london fs salary guide

CONTENTS.

CHIEF OPERATIONS OFFICER’S LETTER 2

KEY SURVEY RESULTS 3

SALARY GUIDE 7

ACCOUNTING & FINANCE 8

ASSET MANAGEMENT & PRIVATE BANKING

BANKING

INSURANCE

AUDIT 15

BANKING

CHANGE & PROJECT MANAGEMENT 16

BANKING FINANCE

BANKING OPERATIONS

BANKING RISK

COMPLIANCE 22

CREDIT, RISK & QUANTITATIVE FINANCE 24

FRONT OFFICE 26

ASSET MANAGEMENT

CORPORATE FINANCE, M&A

HEDGE FUNDS

PRIVATE BANKING

HUMAN RESOURCES 31

INSURANCE 33

ACTUARIAL

TECHNICAL

MIDDLE OFFICE & OPERATIONS 35


INVESTMENT BANKING & BROKERAGE HOUSES

COMMODITIES

SALES & MARKETING 41

SECRETARIAL & SUPPORT 43

TAXATION 45

TECHNOLOGY 47

UNDERSTANDING THIS GUIDE 49

TALK TO US 50

CLICK ON THE HYPERLINKS TO GO TO PAGE

Clearly the financial services markets have

endured a turbulent couple of years. We all hope

that the worst of this is behind us and the market is

finally returning to some form of normality. However,

some of the knock-on effects continue, with the

market still lacking visibility of business activity

levels, resulting in a degree of uncertainty filtering

through to the hiring market. Combining this with a

number of ongoing global economic issues, the

employment market and therefore salaries have

continued to fluctuate.

To provide a clearer picture for you, the job seeker

and our clients, we have carried out extensive

research across the London financial services

market into current salary levels across all

disciplines as well as salary and bonus

expectations. We have combined this data with

insight from our specialist consultants to give

further clarity on trends and market conditions.

Over the course of 2010, we saw increased hiring

activity in the financial services sector. According to

Morgan McKinley's widely read monthly London

Employment Monitor, the total number of job

vacancies increased by 48% year-on-year. Whilst

this is a pleasing increase, it is still at relatively

suppressed levels when compared to pre-recession

levels.

Other key findings from our research are also

positive. Well over half of hiring managers (62%)

expect to see salaries increase over 2011. Only a

quarter (26%) expect them to stay the same.

This not only reflects an improving market and

a stronger demand for talent by our clients but

is a strong indication of how, once again, it is

becoming increasingly difficult to attract and

retain staff. Over half (52%) of our clients cited

that attracting and retaining staff would be the

key driver for salary increases this year.

Combined with these results, the whole subject

of bonus is clearly a key barometer of market

conditions. Whilst the largest percentage of our

clients (38%) felt that bonuses would remain

similar to 2009/10, over a quarter (27%) felt they

would increase in the 2010/11 bonus round.

Overall, the trends and key indicators for 2011

continue to point to further improvement in the

employment market.

We hope you find this salary guide informative.

If you have any questions, feedback or would

like to discuss any of the findings in this salary

survey, please feel free to contact me or any of

my colleagues here at Morgan McKinley for

further information.

Finally, I would like to thank you for your

continued support and wish you all the best in

your employment endeavours in 2011.

Andrew Evans

Chief Operations Officer

Financial Services | United Kingdom

T: +44 (0) 20 7557 7258

E: [email protected]

Welcome to

Morgan McKinley’s

2011 London

Financial Services

Salary Survey

CHIEF

OPERATIONS

OFFICER’S

LETTER.

2

FINANCIAL SERVICES.

KEY SURVEY RESULTS

3

FINANCIAL SERVICES.

KEY RESEARCH FINDINGS

Q1 Q2

4

0% 5% 10% 15% 20% 25% 30% 35%

More than 26% increase

21-25% increase

16-20% increase

11-15% increase

6-10% increase

1-5% increase

Stay the same

1-5% decrease

6-10% decrease

11-15% decrease

16-20% decrease

21-25% decrease

More than 26% decrease

Not known

0% 5% 10% 15% 20% 25% 30% 35% 40%

More than 26% increase

21-25% increase

16-20% increase

11-15% increase

6-10% increase

1-5% increase

Stay the same

1-5% decrease

6-10% decrease

11-15% decrease

16-20% decrease

21-25% decrease

More than 26% decrease

Not known

Do you expect basic salary offers from

your business to increase, decrease or

stay the same over the next 12 months

and by what percentage?

Do you expect your company's

temporary / contract rates to

increase, decrease or stay the same

over the next 12 months and by what

percentage?

23%

56%

13%8%

In line with inflation To attract / retain key staff

Skills shortage Other factors

FINANCIAL SERVICES.


5

Q3 Q4If your company is planning to increase

salaries, what is driving this change?

If your company is planning to decrease

salaries, what is driving this change?

FINANCIAL SERVICES.


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

YesNo

Not known

17%

49%

34%

6

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

101%+ higher

91-100% higher

81-90% higher

71-80% higher

61-70% higher

51-60% higher

41-50% higher

31-40% higher

21-30% higher

11-20% higher

6-10% higher

Similar (+/-5%)

6-10% lower

11-20% lower

21-30% lower

31-40% lower

41-50% lower

51-60% lower

61-70% lower

71-80% lower

81-90% lower

91-100% lower

101%+ lower

Not known

Q5 Q6How do you think bonus amounts paid

out at your firm for 2010-11 will compare

to those paid for 2009-10?

Is your organisation planning to

restructure the components that make

up total compensation (e.g. proportion

of basic salary versus bonus).

FINANCIAL SERVICES.

SALARY GUIDE

7

Accounting and finance recruitment across

the investment management market

showed consistent growth in 2010. On the

back of a much tougher and more highly

regulated trading environment, the need to

monitor financial activity, adhere to financial

regulations and provide transparent

financial reports translated to an increased

requirement for qualified accountants.

Financial accountants and controllers

continue to be in high demand in 2011,

Role:Part

Qualified

Newly

Qualified

AVP

(2-5 years)

VP

(5-7 years)

Director

(10+ years)

Financial Accountant £25k - £32k £30k - £55k £50k - £70k £65k - £80k £75k - £100k

Management Accountant £30k - £35k £30k - £55k £50k - £75k £75k - £85k £80k - £95k

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

Fund Accountant £25k - £35k £30k - £55k £50k - £65k £65k - £85k £85k - £100k

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

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

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

as well as experienced business finance

partners with the ability to bridge back and

front office functions. Salaries for accounting

and finance professionals have increased

slightly at the newly qualified level and some

companies are paying a premium for those

with specific asset management experience.

Movement is expected following the Q1 2011

bonus round but it is uncertain whether this

will result in a spike in basic salary offers to

attract the best talent.

PERMANENT

BASIC SALARIES (PER ANNUM)

ACCOUNTING & FINANCE.


8*Typically, roles do not exist at this level



As market confidence grew in 2010, many

asset and wealth management companies

placed more emphasis on permanent

hiring, meaning temporary recruitment was

often a short term solution to cover busy

periods or parental leave. In H1 2010 there

was demand for management accountants

and financial analysts to prepare budgets

and undertake project work. This was

largely focused around revenue and AUM

reporting, which was a shift away from

the cost focus seen in 2009. 2011 has

started positively with many companies

actively recruiting. The majority

of London-based recruitment continues to

be for client-facing roles, as well as

positions requiring complex product

knowledge such as hedge fund accountants

and Fund of Funds specialists. Many large

firms relocated processing roles to UK

regions and offshore, which influenced the

demand for part qualified

accountants in London. At present, the flow

of asset management specialists seeking

new job opportunities is being impacted by

the investment banking sector, which is

offering a higher volume of roles at higher

pay rates. The strongest top tier asset

management professionals are being

retained with higher rates. Turnaround

times for temporary recruitment can be

slow, meaning that the firms that move

quickly often get the best talent.

Role:Part

Qualified

Newly

Qualified

AVP

(2-5 years)

VP

(5-7 years)

Director

(10+ years)

Financial Accountant £120 - £250 £230 - £250 £220 - £300 £300 - £400 £400+

Management Accountant £150 - £250 £230 - £250 £220 - £320 £300 - £400 £400+

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

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

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

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

RATES (PER DAY)

TEMPORARY

9

*Typically, roles do not exist at this level


BANKING

The financial services jobs market saw a

resurgence in demand for newly qualified

and part qualified accountants in 2010. In

particular, junior accountants with

experience at the Big Four accountancy

firms were heavily targeted by banks to fill

the void at their junior levels caused by

redundancies and other transitions during

the financial crisis. This increase in demand

meant that a newly qualified accountant

could earn between £47,000 and £59,000.

Meanwhile, demand for talented junior

finance professionals with direct banking

experience remained consistently

high, leading to increases in base salary

offers of up to 25% in 2010. Competition for

talent also returned at the senior end of the

market. Companies that had not hired

senior finance professionals in any great

volume in the previous 18 months began

to see increased regulatory

requirements, rises in staff turnover and

small opportunities for growth, expansion

and investment hiring. These

factors, combined with the need to

restructure compensation packages so that

they are less bonus-oriented, have

continued in 2011. In this more competitive

environment, there have been increases in

basic salaries of 15 to 30% across all

functions.

Role:Part

Qualified

Newly

Qualified

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

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

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

PERMANENT


10


BANKING

In 2010 the financial services sector

demanded a steady stream of temporary

and contract workers with expertise in a

range of finance functions, driving rates up

by around 20% across the board. Many

professionals sought contract opportunities

for lifestyle changes, deferred bonus

incentives or the flexibility of not being ‘tied’

to an employer for a number of years. As

market confidence grew, many financial

institutions viewed temporary staff as a

flexible and time efficient hiring option to

assist in meeting their business targets.

This mood was reflected in a 59% increase

in new temporary job opportunities year-on-

year from 2009 to 2010. Demand for

temporary product controllers is expected

to remain strong in 2011, especially within

technical areas such as structured credit.

Experienced candidates in this field have

earned daily rates in excess of £450.

Financial controllers (especially those with

product knowledge), management

accountants and IT finance business

partners are also in high demand. Many

investment banks have forecasted similar

or higher temporary recruitment volumes

for 2011, indicating an increase in business

confidence compared to the start of 2010.

TEMPORARY

RATES (PER DAY)

Role:Part

Qualified

Newly

Qualified

AVP

(2-5 years)

VP

(5-7 years)

Director

(10+ years)

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

Legal Entity Controller £200 - £300 £250 - £320 £300 - £375 £375 - £450 £450+


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


Finance Business Partner £200 - £300 £270 - £330 £330 - £420 £400 - £500 £450+

Financial Planner and Analyst £220 - £300 £300 - £350 £350 - £400 £425 - £500 £500+

11


INSURANCE (LIFE & NON-LIFE)

In 2010 the market for accounting and

finance jobs in insurance returned to a

situation in which demand for experienced

insurance professionals outstripped supply.

As this trend continued throughout the year,

companies looked at ways to retain staff,

such as implementing retrospective pay

rises or deferred bonuses. These talent

retention strategies have seen basic

salaries increase by up to 20% and have

given job seekers much more control during

the offer process. This picture of the

insurance hiring market is expected to

remain the same throughout the first half

of 2011. In particular, more stringent

compliance requirements, such as

Solvency II and IFRS 4 Phase 2 should

continue to fuel demand for accountancy

and finance professionals with experience

in control and regulation.

PERMANENT


Role:Part

Qualified

Newly

Qualified

AVP

(2-5 years)

VP

(5-7 years)

Director

(10+ years)

Financial Accountant £25k - £45k £40k - £55k £52k - £70k £65k - £95k £90k - £200k

Syndicate Accountant £20k - £40k £40k - £55k £55k - £65k £65k - £80k £80k+


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

Internal Auditor £25k - £45k £40k - £55k £50k - £75k £65k - £90k £90k - £180k

Business Analyst / Project Manager £28k - £45k £40k - £58k £55k - £80k £75k - £100k £90k - £180k

Technical Accountant £30k - £45k £40k - £58k £55k - £80k £75k - £110k £100k - £200k

12


INSURANCE (LIFE & NON-LIFE)

The market for temporary accounting and

finance insurance roles was buoyant in

2010. The challenges that organisations

faced in attracting and retaining the best

talent for permanent hires meant that there

was a greater demand for temporary staff

and in particular, those seeking temp-to-

perm opportunities. Recruitment was

focused around controls (i.e. SOX) and

improving control frameworks in response

to a more highly regulated environment.

Moving into 2011, the need for greater

clarity around reporting has resulted in

increased demand for MI specialists and

professionals with expertise in advanced

systems and process improvement.

Solvency II continues to dominate the

majority of project recruitment and a shortage

of candidates in this space has pushed up

pay rates. Syndicate accountants are also

still in short supply. Overall it is predicted that

hiring in this area will remain steady over the

next six months with strong demand for

insurance finance specialists.

TEMPORARY

RATES (PER DAY)

Role:Part

Qualified

Newly

Qualified

AVP

(2-5 years)

VP

(5-7 years)

Director

(10+ years)



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

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

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

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

13


AUDIT.

BANKING

The demand from the banking and financial

services sector for internal audit, risk and

controls professionals increased over 2010.

This trend is set to continue throughout

2011 as many businesses look to hire the

best talent for their global audit teams. It is

expected that this demand will push up

salaries from 2010 levels. The key issue for

financial services clients has been

attracting and retaining key talent in this

area. Some businesses are even

considering candidates who have

alternative audit backgrounds such as

operational risk, Sarbannes-

Oxley, business audit and non-financial

services audit experience (for the more

junior candidates). Such moves would have

been considered highly unusual two years

ago.

Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7-10 years)

Investment Banker £50k - £60k £60k - £75k £75k - £95k £100k+

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

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

PERMANENT


14

“BASIC SALARIES ARE

DEFINITELY GOING TO

BE A HOT TOPIC THIS

YEAR DUE TO

DOWNWARD PRESSURE

ON BONUSES.”HR Advisor, world leading liquid equities exchange group

15

CHANGE & PROJECT MANAGEMENT.

BANKING FINANCE

The change and project management jobs

market was extremely busy in 2010; a trend

that is set to continue throughout 2011. A

large proportion of investment banks have

embarked upon large programmes of

change over the past two years, driven by

factors including the new regulatory

environment, integrations and offshoring

of support functions. Banks are also

focusing on implementation of new systems

and processes in their continual drive

towards efficiency. This has resulted in a

sharp increase in the hiring of project

managers and associated subject matter

experts, as former line managers diversify

their careers and skill sets. This demand is

PERMANENT


expected to remain high throughout 2011.

There is a shortage of suitable permanent

candidates for such roles and in turn, many

companies have increased their basic

salary offers to combat this.

Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7-10 years)

Business Analyst £40k - £60k £55k - £70k £70k - £95k *

Project Manager * £60k - £70k £75k - £110k £120k - £180k

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

PMO £40k - £55k £55k - £70k £70k - £95k *

16



BANKING FINANCE

The temporary change and project

management jobs market is typically strong

at the start of the year as budget for

headcount sign-off is more readily

available. It is also particularly buoyant as

many of the major investment banks are

either starting or continuing large

finance transformation programmes.

Professionals with experience in financial

and product control will therefore continue

to be in high demand throughout 2011, as

they were in 2010. Those with liquidity and

regulatory knowledge will be particularly

sought after as companies prepare for

Basel III. These increases in hiring demand

will have a positive impact on pay rates. An

example of this is at the senior business

analysis level where rates have risen by

TEMPORARY / CONTRACT

RATES (PER DAY)

20% to an average of £650 per day. In 2010

many mid level business analysts left

permanent roles to enter the contract market

as, in many cases, it offered opportunities to

take home significantly higher net pay when

compared to permanent roles at AVP and

Junior VP levels.

Role: Low Average High

Business Analyst £350 £450 £550+

Senior Business Analyst £550 £650 £750+

Project Manager £500 £550 £600+

Programme Manager £800 £900 £1200+

PMO £300 £400 £500+

Senior PMO £500 £600 £700+

17


BANKING OPERATIONS

Following a lull in 2009, hiring for

operations change roles increased in 2010

on the back of new straight through

processing (STP) initiatives, increased

governance and stricter regulatory reform.

In particular, over-the-counter (OTC), on-

boarding and technology saw increased

hiring activity as companies placed more

emphasis on ensuring that their systems

were robust and efficient. There was also a

great deal of additional hiring for project

management, typically for large business

integration programmes. Whilst project

management roles are traditionally filled

by contractors due to the ongoing, long term

nature of change management, 2011 should

see an increasing trend by employers to fill

these roles on a permanent basis. It is

forecast that such a trend will continue

throughout the first half of 2011, alongside

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

a potential increase in hiring activity within

CCP projects across larger organisations.

Increased hiring volumes and consequent

skills shortages are expected to boost

salary offers in the change and project

management space in 2011. Contract rates

increased significantly in 2010 but the

permanent market has yet to catch up.

Therefore, it is likely that salaries may

increase by up to 10% this year as a result.

18



BANKING OPERATIONS

Temporary hiring within the operations

change and project management market

picked up in 2010. Similar to the permanent

market, this improvement was on the back

of new Straight Through Processing

initiatives, increased governance and

regulatory reform. Demand for

professionals with expertise in OTC,

client on-boarding and technology is set to

continue into 2011. Rates are increasing

steadily in this market and, in most

cases, significantly outstrip what a

professional could earn in an equivalent

permanent role. If, as anticipated, the

current talent shortage continues, rates

should continue to increase over 2011.


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+


RATES (PER DAY)

19


BANKING RISK

Most of the major banks have recently been

recruiting for similar types of project

roles, including business analysts and

project managers in market and credit risk.

This can be mainly attributed to increased

regulatory changes and the subsequent

upgrades to risk infrastructure. The

operational risk project market also picked

up over the second half of 2010, although

to a lesser extent, with most roles focused

around control and framework

improvement. Moving into 2011, temporary

recruitment in this market is expected to be

focused on current Basel II processes, and

the ability to cope with the expected

requirements of Basel III.


Business Analyst £400 £500 £600

Senior Business Analyst £550 £650 £750

Project Manager £650 £750 £900

Programme Manager£800 £900 £1200

Salary rates have increased over the last

few months due to the high demand – a

trend which is expected to continue as

banks respond to future regulatory

requirements.


RATES (PER DAY)

20

“COMPETITION FROM

ASIAN MARKETS

WILL BE SIGNIFICANT

THIS YEAR.”HR Manager, global investment bank

21

COMPLIANCE.

There was a significant increase in hiring

activity in compliance in 2010. The number

of job opportunities on offer for entry level

and experienced compliance specialists far

outweighed the number of professionals

actively seeking work. More

specifically, front office compliance advisory

specialists were highly sought after in 2010

and it appears as if this particular area will

continue to be extremely active throughout

2011. Candidates in this area have seen

some of the highest increases in basic

salaries. Salaries are also on the rise for

regulatory specialists on both the sell and

buy sides. This indicates that the financial

services compliance and regulatory markets

will remain competitive throughout 2011.

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 - £33k £34k - £38k £39k - £55k £56k - £90k *

Monitoring & Surveillance £35k - £42k £43k - £50k £51k - £69k £70k - £95k £96k - £150k

Control Room £30k - £35k £36k - £42k £43k - £65k £66k - £95k £96k - £140k

Central Compliance £33k - £39k £40k - £47k £48k - £65k £66k - £105k £106k - £160k

Compliance Advisory (Front Office) £35k - £45k £46k - £65k £66k - £100k £101k - £140k £141k - £180k

22


COMPLIANCE.

Demand for compliance professionals to fill

temporary roles rose by approximately 40%

from 2009 to 2010. Banks were particularly

interested in analysts, financial crime

investigators and monitoring and

surveillance specialists, as they worked to

tighten their processes in line with FSA and

other regulatory requirements. At the start

of 2011 control is also a significant growth

area for top tier investment banks.

Essentially, functions that support non-

trading areas are working to improve their

processes to mitigate risk and ensure that

controls are in place. The compliance jobs

market is seeing new highs for day rates

compared to 2010, and it is expected that

this will remain the case as banks continue

to invest heavily in these areas.

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 - £300 £300 - £350 £350 - £400 £450+

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

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

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

Compliance Advisory (Front Office) £200 - £300 £300 - £400 £400 - £500 £500 - £600 £600 - £800

23

CREDIT, RISK & QUANTITATIVE FINANCE.

Hiring within credit, risk and quantitative

finance increased dramatically during 2010.

Following a lull in 2009, hiring returned on

the back of increased governance and

stricter regulatory reform surrounding the

internal risk frameworks of many businesses.

Areas such as market risk, credit

risk, operational risk and quantitative risk in

particular saw significant rises in hiring.

Technology risk also saw increased hiring

activity as businesses placed more

emphasis on ensuring that their risk

systems and reporting units were robust

and efficient according to standards set by

local regulatory authorities. These trends

are set to continue into 2011, however, the

next bonus round is likely to dictate the

extent of movement in the market.

PERMANENT


Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7-10 years)

MD

(10+ years)

Market Risk Manager £30k - £45k £45k - £60k £60k - £95k £110k - £150k £140k - £250k

Market Risk Controller £26k - £45k £45k - £65k £60k - £90k £75k - £120k £90k - £150k

Investment / Portfolio Risk £25k - £40k £35k - £55k £55k - £80k £80k - £110k £100k - £150k

Credit Analyst £28k - £45k £45k - £65k £65k - £95k £80k - £125k £120k - £200k

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

Operational Risk £26k - £38k £35k - £55k £50k - £85k £80k - £110k £85k - £145k

Quantitative Risk Analyst £35k - £50k £45k - £65k £70k - £110k £90k - £180k £150k - £300k

There is currently a lot of pressure to limit

bonus pools, which may result in more

professionals choosing to move. Base

salaries have steadily increased within the

risk management sector over the last 12

months, and areas such as counterparty

analytics and market risk (covering equity

derivatives especially) should see high

calibre individuals receiving higher salaries.

24

CREDIT, RISK & QUANTITATIVE FINANCE.

The number of regulatory changes in 2010

made it necessary for financial institutions

to fortify their risk teams. During the first

half of the year many managers had the

necessary sign-off for new hires and were

trying to move quickly as the market

became busier and more competitive.

Towards H2 2010, the market slowed

considerably and some of the firms that

had recruited heavily in H1 were no longer

hiring. Rates across some of the larger

financial institutions increased as a result of

a lack of quality candidates and a greater

volume of jobs. Moving into 2011 the

temporary credit, risk and quantitative

finance markets have bounced back again,

with heavy recruitment across credit

analysis. This suggests that financial

services institutions have a slightly greater

appetite for risk leading to greater lending

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 Manager £200 - £250 £250 - £400 £400 - £500 £500 - £650 £650 - £900

Market Risk Controller £200 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800

Investment / Portfolio Risk £200 - £250 £250 - £300 £300 - £400 £400 - £550 £550 - £750

Credit Analyst £180 - £230 £230 - £300 £300 - £400 £400 - £500 £500 - £750

Credit Risk Controller £200 - £250 £250 - £350 £350 - £450 £450 - £600 £600 - £800

Operational Risk £200 - £250 £250 - £320 £320 - £450 £450 - £550 £550 - £750

Quantitative Risk Analyst £200 - £250 £250 - £350 £350 - £500 £500 - £700 £700 - £1000

in the markets. There have been the first

signs of banks looking for Basel III

professionals and overall recruitment in the

market is set to continue strongly. Day

rates have remained reasonably steady at

the start of 2011 but these have the

potential to increase as the candidate pool

gets smaller and the number of job

vacancies increase.

25

FRONT OFFICE.

ASSET MANAGEMENT

In many cases front office salaries have

remained fairly stable in the last 12 months,

leaving high expectations for the Q1 2011

compensation review round. To date, the

most significant pay rises have generally

been at senior levels and / or knee-jerk

reactions to leavers or movements in the

market. Notably, some firms have had to

take measures to ensure stability in

takeover or merger situations, where staff

at director level and above have in some

cases received salary increases of as much

as 50%. Moving into 2011, there is

continued demand for product and

investment specialists in both wealth and

asset management, meaning quality

candidates can command premium salaries

within this space.

PERMANENT


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 £45k - £65k £65k - £90k £100k - £130k £150k+

Client Portfolio Manager / Investment

Specialist / Product Specialist£35k - £45k £45k - £62k £62k - £80k £85k - £110k £110k+

Research Analyst £35k - £45k £45k - £60k £60k - £80k £90k - £120k £130k+

Investment Analyst (Fund of Funds) £30k - £42k £42k - £55k £55k - £75k £75k - £90k £100k+

Investment Strategist / Economist £30k - £40k £40k - £52k £52k - £80k £80k - £110k £120k+

Trader / Dealer £35k - £40k £40k - £50k £50k - £75k £80k - £110k £120k+

Product Development £35k - £40k £40k - £52k £52k - £80k £80k - £100k £150k+

Sales / Business Development £25k - £32k £32k - £47k £47k - £70k £70k - £120k £120k+

Experienced investment managers are also

hot property, especially those with

specialised fixed income expertise, and as

a result there have been significant uplifts in

salary as the market competes for top

talent.

26

FRONT OFFICE.

CORPORATE FINANCE, M&A

There was rapid growth in investment

banking and capital market hiring in 2010,

particularly in the first half of the year.

Demand outstripped supply for top-rated

talent across all levels. This skills shortage

made it quite difficult for specialist

boutiques to compete against the larger

bulge bracket banks. The supply of

immediately available candidates who were

made redundant during the downturn in

2009 became quickly exhausted and, in

some cases, whole teams of professionals

were moving from one bank to another. By

the second half of 2010 most senior

managers were focused on completing

deals and a large percentage of hiring

budgets and headcount targets for the year

had been met. Consequently, there was a

decline in job vacancies that continued until

the end of the year. During this time most

PERMANENT


bulge bracket banks would only consider

crucial or replacement hires and some

boutiques were able to take advantage of

this lack of investment banking hiring.

Recruitment levels for the first half of 2011

will depend somewhat on the fall out of the

bonus season, but a gradual increase in

hiring and salaries is expected.

Level: Analyst Associate VP Director

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

2 £45k - £55k £80k - £95k £110k - £130k £135k - £200k

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

27

FRONT OFFICE.

HEDGE FUNDS

Recent hiring within hedge funds has

focused on equity research analysts, with

particular demand for senior professionals

with global generalist backgrounds.

Experienced fund managers with strong

track records are also always in high

demand. The start of 2011 saw many

professionals waiting to receive bonus

PERMANENT


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 - £55k £60k - £80k £80k - £100k £110k+

Client Portfolio Manager / Investment

Specialist / Product Specialist£35k - £42k £42k - £60k £65k - £75k £75k - £90k £95k - £110k

Equity Research Analyst £30k - £40k £40k - £55k £65k - £75k £80k - £100k £110k - £130k

Economist / Investment Strategist £28k - £37k £37k - £50k £55k - £70k £65k - £80k £90k - £120k

Portfolio Construction £32k - £41k £41k - £55k £60k - £65k £70k - £80k £85k - £95k

Trader £25k - £37k £37k - £50k £55k - £70k £70k - £85k £90k - £110k

Product Development £35k - £40k £40k - £50k £55k - £70k £75k - £90k £85k - £100k


payouts before making career moves. It is

expected that more opportunities will open

up in this market towards the end of Q1. In

terms of basic salary, indications from

employers and job seekers are that any pay

increase will be directly related to their

individual and company performance rather

than inflation.

However, some funds have frozen base

salaries and offered increased bonuses,

whilst others have a base salary capped at

£100k even for founders or senior PMs.

28

FRONT OFFICE.

PRIVATE BANKING

The private banking sector continued its

upward trajectory in 2010 as high net worth

individuals worldwide worked to preserve

and grow their assets after the impact of the

global financial crisis. Private banks have

maintained large-scale programmes to

improve their investment offerings,

infrastructure and technology in order to

attract potential clients in a highly

competitive market. Hiring has been a

major element of this strategy and there

has been increased demand for private

bankers, investment advisors, product

developers, product specialists and

business developers. Basic salaries have

been affected by this demand and

PERMANENT


Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7-10 years)

MD

(10+ years)

Private Banker £45k - £62k £62k - £75k £75k - £100k £80k - £90k £100k+

Fund / Portfolio Manager £35k - £40k £40k - £55k £55k - £65k £70k - £90k £90k - £100k

Investment Advisor/ Consultant £30k - £42k £42k - £55k £60k - £75k £80k - £90k £100k+

Product Specialist £30k - £40k £40k - £50k £50k - £60k £70k - £85k £100k+

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

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

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

Trader / Dealer £35k - £40k £40k - £48k £48k - £60k £65k - £90k £90k+


Product Development £35k - £42k £42k - £50k £50k - £60k £80k - £100k £100k - £120k

guaranteed bonuses are making a

comeback for some senior and even mid-

level professionals. Salary offers for many

hires have been 20% above levels seen in

2010, partly due to increased counter offers

for top performers.

29

“I EXPECT BONUS PAY

OUTS FOR 2010-2011

WILL BE SIMILAR

(+/- 5%) TO LAST YEAR.”38% of survey respondents

30

HUMAN RESOURCES.

The human resources hiring market, being so

varied and diverse in its disciplines, had mixed

fortunes in 2010. Average salaries rose

throughout the period, with the greatest gains

seen within commercially-focused areas such

as compensation and benefits and employee

relations.

Generalist HR practitioners’ salaries, particularly

within the junior to mid manager range, rose

over the past 12 months as a result of skill

shortages at these levels.

The year ahead looks promising for HR

hiring, with many companies acquiring talent for

their resourcing functions. This indicates

intentions to boost company headcounts and

mirrors anecdotal evidence from the market.

More specifically, it is expected that learning

and development professionals will become

highly prized in 2011, as companies start

investing in this area once again.

PERMANENT


Role:

HR Business Partner £55k - £85k

Senior HR Business Partner £85k - £110k

HR Administrator £28k - £38k

HR Advisor / Officer £38k - £55k

Learning and Development Coordinator £27k - £35k

Learning and Development Advisor £35k - £50k

Learning and Development Partner £55k - £95k

Talent / OD Specialist £55k - £90k

Compensation and Benefits Administrator £30k - £41k

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

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

Employee Relations Specialist £55k - £95k

Recruitment Coordinator £27k - £34k

Recruiter £34k - £55k

Recruitment Manager £50k - £75k

Grad Rec / Development Administrator £28k - £36k

Grad Rec / Development Advisor £36k - £55k

Grad Rec / Development Manager £55k - £95k

HR Project Support £30k - £45k

HR Project Analyst £45k - £65k

HR Project Manager £65k - £85k

HR Programme Manager £85k - £125k

31

HUMAN RESOURCES.

Temporary human resources recruitment levels remained

steady across 2010, with some seasonal highs in

specialist areas. Demand for temporary learning and

development (L&D) professionals increased throughout

the year as financial institutions considered ways to best

retain talent. This resulted in a slight uplift in daily rates

for professionals with L&D experience.

Seasonal trends late in 2010 also influenced increased

demand for interim compensation professionals to assist

with year-end pay round processes, as well as junior

management information analysts required for reporting

support. As always, this demand allowed HR analysts to

command higher daily rates than usual. Interest in

recruitment professionals was also high as banks

prepared to ramp up their hiring in H1 2011.

The graduate recruitment season in Q4 2010 created

interim vacancies for recruiters and administrators to

process institutions’ graduate milkround activity and the

following interview and assessment period. Professionals

moving into these positions came from a very small pool

and therefore the banks with more competitive rates were

able to recruit the strongest candidates to their teams.

Overall, project roles are tipped to increase throughout

2011 as HR projects and HR transformations get

underway in many of the larger banks.

TEMPORARYRole:

HR Business Partner £300 - £450

Senior HR Business Partner £450 - £600

HR Administrator £120 - £150

HR Advisor / Officer £180 - £280

Learning and Development Coordinator £130 - £160

Learning and Development Advisor £180 - £280

Learning and Development Partner £300 - £550

Talent / OD Specialist £400 - £600

Compensation and Benefits Administrator £130 - £180

Compensation and Benefits / HRMI Analyst £200 - £350

Compensation and Benefits / MRMI Manager £400 - £600

Employee Relations Specialist £350 - £550

Recruitment Coordinator £120 - £150

Recruiter £200 - £330

Recruitment Manager £350 - £450

Grad Rec / Development Administrator £130 - £180

Grad Rec / Development Advisor £200 - £300

Grad Rec / Development Manager £300 - £400

HR Project Support £180 - £280

HR Project Analyst £300 - £450

HR Project Manager £450 - £550

HR Programme Manager £550 - £650

RATES (PER DAY)

32

INSURANCE.

ACTUARIAL

Contrary to a number of areas in insurance

recruitment, the actuarial jobs market

continued to grow significantly throughout

2010, leading to an increase in basic salary

offers. Experienced actuaries will always be

in demand but recent regulatory changes

such as Solvency II have made them even

more sought after.

There are currently a number of job

opportunities available to newly qualified

actuaries in insurance

companies, consultancies, rating agencies

and banks. Employers are aware of actuary

professionals’ niche skills and the

importance of attracting and retaining

the best talent in the market.

PERMANENT


Role:Actuarial

Student

Actuarial

Analyst

Personal /

Commercial

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+

Project role:Actuarial

Student

Actuarial

Analyst

Qualified

Analyst

Senior

Actuary

Head of

Department

With Profits Actuary * * £55k - £100k £80k - £120k £100k+

Solvency 2 * * £65k - £100k £90k - £150k £120k+

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

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

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

In many cases looking for a new role is not

always a question of salary – many

professionals consider work / life

balance, location and contract options when

considering a potential employer.

33*Typically, roles do not exist at this level

INSURANCE.

TECHNICAL – CLAIMS, UNDERWRITING & BROKING

There was a gradual increase in hiring

demand for technical insurance

professionals in 2010, which was reflected

by an increase in salaries across the

market. It is expected that the insurance

jobs market in the London financial services

sector will continue to improve in

2011, which in turn will see companies

working to retain their top talent whilst

increasing the strength of their teams.

Brokers will be key targets as professionals

that can assist management to protect their

existing business and take advantage of

opportunities presented by the recovering

market. This has the potential to bring

about a skills deficit in this field, which will

in turn be reflected in increases in basic

salary offers for new hires.

PERMANENT


Role: Technical / Junior Team Leader Manager

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

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

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

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

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

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

34

MIDDLE OFFICE & OPERATIONS.


The past 12 months were a challenging

time for both job seekers and employers

within the asset and wealth management

markets. Professionals working in back or

middle office positions were encouraged by

an improving economic climate in the

second half of 2010 and interest in new job

opportunities was high.

Hiring managers maintained cautious

control over their headcount budgets and

carried out thorough searches to appoint

the right person for each opportunity. Areas

of increased hiring activity included

business strategy and relationship

management as companies streamlined

their investment structures to adapt to the

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 £40k - £50k £50k - £70k £70k+

Transitions Manager £40k - £45k £40k - £50k £45k - £55k £55k - £80k £70k - £100k

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

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

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

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

ever-changing investment market. Basic

salaries across these areas increased

marginally to attract professionals with

exposure in the asset management

industry. Strong demand for senior data

managers also continues into 2011 and

basic salary offers for these roles have

increased compared to 2009-10.

35



The past 12 months saw a recovery in

temporary hiring across buy-side

operations in the City, with a 35% increase

in new job vacancies from 2009 to 2010.

The second half of the year was

considerably slower than the first half

however. This slowdown can largely be

attributed to a number of economic factors

but also as a direct result of the exhaustion

of some recruitment budgets from

aggressive hiring in the first half of 2010.

There was a continuation in the trend for

outsourcing – particularly for lower level

transactional and processing level positions

– to both offshore and northern areas of the

UK. It is predicted that rates will increase

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 - £18 £19 - £25 £26 - £33

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

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

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

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

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

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

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

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

Settlements £12 - £15 £16 - £20 £15 - £21 £22 - £3036

over the course of 2011 by approximately

5 to 10%. Notably, many top tier candidates

are receiving multiple job offers, which may

lead to more rapid and higher increases in

pay rates.


COMMODITIES

In 2010 the commodities recruitment

market experienced trends similar to those

experienced in the investment banking

middle office and operations areas. It is

anticipated that there will be relatively

aggressive hiring activity in the first half of

2011, tapering off again towards year-end.

At present, commodities professionals

specialising in precious metals are in short

supply and, in many cases, this puts them

in a strong position to negotiate

compensation. There are a number of

build-outs in ‘cash-rich’ investment banks in

the physical markets that require specialist

staff to deal with storage and transport, and

the manual nature of the trade flow; this is

pushing up salaries for those with the right

expertise. It is expected that demand will

PERMANENT


Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7-10 years)

MD

(10+ years)

Trade Support (Exotic) £35k - £45k £45k - £55k £55k - £80k £55k - £85k £85k - £100k

Trade Support (Flow) £35k - £40k £40k - £50k £45k - £75k £50k - £80k £80k - £90k

Documentation £30k - £40k £40k - £50k £50k - £70k £50k - £75k £75k - £90k

Physical Contracts £30k - £45k £45k - £55k £55k - £65k £55k - £80k £80k - £95k

Shipping / Scheduling £35k - £45k £45k - £55k £55k - £70k £60k - £85k £85k+

Settlements £30k - £35k £35k - £45k £45k - £65k £50k - £70k £70k - £90k

Business Analyst £35k - £40k £40k - £60k £60k - £80k £65k - £90k £90k+

Increase for professionals with strong

business analysis and change skills. These

will be required for multiple streams of

projects at all institutions – large and small

– as all commodities houses attempt to

meet new regulatory requirements. Those

with operational risk knowledge and a

proven track record in automating trade flow

will also be highly attractive to employers.

37



The outlook for the 2011 middle office and

operations jobs market is a positive one

across most financial institutions, with

increased activity from both employers and

professionals looking for new opportunities

already observed. Many companies are

increasing their headcounts earlier than

required in order to secure top talent ahead

of their competitors and to compensate for

expected attrition. The previous lack of

financial banking roles within the change

management sector, as well as stricter

regulatory reform imposed by the FSA, is

resulting in strong demand for change

professionals to build (or re-build) systems

and processes. Control and risk-focused

professionals are also in high

demand, particularly for complex or specialist

product lines. It is expected that base salaries

will increase in 2011, as companies compete

to secure top tier candidates.

PERMANENT


Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7-10 years)

MD

(10+ years)

Trade Support (Exotic) £35k - £45k £45k - £55k £55k - £80k £55k - £85k £85k - £100k

Trade Support (Flow) £35k - £40k £40k - £50k £45k - £75k £50k - £80k £80k - £90k

Documentation £30k - £40k £40k - £50k £50k - £70k £50k - £75k £75k - £90k

Physical Contracts £30k - £45k £45k - £55k £55k - £65k £55k - £80k £80k - £95k

Shipping / Scheduling £35k - £45k £45k - £55k £55k - £70k £60k - £85k £85k+

Settlements £30k - £35k £35k - £45k £45k - £65k £50k - £70k £70k - £90k

Business Analyst £35k - £40k £40k - £60k £60k - £80k £65k - £90k £90k+

38



Changes to the investment banking

operations hiring landscape in 2010

followed trends established over the past

five years. One notable trend was the

outsourcing of processing functions for

vanilla transactions to lower cost locations

such as India, Kuala Lumpur, Glasgow and

the Midlands. The majority of FX, equity

and bonds processing is now undertaken

elsewhere, with most financial institutions

now retaining experts in London to co-

ordinate these off-site teams. This has

resulted in lower volumes of roles for more

skilled operations individuals on higher

rates in London. The bulk of hiring within

banking operations in 2010 was focused

TEMPORARY

RATES (PER HOUR)

Role:Analyst

(0-2 years)

AVP

(2-5 years)

VP

(5-7 years)

Director

(7+ years)

Loans £16 - £18 £19 - £22 £22 - £30 £31 - £40

Client Services £14 - £17 £18 - £22 £23 - £27 £28 - £37

Asset Servicing £15 - £17 £18 - £22 £23 - £25 £26 - £35

Collateral £15 - £18 £19 - £23 £24 - £30 £31 - £40

Reconciliations £14 - £17 £18 - £22 £23 - £25 £26 - £35

Equity and Fixed Income Trade Support £15 - £17 £18 - £22 £23 - £29 £30 - £39

OTC Trade Support £18 - £20 £21 - £25 £26 - £32 £33 - £42

Commodities Operations £16 - £18 £19 - £23 £24 - £30 £31 - £40

Futures and Options Operations £14 - £16 £17 - £19 £20 - £27 £28 - £38

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

Settlements £14 - £17 £18 - £22 £23 - £25 £26 - £33

in more complex product areas such as

derivatives and structured products, within

the middle office. Demand for professionals

with strong quantitative and analytical skills

sets caused rates to increase by up to 15%

in 2010, a trend which is expected to

continue into 2011.

39

Visit www.morganmckinley.co.uk for more information

“COMPETITORS

POACHING EMPLOYEES

WILL BE OUR BIGGEST

PERSONNEL CHALLENGE

IN 2011.”37% of survey respondents

40

http://www.morganmckinley.co.uk/

SALES AND MARKETING.

The past 12 months were very busy for

permanent marketing roles. Hiring across

the board led to stiff competition in areas

such as internal communication, Request

for Proposal (RFP) writing and e-marketing.

This was partly due to a reaction to the

significant cuts in the marketing workforce

made in 2009, which resulted in a shortage

of experienced professionals once the

market bottomed out. In 2011 it is expected

that financial institutions will be quite

particular in their role requirements and will

look for more specialised marketeers as

opposed to generalists – both in terms of

skill set and product knowledge. Basic

starting salaries in marketing are fairly

similar but the differences become

apparent as professionals specialise.

PERMANENT

In many cases, early career decisions can

result in faster progression ‘up the ladder’.

It is predicted that 2011 will see increased

demand for digital and social media

marketeers, CSR professionals and other

candidates with niche marketing skills.

SALARIES (PER ANNUM)

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 - £60k £65k - £75k £75k+

Sales Support / Investment Communications £25k - £30k £30k - £37k £37k - £55k £55k - £70k £65k - £90k

RFPs £25k - £35k £35k - £50k £50k - £60k £65k - £75k £95k+

Investment Writer £25k - £32k £32k - £45k £45k - £65k £70k - £90k £70k - £90k

Product Marketing / Specialist £28k - £32k £32k - £55k £55k - £70k £70k - £80k £85k - £150k

Investor / Consultant Relations £25k - £37k £37k - £60k £55k - £75k £70k - £85k £80k - £150k

Internal Communications £25k - £35k £35k - £50k £50k - £60k £65k - £75k £95k+

E-Marketing £27k - £34k £34k - £47k £47k - £60k £60k - £90k £90k - £125k

Events / Roadshows £22k - £29k £29k - £40k £40k - £50k £50k - £60k £55k - £65k

DTP / Graphics £23k - £30k £30k - £35k £35k - £45k £50k - £55k £55k - £60k 41

SALES AND MARKETING.

The City saw a steady increase in the

volume of contract marketing vacancies

throughout 2010, with new job opportunities

increasing by 25% year-on-year. With the

gradual market recovery there has been an

increase in new fund launches, which has

led to increased demand for investment

writers. Internal and external

communication positions was also a growth

area in 2010. As competition increased, a

company’s need to differentiate itself using

a highly-skilled, creative communications

team became a necessity rather than a

luxury. In some instances over the past 12

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 - £165 £165 - £240 £240 - £300 £300 - £400

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

RFPs £120 - £155 £155 - £200 £200 - £275 £275 - £350 £350 - £450

Investment Writer £120 - £155 £155 - £200 £200 - £275 £275 - £350 £350 - £450

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

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

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

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

Events / Roadshows £100 - £120 £120 - £150 £150 - £175 £175 - £225 £225 - £325

DTP / Graphics £125 - £150 £150 - £175 £175 - £225 £225 - £250 £250 - £350

months, companies have had to offer up to

15% more than market rates to secure the

strongest candidates. As the need for top

talent continues to increase, average sales

and marketing pay rates may increase by

as much as 10% during 2011.

42

SECRETARIAL & SUPPORT.

Following minimal movement in 2009 as a

result of the global economic downturn, the

permanent secretarial and support jobs

market encountered peaks and troughs in

2010. There was a substantial increase in

hiring in the first half of 2010 across a range

of levels and salary bands, but new job

vacancies dropped significantly in the

second half of the year. Anecdotal evidence

and early recruitment activity in 2011

suggest that the market is picking up once

again. Investment banking is leading the

way in secretarial and support hiring, with

hedge funds and asset management firms

also proactively seeking experienced staff.

PERMANENT


Role:

Receptionist / Switchboard £23k - £30k

Junior Administrator £25k - £35k

Senior Administrator £35k - £50k

Bi-lingual Secretary £32k - £40k

Trading Floor Secretary £32 - £40k

Team Secretary £32k - £38k

Office Manager £35k - £50k

Personal Assistant £35k - £45k

Executive Assistant £40k - £50k

Senior Executive Assistant £45k - £60k

Notably, there has been no dramatic

increase in salary offers in 2011, potentially

because many professionals are keen to

secure permanent roles and are prioritising

job security over salary expectations.

43

SECRETARIAL & SUPPORT.

Hiring activity for temporary secretarial

and support professionals should remain

steady moving into 2011. It is expected that

the majority of demand will be for

secretarial roles located within the front

office – across IBD and the trading floor as

well as in investment management. There

should also be more opportunities for

support staff within back office functions

compared to last year, particularly for

financial institutions or departments that

were hit by heavy redundancies. Key

feedback from job seekers is that whilst

they are actively looking, in the most part

they are holding out for temp-to-perm or

permanent opportunities. Even many

support professionals with temporary

experience on their CVs are only

TEMPORARY

considering more ‘secure’ long term roles.

Compensation rates for temporary

secretarial and support professionals

significantly increased over the past 12

months. However, recent feedback

indicates that pay rates have plateaued

and should remain steady throughout 2011.

BASIC RATES (PER HOUR)

Role:

Receptionist / Switchboard £9 - £13

Junior Administrator £10 - £15

Senior Administrator £17 - £23

Bi-lingual Secretary £16 - £19

Trading Floor Secretary £16 - £20

Team Secretary £16 - £19

Office Manager £17 - £20

Personal Assistant £16 - £20

Executive Assistant £18 - £22

Senior Executive Assistant £20 - £25 44

TAXATION.

The tax recruitment market saw a gradual

recovery over the course of 2010, with the

banking and financial services sectors

driving the majority of hiring activity. Whilst

the message going out to the market was

still one of cautious optimism, the majority

of banks recruited into their group tax

functions over the course of the year, with

demand from several banks for multiple

hires across all areas of taxation. There

was also increased hiring

activity within other financial services

organisations, particularly insurance and

asset management houses. This was a

welcome change to 2009, where tax

recruitment was mainly for replacement of

key positions. With various new and

developing regulations (e.g. SAO, FATCA)

and stricter penalties for non-compliance,

banks in 2010 placed higher emphasis on

managing tax risk across compliance,

reporting and tax accounting, rather than

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

aggressive tax planning. The type of roles

recruited over the past 12 months were a

reflection of this, with the most sought after

professionals having experience in transfer

pricing, tax reporting, VAT and operations

tax. Although we expect an increase in tax

structuring work and M&A activity in 2011, it

is likely that the highest demand for tax

professionals will remain in these key

areas.

45

TAXATION.

The taxation interim market picked up

gradually over the course of 2010 as

confidence returned and hiring freezes

were lifted. Several businesses had the

usual seasonal demand for year-end

assistance but others were forced to

manage the workload with their permanent

resources if contract role sign-off was

difficult to come by. As with 2009, the

volume of candidates available (particularly

in corporate tax) in the interim market

meant strong competition for jobs and a

favourable market for the employer, which

had the effect of driving down rates of pay.

Financial institutions generally favour

professionals with prior experience in UK

taxation. Some employers used the interim

candidate pool to bring on candidates as a

trial for a permanent vacancy further down

the line. On the positive side, new

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

opportunities were created for candidates

able to implement systems and processes

for new regulations (SAO in particular) and

there were examples of employers taking

the opportunity to begin projects that might

have been on hold over the previous 18

months. It is expected that the interim

market will continue to pick up in 2011,

which should lead to a more positive impact

on pay rates.

46

TECHNOLOGY.

This year should see the continuation of a healthy

period in the technology and IT jobs market within

financial services. Following the financial crisis, the

requirement for banks to better understand and

manage their risk was well documented. It is the

capability to execute these initiatives that often falls to

the IT function, particularly within highly structured

businesses.

As the regulatory environment tightens, IT will play

a major role in delivering transparency across the

front, middle and back offices of financial institutions,

both large and small. Additionally, the need for speed

and the ability to generate profit through nano-second

transactions has placed another demand on

developers to provide trading capabilities previously

unseen.

These factors, in addition to recent cultural changes

with regard to bonuses, have meant basic salary offers

are now higher than they were in 2010. All of this,

against a backdrop of rapid, everyday technology

advances, should secure a place for technology

professionals within the financial services sector for

the foreseeable future.

PERMANENT


Role: Junior Mid level Senior

C++ Developer £32k - £35k £55k - £60k £75k - £85k

C# Developer £25k - £30k £40k - £45k £70k - £80k

Java Developer £30k - £35k £50k - £55k £75k - £85k

Web Developer £25k - £30k £35k - £45k £50k - £55k

.net Developer £25k - £30k £35k - £40k £55k - £60k

Applications Developer £27.5k - £32k £38k - £42k £58k - £65k

Tester £30k - £32k £40k - £45k £60k - £65k

Technical Analyst £25k - £30k £40k - £50k £65k - £75k

Database Administrator £30k - £35k £45k - £50k £65k - £70k

Business Analyst £35k - £40k £47.5k - £55k £75k - £80k

Project Manager £37.5k - £42k £55k - 65k £80k - £90k

Manager £40k - £50k £60k - £70k £80k - £90k

Director £60k - £70k £90k - £110k £130k - £150k

Network Engineer £30k - £32k £45k - £50k £65k - £70k

Support £25k - £28k £35k - £45k £55k - £65k

Technical Architect £50k - £60k £70k - £80k £90k - £110k

SQL £27k - £30k £40k - £45k £65k - £70k

Systems Analyst £27k - £32k £40k - £45k £57.5k - £65k

47

TECHNOLOGY.

Many banks and financial institutions are currently

bolstering their development departments, meaning

that developers with expertise in C++, C# and Java

are in high demand. In many instances, firms with their

eye on the future are also building up business-

focused, technology roles.

Business analysts and project managers are also

highly sought after, particularly from the temporary

market which is perceived to drive this sector.

There is a very positive outlook for the temporary

technology jobs market in 2011. Companies are

planning to significantly increase their recruitment and

confidence levels are now similar to those felt in 2007.

Many financial institutions are looking to speed up the

delivery of their projects, which has had a positive

effect on daily rates for technology professionals.

TEMPORARY

RATES (PER DAY)

Role: Junior Mid level Senior

C++ Developer £300 - £350 £500 - £550 £650 - £750

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

Java Developer £300 - £350 £525 - £575 £650 - £700

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

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

Applications Developer £250 - £300 £350 - £400 £500 - £550

Tester £250 - £300 £350 - £400 £500 - £550

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

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

Business Analyst £300 - £350 £450 - £525 £650 - £700

Project Manager £300 - £400 £450 - £550 £650 - £800

Manager £400 - £500 £600 - £700 £800 - £1000

Director £550 - £650 £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

48


SALARY SURVEY | FINANCIAL SERVICES | LONDON 2011.

UNDERSTANDING THIS GUIDE

METHODOLOGY:

Morgan McKinley conducted a telephone survey

of 200 senior-level operational and HR managers

working in financial services between the 8th and

22nd of December 2010. The aggregated results

of this research are used in this edition of the

Morgan McKinley Salary Survey 2011.

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 in continual

contact with both employers and candidates

across the financial services sector in London.

STRUCTURE OF SALARY TABLES:

We acknowledge that different financial

institutions have different 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 2011. 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’ 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.

© 2011 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction

of this material is strictly prohibited. 49




The world’s leading

employers and successful

local businesses must be

doing something right. We

believe we know what that is.

United Kingdom

[email protected]

+44 (0)20 7557 7222

Australia

[email protected]

+61 (0)2 8986 3100

Dubai

[email protected]

+971 (0)4 329 7770

Hong Kong

[email protected]

+852 3907 3907

WE ARE MORGAN McKINLEY.

TALK TO US.

Ireland

[email protected]

+353 (0)1 4321555

Japan

[email protected]

+813 5403 7073

Netherlands

[email protected]

+31 (0)20 794 1995

Singapore

[email protected]

+65 6557 4655

50


mailto:[email protected]








london fs salary guide

Economy & Finance