UAE. BANKING AND FINANCIAL SERVICES International and Local Bank Salaries

Transcription

1 UAE BANKING AND FINANCIAL SERVICES International and Local Bank Salaries

2 morganmckinley.ae 2

3 MANAGING DIRECTOR S LETTER Welcome to Morgan McKinley s 2015 UAE Salary Guide. This guide provides insights into salary trends in key sectors and professional communities within the Gulf Cooperation Council (GCC) region, based on what we have observed over the past year, together with a compilation of hard facts and figures on gross salaries. The past year finished above our expectations in terms of levels of recruitment the number of new jobs coming to market was in the order of 10 to 15% higher than we predicted and this translated into a hardening in salaries for the year as a whole. GDP growth across the region was healthy at around 5% and we expect this to continue in The major caveat is concerns about the fall in global oil prices to an eight-year low that we saw at the end of At the time of writing the indications were that the price will stabilise but if the price should fall further to around US$50 a barrel the economic outlook is likely to change significantly. In all of the Gulf Cooperation Council (UAE, Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and Qatar) the price of oil is a major factor in consumer confidence so there is a knock-on effect across the board. Salary increases will in any case probably be slightly lower in 2015 than they were in 2014, largely as a result of the uncertainty about oil prices. Until the very end of 2014 we were looking forward to a bumper year in terms of both the creation of new headcount and salary growth, but we have had to reassess and lower expectations. That said, the current prognosis is that the fall in oil prices is likely to be short-lived. Overall we are therefore likely to see a 10-12% increase in the overall number of new jobs, with salaries increasing in line with inflation at around 5-6%. For many, the actual cost of living is outstripping salary increases. Accommodation is a major component in the cost of living and in 2014 rents soared to an annual rate of increase of 15-20% while housing prices increased by 12-15%. One of the major effects of this increase in the cost of living is that locally based candidates will tend to wait for an opportunity offering a major salary hike before moving jobs, and this is a factor depressing the talent supply. Many employers, however, are holding firm on salaries and will import professionals from abroad. As you will discover by reading the articles in this Survey, there are significant divergences around these averages. The GCC economy not only continues to improve but is becoming increasingly dynamic and complex, with a huge number of variables affecting the different countries, industry sectors and professional disciplines. We hope you find the insights presented in this report interesting and useful, and welcome any feedback. TREFOR MURPHY Managing Director Morgan McKinley UAE Tel: tmurphy@morganmckinley.ae Morgan McKinley has been active in the GCC professional and managerial recruitment market for more than 17 years. 3

4 CONTENTS INTERNATIONAL VERSUS LOCAL Commentary INTERNATIONAL Salary Tables Investment Banking & Private Equity Corporate & Retail Banking Compliance Risk Finance & Operations LOCAL Salary Tables Investment Banking & Private Equity Corporate & Retail Banking Compliance Risk Finance & Operations Global Markets & Treasury CONTACT US

5 INTERNATIONAL VERSUS LOCAL HIRING TRENDS The year ahead looks set to be the best year for banking recruitment in the UAE since 2007 as hiring and salaries both trended upwards in Both local and international banks expanded their operations, focusing on growing their market share, in contrast to the past few years when corporate governance was more of a priority. It is to be hoped that we will see fewer punitive fines from the regulators as international banks in particular have built up their compliance, risk and audit teams. Dubai is the region s central, strategic hub for banking and the banks and other financial services institutions are looking for additional growth opportunities in Asia and North Africa. The growth in global Islamic finance also looks set to continue with both Dubai and Abu Dhabi leading the way in organic growth in this market. All of the major banking heavyweights have their eyes firmly cast on Abu Dhabi Global Market, which will be fully operational in There is currently a scramble to recruit the best banking talent with international and local banks going toe to toe. Competition is really hot in the retail, wholesale and corporate banking segments. As banks return to full profitability, we have also seen a trend towards hiring local talent, not only to meet UAE quotas but also to build teams that are sustainable in the long term, as opposed to teams composed of largely transient expatriates. This is particularly so at the senior level. The heavy fines and penalties imposed on some of the international banks by the regulators have driven a substantial increase in demand for sanctions experts. There is an acute shortage of pure sanction specialists in the region and the salary figures earned by them reflect this. Banks are hiring fast in sanctions to guard against any potential future penalties and losses. Another growth area is internal audit. TALENT SUPPLY The pool of local talent has improved but banks often need to look further afield to fill specialist roles. For example, KYC and on-boarding candidates are more readily available in the UAE market, whereas candidates for the more specialist compliance roles need to be sought abroad, with Europe the preferred source. THE POOL OF LOCAL TALENT HAS IMPROVED BUT OFTEN NEED TO LOOK FURTHER AFIELD TO FILL SPECIALIST S. 5

6 INTERNATIONAL VERSUS LOCAL SALARY & COMPENSATION TRENDS We expect average pay increases of between 7-9% in the banking and financial services sector. Institutions recognise that if they are to retain their best talent they must keep pay ahead of the rising cost of living in the GCC. However, our 2015 Salary Survey has also yielded some interesting comparisons between the international and local banks. Both are paying a premium for specialised compliance roles. Investment banking compliance, FATCA specialists and sanction compliance experts can expect to earn between 12-15% more than their know-your-customer (KYC), customer due diligence (CDD) and client on-boarding counterparts. At mid-level management in compliance in the UAE, there are only marginal differences in pay rates between local and international banks. Overall, salaries in compliance compared have stabilised somewhat. There has not been the significant increase we expected a year ago. A lack of top level opportunities in senior compliance roles has meant that candidates have had to become more flexible on their salary expectations and in some cases consider a minor reduction in earnings. Leading regional banks continue to pay a premium for senior risk professionals in order to secure top tier talent from global financial markets. This has been the case for a number of years in the UAE; however the gap narrowed in 2014 as regional banks have improved their reputation and financial performance and hence their ability to attract top talent. WE EXPECT AVERAGE PAY INCREASES OF BETWEEN 7-9% IN THE BANKING AND FINANCIAL SERVICES SECTOR. INSTITUTIONS RECOGNISE THAT IF THEY ARE TO RETAIN THEIR BEST TALENT THEY MUST KEEP PAY AHEAD OF THE RISING COST OF LIVING IN THE GCC. The largest salary increases in 2014 were in the revenue-generating front office and sales business units. We expect increasing volumes of business to have a further knock-on effect on salaries in support and operations functions. 6

7 INTERNATIONAL 7

8 INTERNATIONAL INVESTMENT BANKING & PRIVATE EQUITY PERMANENT (AED per month) ANALYST 18,000-25,000 24,000-30, ASSOCIATE 32,000-40,000 38,000-44, VICE PRESIDENT 40,000-45,000 44,000-50,000 48, DIRECTOR OF DEBT CAPITAL MARKETS 75,000-85,000 85,000-95,000 95, , , ,000 HEAD OF DEBT CAPITAL MARKETS 85,000-95,000 95, , , , , ,000 DIRECTOR OF EQUITY CAPITAL MARKETS 75,000-85,000 85,000-95,000 95, , , ,000 HEAD OF EQUITY CAPITAL MARKETS 85,000-95,000 95, , , , , ,000 PRINCIPAL PRIVATE EQUITY 85,000-95,000 95, , , , , ,000 CORPORATE FINANCE MANAGER 42,000-54,000 54,000-64,000 65,000-75,000 75,000 + CORPORATE FINANCE DIRECTOR 65,000-75,000 75,000-85,000 85,000-95,000 95, ,000 HEAD OF CORPORATE FINANCE 85,000-95,000 95, , , , , ,000 ASSET MANAGEMENT PERMANENT (AED per month) FUND MANAGER 45,000-48,000 50,000-60,000 65,000-75,000 70,000 + ASSET/PORTFOLIO MANAGER 45,000-48,000 50,000-60,000 65,000-75,000 70,000 + SALES/RELATIONSHIP MANAGER 25, ,000-55,000 55,000-85,000 85,000+ FUND/PORTFOLIO MANAGERS ASSISTANT 18,000-22,000 22,000-28,000 30,000-35,000 40,000 + RESEARCH ANALYST 15,000-25,000 25,000-30,000 30,000-35,000 40,000 + TRADE SUPPORT 10,000-15,000 15,000-20,000 20,000-25,000 25,000 + DERIVATIVES ANALYST 15,000-20,000 20,000-25,000 25,000-30,000 35,000 + MIDDLE OFFICE ANALYST 15,000-20,000 20,000-25,000 25,000-30,000 35,000 + BACK OFFICE ANALYST 10,000-15,000 15,000-20,000 20,000-25,000 25,000 + BARRY ANDREWS Consultant bandrews@morganmckinley.ae 8

9 INTERNATIONAL CORPORATE & RETAIL BANKING PERMANENT (AED per month) RELATIONSHIP MANAGER 18,000-20,000 24,000-28,000 28,000-35,000 35,000 + RELATIONSHIP DIRECTOR 38,000-44,000 44,000-55,000 55, ,000 60,000 + HEAD OF CORPORATE BANKING 65,000-75,000 75,000-85,000 85,000-95,000 95,000 + HEAD OF WHOLESALE BANKING 90, , , , , , , HEAD OF RESTRUCTURING AND REMEDIAL 65,000-75,000 75,000-85,000 85,000-90,000 90,000 + HEAD OF COLLECTIONS & RECOVERY 50,000-55,000 55, ,000 65,000-70,000 70,000 + HEAD OF GTB 60,000-70,000 70,000-80,000 80,000-90,000 90,000 + PRODUCT MANAGEMENT 40,000-50,000 50,000-60,000 60,000-65,000 65,000 + HEAD OF RETAIL BANKING 73,000-85,000 83,000-95,000 93, , ,000 + HEAD OF BRANCHES 45,000-55,000 55,000-65,000 65,000-75,000 75,000 + HEAD OF ASSETS/LIABILITIES 48,000-55,000 58,000-65,000 68,000-75,000 75,000 + HEAD OF DIRECT SALES 54,000-60,000 64,000-70,000 74,000-80,000 80,000 + HEAD OF ALTERNATE CHANNELS 52,000-60,000 62,000-70,000 72,000-80,000 80,000 + HEAD OF PERFORMANCE MANAGEMENT 53,000-60,000 63,000-70,000 73,000-80,000 80,000 + ROZY CHAUDHRI Consultant rchaudhri@morganmckinley.ae 9

10 INTERNATIONAL COMPLIANCE PERMANENT (AED per month) CHIEF COMPLIANCE OFFICER (CCO) 71,000-83,000 80,000-89,000 88,000-97,000 95,000 + HEAD OF COMPLIANCE 51,000-57,000 55,000-62,000 61,000-70,000 70,000 + SANCTIONS AND AML MANAGERS 28,000-36,000 36,000-42,000 39,000-44,000 42,000 + COMPLIANCE CONSULTANTS 22,000-26,000 25,000-34,000 35,000-40,000 42,000 + COMPLIANCE (FATCA SPECIALISTS) 26,000-30,000 29,000-36,000 35,000-39,000 38,000 + COMPLIANCE MANAGER GENERALISTS - WHOLESALE, RETAIL, CORPORATE COMPLIANCE OFFICER - PRIVATE BANKING, WEALTH, INVEST. PRODUCTS COMPLIANCE OFFICER (KYC, ON BOARDING, CDD) 29,000-34,000 34,000-38,000 36,000-41,000 40, ,000-25,500 22,000-27,000 26,000-33,000 32, ,000-19,000 18,000-23,000 22,000-26,000 25,000 + COMPLIANCE ANALYSTS (GRADUATE) 12,000-16,000 15,000-18, COMPLIANCE (UAE NATIONALS) 18,000-24,000 24,000-29,000 31,000-37,000 36,000 + ALAN HYNES Consultant ahynes@morganmckinley.ae 10

11 INTERNATIONAL RISK PERMANENT (AED per month) HEAD OF CREDIT RISK 55,000-70,000 60,000-70,000 70,000-75,000 75,000-80,000 CREDIT RISK MANAGER 30,000-40,000 40,000-48,000 48,000-55,000 55,000-65,000 CREDIT RISK ANALYST 14,000-19,000 20,000-28,000 28,000-34,000 35,000-45,000 CREDIT RISK POLICIES HEAD 48, , , ,000-70,000 CREDIT RISK POLICIES VP 30,000-36,000 36,000-42,000 42,000-46,000 46,000-48,000 CREDIT RISK PORTFOLIO ANALYST 14,000-20,000 20,000-24,000 24,000-30,000 - HEAD OF QUANTITATIVE RISK 50,000-60,000 60,000-65,000 65,000-70,000 70,000-90,000 QUANTITATIVE RISK MANAGER 30,000-38,000 38,000-45,000 45,000-50,000 50,000-60,000 QUANTITATIVE ANALYST 14,000-18,000 18,000-22,000 22,000-26,000 26,000-30,000 HEAD OF RISK ANALYTICS 45,000-50,000 50,000-55,000 60,000-65,000 65,000-75,000 RISK ANALYTICS MANAGER 24,000-28,000 28,000-34,000 34,000-38,000 38,000-44,000 RISK ANALYTICS OFFICER 14,000-16,000 16,000-18,000 18,000-22,000 22,000-24,000 HEAD OF ENTERPRISE RISK MANAGEMENT (ERM) ENTERPRISE RISK MANAGEMENT (ERM) MANAGER ENTERPRISE RISK MANAGEMENT (ERM) OFFICER 50,000-56,000 56,000-60,000 60,000-66,000 66,000-70,000 22,000-25,000 25,000-30,000 30,000-35,000 35,000-40,000 12,000-15,000 15,000-17,000 17,000-20,000 20,000-22,000 OPERATIONAL RISK HEAD 56,000-64,000 64,000-68,000 68,000-72,000 72,000-74,000 OPERATIONAL RISK MANAGER 26,000-30,000 30,000-38,000 38,000-42,000 42,000-46,000 OPERATIONAL RISK ANALYST 16,000-22,000 22,000-28, MARKET RISK HEAD 56,000-64,000 64,000-68,000 68,000-72,000 72,000-74,000 MARKET RISK MANAGER 20,000-30,000 30,000-38,000 38,000-42,000 42,000-46,000 MARKET RISK ANALYST 18,000-22,000 22,000-28, IT RISKS, CONTROLS & GOVERNANCE HEAD IT RISKS CONTROLS & GOVERNANCE MANAGER 48,000-54,000 54,000-56,000 56,000-58,000 60,000-66,000 26,000-30,000 30,000-36,000 36,000-42,000 42,000-48,000 ANTHONY GRAVES Manager agraves@morganmckinley.ae 11

12 INTERNATIONAL FINANCE & OPERATIONS PERMANENT (AED per month) CHIEF OPERATING OFFICER (COO) OF FINANCE & OPERATIONS CHIEF FINANCE OFFICER (CFO) OF FINANCE & OPERATIONS - 86,000-95,000 95, , , , , , , ,000 + HEAD OF FINANCE 50,000-60,000 62,000-80,000 85,000-95,000 95,000 + HEAD OF MIS (MANAGEMENT INFORMATION SYSTEMS) & REPORTING 45,000-55,000 55,000-65,000 65,000-75,000 75,000 + MANAGEMENT ACCOUNTANT 10,000-14,000 15,000-22,000 22,000-26,000 25,000-35,000 REGULATORY REPORTING 10,000-15,000 15,000-20,000 20,000-25,000 25,000-35,000 FINANCIAL ACCOUNTANT 10,000-15,000 15,000-20,000 20,000-25,000 25,000-35,000 HEAD OF PRODUCT CONTROL 40,000-58,000 60,000-74,000 72,000-80,000 80,000 + PRODUCT CONTROLLER 20,000-25,000 25,000-30,000 30,000-35,000 35,000-45,000 HEAD OF FUND ADMIN/HEAD OF ACCOUNTING 55,000-65,000 65,000-75,000 75,000-85,000 85,000 + FUND ACCOUNTANT QUALIFIED 20,000-25,000 25,000-30,000 30,000-35,000 35,000-45,000 HEAD OF CUSTODY 48,000-58,000 58,000-68,000 68,000-80,000 82,000 + HEAD OF INTERNAL AUDIT 48,000-60,000 60,000-72,000 72,000-84,000 85,000 + INTERNAL AUDIT MANAGER 20,000-26,000 25,000-34,000 32,000-44,000 42,000 + BUSINESS ANALYST/BUSINESS MANAGER 15,000-20,000 20,000-25,000 28,000-35,000 35,000 + BARRY ANDREWS Consultant bandrews@morganmckinley.ae 12

13 LOCAL 13

14 LOCAL INVESTMENT BANKING & PRIVATE EQUITY GROSS SALARIES (AED per month) ANALYST 14,000-22,000 22,000-30, ASSOCIATE 28,000-45,000 45, VICE PRESIDENT 38,000-45,000 42,000-48,000 50, DIRECTOR OF DEBT CAPITAL MARKETS 60,000-75,000 80,000-95,000 95, , ,000 + HEAD OF DEBT CAPITAL MARKETS 85,000-95,000 95, , , , , ,000 DIRECTOR OF EQUITY CAPITAL MARKETS 75,000-85,000 85,000-95,000 95, , , ,000 HEAD OF EQUITY CAPITAL MARKETS 85,000-95,000 95, , , , , ,000 PRINCIPAL PRIVATE EQUITY 85,000-95,000 95, , , , , ,000 CORPORATE FINANCE MANAGER 45,000-55,000 55,000-65,000 65,000-75,000 75,000 + CORPORATE FINANCE DIRECTOR 65,000-75,000 75,000-85,000 85,000-95,000 95, ,000 HEAD OF CORPORATE FINANCE 85,000-95,000 95, , , , , ,000 ASSET MANAGEMENT GROSS SALARIES (AED per month) FUND MANAGER 45,000-55,000 55,000-65,000 65,000-75,000 70,000 + ASSET/PORTFOLIO MANAGER 45,000-55,000 55,000-65,000 65,000-75,000 70,000 + SALES/RELATIONSHIP MANAGER 25, ,000-55,000 55,000-85,000 85,000+ FUND/PORTFOLIO MANAGERS ASSISTANT 18,000-26,000 27,000-30,000 30,000-35,000 40,000 + RESEARCH ANALYST 16,000-24,000 24,000-30,000 30,000-35,000 38,000 + TRADE SUPPORT 12,000-16,000 16,000-22,000 22,000-28,000 25,000 + DERIVATIVES ANALYST 15,000-20,000 20,000-25,000 25,000-30,000 35,000 + MIDDLE OFFICE ANALYST 18,000-20,000 20,000-27,000 25,000-30,000 35,000 + BACK OFFICE ANALYST 12,000-15,000 15,000-22,000 22,000-28,000 30,000 + BARRY ANDREWS Consultant bandrews@morganmckinley.ae 14

15 LOCAL CORPORATE & RETAIL BANKING GROSS SALARIES (AED per month) RELATIONSHIP MANAGER 13,000-20,000 20,000-25,000 25,000-30,000 30,000 + RELATIONSHIP DIRECTOR 35,000-40,000 40,000-50,000 50, ,000 60,000 + HEAD OF CORPORATE BANKING 60,000-71,000 71,000-85,000 85,000-95,000 95,000 + HEAD OF WHOLESALE BANKING 73,000-87,000 87, , , , , HEAD OF RESTRUCTURING AND REMEDIAL 65,000-75,000 75,000-85,000 85,000-90,000 90,000 + HEAD OF COLLECTIONS & RECOVERY 50,000-55,000 55, ,000 65,000-70,000 70,000 + HEAD OF GTB 60,000-70,000 70,000-80,000 80,000-90,000 90,000 + PRODUCT MANAGEMENT 40,000-50,000 50,000-60,000 60,000-65,000 65,000 + HEAD OF RETAIL BANKING 70,000-80,000 80,000-90,000 90, , ,000 + HEAD OF BRANCHES 47,000-55,000 57,000-65,000 67,000-75,000 75,000 + HEAD OF ASSETS/LIABILITIES 45,000-55,000 55,000-65,000 65,000-75,000 75,000 + HEAD OF DIRECT SALES 40,000-50,000 50,000-60,000 60,000-70,000 70,000 + HEAD OF ALTERNATE CHANNELS 50,000-60,000 60,000-70,000 70,000-80,000 80,000 + HEAD OF PERFORMANCE MANAGEMENT 50,000-60,000 60,000-70,000 70,000-80,000 80,000 + ROZY CHAUDHRI Consultant rchaudhri@morganmckinley.ae 15

16 LOCAL COMPLIANCE GROSS SALARIES (AED per month) CHIEF COMPLIANCE OFFICER (CCO) 75,000-84,000 85,000-94,000 95, , , ,000+ HEAD OF COMPLIANCE 55,000-62,000 61,000-69,000 65,000 75,000 73,000 81,000+ SANCTIONS AND AML MANAGERS 27,000-35,000 34,000-39,000 38,000-45,000 44,000 48,000+ COMPLIANCE (FATCA SPECIALISTS) 28,000-31,000 32,000-36,000 34,000-40,000 39,000 45,000+ COMPLIANCE MANAGER GENERALISTS - WHOLESALE, RETAIL, CORPORATE COMPLIANCE OFFICER (PRIVATE BANKING, WEALTH, INVESTMENTS) COMPLIANCE OFFICER (KYC, ON BOARDING, CDD) 30,000-34,000 35,000-39,000 37,000-40,000 38,000 42, ,000 23,000 24,000-27,000 25,000-30,000 31,000 35, ,000-20,000 21,000-25,000 24,000-27,000 26,000 31,000+ COMPLIANCE ANALYSTS (GRADUATE) 10,000-15,000 13,000-17, COMPLIANCE (UAE NATIONALS) 15,000-19,000 20,000-23,000 25,000-30,000 31,000 40,000+ ALAN HYNES Consultant ahynes@morganmckinley.ae 16

17 LOCAL RISK GROSS SALARIES (AED per month) HEAD OF CREDIT RISK 58,000-60,000 60,000-70,000 70,000-80,000 80,000-90,000 CREDIT RISK MANAGER 30,000-40,000 40,000-48,000 48,000-55,000 55,000-65,000 CREDIT RISK ANALYST 14,000-19,000 20,000-28,000 28,000-34,000 35,000-45,000 CREDIT RISK POLICIES HEAD 48, , , ,000-70,000 CREDIT RISK POLICIES VP 30,000-36,000 36,000-42,000 42,000-46,000 46,000-48,000 CREDIT RISK PORTFOLIO ANALYST 14,000-20,000 20,000-24,000 24,000-30,000 - HEAD OF QUANTITATIVE RISK 50,000-60,000 60,000-65,000 65,000-70,000 70,000-90,000 QUANTITATIVE RISK MANAGER 30,000-38,000 38,000-45,000 45,000-50,000 50,000-60,000 QUANTITATIVE ANALYST 14,000-18,000 18,000-22,000 22,000-26,000 26,000-30,000 HEAD OF RISK ANALYTICS 45,000-50,000 50,000-55,000 60,000-65,000 65,000-75,000 RISK ANALYTICS MANAGER 22,000-28,000 28,000-32,000 32,000-35,000 35,000-45,000 RISK ANALYTICS OFFICER 12,000-15,000 15,000-18,000 18,000-22,000 22,000-25,000 HEAD OF ENTERPRISE RISK MANAGEMENT (ERM) ENTERPRISE RISK MANAGEMENT (ERM) MANAGER ENTERPRISE RISK MANAGEMENT (ERM) OFFICER 46,000-50,000 50,000-60,000 60,000-68,000 70,000-80,000 22,000-25,000 25,000-30,000 30,000-35,000 35,000-40,000 12,000-15,000 15,000-17,000 17,000-20,000 20,000-22,000 OPERATIONAL RISK HEAD 56,000-66,000 66,000-70,000 70,000-76,000 76,000-80,000 OPERATIONAL RISK MANAGER 26,000-30,000 30,000-38,000 38,000-42,000 42,000-46,000 OPERATIONAL RISK ANALYST 16,000-22,000 22,000-28, MARKET RISK HEAD 56,000-66,000 66,000-70,000 70,000-76,000 76,000-80,000 MARKET RISK MANAGER 20,000-30,000 30,000-38,000 38,000-42,000 42,000-46,000 MARKET RISK ANALYST 18,000-22,000 22,000-28, IT RISKS, CONTROLS & GOVERNANCE HEAD IT RISKS CONTROLS & GOVERNANCE MANAGER 48,000-54,000 54,000-56,000 56,000-58,000 60,000-66,000 26,000-30,000 30,000-36,000 36,000-42,000 42,000-48,000 ANTHONY GRAVES Manager agraves@morganmckinley.ae 17

18 LOCAL FINANCE & OPERATIONS GROSS SALARIES (AED per month) CHIEF OPERATING OFFICER (COO) OF FINANCE & OPERATIONS CHIEF FINANCE OFFICER (CFO) OF FINANCE & OPERATIONS 75,000 85,000 85,000-95,000 95, , , , , , , , , ,000 + HEAD OF FINANCE 65,000-75,000 75,000-85,000 85,000-95,000 95,000 + HEAD OF MIS (MANAGEMENT INFORMATION SYSTEMS) & REPORTING 45,000-55,000 55,000-65,000 65,000-75,000 75,000 + MANAGEMENT ACCOUNTANT 10,000-15,000 15,000-20,000 20,000-25,000 25,000-35,000 REGULATORY REPORTING 10,000-15,000 15,000-20,000 20,000-25,000 25,000-35,000 FINANCIAL ACCOUNTANT 10,000-15,000 15,000-20,000 20,000-25,000 25,000-35,000 BUSINESS ANALYST/BUSINESS MANAGER 15,000-20,000 20,000-25,000 25,000-30,000 30,000 35,000 PRODUCT CONTROLLER 20,000-25,000 25,000-30,000 30,000-35,000 35,000-45,000 HEAD OF PRODUCT CONTROL 55,000-65,000 65,000-75,000 75,000-85,000 85,000 + FUND ACCOUNTANT QUALIFIED 20,000-25,000 25,000-30,000 30,000-35,000 35,000-45,000 HEAD OF FUND ADMIN/HEAD OF ACCOUNTING 55,000-65,000 65,000-75,000 75,000-85,000 85,000 + HEAD OF CUSTODY 55,000-65,000 65,000-75,000 75,000-85,000 85,000 + HEAD OF INTERNAL AUDIT 55,000-65,000 65,000-75,000 75,000-85,000 85,000 + INTERNAL AUDIT MANAGER 20,000-25,000 25,000-35,000 35,000-45,000 45,000 55,000 BARRY ANDREWS Consultant bandrews@morganmckinley.ae 18

19 LOCAL GLOBAL MARKETS & TREASURY GROSS SALARIES (AED per month) HEAD OF TREASURY & GLOBAL MARKETS 85,000-95,000 95, , , , ,000 + CHIEF DEALER 65,000-75,000 75,000-85,000 85, ,000 95,000 + SENIOR DEALER 35,000-45,000 45,000-55,000 55,000-65,000 65,000 + JUNIOR DEALER 15,000-20,000 20,000-25,000 25,000-30,000 30, ,000 HEAD OF FX/EQUITY/FI/IR 65,000-75,000 75,000-85,000 85,000-90,000 95,000 + FX SALES 15,000-20,000 20, ,000 30,000-40,000 40,000 50,000 EQUITY SALES 15,000-20,000 20,000-30,000 30,000-40,000 40,000 50,000 FIXED INCOME SALES 15,000-20,000 20,000-30,000 30,000-45,000 - STRUCTURER/DERIVATIVES 15,000-20,000 20,000-30,000 30,000-40,000 40,000 55,000 RESEARCH ANALYST 15,000-20,000 20,000-30,000 20,000-40,000 40,000 55,000 HEAD OF RESEARCH 55,000-65,000 65,000-75,000 75,000-85,000 85,000 + AUTHOR NAME NEEDED Consultant rchaudhri@morganmckinley.ae 19

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