2012 SALARY GUIDE LONDON

Transcription

1 2012 SALARY GUIDE LONDON

2 TABLE OF CONTENTS INTRODUCTION ABOUT HUDSON BANKING & FINANCIAL SERVICES MARKET OVERVIEW FOR SALARY TABLES COMPLIANCE FINANCE IT OPERATIONS PROJECTS & CHANGE MANAGEMENT RISK TREASURY OUR OFFICES

3 INTRODUCTION Welcome to the Hudson Banking & Financial Services Salary Guide for In this year s edition we discuss salaries and benefits in 2011 and recruitment trends for the sector in 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

4 ABOUT HUDSON BANKING & FINANCIAL SERVICES HUDSON IS A LEADING PROVIDER OF SPECIALISED RECRUITMENT FOR PERMANENT AND CONTRACT PROFESSIONALS, RECRUITMENT OUTSOURCING AND TALENT MANAGEMENT SOLUTIONS WORLDWIDE. THE HUDSON BANKING & FINANCIAL SERVICES TEAM SPECIALISE IN THE PROVISION AND RETENTION OF THE MOST INNOVATIVE AND TALENTED PROFESSIONALS ACROSS FRONT, MIDDLE AND BACK OFFICE. We boast a highly successful track record of working in partnership with many of the world s leading investment banks, asset managers, brokers and financial services firms. Our global presence, spanning across 20 countries, helps to connect hundreds of professionals to career opportunities in Europe, Middle East, North America, Australia, New Zealand and Asia each year. Our approach to recruitment is multifaceted with search and networking at its core. We have a team of consultants across the UK and Ireland who have an in-depth knowledge and understanding of the sector. Our specialist areas of expertise across financial services are: Advisory & Investment Compliance Finance HR IT Legal Marketing & Communications Operations Procurement Risk Sales Treasury 2 BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

5 MARKET OVERVIEW FOR 2012 It was a positive start to 2011 as the economy continued to demonstrate an appetite for growth, with organisations investing in people, projects and development. There was significant media attention on bonus payments and reform within the banking sector, but still an air of optimism, which filtered through to hiring plans and growth for most of our clients. However, confidence deteriorated as the year progressed and the issues in Europe magnified, and towards the close of the year there were job losses, hiring freezes and companies scrutinising their budgets for Overall, 2011 was similar to 2010 in that much of the permanent hiring took place in the first half of the year, when organisations clearly understood the need to attract the right talent. Looking forward to 2012, we foresee a year where retaining this key talent will be a key priority. We anticipate a greater availability of candidates during this year, but when managers are in a position to hire, the pressure to get this right will be significant. While 2012 promises to be tight, there will still be a need for key hires in certain areas (e.g. change, compliance, risk and treasury) a result of the weight of regulatory reform, which will not ease for some years. The reforms will inevitably force companies to become better capitalised. They will also have no choice but to erect risk-mitigating structures to ensure their entire lines of liquidity cannot dry up overnight. One thing is certain: uncertainty. Many people have opinions on how the year will look, but a prevailing view has not emerged. It is expected that the biggest demand in recruitment will be for people who can reduce the uncertainty, and for those who can clearly demonstrate the value of their contribution. However, considering most organisations are carrying out relatively similar work and budgets are guaranteed in some areas, many financial professionals will be happy to stay in their current role unless there are significant incentives to move. As always, running a smooth recruitment process will be a key differentiator in attracting and hiring the right candidates. Although the availability of candidates is likely to rise year on year, there will be common needs across financial services organisations. So to ensure recruitment is successful, organisations will need to understand their teams needs from a competency perspective as well as the technical skills they require. Once these needs are established, measuring and assessing them consistently will be a key factor in making the right hiring choices. LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

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7 SALARY TABLES LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

8 COMPLIANCE More than three years have passed since the demise of Lehman Brothers and the crisis that engulfed the global financial market. This has resulted in financial and political bodies taking a far stricter view on regulation in the banking and financial services sector. The focus has now changed from a political perspective. The Government needs to be seen to be acting in the best interests of the country, ensuring financial institutions are fully equipped to withstand future financial strain and uncertainty. As the Government and politicians have changed, the major part of this rebuilding has been left to regulators. Governing bodies are insisting on greater capital requirements within the banks; and, while regulators may not fully 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. Recruitment in the compliance industry grew through the early months of 2010 and continued in this vein throughout the year. The demand for experienced and specialist compliance personnel is now exceeding pre-recession levels, which is the result of the revised regulatory overview of the FSA and new and increased UK and EU regulation. There has been a significant increase in the number of specialist compliance staff coming into the market to meet the required resources for regulation and brand new teams are being created across a variety of areas. The increasing demand for specialist skills has had a knock-on effect on salaries. Attracting top talent for key compliance functions now requires remuneration above the typical market rate. In London, the average increase in salary across the compliance industry was at 9 per cent in 2009, 15 per cent in 2010, and 20 to 22 per cent in As the industry is experiencing a limited pool of specialist candidates, good candidates can expect to receive multiple offers from prospective employers and strong counter offers from existing employers. The increase in bonus guarantees has also risen sharply for senior individuals. 6 BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

9 COMPLIANCE ANALYST AVP VP DIRECTOR INVESTMENT BANKING Global Head Of Compliance / Country Compliance Officer PERMANENT ( PER ANNUM) n / a n / a n / a 160, ,000 + CF10 n / a n / a n / a 80, ,000 + CF11 / MLRO n / a n / a n / a 80, ,000 + Deputy MLRO n / a n / a n / a 75, ,000 + Deputy Head Of Compliance n / a n / a n / a 75, ,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 + Advisory (Sales & Trading) 50,000-60,000 60,000-70,000 70,000-85,000 90, ,000 + Advisory (IBD) 45,000-55,000 55,000-65,000 65,000-85,000 90, ,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 Regulatory Affairs / Policy n / a n / a n / a 75, ,000 + LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

10 COMPLIANCE ANALYST AVP VP DIRECTOR ASSET MANAGEMENT, HEDGE FUNDS, PRIVATE EQUITY & BROKERAGE PERMANENT ( PER ANNUM) CF10 n / a n / a n / a 75, ,000 + CF11 n / a n / a n / a 75, ,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 + COMPLIANCE ANALYST AVP VP DIRECTOR INVESTMENT BANKING Global Head Of Compliance / Country Compliance Officer CONTRACT / TEMPORARY ( PER DAY) 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 AML Manager n / a BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

11 COMPLIANCE ANALYST AVP VP DIRECTOR CONTRACT / TEMPORARY ( PER DAY) AML Monitoring KYC / On-Boarding Reviews Surveillance Control Room Advisory (Sales & Trading) Advisory (IBD) Financial Promotions Training & Competence Disclosures Regulatory Affairs / Policy n / a n / a n / a ASSET MANAGEMENT, HEDGE FUNDS, PRIVATE EQUITY & BROKERAGE CF10 n / a n / a n / a CF11 n / a n / a n / a Deputy MLRO n / a n / a n / a Deputy Head Of Compliance n / a n / a n / a Compliance Generalist Guideline Monitoring Compliance Monitoring Distributions / Financial Promotions LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

12 FINANCE After a steady year of recruitment in 2010, hiring levels in 2011 for the London market were somewhat unpredictable for the finance sector. The first half of the year was reasonably stable. Client activity focused on senior level accountants, but the recruitment of personnel from the newly qualified to 2-3 years post qualified experience (PQE) bracket was significantly lower. The demand for these candidates fell further still as the year progressed. There was increased competition to retain and secure key talent. As a result counteroffers became more common from current employers. In such a competitive marketplace, the businesses that secured the best people were typically those that could be flexible on salaries, and those that sold the benefits of new jobs most 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. Despite the decreased level of recruitment, candidates that moved into a new job expected a minimum 10 per cent pay rise. This reflected increased competition for technical accountants with banking experience, rises in staff turnover, and small opportunities for growth, expansion and investment hiring. There was also a restructuring of compensation packages, which meant less of an emphasis on bonuses and ultimately less of a motivation for employees to make a move to another employer. Culture and work-life balance are now increasingly important factors for candidates considering a move. There was greater demand for financial controllers in 2011 than in previous years and an increased call for management accountants who could drive businesses forward. Also sought after and in short supply were technical accountants with strong International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) experience, primarily as growing organisations focused on contractors with core technical accounting skills. The employers with competitive and attractive compensation packages were able to secure the best technical professionals. Regulatory reporting experience was also in high demand, corresponding to new FSA and compliance related requirements that led to ledger implementations and alterations to improve the accuracy of reporting. 10 BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

13 In the second half of the year, there was a decline in the recruitment of both newly qualified and senior hires; and an increased pressure on cost led to heavy off-shoring and a waning demand for recruitment altogether. Hiring freezes or pauses were a common response to market uncertainty, cost saving and the Eurozone crisis particularly for investment banks. Banks were still recruiting in some areas, but it was increasingly difficult to find people for senior roles (e.g. managers, directors and vice presidents). These candidates were waiting on bonuses, due at the end of the year, which meant employers were also holding off for 2012, when it was expected that the candidate pool would open up again. During the last months of the year, employers spent the majority of their recruitment budgets on hires that were considered critical to the business. Ironically, most of these critical hires were at a senior level the candidates that were holding out for bonuses which created a complex cycle. In alternative investment firms, the year started positively and there was a renewed sense of urgency to fill allocated headcount. It was a challenging year overall as a flight to safety created a downward pressure on Assets Under Management (AUM), causing companies to consider their overheads and backoffice staffing levels. The increase in market confidence we expected at the beginning of the year did not materialise and we saw decreased recruitment and an increase in headcount freezes and reviews, especially during the second half of the year. Cost-saving and company restructuring have become common practice and in the second half of the year recruitment was limited to businesscritical hires rather than led by organic growth. We have seen steady demand for experienced fund accountants, candidates with good regulatory reporting experience and proven finance directors. Candidates moving to another company could expect a pay increase of approximately 10 per cent, depending on how critical the hire was, but bonus percentages largely stayed level with the previous year. With the markets in apparent turmoil and a continuing Eurozone crisis, we expect recruitment levels to be low in 2012 especially in H1 and also for businesses to focus on replacement hires rather than growth. Employers will be focused on strategic hiring and it is likely that they will be looking for technical accountants, internal auditors and regulatory reporting specialists, though recruitment will only materialise once the markets are stable and firms feel that they are strong enough to build on their current teams. LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

14 FINANCE NEWLY QUALIFIED ASSOCIATE AVP VP DIRECTOR FINANCIAL SERVICES PERMANENT ( PER ANNUM) 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 + Finance Business Partner 50,000-58,000 55,000-65,000 66,000-80,000 80, , ,000 + FP&A 50,000-58,000 55,000-65,000 66,000-80,000 80, , ,000 + Project / Business Analyst 45,000-55,000 50,000-60,000 55,000-75,000 70, , ,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 + 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 + Group Accountant 50,000-58,000 55,000-68,000 70,000-85,000 85, , ,000 + Finance Manager 50,000-58,000 55,000-68,000 70,000-85,000 85, , ,000 + Regulatory Reporting / Accounting 45,000-60,000 55,000-65,000 60,000-75,000 70, , ,000 + Regulatory Policy 52,000-60,000 55,000-66,000 67,000-80,000 75, , ,000 + Product Control 50,000-60,000 55,000-65,000 60,000-75,000 70, , ,000 + Valuations 52,000-60,000 58,000-68,000 65,000-80,000 80,000-95, , BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

15 FINANCE NEWLY QUALIFIED ASSOCIATE AVP VP DIRECTOR INVESTMENT BANKING PERMANENT ( PER ANNUM) Management Reporting 50,000-60,000 55,000-65,000 65,000-75,000 80,000-95, ,000 + Management Accounting 50,000-58,000 55,000-65,000 66,000-80,000 80, , ,000 + Cost Accountant 50,000-58,000 55,000-65,000 66,000-80,000 80, , ,000 + Finance Business Partner 50,000-58,000 55,000-65,000 66,000-80,000 80, , ,000 + FP&A 50,000-58,000 55,000-65,000 66,000-80,000 80, , ,000 + Project / Business Analyst 52,000-60,000 55,000-65,000 66,000-80,000 85, , ,000 + Fund Accounting 50,000-58,000 58,000-66,000 67,000-80,000 85, , ,000 + Financial Control 50,000-58,000 55,000-68,000 70,000-85,000 85, , ,000 + Financial Reporting 52,000-60,000 55,000-66,000 67,000-80,000 75, , ,000 + Project Accountant 52,000-60,000 55,000-66,000 67,000-80,000 75, , ,000 + Group Accountant 50,000-58,000 55,000-68,000 70,000-85,000 85, , ,000 + Finance Manager 50,000-58,000 55,000-68,000 70,000-85,000 85, , ,000 + Regulatory Reporting / Accounting 52,000-60,000 55,000-66,000 67,000-80,000 75, , ,000 + Regulatory Policy 52,000-60,000 55,000-66,000 67,000-80,000 75, , ,000 + Product Control 52,000-60,000 58,000-68,000 65,000-80,000 80,000-95, ,000 + Valuations 52,000-60,000 58,000-68,000 65,000-80,000 80,000-95, ,000 + LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

16 FINANCE NEWLY QUALIFIED ASSOCIATE AVP VP DIRECTOR FINANCIAL SERVICES CONTRACT / TEMPORARY ( PER DAY) Management Reporting Management Accounting Cost Accountant Finance Business Partner FP&A Project / Business Analyst Fund Accounting Financial Control Financial Reporting Project Accountant Group Accountant Finance Manager Regulatory Reporting / Accounting Regulatory Policy Product Control Valuations BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

17 FINANCE NEWLY QUALIFIED ASSOCIATE AVP VP DIRECTOR INVESTMENT BANKING CONTRACT / TEMPORARY ( PER DAY) Management Reporting Management Accounting Cost Accountant Finance Business Partner FP&A Project / Business Analyst Fund Accounting Financial Control Financial Reporting Project Accountant Group Accountant Finance Manager Regulatory Reporting / Accounting Regulatory Policy Product Control Valuations LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

18 IT Activity across the sector was very similar to that of 2010: in the first half of 2011 hiring and competition levels were strong; but in the second half these levels reduced, and there was less movement from the candidate community due to the uncertainty in the economy and wellpublicised cost cutting measures that came into effect. However the technology world continues to attract talent. This is particularly true of financial services, where ongoing investment in IT remains critical to the success of a business and is seen as a key differentiator. IT staff are clearly valued by their employers and the user communities for the impact they can make in improving what is already in place and for their ability to translate key business drivers into strategic solutions. Indeed, the candidates that demonstrate technical proficiency and a thirst for solving business problems will be at the heart of the war for talent in In broad terms, the demand for strong candidates in application development was typically high, particularly within FX, equities (including derivatives) and risk (significantly in counterpart exposure management). Some institutions hired heavily in development roles to build greater cross-asset class systems, and by the midpoint of the year clients were beginning to look for talented individuals outside the industry. Across infrastructure and support there were elevated levels of recruitment around cloud computing and grid initiatives. Outside this, there was significant competition in front office application support, Direct Market Access (DMA) and for professionals with core competencies relating to minimising latency (outside of core decision-making systems). Project work remained buoyant for most of 2011, which was good news for business analysts, project managers and business transformation professionals. The split between permanent hires and contractors was quite even, as it was in 2010, but there was less of a push to hire contractors in the second half of 2011, in line with budget and project reviews. Retaining existing talent will be important in We expect to see a greater pressure to ensure every pound is well spent, as well as the need to balance the requirements of the business with tighter budgets. Clients will have high expectations when hiring and should ensure they have rigorous recruitment processes, including sound competencybased assessments. The competency profile fit of a candidate will be as important as his or her technical skills, and getting hiring right will ensure new additions are a sound investment. In summary, we do not expect recruitment levels to be as buoyant in 2012 as they were in There will be areas of growth and ongoing investment, but this will come with the pressure to ensure recruitment decisions demonstrate a tangible return on investment. Our recommendation to all clients is to run an efficient recruitment process and to make sure that all those who are involved in recruitment processes can effectively articulate the opportunities on offer to candidates. There will be a plentiful supply of candidates in the early stages of the year, but with this there will be a greater level of choice. Organisations and interviewers who impress candidates in all areas of the interview process including the basic elements of assessments stand the greatest chance of hiring the people they want. 16 BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

19 INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM 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 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 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) Cognos Support (plus other industry standard reporting tools) 35,000 45,000 45,000 75,000 75, ,000 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 Database Developer 35,000 45,000 45,000 75,000 75, ,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 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 Exchange / ISV Connectivity Analyst 30,000 40,000 40,000 75,000 75, ,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 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 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

20 INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM PERMANENT ( PER ANNUM) Market Data Support Engineer 35,000 45,000 45,000 80,000 80, ,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 Perl Developer 30,000 40,000 40,000 75,000 75,000 95,000 Powerbuilder / UNIX / Sybase / SQL Developer Programme / Global Production Manager (IT) 35,000 45,000 45,000 75,000 75,000 95,000 70,000 80,000 80,000 85,000 85, ,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 SAP Specialist 35,000 45,000 45,000 75,000 75, ,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 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 Summit / Fidessa / Calypso / Murex etc. Developer Summit / Fidessa / Calypso / Murex etc. Support Analyst 45,000 55,000 55,000 80,000 80, ,000 40,000 50,000 50,000 70,000 70,000 95,000 Test Analyst 25,000 35,000 35,000 80,000 80, ,000 UNIX Engineer 40,000 50,000 50,000 75,000 75, ,000 UNIX / Perl / Sybase Development Support 35,000 45,000 45,000 75,000 75, ,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, , BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

21 INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM CONTRACT / INTERIM ( PER DAY) Application Packaging Engineer Application Support (back office) Application Support (front / middle office) Application Support (front office, incl. Greeks, Monte Carlo, Black Scholes etc.) AS400 / RPG400 Developer BI Developer Business Analyst (IT) Citrix Administrator Citrix Engineer Cognos Developer (plus other industry standard reporting tools) Cognos Support (plus other industry standard reporting tools) Database DBA Database Designer / Modeller Database Developer Datacentre Analyst Datacentre Manager Desktop Support ETL Developer Exchange / ISV Connectivity Analyst Firewall Engineer Information Architect IT Auditor IT Author IT Facilities Manager IT Shift Operator (incl. shift allowance) Lotus Notes / Domino Support Analyst Mainframe Developer (Cobol) LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

22 INFRASTRUCTURE & SUPPORT (including development outside of Java, C++ and C#) JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM CONTRACT / INTERIM ( PER DAY) Market Data Support Engineer Messaging Administrator (SWIFT / Websphere etc.) Microsoft Exchange / OCS Administrator Network / Security Engineer Perl Developer Powerbuilder / UNIX / Sybase / SQL Developer Programme / Global Production Manager (IT) ,200 Project Coordinator (IT) Project Manager (IT) SAP Specialist Security Administrator Security Analyst Security Consultant Service Desk Analyst Service Management Analyst (Problem / Incident / Change etc.) SharePoint Developer Storage Administrator Storage Engineer Summit / Fidessa / Calypso / Murex etc. Developer Summit / Fidessa / Calypso / Murex etc. Support Analyst Test Analyst UNIX Engineer UNIX / Perl / Sybase Development Support UNIX System Administrator Voice Engineer Wintel Administrator Wintel Engineer BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

23 APPLICATION DEVELOPMENT JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM 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 C# Team Lead / Tech Lead 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 C++ Team Lead 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) Front end Swing Java Developer (front office) 30,000 40,000 40,000 65,000 65,000 90,000 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 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 Technical Architect (Java - front office) 50,000 60,000 60,000 80,000 75, ,000 Technical Lead (Java - back office) n / a n / a 65,000 80,000 80, ,000 Technical Lead (Java - front office) n / a n / a 65,000 80,000 80, ,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) Visual C++ / MFC / COM Developer (front office) 30,000 40,000 40,000 65,000 70,000 80,000 35,000 45,000 45,000 70,000 75,000 90,000 LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

24 APPLICATION DEVELOPMENT JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM 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 INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM CONTRACT / INTERIM ( PER DAY) C# GUI Developer (back office) C# GUI Developer (front office) C# Server Developer (back office) C# Server Developer (front office) C# Team Lead / Tech Lead n / a n / a C# Technical Architect C++ / Unix Developer (back office) C++ / Unix Developer (front office) C++ / Windows Developer (back office) C++ / Windows Developer (front office) C++ Team Lead n / a n / a Flex / RIA Developer BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

25 APPLICATION DEVELOPMENT JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM Front end Swing Java Developer (back office) Front end Swing Java Developer (front office) CONTRACT / INTERIM ( PER DAY) J2EE Developer (back office) J2EE Developer (front office) Quant Developer (C++ / Java / C#) Server side J2SE Developer (back office) Server side J2SE Developer (front office) Technical Architect (Java - back office) Technical Architect (Java - front office) Technical Lead (Java - back office) n / a n / a Technical Lead (Java - front office) n / a n / a VBA / Excel (front office) Visual Basic Developer Visual C++ / MFC / COM Developer (back office) Visual C++ / MFC / COM Developer (front office) Web Developer (HTML / JavaScript / CSS) WPF / Silverlight Developer (back office) WPF / Silverlight Developer (front office) LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

26 BUSINESS ANALYSIS AND PROJECT MANAGEMENT JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM PERMANENT ( PER ANNUM) BA Credit Risk 50,000 60,000 60,000 70,000 70, ,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 BA Market Risk 60,000 65,000 65,000 75,000 75, ,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 Business Analyst Rates 50,000 65,000 75,000 80,000 85, ,000 Development Manager 50,000 65,000 65,000 75,000 75, ,000 PM Credit Risk 50,000 60,000 60,000 70,000 70, ,000 PM Finance IT 50,000 65,000 65,000 75,000 75, ,000 PM Fixed Income 65,000 70,000 75,000 80,000 95, ,000 PM FX 50,000 75,000 75,000 95, , ,000 PM Market Risk 50,000 65,000 65,000 75,000 75, ,000 PM OTC 50,000 60,000 60,000 70,000 70, ,000 PMO 30,000 45,000 45,000 65,000 70,000 95,000 Programme Manager 95, , , , , ,000 Test Manager 50,000 65,000 65,000 80,000 90, , BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

27 BUSINESS ANALYSIS AND PROJECT MANAGEMENT JUNIOR INTERMEDIATE SENIOR MINIMUM MAXIMUM MINIMUM MAXIMUM MINIMUM MAXIMUM CONTRACT / INTERIM ( PER DAY) BA Credit Risk BA Finance IT (PnL) BA Fixed Income BA Market Risk BA OTC BA Reference Data BA / Test Analyst Back Office BA Back Office PM Business Analyst FX Business Analyst Rates Development Manager n / a n / a PM Credit Risk PM Finance IT ,000 PM Fixed Income PM FX PM Market Risk ,000 PM OTC ,000 PMO Programme Manager ,000 Test Manager LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

28 OPERATIONS The year has been challenging for operations, with organisations suffering from reduced headcount expectations and final approval procedures becoming more stringent. Quarter 1 and 2 were fairly consistent. The majority of posts at Assistant Vice President (AVP) level and higher were covered by permanent hires, whereas the posts at analyst and senior analyst level were covered by interim hires. This trend continued into Q3 and Q4, though roles slowly became more focused on projects that included elements of change management and process improvement. As a result of the poor market conditions, organisations have started to look for a higher calibre of candidate. Generally, they are no longer looking for people who can merely do the job, but personnel who can add extra value by driving new processes and procedures. Consequently, the recruitment process has become increasingly difficult and drawn-out, plus an increasing pressure to headhunt candidates from rival businesses has developed. The demand for traditional back-office and core operations roles has remained limited and, as a cost-saving exercise, some investment banks have off-shored or near-shored these areas of the business. The call for settlements, reconciliations, collateral, corporate actions and similar skill sets has decreased, and a shortage of these candidates in London has had a knock-on effect on the numbers of candidates following the natural progression into middle office. With the demand for these back office roles at a minimum, the emphasis in London has shifted to process improvements, projects and exposure to multiple asset classes, change management and new market initiatives. The perceived outlook for 2012 is very similar to that of the latter parts of 2011 namely, more outsourcing of traditional core operations roles and a focus on projects, change and business improvements. Organisations expectations are believed to stay the same and that the in-demand candidates will be those who can carry out project work over and above their business-asusual tasks. Most banks will look to bulk-up middle office areas across all asset classes, but particularly in interest rate derivatives, credit derivatives and equity derivatives. As a result of the market crash, and where pure reconciliation and settlement roles have mainly been off-shored or near-shored, there has been and will be more emphasis on risk and controls within middle office. This is attractive to candidates as they gain more exposure and responsibility on top of their traditional middle office/trade support duties. We expect the key areas of hiring to be change management, process improvement and business analysis. These positions are vital to many of the re-engineering, off-shoring and general ledger implementation programmes that the majority of organisations are embarking on. Strong candidates, from senior analysts to senior project managers and senior project management officers, are in constant demand, and organisations are willing to pay above the market rate to secure candidates. 26 BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

29 OPERATIONS JUNIOR INTERMEDIATE SENIOR INVESTMENT BANKING PERMANENT ( PER ANNUM) 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 + Head of Operations (Investment Bank) n / a 100, ,000 + Static Data 30,000-38,000 38,000-50,000 50,000-65,000 + FUND & INVESTMENT MANAGEMENT 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 + LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

30 OPERATIONS JUNIOR INTERMEDIATE SENIOR INVESTMENT BANKING CONTRACT / TEMPORARY ( PER DAY) Trade Support Documentation Drafting Documentation Confirmations Collateral Management Valuations Corporate Actions Dividends / Income Processing Project Managers n / a n / a Business Analysts Settlements Client Services Prime Brokerage Stock Lending Loans Closing Loans Administration Reconciliations Control Head of Operations (Asset Management) n / a Head of Operations (Investment Bank) n / a Static Data FUND & INVESTMENT MANAGEMENT Fund Managers Assistant Fund Administration Performance Analyst Pricing / Valuations Client Reporting BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

31 PROJECTS & CHANGE MANAGEMENT The projects and change management market remained largely steady during 2011 in London, but experienced a slight slowdown towards the end of the year. This slowdown was largely due to the pressures of the wider economic environment and resulted in organisations focusing their activity on delivering key strategic and regulatory programmes, while postponing or cancelling other non-critical programmes. As a result, many permanent and interim positions were cancelled or put on hold as part of a larger recruitment freeze until the economic environment becomes more stable. In spite of this slowdown, there was a high demand for Project Management Officers (PMOs) and change managers, 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 candidates with a background in pure consulting change. The net effect of the slowdown towards the end of 2011 is that there is greater competition for roles. While employers continue to seek the top candidates, they expect these candidates to have as broad a skill set as possible to maximise the effectiveness of their hires. The depressed outlook for the wider financial services market may continue in 2012, but we believe project and change are likely to be among the first areas to pick up and will therefore remain steady over the year as a whole. This is due to the fact that almost all financial services organisations are under pressure to complete key business and finance change projects, either regulatory or structural. Candidates with strong business and process improvement skills are likely to be in demand as organisations look to make efficiency savings where possible. This should ensure that projects and change management remains a lucrative interim market for those with the in-demand skills. Candidates who have been reluctant to enter such a candidateheavy field will be provided with the relevant opportunities in core business and finance change projects. LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE

32 PROJECTS & CHANGE MANAGEMENT NEWLY QUALIFIED ASSOCIATE AVP VP FINANCIAL SERVICES PERMANENT ( PER ANNUM) Business / Change Analyst 50,000-65,000 65,000-75,000 75,000-90, ,000 Project / Change Manager n / a 60,000-75,000 85, , ,, ,000 PMO 50,000-58,000 60,000-75,000 75, , , ,000 Programme Director n / a n / a n / a 110,000 + PROJECTS & CHANGE MANAGEMENT 1-3 YEARS' EXP 3-6 YEARS' EXP 6 YEARS' EXP FINANCIAL SERVICES CONTRACT / TEMPORARY ( PER DAY) Business / Change Analyst Project / Change Manager PMO Programme Director , BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE 2012

33 RISK Recruitment in the risk market was somewhat unpredictable over the course of In the first half of the year, hiring volumes were high across all risk types a continuation of activity from H2 of There was huge demand for risk staff up until the end of Quarter 2 in 2011, but in the second half of the year the demand for risk managers levelled off and then began to decline. The compromised global economy and Eurozone crisis have had knock-on effects. Investment banks, in general, recorded losses in H2 of 2011, which meant there were only a few winners in investment banking over the year. Trading revenues were down and this has led to restricted budgets, redundancies and cost-cutting across the City. Statistics showed a significant reduction in hiring mandates, as banks introduced hiring pauses and attempted to build out internal recruitment teams. There were also redundancies in many financial services departments including risk management and as a consequence many firms focused heavily on hiring internally rather than going out to the market. Despite all this, it should be said that although the demand for risk staff dropped in Q2 2011, risk management was still an area less affected than many other vertical markets in the financial services sector. The increasing regulatory and political pressures on financial institutions increased the demand for risk staff in several key areas. Individuals with experience of risk projects, risk modelling, credit analysis and operational risk and controls became highly sought after. Other key pockets of hiring were in 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. From a profile perspective, it is clear that the last couple of years have actually been good for risk management. The quality of staff, the numbers of people employed in risk management, and the influence risk managers now have in businesses are significantly higher. Risk now has a prominent role in each firm and risk teams need to be seen and heard internally and externally. There has been a larger demand for candidates that don t have a background in risk but are looking to work in risk management, including those from trading, front office, auditing, finance and operations roles. Given the higher profile and calibre of risk management employees, however, client companies have been able to hold out for the best candidates and this has created a noticeable imbalance between supply and demand. It is still commonplace for the best candidates to receive multiple offers from interested companies and buy backs from their current employers. LONDON BANKING & FINANCIAL SERVICES HUDSON SALARY GUIDE