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1 SALARY GUIDE UK

2 morganmckinley.co.uk

3 CONTENTS INTRODUCTION 4 ACCOUNTING & FINANCE 6 Banking Commence & Industry Investment Management, Finance & Front Office COMPLIANCE 21 CREDIT, RISK & QUANTITATIVE FINANCE 25 HUMAN RESOURCES 29 INTERNAL AUDIT 34 IT 37 OFFICE SUPPORT 48 OPERATIONS 52 PRACTICE 58 Advisory Audit Into Practice SALES & MARKETING 63 STRATEGY, PROJECTS & CHANGE MANAGEMENT 69 TAX 75

4 INTRODUCTION CHALLENGING ECONOMIC CONDITIONS 2015 proved to be a mixed year, with H1 showing signs of a strong recovery and overall positive sentiment, however, we witnessed a downturn during the summer months, where both national and international events started to impact many of the major global economies. The UK s economy has outpaced many of its peers during recent times, with it growing by 2.2% in 2015, albeit down from 2.9% in the previous year. The second half of 2015 was particularly challenged, namely with the continual threat of increasing interest rates, the continual uncertainty and impact of a Brexit, the free fall of global commodities prices, the continued pressure within Asian markets, and a dire UK manufacturing performance from weaker export demand. A survey conducted by Deloitte showed that UK CFO confidence dipped to levels not seen since 2012, as global macroeconomic conditions started to set in. This has therefore lead to CFOs looking to cut costs, which in turn has resulted in the deleveraging and disposing of assets, thus leading to major redundancy announcements and restrictions around hiring new talent. In contrast to the above, Ann Swain, CEO at APSCo said: 2015 was a strong year for the UK recruitment sector, with 83% of consultancies surveyed for the APSCo Deloitte Recruitment Index reporting an increase in net fee income. Despite global fears surrounding oil prices and China s slowdown, I am confident that the UK economy will continue to grow, providing favourable conditions for the professional recruitment market meaning that this trend looks set to continue over the coming months. DISCIPLINE SPECIFIC DEMAND Despite major redundancies being announced by many organisations across a number of sectors within the UK, there were specific areas of the market that still demonstrated a continued need for talent. There has been a requirement for permanent hiring within Project and Change Management which has seen high demand in strategic programmes concerned with rationalising systems infrastructure, and delivering high quality data reporting capabilities. This is with a view to upcoming regulatory requirements. Similarly, companies are hiring specialists whose functions are related to improving processes, streamlining businesses, structural reforms, data capture and cost cutting. So technologists have been in, and continue to be, in high demand. This is particularly the case in the fields of big data, software engineering and FinTech. This is a long term trend and one that can provide handsome compensation packages if professionals hold the right skill set. Tech City report that there are over 1.46m people in digital employment all around the country and 15% of companies formed in the UK between were digital. Tech Nation shows people employed by digital companies in the UK is set to grow by 5.4% by 2020, which is higher than projected total job growth. Some 74% of UK digital businesses are also now based outside of London. Research conducted by Oxford Economics suggests that over the next ten years the number of digital technology companies in London is expected to rise to 45,000 and create more than 12 billion of economic activity. This sector has been especially under the spotlight in the last two years and is buoyed by healthy investment flows meaning there are lots of jobs available. Companies focused on big data, data analytics, payments and crowd funding are seeing some of the biggest growth. If we look back a few years, many firms projected digital marketing as an area to invest in to stay ahead of the curve so that their competitors didn t gain an early advantage. Today, digital marketers are really proving their worth with cleverly constructed websites which provide new channels and avenues for content, brand and tailored communications. The increased reliance on online content is giving rise to digital product managers, who oversee the process of bringing new online products to market, from inception to launch, including managing complex marketing campaigns. From a Financial Services perspective, growth in employment has been seen in disciplines such as accounting and finance, compliance, risk management and internal audit in response to the growing burden of regulations and diminished appetite for risk. Those operating in an environment with exposure to policies, procedures and controls, will find themselves in a more attractive position for a promotion or increased remuneration packages. It is a simple case of demand and supply. The demand for regulation knowledge is high, with the knowledge supply in the UK becoming more limited; it pays to be up-to-date with regulation and sourcebooks.

5 INTRODUCTION SALARIES Salaries have steadily increased over the last two years, particularly in regulatory driven areas where base salaries have been inflated. This is due to the demand of certain skill sets outweighing their availability. This has been further exacerbated by many organisations having to compete with one another for the best talent, and the most skilled candidates often finding themselves having a choice of multiple offers. On top of this, back in 2013 when the European Banking Authority (EBA) imposed bonus caps of 100% of basic salary and 200% with shareholder approval to those working within the larger, more riskier financial services institutions, this has resulted in fixed pay progressively increasing to compensate. The trend for those looking to change jobs to improve their total remuneration package is beginning to seep back in the market, whereas previously, diversity in the role, career progression and work/life balance had begun to dictate a lot of the reasons why many looked to move. According to Morgan McKinley s London Employment Monitor, the average salary change within the London Financial Services market during 2015, was 19%. That meant someone could expect, on average, a 19% increase in salary by moving from one organisation to another. We predict that over the next 12 months salary increases will remain high, probably around the 15-20% mark. The same is true for those contracting in the regulatory space or areas that have seen phenomenal growth over the last 24 months, namely Compliance, Projects and Change Management and technology. Unlike the permanent market however, we predict rates to only move by around 5-10%. FUTURE Optimism in the UK continues to be cautious, as macroeconomic factors continue to affect decision making for many organisations. The broad economic forecast for global growth is continuing to indicate that 2016 will be a bumpy ride, with a risk of economic instability. London itself, faces an obstacle filled journey, particularly with house prices increasing, job losses within banking and financial services, and organisations looking to onshore various divisions to more cost effective locations across the UK. Across South West England and the Home Counties, we expect to see demand across all disciplines, with the salary gap slowly narrowing with the Capital s. This allows relocation to other parts of the UK more palatable as those leaving London are not necessarily as financially worse off. YOUR THOUGHTS I would like to personally thank all those involved in compiling this salary guide. Firstly, the consultants at Morgan McKinley who dedicate their time to understand their respective communities and ensure everyone receives the service they deserve. Also, to the thousands of candidates and clients we communicate with, who each year provide valuable input so that we are able to offer the market comprehensive guides on rates and salaries. We welcome any feedback or questions that you have regarding its contents. Please do not hesitate to contact me for more detailed information. It is worth noting that there has been a noticeable increase in permanent employees considering contract opportunities, despite the longer notice period. Employers are more open to considering someone with a four week notice period, particularly if their skill set is in niche supply. Organisations are also working hard to retain their contractors by imposing 12 month tenures so to offer longevity in their position. There has been a trend for businesses to hire compensation and benefits specialists to retain and source the best professionals for their businesses. HAKAN ENVER Operations Director London Tel: henver@morganmckinley.co.uk

6 Accountancy & finance ACCOUNTING & FINANCE Salary Guide 2016

7 ACCOUNTING & FINANCE BANKING LARGE FINANCIAL SERVICES FIRMS REGULATORY, PRODUCT CONTROL AND TREASURY THE MAIN HOT SPOTS London s leading investment and corporate banks did not show much appetite for creating new roles in 2015, with recruitment focused on backfills and replacement hires. Overall, volumes of hires were similar to 2014/2015. Any creation of new roles were focused on the AVP level within the 60-75k bracket and for recently qualified ACAs coming out of practice. At more senior levels the market has been flat. As in recent years, the exception to the norm has been in Regulatory Reporting and Policy Advisory. There is strong pressure set by regulatory bodies (i.e. the PRA, FCA, EBA and FED) to complete required reporting, which has required banks to boost their junior level staffing, whilst advisory expertise is required to interpret the next round of regulatory requirements (i.e. Basel IV) and act as a link between the business and the regulators themselves. In addition, a focus on Valuations/IPV has increased the demand for quantitative analysts. The majority have been within the Fixed Income space across Rates, FX and Credit. There has also been more demand on the structure/exotic side with P&L attribution skills being top of the agenda. A number of organisations now house the production elements of the role outside of London, leaving the analytics and front desk interaction to leaner, more technical teams in the Capital. Those individuals with two to three years experience have been most in demand, although we have seen several VP positions come to market, mostly due to internal moves and restructures. A third growth area which will continue throughout 2016, is Treasury. Many banks have moved their liquidity reporting out of regulatory functions and into Treasury, which has caused some upheaval and restructuring. Strong treasury/liquidity individuals have therefore been in demand, with knowledge required across the ILAA framework. Salary structures remain strictly adhered to within the larger banks and we have seen minimal flexibility in the past year. The general exception to this is within the regulatory functions. Talent shortages have driven competition for the best individuals in the market. BANKING Basic Salary ( Per Annum) PERMANENT - London ROLE PART-QUALIFIED NEWLY-QUALIFIED AVP/2-4 YEARS VP/5-9 YEARS DIRECTOR/10+ YEARS PRODUCT CONTROL 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 VALUATION CONTROL 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 BUSINESS MANAGEMENT/COO * * 60,000-75,000 75, , , ,000 REGULATORY POLICY * * 60,000-75,000 75, , , ,000 REGULATORY REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 FINANCIAL REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 MANAGEMENT REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 TREASURY FINANCE 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 7

8 ACCOUNTING & FINANCE SMES, BOUTIQUES & BROKERAGE SALARIES DEMAND BUOYANT AT ALL LEVELS Roles in the smaller banks and brokerages are more diverse and they offer the opportunity to move into more senior positions closer to the business. This is often attractive to professionals currently working in larger houses. Compared to 2014, the increase in confidence in the market has lead to a rise in the volume of more generalist and value add roles. This is in part due to smaller institutions being less under the regulatory spotlight than their larger rivals. Demand has been more evenly spread across different levels of seniority, although very senior roles rarely come onto the market, as professionals with many years of service tend to be well looked after. SME banks are more likely to recruit contractors to help them through regulatory requirements. These posts usually entail a high degree of responsibility and as such command high day rates saw less recruitment of more junior contractors than in previous years but we saw many temporary to permanent conversions. A contractor who is engaged for maternity leave or similar, can often make a strong case for retention, as the learning curve in a smaller bank is often quite steep, given the breadth of responsibilities. This invariably makes it difficult to lose such individuals who have proven themselves to be an asset to the organisation. The brokerage market went through changes in 2015 with significant consolidation leading to redundancies. Those firms that have cut too deep, may need to look to the market in 2016, once the initial cost of integration has been confirmed and accounted for. We expect this to be a potential growth area for this year. SMES, BOUTIQUES & BROKERAGE Basic Salary ( Per Annum) PERMANENT - London ROLE PART-QUALIFIED NEWLY-QUALIFIED AVP/2-4 YEARS VP/5-9 YEARS DIRECTOR/10+ YEARS CHIEF FINANCIAL OFFICER * * * * 100, ,000 FINANCE DIRECTOR * * * 90, , , ,000 FINANCIAL CONTROLLER * * * 75, , , ,000 BUSINESS MANAGEMENT/COO * * * 75, , , ,000 MANAGEMENT REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 FINANCIAL REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 REGULATORY REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 TREASURY FINANCE 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 PRODUCT CONTROL 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 VALUATION CONTROL 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 8

9 ACCOUNTING & FINANCE SMES, BOUTIQUES & BROKERAGE Rate ( Per Day) TEMPORARY - London ROLE PART-QUALIFIED NEWLY-QUALIFIED AVP/2-4 YEARS VP/5-9 YEARS DIRECTOR/10+ YEARS CHIEF FINANCIAL OFFICER * * * * 1,300-2,000 FINANCE DIRECTOR * * * ,500 FINANCIAL CONTROLLER * * * ,200 BUSINESS MANAGEMENT/COO * * * ,000 MANAGEMENT REPORTING ,000 FINANCIAL REPORTING ,000 REGULATORY REPORTING ,000 TREASURY FINANCE ,000 PRODUCT CONTROL ,000 VALUATION CONTROL ,000 9

10 ACCOUNTING & FINANCE COMMODITY TRADING SALARIES LOW LEVELS OF ACTIVITY AS CHINESE GROWTH FALTERS Commodity markets have been somewhat subdued as a result of the economic slowdown in China and the fall in global oil prices, meaning recruitment has been fairly stagnant in this sector. Many banks have pulled out of the commodities markets as profits have tumbled and there is now a surplus of professionals with strong relevant experience. A number of candidates have been eagerly snapped up by the trading houses. Those in front office supporting roles, such as Product/Trade Control, are on similar salaries to their counterparts in banking. However, those in more general finance functions, tend to receive slightly lower total remuneration packages compared to what you d find in a banking or broking organisation. Towards the end of 2015, we began to witness more positive sentiment within the market with many CFOs predicting investment and growth of market share in COMMODITY TRADING Basic Salary ( Per Annum) PERMANENT - London ROLE PART-QUALIFIED NEWLY-QUALIFIED AVP/2-4 YEARS VP/5-9 YEARS DIRECTOR/10+ YEARS CHIEF FINANCIAL OFFICER * * * * 100, ,000 FINANCE DIRECTOR * * * 90, , , ,000 FINANCIAL CONTROLLER * * * 75, , , ,000 BUSINESS MANAGEMENT/COO * * * 75, , , ,000 MANAGEMENT REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 FINANCIAL REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 TREASURY FINANCE 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 SYNDICATE ACCOUNTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 10

11 ACCOUNTING & FINANCE INSURANCE SALARIES CONSOLIDATIONS HOLDING DOWN SALARIES 2015 saw consolidation within both the broking and underwriting markets. Consequently there were fewer vacancies and more talent readily available. A number of companies have taken advantage of this situation by employing a large number of contractors to see them through significant periods of change. It is often difficult to get signoff for permanent headcount in the current climate. Despite this, finance recruitment within the insurance sector has remained fairly steady. Those with niche insurance industry experience, such as Lloyd s Syndicate Accountants, remain in huge demand and can be difficult to entice from their current employers. The dust has largely settled on Solvency II with demand peaking a year or two ago, so most insurers have the skills and experience already in house. Insurance is one of the most conservative sectors within the financial services industry and as a result there are fewer moves at senior level within finance. The majority of positions have been broadly within the 50-70k range and circa per day for contract positions. Salaries remained consistent throughout Recruitment activity may pick up a little in 2016 once the effects of the recent round of consolidations have been worked through and companies seek to invest in order to grow their businesses. INSURANCE Basic Salary ( Per Annum) PERMANENT - London ROLE PART-QUALIFIED NEWLY-QUALIFIED AVP/2-4 YEARS VP/5-9 YEARS DIRECTOR/10+ YEARS CHIEF FINANCIAL OFFICER * * * * 100, ,000 FINANCE DIRECTOR * * * 90, , , ,000 FINANCIAL CONTROLLER * * * 75, , , ,000 BUSINESS MANAGEMENT/COO * * * 75, , , ,000 MANAGEMENT REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 FINANCIAL REPORTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 TREASURY FINANCE 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 SYNDICATE ACCOUNTING 35,000-45,000 45,000-60,000 60,000-75,000 75, , , ,000 INSURANCE Basic Salary ( Per Annum) PERMANENT - South West England ROLE PART-QUALIFIED NEWLY-QUALIFIED AVP/2-4 YEARS VP/5-9 YEARS DIRECTOR/10+ YEARS CHIEF FINANCIAL OFFICER * * * * 125, ,000 FINANCE DIRECTOR * * * 80, , , ,000 FINANCIAL CONTROLLER * * * 60,000-80,000 80, ,000 BUSINESS MANAGEMENT/COO * * * 75,000-90,000 90, ,000 MANAGEMENT REPORTING 25,000-35,000 35,000-45,000 45,000-65,000 65,000-85,000 85,000-95,000 FINANCIAL REPORTING 25,000-35,000 35,000-45,000 45,000-65,000 65,000-85,000 85,000-95,000 TREASURY FINANCE 25,000-35,000 35,000-45,000 45,000-65,000 65,000-85,000 85,000-95,000 11

12 ACCOUNTING & FINANCE COMMERCE AND INDUSTRY LONDON MORE RECRUITMENT ACTIVITY AND RISING SALARIES AT MIDCAREER LEVEL We saw an overall quarter-on-quarter increase throughout 2015 across all sectors and levels of permanent hiring, in particular retail, technology, media and professional services. The only sector that was a little sluggish was energy and natural resources, which simply reflects the recent turmoil that has hit that market. During the second half of 2015, we saw an upward trend in permanent salaries at the midcareer level (newly-qualified and just above) in the order of 7-10%. Accounting and finance professionals in this space are now earning salaries in the upper forties or even as much as 50k. This is down to the improvement in the market and general economic confidence than any significant talent shortage, i.e. a correction to salaries that had been held down for some years. We therefore, expect the rate of increase in salaries to slow down somewhat in However, the market has clearly shifted in favour of candidates, who are now likely to receive several offers if they put themselves forward. Conversely, hiring organisations can no longer always be sure of securing their candidate of choice unless they make an offer towards the top of the salary bracket and sell the position well in terms of the breadth of the role and opportunities for career progression. We have seen a slight shift in emphasis in hiring organisations requirements, with strong IFRS 102 technical reporting experience in demand for compliance purposes, but demand has been strong across the board. In commerce and industry, the gender balance is fairly even at junior to mid levels though females employees are still substantially underrepresented in a leadership capacity. STRONG GROWTH AT THE START AND END OF THE YEAR The volume of contract and interim positions increased significantly in 2015, with most of the growth in the first and fourth quarters. There seemed to be some uncertainty about the strength of the economic recovery midway through the year. The main growth sectors were retail, media, technology, property and professional services. There was far more activity among SMEs, especially in the technology sector, than in Whereas in the past contractors were utilised to alleviate pressure when there was no budget for additional permanent headcount, for the majority, this is no longer the case. Any additional hiring, including contractors, is closely scrutinised for the impact it will have on the bottom line. The growth in contract hires therefore tends to reflect, along with permanent hires, business expansion. Appointments are more strategic and we have seen some shift from day rates to fixedterm contracts. The day rates themselves have moved upwards for recently qualified accountants but are generally fairly flat and will probably not increase significantly in Project-based roles were predominantly related to technical reporting around IFRS changes. The market for senior level accounting and finance professionals was also flat, with many experienced contract professionals having to look further afield to find a suitable appointment. Approximately 60% of such appointments are related to organisational restructuring. We continue to receive a good number of applications for contract and interim positions from overseas candidates, typically from Australia and New Zealand. They have Tier 5 visas and have qualified to the same standards (ACA etc.) as their British counterparts. 12

13 ACCOUNTING & FINANCE TRANSACTIONAL FINANCE Basic Salary ( Per Annum) PERMANENT - London ROLE 0-2 YEARS 3-4 YEARS 5+ YEARS ACCOUNTS ASSISTANT 18,000-25,000 22,000-30,000 28,000 + CREDIT CONTROL 18,000-25,000 22,000-30,000 28,000 + ACCOUNTS PAYABLE 18,000-25,000 22,000-30,000 28,000 + ACCOUNTS RECEIVABLE 18,000-25,000 22,000-30,000 28,000 + LEDGER MANAGER * * 35,000 + TRANSACTIONAL FINANCE Rate ( Per Hour) TEMPORARY - London ROLE 0-2 YEARS 3-4 YEARS 5+ YEARS ACCOUNTS ASSISTANT CREDIT CONTROL ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE LEDGER MANAGER * * 20 + SME Basic Salary ( Per Annum) PERMANENT - London ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT 22,000-32,000 42,000-50,000 45,000-52,000 50,000-55,000 55,000 + MANAGEMENT ACCOUNTANT 22,000-32,000 42,000-50,000 45,000-52,000 50,000-55,000 55,000 + ACCOUNTS PAYABLE 22,000-32,000 42,000-50,000 50,000-60,000 60,000-69,000 65,000 + ACCOUNTS RECEIVABLE * 42,000-50,000 50,000-60,000 55,000-65,000 55,000 + LEDGER MANAGER * 42,000-50,000 50,000-65,000 60, ,000 + ACCOUNTS RECEIVABLE * * * * 80,

14 ACCOUNTING & FINANCE LARGE CORPORATE Basic Salary ( Per Annum) PERMANENT - London ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT 25,000-40,000 45,000-55,000 50,000-75,000 65,000-84,999 85,000 + MANAGEMENT ACCOUNTANT 25,000-40,000 45,000-55,000 50,000-75,000 65,000-84,999 85,000 + FP&A MANAGER 25,000-40,000 45,000-55,000 50,000-75,000 65,000-84,999 85,000 + FINANCE MANAGER * 45,000-55,000 50,000-60,000 60,000-74,999 75,000 + FINANCIAL CONTROLLER * 45,000-55,000 50,000-75,000 65,000-84,999 85,000 + FINANCE DIRECTOR * * * * 90,000 + LARGE CORPORATE Rates ( Per Day) TEMPORARY - London ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT MANAGEMENT ACCOUNTANT FP&A MANAGER FINANCE MANAGER FINANCIAL CONTROLLER * * FINANCE DIRECTOR * *

15 ACCOUNTING & FINANCE SOUTH WEST HIRING FOCUSED ON FMCG AND RETAIL The economy is improving in the South West although it is probably 9-12 months behind London in terms of overall growth of activity. Recruitment has increased at transactional and recently qualified levels, where there exists a shortage of talent as a result of the practices taking on fewer trainees during the recession, but is still subdued for managerial roles upwards of 70k. The strongest demand is for commercial accountants who can partner with the business, with the retail and FMCG sectors particularly buoyant. The NHS is a major employer in the region but is taking on fewer contract accountants as a result of recent cost constraints and restrictions on the hiring of agency staff. This has resulted in greater availability of contract staff for commercial and industrial companies. Though there is steady hiring activity the market could not yet be described as buoyant and we are certainly not yet anywhere close to prerecession levels. There is a preference for fixed term contracts rather than paying high day rates. COMMERCE AND INDUSTRY Basic Salary ( Per Annum) PERMANENT - South West ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT 28,000-35,000 32,000-40,000 38,000-55,000 45,000-60,000 55,000 + MANAGEMENT ACCOUNTANT 28,000-35,000 32,000-40,000 38,000-55,000 45,000-60,000 55,000 + INTERNAL AUDITOR 25,000-30,000 30,000-40,000 38,000-50,000 45,000-60,000 55,000 + BUSINESS/FINANCE ANALYST 25,000-33,000 32,000-40,000 38,000-55,000 45,000-60,000 55,000 + FP&A * 32,000-40,000 38,000-55,000 45,000-60,000 55,000 + FINANCIAL CONTROLLER * * 40,000-60,000 50,000-70,000 60,000 + FINANCE DIRECTOR * * * 60,000-80,000 80,000 + COMMERCE AND INDUSTRY Rate ( Per Day) TEMPORARY - South West ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT MANAGEMENT ACCOUNTANT INTERNAL AUDITOR BUSINESS/FINANCE ANALYST FP&A * FINANCIAL CONTROLLER * * FINANCE DIRECTOR * * *

16 ACCOUNTING & FINANCE HOME COUNTIES RECRUITMENT REFOCUSED ON TALENT AND POTENTIAL The accounting and finance recruitment market has rebalanced to where it was before the crash, with qualified ACAs coming out of practice heavily in demand. During the recession, demand was focused on individuals who could pick up tasks quickly, which usually meant candidates already with commerce and industry experience, whereas now both large and midsized companies in the Home Counties are looking to hire candidates with future potential, with the ability to step into mid and senior level management roles. The emphasis has thus moved to recruitment based on talent and potential rather than very specific experience. At a more senior level, although the situation has improved since 2014, there are still more candidates than there are jobs, with the situation especially difficult for group finance directors and divisional finance directors. It may take another year or two before the situation resembles that which existed before the recession. Prospects are better for midcareer accountants with a commercial or technical specialisation rather than general finance accountants and FP&A, as their functions are increasingly handled by management information teams supported by ERP and other technologies. Some of the most important sectors in the Home Counties, notably energy and Telecommunications, have gone through significant restructuring and mergers and acquisition activity, which negatively impacted recruitment. On the other hand, SMEs, particularly in FMCG followed by services and technology firms, recruited substantially more accountants in Those with a good brand reputation are highly attractive. Companies based in the Home Counties have a huge challenge to attract the best candidates, who typically want to work in London. This may ease slightly not only because of the rising housing and living costs in London but also because a lot of regionally based companies are improving their employee value proposition, for example by moving their offices away from industrial estates to more desirable locations within reach of public transport such as town and village centres. Salaries are increasing. In-house salaries are showing little or no movement even at junior level although companies are finding they have to increase their offers to incentivise a move. 16

17 ACCOUNTING & FINANCE FALL IN DEMAND OF TEMPORARY STAFF Hiring of contract and interim accounting and finance personnel was down year-on-year. During the recession, companies recruited contractors on a huge scale and many professionals chose contracting work as it was a relatively attractive option, or the only option. With demand now subdued, some candidates day rates have fallen by as much as 15%, while salaries for permanent placements are stable or starting to move up. Nevertheless there are still some well paid and interesting interim contract opportunities for candidates with a sought after technical specialism such as IFRS, or for those with a strong commercial understanding. We also saw an increase in the offshoring of finance teams, not only of transactional roles, but also of commercial, analytical and reporting roles. Thus far, this has had only a small overall market impact, but the long term risk is a dampened of demand for both contractors and permanent finance staff. TRANSACTIONAL FINANCE Basic Salary ( Per Annum) PERMANENT - Home Counties ROLE 0-2 YEARS 3-4 YEARS 5+ YEARS GRADUATE 22,000-25,000 * * ACCOUNTS ASSISTANT 20,000-25,000 25,000-30,000 30,000 + CREDIT CONTROL/ACCOUNTS RECEIVABLE 22,000-25,000 25,000-30,000 30,000 + ACCOUNTS PAYABLE 20,000-23,000 23,000-28,000 28,000 + SALES LEDGER 20,000-22,000 22,000-24,000 24,000 + LEDGER MANAGER * * 35,000 + TRANSACTIONAL FINANCE Rate ( Per Hour) TEMPORARY - Home Counties ROLE 0-2 YEARS 3-4 YEARS 5+ YEARS ACCOUNTS ASSISTANT CREDIT CONTROL ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE LEDGER MANAGER * *

18 ACCOUNTING & FINANCE SME Basic Salary ( Per Annum) PERMANENT - Home Counties ROLE QBE NEWLY- QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT 30,000-40,000 40,000-50,000 50,000-55,000 50,000-55,000 55,000 + MANAGEMENT ACCOUNTANT 25,000-35,000 40,000-48,000 48,000-52,000 52,000-55,000 55,000 + INTERNAL AUDITOR 25,000-35,000 42,000-48,000 48,000-52,000 52,000-65,000 65,000 + BUSINESS/FINANCE ANALYST * 42,000-52,000 50,000-60,000 60,000-65,000 65,000 + FP&A 35,000-45,000 45,000-50,000 50,000-60,000 60,000-65,000 65,000 + FINANCIAL CONTROLLER 40,000-50,000 * 50,000-60,000 65,000-70,000 70,000 + FINANCE DIRECTOR 50,000 * * * 70,000 + LARGE CORPORATE Basic Salary ( Per Annum) PERMANENT - Home Counties ROLE PART-QUALIFIED FINALIST NEWLY- QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT 25,000-40,000 45,000-55,000 50,000-60,000 60,000-75,000 75,000 + MANAGEMENT ACCOUNTANT 25,000-38,000 45,000-50,000 50,000-60,000 60,000-70,000 70,000 ANALYST 25,000-38,000 45,000-45,000 50,000-60,000 60,000-75,000 75,000 + COMMERCIAL FINANCE 28,000-40,000 45,000-50,000 50,000-65,000 65,000-75,000 75,000 + FINANCE MANAGER * 45,000-55,000 50,000-60,000 60,000-75,000 75,000 FINANCIAL CONTROLLER * * 60,000-70,000 70,000-80,000 80,000 + FINANCE DIRECTOR * * * * 85,000 + COMMERCE AND INDUSTRY Rate ( Per Day) TEMPORARY - Home Counties ROLE PART-QUALIFIED NEWLY- QUALIFIED 2-4 YEARS 5-7 YEARS 8+ YEARS FINANCIAL ACCOUNTANT MANAGEMENT ACCOUNTANT ANALYST COMMERCIAL FINANCE * FINANCE MANAGER * FINANCIAL CONTROLLER * * FINANCE DIRECTOR * * *

19 ACCOUNTING & FINANCE INVESTMENT MANAGEMENT, FINANCE & FRONT OFFICE 2015 was a year of mergers and acquisitions with rating agencies reporting a record high year of global activity across the buy side markets. Private equity activity was at the forefront of these statistics with $629 billion being raised in 2015, beating the previous record of $557 billion raised in As a result of this, job volumes increased, particularly within the permanent market. These were new hires as opposed to replacement which attracted professionals to the industry, not just those currently working within investment management but also those in banking and Blue Chip organisations. The start of the year was dominated by larger institutional investment managers requiring newly qualified ACAs with a strong academic background. Hiring managers were keen to target first time movers outside of an audit practice who possessed transferable skills and a had good fit to the organisation s culture. Positions available for such individuals leaned towards the more financial control focused roles within finance, along with a natural need to recruit Regulatory Accountants due to tighter restrictions passed down from the FCA. The contract market was fairly quiet due to hires being marked down as growth rather than replacements. However requirements did pick up in Q2 specifically in the regulatory space, with clients paying up to 500 per day for professionals with FACTA/AIFMD and COREP experience. Finance recruitment in the summer of 2015 was higher than previous years. The number of roles filled by Morgan McKinley in this disciple was up 23% compared to The main area of job volume was within the senior permanent hires a rise of 18%. Due to increased confidence in the market, more experienced professionals were actively looking for the next step within their career, having had their bonus payouts secured. Recruitment within the front office areas of fund managers saw a significant rise of positions in the equity research space, with a particular demand for candidates with 35 years of experience. Salaries varied for these positions between 55k and 70k. Contract recruitment started to take off with a big influx of fixed-term contracts for Finance Manager/Controller positions. This was due to the number of new system implementation projects being rolled out across our clients as well as the launch of new funds within the real estate markets. A continuing trend is the need to hire Revenue Accountant positions. Typically hiring managers were looking for experienced individuals with 24 years post qualified experience, offering salaries of up to 70k. One reason for this is that investment managers have been reshaping their finance teams to accommodate for new business lines to encourage greater efficiently across other areas of the business. There was also a significant focus on performance analysis/reporting with firms looking for confident individuals with solid communication skills to help bridge the gap between finance and the front office. Contract recruitment proved popular through the last quarter of 2015 within the investment management finance space. As expected towards the end of the year there were various year end / project accounting roles available. Following on from the trend in first half of 2015, there was a large amount of mandates from property investment managers, particularly those with a European focus seeking experienced individuals to hit the ground running. Salaries for such positions ranged from 65-85k. Towards the end of 2015 there was an increase in job volume within our front office team, particularly amongst roles from small and mid-tier investment managers. We saw growth in the number of roles becoming available in the ESG and sustainable investment sector, with companies looking for candidates from a fund management or CFA background to add financial acumen to growing teams. This trend is likely to continue throughout

20 ACCOUNTING & FINANCE INVESTMENT MANAGEMENT, PRIVATE EQUITY FINANCE PERMANENT - London ( Per Annum) ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-9 YEARS 10+ YEARS CHIEF FINANCIAL OFFICER * * * 100, , , ,000 FINANCE DIRECTOR * * 60,000-80,000 85, , , ,000 FINANCIAL CONTROLLER * * 60,000-75,000 75,000-90,000 90, ,000 FINANCE BUSINESS PARTNER * * 60,000-75,000 75,000-90,000 90, ,000 FINANCE MANAGER * 55,000-65,000 60,000-75,000 75,000-85,000 85, ,000 REGULATORY ACCOUNTANT 35,000-45,000 45,000-65,000 65,000-75,000 75,000-85,000 85, ,000 FINANCIAL ACCOUNTANT 35,000-45,000 45,000-60,000 60,000-75,000 75,000-90,000 75,000-90,000 MANAGEMENT ACCOUNTANT 35,000-45,000 45,000-60,000 60,000-75,000 75,000-90,000 75,000-90,000 FUND ACCOUNTANT 35,000-45,000 45,000-60,000 60,000-75,000 75,000-85,000 75,000-85,000 INVESTMENT MANAGEMENT, PRIVATE EQUITY FINANCE TEMPORARY - London ( Per Day) ROLE PART-QUALIFIED NEWLY-QUALIFIED 2-4 YEARS 5-9 YEARS 10+ YEARS CHIEF FINANCIAL OFFICER * * * * 1,200-2,000 FINANCE DIRECTOR * * * ,500 FINANCIAL CONTROLLER * * ,200 FINANCE BUSINESS PARTNER * * ,000 FINANCE MANAGER * ,000 FINANCIAL ACCOUNTANT ,000 MANAGEMENT ACCOUNTANT ,000 FUND ACCOUNTANT ,000 REGULATORY ACCOUNTANT ,000 20

21 COMPLIANCE Salary Guide 2016

22 COMPLIANCE LONDON SIGNIFICANT GROWTH IN VOLUME AND SALARIES 2015 saw a 19% increase in the volume of compliance vacancies compared to 2014, and this increase in demand was reflected in a 20% average increase in salaries when professionals changed jobs. This rose to 30% and above for more niche and hard-to-fill roles. Many new vacancies were created in areas such as regulatory monitoring, regulatory affairs and front office compliance advisory, especially in fixed income and foreign exchange markets. Anti-money laundering (AML) was also an area of focus. The setting of internal rules and procedures to deal with new regulations such as MiFID II and AIFMD has driven a lot of new recruitment into regulatory compliance. As the challenge for banks grows, institutions need to recruit compliance officers who can hit the ground running, so most of the hiring has been at the midsenior level. There are a number of possible routes into compliance. Hiring organisations will tend to favour candidates who have a stable CV with strong career progression, and preferably experience within their particular field. There has also been a growing trend for qualified or partqualified lawyers entering the compliance function, as the salary differences has reduced and in many cases offers a more favourable work-life balance. Much of the compliance work today is business facing so there is an increasing emphasis on soft skills: compliance officers must above all be articulate and persuasive. At the more senior levels they also be able to interact with the regulators. For non-executive and junior levels, banks and other financial services companies have little trouble recruiting this skill set. There is a fair degree of international mobility in the compliance space as some roles require foreign language skills. With salaries relatively low in Eastern Europe, we have received high quality candidates from countries such as Hungary and the Czech Republic. London is an attractive proposition and can offer great career progression. Compared to some other areas in financial services, the compliance workforce is very diverse and we are seeing more females entering the field. COMPLIANCE Basic Salary ( Per Annum) PERMANENT - London ROLE ANALYST 0-2 YEARS AVP 3-4 YEARS VP 5-7 YEARS DIRECTOR 8-9 YEARS MD 10+ YEARS ASSET MANAGEMENT 30,000-40,000 40,000-70,000 70, , , , ,000 + KYC / ONBOARDING ANALYST 30,000-50,000 50,000-60,000 60,000-80,000 80, , ,000 + MONITORING & SURVEILLANCE 40,000-50,000 50,000-70,000 70, , , , ,000 + CONTROL ROOM 40,000-50,000 50,000-75,000 75, , , , ,000 + CENTRAL COMPLIANCE 30,000-50,000 40,000-60,000 60,000-90,000 90, , ,000 + COMPLIANCE ADVISORY (FRONT OFFICE) 40,000-50,000 50,000-85,000 85, , , , ,000 + FINANCIAL CRIME / AML 40,000-50,000 50,000-75,000 75, , , , ,

23 COMPLIANCE NICHE EXPERIENCE HIGHLY SOUGHT AFTER With the pressure to meet regulatory deadlines the contract market in compliance has also been very buoyant. For hiring organisations that need to fill a highly niche role, the incumbent is likely to be in high demand so they will need to compete with higher rates of pay. This is especially the case where projects must be finished in a set time frame, for example most recently to meet the MiFID II deadline. Contractors who combine experience and knowledge of compliance issues with project management skills can command very high day rates. AML and financial crime, together with sanctions compliance, have been and continue to be obvious areas of strong demand in the light of recent scandals and subsequent penalties for noncompliance. Day rates have increased by around 20% and budgets are generally made available if the right interim employee is identified to perform a particular function. To meet the requirements for compliance and regulatory professionals in the UK, much of the talent is being sourced globally. As such, any tightening of immigration rules in 2016 is likely to add to the talent shortage. It is unlikely that this increase in the day rates will slow to any degree in the immediate future. COMPLIANCE Basic Salary ( Per Annum) PERMANENT - London ROLE ANALYST 0-2 YEARS AVP 3-4 YEARS VP 5-7 YEARS DIRECTOR 8-9 YEARS MD 10+ YEARS ASSET MANAGEMENT 30,000-40,000 40,000-70,000 70, , , , ,000 + KYC / ONBOARDING ANALYST 30,000-50,000 50,000-60,000 60,000-80,000 80, , ,000 + MONITORING & SURVEILLANCE 40,000-50,000 50,000-70,000 70, , , , ,000 + CONTROL ROOM 40,000-50,000 50,000-75,000 75, , , , ,000 + CENTRAL COMPLIANCE 30,000-50,000 40,000-60,000 60,000-90,000 90, , ,000 + COMPLIANCE ADVISORY (FRONT OFFICE) 40,000-50,000 50,000-85,000 85, , , , ,000 + FINANCIAL CRIME / AML 40,000-50,000 50,000-75,000 75, , , , ,

24 COMPLIANCE SOUTH WEST ENGLAND STRONG DEMAND FOR COMPLIANCE GENERALISTS Compliance roles in the South West tend to be generalist. There is a huge demand because of the presence of many financial services companies in Bristol and the broader region. A number of companies have moved functions such as Know Your Customer (KYC) into the region to reduce costs and we expect this trend to continue throughout There is currently a shortage of candidates, so those looking for new employment are likely to receive multiple opportunities. Salaries are fairly stable but the excess of vacancies over candidates means they are likely to rise faster throughout COMPLIANCE Basic Salary ( Per Annum) PERMANENT - South West ROLE ANALYST 0-2 YEARS AVP 3-4 YEARS VP 5-7 YEARS DIRECTOR 8-10 YEARS MD 10+ YEARS COMPLIANCE REVIEWS 18,000-25,000 25,000-35,000 35,000-50,000 50,000-70,000 70, ,000 KYC / ONBOARDING ANALYST 18,000-22,000 22,000-30,000 30,000-45,000 45,000-60,000 60,000-80,000 MONITORING & SURVEILLANCE 20,000-25,000 25,000-35,000 35,000-50,000 50,000-70,000 70, ,000 IT COMPLIANCE 22,000-30,000 30,000-40,000 40,000-50,000 50,000-75,000 75, ,000 COMPLIANCE ADVISORY 20,000-25,000 25,000-35,000 35,000-50,000 50,000-70,000 70, ,000 FINANCIAL CRIME / AML 18,000-25,000 25,000-30,000 30,000-50,000 50,000-70,000 70, ,000 24

25 CREDIT, RISK & QUANTITATIVE FINANCE Salary Guide 2016

26 CREDIT, RISK & QUANTITATIVE FINANCE LONDON LEAP IN SALARIES AT AVP LEVEL Over the past 12 months there has been an uplift in recruitment for credit analysis in response to increased trading activity. Candidates with exposure to FTSE 100/250 corporates and leveraged deal experience are in demand. Within market risk, stress testing has been a major focus as a result of regulatory pressures, with reduced emphasis on straight line market risk analysis, such as looking at asset classes. In terms of seniority, most recruitment has been at the middle level (AVP to VP) with less activity at the Director or Analyst level. Salaries in this space have increased significantly. Movement in 2016 will continue to be more driven by career progression. High-quality candidates have been motivated to move to advance their medium-term career prospects rather than in pursuit of higher salaries, although there is frustration at the lack of opportunities at Director level. GREATER TECHNICAL FOCUS Contract recruiting has been largely driven by regulatory requirements. The changes under the fundamental review of the Trading Book (FRTB) under Basel IV was to be finalised by 2017, yet this now appears to be being delayed and therefore, there shall be less of an emphasis on this regulatory requirement. Some banks have started early to try and get ahead in terms of running quantitative impact studies (QIS) and working out how to make methodology changes for expected shortfall and the regulatory driven stress tests. Yet budget relating to FRTB should now be reduced. Where we might see an increase in hiring shall be on the requirements from the regulators to perform intraday stress testing. However this may prove to be a huge headache for the banks. Unlike the permanent recruitment market, there has been low demand for credit analysis on the contract side will. Credit analysis is the only area within risk where companies pay considerably more to permanent staff than contractors. The contract work tends to be focused on annual reviews of portfolios, whereas on the permanent side it is much more technically challenging and closer to a revenue generating role. Operational risk seems to be on the increase with a greater focus on loss data and the higher regulatory capital requirements relating to operational risk losses. There is more of a definition around the three lines of defence model and an increase in internal audit and controls testing from the point of view of making the functions more robust. The sheer speed of the regulatory changes and technological landscape is making it difficult to match existing skill sets to the new needs. Hiring organisations will therefore often look to recruit at a more junior level. However, they only consider candidates with superb academic qualifications who can adapt quickly to the wide range of software tools and new programming languages, which are used to perform a variety of analyses and simulations. In general, the contract market is becoming more and more technically focused. There have only been moderate increases in daily rates over the last year which will follow on into

27 CREDIT, RISK & QUANTITATIVE FINANCE CREDIT, RISK & QUANTITATIVE FINANCE Basic Salary ( Per Annum) PERMANENT - London ROLE ANALYST 0-2 YEARS AVP 3-4 YEARS VP 5-7 YEARS DIRECTOR 8-9 YEARS MD 10+ YEARS MARKET RISK MANAGEMENT 40,000-50,000 55,000-80,000 80, , , , ,000 + MARKET RISK CONTROL 40,000-50,000 50,000-75,000 75, , , , ,000 + INVESTMENT / PORTFOLIO RISK 40,000-55,000 55,000-75,000 75, , , , ,000 + CREDIT ANALYSIS 40,000-50,000 50,000-75,000 75, , , , ,000 + CREDIT RISK CONTROL 40,000-50,000 50,000-65,000 70, , , , ,000 + OPERATIONAL RISK MANAGEMENT 40,000-50,000 50,000-80,000 80, , , , ,000 + QUANTITATIVE RISK ANALYSIS 50,000-65,000 60,000-80,000 80, , , , ,000 + CREDIT, RISK & QUANTITATIVE FINANCE Rate ( Per Day) TEMPORARY - London ROLE ANALYST 0-2 YEARS AVP 3-4 YEARS VP 5-7 YEARS DIRECTOR 8-9 YEARS MD 10+ YEARS MARKET RISK MANAGEMENT ,000 MARKET RISK CONTROL INVESTMENT / PORTFOLIO RISK ,000 CREDIT ANALYSIS CREDIT RISK CONTROL OPERATIONAL RISK MANAGEMENT QUANTITATIVE RISK ANALYSIS ,000 27

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