MARKET TRENDS & SALARIES REPORT 2014 UNITED KINGDOM

Transcription

1 MARKET TRENDS & SALARIES REPORT 2014 UNITED KINGDOM

2 WELCOME 2

3 Contents Introduction 4 Key Survey Findings 6 Results 6 Professional Services Finance 11 Business Development & Marketing 19 Professional Services Business Support 25 Financial Services 29 Finance & Operations About Ambition 40 Contacts and Support 42 3

4 Introduction We will look back on 2013 with conflicting memories. It was an interesting year, starting with much caution and concern regarding the UK s potential growth prospects. However, as we progressed through the year, sentiment slowly began to improve through each quarter. Whilst recruitment levels gradually increased with this more positive outlook, candidates remained cautious about moving roles, preferring to wait for stronger recovery indicators. There were clear hints of better things to come through Q4 however, with rising recruitment levels and the use of temporary staff picking up in order to match workload demands. Nevertheless, the early signs of economic positivity witnessed at the start of 2014 have yet to take hold in real terms, with 66% of employees polled in this survey still worrying about losing their jobs and 48% of companies backing this up by indicating that staffing numbers had been further reduced in There have been changes in the way companies have been handling their recruitment needs, with growing numbers trying to manage processes internally and increasing their use of social media. Perhaps this is not the newest phenomenon, but certainly one that is increasing in popularity. As much as this is unlikely to change through 2014 it is possible that companies with increasing volumes of roles to fill will once again be partnering with selected recruitment specialists. As more and more companies are now using social media to their advantage, so too are their employees by ensuring that their profiles are up to date and are made to look as attractive as possible to future employers. Social media is one area where you can win on the one hand and lose on the other, but such is the nature of that doubleedged sword. 4

5 Salaries did not move much in 2013 with 42% surveyed not receiving an increase. The fact that 60% of respondents did not receive a bonus either shows us how tight conditions remained for much of the year. However, I am quietly confident that when we ask these salary questions again at the end of 2014 we are likely to find quite a different result. This would demonstrate to us that the signs of improvement witnessed at the end of 2013 have taken hold and that businesses have continued to gain in confidence. We always ask our survey respondents what are, or would be, the main reasons for them resigning from a role. The number one reason, by some margin through 2013, was the lack of career progression available to them in their current roles. Evidently, companies still need to work on individual career plans for their best talent if they want to retain employees who are of high importance to the business will see a return to days of old where the demand for the best talent will be fierce, so this is one area companies can work on to try and overcome this. Overall, when we look back on 2013 I think we will mostly remember the improving trading conditions rather than the lingering negativity that may have been present at the start of the year. The improving sentiments are certainly fonder memories to hold on to. I would like to take this opportunity to thank all our candidates and clients for their continued support and we look forward to partnering with you throughout the coming year and beyond. We look forward to 2014! Andrea Williams Managing Director, UK 5

6 KEY SURVEY FINDINGS Methodology In December 2013, Ambition invited employees and employers across a variety of organisations to complete our 2014 Salary and Employment Survey. This in-depth survey covered six core areas, including: Salary & Remuneration Benefits Workplace Conditions Career Business Performance and Outlook Technology & Social Media Respondents The Ambition Salary and Employment Survey was completed by over 800 respondents drawn from our client and candidate database. Respondents were spread across industry sectors with 23.4% having worked for their company for over 5 years. 47% of employers are from senior manager level upwards. RESULTS CURRENT EMPLOYMENT STATUS DURATION WITH COMPANY 76.5% Permanent 16.6% Contract 3.6% Part Time 3.3% Unemployed 15.5% Less than 3 months 8.9% 3-6 months 13.6% 6-12 months 15.2% 1-2 years 23.4% 2-4 years 23.4% More than 5 years REMUNERATION BENEFITS 6 2 in 5 Companies offer gym membership

7 3.6% Part Time 3.3% Unemployed Ambition Market Trends & Salaries Report 2014 United Kingdom 15.2% 23.4% 23.4% 1-2 years 2-4 years More than 5 years REMUNERATION BENEFITS 59.4% of employees have not received a bonus in the last 12 months AND 42% of employees did not receive a salary increase in 2013 According to employers, the top factors that affect bonus figures are: 63.7% Company performance 20.9% Individual performance 8.8% Current economic climate 6.6% Relationship with manager 2 in 5 Companies offer gym membership 1 in 2 Companies offer professional membership fees and study allowance 2 in 5 SURVEY FINDINGS Business Development Companies and offer Marketing the ability to buy additional leave The most important factors and Marketing Professional of employers believe their 60.4% company remuneration is in line with the market rate. REASONS FOR RESIGNATION 40.3% No career progression 26.7% Dissatisfaction with salary 16.9 Poor relationship with manager 10.4% Company culture misfit 4.1% Limited flexible working hours 0.8% No or insufficient training and development 0.8% Lower than expected bonus When do you next anticipate moving jobs? 58% Salary 25% Opportunities for advancement Average hours per week wo by Business Development a Marketing employees 25% L 63% 4 12% 5 24% 26% 14% 16% 20% 7 Now In over 2 7 months time months time years time years time

8 CAREER PROGRESSION How does your company compare? ONLY 28% of employees believe they can progress to the next level in their company WHEREAS 54% of employers believe their employees can progress to the next level in their company AND 65% of respondents would move location to further their career WORKPLACE AND OUTLOOK SO 62% of employers believe that their company invests enough in training and development Yet Half of employees surveyed believe their company does not invest enough in training and development 35% of employees indicated that their company lacks training in skills core to their role 53% of employees would be open to working in a contract or temporary role o g s 8

9 48% of respondents indicated that staffing numbers in their area had been reduced in the last 12 months 66% of employees have worried about losing their job 63% of respondants believe it would be competitive to find a new job in the current market SURVEY FINDINGS SOCIAL MEDIA 54% of employees indicated they work hours per week 41% of employees work less than 40 hours a week 56% indicated they have felt pressure to work more hours 56% indicated their company offers opportunities for flexible working o act le 75% of employers indicated their company has guidelines and rules on social media behaviour 56% of employers view social media profiles of potential employees and recruits 63% of employees have been approached via LinkedIn for career opportunities 80% are conscious of their social media profiles 9 9

10 Ambition Market Trends & Salary Report 2014 United Kingdom 10

11 PROFESSIONAL SERVICES FINANCE SURVEY FINDINGS Market Overview Salaries Supply & Demand Trends & Predictions PROFESSIONAL SERVICES FINANCE 11 11

12 PROFESSIONAL SERVICES FINANCE Market Overview The Professional Services industry showed some positive recovery at the end of 2012 and this trend has continued throughout Accounting practices have been enjoying an increase in their clients spend on financial advice and services. This has led to the creation of new roles within accounting and rising demand for commercially-focused finance professionals. Law firms are continuing to consolidate with some notable mergers and acquisitions taking place. We have seen an increase in commercially-focused accounting positions, reflecting the changing demands on City law practices, as well as a number of restructures which have led to the creation of new roles. Finance systems specialists with legal sector experience are also in demand with an emphasis on individuals with both technical and project management experience. Overall, the sentiment of the market appears to be cautiously optimistic. Salaries The various Professional Services industries are recovering from the downturn at different rates and whilst disparities in salary packages have always existed between legal, property and accountancy practices, these salary differences have now become more apparent. Companies are reviewing the total remuneration packages on offer, and many are considering increasing, or indeed introducing, bonus incentives to offset static base salaries. We are seeing an increase in organisations that, mindful about overall compensation and headcount costs, are now implementing six-monthly pay reviews to demonstrate to individuals their value to the organisation. With a supply shortage for the most skilled professionals forcing companies to pay more for top talent, candidate remuneration expectations have also increased, with a roughly 7 to 10 percent increase in many operational and reporting roles. Supply and Demand Many companies are still cautious about hiring for fear of potential future cost-cutting measures. Finance teams therefore remain lean and are expected to do more with fewer resources. While essential for the short term, this is not viable in the long run. 12

13 Having insufficient headcount means that as the economy rebounds, these firms will not have the necessary foundation to remain competitive. As a result, demand will increase for finance professionals with strong change management, process analysis and project implementation experience. It will also increase for those who can contribute towards the ongoing commercialisation and transformation of organisations. Many employers with a long list of must-have hiring criteria are realising that despite the general unemployment statistics, candidates with the right skills and experience are in short supply. Employers seeking specialist skills such as Legal Billers and Legal Cashiers have struggled to find the correct calibre of individuals, especially when specific software experience is a prerequisite. Furthermore, the growing demand for Financial Analysts with direct Partner liaison exposure has created a spike in salaries due to the lack of experienced individuals in the market. To counteract some of this growing demand, there have been a number of large team relocations following restructures. Large numbers of finance support roles are being relocated outside of the capital as Centres of Excellence are being set up elsewhere, leading to some excellent candidates becoming available in the London market. Trends and Predictions Many large law firms are planning changes on some level to their business services. Because of this, accountants who can conduct detailed financial and strategic analysis to help companies understand trends affecting the business, identify cost savings and ensure their firm is well placed for business expansion will be particularly in demand. Candidates for some roles will need to show significant experience with financial systems implementation and financial modelling. Along with core accounting skills, employers will increasingly expect candidates to have strong communication and leadership skills, as well as industry knowledge. The ability to communicate effectively with non-finance business managers is also of increasing importance. Experience in systems implementation will be increasingly sought after, in line with global financial reporting and regulations. Many organisations still using UK GAAP have started to prepare for IFRS for the January 2015 deadline. The transition to this new accounting framework is expected to result in greater demand for finance professionals with the relevant expertise and experience of leading conversion teams. Candidates with a strong balance sheet focus would be well placed to understand the new standard, and we are likely to see significant incentivising of these key employees SURVEY FINDINGS PROFESSIONAL SERVICES FINANCE

14 Professional Services Finance The most important factors for Professional Services Finance employees: 1% 50% 17% 8% 7% 6% 5% 5% 2% Company brand Salary Opportunities Flexible for working advancement conditions Manager Company brand Benefits Company culture Company strategy/ direction Average hours per week worked by Professional Services Finance employees: 49% 47% 4% Less than 40 Hours 40 to 50 hours 50 to 60 hours 14

15 Professional Services Audit, Tax & Advisory and Property Job Title Experience Salary Contract rate Per hour unless stated Audit Partner 100,000+ N/A Director 80, , per day Senior Manager / Associate Director 5-10 Years PQE 60,000-90, Audit Manager 55,000-65, Manager 3-6 Years PQE 55,000-75, Assistant Manager 45,000-55, Audit Senior 38,000-45, Finalist (ACA / ACCA) 30,000-38, Trainee 21,000-30,000 N/A Graduate 20,000-25,000 N/A Insolvency Partner 100,000 + bonus N/A Director 85, , Senior Manager 65,000-85, Manager Qualified (JIEB) 55,000-65, Manager 48,000-55, Assistant Manager / Supervisor 38,000-46, Senior Adminsitrator (CPI / ICAEW Insolvency / ACA / ACCA) 34,000-42, Senior Administrator Unqualified 3-4 Years 28,000-34, Administrator 22,000-28, Junior Administrator 6 Months 18,000-22, Senior Cashier 30,000-36, Cashier 22,000-30, Forensic Accounting Director 90, , Senior Manager / Associate Director 5-10 Years PQE 65, , Manager 3-6 Years PQE 52,000-70, Assistant Manager 1-3 Years PQE 43,000-50, Newly Qualified 41,000-46, Corporate Finance Partner 180, Director 100, , Senior Manager / Associate Director 65,000-95, Manager 55,000-70, Executive 45,000-55, PROFESSIONAL SERVICES FINANCE 15 15

16 Professional Services Property & Accounts Job Title Salary Contract rate Per hour unless stated Property Finance Director 80, , per day Finance Controller 60,000-90, per day Finance Manager 50,000-65, per day Property Accountant 50,000-60, per day Management Accountant Qualified 40,000-50, per day Financial Accountant Qualified 40,000-50, per day Service Charge Accountant 35,000-40, per day Credit Controller 25,000-35, Accounts Payable / Accounts Receivable 25,000-30, Accounts Assistant 23,000-25, Accounts Finance Director 80, , per day Finance Controller 60,000-90, per day Finance Manager 50,000-65, per day Management Accountant Qualified 40,000-55, per day Financial Accountant Qualified 40,000-55, per day Finance Analyst Qualified 40,000-55, per day Asisstant Management Accountant 25,000-35, Assistant Financial Accountant 25,000-35, Assistant Accountant 22,000-32, Credit Controller 20,000-30, Cashier 20,000-30, Accounts Payable / Receivable 20,000-30, Senior Bookkeeper 30,000-40, Bookkeeper 25,000-35, Junior Bookkeeper 20,000-25,

17 Professional Services Legal Job Title Experience Salary Contract rate Per hour unless stated Finance Director 120, , per day Finance Controller 1st - 2nd Tier 75, , per day Fully Qualified 5 Years Plus PQE 70, per day 3-4 Years PQE 55,000-70, Years PQE 45,000-60, Revenue Manager 45,000-80, Credit Manager 45,000-70, Accounts Manager 45,000-70, Billings Manager 40,000-55, Head Cashier 45,000-65, Newly Qualified 40,000-50, Senior Biller 35,000-45, Senior Legal Cashier 35,000-42, Accounts Payable Supervisor 35,000-45, Legal Biller 2 Years Plus 28,000-35, Up to 2 Years 20,000-28, Legal Cashier 2-3 Years 25,000-35, Up to 2 Years 22,000-28, Credit Controller 2 Years Plus 25,000-38, Up to 2 Years 18,000-27, Accounts Payable 2 Years Plus 23,000-30, Up to 2 Years 18,000-23, PROFESSIONAL SERVICES FINANCE 17 17

18 Ambition Market Trends & Salary Report 2014 United Kingdom 18

19 BUSINESS DEVELOPMENT & MARKETING professional services Market Overview Salaries Supply & Demand Trends & Predictions BUSINESS DEVELOPMENT & MARKETING

20 BUSINESS DEVELOPMENT & MARKETING Professional services Market Overview London has seen an increase in activity within the BD and marketing sector in Trends within the legal market in particular have seen teams being built back up and more junior positions becoming available for graduates. Similarly, there has been movement at the senior end of the market with newly created Heads of Department and Director roles. The property and built environment sector is far more buoyant this year, with new roles being created along with real investment being made in the marketing and business development teams for the first time since Salaries Salaries within this sector have remained much the same as in previous years. However, many candidates who had decided to change jobs in 2013 were offered a payrise from their current employer as an incentive to stay. The volume increase in roles in the property sector means that we are seeing a real interest in the value of bonuses for the first time since Overtime is also something that firms are increasingly willing to pay for, providing an incentive to employees to work longer hours and remain in high pressure roles. Supply and Demand An acute candidate shortage exists, particularly for strong business development managers and those who are immediately available for contract and interim work. A large number of firms are struggling to find candidates who match their exact requirements and the refusal of many companies to consider candidates from outside the sector has resulted in some roles remaining open for many months, which can in turn create a negative image within the marketplace saw a resurgence in lengthy interview processes yet conversely, trends show that the best quality candidates are accepting roles in firms that really value their time and can offer swift, succinct and flexible interview processes. 20

21 The most prevalent and challenging roles to fill his year have been client-facing, client relationship or development positions. We have seen a trend across all sectors towards more business development professionals having increasing responsibility to meet with clients and we think this trend will continue through We are also seeing an increase in roles which have a larger component of campaigns, online, social media and thought leadership content. Many of the larger law firms in particular now want to be seen as thought leaders and are increasingly interested in growth areas such as social media and video. Firms are looking to drive tangible results via these channels, therefore candidates are having to become increasingly knowledgeable around online analytics packages and understanding user engagement. Trends and Predictions This is an exciting year as the UK economy enters 2014 in far better shape than at the start of 2013 and is now on track to see the strongest year of growth since Confidence has soared and we expect to see an increase in candidate applications this year as many see this as an ideal time to move jobs. We are already experiencing talent shortages in certain areas of the market and this can only increase as more and more companies create new roles. We expect that around 60% of our clients will increase headcount in This year, strong candidates will begin to have greater choice in terms of job offers. There is a growing shortage of skills and talent, this is particularly true of niche areas such as pitching, bids and digital roles. We expect to see a resurgence of businesses really selling their opportunities to individuals in a bid to attract the best talent. Within professional services organisations, BD and marketing roles are becoming more commercial with many recruiting client-facing roles for the first time. Alongside this we are seeing a resurgence of large budgets being given to thought leadership initiatives and events that will help companies differentiate themselves from the competition, all the while with a focus remaining on making such activities successful from an ROI perspective. We have also seen the job market broaden with many more graduate level and Head of / Director positions arising as firms begin to expand their teams. Salaries may well rise as firms attempt to retain their talent and counter offers will again be a common occurrence, making it all the more important that individuals are motivated by more than money when looking for their next career move BUSINESS DEVELOPMENT & MARKETING

22 Business Development & Marketing - Professional Services Job Title Salary Business Development BD Administrator 22,000-25,000 BD Assistant 25,000-30,000 BD Executive 30,000-40,000 Senior BD Executive 38,000-45,000 BD Manager 45,000-65,000 Senior BD Manager 60,000-75,000 BD Director 80, ,000 Client Relationship Management Client Relationship Executive 35,000-45,000 Client Relationship Manager 48,000-65,000 Senior Client Relationship Manager 65,000-75,000 Head of Client Relationships 75, ,000 Proposal / Bid Specialists Bid Assistant 25,000-30,000 Bid Executive 30,000-38,000 Senior Bid Executive 40,000-60,000 Senior Bid Manager 60,000-75,000 Head of Bids 75,000-95,000 Marketing Marketing Administrator ,000 Marketing Assistant 25,000-30,000 Marketing Executive 30,000-35,000 Senior Marketing Executive 35,000-40,000 Marketing Manager 45,000-60,000 Senior Marketing Manager 60,000-75,000 Head of Marketing / Marketing Director 65, ,000 PR PR Assistant 25,000-30,000 PR Executive 30,000-45,000 PR Senior Executive 40,000-45,000 PR Manager 45,000-65,000 Head of PR / Communications (National or Europe remit) 65,000-90,000 Head of PR / Communications (Global remit) 80, ,000 Communications (including internal coms and CSR) Communications Assistant 25,000-30,000 Communications Executive 30,000-40,000 Communications Manager 40,000-45,000 Design Design Assistant 25,000-30,000 Design Executive 30,000-35,000 Senior Design Executive 35,000-40,000 Events Events Assistant 23,000-27,000 Events Executive 30,000-35,000 Events Senior Executive 35,000-45,000 Events Manager 45,000-60,000 Head of Events 60,000-80,000 22

23 Business Development & Marketing - Professional Services Job Title Salary CRM Database CRM Database Administrator / Assistant 23,000-27,000 CRM Database Executive / Steward 27,000-38,000 CRM Database Manager 38,000-60,000 Digital / Web / Online Web Content Assistant 25,000-30,000 Web Content Executive 30,000-40,000 Social Media Executive 32,000-40,000 Web Content Manager / Online Manager 40,000-65,000 Head of Online 70, ,000 Business Development and Marketing The most important factors for Business Development and Marketing Professionals: next jobs? 20% In over 2 58% Salary 25% Opportunities for advancement 17% Manager Average hours per week worked by Business Development and Marketing employees 25% Less than 40 Hours 63% 40 to 50 hours 12% 50 to 60 hours BUSINESS DEVELOPMENT & MARKETING

24 Ambition Market Trends & Salary Report 2014 United Kingdom 24

25 BUSINESS SUPPORT Market Overview Salaries Supply & Demand Trends & Predictions BUSINESS SUPPORT 25 25

26 BUSINESS SUPPORT Market Overview There has been a steady increase in activity in Business Support recruitment with confidence steadily returning to the market. Clients are no longer talking about recruitment freezes, although restructuring exercises are still taking place in certain industries, where changes are being made across the board, from senior employees down to support staff. Salaries Salaries have remained largely unchanged in Candidates are still seeking a salary increase when they change jobs, but they generally have far more realistic expectations about where their salary sits within the marketplace. With confidence returning to the market, 2014 could see an increase in salary offers as clients attempt to secure key talent. Supply and Demand Tighter deadlines and turnaround times have resulted in clients feeling greater pressure to fill roles as soon as possible and many are therefore seeking candidates who are immediately available. Highly skilled candidates are in demand and many clients have had to review their recruitment processes to ensure they are aligned with the current market. Trends and Predictions PA and secretarial roles are becoming far more diverse with candidates expected to take on a variety of tasks within their roles. The last 5 years have seen a dramatic change in role expectations and gone are the days of a traditional secretarial role. PAs have increasing responsibility which goes beyond classic administrative tasks and it is not uncommon for many to get involved with marketing, events and projects. The market remains client driven as employers have high expectations with many seeking candidates that match their requirements exactly. This approach results in a smaller candidate pool being put forward, giving employers the perception that there is a shortage of strong talent when in fact there are many highly skilled and potentially suitable individuals who may simply fall short of one or two criteria. Business Support recruitment is expected to increase in 2014 with candidates willing and actively looking to move. Growth is returning in areas such as legal, property and financial services leading to increased recruitment in these areas. With the current high ratios in terms of the size of teams that PAs are supporting and with more businesses recruiting at the senior end, this is in turn having an impact on Business Support recruitment. Although confidence in the market has seen an increase in permanent positions, temporary recruitment remains a popular choice, with many clients opting to take on contractors before making a definitive decision on permanent headcount.

27 Business Support - Professional Services Job Title Experience Salary Secretarial Manager / Coordinator 45,000-70,000 Office Manager 35,000-45,000 Executive Assistant 36,000-45,000 Personal Assistant 31,000-35,000 Legal Secretary Senior / Managing Partner 36,000-42,000 Legal Secretary Partner level 32,000-38,000 Legal Secretary Associate level 26,000-32,000 Legal Secretary 6-12 Months 22,000-26,000 Trainee Legal Secretary ,000 Legal Float Secretary 32,000-38,000 Team Secretary / Assistant 25,000-30,000 Document Production Operator 33,000-36,000 Evening Document Production Operator 35,000-38,000 Receptionist / Switchboard Operator 24,000-28,000 Facilities Assistant 22,000-27,000 Post Room Assistant 18,000-24,000 Reprographics Assistant 20,000-25,000 Administrator 18,000-26,000 Business Support Business Support The most important factors for Business Support professionals: The most important factors for Business Support professionals: Professional Services Finan Professional Services The most important factors employees: The most important employees: 50% 50% Salary Salary 18% 18% Location Location 11% 11% 10% 10% 4% 4% Average hours per week worked by Business Support employees: 28% 40 to 50 hours 72% Less than 40 Hours 2% 2% 2% 2% 1% 2% 2% 1% Manager Opportunities Company Flexible Benefits Company Company for culture working strategy/ brand Manager advancement Opportunities Companyconditions Flexible Benefitsdirection Company for advancement culture working conditions strategy/ direction Average hours per week worked by Business Support employees: 72% Less than 40 Hours Company brand 28% 40 to 50 hours BUSINESS SUPPORT 50% 17% 8% Salary 50% Opportunities 17% 8 Flexible M for working Salary advancement Opportunities conditions Fle for wo advancement con Average hours pe Professional Servic Average ho Professiona

28 Ambition Market Trends & Salary Report 2014 United Kingdom 28

29 FINANCIAL SERVICES FINANCE & OPERATIONS SURVEY FINDINGS Market Overview Salaries Supply & Demand Trends & Predictions FINANCE & OPERATIONS 29 29

30 finance & OPERATIONS Market Overview The finance and operations market has generally been far busier in 2013 than in previous years. Support staff have been sought-after for offshore and near-shore programmes, as well as for various regulatory, technology and business strategy projects. In the permanent market there has been significant demand for senior professionals to help drive through change programmes. Across both boutique and global institutions, companies which have been running extremely lean teams in recent years are now seeking to grow and rebuild their teams in a cost-effective way. This has resulted in an increasing demand for junior and part-qualified candidates. External recruitment has also grown within the financial services market as previous internal recruitment drives and transfers have been exhausted. For asset managers and hedge funds, market sentiment has certainly improved but this has not yet led to an increase in activity in back/middle office roles. One reason for this is that an increasing number of asset managers have outsourced their back and middle office departments to custody providers who then offshore this work. The insurance industry showed some positive recovery in 2013 and this trend has continued into Whilst growth, capital, infrastructure, risk management, pricing and data management remain strong, there has been a shift in focus towards compliance and regulation which have become the driving force for the industry. This will continue to result in future job growth around specialisations across finance transformation & business change, risk & compliance, data management and strategy professionals. Salaries For finance and accounting professionals, salaries have remained relatively stable over the past twelve months while bonus payments have generally seen an improvement, although bonus levels vary greatly depending on the area of fund management. For operations professionals, temporary and permanent salaries have also remained stable. However, with bonus payments being scaled back in many industries, there is now pressure on companies to increase base salaries for permanent staff. Employers have to decide how to redefine the overall compensation offering, taking into account upwards pay pressure from employees and criticism from shareholders, regulators and the public over excessive incentive incomes. We have not seen a great impact on salaries in relation to AWR regulations as temporary staff salaries continue to fall in line with their permanent counterparts. 30

31 For insurance companies, strong demand for highly skilled professionals is beginning to outweigh supply and this has resulted in an increasing need for organisations to offer competitive remuneration packages to recruit and retain the industry s best talent. Supply and Demand Whilst we may currently be experiencing a candidate rich market, premium candidates are in short supply and so competition is fierce. Employers still have very specific candidate requirements and most are willing to wait for the right skill set rather than compromise on quality. Performance and Attribution Analysts remain difficult candidates to find. We are also experiencing a lack of quality from a part qualified perspective in asset management and are not seeing many part-qualified asset management candidates who wish to change positions has seen an increasing number of candidates who are interested in working in a regulatory or internal audit capacity. This is a reflection of current market demands due to a general tightening of regulations around hedge funds and asset management. It is also recognised as an excellent area for long-term career development as these skills remain in high demand. Many insurance companies are still cautious about adding headcount to their finance teams and therefore remain lean in their operations. With the increase in regulation and compliance responsibilities across the industry, this will result in an increasing demand for finance professionals with strong regulatory and compliance, data analysis, change management and project implementation experience. Employers recognise that whilst the UK market is still in recovery, top talent across these areas is already in short supply. Trends and Predictions Finance & Accounting: We expect to see an increase in demand for regulatory and financial accountants and a busy market for both temporary and contract positions. Clients are mostly willing to spend in the short term for temporary help but are generally more frugal when it comes to permanent hires. We may expect therefore to see a decline in permanent placements in 2014 compared to temporary vacancies. Regulation: Changes in regulation are affecting traditional investment managers, and the need to adapt to these regulations is creating both opportunities and challenges. Candidates with a strong understanding of emerging regulations are likely to be in demand FINANCE & OPERATIONS

32 Risk: Hedge fund governance and operational risk management have been called into question by market events. Many investors are now insisting on the highest standards before they will invest. We re also seeing a marked increase in interest in third party assurance reporting by prime brokers and hedge fund managers. Operations: Faced with greater demands for transparency and a need to mitigate the operational risks revealed by the credit crisis, hedge fund managers are developing completely new operating models and asset managers are reviewing and improving their operational models. These involve the entire infrastructure, including people, processes, technology, data and organisational design. They aim to increase the degree and immediacy of insight and information around all elements of risk, including investment exposure and processing of client assets. This all means additional costs and ultimately pressure on returns for investors which may make products/instruments less attractive to trade. For insurance, 2014 will be a year of change and leading businesses recognise that change is constant. With a strong focus in placing the right talent at the top, the insurance industry is taking a new shape given the realities of economic conditions versus regulatory requirements. With this in mind, many insurance companies will be focusing on hiring strategies and projects around the regulatory changes that will be coming into effect in January 2015 (IFRS9) and January 2016 (Solvency II). The transition to being compliant to IFRS9 and Solvency II will result in increased demand for financial professionals with relevant expertise and experience in these areas. 32

33 Financial Services - Finance and Operations Ambition Market Trends & Salaries Report 2014 United Kingdom The most important factors for Finance and Operations employees: Financial Services - Finance and Operations The most important factors for Finance and Operations employees: 36% Salary 26% 11% Opportunities 36% 26% Manager 11% Company 11% for culture Salary Opportunities Manager advancement for advancement 11% Company culture 11% Company 11% 5% Benefits brand Company brand Benefits 5% Average hours per week worked by Finance and Operations employees: Average hours per week worked by Finance and Operations employees: 30% Less than 40 Hours 65% 40 to 50 hours 30% Less than 40 Hours 5% 50 to 60 hours 65% 40 to 50 hours 5% 50 to 60 hours FINANCE & OPERATIONS 33

34 Financial Services Operations Investment Management Job Title Experience Salary Operations Director/COO N/A 80, ,000+ Head of Department N/A 70, ,000+ Trade Support 5 Years Plus 50,000-55, Years 40,000-50, Years 27,000-40,000 Settlements 5 Years Plus 42,000-48, Years 33,000-42, Years 25,000-33,000 Loans 5 Years Plus 45,000-55, Years 36,000-45, Years 25,000-32,000 Client Servicing 5 Years Plus 45,000-52, Years 33,000-45, Years 23,000-32,000 Collateral 5 Years Plus 45,000-58, Years 35,000-45, Years 25,000-35,000 Reconcilliations 5 Years Plus 42,000-50, Years 34,000-41, Years 25,000-33,000 Corporate Actions 5 Years Plus 40,000-55, Years 30,000-40, Years 20,000-30,000 Treasury / Payments 5 Years Plus 32,000-42, Years 27,000-32, Years 22,000-26,000 Derivative Operations 5 Years Plus 45,000-60, Years 38,000-45, Years 25,000-37,000 Client Reporting 5 Years Plus 42,000-47, Years 31,000-42, Years 23,000-30,000 Performance Attribution 5 Years Plus 50,000-75, Years 35,000-50, Years 25,000-35,000 Fund Manager Assistant 5 Years Plus 48,000-55, Years 35,000-48, Years 25,000-35,000 Fund Administration 5 Years Plus 42,000-48, Years 31,000-42, Years 23,000-30,000 Data Management 5 Years Plus 40,000-50, Years 32,000-40, Years 20,000-32,000 34

35 Operations Investment Management Job Title Experience Salary Transitions 5 Years Plus 40,000-50, Years 33,000-40, Years 25,000-33,000 KYC / AML 5 Years Plus 50,000-60, Years 40,000-49, Years 30,000-40,000 Trade Compliance 5 Years Plus 55,000-70, Years 32,000-55, Years 25,000-32,000 Relationship Management 5 Years Plus 50,000-80, Years 35,000-50, Years 23,000-35,000 Investment/Research / Portfolio Analyst 5 Years Plus 55,000-65, Years 43,000-54, Years 30,000-42,000 Change Management Investment Management Job Title Salary Programme Director 110, ,000+ Programme Manager 90, ,000 Project Manager 70,000-90,000 Junior Project Manager 50,000-70,000 Senior Business Analyst 70,000-85,000 Business Analyst 50,000-65,000 PMO 60,000-85,000 Project Support 30,000-50,000 FINANCE & OPERATIONS 35

36 Risk & Compliance Investment Management Job Title Salary Quantative Analysis Head of Quantative Analytics 110, ,000 Director 75, ,000 Quantative Development Manager 60,000-80,000 Senior Quantative Developer 50,000-70,000 Quantative Developer 40,000-55,000 Senior Quantative Strategist 80, ,000 Quantative Strategist 60, ,000 Senior Quantative Researcher 50,000-90,000 Quantative Researcher 40,000-60,000 Operations Risk Head of Operations Risk 80, ,000 Director 70,000-90,000 Manager 50,000-75,000 Senior Analyst 40,000-60,000 Analyst 30,000-45,000 Portfolio Risk / Investment Risk - Front Office Chief Risk Officer 110, ,000 Deputy Chief Risk Officer 80, ,000 Director 80, ,000 Manager 60,000-90,000 Senior Analyst 50,000-70,000 Analyst 35,000-50,000 Portfolio Risk / Investment Risk - Middle Office Director 70, ,000 Associate Director 60,000-95,000 Manager 50,000-70,000 Senior Analyst 40,000-60,000 Analyst 30,000-45,000 Compliance Head of Compliance 80,000+ Deputy Compliance Officer 50,000-75,000 Senior Compliance Officer 40,000-60,000 Compliance Manager 60,000-75,000 Compliance Analyst 35,000-50,000 Compliance Assistant 25,000-35,000 36

37 Finance Investment Banking Job Title Experience Salary CFO EMEA N/A 150, ,000 CFO UK N/A 120, ,000 Finance Director N/A 90, ,000 Finance Manager / Controller N/A 70,000-85,000 Fully Qualified Financial Planning & Analysis 5 Years Plus 90, , Years 60,000-90, Years 50,000-65,000 Management Accountant 5 Years Plus 80, , Years 70,000-90, Years 55,000-65,000 Financial Reporting 5 Years Plus 80, , Years 70,000-90, Years 55,000-65,000 Group Financial Reporting 5 Years Plus 80, , Years 70,000-90, Years 55,000-65,000 Technical Accountant 5 Years Plus 100, , Years 80, , Years 70,000-80,000 Product Control 5 Years Plus 90, , Years 70,000-90, Years 55,000-65,000 Valuations 5 Years Plus 85, , Years 65,000-85, Years 40,000-65,000 Reg 5 Years Plus 90, , Years 70,000-85, Years 55,000-70,000 Finance Investment Banking Job Title Experience Salary Tax 5 Years Plus 85, , Years 60,000-80, Years 50,000-60,000 Part Qualified ACCA/ CIMA Finalist N/A 40,000-45,000 ACCA/ CIMA PQ N/A 33,000-40,000 Bookkeeper N/A 18,000-35,000 Credit Control Manager / Team Leader N/A 35,000-65,000 Credit Control N/A 20,000-35,000 Accounts Payable Manager N/A 35,000-50,000 Accounts Payable N/A 20,000-35,000 FINANCE & OPERATIONS 37

38 Finance Investment Management Job Title Experience Salary CFO N/A 110, ,000 Finance Director N/A 80, ,000 Financial Controller N/A 65,000-85,000 Fund Controller N/A 70,000-90,000 Fully Qualified Management Accountant 5 Years Plus 85, , Years 65,000-85, Years 50,000-65,000 Financial Accountant 5 Years Plus 85, , Years 60,000-85, Years 50,000-65,000 Fund Accountant 5 Years Plus 75, , Years 60,000-70, Years 45,000-60,000 Part Qualified ACCA / CIMA Finalist N/A 40,000-45,000 ACCA / CIMA Part Qualified N/A 33,000-40,000 Bookkeeper N/A 25,000-35,000 Billings Analyst N/A 25,000-35,000 Accounts Payable Manager N/A 35,000-50,000 Accounts Payable N/A 20,000-35,000 Finance Insurance Job Title Salary Group Finance Director / Chief Financial Officer 200, ,000 Finance Director / Chief Financial Officer 150, ,000 Senior Financial Controller 140, ,000 Entity Financial Controler 90, ,000 Finance Manager 55,000-75,000 Senior Finance Business Partner 80, ,000 Finance Business Partner 60,000-80,000 38

39 Finance Insurance Job Title Experience Salary Fully Qualified Financial Planning & Analysis 5 Years Plus 70,000-90, Years 55,000-70, Years 45,000-55,000 Management Accountant 5 Years Plus 65,000-90, Years 55,000-65, Years 48,000-55,000 Financial Accountant 5 Years Plus 65,000-90, Years 55,000-65, Years 48,000-55,000 Part Qualified ACCA / CIMA Finalist N/A 43,000-48,000 ACCA / CIMA PQ N/A 33,000-45,000 Bookkeeper N/A 18,000-35,000 Credit Control Manager / Team Leader N/A 35,000-65,000 Credit Control N/A 20,000-35,000 Accounts Payable Manager N/A 35,000-50,000 Accounts Payable N/A 20,000-35,000 Change Management Insurance Job Title Salary Programme Director 130, ,000 Programme Manager 95, ,000 Senior Project Manager 85, ,000 Project Manager 75,000-90,000 Lead PMO 70,000-85,000 PMO 50,000-70,000 Senior Business Analyst 70,000-90,000 Business Analyst 55,000-75,000 FINANCE & OPERATIONS 39

40 ABOUT AMBITION Ambition is a leading global boutique recruitment business operating in a select number of specialist areas across London, Singapore, Hong Kong, Tokyo, Kuala Lumpur, Sydney, Melbourne, Perth, Paramatta and Brisbane. We access hard to find, high calibre professionals within Financial Services, Finance & Accounting, Business Development & Marketing and Business Support. We believe our size is a significant differentiator in the recruitment industry. We are big enough to undertake large scale projects for our clients yet retain the soul and personality of a smaller company. We are best known for our specialisation with in-depth knowledge and expertise, well established networks and deep relationships. We are committed to building better futures for our community of clients, candidates and employees. Specialist Teams Financial Services Finance & Accounting Back Office & Middle Office Operations Change Management Risk & Compliance Professional Services Finance & Accounting Legal Finance Business Development & Marketing Business Support 40

41 Our Community We host a range of value-added activities and events to support knowledge sharing and engagement amongst our candidate and client communities, focusing on topics that will help enhance their careers and workplace. Visit the Ambition Events page to view our upcoming events: We are passionate about building better futures for our community and have subsequently partnered with Careers Academies UK, a non-profit organisation which works with around 140 schools and colleges across the UK. They provide a structured programme of paid internships, mentoring, motivational lectures and workshops to give year olds the work experience and skills they need to perform more effectively in the wider world. Visit their website: Global Reach 41

42 Contacts & Support Andrea Williams Managing Director, United Kingdom T: E: Nicky Acuna Ocana Director, Professional Services T: E: Kathryn Roberts Associate Director, Financial Services T: E: Martyn Draper Divisional Manager, Legal, Finance & Accounting T: E: Naseem Sadiq Divisional Manager, Back to Middle Office Operations, Financial Services T: E: Claudine Williams Divisional Manager, Business Support T: E: Joe Whitfield Divisional Manager, Investment Management Finance T: E: 42 Sally Clare Divisional Manager, Professional Services Finance & Accounting T: E:

43 Can we assist? We would be happy to discuss any of your recruitment needs. Please contact us via the details on page 42. Market Insights We invite you to visit our Ambition blog page for further information on market trends, business news and career advice: Get Social Ambition are committed to driving innovation and have a strong social media presence allowing us to interact and engage through videos, whitepapers, surveys, webinars, trends and blogs via LinkedIn, Twitter, Facebook, You Tube and Google+. Ambition AmbitionUKRecruit uk_ambition ambitiongroup Ambition UK This document is intended only as a representation of the market according to the research and data acquired from our network and any information presented in this document is made in the opinion of Ambition. Our company accepts no liability for the consequences of any actions taken on the basis of the information provided. 43 Ambition. It s Different. It s Personal.

44 BUILDING BETTER FUTURES. London 13 Southampton Place, London WC1A 2AL T: +44 (0)