report 006 salary benchmarking: banking & … 006 salary benchmarking: banking & financial...
TRANSCRIPT
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ContentsFront Office . . . . . . . . . . . . . . . . . 18
Overview . . . . . . . . . . . . . . . . . . . 19Investment Banking . . . . . . . . . . . . . . 20
Permanent . . . . . . . . . . . . . . . . . 20
Operations & Middle Office . . . . . . . . 21Overview . . . . . . . . . . . . . . . . . . . 22Investment Banking . . . . . . . . . . . . . . 23
Permanent . . . . . . . . . . . . . . . . . 23
Risk. . . . . . . . . . . . . . . . . . . . . . . 24Overview . . . . . . . . . . . . . . . . . . . 25Investment Banking . . . . . . . . . . . . . . 26
Contract . . . . . . . . . . . . . . . . . . 26Permanent . . . . . . . . . . . . . . . . . 27
Investment Management . . . . . . . . . . . 28Contract . . . . . . . . . . . . . . . . . . 28Permanent . . . . . . . . . . . . . . . . . 29
Market Outlook . . . . . . . . . . . . . . . . 4
Change & Transformation . . . . . . . . . . 5Overview . . . . . . . . . . . . . . . . . . . . 6Financial Intermediaries . . . . . . . . . . . . 7
Contract . . . . . . . . . . . . . . . . . . . 7Permanent . . . . . . . . . . . . . . . . . . 7
Investment Banking . . . . . . . . . . . . . . . 8Contract . . . . . . . . . . . . . . . . . . .8Permanent . . . . . . . . . . . . . . . . . .8
Investment Management . . . . . . . . . . . . 9Contract . . . . . . . . . . . . . . . . . . .9Permanent . . . . . . . . . . . . . . . . . .9
Finance . . . . . . . . . . . . . . . . . . . . 10Overview . . . . . . . . . . . . . . . . . . . 11Financial Intermediaries . . . . . . . . . . . 12
Contract . . . . . . . . . . . . . . . . . . 12Permanent . . . . . . . . . . . . . . . . . 13
Investment Banking . . . . . . . . . . . . . . 14Contract . . . . . . . . . . . . . . . . . . 14Permanent . . . . . . . . . . . . . . . . . 15
Investment Management . . . . . . . . . . . 16Contract . . . . . . . . . . . . . . . . . . 16Permanent . . . . . . . . . . . . . . . . . 17
Technology . . . . . . . . . . . . . . . . . 30Overview . . . . . . . . . . . . . . . . . . . 31Financial Intermediaries . . . . . . . . . . . 32
Contract . . . . . . . . . . . . . . . . . . 32Permanent . . . . . . . . . . . . . . . . . 36
Investment Banking . . . . . . . . . . . . . . 40Contract . . . . . . . . . . . . . . . . . . 40Permanent . . . . . . . . . . . . . . . . . 45
Investment Management . . . . . . . . . . . 49Contract . . . . . . . . . . . . . . . . . . 49Permanent . . . . . . . . . . . . . . . . . 55
About Astbury Marsden . . . . . . . . . . 58
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When reflecting on 2012 it is hard not to sound gloomy about what was undeniably the toughest year for City recruitment for more than a decade. Across the City, hiring followed a general downward trend throughout the year, arriving at its lowest recorded level in December, lower even than the nadir of hiring seen during the financial crisis. In effect, by year end City hiring had ground to a halt as financial firms continued to remove costs, assess sustainability of individual business lines and swallow the rising costs of regulatory change.
These business challenges, combined with a tepid outlook for the global economy, meant that vacancy volumes ended the year 35% down on 2011 volumes.
So in the context of a muted job market it is little wonder that candidate registrations fell to half the level seen in 2011. And despite this huge fall, the apparent oversupply of applicants affected salaries with pay rising only 2% over the year. Bonus pools were also substantially reduced, falling by 60% on bonus levels in the prior year.
It was with great relief for job hunters (and recruiters!) that 2013 opened more strongly off the back of a more optimistic economic environment. However, since the turn of the year hiring volumes have remained largely consistent, contrary to the usual hiring cycle in the City; the volume of new vacancies usually trends upwards from February through to the end of Q2 before retracing across the second half of the year.
Accordingly, the outlook for the first half of the year looks set to continue as we have seen during the first quarter. Overall, hiring forecasts are expected to remain at current levels throughout most of the year. As a result we expect to see the continued rebalancing in the candidate supply over the coming months.
While amongst employees there exists a significant level of dissatisfaction with their employer, few will act impulsively when considering whether to enter the job market. However, as the year progresses we expect to see a degree of optimism return to the candidate market. Employers, therefore should not under-estimate the importance of retention strategies to their organisation this year.
We anticipate another year of downward pressure on total remuneration right across the financial sector, although potential pay changes imposed by Europe are likely to influence how packages are constructed.
Thank you for your continued support of Astbury Marsden, I hope that you find this report informative and I welcome your comments.
Mark Cameron+44 (0)20 7065 [email protected]
Market Outlook
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
6
Review of 2012
There was a feeling of optimism for change and transformation professionals going into 2012. The raft of new regulatory changes and the impact these would have on the industry was seen as providing a boost for change practitioners. This sense of optimism was reinforced in the first quarter as a number of major projects kicked off. The importance of these change programs meant many were given budget priority, impacting on other projects, many of which were put on hold or scaled back in comparison to their original plans.
2012 saw candidates with regulatory change experience in high demand, in particular in the contractor market. A number of firms required additional short-term subject matter knowledge to deliver projects and paid a premium day rate to achieve it .
Change & Transformation
“Risk & Control and Conduct Risk are also key areas in the market which will lead to new frameworks”
Outlook for 2013
As we head into the second quarter, it appears that 2013 will mirror 2012 with a continued focus on regulatory change. Programmes of work focused around CASS, EMIR, FATCA and Dodd Frank will continue to dominate budgets and headcount. The challenge for firms will be to deliver these changes to their business to meet FSA requirements, and to do so without damaging their reputation or service to their clients. As a result, candidates who not only understand regulation but also operational procedures behind specific business areas, client on-boarding and settlements for example, will be sought. Several other areas will see investment, again through necessity rather than choice. For example, addressing concerns around LIBOR and interest rate swaps continues to dominate the press and will remain a focus for banks in the coming year.
Risk & Control and Conduct Risk are also key areas in the market which will lead to new frameworks. The emergence within the industry of more and more firms having a central pool of change resources to call on, much like an internal consultancy, will also see investment in both a contract and permanent headcount.
In what looks like it will be a challenging year, there are still reasons to be optimistic within the Change Management space. There will continue to be a need for changing processes, whether this is from an efficiency, cost reduction or regulatory perspective. Although there will be challenges around rates and salaries and strong competition for roles, 2013 looks like it will follow this trend, especially on the regulatory front.
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
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Financial Intermediaries
Contract
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
PMO (Analyst - Director) 40,000 120,000 0 30,000
Project/Programme Manager 60,000 130,000 0 40,000
Subject Matter Expert 60,000 75,000 0 8,000
Subject Matter Expert/Business Analyst 55,000 80,000 0 10,000
Business Analyst 40,000 60,000 0 5,000
Lead Business Analyst 55,000 80,000 0 10,000
Permanent
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst 300 350 400
Business Analyst 450 500 550
Lead Business Analyst 550 600 650
PMO 400 500 600
Change Manager 500 600 700
Architect 500 600 700
Project Manager 600 650 750
Programme Manager 700 800 900
Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
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Investment Banking
Contract
Permanent
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst 300 350 400
Business Analyst 450 500 550
Lead Business Analyst 550 600 650
PMO 450 550 650
Change Manager 500 600 700
Architect 500 600 700
Project Manager 550 650 750
Programme Manager 700 800 900
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
PMO (Analyst - Director) 50,000 150,000 0 40,000
Project/Programme Manager 75,000 175,000 0 100,000
Subject Matter Expert 60,000 75,000 0 8,000
Subject Matter Expert/Business Analyst 65,000 90,000 0 10,000
Business Analyst 50,000 70,000 0 5,000
Lead Business Analyst 65,000 90,000 0 10,000
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
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Investment Management
Contract
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Project Manager Assistant 30,000 40,000 0 2,000
PMO (Analyst – Director) 50,000 130,000 0 10,000
Project/Programme Manager 75,000 150,000 10,000 50,000
Subject Matter Expert 60,000 75,000 0 8,000
Subject Matter Expert/Business Analyst 55,000 80,000 0 10,000
Business Analyst 40,000 60,000 0 5,000
Lead Business Analyst 55,000 75,000 0 7,000
Permanent
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst 300 350 400
Business Analyst 450 500 550
Lead Business Analyst 550 600 650
PMO 450 550 600
Change Manager 500 600 650
Architect 500 600 650
Project Manager 550 675 700
Programme Manager 700 750 850
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Astbury Marsden Salary Benchmarking 2013: Finance
11
Review of 2012
The last 12 months were extremely challenging with many companies cutting heads and costs. As banks restructured and employees made internal moves, we saw few roles released into the market. A number of skills gaps emerged in many organisations as departing employees were not replaced in response to the unpredictability in the market. This led to a drop in both permanent and contract hiring volumes during the year.
The small amount of recruitment we did see was mostly for replacement hires; albeit we did experience some pockets of hiring within product control and external reporting.
As predicted in last year’s report, overall demand was sporadic and salary increases and bonuses were modest . Candidates on the whole entered 2013 with fairly balanced expectations of salaries and promotion possibilities.
Finance
“We are experiencing an on going spotlight on complying with the raft of new regulation ranging from Basel III to FATCA”
Outlook for 2013
Since the New Year, there has been a renewed focus on stability. Whilst we don’t expect significant growth in hiring this year, team skill shortages can now be addressed as banks become more optimistic.
This year, we expect to see a focus on the new regulations coming into force and the spotlight will be on frameworks ranging from Basel III to FATCA. As plans take shape, and deadlines are finalised, the competition for these skillsets will be fierce and shortages of talent will emerge in these areas.
Despite this, we do not expect salary levels to change much this year, with most parts of the industry staying below previous year’s levels. Bonuses in general will stay low as growth and profits are hit, but not exceeded .
Although recruitment usually gathers pace during Q2 and Q3, these next few months will be crucial in
pre-empting how the rest of the year will look and whether the optimism currently felt in the market is justified.
Astbury Marsden Salary Benchmarking 2013: Finance
12
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Financial Analyst 220 300 350
Cost Accounting Controller 200 275 350
Regulatory Reporting Officer 200 300 400
Statutory Accountant 250 350 400
Balance Sheet Control Analyst 250 300 350
Financial Controller 220 280 350
Reconciliation Analyst 150 200 300
Balance Sheet Control Analyst 250 300 350
Finance Business Partner 250 300 450
Finance Business Analyst 300 400 500
Finance Project Manager 400 500 600
Finance PMO 300 350 450
Fund Accountant 200 300 400
Product Controller 250 325 400
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Finance
13
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Management Accountant
0-1 Years PQE 50,000 60,000 0 10,000
1-2 Years PQE 55,000 65,000 0 15,000
3+ Years PQE 65,000 80,000 0 80,000
8+ Years PQE 75,000 110,000 0 100,000
Financial Accountant
0-2 Years PQE 50,000 60,000 0 7,000
2-5 Years PQE 55,000 80,000 0 50,000
5+ Years PQE 70,000 110,000 0 100,000
Fund Accountant
0-1 Years PQE 45,000 55,000 0 10,000
1-2 Years PQE 45,000 65,000 0 15,000
3+ Years PQE 55,000 90,000 0 55,000
Finance Director/Chief Finance Officer
8+ Years PQE 90,000 150,000 0 1,000,000+
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Finance
14
Investment Banking
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Financial Analyst 220 300 350
Cost Accounting Controller 200 275 350
Regulatory Reporting Officer 200 300 400
Statutory Accountant 250 350 450
Balance Sheet Control Analyst 250 300 350
Financial Controller 220 300 400
Reconciliation Analyst 150 200 300
Balance Sheet Control Analyst 250 300 350
Finance Business Partner 250 300 450
Business Analyst 350 450 550
Project Manager 400 500 600
PMO 300 375 500
Product Controller (flow and cash) 250 350 400
Product Controller (exotics and hybrids) 250 350 420
Astbury Marsden Salary Benchmarking 2013: Finance
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Investment Banking
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Financial Accounting
Associate 45,000 65,000 0 5,000
AVP 58,000 80,000 0 10,000
VP 75,000 110,000 5,000 20,000
Director 100,000 140,000 10,000 60,000
Accounting Policy/Technical Accounting
Associate 50,000 65,000 0 5,000
AVP 58,000 80,000 0 10,000
VP 75,000 110,000 5,000 20,000
Director 100,000 140,000 10,000 60,000
Regulatory Reporting
Associate 40,000 60,000 0 5,000
AVP 55,000 75,000 0 10,000
VP 75,000 100,000 5,000 20,000
Director 100,000 130,000 10,000 60,000
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Management Information/Financial Analysis
Associate 45,000 65,000 0 5,000
AVP 58,000 80,000 0 10,000
VP 75,000 110,000 5,000 20,000
Director 100,000 140,000 10,000 60,000
Product Control (flow and cash)
Associate 50,000 65,000 0 5,000
AVP 65,000 80,000 0 10,000
VP 75,000 110,000 5,000 20,000
Director 100,000 140,000 10,000 60,000
Product Control (exotics and hybrids)
Associate 50,000 70,000 0 5,000
AVP 65,000 85,000 0 10,000
VP 85,000 115,000 5,000 20,000
Director 105,000 145,000 10,000 60,000
Astbury Marsden Salary Benchmarking 2013: Finance
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Investment Management
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£pd)
Financial Analyst 220 300 350
Cost Accounting Controller 200 275 350
Regulatory Reporting Officer 200 300 400
Statutory Accountant 250 350 400
Balance Sheet Control Analyst 250 300 350
Financial Controller 220 280 350
Reconciliation Analyst 150 200 300
Balance Sheet Control Analyst 250 300 350
Finance Business Partner 250 300 450
Finance Business Analyst 350 450 550
Finance Project Manager 400 500 600
Finance PMO 300 350 500
Fund Accountant 200 300 400
Product Controller 250 325 400
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Astbury Marsden Salary Benchmarking 2013: Finance
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Investment Management
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Management Accountant
Part Qualified 25,000 40,000 0 10,000
0-1 Years PQE 45,000 60,000 0 15,000
1-2 Years PQE 50,000 65,000 0 15,000
3+ Years PQE 60,000 85,000 0 80,000
8+ Years PQE 75,000 110,000 0 100,000
Financial Accountant
Part Qualified 20,000 35,000 0 10,000
0-2 Years PQE 45,000 60,000 0 15,000
2-5 Years PQE 55,000 80,000 0 50,000
5+ Years PQE 70,000 110,000 0 100,000
Fund Accountant
Part Qualified 25,000 45,000 0 10,000
0-1 Years PQE 45,000 55,000 0 20,000
1-2 Years PQE 45,000 65,000 0 20,000
3+ Years PQE 55,000 90,000 0 55,000
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Hedge Fund Product Control
Part Qualified 25,000 45,000 0 10,000
0-3 Years PQE 45,000 65,000 0 20,000
3+ Years PQE 60,000 95,000 0 85,000
8+ Years PQE 85,000 120,000 0 150,000
Finance Director/Chief Finance Officer
8+ Years PQE 90,000 150,000 0 1,000,000+
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Astbury Marsden Salary Benchmarking 2013: Front Office
19
Review of 2012
As in previous years 2012 started with an air of renewed optimism in the City. However, that optimism faded fairly quickly as the market for advisory fees hit the lows experienced in 2008. Consequently, many large investment banks made redundancies during the year, while several smaller advisory firms either closed down or merged with competitors. Overall, we saw no real growth in the market. Most of the hiring was at the junior (Analyst – Associate) level or was a replacement hire leading many candidates to seek employment outside the City.
We saw some improvement in Q4 as deal flow picked up and firms produced stronger results. However, these only really made up for the deficit already created earlier in the year and hiring remained muted. M&A continued to lead the charge on a recruitment basis while ECM remained very quiet. Activity was most robust across FIG, natural resources, energy and TMT with other sectors largely struggling with staff cut-backs.
In contrast to previous years, boutique firms struggled to grow and several smaller firms disappeared during the year or were consolidated. A couple of houses did go on recruitment drives
Front Officewith a view to developing their London platforms; however these were very much the exception. Firms that maintained their market position during 2012 were considered to have performed well in what was undoubtedly a very difficult market.
Outlook for 2013
The increase in activity at the end of 2012 has continued and the M&A market is showing early signs of improvement. Debt Advisory and Restructuring appear to be performing well as we head into the second quarter. However, the ECM market remains challenging .
These developments are yet to manifest in the recruitment market with the majority of firms still waiting to see exactly how things pan out before deciding on a hiring strategy for 2013. At present, we are seeing more demand for Analyst level hires but have not yet seen any clear growth plans by firms looking to develop specific teams. Hiring within the Quantitative space has started slowly.
Most new headcount requirements are likely to be released in Q2 due to budgets not being approved until late Q1. There is likely to be pockets of hiring within Quantitative Analytics throughout the year.
We expect that the banks will focus their quantitative hiring within the Counterparty Credit Risk and CVA space. Many of the existing models in this space are unlikely to pass both stress testing and back testing implemented in the new Basel III requirements. Due to this, many of the banks will need to focus their time on developing new prototypes as well as enhancing existing models.
Other areas of focus will be around investment banks new initiatives to centralise the quantitative libraries bank wide. Hiring for these projects kicked off heavily in 2012 and we have also seen some further hiring for similar projects in 2013.
Given that pipelines are looking stronger across the board and deal-flow is expected to increase on 2012, we anticipate that there will be an uplift in hiring activity later in the year.
Astbury Marsden Salary Benchmarking 2013: Front Office
20
Investment Banking
Permanent
Job TitleBase Min
(£)Base Max
(£)Bonus Min
(£)Bonus Max
(£)
Bonus Average
(£)
Corporate Finance
Analyst 1 37,500 47,500 0 47,500 25,000
Analyst 2 40,000 57,500 0 57,500 30,000
Analyst 3 50,000 65,000 0 65,000 35,000
Associate 1 60,000 75,000 0 75,000 45,000
Associate 2 70,000 90,000 0 90,000 55,000
Associate 3 80,000 100,000 0 100,000 60,000
VP 1 85,000 120,000 0 80,000 70,000
VP 2 90,000 130,000 0 95,000 75,000
VP 3 95,000 160,000 0 95,000 85,000
Director 1 100,000 200,000 0 350,000 100,000
“Whilst there will always be some individuals who will seek a move to a better regarded bank to improve their CV, a lateral move to a direct competitor is going to be highly unlikely”
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Quantitative (Developer, Analyst or Trader)
Associate 55,000 65,000 0 15,000
AVP 75,000 85,000 0 50,000
VP 95,000 140,000 0 150,000
Director 150,000 200,000 0 250,000
Astbury Marsden Salary Benchmarking 2013: Operations & Middle Office
22
Review of 2012
Hiring across the Operations space remained tepid throughout 2012, with no significant expansion or aggressive hiring. Scrutiny of headcount and replacement hiring was high and internal mobility remained the preference as opposed to external hiring .
Departments that did see increases in headcount were largely related to Equity Derivatives Support and OTC Clearing roles at line level. A number of employers were looking to gain the competitive edge, around their clearing infrastructure and recruitment was relatively brisk.
Some banks were recruiting permanent positions into the Fixed Income space and the FX back and middle office functions to bolster Settlements, Confirmations, Investigations and Documentation teams. There remained a requirement in London for specialised subject matter experts in vanilla products due to the amount of off-shoring. Professionals with ETD Clearing and OTC experience were in demand due to the Dodd-Frank Act. There was also a drive in Asset Servicing roles, due to seasonal corporate actions activity.
Operations & Middle Office
“Professionals with ETD Clearing and OTC experience
were in demand due to the Dodd-Frank Act”
Outlook for 2013
Regulatory change is driving change across all investment banks and the Operations function is dealing with these upstream changes. However this is not leading to abnormal hiring patterns. Given that many regulatory changes are still being debated and are not yet enacted, we are experiencing more of a ‘wait and see’ approach as to what change to process and documentation is required. Throughout 2013 this is where we expect to see the strongest demand for hiring; that is, within change and projects focussed on regulatory compliance.
From a global perspective, Asia was dominated by medium and low cost centres and we continue to see Analyst and Associate level roles moving to locations such as Mumbai, Chennai and Manila. Medium cost locations such as Singapore and Hong Kong are becoming more SME focussed with key hiring focussed at the more Senior Vice President and Executive Director levels. For London, near-shoring is a key location strategy, with operations headcount increasingly moving out of London to regional offices. This has also led to local shortages, meaning increased competition and firms looking to move //talent from high cost locations.
We are also seeing clients begin to take a complete strategic review of how Operational processes are delivered. This could lead to entire operations departments being outsourced – as has been the strategy across several asset managers. This could in turn, lead to a growth in the demand for hires within Security Services and Custodian Banks.
Astbury Marsden Salary Benchmarking 2013: Operations & Middle Office
23
Investment BankingPermanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Settlements
Analyst 30,000 45,000 0 4,000
AVP 45,000 60,000 4,000 6,000
VP 60,000 75,000 5,000 8,000
Director 80,000 120,000 10,000 50,000
Operations Control
Analyst 35,000 50,000 0 5,000
AVP 50,000 65,000 0 8,000
VP 70,000 90,000 0 15,000
Director 90,000 120,000 20,000 40,000
Corporate Actions
Analyst 30,000 50,000 3,000 5,000
AVP 55,000 65,000 5,000 8,000
VP 70,000 85,000 5,000 10,000
Director 90,000 120,000 10,000 25,000
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Client Services
Analyst 30,000 50,000 3,000 5,000
AVP 55,000 65,000 5,000 8,000
VP 70,000 85,000 5,000 10,000
Director 90,000 120,000 10,000 25,000
Documentation
Analyst 32,000 50,000 0 5,000
AVP 55,000 70,000 0 10,000
VP 70,000 90,000 0 15,000
Director 90,000 110,000 10,000 35,000
Trade Support
Analyst 35,000 55,000 5,000 10,000
AVP 55,000 70,000 5,000 12,000
VP 75,000 95,000 10,000 20,000
Director 90,000 120,000 10,000 60,000
Astbury Marsden Salary Benchmarking 2013: Risk
25
Strategy ConsultingOverview
Review of 2012
Recruitment of risk professionals fell in 2012. We saw hiring remain steady throughout quarters one to three, dipping significantly in quarter four. Banks continued to review and improve Risk Management functions, however the focus was on hiring skills to cover regulatory driven initiatives or on replacement hires as opposed to positions arising from growth.
Market Risk and Credit Risk remained in demand throughout the year as our investment banking clients looked to improve their risk reporting capabilities. Most banks looked for candidates with quantitative backgrounds to be involved in a higher level of credit and market risk analysis and reporting. 2012 saw a distinct move from “slice and dice” reporting to a distinctly more quantitative level of analytical reporting giving Risk Officers an improved view of risk positions.
Regulatory initiatives also drove demand for credit and market risk professionals in the Business Analyst space as banks continued to consolidate and re-engineer processes and systems in line with regulations such as Basel III and CRD4. This opened up a number of AVP/VP Business Analyst and Project Management positions. We saw fewer contract opportunities in this space than in previous years as banks shifted towards bringing in permanent employees.
Vacancies took a lot longer to fill in 2012 as the banks
Risklooked for the ‘complete package’ from their Risk Managers. This resulted in a number of first round, interviews as clients were open to meeting a variety of candidates before making any hiring decisions. More than ever, clients would not sacrifice on any of their requirements and were consistently demanding the best hires.
Operational Risk, Controls and Governance remained key areas of recruitment across all of financial services. In particular, Business Managers in risk sitting in the front office, local Risk Managers and Analysts in Operational Risk Reporting were in highdemand. Strong technical skills proved essential, though more than ever; there was a clear focus on the softer skills. Strong communication, influencing and stakeholder skills proved invaluable as Risk Managers became more high profile with increased exposure to senior stakeholders across the business.
The last quarter of the year slowed down significantly across all areas of risk. We saw the lowest number of vacancies registered in four years and found interview processes that were well underway slow to a halt. In contrast, the number of candidates registering their details doubled from last year – partly due to redundancies or concern over potentially being made redundant. In addition, many candidates were looking to move out of investment banking into smaller, niche firms.
Investment management and private banking saw a rise in vacancies . Candidates making the move were
tempted by smaller firms with what was perceived as clearer career trajectory, more stability and better work life balance. These factors provided a clear motivation to move away from the more traditional incentives of big salaries and bonuses at the investment banks.
Outlook for 2013
We expect 2013 to look similar to 2012 with steady levels of recruitment across isk management in financial services. The focus will continue to be in regulatory and reporting, especially in Credit Risk and Market Risk in order to manage the demands coming out of Basel III and improve reporting processes. The risk recruitment market will rely heavily on the market and we expect low but steady growth .
Risk Management remains in the spotlight and so whilst we expect all areas to be hiring, the shape of the recruitment process will change significantly. We expect longer and more challenging interview processes as the candidate wish list grows.
Unfortunately we do not expect compensation to grow in line with this demand as the market has to withstand an ever increasing focus on cost, and roles will need to be well justified.
Astbury Marsden Salary Benchmarking 2013: Risk
26
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Market Risk
Analyst 200 275 350
Business Analyst 450 550 650
Project Manager 550 650 800
Programme Manager 750 850 1000
Quantitative Risk
Analyst 350 500 700
Business Analyst 550 600 800
Credit Risk
Analyst 200 300 350
Business Analyst 500 550 700
Project Manager 550 650 800
Programme Manager 750 850 1000
Data
Analyst 300 400 500
Basel III
Business Analyst 500 600 750
Project Manager 550 650 800
Investment Banking
Astbury Marsden Salary Benchmarking 2013: Risk
27
Investment Banking
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Market Risk
Analyst 40,000 55,000 0 16,000
AVP 50,000 70,000 0 28,000
VP 70,000 100,000 0 50,000
Director 75,000 180,000 0 115,000
Quantitative Risk
Analyst 35,000 55,000 0 27,500
AVP 50,000 70,000 0 35,000
VP 70,000 100,000 0 57,000
Director 100,000 180,000 0 115,000
Operational Risk
Analyst 35,000 48,000 0 19,200
AVP 48,000 65,000 0 26,000
VP 65,000 95,000 0 42,000
Director 85,000 170,000 0 100,000
Credit Risk
Analyst 40,000 50,000 0 20,000
AVP 45,000 65,000 0 28,000
VP 70,000 90,000 0 50,000
Director 75,000 150,000 0 110,000
Astbury Marsden Salary Benchmarking 2013: Risk
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Investment Management
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Market Risk
Analyst 200 275 350
Business Analyst 450 550 650
Project Manager 500 600 650
Programme Manager 750 850 1000
Quantitative Risk
Analyst 400 550 700
Credit Risk
Analyst 200 275 350
Business Analyst 450 550 650
Project Manager 500 600 650
Programme Manager 750 850 1000
Data
Analyst 300 400 500
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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Investment Management
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Market Risk
Analyst 40,000 55,000 0 16,000
AVP 50,000 70,000 0 28,000
VP 70,000 100,000 0 50,000
Director 75,000 140,000 0 90,000
Quantitative Risk
Analyst 40,000 55,000 0 27,500
AVP 50,000 70,000 0 35,000
VP 70,000 95,500 0 57,000
Director 100,000 150,000 0 105,000
Operational Risk
Analyst 40,000 48,000 0 19,200
AVP 48,000 65,000 0 26,000
VP 65,000 90,000 0 42,000
Director 85,000 130,000 0 75,000
Credit Risk
Analyst 40,000 50,000 0 20,000
AVP 45,000 65,000 0 26,000
VP 70,000 90,000 0 50,000
Director 75,000 130,000 0 90,000
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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31
Strategy ConsultingOverviewTechnologyReview of 2012
In the first quarter of 2012, we saw headcount and rate reductions for contractors. The overall message was to reduce operating costs and therefore shrink spend on temporary staff. Post Q1, we saw a flurry of hiring for regulatory projects, driven by increasing legal requirements such as Dodd Frank.
On the permanent side, we saw salaries grow marginally as bonuses were cut across all industries. There was much greater emphasis on fixed compensation as banks looked to reduce the focus on a bonus culture.
In stark contrast to the banks, hedge funds and proprietary trading firms maintained an emphasis on bonuses. Lower salaries were offset by a higher bonus which was paid based directly on business profits.
The majority of hiring in 2012 was for replacement hires with little investment in new headcount. Most exceptions to this were across risk, regulatory and compliance. These functions were in good demand during 2012.
Outlook for 2013
2013 is going to play a key part in defining what the market will be like for 2014 - 2016 as many banks continue to react to the financial crisis of previous years.
We expect to see small pockets of replacement hiring in order to fulfil business requirements. The majority of additional hires will be regulatory driven. We anticipate increased hiring in the investment management space as candidates choose to risk accepting a lower base and a much higher bonus potential.
The financial software houses are not hugely affected by the financial crisis and we expect to see them hiring significantly this year.
Bonuses will continue to be few and far between with the majority of bonus pools being reserved for highly skilled individuals who have both business knowledge and exceptional technical skills.
There will be intense competition for the top 20% of talent, now more so than ever, despite solid performers struggling to find work. Only the top talent are being hired. Consequently, candidates are staying loyal to their firm despite not receiving any salary increases or bonuses as they believe the situation will not be any better elsewhere.
C++ specialists are likely to see growing salaries over the year. Only the top universities teach this language, making it more of a niche skillset amongst junior developers or people coming into the industry.
Some banks which previously recruited only permanent staff have moved to purely contractor staffing. It will be interesting to see if there will be a move back to purely permanent hiring or if this is a long-lasting trend.
Astbury Marsden Salary Benchmarking 2013: Technology
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Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Development
Java/Database - Front Office 500 525 550
Java/Database - Middle/Back Office 450 500 525
Java Messaging Developer 450 500 525
Java GUI/SWING 450 500 525
VBA Developer - Middle/Back Office 425 475 525
Excel/Access VBA RAD - Front Office 450 500 550
C++/NT/COM/DCOM - Front Office 450 500 550
C++/NT/COM/DCOM - Middle/Back Office 425 475 525
Quantitative Developer 550 600 650
C++/Unix Developer 450 500 525
C#/.NET/Winforms - Front Office 450 500 550
C#/.NET/Winforms - Middle/Back Office 400 450 500
Databases (DBA/Dev)
Sybase DBA 450 475 525
Oracle DBA 450 475 525
SQL-Server DBA 450 475 525
Oracle Developer 400 450 500
Sybase Developer 400 450 500
SQL Developer 400 450 500
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Contract
Job Title Basic(£ pd)
Intermediate(£ pd)
Expert(£ pd)
Support
Voice Support 280 350 500
Trade Floor Support 220 275 350
Desktop Support 220 250 300
Web Systems Engineer 330 385 440
Application Packaging Engineer 330 385 440
Web Packaging Engineer 350 400 475
Citrix Support 350 400 500
Exchange Connectivity 400 500 650
Openlink 500 600 700
Front Office Applications Support 450 500 550
Back Office Applications Support 400 450 500
Support Manager 475 500 550
Market Data Services
Technical Support Engineers (Market Data Ser.) 350 500 600
Market Data Analyst/Administrator 330 400 475
Operations
Unix/Netcool/Tivoli Operator 385 440 495
Datacentre Operations Analyst 225 250 275
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Contract
Job Title Basic(£ pd)
Intermediate (£ pd)
Expert (£ pd)
Networks
Network Support Engineer 350 450 500
Network Implementation Engineer 385 440 495
Firewall Engineer 400 450 550
Calypso
Implementation (Calypso) 550 650 750
Development (Calypso) 550 650 750
Support (Calypso) 500 575 650
Murex
Implementation (Murex) 550 650 750
Development (Murex) 550 650 750
Support (Murex) 500 575 650
Summit
Implementation (Summit) 550 650 750
Development (Summit) 550 650 750
Support (Summit) 500 575 650
Storage
Storage Manager 450 475 525
Storage Specialist (TSM, EMC) 415 470 600
Storage - Support Engineer 415 470 550
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Contract
Job Title Basic (£ pd)
Intermediate (£ pd)
Expert(£ pd)
Testing
Test Manager 550 605 660
Test Team Lead 495 550 605
Test Analyst 385 440 495
Project/Development Managers
Programme Manager 605 715 825
Strategic Development Manager 580 635 690
Tactical Development Manager 585 640 695
PMO Manager 500 550 600
Project Manager (with Front Office product knowledge) 660 715 770
Project Manager (with Middle/Back Office knowledge) 605 660 715
Project Manager (with no specific product knowledge) 550 605 660
Outsource Project Manager 550 625 700
Infrastructure Project Manager 500 600 650
Project Administrator/Co-ordinator 300 400 450
Messaging Analyst (Swift, Crest)
Messaging Technical Support Analyst 330 385 440
Messaging Analyst 330 385 440
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Development
Java/Database - Front Office 65,000 125,000 0 Uncapped
Java/Database - Middle/Back Office 45,000 85,000 0 25,000
Java Messaging Developer 60,000 85,000 0 50,000
Java GUI/SWING/Flex 55,000 90,000 0 45,000
VBA Developer - Middle/Back Office 40,000 70,000 0 7,000
Excel/Access VBA RAD - Front Office 50,000 95,000 0 15,000
C++/NT/COM/DCOM - Front Office 65,000 125,000 0 40,000
C++/NT/COM/DCOM - Middle/Back Office 45,000 85,000 0 15,000
Quantitative Developer 70,000 140,000 0 42,000
C++/Unix Developer 55,000 140,000 0 42,000
C#/.NET/Winforms - Front Office 65,000 125,000 0 20,000
C#/.NET/Winforms - Middle/Back Office 45,000 85,000 0 7,500
Python/Scala and OOA/D Languages 65,000 110,000 0 Uncapped
Databases (DBA/Dev)
Sybase DBA 45,000 105,000 0 15,000
Oracle DBA 45,000 105,000 0 15,000
SQL-Server DBA 45,000 105,000 0 15,000
Oracle Developer 45,000 105,000 0 15,000
Sybase Developer 45,000 105,000 0 15,000
SQL Developer 45,000 105,000 0 15,000
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Permanent
Job Title Base Min(£)
Base Max(£)
Bonus Min(£)
Bonus Max(£)
Systems Administrators/Engineers
SUN Solaris 44,000 100,000 0 25,000
HP-UX 44,000 100,000 0 25,000
AIX 44,000 100,000 0 25,000
Microsoft Windows 44,000 100,000 0 25,000
LINUX 44,000 100,000 0 25,000
Business Analysts/Project Manager
Junior BA/PM’s 30,000 45,000 0 13,000
Mid level BA/PM’s 45,000 70,000 0 18,000
Senior BA/PM’s 70,000 100,000 0 25,000
Technology Risk Management (TRM)
Problem/Change Manager 55,000 100,000 0 20,000
TISO 55,000 90,000 0 20,000
Global Incident Response Analyst 45,,000 85,000 0 15,000
General IT Security/Network Security Engineer 50,000 90,000 0 15,000
Security Policy & Risk Management 50,000 100,000 0 20,000
Security Project/Programme Manager 55,000 100,000 0 15,000
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
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Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max(£)
Support
Voice Support 40,000 80,000 3,000 18,000
Trade Floor Support 45,000 90,000 3,000 18,000
Desktop Support 35,000 70,000 0 17,500
Web Systems Engineer 45,000 85,000 0 21,500
Web Packaging Engineer 45,000 85,000 0 21,500
Citrix Support 30,000 80,000 0 18,000
Systems Support Analyst 44,000 85,000 0 21,500
Exchange Connectivity 44,000 90,000 5,000 20,000
Openlink 50,000 100,000 8,000 25,000
Front Office Applications Support 45,000 100,000 5,000 20,000
Back Office Applications Support 40,000 75,000 0 18,500
Support Manager 65,000 125,000 8,000 30,000
Market Data Services
Technical Support Engineers (Market Data Ser.) 40,000 90,000 0 22,500
Market Data Analyst/Administrator 45,000 90,000 0 22,500
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Networks
Network Support Engineer 45,000 85,000 0 21,500
Network Implementation Engineer 45,000 85,000 0 21,500
Firewall Engineer 45,000 90,000 0 22,500
Testing
Test Manager 55,000 100,000 0 15,000
Test Team Lead 55,000 100,000 0 15,000
Test Analyst 45,000 70,000 0 10,000
Project/Development Managers
Strategic Development Manager 85,000 120,000 0 30,000
Tactical Development Manager 85,000 120,000 0 30,000
Financial IntermediariesFinancial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers.
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Development
Java/Database - Front Office 500 550 600
Java/Database - Middle/Back Office 425 500 575
Java Messaging Developer 500 550 575
Java GUI/SWING 500 525 550
VBA Developer - Middle/Back Office 500 525 550
Excel/Access VBA RAD - Front Office 525 575 625
C++/NT/COM/DCOM - Front Office 550 575 600
C++/NT/COM/DCOM - Middle/Back Office 475 500 550
Quantitative Developer 625 650 700
C++/Unix Developer 475 500 550
C#/.NET/Winforms - Front Office 500 550 600
C#/.NET/Winforms - Middle/Back Office 450 500 550
Databases (DBA/Dev)
Sybase DBA 400 450 500
Oracle DBA 400 450 500
SQL-Server DBA 400 450 500
Oracle Developer 450 500 550
Sybase Developer 450 500 550
SQL Developer 450 500 550
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Contract
Job Title Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Systems Administrators/Engineers
SUN Solaris 350 450 600
HP-UX 350 450 600
AIX 350 450 600
Microsoft Windows 350 450 600
LINUX 350 450 600
Business Analysts
Non Technical Front Office 500 575 650
Non Technical Middle/Back Office 450 525 600
Technical with Front Office 500 600 650
Technical with Middle/Back Office 450 550 600
Tester/Business Analyst 450 500 550
Technology Risk Management (TRM)
Problem/Change Manager 550 620 660
TISO Global Incident Response Analyst 500 550 600
Global Incident Response Analyst 450 500 550
General IT Security/Network Security Engineer 350 400 475
Security Policy & Risk Management 375 440 495
Security Project/Programme Manager 500 550 605
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Contract
Job Title Basic(£ pd)
Intermediate(£ pd)
Expert(£ pd)
Support
Voice Support 350 400 500
Trade Floor Support 220 250 375
Desktop Support 220 375 330
Web Systems Engineer 375 450 500
Application Packaging Engineer 330 385 440
Web Packaging Engineer 330 385 440
Citrix Support 330 425 500
Systems Support Analyst 400 450 500
Exchange Connectivity 400 500 600
Openlink 500 550 650
Front Office Applications Support 450 500 550
Back Office Applications Support 400 440 480
Support Manager 450 500 550
Market Data Services
Technical Support Engineers (Market Data Ser.) 350 450 550
Market Data Analyst/Administrator 330 400 450
Operations
Unix/Netcool/Tivoli Operator 385 440 495
Datacentre Operations Analyst 225 250 300
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Contract
Job Title Basic(£ pd)
Intermediate (£ pd)
Expert (£ pd)
Networks
Network Support Engineer 385 440 495
Network Implementation Engineer 385 440 495
Firewall Engineer 385 440 550
Calypso
Implementation (Calypso) 500 650 700
Development (Calypso) 500 650 650
Support (Calypso) 450 525 600
Murex
Implementation (Murex) 550 650 750
Development (Murex) 550 650 700
Support (Murex) 500 550 600
ION Marketview
Implementation (ION Marketview) 550 650 750
Development (ION Marketview) 550 650 700
Support (ION Marketview) 500 575 650
Storage
Storage Manager 400 450 500
Storage Specialist (TSM, EMC) 415 470 575
Storage - Support Engineer 415 470 525
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Contract
Job Title Basic (£ pd)
Intermediate (£ pd)
Expert(£ pd)
Testing
Test Manager 550 605 660
Test Team Lead 495 550 605
Test Analyst 385 440 495
Development Managers
Programme Manager 650 750 1000
Strategic Development Manager 600 650 700
Tactical Development Manager 575 625 675
PMO Manager 500 550 650
Outsource Project Manager 550 625 700
Infrastructure Project Manager 450 500 650
Project Administrator/Co-ordinator 300 400 450
Messaging Analyst (Swift, Crest)
Messaging Technical Support Analyst 330 385 440
Messaging Analyst 330 385 440
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Development
Java/Database - Front Office 65,000 125,000 0 50,000
Java/Database - Middle/Back Office 45,000 85,000 0 30,000
Java Messaging Developer 60,000 85,000 0 40,000
Java GUI/SWING/Flex 55,000 110,000 0 45,000
VBA Developer - Middle/Back Office 45,000 70,000 0 5,000
Excel/Access VBA RAD - Front Office 55,000 110,000 0 12,000
C++/NT/COM/DCOM - Front Office 65,000 125,000 0 50,000
C++/NT/COM/DCOM - Middle/Back Office 45,000 85,000 0 30,000
Quantitative Developer 70,000 150,000 0 50,000
C++/Unix Developer 55,000 120,000 0 25,000
C#/.NET/Winforms - Front Office 65,000 125,000 0 50,000
C#/.NET/Winforms - Middle/Back Office 45,000 85,000 0 30,000
Python/Scala and OOA/D Languages 65,000 125,000 0 60,000
Databases (DBA/Dev)
Sybase DBA 48,000 90,000 0 10,000
Oracle DBA 48,000 85,000 0 10,000
SQL-Server DBA 48,000 85,000 0 10,000
Oracle Developer 48,000 75,000 0 10,000
Sybase Developer 48,000 75,000 0 10,000
SQL Developer 48,000 75,000 0 10,000
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Investment Banking
Permanent
Job Title Base Min(£)
Base Max(£)
Bonus Min(£)
Bonus Max(£)
Systems Administrators/Engineers
SUN Solaris 44,000 110,000 0 15,000
HP-UX 44,000 110,000 0 15,000
AIX 44,000 110,000 0 15,000
Microsoft Windows 44,000 110,000 0 15,000
LINUX 44,000 110,000 0 15,000
Business Analysts/Project Managers
Junior BA/PM’s 40,000 55,000 0 15,000
Mid level BA/PM’s 55,000 85,000 0 25,000
Senior BA/PM’s 85,000 120,000 0 35,000
Technology Risk Management (TRM)
Problem/Change Manager 55,000 95,000 0 15,000
Global Incident Response Analyst 50,000 80,000 0 10,000
General IT Security/Network Security Engineer 50,000 80,000 0 10,000
Security Policy & Risk Management 50,000 90,000 0 10,000
Security Project/Programme Manager 55,000 90,000 0 10,000
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Banking
Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max(£)
Support
Voice Support 44,000 75,000 3,000 15,000
Trade Floor Support 35,000 65,000 3,000 15,000
Desktop Support 28,000 55,000 3,000 11,000
Web Systems Engineer 45,000 75,000 3,000 15,000
Application Packaging Engineer 45,000 75,000 3,000 15,000
Web Packaging Engineer 45,000 75,000 3,000 15,000
Citrix Support 38,500 65,000 3,000 13,000
Systems Support Analyst 44,000 70,000 3,000 14,000
Exchange Connectivity 44,000 70,000 5,000 14,000
Openlink 50,000 85,000 8,000 19,000
Front Office Applications Support 45,000 80,000 5,000 16,000
Back Office Applications Support 40,000 60,000 3,000 12,000
Support Manager 65,000 100,000 8,000 20,000
Market Data Services
Technical Support Engineers (Market Data Ser.) 45,000 90,000 3,000 15,000
Market Data Analyst/Administrator 45,000 70,000 3,000 14,000
Networks
Network Support Engineer 28,000 60,000 3,000 15,000
Network Implementation Engineer 45,000 80,000 3,000 15,000
Firewall Engineer 45,000 90,000 3,000 15,000
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Investment Banking
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Testing
Test Manager 60,000 105,000 0 10,000
Test Team Lead 60,000 110,000 0 10,000
Test Analyst 40,000 65,000 0 10,000
Development Managers
Programme Manager 70,000 150,000 0 70,000
Strategic Development Manager 70,000 110,000 0 15,000
Tactical Development Manager 80,000 120,000 0 15,000
PMO Manager 70,000 100,000 0 10,000
Outsource Project Manager 75,000 95,000 0 20,000
Infrastructure Project Manager 50,000 90,000 0 15,000
Project Administrator/Co-ordinator 40,000 75,000 0 15,000
Messaging Analyst (Swift, Crest)
Messaging Technical Support Analyst 40,000 55,000 0 5,000
Messaging Analyst 40,000 55,000 0 5,000
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Management
Contract
Job Title Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Development
Java/Database - Front Office 475 525 575
Java/Database - Middle/Back Office 450 500 550
Java Messaging Developer 450 475 500
Java GUI/SWING 450 475 500
VBA Developer - Middle/Back Office 400 450 500
Excel/Access VBA RAD - Front Office 450 500 550
C++/NT/COM/DCOM - Front Office 500 550 600
C++/NT/COM/DCOM - Middle/Back Office 425 450 500
Quantitative Developer 550 600 650
C++/Unix Developer 400 450 500
C#/.NET/Winforms - Front Office 500 550 600
C#/.NET/Winforms - Middle/Back Office 450 500 550
Databases (DBA/Dev)
Sybase DBA 400 450 500
Oracle DBA 400 450 500
SQL-Server DBA 400 450 500
Oracle Developer 450 500 550
Sybase Developer 450 500 550
SQL Developer 450 500 550
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Management
Contract
Job Title Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Systems Administrators/Engineers
SUN Solaris 350 400 500
HP-UX 350 400 500
AIX 350 400 500
Microsoft Windows 350 400 500
LINUX 350 400 500
Business Analysts
Non Technical Front Office 500 575 650
Non Technical Middle/Back Office 450 525 600
Non Technical (no specific product knowledge) 400 500 600
Technical with Front Office 550 600 650
Technical with Middle/Back Office 500 550 600
Technical (no specific product knowledge) 450 500 550
Tester/Business Analyst 400 500 550
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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Investment Management
Contract
Job Title Basic(£ pd)
Intermediate(£ pd)
Expert(£ pd)
Support
Voice Support 330 385 440
Trade Floor Support 220 275 350
Desktop Support 220 250 300
Web Systems Engineer 330 385 440
Application Packaging Engineer 330 385 440
Web Packaging Engineer 330 385 440
Citrix Support 330 385 440
Systems Support Analyst 325 350 400
Exchange Connectivity 330 400 460
Openlink 500 600 700
Front Office Applications Support 450 500 550
Back Office Applications Support 400 450 500
Support Manager 475 500 550
Market Data Services
Technical Support Engineers (Market Data Ser.) 350 400 500
Market Data Analyst/Administrator 330 400 475
Operations
Unix/Netcool/Tivoli Operator 385 400 450
Datacentre Operations Analyst 225 250 275
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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Investment Management
Contract
Job Title Basic(£ pd)
Intermediate (£ pd)
Expert (£ pd)
Networks
Network Support Engineer 385 440 495
Network Implementation Engineer 385 440 495
Firewall Engineer 385 440 495
Third Party Applications (e.g. Charles River, CADIS, thinkFolio)
Implementation 550 650 750
Development 550 650 750
Support 500 575 650
Storage
Storage Manager 400 450 500
Storage Specialist (TSM, EMC) 415 470 525
Storage - Support Engineer 415 470 525
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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Investment Management
Contract
Job Title Basic (£ pd)
Intermediate (£ pd)
Expert(£ pd)
Testing
Test Manager 500 600 650
Test Team Lead 475 500 550
Test Analyst 350 400 450
Project/Development Managers
Programme Manager 650 715 825
Strategic Development Manager 580 635 690
Tactical Development Manager 585 640 695
PMO Manager 500 550 600
Project Manager (with Front Office product knowledge) 600 700 750
Project Manager (with Middle/Back Office knowledge) 605 660 715
Project Manager (with no specific product knowledge) 550 600 650
Outsource Project Manager 550 600 650
Messaging Analyst (Swift, Crest)
Messaging Technical Support Analyst 330 385 440
Messaging Analyst 330 385 440
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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Investment Management
Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Development
Java/Database - Front Office 60,000 100,000 0 50,000
Java/Database - Middle/Back Office 44,000 80,000 0 40,000
Java Messaging Developer 55,000 100,000 0 50,000
Java GUI/SWING 55,000 110,000 0 55,000
VBA Developer - Middle/Back Office 40,000 65,000 0 6,500
Excel/Access VBA RAD - Front Office 60,000 95,000 0 9,500
C++/NT/COM/DCOM - Front Office 60,000 100,000 0 100,000
C++/NT/COM/DCOM - Middle/Back Office 44,000 80,000 0 15,000
Quantitative Developer 60,000 100,000 0 100,000
C++/Unix Developer 60,000 100,000 0 100,000
C#/.NET/Winforms - Front Office 60,000 100,000 0 20,000
C#/.NET/Winforms - Middle/Back Office 44,000 80,000 0 8,000
Python/Scala and OOA/D Languages 65,000 100,000 0 50,000
Databases (DBA/Dev)
Sybase DBA 45,000 85,000 0 8,500
Oracle DBA 45,000 85,000 0 8,500
SQL-Server DBA 45,000 85,000 0 8,500
Oracle Developer 45,000 85,000 0 8,500
Sybase Developer 45,000 85,000 0 8,500
SQL Developer 45,000 85,000 0 8,500
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Please note that the bonuses in hedge funds are generally uncapped, however we have provided an average upper limit to give greater insight .
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Investment Management
Permanent
Job Title Base Min(£)
Base Max(£)
Bonus Min(£)
Bonus Max(£)
Systems Administrators/Engineers
SUN Solaris 44,000 85,000 0 11,500
HP-UX 44,000 85,000 0 11,500
AIX 44,000 85,000 0 11,500
Microsoft Windows 44,000 85,000 0 11,500
LINUX 44,000 85,000 0 11,500
Business Analysts/Project Managers
Junior BA/PM’s 30,000 45,000 0 13,000
Mid level BA/PM’s 45,000 70,000 0 18,000
Senior BA/PM’s 70,000 100,000 0 25,000
Technology Risk Management (TRM)
Problem/Change Manager 50,000 90,000 0 15,000
Global Incident Response Analyst 45,000 80,000 0 15,000
General IT Security/Network Security Engineer 40,000 85,000 0 8,500
Security Policy & Risk Management 50,000 90,000 0 15,000
Security Project/Programme Manager 55,000 95,000 0 18,000
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Astbury Marsden Salary Benchmarking 2013: Technology
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Investment Management
Permanent
Job Title Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max(£)
Support
Voice Support 30,000 60,000 3,000 11,500
Trade Floor Support 35,000 60,000 3,000 11,500
Desktop Support 30,000 55,000 3,000 8,500
Web Systems Engineer 40,000 70,000 3,000 11,500
Application Packaging Engineer 40,000 70,000 3,000 11,500
Web Packaging Engineer 40,000 70,000 3,000 11,500
Citrix Support 35,000 65,000 3,000 10,500
Systems Support Analyst 40,000 70,000 3,000 11,000
Exchange Connectivity 45,000 75,000 5,000 11,000
Openlink 50,000 85,000 8,000 12,500
Front Office Applications Support 45,000 80,000 5,000 12,000
Back Office Applications Support 40,000 60,000 3,000 9,000
Support Manager 65,000 100,000 8,000 15,000
Networks
Network Support Engineer 40,000 70,000 3,000 11,000
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
Astbury Marsden Salary Benchmarking 2013: Technology
57
Investment Management
Permanent
Job Title Base Min (£)
Base Max(£)
Bonus Min (£)
Bonus Max (£)
Testing
Test Manager 65,000 105,000 0 10,500
Test Team Lead 55,000 90,000 0 9,000
Test Analyst 45,000 77,000 0 9,000
Development Managers
Programme Manager 85,000 120,000 0 24,000
Strategic Development Manager 85,000 120,000 0 20,000
Tactical Development Manager 85,000 120,000 0 20,000
PMO Manager 75,000 95,000 0 19,000
Outsource Project Manager 75,000 95,000 0 19,000
Infrastructure Project Manager 50,000 95,000 0 19,000
Project Administrator/Co-ordinator 43,000 55,000 0 11,000
Messaging Analyst (Swift, Crest)
Messaging Technical Support Analyst 43,000 55,000 0 5,500
Messaging Analyst 43,000 55,000 0 5,500
Investment management includes wealth management, asset management, investment management, pension and hedge funds.
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Astbury Marsden is an international recruitment firm focussed on banking, financial services and management consulting.
Our success is based on acquiring a special understanding of the markets in which we operate. We take this in its broadest sense, encompassing understanding and empathy with our clients and candidates, and also a broad knowledge of the working environment.
We are always adding to that knowledge and experience; in the process we are building up a unique picture of all the components of the working lives of our clients and candidates and their world .
The result is that we are more successful at attracting talent, and better able to recognise opportunities for clients.
Ours is a dual customer focus. A shared agenda if you like.
The duality of the client-candidate relationship makes recruitment in the mid to senior-level world of international finance, consulting and strategy more human than one might otherwise think .
It demands more than an appreciation of the skills or experience required to fulfil a role. It is quite unlike the volume recruitment business, which is widely held to be something of a numbers game. We look beyond the idea of recruitment for a post, thinking about how individuals could develop in a role or a team, fulfilling the longer-term needs of the business and the career goals of the individual.
To achieve the necessary understanding, some of our people are drawn from the industries to which we recruit, others have made those industries their particular focus. Our expansion into the Far East adds an international perspective to our work and serves to broaden the outlook and experience of our teams.
Keeping to a particular field means, over time, we have acquired a depth of knowledge and experience, to create a unique understanding of our markets, of the people in them, and ‘the life’ they lead. To find out more, visit www.astburymarsden.com
London
Jonathan Nicholson60 New Broad Street, London EC2M 1JJ+44 (0)20 7065 [email protected]
Hong Kong
Paul Evans2502, OVEST, 77 Wing Lok St, Sheung Wan, Hong Kong+852 3971 [email protected]
Singapore
Mark O’ReillySingapore Land Tower, 37th Floor50 Raffles Place, Singapore 048623+65 6829 [email protected]
Strategy ConsultingOverviewAbout Astbury Marsden