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2012 SALARY GUIDE
LONDON
TABLE OF CONTENTS INTRODUCTION
1
ABOUT HUDSON BANKING & FINANCIAL SERVICES
2
MARKET OVERVIEW FOR 2012
3
SALARY TABLES
COMPLIANCE
FINANCE
10
IT
16
OPERATIONS
26
PROJECTS & CHANGE MANAGEMENT
29
RISK
31
TREASURY
37
OUR OFFICES
6
39
INTRODUCTION
Welcome to the Hudson Banking & Financial Services Salary Guide for 2012. In this year’s edition we discuss salaries and benefits in 2011 and recruitment trends for the sector in 2012. The guide will show you how salaries have fluctuated across the financial services industry with market overviews and salary information for each major specialist area. The salary data has been researched thoroughly by our consultants, and is based on candidates’ disclosure of salaries, advertised salaries and job offers by clients. They also take into account current market conditions and forecasts. As we work with many of the UK’s leading financial services firms, we are able to forecast how remuneration packages for professionals in the sector will look in the coming months. It is important to note that salaries are influenced by company size, location, sector, hiring profile and benefits packages – this is in addition to qualifications, skills, experience and job remit. We haven’t been able to accommodate all of these variables in the figures presented, therefore please use this publication as a guide to current salaries only. If you’d like to speak to us about what you’ve read in this booklet or have a general enquiry regarding recruitment or careers in financial services, please do not hesitate to get in touch. You’ll find our contact details on the back page of this guide. We look forward to hearing from you.
Mike Game CEO, Hudson Europe LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
1
ABOUT HUDSON BANKING & FINANCIAL SERVICES HUDSON IS A LEADING
We boast a highly successful track record
Our specialist areas of expertise across
PROVIDER OF SPECIALISED
of working in partnership with many of
financial services are:
RECRUITMENT FOR
the world’s leading investment banks,
PERMANENT AND CONTRACT
asset managers, brokers and financial
|| Advisory & Investment
PROFESSIONALS,
services firms.
|| Compliance || Finance
RECRUITMENT OUTSOURCING AND TALENT MANAGEMENT
Our global presence, spanning across 20
|| HR
SOLUTIONS WORLDWIDE. THE
countries, helps to connect hundreds of
|| IT
HUDSON BANKING &
professionals to career opportunities in
|| Legal
FINANCIAL SERVICES TEAM
Europe, Middle East, North America,
|| Marketing & Communications
SPECIALISE IN THE PROVISION
Australia, New Zealand and Asia each
|| Operations
AND RETENTION OF THE MOST
year.
|| Procurement || Risk
INNOVATIVE AND TALENTED PROFESSIONALS ACROSS
Our approach to recruitment is multi-
|| Sales
FRONT, MIDDLE AND BACK
faceted with search and networking at its
|| Treasury
OFFICE.
core. We have a team of consultants across the UK and Ireland who have an in-depth knowledge and understanding of the sector.
2
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
MARKET OVERVIEW FOR 2012 It was a positive start to 2011 as the
While 2012 promises to be tight, there
As always, running a smooth recruitment
economy continued to demonstrate an
will still be a need for key hires in certain
process will be a key differentiator in
appetite for growth, with organisations
areas (e.g. change, compliance, risk and
attracting and hiring the right candidates.
investing in people, projects and
treasury) – a result of the weight of
Although the availability of candidates is
development. There was significant media
regulatory reform, which will not ease for
likely to rise year on year, there will be
attention on bonus payments and reform
some years. The reforms will inevitably
common needs across financial services
within the banking sector, but still an air
force companies to become better
organisations. So to ensure recruitment is
of optimism, which filtered through to
capitalised. They will also have no choice
successful, organisations will need to
hiring plans and growth for most of our
but to erect risk-mitigating structures to
understand their teams’ needs from a
clients. However, confidence deteriorated
ensure their entire lines of liquidity cannot
competency perspective as well as the
as the year progressed and the issues in
dry up overnight. One thing is certain:
technical skills they require. Once these
Europe magnified, and towards the close
uncertainty. Many people have opinions
needs are established, measuring and
of the year there were job losses, hiring
on how the year will look, but a prevailing
assessing them consistently will be a key
freezes and companies scrutinising their
view has not emerged. It is expected that
factor in making the right hiring choices.
budgets for 2012.
the biggest demand in recruitment will be for people who can reduce the
Overall, 2011 was similar to 2010 in that
uncertainty, and for those who can clearly
much of the permanent hiring took place
demonstrate the value of their
in the first half of the year, when
contribution. However, considering most
organisations clearly understood the
organisations are carrying out relatively
need to attract the right talent. Looking
similar work and budgets are guaranteed
forward to 2012, we foresee a year where
in some areas, many financial
retaining this key talent will be a key
professionals will be happy to stay in their
priority. We anticipate a greater
current role unless there are significant
availability of candidates during this year,
incentives to move.
but when managers are in a position to hire, the pressure to get this right will be significant.
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
3
SALARY TABLES
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
5
COMPLIANCE More than three years have passed since
Recruitment in the compliance industry
In London, the average increase in salary
the demise of Lehman Brothers and the
grew through the early months of 2010
across the compliance industry was at 9
crisis that engulfed the global financial
and continued in this vein throughout the
per cent in 2009, 15 per cent in 2010,
market. This has resulted in financial and
year. The demand for experienced and
and 20 to 22 per cent in 2011. As the
political bodies taking a far stricter view
specialist compliance personnel is now
industry is experiencing a limited pool of
on regulation in the banking and financial
exceeding pre-recession levels, which is
specialist candidates, good candidates
services sector.
the result of the revised regulatory
can expect to receive multiple offers from
overview of the FSA and new and
prospective employers and strong
The focus has now changed from a
increased UK and EU regulation. There
counter offers from existing employers.
political perspective. The Government
has been a significant increase in the
The increase in bonus guarantees has
needs to be seen to be acting in the best
number of specialist compliance staff
also risen sharply for senior individuals.
interests of the country, ensuring financial
coming into the market to meet the
institutions are fully equipped to
required resources for regulation and
withstand future financial strain and
brand new teams are being created
uncertainty. As the Government and
across a variety of areas. The increasing
politicians have changed, the major part
demand for specialist skills has had a
of this rebuilding has been left to
knock-on effect on salaries. Attracting
regulators. Governing bodies are insisting
top talent for key compliance functions
on greater capital requirements within the
now requires remuneration above the
banks; and, while regulators may not fully
typical market rate.
understand the risks involved, they are able to regulate policies, procedures and daily activities to ensure a more structured and transparent industry. This new focus on regulation and governance has resulted in a greater need for experienced compliance professionals.
6
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
COMPLIANCE ANALYST
AVP
VP
DIRECTOR
PERMANENT (£ PER ANNUM) INVESTMENT BANKING Global Head Of Compliance / Country Compliance Officer
n / a
n / a
n / a
160,000 - 200,000 +
CF10
n / a
n / a
n / a
80,000 - 150,000 +
CF11 / MLRO
n / a
n / a
n / a
80,000 - 150,000 +
Deputy MLRO
n / a
n / a
n / a
75,000 - 110,000 +
Deputy Head Of Compliance
n / a
n / a
n / a
75,000 - 110,000 +
Compliance Manager
n / a
50,000 - 60,000
65,000 - 75,000
75,000 - 85,000
AML Manager
n / a
50,000 - 60,000
65,000 - 75,000
75,000 - 85,000
AML Monitoring
35,000 - 40,000
45,000 - 55,000
55,000 - 60,000
65,000 - 75,000 +
KYC / On-Boarding
30,000 - 40,000
40,000 - 50,000
50,000 - 55,000
60,000 - 70,000 +
Reviews
40,000 - 45,000
45,000 - 60,000
60,000 - 80,000
80,000 - 95,000 +
Surveillance
35,000 - 45,000
45,000 - 55,000
55,000 - 65,000
65,000 - 75,000 +
Control Room
35,000 - 45,000
50,000 - 70,000
70,000 - 85,000
85,000 - 120,000 +
Advisory (Sales & Trading)
50,000 - 60,000
60,000 - 70,000
70,000 - 85,000
90,000 - 130,000 +
Advisory (IBD)
45,000 - 55,000
55,000 - 65,000
65,000 - 85,000
90,000 - 125,000 +
Financial Promotions
25,000 - 35,000
35,000 - 45,000
45,000 - 55,000
60,000 - 80,000
Training & Competence
25,000 - 35,000
35,000 - 45,000
45,000 - 55,000
60,000 - 80,000
Disclosures
35,000 - 45,000
50,000 - 60,000
60,000 - 80,000
80,000 - 100,000
n / a
n / a
n / a
75,000 - 100,000 +
Regulatory Affairs / Policy
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
7
COMPLIANCE ANALYST
AVP
VP
DIRECTOR
PERMANENT (£ PER ANNUM) ASSET MANAGEMENT, HEDGE FUNDS, PRIVATE EQUITY & BROKERAGE CF10
n / a
n / a
n / a
75,000 - 100,000 +
CF11
n / a
n / a
n / a
75,000 - 100,000 +
Deputy MLRO
n / a
n / a
n / a
65,000 - 90,000 +
Deputy Head Of Compliance
n / a
n / a
n / a
65,000 - 90,000 +
Compliance Generalist
35,000 - 45,000
45,000 - 50,000
50,000 - 60,000
70,000 - 85,000
Guideline Monitoring
35,000 - 45,000
45,000 - 50,000
50,000 - 60,000
65,000 +
Compliance Monitoring
35,000 - 45,000
45,000 - 50,000
50,000 - 65,000
65,000 - 80,000 +
Distributions / Financial Promotions
35,000 - 45,000
45,000 - 50,000
50,000 - 60,000
60,000 - 80,000 +
ANALYST
AVP
VP
DIRECTOR
COMPLIANCE CONTRACT / TEMPORARY (£ PER DAY) INVESTMENT BANKING Global Head Of Compliance / Country Compliance Officer
n / a
n / a
n / a
1,500 - 2,000 +
CF10
n / a
n / a
n / a
800 - 1,200 +
CF11 / MLRO
n / a
n / a
n / a
800 - 1,200 +
Deputy MLRO
n / a
n / a
n / a
650 - 1,000 +
Deputy Head Of Compliance
n / a
n / a
n / a
650 - 1,000 +
Compliance Manager
n / a
250 - 300
300 - 450
450 - 650
AML Manager
n / a
250 - 300
300 - 450
450 - 650
8
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
COMPLIANCE ANALYST
AVP
VP
DIRECTOR
CONTRACT / TEMPORARY (£ PER DAY) AML Monitoring
150 - 200
200 - 300
300 - 400
400 - 450 +
KYC / On-Boarding
120 - 150
150 - 250
250 - 350
350 - 400 +
Reviews
200 - 250
250 - 350
350 - 450
450 - 550 +
Surveillance
150 - 200
200 - 300
300 - 400
400 - 500 +
Control Room
150 - 200
200 - 300
300 - 400
400 - 600 +
Advisory (Sales & Trading)
250 - 300
300 - 400
400 - 500
500 - 650 +
Advisory (IBD)
250 - 300
300 - 400
400 - 500
500 - 650 +
Financial Promotions
120 - 150
150 - 200
200 - 250
300 - 400
Training & Competence
120 - 150
150 - 200
200 - 250
300 - 400
Disclosures
150 - 200
200 - 300
300 - 400
450 - 500
n / a
n / a
n / a
400 - 600 +
Regulatory Affairs / Policy
ASSET MANAGEMENT, HEDGE FUNDS, PRIVATE EQUITY & BROKERAGE CF10
n / a
n / a
n / a
450 - 600 +
CF11
n / a
n / a
n / a
450 - 600 +
Deputy MLRO
n / a
n / a
n / a
300 - 500 +
Deputy Head Of Compliance
n / a
n / a
n / a
300 - 500 +
Compliance Generalist
150 - 200
200 - 250
250 - 300
350 - 500
Guideline Monitoring
150 - 200
200 - 250
250 - 300
320 - 400
Compliance Monitoring
150 - 200
200 - 250
250 - 300
320 - 400 +
Distributions / Financial Promotions
120 - 150
150 - 200
200 - 300
300 - 450
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
9
FINANCE After a steady year of recruitment in
Despite the decreased level of
There was greater demand for financial
2010, hiring levels in 2011 for the London
recruitment, candidates that moved into a
controllers in 2011 than in previous years
market were somewhat unpredictable for
new job expected a minimum 10 per cent
and an increased call for management
the finance sector.
pay rise. This reflected increased
accountants who could drive businesses
competition for technical accountants
forward. Also sought after and in short
The first half of the year was reasonably
with banking experience, rises in staff
supply were technical accountants with
stable. Client activity focused on senior
turnover, and small opportunities for
strong International Financial Reporting
level accountants, but the recruitment of
growth, expansion and investment hiring.
Standards (IFRS) and International
personnel from the newly qualified to 2-3
There was also a restructuring of
Accounting Standards (IAS) experience,
years’ post qualified experience (PQE)
compensation packages, which meant
primarily as growing organisations
bracket was significantly lower. The
less of an emphasis on bonuses and
focused on contractors with core
demand for these candidates fell further
ultimately less of a motivation for
technical accounting skills. The employers
still as the year progressed. There was
employees to make a move to another
with competitive and attractive
increased competition to retain and
employer. Culture and work-life balance
compensation packages were able to
secure key talent. As a result counter-
are now increasingly important factors for
secure the best technical professionals.
offers became more common from
candidates considering a move.
Regulatory reporting experience was also
current employers. In such a competitive
in high demand, corresponding to new
marketplace, the businesses that secured
FSA and compliance related
the best people were typically those that
requirements that led to ledger
could be flexible on salaries, and those
implementations and alterations to
that sold the benefits of new jobs most
improve the accuracy of reporting.
effectively. Companies employing multiple interview phases that ran over a long period of time invariably missed out on their first choice candidates, while those that moved quickly did not.
10
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
In the second half of the year, there was a
In alternative investment firms, the year
We have seen steady demand for
decline in the recruitment of both newly
started positively and there was a
experienced fund accountants,
qualified and senior hires; and an
renewed sense of urgency to fill allocated
candidates with good regulatory reporting
increased pressure on cost led to heavy
headcount. It was a challenging year
experience and proven finance directors.
‘off-shoring’ and a waning demand for
overall as a flight to safety created a
Candidates moving to another company
recruitment altogether. Hiring freezes or
downward pressure on Assets Under
could expect a pay increase of
pauses were a common response to
Management (AUM), causing companies
approximately 10 per cent, depending on
market uncertainty, cost saving and the
to consider their overheads and back-
how critical the hire was, but bonus
Eurozone crisis – particularly for
office staffing levels. The increase in
percentages largely stayed level with the
investment banks. Banks were still
market confidence we expected at the
previous year.
recruiting in some areas, but it was
beginning of the year did not materialise
increasingly difficult to find people for
and we saw decreased recruitment and
With the markets in apparent turmoil and
senior roles (e.g. managers, directors and
an increase in headcount freezes and
a continuing Eurozone crisis, we expect
vice presidents). These candidates were
reviews, especially during the second half
recruitment levels to be low in 2012 –
waiting on bonuses, due at the end of the
of the year. Cost-saving and company
especially in H1 – and also for businesses
year, which meant employers were also
restructuring have become common
to focus on replacement hires rather than
holding off for 2012, when it was
practice and in the second half of the
growth. Employers will be focused on
expected that the candidate pool would
year recruitment was limited to business-
strategic hiring and it is likely that they
open up again. During the last months of
critical hires rather than led by organic
will be looking for technical accountants,
the year, employers spent the majority of
growth.
internal auditors and regulatory reporting
their recruitment budgets on hires that
specialists, though recruitment will only
were considered critical to the business.
materialise once the markets are stable
Ironically, most of these ‘critical’ hires
and firms feel that they are strong
were at a senior level – the candidates
enough to build on their current teams.
that were holding out for bonuses – which created a complex cycle.
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
11
FINANCE NEWLY QUALIFIED
ASSOCIATE
AVP
VP
DIRECTOR
PERMANENT (£ PER ANNUM) FINANCIAL SERVICES Management Reporting
45,000 - 55,000
52,000 - 60,000
60,000 - 75,000
70,000 - 95,000
95,000 +
Management Accounting
45,000 - 55,000
52,000 - 60,000
60,000 - 75,000
70,000 - 95,000
95,000 +
Cost Accountant
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
Finance Business Partner
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
FP&A
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
Project / Business Analyst
45,000 - 55,000
50,000 - 60,000
55,000 - 75,000
70,000 - 100,000
100,000 +
Fund Accounting
42,000 - 50,000
48,000 - 55,000
50,000 - 65,000
65,000 - 90,000
90,000 +
Financial Control
50,000 - 60,000
55,000 - 65,000
65,000 - 75,000
70,000 - 110,000
100,000 +
Financial Reporting
45,000 - 55,000
52,000 - 60,000
60,000 - 70,000
70,000 - 90,000
90,000 +
Project Accountant
52,000 - 60,000
55,000 - 66,000
67,000 - 80,000
75,000 - 105,000
100,000 +
Group Accountant
50,000 - 58,000
55,000 - 68,000
70,000 - 85,000
85,000 - 110,000
100,000 +
Finance Manager
50,000 - 58,000
55,000 - 68,000
70,000 - 85,000
85,000 - 110,000
100,000 +
Regulatory Reporting / Accounting
45,000 - 60,000
55,000 - 65,000
60,000 - 75,000
70,000 - 100,000
100,000 +
Regulatory Policy
52,000 - 60,000
55,000 - 66,000
67,000 - 80,000
75,000 - 105,000
100,000 +
Product Control
50,000 - 60,000
55,000 - 65,000
60,000 - 75,000
70,000 - 100,000
100,000 +
Valuations
52,000 - 60,000
58,000 - 68,000
65,000 - 80,000
80,000 - 95,000
105,000 +
12
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
FINANCE NEWLY QUALIFIED
ASSOCIATE
AVP
VP
DIRECTOR
PERMANENT (£ PER ANNUM) INVESTMENT BANKING Management Reporting
50,000 - 60,000
55,000 - 65,000
65,000 - 75,000
80,000 - 95,000
100,000 +
Management Accounting
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
Cost Accountant
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
Finance Business Partner
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
FP&A
50,000 - 58,000
55,000 - 65,000
66,000 - 80,000
80,000 - 100,000
105,000 +
Project / Business Analyst
52,000 - 60,000
55,000 - 65,000
66,000 - 80,000
85,000 - 105,000
110,000 +
Fund Accounting
50,000 - 58,000
58,000 - 66,000
67,000 - 80,000
85,000 - 100,000
100,000 +
Financial Control
50,000 - 58,000
55,000 - 68,000
70,000 - 85,000
85,000 - 110,000
100,000 +
Financial Reporting
52,000 - 60,000
55,000 - 66,000
67,000 - 80,000
75,000 - 105,000
100,000 +
Project Accountant
52,000 - 60,000
55,000 - 66,000
67,000 - 80,000
75,000 - 105,000
100,000 +
Group Accountant
50,000 - 58,000
55,000 - 68,000
70,000 - 85,000
85,000 - 110,000
100,000 +
Finance Manager
50,000 - 58,000
55,000 - 68,000
70,000 - 85,000
85,000 - 110,000
100,000 +
Regulatory Reporting / Accounting
52,000 - 60,000
55,000 - 66,000
67,000 - 80,000
75,000 - 105,000
100,000 +
Regulatory Policy
52,000 - 60,000
55,000 - 66,000
67,000 - 80,000
75,000 - 105,000
100,000 +
Product Control
52,000 - 60,000
58,000 - 68,000
65,000 - 80,000
80,000 - 95,000
105,000 +
Valuations
52,000 - 60,000
58,000 - 68,000
65,000 - 80,000
80,000 - 95,000
105,000 +
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
13
FINANCE NEWLY QUALIFIED
ASSOCIATE
AVP
VP
DIRECTOR
CONTRACT / TEMPORARY (£ PER DAY) FINANCIAL SERVICES Management Reporting
140 - 240
225 - 425
350 - 500
450 - 600
550 +
Management Accounting
140 - 230
225 - 425
350 - 500
450 - 600
550 +
Cost Accountant
140 - 230
225 - 425
350 - 500
450 - 600
550 +
Finance Business Partner
140 - 230
225 - 425
350 - 500
450 - 600
550 +
FP&A
140 - 230
225 - 425
350 - 500
450 - 600
550 +
Project / Business Analyst
140 - 240
225 - 450
350 - 550
450 - 650
600 +
Fund Accounting
140 - 230
225 - 400
300 - 475
400 - 550
500 +
Financial Control
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Financial Reporting
140 - 240
225 - 425
350 - 500
450 - 600
550 +
Project Accountant
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Group Accountant
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Finance Manager
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Regulatory Reporting / Accounting
140 - 240
225 - 450
350 - 500
450 - 600
600 +
Regulatory Policy
140 - 240
225 - 450
350 - 500
450 - 600
600 +
Product Control
140 - 230
225 - 425
350 - 500
450 - 600
600 +
Valuations
140 - 230
225 - 425
350 - 500
450 - 600
600 +
14
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
FINANCE NEWLY QUALIFIED
ASSOCIATE
AVP
VP
DIRECTOR
CONTRACT / TEMPORARY (£ PER DAY) INVESTMENT BANKING Management Reporting
140 - 240
225 - 425
350 - 500
450 - 600
550 +
Management Accounting
140 - 230
225 - 425
350 - 500
450 - 600
550 +
Cost Accountant
140 - 230
225 - 425
350 - 500
450 - 600
550 +
Finance Business Partner
140 - 230
225 - 425
350 - 500
450 - 600
550 +
FP&A
140 - 230
225 - 425
350 - 500
450 - 600
550 +
Project / Business Analyst
140 - 240
225 - 450
350 - 550
450 - 650
600 +
Fund Accounting
140 - 230
225 - 400
300 - 475
400 - 550
500 +
Financial Control
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Financial Reporting
140 - 240
225 - 425
350 - 500
450 - 600
550 +
Project Accountant
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Group Accountant
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Finance Manager
140 - 240
225 - 425
350 - 500
450 - 600
600 +
Regulatory Reporting / Accounting
140 - 240
225 - 450
350 - 500
450 - 600
600 +
Regulatory Policy
140 - 240
225 - 450
350 - 500
450 - 600
600 +
Product Control
140 - 230
225 - 425
350 - 500
450 - 600
600 +
Valuations
140 - 230
225 - 425
350 - 500
450 - 600
600 +
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
15
IT Activity across the sector was very similar
Across infrastructure and support there
In summary, we do not expect recruitment
to that of 2010: in the first half of 2011
were elevated levels of recruitment
levels to be as buoyant in 2012 as they
hiring and competition levels were strong;
around cloud computing and grid
were in 2011. There will be areas of
but in the second half these levels
initiatives. Outside this, there was
growth and ongoing investment, but this
reduced, and there was less movement
significant competition in front office
will come with the pressure to ensure
from the candidate community due to the
application support, Direct Market Access
recruitment decisions demonstrate a
uncertainty in the economy and well-
(DMA) and for professionals with core
tangible return on investment. Our
publicised cost cutting measures that
competencies relating to minimising
recommendation to all clients is to run an
came into effect.
latency (outside of core decision-making
efficient recruitment process and to make
systems).
sure that all those who are involved in
However the technology world continues
recruitment processes can effectively
to attract talent. This is particularly true of
Project work remained buoyant for most
articulate the opportunities on offer to
financial services, where ongoing
of 2011, which was good news for
candidates. There will be a plentiful
investment in IT remains critical to the
business analysts, project managers and
supply of candidates in the early stages
success of a business and is seen as a
business transformation professionals.
of the year, but with this there will be a
key differentiator. IT staff are clearly
The split between permanent hires and
greater level of choice. Organisations and
valued by their employers and the user
contractors was quite even, as it was in
interviewers who impress candidates in
communities – for the impact they can
2010, but there was less of a push to hire
all areas of the interview process –
make in improving what is already in place
contractors in the second half of 2011, in
including the basic elements of
and for their ability to translate key
line with budget and project reviews.
assessments – stand the greatest chance
business drivers into strategic solutions.
of hiring the people they want.
Indeed, the candidates that demonstrate
Retaining existing talent will be important
technical proficiency and a thirst for
in 2012. We expect to see a greater
solving business problems will be at the
pressure to ensure every pound is well
heart of the ‘war for talent’ in 2012.
spent, as well as the need to balance the requirements of the business with tighter
In broad terms, the demand for strong
budgets. Clients will have high
candidates in application development
expectations when hiring and should
was typically high, particularly within FX,
ensure they have rigorous recruitment
equities (including derivatives) and risk
processes, including sound competency-
(significantly in counterpart exposure
based assessments. The competency
management). Some institutions hired
profile fit of a candidate will be as
heavily in development roles to build
important as his or her technical skills,
greater cross-asset class systems, and by
and getting hiring right will ensure new
the midpoint of the year clients were
additions are a sound investment.
beginning to look for talented individuals outside the industry.
16
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
PERMANENT (£ PER ANNUM) Application Packaging Engineer
30,000
40,000
40,000
60,000
60,000
80,000
Application Support (back office)
30,000
40,000
40,000
60,000
60,000
80,000
Application Support (front / middle office)
35,000
45,000
45,000
65,000
65,000
90,000
Application Support (front office, incl. Greeks, Monte Carlo, Black Scholes etc.)
45,000
55,000
55,000
75,000
75,000
100,000
AS400 / RPG400 Developer
35,000
45,000
45,000
60,000
60,000
80,000
BI Developer
40,000
50,000
50,000
75,000
75,000
95,000
Business Analyst (IT)
35,000
45,000
45,000
80,000
80,000
100,000
Citrix Administrator
30,000
35,000
35,000
55,000
55,000
80,000
Citrix Engineer
35,000
45,000
45,000
65,000
65,000
90,000
Cognos Developer (plus other industry standard reporting tools)
35,000
45,000
45,000
75,000
75,000
100,000
Cognos Support (plus other industry standard reporting tools)
30,000
40,000
40,000
65,000
65,000
80,000
Database DBA
35,000
45,000
45,000
70,000
70,000
95,000
Database Designer / Modeller
35,000
45,000
45,000
75,000
75,000
100,000
Database Developer
35,000
45,000
45,000
75,000
75,000
100,000
Datacentre Analyst
25,000
35,000
35,000
60,000
60,000
80,000
Datacentre Manager
50,000
60,000
60,000
80,000
80,000
120,000
Desktop Support
25,000
35,000
35,000
60,000
60,000
75,000
ETL Developer
35,000
45,000
45,000
75,000
75,000
100,000
Exchange / ISV Connectivity Analyst
30,000
40,000
40,000
75,000
75,000
100,000
Firewall Engineer
30,000
40,000
40,000
70,000
70,000
90,000
Information Architect
45,000
55,000
55,000
80,000
80,000
110,000
IT Auditor
30,000
40,000
40,000
65,000
65,000
85,000
IT Author
30,000
40,000
40,000
60,000
60,000
75,000
IT Facilities Manager
45,000
55,000
55,000
70,000
70,000
100,000
IT Shift Operator (incl. shift allowance)
25,000
35,000
35,000
50,000
50,000
60,000
Lotus Notes / Domino Support Analyst
30,000
40,000
40,000
65,000
65,000
85,000
Mainframe Developer (Cobol)
30,000
40,000
40,000
65,000
65,000
85,000
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
17
INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
PERMANENT (£ PER ANNUM) Market Data Support Engineer
35,000
45,000
45,000
80,000
80,000
110,000
Messaging Administrator (SWIFT / Websphere etc.)
30,000
40,000
40,000
75,000
75,000
95,000
Microsoft Exchange / OCS Administrator
30,000
40,000
40,000
75,000
75,000
95,000
Network / Security Engineer
35,000
45,000
45,000
75,000
75,000
100,000
Perl Developer
30,000
40,000
40,000
75,000
75,000
95,000
Powerbuilder / UNIX / Sybase / SQL Developer
35,000
45,000
45,000
75,000
75,000
95,000
Programme / Global Production Manager (IT)
70,000
80,000
80,000
85,000
85,000
120,000
Project Coordinator (IT)
25,000
35,000
35,000
60,000
60,000
75,000
Project Manager (IT)
45,000
55,000
55,000
75,000
75,000
110,000
SAP Specialist
35,000
45,000
45,000
75,000
75,000
110,000
Security Administrator
25,000
35,000
35,000
55,000
55,000
70,000
Security Analyst
30,000
40,000
40,000
60,000
60,000
80,000
Security Consultant
45,000
55,000
55,000
75,000
75,000
110,000
Service Desk Analyst
25,000
35,000
35,000
50,000
50,000
65,000
Service Management Analyst (Problem / Incident / Change etc.)
30,000
40,000
40,000
60,000
60,000
75,000
SharePoint Developer
30,000
40,000
40,000
65,000
65,000
85,000
Storage Administrator
30,000
30,000
30,000
65,000
65,000
90,000
Storage Engineer
35,000
45,000
45,000
75,000
75,000
100,000
Summit / Fidessa / Calypso / Murex etc. Developer
45,000
55,000
55,000
80,000
80,000
120,000
Summit / Fidessa / Calypso / Murex etc. Support Analyst
40,000
50,000
50,000
70,000
70,000
95,000
Test Analyst
25,000
35,000
35,000
80,000
80,000
100,000
UNIX Engineer
40,000
50,000
50,000
75,000
75,000
100,000
UNIX / Perl / Sybase Development Support
35,000
45,000
45,000
75,000
75,000
100,000
UNIX System Administrator
35,000
45,000
45,000
65,000
65,000
90,000
Voice Engineer
30,000
40,000
40,000
65,000
65,000
90,000
Wintel Administrator
30,000
40,000
40,000
65,000
65,000
90,000
Wintel Engineer
35,000
45,000
45,000
75,000
75,000
100,000
18
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
CONTRACT / INTERIM (£ PER DAY) Application Packaging Engineer
250
350
350
450
450
500
Application Support (back office)
250
350
350
450
450
500
Application Support (front / middle office)
300
400
400
450
450
600
Application Support (front office, incl. Greeks, Monte Carlo, Black Scholes etc.)
350
450
450
500
500
750
AS400 / RPG400 Developer
250
350
350
400
400
500
BI Developer
300
400
400
475
475
600
Business Analyst (IT)
300
450
450
550
550
700
Citrix Administrator
250
325
325
375
375
450
Citrix Engineer
300
400
400
450
450
550
Cognos Developer (plus other industry standard reporting tools)
400
500
500
550
550
675
Cognos Support (plus other industry standard reporting tools)
300
400
400
500
500
600
Database DBA
350
425
425
475
475
600
Database Designer / Modeller
350
450
450
550
550
675
Database Developer
350
450
450
550
550
700
Datacentre Analyst
250
350
350
400
400
450
Datacentre Manager
450
550
550
650
650
800
Desktop Support
200
300
300
400
400
450
ETL Developer
350
450
450
550
550
650
Exchange / ISV Connectivity Analyst
300
400
400
525
525
625
Firewall Engineer
250
400
400
500
500
600
Information Architect
450
500
500
700
700
850
IT Auditor
250
400
400
500
500
550
IT Author
250
300
300
400
450
550
IT Facilities Manager
350
400
400
500
500
600
IT Shift Operator (incl. shift allowance)
225
300
300
350
350
425
Lotus Notes / Domino Support Analyst
250
350
350
425
425
500
Mainframe Developer (Cobol)
300
350
350
450
450
500
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
19
INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
CONTRACT / INTERIM (£ PER DAY) Market Data Support Engineer
300
400
400
500
500
600
Messaging Administrator (SWIFT / Websphere etc.)
300
400
400
450
450
550
Microsoft Exchange / OCS Administrator
300
400
400
450
450
550
Network / Security Engineer
250
400
400
500
500
575
Perl Developer
250
400
400
500
500
600
Powerbuilder / UNIX / Sybase / SQL Developer
350
400
400
500
500
600
Programme / Global Production Manager (IT)
550
650
650
800
800
1,200
Project Coordinator (IT)
225
350
350
400
400
500
Project Manager (IT)
400
500
500
600
600
800
SAP Specialist
350
450
450
600
600
700
Security Administrator
225
300
300
350
350
400
Security Analyst
275
350
350
400
400
450
Security Consultant
400
500
500
600
600
700
Service Desk Analyst
175
225
225
275
275
325
Service Management Analyst (Problem / Incident / Change etc.)
275
325
325
400
400
450
SharePoint Developer
300
375
375
425
425
500
Storage Administrator
300
400
400
450
450
550
Storage Engineer
350
450
450
500
500
600
Summit / Fidessa / Calypso / Murex etc. Developer
400
500
500
600
600
850
Summit / Fidessa / Calypso / Murex etc. Support Analyst
350
425
425
500
500
650
Test Analyst
250
400
400
550
550
650
UNIX Engineer
400
450
450
500
500
600
UNIX / Perl / Sybase Development Support
350
400
400
500
500
600
UNIX System Administrator
350
400
400
450
450
550
Voice Engineer
250
350
350
400
400
500
Wintel Administrator
300
400
400
450
450
550
Wintel Engineer
375
425
425
500
500
600
20
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
APPLICATION DEVELOPMENT JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
PERMANENT (£ PER ANNUM) C# GUI Developer (back office)
30,000
40,000
40,000
60,000
60,000
70,000
C# GUI Developer (front office)
35,000
45,000
45,000
65,000
65,000
85,000
C# Server Developer (back office)
30,000
40,000
40,000
60,000
60,000
70,000
C# Server Developer (front office)
35,000
45,000
45,000
65,000
65,000
85,000
n / a
n / a
65,000
75,000
75,000
90,000
C# Technical Architect
45,000
55,000
60,000
75,000
75,000
90,000
C++ / Unix Developer (back office)
30,000
40,000
40,000
65,000
70,000
80,000
C++ / Unix Developer (front office)
35,000
45,000
45,000
70,000
75,000
90,000
C++ / Windows Developer (back office)
30,000
40,000
40,000
65,000
70,000
80,000
C++ / Windows Developer (front office)
35,000
45,000
45,000
70,000
75,000
90,000
n / a
n / a
65,000
75,000
75,000
95,000
Flex / RIA Developer
35,000
45,000
45,000
65,000
65,000
90,000
Front end Swing Java Developer (back office)
30,000
40,000
40,000
65,000
65,000
90,000
Front end Swing Java Developer (front office)
35,000
45,000
45,000
65,000
65,000
90,000
J2EE Developer (back office)
30,000
40,000
45,000
65,000
65,000
85,000
J2EE Developer (front office)
35,000
45,000
45,000
65,000
65,000
85,000
Quant Developer (C++ / Java / C#)
45,000
55,000
55,000
75,000
75,000
100,000
Server side J2SE Developer (back office)
30,000
40,000
40,000
60,000
60,000
85,000
Server side J2SE Developer (front office)
35,000
45,000
45,000
65,000
65,000
90,000
Technical Architect (Java - back office)
45,000
55,000
65,000
80,000
80,000
100,000
Technical Architect (Java - front office)
50,000
60,000
60,000
80,000
75,000
120,000
Technical Lead (Java - back office)
n / a
n / a
65,000
80,000
80,000
100,000
Technical Lead (Java - front office)
n / a
n / a
65,000
80,000
80,000
120,000
VBA / Excel (front office)
35,000
45,000
45,000
70,000
75,000
90,000
Visual Basic Developer
30,000
40,000
40,000
55,000
55,000
70,000
Visual C++ / MFC / COM Developer (back office)
30,000
40,000
40,000
65,000
70,000
80,000
Visual C++ / MFC / COM Developer (front office)
35,000
45,000
45,000
70,000
75,000
90,000
C# Team Lead / Tech Lead
C++ Team Lead
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
21
APPLICATION DEVELOPMENT JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
PERMANENT (£ PER ANNUM) Web Developer (HTML / JavaScript / CSS)
30,000
40,000
40,000
50,000
50,000
70,000
WPF / Silverlight Developer (back office)
30,000
45,000
45,000
65,000
65,000
80,000
WPF / Silverlight Developer (front office)
35,000
50,000
55,000
70,000
70,000
90,000
APPLICATION DEVELOPMENT JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
CONTRACT / INTERIM (£ PER DAY) C# GUI Developer (back office)
300
400
400
450
450
550
C# GUI Developer (front office)
350
450
450
550
550
600
C# Server Developer (back office)
300
400
400
450
450
550
C# Server Developer (front office)
350
450
450
550
550
600
C# Team Lead / Tech Lead
n / a
n / a
500
550
550
650
C# Technical Architect
400
450
500
550
550
700
C++ / Unix Developer (back office)
350
400
400
500
500
550
C++ / Unix Developer (front office)
400
450
500
550
550
650
C++ / Windows Developer (back office)
350
400
400
500
500
550
C++ / Windows Developer (front office)
400
450
500
550
550
650
C++ Team Lead
n / a
n / a
500
600
600
700
Flex / RIA Developer
375
450
425
550
525
700
22
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
APPLICATION DEVELOPMENT JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
CONTRACT / INTERIM (£ PER DAY) Front end Swing Java Developer (back office)
350
450
450
550
550
675
Front end Swing Java Developer (front office)
400
475
475
575
575
700
J2EE Developer (back office)
350
450
450
550
550
650
J2EE Developer (front office)
350
450
450
550
550
650
Quant Developer (C++ / Java / C#)
400
450
500
600
650
700
Server side J2SE Developer (back office)
350
450
475
550
550
625
Server side J2SE Developer (front office)
375
450
450
550
550
650
Technical Architect (Java - back office)
425
475
475
575
575
650
Technical Architect (Java - front office)
425
475
475
600
575
750
Technical Lead (Java - back office)
n / a
n / a
500
600
575
650
Technical Lead (Java - front office)
n / a
n / a
500
600
575
700
VBA / Excel (front office)
350
450
450
550
550
600
Visual Basic Developer
300
400
400
450
450
500
Visual C++ / MFC / COM Developer (back office)
350
400
400
500
500
550
Visual C++ / MFC / COM Developer (front office)
400
450
500
550
550
650
Web Developer (HTML / JavaScript / CSS)
300
375
375
425
425
500
WPF / Silverlight Developer (back office)
350
400
400
500
550
600
WPF / Silverlight Developer (front office)
400
450
450
550
550
650
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
23
BUSINESS ANALYSIS AND PROJECT MANAGEMENT JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
PERMANENT (£ PER ANNUM) BA Credit Risk
50,000
60,000
60,000
70,000
70,000
100,000
BA Finance IT
45,000
55,000
60,000
65,000
70,000
85,000
BA Fixed Income
55,000
70,000
75,000
85,000
95,000
115,000
BA Market Risk
60,000
65,000
65,000
75,000
75,000
100,000
BA OTC
50,000
60,000
60,000
70,000
70,000
90,000
BA Reference Data
50,000
60,000
60,000
70,000
70,000
85,000
BA / Test Analyst
45,000
50,000
50,000
65,000
65,000
75,000
Back Office BA
50,000
60,000
60,000
70,000
70,000
85,000
Back Office PM
50,000
60,000
60,000
70,000
70,000
90,000
Business Analyst FX
50,000
60,000
65,000
75,000
75,000
115,000
Business Analyst Rates
50,000
65,000
75,000
80,000
85,000
115,000
Development Manager
50,000
65,000
65,000
75,000
75,000
110,000
PM Credit Risk
50,000
60,000
60,000
70,000
70,000
110,000
PM Finance IT
50,000
65,000
65,000
75,000
75,000
120,000
PM Fixed Income
65,000
70,000
75,000
80,000
95,000
130,000
PM FX
50,000
75,000
75,000
95,000
100,000
130,000
PM Market Risk
50,000
65,000
65,000
75,000
75,000
120,000
PM OTC
50,000
60,000
60,000
70,000
70,000
110,000
PMO
30,000
45,000
45,000
65,000
70,000
95,000
Programme Manager
95,000
105,000
110,000
120,000
120,000
140,000
Test Manager
50,000
65,000
65,000
80,000
90,000
100,000
24
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
BUSINESS ANALYSIS AND PROJECT MANAGEMENT JUNIOR MINIMUM
INTERMEDIATE
MAXIMUM
MINIMUM
MAXIMUM
SENIOR MINIMUM
MAXIMUM
CONTRACT / INTERIM (£ PER DAY) BA Credit Risk
400
450
450
500
500
600
BA Finance IT (PnL)
400
450
450
500
500
650
BA Fixed Income
400
450
450
500
500
650
BA Market Risk
400
450
450
500
500
650
BA OTC
400
450
450
500
500
600
BA Reference Data
400
450
450
500
500
550
BA / Test Analyst
300
400
400
450
500
500
Back Office BA
400
450
450
500
500
550
Back Office PM
400
450
450
500
500
600
Business Analyst FX
400
450
450
500
500
700
Business Analyst Rates
300
400
400
500
500
700
Development Manager
n / a
n / a
600
800
800
1000
PM Credit Risk
600
700
700
750
750
850
PM Finance IT
600
650
650
800
800
1,000
PM Fixed Income
500
600
600
700
700
900
PM FX
600
700
700
800
800
900
PM Market Risk
600
700
700
800
800
1,000
PM OTC
500
550
600
750
800
1,000
PMO
250
350
350
500
500
800
Programme Manager
700
800
800
900
900
1,000
Test Manager
400
500
500
600
600
700
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
25
OPERATIONS The year has been challenging for
reconciliations, collateral, corporate
emphasis on risk and controls within
operations, with organisations suffering
actions and similar skill sets has
middle office. This is attractive to
from reduced headcount expectations
decreased, and a shortage of these
candidates as they gain more exposure
and final approval procedures becoming
candidates in London has had a knock-on
and responsibility on top of their
more stringent. Quarter 1 and 2 were
effect on the numbers of candidates
traditional middle office/trade support
fairly consistent. The majority of posts at
following the natural progression into
duties.
Assistant Vice President (AVP) level and
middle office. With the demand for these
higher were covered by permanent hires,
back office roles at a minimum, the
We expect the key areas of hiring to be
whereas the posts at analyst and senior
emphasis in London has shifted to
change management, process
analyst level were covered by interim
process improvements, projects and
improvement and business analysis.
hires. This trend continued into Q3 and
exposure to multiple asset classes,
These positions are vital to many of the
Q4, though roles slowly became more
change management and new market
re-engineering, off-shoring and general
focused on projects that included
initiatives.
ledger implementation programmes that
elements of change management and process improvement.
the majority of organisations are The perceived outlook for 2012 is very
embarking on. Strong candidates, from
similar to that of the latter parts of 2011
senior analysts to senior project
As a result of the poor market conditions,
– namely, more outsourcing of traditional
managers and senior project
organisations have started to look for a
core operations roles and a focus on
management officers, are in constant
higher calibre of candidate. Generally,
projects, change and business
demand, and organisations are willing to
they are no longer looking for people who
improvements. Organisations’
pay above the market rate to secure
can merely ‘do the job’, but personnel who
expectations are believed to stay the
candidates.
can add extra value by driving new
same and that the in-demand candidates
processes and procedures. Consequently,
will be those who can carry out project
the recruitment process has become
work over and above their business-as-
increasingly difficult and drawn-out, plus
usual tasks. Most banks will look to
an increasing pressure to headhunt
bulk-up middle office areas across all
candidates from rival businesses has
asset classes, but particularly in interest
developed.
rate derivatives, credit derivatives and equity derivatives. As a result of the
The demand for traditional back-office
market crash, and where pure
and ‘core’ operations roles has remained
reconciliation and settlement roles have
limited and, as a cost-saving exercise,
mainly been ‘off-shored’ or ‘near-shored’,
some investment banks have ‘off-shored’
there has been and will be more
or ‘near-shored’ these areas of the business. The call for settlements,
26
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
OPERATIONS JUNIOR
INTERMEDIATE
SENIOR
PERMANENT (£ PER ANNUM) INVESTMENT BANKING Trade Support
35,000 - 45,000
45,000 - 60,000
60,000 - 75,000 +
Documentation Drafting
35,000 - 45,000
45,000 - 60,000
60,000 - 75,000 +
Documentation Confirmations
30,000 - 38,000
38,000 - 50,000
50,000 - 70,000 +
Collateral Management
35,000 - 45,000
45,000 - 60,000
60,000 - 75,000 +
Valuations
32,000 - 40,000
40,000 - 55,000
55,000 - 70,000 +
Corporate Actions
30,000 - 38,000
38,000 - 50,000
50,000 - 65,000 +
Dividends / Income Processing
28,000 - 35,000
35,000 - 48,000
48,000 - 60,000 +
Project Managers
n / a
n / a
65,000 - 80,000 +
Business Analysts
35,000 - 45,000
45,000 - 60,000
60,000 - 75,000 +
Settlements
30,000 - 38,000
38,000 - 50,000
50,000 - 70,000 +
Client Services
30,000 - 38,000
38,000 - 50,000
50,000 - 65,000 +
Prime Brokerage
32,000 - 40,000
40,000 - 55,000
55,000 - 70,000 +
Stock Lending
30,000 - 38,000
38,000 - 50,000
50,000 - 70,000 +
Loans Closing
32,000 - 40,000
40,000 - 55,000
55,000 - 70,000 +
Loans Administration
30,000 - 38,000
38,000 - 50,000
50,000 - 65,000 +
Reconciliations Control
30,000 - 38,000
38,000 - 50,000
50,000 - 65,000 +
Head of Operations (Asset Management)
n / a
80,000 +
100,000 +
Head of Operations (Investment Bank)
n / a
100,000 +
150,000 +
30,000 - 38,000
38,000 - 50,000
50,000 - 65,000 +
Fund Managers Assistant
25,000 - 35,000
35,000 - 50,000
50,000 - 70,000 +
Fund Administration
20,000 - 30,000
30,000 - 40,000
40,000 - 55,000 +
Performance Analyst
25,000 - 35,000
35,000 - 50,000
50,000 - 70,000 +
Pricing / Valuations
20,000 - 30,000
30,000 - 40,000
40,000 - 55,000 +
Client Reporting
25,000 - 30,000
30,000 - 35,000
40,000 - 50,000 +
Static Data FUND & INVESTMENT MANAGEMENT
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
27
OPERATIONS JUNIOR
INTERMEDIATE
SENIOR
CONTRACT / TEMPORARY (£ PER DAY) INVESTMENT BANKING Trade Support
135 - 180
180 - 260
260 - 375
Documentation Drafting
150 - 200
200 - 275
275 - 400
Documentation Confirmations
130 - 180
180 - 240
240 - 320
Collateral Management
135 - 180
180 - 260
260 - 375
Valuations
130 - 180
180 - 240
240 - 320
Corporate Actions
120 - 170
170 - 250
250 - 320
Dividends / Income Processing
130 - 180
180 - 240
240 - 300
Project Managers
n / a
n / a
300 - 700
Business Analysts
150 - 200
200 - 275
275 - 400
Settlements
130 - 180
180 - 240
240 - 320
Client Services
120 - 170
170 - 250
250 - 320
Prime Brokerage
130 - 180
180 - 240
240 - 320
Stock Lending
130 - 180
180 - 240
240 - 320
Loans Closing
130 - 180
180 - 240
240 - 320
Loans Administration
120 - 170
170 - 250
250 - 320
Reconciliations Control
120 - 170
170 - 250
250 - 320
Head of Operations (Asset Management)
n / a
350 - 450
450 +
Head of Operations (Investment Bank)
n / a
400 - 550
550 +
120 - 170
170 - 250
250 - 320
Fund Managers Assistant
120 - 170
170 - 250
250 - 320
Fund Administration
120 - 160
160 - 200
200 - 280
Performance Analyst
120 - 170
170 - 250
250 - 320
Pricing / Valuations
120 - 160
160 - 200
200 - 280
Client Reporting
120 - 170
170 - 250
250 - 320
Static Data FUND & INVESTMENT MANAGEMENT
28
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
PROJECTS & CHANGE MANAGEMENT The projects and change management
candidates with a background in pure
Candidates with strong business and
market remained largely steady during
consulting change. The net effect of the
process improvement skills are likely to
2011 in London, but experienced a slight
slowdown towards the end of 2011 is that
be in demand as organisations look to
slowdown towards the end of the year.
there is greater competition for roles.
make efficiency savings where possible.
This slowdown was largely due to the
While employers continue to seek the top
This should ensure that projects and
pressures of the wider economic
candidates, they expect these candidates
change management remains a lucrative
environment and resulted in organisations
to have as broad a skill set as possible to
interim market for those with the
focusing their activity on delivering key
maximise the effectiveness of their hires.
in-demand skills. Candidates who have
strategic and regulatory programmes,
been reluctant to enter such a candidate-
while postponing or cancelling other
The depressed outlook for the wider
heavy field will be provided with the
non-critical programmes. As a result,
financial services market may continue in
relevant opportunities in core business
many permanent and interim positions
2012, but we believe project and change
and finance change projects.
were cancelled or put on hold as part of a
are likely to be among the first areas to
larger recruitment freeze until the
pick up and will therefore remain steady
economic environment becomes more
over the year as a whole. This is due to
stable.
the fact that almost all financial services organisations are under pressure to
In spite of this slowdown, there was a
complete key business and finance
high demand for Project Management
change projects, either regulatory or
Officers (PMOs) and change managers,
structural.
as an ever-increasing focus on governance and control affects the way the industry conducts its changes, with organisations investing in central change teams to drive efficiencies and compliance across major programmes. Change professionals with skills in a given asset class, product control and/or a recognised accountancy qualification continue to be in demand, as well as
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
29
PROJECTS & CHANGE MANAGEMENT NEWLY QUALIFIED
ASSOCIATE
AVP
VP
PERMANENT (£ PER ANNUM) FINANCIAL SERVICES Business / Change Analyst
50,000 - 65,000
65,000 - 75,000
75,000 - 90,000
90 - 100,000
Project / Change Manager
n / a
60,000 - 75,000
85,000 - 100,000
110, ,000 - 130,000
50,000 - 58,000
60,000 - 75,000
75,000 - 100,000
100,000 - 115,000
n / a
n / a
n / a
110,000 +
PMO Programme Director
PROJECTS & CHANGE MANAGEMENT 1 - 3 YEARS' EXP
3 - 6 YEARS' EXP
6 YEARS' EXP
CONTRACT / TEMPORARY (£ PER DAY) FINANCIAL SERVICES Business / Change Analyst
300 - 400
400 - 500
500 - 600
Project / Change Manager
400 - 500
500 - 600
600 - 800
PMO
300 - 400
400 - 500
500 - 600
Programme Director
500 - 600
600 - 700
700 - 1,000
30
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
RISK Recruitment in the risk market was
Statistics showed a significant reduction
From a profile perspective, it is clear that
somewhat unpredictable over the course
in hiring mandates, as banks introduced
the last couple of years have actually
of 2011.
‘hiring pauses’ and attempted to build out
been good for risk management. The
internal recruitment teams. There were
quality of staff, the numbers of people
In the first half of the year, hiring volumes
also redundancies in many financial
employed in risk management, and the
were high across all risk types – a
services departments – including risk
influence risk managers now have in
continuation of activity from H2 of 2010.
management – and as a consequence
businesses are significantly higher. Risk
There was huge demand for risk staff up
many firms focused heavily on hiring
now has a prominent role in each firm and
until the end of Quarter 2 in 2011, but in
internally rather than going out to the
risk teams need to be seen and heard
the second half of the year the demand
market.
internally and externally. There has been
for risk managers levelled off and then
a larger demand for candidates that don’t
began to decline. The compromised
Despite all this, it should be said that
have a background in risk but are looking
global economy and Eurozone crisis have
although the demand for risk staff
to work in risk management, including
had knock-on effects. Investment banks,
dropped in Q2 2011, risk management
those from trading, front office, auditing,
in general, recorded losses in H2 of 2011,
was still an area less affected than many
finance and operations roles. Given the
which meant there were only a few
other vertical markets in the financial
higher profile and calibre of risk
winners in investment banking over the
services sector. The increasing regulatory
management employees, however, client
year. Trading revenues were down and
and political pressures on financial
companies have been able to hold out for
this has led to restricted budgets,
institutions increased the demand for risk
the best candidates and this has created
redundancies and cost-cutting across the
staff in several key areas. Individuals with
a noticeable imbalance between supply
City.
experience of risk projects, risk modelling,
and demand. It is still commonplace for
credit analysis and operational risk and
the best candidates to receive multiple
controls became highly sought after.
offers from interested companies and
Other key pockets of hiring were in
‘buy backs’ from their current employers.
commodity trading houses and consultancies. The ‘big four’ have also been building out their risk advisory capability to put themselves in a good position to win business in 2012 while regulatory pressure continues, budgets remain tight and hiring is limited.
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
31
There has not been a significant change
In the main, the outlook for bonuses is
Looking ahead for 2012, we expect the
to salaries and compensation in risk
gloomy – particularly in investment
market to continue in the same way as
management since 2010. Typically,
banking. Candidates are not expecting
H2 of 2011, with lower volumes of hiring
candidates are changing roles in risk
much beyond their guaranteed cash
across the board in risk management.
management for a 10 to 20 per cent
compensation. So, without an increase in
A lot depends on the Eurozone and the
increase in their base salary. There are
base salary or a guaranteed bonus,
global economy. We know that
exceptions, of course – typical factors
candidates are hesitant to change
confidence in the market is hard to gain
that affect the level of increase in salary
employers. We will have to wait until
and is easily lost, so aside from the usual
are the employer’s need and the
Quarter 1 of 2012 to see how far
end of bonus market movement, we are
combination of skills held by the
bonuses in the financial services sector
expecting next year’s market to be very
candidate. Some candidates have moved
have been affected. Although, with less
volatile and therefore client-driven. There
for quite significant increases in their
liquidity in the market, specific
will be pockets of volume hiring, with the
base salary (increases of up to 50 per
government intervention on bonuses, and
ever-present pressure from the regulators
cent), but there will have been specific
the social perception of financial services
creating demand. But, in the main, we
drivers. For example, in the event of a
bonus culture, it is likely that we will see
think 2012 will be a tough year for
client company replacing a key role, the
bonus figures cut across the board, with
candidates.
client has had to pay a premium to
poor performers receiving little or
replace this candidate. Most candidates
nothing, and good performers receiving
are risk-averse when it comes to moving
‘normal’ or above-average bonuses.
firms in this market, so candidates with a combination of specialist skills and desirable personality traits are commanding multiple offers and leveraging these offers to get a larger increase in their base salary. Another reason why candidates might receive larger than expected salary increases relates to the bonus potential of the role on offer.
32
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
RISK ANALYST
AVP
VP
DIRECTOR
PERMANENT (£ PER ANNUM) MARKET RISK Market Risk Reporting
30,000 - 45,000
45,000 - 65,000
60,000 - 90,000
80,000 - 120,000
Market Risk Management
40,000 - 55,000
55,000 - 75,000
70,000 - 110,000
100,000 - 140,000
Investment Risk & Performance Attribution
30,000 - 45,000
40,000 - 65,000
60,000 - 85,000
80,000 - 120,000
Prime Brokerage Risk
40,000 - 55,000
50,000 - 75,000
70,000 - 110,000
100,000 - 150,000
Regulatory Risk
35,000 - 50,000
45,000 - 70,000
65,000 - 100,000
95,000 - 130,000
Risk Data
30,000 - 45,000
45,000 - 65,000
65,000 - 85,000
80,000 - 130,000
Risk Consultancy
40,000 - 55,000
55,000 - 75,000
75,000 - 100,000
95,000 - 150,000
Market Risk Business Analyst
30,000 - 50,000
45,000 - 70,000
65,000 - 100,000
100,000 - 150,000
Market Risk Methodology
40,000 - 60,000
60,000 - 80,000
75,000 - 100,000
100,000 - 150,000
Model Validation
40,000 - 60,000
60,000 - 80,000
75,000 - 100,000
100,000 - 150,000
Credit Analyst - NBFIs
32,000 - 45,000
45,000 - 65,000
65,000 - 90,000
90,000 - 120,000
Credit Analyst - FIs
32,000 - 45,000
45,000 - 65,000
65,000 - 90,000
90,000 - 120,000
Credit Analyst - Corporates
32,000 - 45,000
45,000 - 65,000
65,000 - 90,000
90,000 - 120,000
Credit Analyst – Hedge Funds
40,000 - 50,000
50,000 - 75,000
75,000 - 100,000
100,000 - 120,000
Credit Analyst – Natural Resources
40,000 - 50,000
50,000 - 75,000
75,000 - 100,000
100,000 - 120,000
Credit Analyst – Leverage / Structured Finance
40,000 - 50,000
50,000 - 75,000
75,000 - 100,000
100,000 - 120,000
CREDIT RISK
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
33
RISK ANALYST
AVP
VP
DIRECTOR
PERMANENT (£ PER ANNUM) Credit Risk Business Analyst
30,000 - 50,000
45,000 - 70,000
70,000 - 100,000
100,000 - 150,000
Ratings Analyst
35,000 - 45,000
45,000 - 60,000
60,000 - 80,000
80,000 - 100,000
Credit Risk Methodology
45,000 - 55,000
55,000 - 70,000
70,000 - 100,000
100,000 - 130,000
Credit Risk Control
45,000 - 55,000
55,000 - 70,000
70,000 - 100,000
100,000 - 130,000
Credit Risk Reporting
35,000 - 50,000
50,000 - 65,000
65,000 - 80,000
80,000 - 100,000
Exposure Management
35,000 - 50,000
50,000 - 65,000
65,000 - 80,000
80,000 - 100,000
Operational Risk – Capital Markets / Front Office
40,000 - 55,000
55,000 - 75,000
75,000 - 95,000
95,000 - 130,000
Operational Risk – Investment Banking Support Functions
35,000 - 50,000
50,000 - 65,000
65,000 - 85,000
85,000 - 110,000
Operational Risk – Retail & Corporate Banking
30,000 - 50,000
50,000 - 70,000
70,000 - 85,000
85,000 - 110,000
Operational Risk - Alternative Investments
35,000 - 55,000
55,000 - 75,000
75,000 - 100,000
100,000 - 130,000
Operational Risk – Group Function (Scenario, loss data, RCSA, etc)
40,000 - 55,000
55,000 - 75,000
75,000 - 100,000
100,000 - 120,000
Operational Risk – Capital Modelling
35,000 - 55,000
55,000 - 75,000
75,000 - 100,000
100,000 - 130,000
Operational Risk Reporting
30,000 - 45,000
45,000 - 60,000
60,000 - 90,000
n / a
Sustainability Analyst
45,000 - 55,000
55,000 - 70,000
70,000 - 85,000
85,000 - 110,000
Governance Officer
45,000 - 55,000
55,000 - 70,000
70,000 - 85,000
85,000 - 120,000
Operational Risk Consultant - Big 4
40,000 - 55,000
55,000 - 75,000
75,000 - 85,000
85,000 - 120,000
OPERATIONAL RISK
34
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
RISK 0 - 2 YEARS' EXP
2 - 6 YEARS' EXP
6 - 10 YEARS' EXP
10 + YEARS' EXP
CONTRACT / TEMPORARY (£ PER DAY) MARKET RISK Market Risk Reporting
150 - 250
200 - 400
350 - 600
550 +
Market Risk Management
200 - 300
250 - 500
450 - 700
700 +
Investment Risk & Performance Attribution
200 - 300
250 - 500
450 - 700
600 +
Prime Brokerage Risk
250 - 350
300 - 550
500 - 700
700 +
Regulatory Risk
150 - 250
200 - 400
350 - 600
550 +
Risk Data
150 - 250
200 - 400
350 - 600
550 +
Risk Consultancy
200 - 350
300 - 450
400 - 550
550 +
Market Risk Business Analyst
200 - 350
300 - 500
450 - 650
600 +
Market Risk Methodology
200 - 350
300 - 550
500 - 700
700 +
Model Validation
200 - 350
300 - 550
500 - 700
650 +
Credit Analyst – NBFIs
150 - 250
200 - 400
350 - 600
550 +
Credit Analyst – FIs
150 - 250
200 - 400
350 - 600
550 +
Credit Analyst – Corporates
200 - 300
250 - 500
450 - 700
600 +
Credit Analyst – Hedge Funds
250 - 350
300 - 550
500 - 700
700 +
Credit Analyst – Natural Resources
200 - 300
250 - 500
450 - 700
600 +
Credit Analyst – Leverage / Structured Finance
200 - 300
250 - 500
450 - 700
600 +
CREDIT RISK
LONDON
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
35
RISK 0 - 2 YEARS' EXP
2 - 6 YEARS' EXP
6 - 10 YEARS' EXP
10 + YEARS' EXP
CONTRACT / TEMPORARY (£ PER DAY) Credit Risk Business Analyst
200 - 350
300 - 450
400 - 550
550 +
Ratings Analyst
200 - 350
300 - 500
450 - 650
600 +
Credit Risk Methodology
250 - 350
300 - 550
500 - 700
800 +
Credit Risk Control
150 - 250
200 - 400
350 - 600
550 +
Credit Risk Reporting
150 - 250
200 - 400
350 - 600
550 +
Exposure Management
200 - 350
300 - 550
500 - 700
650 +
n / a
300 - 450
450 - 650
650 +
Operational Risk – Investment Banking Support Functions
200 - 250
250 - 400
400 - 550
550 +
Operational Risk – Retail & Corporate Banking
150 - 200
200 - 350
350 - 500
500 +
Operational Risk – Alternative Investments
200 - 250
250 - 400
400 - 550
550 +
Operational Risk – Group Function (Scenario, loss data, RCSA, etc)
n / a
250 - 400
400 - 550
550 +
Operational Risk – Capital Modelling
n / a
250 - 400
400 - 600
600 +
Operational Risk Reporting
150 - 200
200 - 350
350 - 550
n / a
Sustainability Analyst
150 - 200
200 - 350
350 - 550
550 +
Governance Officer
200 - 300
300 - 450
450 - 600
600 +
OPERATIONAL RISK Operational Risk – Capital Markets / Front Office
36
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
TREASURY The importance of treasury to financial
inextricably to a lack of liquidity –
Candidates with treasury backgrounds
services firms cannot be understated.
demonstrated that the sourcing and
can expect to be in demand and well
The flow of regulation since the 2008/09
management of funding would never be
remunerated. The scarcity of people with
recession has increased the size of
as painless as it was prior to the credit
solid treasury experience, and the
treasury departments in almost every
crunch.
elevation in status of these roles,
organisation. Group treasury has been
accounts for this. In 2012, the market will
the main area to be affected by FSA
With banks being forced to change the
be relatively healthy for both permanent
requirements, though individual business
way they operate, the emphasis on
and contract positions, even if it does not
units have also witnessed a marked
secured funding and the robustness of
reach the lofty, reactionary heights of
increase in scrutiny over recent years.
capital has never been stronger. Funding
2010. The point of new regulations and
is ever more difficult and essential to
constant stress testing is to bring the
Since 2010, there has been a steady
survival. For the first time in history, stress
world's financial system to a state where
growth in companies hiring for asset and
testing rather than mergers and
some of the banks can fail without taking
liability management, liquidity analysis
acquisitions deals and trading volumes is
the entire system down with them.
and reporting and balance sheet
now considered to be the most important
Treasury professionals will continue to
management. The level of recruitment for
information about how an investment
play a pivotal role in helping their own
these positions decreased somewhat in
bank operates. Media that largely ignored
firms avoid failure and in reshaping the
late 2011, but the sheer weight of
the activities of investment banks now
way financial services companies in the
regulation requirements will maintain a
regularly report on stress testing – not
UK operate as a whole.
demand for key hires in 2012.
only in their economics sections, but as headline news and breaking news.
LONDON
The focus on analysing the behaviour of
The taxpayer now has a vested interest in
balance sheets, and on all forms of
how certain financial services providers
non-traded risk management, remains as
perform. Notably, stress testing was the
topical as ever. Balance sheets in the
centrepiece of Bob Diamond’s (Chief
hundreds of billions of dollars are not
Executive at Barclays) response to the
immune to fluctuations of the market.
Treasury Select Committee Inquiry in
As such, companies are seeking to
2011. Risk managers and treasury
deepen their understanding of all risks on
professionals are responsible for
their banking and trading books. Banks
day-to-day stress testing, and these
have taken on the brunt of the imposed
employees are central to new regulations
regulatory changes, as the collapse of
and to future organisational structures of
Lehman Brothers – which was linked
investment banks.
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
37
TREASURY ANALYST
ASSOCIATE
AVP
VP
SVP
PERMANENT (£ PER ANNUM) FINANCIAL SERVICES Dealing / Funding
30,000 - 40,000
40,000 - 55,000
52,000 - 70,000
65,000 - 90,000
90,000 - 125,000
Liquidity Risk / Policy
30,000 - 40,000
40,000 - 55,000
52,000 - 70,000
75,000 - 90,000
85,000 - 120,000
Capital Management
30,000 - 40,000
40,000 - 55,000
52,000 - 70,000
75,000 - 90,000
85,000 - 120,000
Debt Management
30,000 - 40,000
40,000 - 55,000
52,000 - 70,000
75,000 - 90,000
85,000 - 120,000
TREASURY 0 - 2 YEARS' EXP
2 - 6 YEARS' EXP
6 - 10 YEARS' EXP
10 + YEARS' EXP
CONTRACT / TEMPORARY (£ PER DAY) FINANCIAL SERVICES Dealing / Funding
200 - 300
300 - 550
500 - 700
800 - 1500
Liquidity Risk / Policy
200 - 300
300 - 550
500 - 700
800 - 1500
Capital Management
200 - 300
300 - 550
500 - 700
800 - 1500
Debt Management
200 - 300
300 - 550
500 - 700
800 - 1500
38
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
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40
BANKING & FINANCIAL SERVICES | HUDSON SALARY GUIDE 2012
Aberdeen +44 1224 620 262 Birmingham +44 121 633 0010 Dublin +353 1 676 5000 Edinburgh +44 131 555 4321 Glasgow +44 141 221 8182 London +44 20 7187 6000 Manchester +44 161 832 7728 Milton Keynes +44 1908 547 995 Reading +44 118 939 1003
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