth by many firms ensuredmonitoring and surveillance analysts were indemand. For these roles, institutions soughta more solid background from candidatesby quarter four. Auditing and accountancyqualifications became much more in demandas the year progressed.

Anti-money laundering was also an area of growth in 2010. Alongside some firms being

involved in large KYC remediation projects,organisations were also preparing for the newanti-bribery legislation. Recruitment volumes

were significant in this area, particularly at a

senior level in quarters three and four as firmssought to bolster their AML functions.

Compliance professionals gained moreconfidence in looking for new opportunities.We specifically witnessed movement at seniorlevels with heads of compliance activelylooking to move as the year progressed. Weexpect this to continue into 2011.

Outlook for 2011

2011 looks set to be another buoyant year forcompliance professionals as increased hiringlevels continue. In quarter four of 2010, wewere approached by a number of firms askingus to begin planning for headcount increasesin January, pending budget clearance. Whileother institutions have been more cautious,the ongoing regulatory burden is forcingcompliance recruitment to the top of theagenda.

We expect investment banks to hire insignificant volumes, particularly for advisory,monitoring and control room roles. This areais already candidate short and we expect itto become even more so, which may leadto clients having to be more adventurous intheir candidate choices. For advising roles,banks may need to consider professionalsfrom more product-focused backgroundswith less compliance experience in orderto broaden their short list. When hiring formonitoring roles, firms will need to show agreater willingness to consider candidatesfrom an audit background.

The asset management sector will also seedemand across monitoring and advisory and,although we expect more cautious hiringoverall compared to the investment banks,there will still be strong demand for high qualitycandidates.

Following on from the huge growth seenin 2010, we expect firms to continue to

strengthen their AML functions. Senior

professionals in MLRO roles will be in demandafter significant recent recruitment activity inthis area.

Retaining key professionals looks set to be amajor concern for firms in 2011. In 2010 wesaw a number of banks offering some of theirexisting compliance staff salary increases of up to 30%, pushing them towards the topend of the salary bandings for their roles. Weexpect this to continue as the compliance

function remains a major priority and firmsseek to keep their best people. However, mostcandidates will, however, continue to regardtraining, development and career progressionto be as important as increased remuneration.


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L ONDON

LONDONCOMPLIANCE

L ONDON

C OMP L I A NC E

C OMP L I A NC E




2010 2011 2010 2011

Global Head of Compliance 110 - 240k+ 110 - 250k+ 50 - 115+ 50 - 115+Head of Compliance - Group/Country 100 - 200k 100 - 200k 40 - 90 40 - 90Head of Compliance - Single Unit 75 - 140k 80 - 140k 30 - 65 30 - 65Senior Compliance Manager (5 - 8 yrs' exp) 60 - 110k 70 - 110k 22 - 50 22 - 50Junior Compliance Manager (3 - 6 yrs' exp) 50 - 90k 50 - 90k 20 - 36 20 - 36Compliance Assistant (0 - 3 yrs' exp) 26 - 60k 26 - 60k 12 - 28 12 - 28

Investment Banking/Control Room6+ yrs' exp 80 - 160k+ 80 - 160k+ 34 - 65+ 34 - 65+4 - 6 yrs' exp 60 - 120k 60 - 120k 28 - 45 28 - 452 - 4 yrs' exp 45 - 80k 45 - 80k 20 - 40 20 - 400 - 2 yrs' exp 32 - 60k 32 - 60k 14 - 28 15 - 30

Product Advisory 6+ yrs' exp 85 - 140k+ 85 - 150k+ 40 - 65+ 40 - 65+4 - 6 yrs' exp 65 - 115k 65 - 115k 30 - 50 30 - 502 - 4 yrs' exp 55 - 80k 55 - 80k 22 - 45 22 - 450 - 2 yrs' exp 34 - 60k 34 - 60k 14 - 24 14 - 24

Anti-Money Laundering6+ yrs' exp 80 - 140k+ 80 - 140k+ 40 - 80+ 40 - 80+4 - 6 yrs' exp 65 - 100k 65 - 100k 30 - 45 30 - 452 - 4 yrs' exp 48 - 75k 48 - 75k 18 - 30 18 - 300 - 2 yrs' exp 32 - 55k 32 - 60k 14 - 26 14 - 26

Asset Management6+ yrs' exp 75 - 110k+ 75 - 110k+ 32 - 52+ 32 - 52+4 - 6 yrs' exp 50 - 80k 50 - 80k 22 - 36 24 - 402 - 4 yrs' exp 35 - 55k 40 - 60k 16 - 24 18 - 260 - 2 yrs' exp 26 - 45k 26 - 45k 10 - 20 14 - 25

Retail6+ yrs' exp 55 - 100k+ 60 - 100k+ 24 - 50+ 24 - 50+4 - 6 yrs' exp 42 - 70k 45 - 75k 20 - 30 20 - 352 - 4 yrs' exp 32 - 45k 32 - 50k 15 - 26 15 - 260 - 2 yrs' exp 20 - 40k 20 - 40k 10 - 17 10 - 22



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L ONDON

LONDONFINANCIAL SERVICES OPERATIONSBANKING OPERATIONS

L ONDON

F I NA NC I A L S E R V I C E S OP E R A T I ONS -B A NK I NGOP E R A T I ONS



Our banking operations division specialises

in placing candidates from entry to head of department level for temporary, fixed termcontract and permanent positions. Our clientportfolio offers a diverse opportunity forcandidates to move into investment banks,brokerage and commodity institutions, spreadbetting firms and exchanges.

Market Overview2010 saw both contract and permanentrecruitment activity return to levels not seen

since 2007. Quarters one and two were thepeak periods for permanent hiring, whilecontract recruitment peaked at the end of quarter three. Although recruitment levelsdropped in quarter four (typical for the marketat this time of year), overall hiring volumeswere far higher in 2010 than 2009.

The majority of banks, from bulge-bracketto boutique, were actively recruiting at somepoint (albeit at varying levels) throughoutthe year. As in 2009, bulge-bracket bankscontinued to off-shore or near-shore partsof their operations to low cost centres,which resulted in reduced demand for coreoperational roles. However, market/industryinitiatives, mergers and a drive to improvetechnology, risk and operational controland service levels led to significant demandfor subject matter experts within clientservices, middle office, funding and collateralmanagement. These developments also ledto increased demand for operations projectmanagers and business analysts to supportchange transformation programmes.

As demand for both permanent and contractoperations roles became increasingly specialistand multi-faceted, firms sought highly-skilledcandidates. Subject matter experts within aspecific product or functional skill set who haddemonstrated an ability to take on additional

project work alongside their line role werehighly sought-after.

While we saw consistent recruitment levels

across domestic and European markets,we also witnessed a noticeable increase inoperations roles within emerging markets.There was demand across all product groups,although experience of OTC derivatives,specifically credit and rates, was especiallysought-after. We also saw significant demandacross cash securities and commodities.

Candidate Supply Candidate supply peaked in the first half

of the year with many citing unsatisfactorycompensation reviews or lack of careerprogression as the primary motivating factorsfor looking for a new role. The continuedtrend for firms to relocate their operationsfunctions to low-cost locations also left someprofessionals feeling vulnerable and led themto explore opportunities externally.

During 2008 and 2009, London-basedfinancial services firms reduced their entry levelintake resulting in a shortage of candidates atanalyst level. Professionals at this level wereoften recruited in near-shore locations, whichresulted in a significant number of near-shoreexperienced candidates looking to move toLondon to leverage their knowledge.

Salaries & RatesA number of bulge-bracket firms increased thefixed element of total compensation packagesat the beginning of 2010. This led to adisparity between some firms, which resultedin some professionals moving like-for-like (interms of role) and receiving pay rises of up to25% in quarters one and two. During quartersthree and four, offers flattened out to 10-12%increases to existing basic salary. Contractrates also rose steadily throughout the year asclients sought to secure and retain the besttalent in the market.

Buy-backs and counter-offers became

increasingly common for both contract andpermanent staff as competition for the bestcandidates intensified. Most firms typicallyoffered to match or significantly increase basesalaries or rates and some offered guaranteedbonuses, retention bonuses, secondments,promotions or moves into risk, finance orfront office. The main drivers for the markedincrease in counter-offers/buy-backs werea shortage of top-calibre candidates in themarket, hiring managers being unable to

secure replacement headcount and thepotential cost of rehiring and training.

Outlook for 2011In 2011, the majority of firms will be wellunderway with their near-shoring and/oroff-shoring initiatives. Consequently, we expectprofessionals with middle office experience(particularly in OTC derivatives), businessanalyst/project managers (across all assetclasses) and regulatory operations candidatesto be the most in-demand professionals.

Candidate supply will once again be at itspeak in quarters one and two as bonuseswill have just been paid and new headcountbudgets released by most major institutions.As investment banks continue to comeunder scrutiny around the bonuses paid totheir staff, it is unclear exactly how this willmanifest itself and what impact it will have onthe fixed/variable structure of compensationpackages - and therefore salary and bonuslevels - throughout 2011.


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L ONDON




ROLE PERMANENTSALARY PER ANNUM UK


2010 2011 2010 2011

Equity & Fixed Income SettlementsHead of Department 78k+ 80k+ 35+ 35+Manager 60 - 70k 60 - 75k 25+ 30+3+ yrs' exp 40 - 50k 42 - 55k 20 - 25 20 - 25

0 - 3 yrs' exp 28 - 40k 30 - 40k 14 - 20 15 - 20

Equity & Fixed Income Trade Support/Client ServicesHead of Department 85k+ 85k+ 35+ 35+Manager 60 - 80k 60 - 80k 30+ 30+3+ yrs' exp 40 - 50k 43 - 58k 20 - 25 20 - 250 - 3 yrs' exp 28 - 40k 30 - 43k 12 - 20 15 - 20

Stock Lending/Prime Brokerage SettlementsHead of Department 80k+ 80k+ 30+ 30+Manager 60 - 70k 60 - 75k 25+ 28+3+ yrs' exp 42 - 50k 42 - 55k 18 - 24 18 - 240 - 3 yrs' exp 28 - 40k 30 - 42k 12 - 18 15 - 18

Stock Lending/Prime Brokerage Client Services/Trade SupportHead of Department 85k+ 85k+ 35+ 35+Manager 62 - 78k 62 - 80k 25+ 32+3+ yrs' exp 42 - 52k 45 - 58k 16 - 24 20 - 250 - 3 yrs' exp 28 - 42k 30 - 42k 12 - 18 15 - 20

Reconciliations/Investigations/Static Data

Head of Department 70k+ 75k+ 30+ 30Manager 60 - 70k 58 - 70k 25+ 28+3+ yrs' exp 38 - 42k 40 - 55k 14 - 20 18 - 230 - 3 yrs' exp 25 - 35k 25 - 40k 12 - 18 14 - 18

Operational Risk & ControlHead of Department 85k+ 85k+ 35+ 40+Manager 65 - 80k 65 - 80k 25+ 353+ yrs' exp 42 - 50k 45 - 60k 18 - 24 20 - 250 - 3 yrs' exp 35 - 42k 35 - 45k 12 - 18 15 - 20



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L ONDON


L ONDON






2010 2011 2010 2011

OTC Derivatives Client Services/SettlementsHead of Department 80k+ 80k+ 35+ 40+Manager 60 - 78k 58 - 78k 30+ 35+3+ yrs' exp 40 - 50k 45 - 55k 16 - 22 18 - 25

0 - 3 yrs' exp 28 - 40k 30 - 42k 14 - 20 15 - 18

Equity Derivatives/IRD/Credit Derivatives Trade Support/Middle OfficeHead of Department 85k+ 90k+ 30+ 42+Manager 70 - 85k 65 - 85k 25+ 38+3+ yrs' exp 42 - 55k 45 - 58k 20 - 24 24 - 300 - 3 yrs' exp 30 - 40k 30 - 42k 12 - 18 18 - 24

ISDA DocumentationHead of Department 80k+ 85k+ 35+ 35+Manager 70 - 80k+ 65 - 80k 30+ 30+3+ yrs' exp 40 - 55k 48 - 60k 22 - 25 23 - 280 - 3 yrs' exp 28 - 40k 35 - 48k 15 - 24 15 - 23

Fund Derivatives Middle OfficeHead of Department 85k+ 90k+ 38+ 38+Manager 65 - 80k 65 - 80k 30+ 30+3+ yrs' exp 42 - 55k 45 - 60k 22 - 25 23 - 260 - 3 yrs' exp 30 - 40k 30 - 42k 15 - 22 15 - 23

Cross-Product Collateral Management & Margining/ValuationsHead of Department 85k+ 85k+ 35+ 40+Manager 70 - 80k 65 - 80k 25+ 35+3+ yrs' exp 40 - 55k 45 - 60k 20 - 25 20 - 250 - 3 yrs' exp 30 - 40k 30 - 45k 14 - 20 15 - 20



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L ONDON






2010 2011 2010 2011

FX Options Settlements/FX Client Services/Cash Management & FundingHead of Department 78k+ 80k+ 40+ 40+Manager 55 - 75k 60 - 78k 30+ 35+3+ yrs' exp 40 - 48k 45 - 55k 16 - 22 18 - 23

0 - 3 yrs' exp 28 - 38k 30 - 40k 12 - 16 15 - 18

FX Options Trade Support/Middle OfficeHead of Department 80k+ 85k+ 30+ 40+Manager 60 - 80k 60 - 80k 25+ 36+3+ yrs' exp 40 - 48k 45 - 55k 16 - 24 20 - 250 - 3 yrs' exp 30 - 40k 30 - 42k 12 - 18 15 - 20

Listed Derivatives Clearing/SettlementsHead of Department 80k+ 80k+ 35+ 35+Manager 65 - 78k 65 - 80k 25+ 30+3+ yrs' exp 40 - 48k 42 - 50k 16 - 22 18 - 230 - 3 yrs' exp 28 - 38k 28 - 40k 12 - 18 14 - 18

Listed Derivatives Client Services/Trade Support/Middle OfficeHead of Department 85k+ 85k+ 40+ 40+Manager 65 - 85k 68 - 85k 30+ 35+3+ yrs' exp 40 - 55k 42 - 60k 20 - 25 20 - 250 - 3 yrs' exp 30 - 40k 30 - 40k 12 - 20 15 - 20

Loans Documentation/Loans Trade SupportHead of Department 80k+ 85k+ 35+ 40+Manager 65 - 80k 65 - 80k 30+ 353+ yrs' exp 40 - 55k 42 - 60k 20 - 25 22 - 280 - 3 yrs' exp 30 - 40k 30 - 40k 12 - 18 17 - 22

Loans AdministrationHead of Department 78k+ 80k+ 35+ 35+Manager 60 - 78k 60 - 78k 25+ 30+3+ yrs' exp 40 - 48k 42 - 55k 18 - 25 18 - 240 - 3 yrs' exp 28 - 38k 28 - 40k 12 - 18 15 - 18



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L ONDON






2010 2011 2010 2011

Dividends/Corporate ActionsHead of Department 80k+ 85k+ 30+ 35+Manager 65 - 78k 68 - 80k 25 - 30 30Supervisor 48 - 60k 50 - 65k 22+ 28+

3+ yrs' exp 42 - 50k 42 - 50k 22 - 25 20 - 250 - 3 yrs' exp 28 - 40k 30 - 40k 12 - 24 15 - 20

Business Analyst/Project ManagementHead of Department 90k+ 90k+ 1000+ p/d 1000+ p/dManager 75 - 85k 75 - 90k 500+ p/d 500+ p/d3+ yrs' exp 50 - 70k 55 - 70k 400+ p/d 400+ p/d0 - 3 yrs' exp 35 - 48k 40 - 50k 250 - 350 p/d 300 - 400+ p/d

Commodities Settlements/Commodities Trade Support/Commodities SchedulingHead of Department 80k+ 85k+ 35+ 40+Manager 60 - 75k 65 - 80k 25+ 35+3+ yrs' exp 42 - 55k 45 - 58k 18 - 24 22 - 280 - 3 yrs' exp 30 - 40k 30 - 42k 12 - 18 15 - 22



19/62

L ONDON

LONDONFINANCIAL SERVICES OPERATIONSINVESTMENT MANAGEMENT OPERATIONS

L ONDON

F I NA NC I A L S E R V I C E S OP E R A T I ONS -I NV E S T ME NT MA NA GE ME NT OP E R A T I ONS



Our investment management operationsdivision was established ten years agoto meet the demands of clients andcandidates across the buy side of the financialservices market. The division recruits intohedge funds, traditional fund managers,wealth management (including privatebanks and family offices), custodian andsecurities services houses and private equityadministrators. We specialise in operations,middle office, relationship management andjunior front office roles for temporary, fixed

term contract and permanent positions.

Market OverviewAlthough the buy sides recovery (postcredit crisis) was slower than the sell side,recruitment volumes in the investmentmanagement sector began to increase at acomparable rate in quarter two and peakedin quarter three. Firms had very specificacademic and skill set requirements, ideallylooking for professionals to move like-for-like.

Because of this, the candidate pools forin-demand skill sets, such as performance,pricing, derivatives operations and hedge fundoperations, shrunk throughout the year andfirms were willing to offer competitive salariesto secure the best talent.

Fund ManagementBoth large and boutique fund managerswere actively recruiting from quarter twoonwards. Although the majority of roleswere at the junior analyst/specialist level, anumber of senior management roles were alsoreleased. At the junior end, firms generallysought graduate-calibre candidates withfund administration or general operationsexperience. Pricing and data skill setswere also in demand. Roles that came tomarket at the senior level included oversightmanagement and transitions management.

Hedge FundsHedge funds that performed well duringthe downturn generally did so with reduced

headcount and a strong focus on improvingsystems and operational efficiencies. Duringthe second half of the year, firms with alean operational headcount were activelyhiring as they launched new funds andpromoted from within (creating a need tobackfill roles). When recruiting, employerssought strong academics and had veryspecific functional and product experiencerequirements. The majority of roles releasedalso required previous work experience in anunfunctionalised hedge fund operations role

with FX, fixed income and derivatives productexperience.

Custody & Securities ServicesRecruitment levels picked up in quarter twoas firms completed off/near-shoring initiativesat the end of quarter one. During the earlierpart of the year, the majority of roles werewithin the project space as firms implementedefficiency, service and market initiatives. In thesecond half of the year, we saw an increase

in operational roles requiring derivativesproduct exposure in response to their clientsdiversified product offering and fund andportfolio administration experience.

Private Wealth ManagementHiring levels throughout 2010 wereconsistently high, particularly at large privatewealth management (PWM) houses. Demandwas partly driven by business generatedby private investors moving away fromhedge funds and towards wealth managers,diversification of PWM houses productoffering and the need to differentiate throughresearch, advice, service and technology in anincreasingly competitive market. The majorityof roles released were at the junior or midanalyst level and tended to require Westernand Eastern European language skills. Productand project management specialists were alsoin demand as firms looked to improve andgrow their investment platform to offer clientsbetter products and refine the investmentprocess.

Candidate Demand & Supply The candidate pool remained fairly steadythroughout the year. There were, however,acute shortages in certain areas, particularlyat analyst level and for candidates with aminimum 2:1 degree qualification. Firmscontinued focus on off-shoring parts of theirbuy side operations was a key motivatingfactor for professionals looking to moveduring 2010, with many seeking stability.Others sought pay increases and careerprogression, with many looking for hybrid roles

(that incorporated a project or client-facingelement). We also witnessed a renewed intakeof entry level contract and permanent staff -those with strong academics and internshipswere most in demand for these roles.

Salaries & RatesDuring the first half of the year, we saw somesubstantial pay rises on the buy side - this wasmost likely influenced by recruitment activityat investment banks and increases to the

fixed element of total compensation. Duringquarters three and four, offers flattened outto 10-12% increases on existing basic salary.Influenced partly by sell side demand, contractrates also rose (although not to the levels of the sell side).

Outlook for 2011Although investment management firmsrecruited heavily during 2010, they did sowith caution and scrutinised each and everyhire. We expect this trend to continue asfund performance improves and this has aknock-on effect on to the operations function.There was a noticeable increase in the numberof new hedge funds registered in 2010 andthis proves that, despite an element of caution,overall confidence among the investmentmanagement community is improving. Basesalaries and contract rates could be influencedupwards again by the sell side and buy sidearms of large financial services firms in quarterone.


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L ONDON




ROLE PERMANENT SALARY PER ANNUM UK0 - 3 YRS' EXP 4+ YRS' EXP MANAGEMENT

2010 2011 2010 2011 2010 2011

Head of Operations/COO 75 - 150k 75 - 150kBusiness Analyst 45 - 60k 50 - 70k 65 - 90k 75 - 90kProject Manager 45 - 60k 50 - 70k 65 - 90k 75 - 120kRelationship Management 45 - 60k 48 - 65k 65 - 90k 70 - 95kOversight 25 - 38k 28 - 40k 36 - 50k 42 - 60k 60 - 80k 65 - 90k

Loans/CDO 28 - 36k 28 - 42k 40 - 48k 42 - 50k 55 - 75k 60 - 85kCorporate Actions/Dividends 28 - 38k 25 - 40k 38 - 45k 40 - 48k 50 - 75k 60 - 80kAll Round HF Operations 25 - 40k 25 - 45k 38 - 60k 45 - 60k 60 - 90k 65 - 90kOperations Analyst 25 - 35k 25 - 38k 38 - 45k 40 - 50k 55 - 75k 60 - 90kPerformance 28 - 40k 30 - 45k 40 - 60k 50 - 70k 65 - 85k 70 - 90kTransitions 25 - 38k 30 - 40k 40 - 60k 42 - 60k 60 - 85k 60 - 110kFund Accounting (non-qualified) 25 - 38k 25 - 40k 36 - 50k 42 - 55k 60 - 80k 60 - 85kFund Administration 25 - 38k 25 - 40k 36 - 50k 42 - 50k 60 - 80k 60 - 85kClient Reporting 25 - 38k 25 - 38k 40 - 50k 40 - 50k 55 - 70k 60 - 75kClient Services 25 - 36k 25 - 38k 38 - 50k 40 - 50k 65 - 85k 65 - 85kPricing Analyst 25 - 36k 25 - 38k 38 - 45k 40 - 48k 50 - 65k 50 - 70kData Management 22 - 33k 25 - 38k 35 - 42k 40 - 46k 45 - 60k 48 - 65kSettlements 25 - 35k 25 - 38k 35 - 45k 40 - 46k 50 - 70k 50 - 75kSilo Product Trade Support/MO 25 - 35k 25 - 42k 38 - 50k 43 - 55k 55 - 70k 60 - 80kCross-Product TradeSupport/MO

25 - 38k 25 - 45k 40 - 60k 46 - 60k 60 - 85k 65 - 90k

Reconciliations/CashManagement

25 - 35k 25 - 38k 35 - 42k 40 - 45k 45 - 65k 48 - 68k

Fund Manager's Assistant 25 - 35k 25 - 40k 40 - 50k 40 - 50kPrivate Banking/WealthManagement

25 - 35k 25 - 35k 36 - 50k 38 - 50k



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L ONDON


L ONDON

F I NA NC I A L S E R V I C E S OP E R A T I ONS -I NV E S T ME NT M

A NA GE ME NT OP E R A T I ONS

F I NA NC I A L S E R V I C E S OP E R A T I ONS -I NV E S T ME NT M

A NA GE ME NT OP E R A T I ONS


ROLE CONTRACT RATE PER HOUR (PAYE) UK0 - 3 YRS' EXP 3 + YRS' EXP MANAGEMENT

2010 2011 2010 2011 2010 2011

Head of Operations/COORelationship Management 12 - 18 14 - 18 16 - 25 18 - 25 25 - 40 25 - 35OversightBusiness Analyst 250 - 350

p/d250 - 350 p/d 350 - 450

p/d350 - 450 p/d 400 - 500

p/d400 - 500 p/d

Project Manager 500 - 700p/d

600 - 800 p/d 700 - 1000p/d

800 - 1000 p/d

Performance 16 - 22 16 - 22 25 - 35 22 - 30 30 - 45 25 - 35Corporate Actions/Dividends 14 - 22 14 - 20 20 - 35 20 - 25 25 - 38 25 - 30Loans/CDO 14 - 18 14 - 18 16 - 24 18 - 25 25 - 35 25 - 30All Round HF Operations 14 - 22 16 - 22 18 - 30 22 - 30 25 - 40 30 - 40Operations Analyst 14 - 18 14 - 18 18 - 25 18 - 25 25 - 30 25 - 30Transitions 16 - 22 14 - 20 20 - 30 20 - 24 30 - 40 24 - 30Fund Administration 14 - 20 14 - 18 20 - 25 18 - 22 30 - 40 22 - 30Client Reporting 12 - 18 14 - 18 16 - 22 18 - 24 25 - 35 24 - 30Trade Support/MO 15 - 18 15 - 20 16 - 24 20 - 30 25 - 35 25 - 35Client Services 10 - 15 14 - 18 15 - 22 18 - 22 25 - 35 22 - 25Pricing Analyst 12 - 16 14 - 18 16 - 22 18 - 25 25 - 25 25 - 30Settlements 14 - 20 14 - 18 18 - 25 18 - 22 25 - 35 22 - 30Reconciliations/CashManagement

12 - 18 14 - 18 18 - 25 18 - 22 25 - 35 22 - 30

Private Banking/WealthManagement

12 - 16 14 - 16 14 - 20 16 - 20

Fund Manager's Assistant 15 - 18 15 - 18 16 - 25 18 - 25Data Management 12 - 16 14 - 16 15 - 20 16 - 20 21 - 30 20 - 28



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L ONDON

LONDONFRONT OFFICE

L ONDON

F R ONT OF F I C E

F R ONT OF F I C E


Our front office division was established tomeet the demands of clients and candidatesacross the buy and sell side within financialservices. On the buy side, our clients includehedge funds, traditional asset managers,wealth managers, private banks, familyoffices, private equity houses and real estateinvestors. On the sell side. our clients varyfrom established investment banks to boutiqueadvisory firms and brokerage houses. Ourconsultants cover a broad range of frontoffice roles across all asset classes and

sectors, including investment researchand analysis, product specialists, portfoliomanagement, investment consulting, M&A anddealing/trading.

Market OverviewWithin the front office asset managementspace there was steady demand for staff across portfolio management and investmentresearch in 2010 (credit, emerging marketequities and multi-asset class solutions were

the most active areas).

Recruitment processes among firms in thesector tended to be laboured, with clientswanting to interview a large number of candidates before making a decision. Firmsthat hired quickly and decisively generallysecured the best talent and those that actedslower often missed out.

Hedge funds recruited steadily throughoutthe year, although we noticed considerablediversity in the types of roles hired. However,consolidation in the sector, regulation

uncertainty and increased barriers to entry forstart-up funds meant work volumes were atlower levels than usual. The private equity andreal estate sectors were the quietest areas andonly hired when absolutely necessary.

As the bigger players looked to increasetheir market share, we saw a push to hire asignificant number of front office staff withinthe private wealth sector in 2010. Manyfirms implemented large scale growth and

restructuring projects, which resulted in

increased recruitment levels acrossthe business but especially within therevenue-generating and asset gatheringareas of firms. Private wealth houses alsolooked to hire professionals with stronginvestment backgrounds to act as consultantsand product specialists to improve theservice offered to private clients. Candidateswith the relevant qualifications to makethemselves RDR Level 6 qualified have alsobeen in particular demand, prior to the RetailDistribution Review being implemented at the

end of 2012.

Outlook for 2011Although challenges facing the investmentmanagement community remain, confidencecontinues to grow and we expect hiring levelsto increase. In 2011, we anticipate the privatewealth area to be the largest recruiter acrossthe front office once again, although we alsoexpect a strong flow of roles in the assetmanagement and alternative spaces.


2010 2011

Fund/Portfolio Manager10+ yrs' exp 120k 130k

5 - 8 yrs' exp 75 - 120k 80 - 120k1 - 3 yrs' exp 55 - 75k 60 - 80k

Investment Analysts/Research10+ yrs' exp 100k+ 100k+5 - 8 yrs' exp 65 - 100k 65 - 100k1 - 3 yrs' exp 40 - 65k 40 - 65k

Private Client Investment Advisors/Portfolio Managers10+ yrs' exp 100k+ 100k+5 - 8 yrs' exp 60 - 90k 60 - 90k

1 - 3 yrs' exp 35 - 55k 40 - 60k



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L ONDON

LONDONHUMAN RESOURCESCOMMERCE & INDUSTRY AND PROFESSIONAL SERVICES

L ONDON

HUMA NR E S OUR C E S -C OMME R C E &I NDUS T R Y A NDP R OF E S S I ONA L S E R V I C E S

HUMA NR E S OUR C E S -C OMME R C E &I NDUS T R Y A NDP R OF E S S I ONA L S E R V I C E S


Our specialist, London-based commercialHR team recruits across a variety of industrysectors, including media, retail, technology,telecommunications, energy, FMCG andprofessional services. We place bothgeneralist and specialist HR professionals on apermanent and interim basis.

Market OverviewThe HR recruitment market was much morebuoyant among commercial businesses in2010 compared to 2009, with companies

generally hiring in far greater volumes. We sawimproved recruitment activity across mostsectors, with this improvement most apparentin retail, legal, oil and gas and technology.

However, there was still intense competitionfor the best jobs and many companies hadvery specific requirements when hiring newstaff, especially in terms of the type of industryexperience they would consider. Althoughhigher volumes of HR professionals were

looking for new opportunities, many

candidates still favoured the stability of theirexisting roles and were not actively looking tomove.

HR generalists were in demand throughoutthe year, continuing the trend seen duringthe recession as businesses lookedfor professionals who could perform avariety of HR tasks. However, there wasa notable increase in demand for HRspecialists, reflecting changing prioritiesamong commercial businesses. Companies

recruited a significantly greater number of L&D professionals in 2010 than in 2009 asthey looked to retain their top talent, whilecompensation and benefits specialists werehighly sought-after as companies reviewedtheir reward structures.

Employee relations and change managementexperience continued to be particularlysought-after skills as businesses looked for HRprofessionals to drive business change.

Recruitment professionals were also indemand, particularly for in-house and on-siteresourcing roles as companies looked to grow.

Most employers were more willing to negotiateon salaries than during the downturn, but onlyfor the right candidate. Salary expectations of those moving grew with this improved marketconfidence and we saw significant increasesfor some professionals.

Outlook for 2011

We have seen a greater number of businessesacross all sectors investing in HR during 2010and we expect this to continue into 2011 asconfidence continues to grow. Consequently,we anticipate increased recruitment activity.Some sectors, such as manufacturing andpublishing, are likely to be more cautious thanothers but growth is forecast in most otherareas within commerce as companies of allsizes increasingly recognise the benefits of having strong HR teams in place to support

business growth.

ROLEPERMANENT CONTRACTSALARY PER ANNUM UK RATE PER DAY (PAYE) UK

2010 2011 2010 2011

HR Director 80 - 180k 80 - 180k 400 - 850 400 - 850Head of HR 70 - 120k 70 - 120k 400 - 800 350 - 700

Head of Compensation and Benefits 70 - 110k 70 - 120k 350 - 500 400 - 700Organisation/Change Manager 50 - 95k 60 - 100k 350 - 800 400 - 800HR Business Partner 50 - 85k 55 - 85k 250 - 600 300 - 700Head of Recruitment 50 - 85k 60 - 100k 300 - 700 300 - 700HR Manager (10+ yrs exp) 50 - 85k 50 - 90k 250 - 400 300 - 500Compensation and Benefits Manager 45 - 80k 45 - 80k 250 - 400 300 - 600Recruitment Manager 45 - 70k 45 - 70k 200 - 400 300 - 400HR Manager (5+ yrs exp) 40 - 65k 40 - 70k 200 - 350 200 - 350Training Manager 40 - 65k 40 - 70k 200 - 350 200 - 350HR Advisor 30 - 40k 28 - 50k 120 - 200 130 - 200Training Officer 25 - 35k 25 - 35k 120 - 150 120 - 150HR Officer 25 - 35k 25 - 30k 110 - 160 120 - 150HR Administrator 20 - 25k 20 - 25k 80 - 140 80 - 120



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LONDONHUMAN RESOURCESINVESTMENT BANKING AND FINANCIAL SERVICES

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HUMA NR E S OUR C E S -I NV E S T ME NT B A NK I NGA ND

F I NA NC I A L S E R V I C E S

HUMA NR E S OUR C E S -I NV E S T ME NT B A NK I NGA ND

F I NA NC I A L S E R V I C E S


Our human resources financial servicesdivision specialises in recruiting HRprofessionals on a temporary and permanentbasis. Roles we recruit for range fromHR administrators to director levelpositions across all areas of HR, includingcompensation and benefits, learning anddevelopment, recruitment and generalist roles.

Market OverviewRecruitment activity rose month-on-monththroughout 2010, with the increases witnessed

in the first half of the year particularly markedas the market improved rapidly post recession.Although increases in job volumes duringthe second half were not as extreme, theycontinued to rise and by the end of the yearwere almost at levels seen at the start of 2008.We saw most activity within investment andretail banks.

As overall hiring activity increased significantly,we saw more of an appetite to hire across

the HR spectrum. We particularly noticed thatfirms which had made cutbacks during therecession had to replace the people they hadlost. HR generalists were most sought-afterthroughout 2010.

Compensation and benefits specialists werealso in demand as firms not only placedmore of an emphasis on reward as themarket improved, but also prepared forthe increased FSA regulations which wereimplemented in December 2010. Recruitmentand management information specialistswere sought-after throughout the year asfirms planned new hiring strategies. Graduaterecruiters were also in high demand in thethird and fourth quarters as companies werelooking to reintroduce or expand their teams.

Salary expectations rose throughout theyear as in-demand candidates becameaware of their market worth. For example,some compensation and benefits specialistsreceived a pay increase of between 15-30%

as firms sought to secure the best talent.However, HR professionals were generallyas motivated by career progression and newchallenges as they were by improved totalcompensation packages.

Despite the improvement in salaries, some HRprofessionals were still cautious and favouredjob security and stability (for many, restructuresand pay cuts were fresh in their minds). Thosewho did look to move generally did so at thestart of the year. As we moved into the second

half of 2010, most were sitting tight ahead of their bonus payouts.

Outlook for 2011Firms had cautious expansion plansthroughout 2010 and we expect thistrend to continue in 2011. In some cases,companies were pressing ahead with projectspreviously put on hold and these will requiremore HR staff to support this growth.Recruitment levels will therefore continue to

be high in areas typically in demand withinexpanding businesses, such as learningand development, reward and in-houserecruitment. HR generalists are also likely tocontinue to be sought-after as firms look toincrease headcount.

In order to secure the best talent, firms willnot only need to compete on pay, but will alsoneed to extol the virtues of working for themand really sell the benefits of a job. Thoseable to offer excellent career progressionopportunities and capable to articulate thiswell at interview will continue to attract the toppeople. Streamlined interview processes arealso critical to gaining a higher level of buy-infrom a potential employee.

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LONDONHUMAN RESOURCESINVESTMENT BANKING AND FINANCIAL SERVICES

L ONDON

HUMA NR E S OUR C E S -I NV E S T ME NT B A NK I NGA NDF I NA NC I A L S E R V I C E S

HUMA NR E S OUR C E S -I NV E S T ME NT B A NK I NGA NDF I NA NC I A L S E R V I C E S




2010 2011 2010 2011

HR Director 90 - 180k 100 - 200k 400 - 800 500 - 1000Head of Compensation & Benefits 90 - 140k 100 - 160k 400 - 650 500 - 750Head of HR 80 - 120k 80 - 130k 450 - 600 500 - 750Head of Training & Development 80 - 110k 90 - 130k 400 - 550 600 - 650

Head of Recruitment 70 - 100k 80 - 110k 350 - 500 450 - 600HR Manager (10+ yrs exp) 60 - 90k 70 - 120k 250 - 450 300 - 500Compensation & Benefits Manager 55 - 85k 55 - 90k 300 - 500 300 - 450HR Business Partner 50 - 90k 60 - 90k 300 - 500 350 - 550Training & Development Manager 50 - 80k 55 - 85k 250 - 450 300 - 450HR Manager (5+ yrs exp) 50 - 60k 55 - 65k 250 - 350 250 - 400Recruitment Manager 45 - 75k 50 - 80k 200 - 400 250 - 400HR Officer/Advisor 30 - 45k 32 - 45k 150 - 200 110 - 175Compensation & Benefits Officer/Advisor 28 - 40k 30 - 38k 150 - 200 130 - 200Recruitment Officer/Advisor 28 - 35k 28 - 38k 120 - 180 120 - 180HR Administrator/Assistant 20 - 30k 24 - 32k 100 - 150 100 - 150

Training & Development Officer/Advisor 25 - 35k 25 - 32k 130 - 180 120 - 180


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LONDONINFORMATION TECHNOLOGYBANKING & FINANCIAL SERVICES AND COMMERCE & INDUSTRY

L ONDON

I NF OR MA T I ONT E C HNOL OGY -B A NK I NG&F I NA NC I A L S E R V I C E S A NDC OMME R C E &

I NDUS T R Y


I NDUS T R Y


Our IT division recruits permanent andcontract professionals into financial servicesfirms, including investment banks, hedgefunds and asset managers, and companies inthe commerce and industry and professionalservices sectors. We recruit businesstechnologists from support to CTO level.

Market OverviewThere was a noticeable increase in demandfor IT professionals throughout the year andthere were significantly more roles available

in 2010 than there were in 2009. This wasprimarily due to firms having the budget torevisit projects shelved during the downturnand refocus on growth once again. Althoughthe skill sets in demand were different,general hiring activity levels during 2010 werecomparable to those last seen in 2007.

During the year, IT professionals began torealise that there were more opportunitiesavailable and were increasingly aware of their

own worth in the market. In quarter four, westarted to see individuals receiving bonusbuyouts from firms encouraging them tomove and/or counter-offers from their existingemployers as competition for the best talentintensified.

Financial ServicesIT recruitment within financial servicesincreased throughout the year, with investmentbanks and investment management firmsparticularly active. A significant proportion of hiring activity in the first half of the year wasdevelopment focused, particularly in the frontoffice. Most firms sought professionals whocould improve online tracking systems andtechnical/platform skills that could providethem with a competitive edge. Demand forJava and .NET developers was particularlyhigh, especially for technologists with provenbusiness partnering capabilities.

The key areas of hiring within investmentbanking included front office, risk, regulatory

and compliance. IT professionals withintegration experience were particularlyin demand as changing priorities withinthe sector began to be reflected in bankshiring requirements. Customer relationshipmanagement and data quality was also afocus as large investment banks revisitedmajor initiatives to improve managementinformation (MI) analysis after projects stalledduring 2009. During the second half of theyear, infrastructure professionals became morein demand, particularly as firms moved to

shared services and/or remote servers, suchas Cloud.

Most hiring activity was at the mid to seniorlevel. In contrast to 2009, a small number of firms recruited at the graduate level as moreprojects were signed off and many becameincreasingly willing to invest in training. Thishighlighted how organisations were not onlyinvesting in the future, but were also freeing uptheir senior staff to focus on development and

strategy.

Commerce & Industry Commercial businesses hired significantlymore IT professionals in 2010 than2009. There was consistent demand forinfrastructure specialists and professionalswith solid enterprise backgrounds. Businessesalso focused on open source technology(Linux and PHP developers were sought-after)and application development, with iPhone andBlackBerry expertise particularly in demand.

With more movement in the market,we noticed a growing desire among IT professionals within the financial servicessector to move into commerce as they soughtimproved work-life balance and to broadentheir skill set.

SalariesMost IT professionals moving roles in 2010were able to negotiate salary increasesof between 3-5% - although the higherrises generally occured for candidatesmoving within or into the investment bankingsector. In the contract market, Charles Riverimplementation experience was in particulardemand and received a premium.

Outlook for 2011We expect compliance, liquidity, governance,

CRM and data to be key recruitment areasin 2011. Within financial services, the BaselIII rules are likely to affect hiring trends as risk projects are fully sourced and firms need IT professionals to put the necessary controls inplace.

Government investment plans also look setto have a significant impact on the IT industry.In particular, the Coalition has committed toawarding 25% of state IT contracts to SMEs,

so we expect recruitment in these businessesto be high. 200m of public funding has alsobeen allocated to the establishment of newtechnology centres in the Silicon Valley inEast London and this should promote growthacross the IT industry.

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2010 2011 2010 2011

Banking & Financial ServicesHead of IT/CTO/CIO 110 - 170k 120 - 175k 750 - 1100 1000 - 1200Head of Infrastructure 100 - 120k 90 - 130k 600 - 800 900 - 1100Head of Application Support 80 - 115k 80 - 120k 400 - 600 700 - 800

Programme Manager 100 - 120k 100 - 120k 550 - 850 750 - 1200Project Manager 50 - 80k 60 - 80k 300 - 500 450 - 600Business Analyst 40 - 80k 50 - 80k 400 - 500 500 - 750PMO 50 - 80k 60 - 90k 200 - 450 250 - 550Technical Architect 70 - 100k 80 - 100k 500 - 750 600 - 800Vendor Specialists 50 - 90k 60 - 100k 450 - 650 600 - 800Development Lead 60 - 90k 70 - 100k 450 - 650 500 - 800Java Developer 50 - 70k 60 - 80k 350 - 650 450 - 750C# Developer 50 - 70k 60 - 80k 300 - 650 400 - 750C++ Developer 50 - 70k 60 - 90k 350 - 650 450 - 750VBA/Excel 35 - 55k 45 - 60k 300 - 450 300 - 600

QA Manager 70 - 90k 60 - 70k 400 - 500 500 - 650Test Manager 45 - 70k 50 - 80k 400 - 500 450 - 650Test Analyst 35 - 45k 40 - 50k 250 - 450 300 - 500Application Support 30 - 50k 35 - 50k 300 - 450 350 - 550Database Developers 30 - 50k 40 - 60k 300 - 450 350 - 600Database Administrators 40 - 55k 40 - 65k 350 - 550 400 - 600Network Engineer 30 - 50k 35 - 50k 350 - 450 300 - 500Systems Administrators 40 - 55k 45 - 60k 350 - 450 400 - 500IT Audit 40 - 55k 45 - 60k 300 - 450 350 - 500

NB: Figures are basic salaries exclusive of benefits/bonuses unless otherwise stated.

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I NDUS T R Y


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2010 2011 2010 2011

Commerce & Industry IT Director 95 - 150k 95 - 160k 550 - 900 600 - 900IT Manager SME 45 - 60k 45 - 70k 450 - 650 500 - 700Programme Manager 70 - 90k 75 - 100k 500 - 650 500 - 700

Project Manager 40 - 60k 40 - 70k 300 - 400 300 - 450Project Coordinator 25 - 30k 28 - 35k 180 - 200 200 - 250Senior Business Analyst 40 - 50k 45 - 60k 350 - 400 300 - 450Business Analyst 30 - 40k 35 - 45k 300 - 350 300 - 400Network Designer 50 - 70k 55 - 75k 300 - 400 300 - 450Technical Architect 60 - 90k 65 - 95k 450 - 700 500 - 750Network Engineer 30 - 40k 30 - 45k 250 - 300 250 - 350Capacity Manager 35 - 55k 40 - 60k 300 - 450 350 - 450Systems Administrator 40 - 55k 40 - 60k 300 - 350 350 - 4003rd Line Support 30 - 40k 30 - 45k 220 - 300 250 - 300Desktop Support 25 - 30k 25 - 35k 200 - 220 200 - 250

1st Line Support 20 - 22k 20 - 25k 180 - 220 200 - 250Database Developer 35 - 70k 40 - 70k 300 - 400 350 - 400Database Administrator 35 - 70k 40 - 70k 300 - 350 300 - 400Java Developer 40 - 70k 45 - 70k 300 - 350 300 - 400C# Developer 35 - 50k 35 - 55k 300 - 350 300 - 400PHP Developer (MVC) 30 - 40k 30 - 50k 250 - 350 250 - 400Test Manager 45 - 60k 50 - 60k 350 - 450 350 - 500Test Analyst 30 - 55k 30 - 40k 300 - 350 300 - 400Security Specialist 45 - 65k 45 - 70k 350 - 500 350 - 550IT Trainers 30 - 40k 30 - 45k 200 - 250 200 - 300


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ONDON

LONDONLEGALCOMMERCE & INDUSTRY

ONDON

L E GA L -C OMME R C E &I NDUS T R Y

L E GA L -C OMME R C E &I NDUS T R Y


Our legal commerce & industry divisionrecruits lawyers at various levels from generalcounsel through to non-qualified paralegalsand contract managers. We specialise inrecruiting contract and permanent legalprofessionals into FTSE-listed, blue-chip andnew enterprise companies.

Our primary areas include:

Energy and natural resources Pharmaceuticals/biotechnology Professional services Real estate/property Retail/FMCG Technology/media/telecommunications

Market OverviewRecruitment volumes increased graduallythroughout the first half of 2010 before fallingslightly during the summer and rising againtowards the end of the year. As businesseslooked to grow into new areas, we particularly

noticed an increase in demand for legalprofessionals with specific niche experiencerather than generalist commerc

Documents

United Kingdom Salary Survey 2011