Your business and recruitment handbook

2013 Salary Guide

03 From the Managing Director04 Using the 2013 Salary Guide05 Key trends in financial services recruitment14 Finance and accounting salaries 16 Banking operations salaries18 Insurance salaries20 Technology salaries23 Remuneration trends24 Working with Robert Half Financial Services

More than a million people across the UK work in financial services, which represents nearly 4% of total UK employment. Having up-to-date remuneration data specific to the industry can help organisations determine competitive salary levels, which allows them to recruit and retain the market’s top talent.

In an unpredictable climate, where local and global markets continue to be affected by the eurozone and Middle East crises, it is more vital than ever to secure the right talent to leverage growth.

At a time of great change for the industry, highly skilled middle- and back-office professionals have a greater role to play. Demands from investors and regulators have resulted in the need for more stringent corporate governance, bringing regulatory change. With local and international bodies each endorsing varied and complex regulations, multinational organisations in particular are finding that complying has become more challenging. Compliance budgets are stretched thin, so securing the requisite talent to help navigate an ever-changing environment will be a challenge facing hiring managers for the foreseeable future.

However, according to our research, business growth may be on the horizon. Business outlook has improved, with most financial services executives indicating they are “somewhat” or “very” confident in their companies’ growth prospects compared with last year. Finance professionals, in particular, are benefitting from this optimism as companies look for additional insight and strategy into business process improvement, cost savings and new sources of revenue. It is, therefore, vital that companies identify and obtain the expertise they need as they seek business prosperity.

Monitoring salary trends can be a challenge. I hope you find our 2013 Salary Guide useful, and I welcome you to contact one of our financial services recruitment consultants specialising in finance, accounting, banking operations, insurance or technology to discuss trends affecting your organisation.

From the Managing Director

Phil SheridanManaging Director United KingdomRobert Half UK

Robert Half Financial Services 2013 Salary Guide03

Using the 2013 Salary Guide

The 2013 Salary Guide offers starting salaries for banking and capital markets professionals across finance, banking operations, insurance and technology.

This resource can help you determine salary levels for new employees, plan budgets and navigate today’s hiring environment.

The salary ranges represent starting salaries only because factors such as seniority and policies regarding pay reviews vary by company. Bonuses and other forms of remuneration, such as benefits and pension schemes, are also not taken into account.

We’ve also surveyed executives within the financial services industry on their remuneration plans for existing employees; we’ve highlighted this on page 23.

The most authoritative resourceWe collect information from various sources, including:> Temporary, interim and permanent

placements made through Robert Half Financial Services

> Insight from our senior recruitment managers

> Exclusive research we conduct among UK senior executives

> Information from the Office for National Statistics and HM Revenue & Customs

> Our comprehensive analysis of current and future hiring trends

Robert Half Financial Services 2013 Salary Guide4

With the financial services industry continuing to transform and reinvent itself, many firms are focused on profitability. They are moving away from business and product lines where the cost of capital is too high, shrinking their balance sheets to improve their capital efficiency and changing their risk-weighted asset ratio.

Meanwhile, the ever-evolving regulatory environment puts additional strain on the industry as companies try to maximise profitability while remaining compliant. This dual and often competing focus has raised the bar for the industry, and securing the right talent to address these issues efficiently and effectively is more important than ever. Hiring within the industry has largely mirrored these trends. Where headcount reductions have occurred in less profitable areas, some roles have been absorbed into other units, and demand for skilled professionals within the sector continues to outweigh supply in some areas.

While hiring has not returned to pre-recession levels, talent gaps exist and signal a warning for what may be a more significant challenge in the future, particularly in regulation, risk and compliance. Organisations are therefore reviewing their succession-planning strategies and taking a more holistic approach to recruitment and retention.

Despite market uncertainty, many financial services executives have learned from mistakes and are confident about organisational growth in the forthcoming year. Hiring is cautious, often resulting in multiple interview rounds for both permanent and temporary candidates and more senior-level sign-offs required before an offer is extended. With some profiles in short supply, many organisations realise that their top choices are accepting offers from competing organisations.

Much of the hiring revolves around business-critical roles, with a mix of mid- and senior-level talent as well as newly qualified accountants seeing the greatest opportunity. Companies under pressure to do more with less expect employees to be both specialists and generalists, demonstrating high-level experience and knowledge across multiple areas. There is growing concern around staff retention, with two in three executives concerned about losing top performers to other opportunities in the coming year.

Key trends in financial services recruitment

of UK executives are concerned about losing top performers to other opportunities in the coming year

67%

Robert Half Financial Services 2013 Salary Guide05

Regulatory environment

Not surprisingly, regulatory change remains top of mind for the industry as organisations not only navigate evolving requirements but are also challenged to find staff with relevant experience in such unchartered territory. More than eight in 10 executives surveyed have found regulatory change challenging and report that only one in 10 staff is very knowledgeable on the subject.

More worrying is that executives feel that nearly four in 10 of their employees are not knowledgeable. As a result, executives are spending nearly one full day a week managing regulatory reporting and change, with most saying this is “more” or “significantly more” than three years ago.

There remains a significant need for risk, regulatory and compliance professionals, and as demand outweighs supply, companies face increased budgetary pressure to secure the market’s most sought-after individuals. As a result, many organisations are turning to interim and project professionals as a cost-effective solution to access in-demand skills and experience.

Further waves of regulation within the banking sector will drive demand for risk, regulatory and compliance professionals yet also create the dual effect of creating an uncertain climate where workers are becoming more anxious about moving jobs. As uncertainty prevails, more financial services professionals are looking to the relative security that tenure affords. This has further contributed to the talent shortage organisations face.

of compliance budgets have increased compared to pre-2008

53%

Robert Half Financial Services 2013 Salary Guide06

Anti-Money Laundering (AML) requirements ...................Disclosure or reporting requirements ......................................Privacy requirements ...........................................................................Anti-corruption requirements.........................................................Basel III ..........................................................................................................Sanction requirements .......................................................................IFRS .................................................................................................................FATCA .............................................................................................................Solvency II ....................................................................................................Turner Report/FSA ...............................................................................SOX, JSOX or equivalent .................................................................Dodd-Frank Act .......................................................................................MiFID II ..........................................................................................................

35%

33%

32%

22%17%

13%

11%

8%

42%

7%

5%

3%

2%

Which three of the following global regulations have had the most significant effect on your business?

Temporary/interim headcount: 32%

Permanent headcount: 30%

Technology: 14%

External auditors: 12%

None: 12%

As part of your compliance budget, which area has received the largest percentage increase?

Source: Robert Half survey of 100 financial services CFOs/COOs

Robert Half Financial Services 2013 Salary Guide07

Finance & accounting

Finance and accounting recruitment has trended upwards, although new job creation has largely centred on regulatory, financial control and financial business partnering.

Hiring within other functional areas has been primarily to fill vacated positions, although companies are willing to make additional hires to support revenue-generating activities. Business partnering, while once conceptual, has evolved into its own functional role, with finance professionals working within IT, business development and HR to ensure that processes are efficient and economical. Not surprisingly, more than a third of financial services CFOs indicate that identifying and implementing business strategy is of greatest importance to their finance function.

Key trends by specialism

Skills in demand:> Exposure to technical accounting

standards> Financial Systems: SAP, Oracle, Hyperion

Financial Management, SUN, TM1> Change management> Commercial and business acumen

Positions in demand:> Financial business partners> Fund accountants> Financial analysts> Internal auditors> Systems implementation specialists

>

Robert Half Financial Services 2013 Salary Guide08

Banking operations

Regulatory change has also affected middle-office roles, with institutions focused on completing transactions that are compliant, accurate and timely.

With organisations shifting their services into the most profitable product lines, hiring demand has followed suit with the strongest demand in trade support and fund administration. In fact, nearly six in 10 (56%) COOs plan to increase headcount mainly because of business growth or expansion, and 28% cite regulatory requirements.

Hedge fund operations will continue to see movement as increased investment flow has resulted in demand for mid-level professionals with experience reconciling the trade positions or managing trade discrepancies across multi-product lines. In addition, further IT investment and automation of front-end trade booking has reduced jobs in some areas, but increased demand for more skilled professionals in exceptions resolution, control implementation and business process improvement.

Skills in demand:> Intermediate Excel, including VLOOKUPs

and pivot tables; macros and VBA> Exposure to regulatory and compliance> Business analysis and process

improvement> Commercial and business acumen

Positions in demand:> Fund administrators> Derivative trade support (hedge funds/

investment management)> Controls and investigations specialists> Valuations, pricing and performance

analysts> Client onboarding specialists> Over-the-counter (OTC) derivatives

trade support specialists

>

Robert Half Financial Services 2013 Salary Guide09

Insurance

Last year’s losses due to social unrest and natural disasters have had a significant effect on the industry. This, combined with lower investment income and higher capital requirements, has put downward pressure on profitability.

Firms have responded by closely monitoring expenditure while concurrently needing to manage the effect of the increasing cost of compliance. Pressure on return on equity is forcing companies to consider their business models and to divest non-strategic assets and withdraw from unprofitable business lines. Risk and compliance issues remain high on the agenda and still absorb considerable amounts of budget for some firms. This has created additional demand for permanent, temporary and contract employees.

Companies are looking to acquire revenue-generating professionals from competing organisations to help develop and increase client relationships and grow books of business. Retention has become a priority, with organisations offering long-term incentives and extending notice periods to try to hold on to their top talent.

Skills in demand:> Niche market experience> Exposure to regulatory and compliance,

including Solvency II

Qualifications> Advanced Diploma in Insurance (ACII)> Professional Diploma in Insurance

(Ireland) (CIP)> Certificate in Insurance (Cert CII) - Insurance, legal and regulatory unit (IF1) - General insurance business unit (IF2)

>

Robert Half Financial Services 2013 Salary Guide10

Technology

Changes to the regulatory environment are also having a significant impact on technology, with organisations – particularly tier 1 and mid-cap banks – citing higher demand for regulatory, risk and finance IT professionals.

Banks are struggling with managing “big data” and the necessity to analyse and report large amounts of information quickly and effectively. This has stimulated demand for data analysts, business intelligence/management intelligence specialists and data/database developers.

Organisations continue to optimise infrastructure, simplify their infrastructure estates and cut costs. This has resulted in ongoing demand for network and infrastructure engineers, particularly as virtualization has become such an integral requirement for these roles. Financial services firms face enhanced security concerns around cloud migration, and this along with overall business and regulatory requirements has increased demand for security managers, architects and engineers while supply has not kept pace.

Hedge funds and proprietary trading houses are hiring in smaller numbers; however, they join mid-cap banks in recruiting for hands-on level engineers, including software engineers for systems development (C#, Java and Web) and Windows Server and Network Engineers on the infrastructure side.

Retail banks will continue their focus on multi-channel customer engagement, with integrated and more functional web and mobile offerings setting the standard for investment banks and spread-betting firms to follow suit. Mobile applications developers are highly sought-after, particularly as iPhone and Android applications evolve to become more user-friendly for tablet computers, improving overall customer experience.

>

Skills in demand:> Visualization (VMware) and Storage

(NetAPP) in combination with Windows Server

> Web development (HTML, CSS, .NET)> Front-end and server development (C#)> Business Intelligence (Java and MS SQL

Server with SSIS/SSRS)

Positions in demand:> Infrastructure architect> Development manager> Network engineers> Desktop/applications support> Project/programme manager

(regulatory, security, finance IT)

Robert Half Financial Services 2013 Salary Guide11

Sector-specific trends

Investment bankingFluctuating global markets and crises in the eurozone continue to affect investment banks. While they continue to seek out opportunities to maximise fees and profitability, there has been a sustained effort on cost reduction and projects to drive efficiency. Hiring has followed suit with movement of headcount away from non-profitable areas and into those with stronger revenue-generating potential.

Small and medium-sized enterprises have fared favourably, as have those banks focused on emerging markets, commodities or energy, as a result of the long-term super cycles in these spaces. A focus on cost control has resulted in increased demand for financial business partners while more stringent regulatory requirements are driving hiring for specialists in regulatory, compliance, capital adequacy and audit.

Private equityDespite the economic situation, as the largest private equity market in Europe, London shows consistent demand for skilled professionals due to further investment, acquisitions and diversification. Several private equity and hedge fund units were sold within the last year, allowing firms to focus on the most profitable areas while freeing up capital.

Private equity firms are hiring fund accountants, financial analysts and controllers, although as they are not large consumers of technology, IT requirements are generally outsourced.

Hedge fundsRegulations have required hedge funds to adapt their infrastructure across people, process and technology and have led to greater confidence from the investment community. Hiring has been moderate in volume but constant across finance, banking operations and IT, with stronger demand from funds that are outperforming the market. Continued investment flow should result in increased momentum and hiring activity going forward.

Many growing organisations now require increased internal controls and improved management information, which creates extra workload for finance departments. Many are bringing in temporary or interim professionals to help manage the extra volume. While there is still a strong appetite from candidates to move from investment banking into the hedge fund arena, employers are seeking candidates with specific experience and product knowledge.

>

>

>

Robert Half Financial Services 2013 Salary Guide12

Asset/investment managementThe investment management community has seen moderate gains; however, the most successful organisations are those who have quickly adapted to the changing landscape. In particular, many companies that have traditionally only focused on institutional business are starting to open their platforms to retail clients.

Corporate governance and risk management have been scrutinised by investors, resulting in improved processes and transparency, and many firms are also implementing or integrating new data management and reporting systems.

With a focus on growth, human capital investment will be aligned with business strategy and organisations are bringing on individuals with a wider skill set to help manage growth initiatives, including innovative and customised products as well as global and emerging market strategies.

Retail and commercial bankingDriven by mergers and acquisitions and new entrants in the market, driving product profitability is a key focus for banks looking to deliver growth. Many are selling off assets to help raise the capital needed to meet regulatory requirements, which have also forced many organisations to augment their finance, risk and compliance departments.

In addition, the desire to find the quickest and most efficient way to reach customers through their branch network, contact centres and internet/mobile banking has resulted in a strong focus on IT processes and infrastructure as well the professionals required to drive key initiatives.

InsuranceThe insurance industry has suffered losses due to high claims resulting from natural disasters at home and abroad. Insurers continue to be affected by a variety of additional external factors, including the rise of economic and political power in emerging markets, harmonisation of the insurance industry as a whole and more sophisticated risk models.

Increased regulation and compliance, along with the Retail Distribution Review has created additional demand for highly skilled professionals, while pension auto enrolment will add to pressures on the industry in the coming year.

While many functions have been decentralised from London into the regions, there remains demand for permanent and interim staff in the capital across the front, middle and back office.

>

>

>

Robert Half Financial Services 2013 Salary Guide13

2012 2013 Change

Finance and accounting salaries – London

LEADERSHIP

CFO £100,000 - £190,000+ £105,000 - £190,000+ 1.7%Finance Director £92 ,000 - £154,000+ £90,000 - £150,000+ -2.4%Group Accountant £ 6 7, 0 0 0 - £ 91 , 5 0 0 £67,25 0 - £89,500 -1.1%Financial Controller £65 ,000 - £9 0 ,250 £65,000 - £89,000 -0.8%

TECHNICAL ACCOUNTING

Manager £ 8 0 ,75 0 - £94 ,500 £81,000 - £94,750 0.3%Accountant (4–7 years’ PQE) £6 6 ,500 - £8 9 ,500 £66,750 - £90,000 0.5%Accountant (NQ – 3 years’ PQE) £4 6 ,250 - £ 70 , 5 0 0 £50,000 - £70,500 3.2%

FINANCIAL ACCOUNTING

Manager £ 6 5 ,75 0 - £ 75 , 5 0 0 £65,250 - £80,000 2.8%Accountant (4–7 years’ PQE) £ 5 9 ,75 0 - £6 9 ,500 £60,750 - £70,000 1.2%Accountant (NQ – 3 years’ PQE) £44 ,000 - £ 5 7,7 5 0 £44,750 - £60,250 3.2%Assistant £28 ,500 - £ 41 , 2 5 0 £30,500 - £42,000 3.9%

REGULATORY ACCOUNTING

Manager £ 78 ,75 0 - £95 ,000 £80,250 - £100,000 3.7%Accountant (4–7 years’ PQE) £ 5 8 ,75 0 - £9 0 ,250 £60,500 - £92,250 2.5%Accountant (NQ – 3 years’ PQE) £ 47, 2 5 0 - £ 72 , 0 0 0 £49,000 - £74,5 00 3.6%Assistant £34 ,000 - £ 47, 0 0 0 £35,250 - £48,500 3.4%

MANAGEMENT ACCOUNTING/FINANCIAL PLANNING & ANALYSIS

Manager £ 78 , 0 0 0 - £92 ,250 £78,75 0 - £95,75 0 2.5%Accountant (4–7 years’ PQE) £ 5 9 ,75 0 - £ 77, 2 5 0 £60,000 - £79,250 1.6%Accountant (NQ – 3 years’ PQE) £ 4 5 ,75 0 - £65 ,250 £46,000 - £66,750 1.6%Assistant £29 ,500 - £44 ,000 £30,250 - £45,500 3.1%

Robert Half Financial Services 2013 Salary Guide14

2012 2013 Change

PRODUCT CONTROL

Manager £ 81 ,75 0 - £137,500 £83,000 - £138,500 1.0%Accountant (4–7 years’ PQE) £63 ,250 - £95 ,250 £63,250 - £95,75 0 0.3%Accountant (NQ – 3 years’ PQE) £4 8 ,250 - £65 ,250 £50,250 - £65,75 0 2.2%Assistant £35 ,500 - £45 ,000 £35,75 0 - £46,250 1.9%

FUND ACCOUNTING

Manager £ 78 , 0 0 0 - £ 8 9 ,75 0 £80,250 - £91,500 2.4%Accountant (4–7 years’ PQE) £ 61 ,75 0 - £ 75 ,75 0 £62,500 - £77,5 00 1.8%Accountant (NQ – 3 years’ PQE) £45 ,000 - £59 ,000 £46,500 - £59,750 2.2%Assistant £ 2 7, 5 0 0 - £43 ,500 £ 27,7 5 0 - £44,750 2.1%

INTERNAL AUDIT

Manager £ 75 ,75 0 - £9 0 ,500 £76,250 - £95,000 3.0%Accountant (4–7 years’ PQE) £62 ,250 - £ 74 , 0 0 0 £63,250 - £75,75 0 2.0%Accountant (NQ – 3 years’ PQE) £ 47, 5 0 0 - £ 5 9 ,75 0 £50,000 - £62,250 4.7%

ACCOUNTING OPERATIONS

AP/AR Manager £26 ,250 - £ 3 8 ,75 0 £26,500 - £39,000 0.8%AP/AR Clerk £23 ,500 - £3 0 ,500 £23,75 0 - £30,750 0.9%Accounts Assistant £23 ,000 - £32 ,250 £23,250 - £33,000 1.8%Graduate Trainee £24 ,250 - £35 ,250 £24,500 - £36,000 1.7%

Robert Half Financial Services 2013 Salary Guide15

2012 2013 Change

Banking operations salaries – London

LEADERSHIP

COO £100,000 - £190,000+ £100,000 - £195,000+ 1.7%Director/Head of Operations £8 0 ,000 - £120,000+ £70,000 - £130,000+ 0.0%Operations Manager £6 8 ,000 - £100,000+ £66,500 - £102,500+ 0.6%

TRADE SUPPORT (EQUITY, FIXED INCOME, FX, ETD/OTC, FX OPTIONS)

Manager £ 6 7, 0 0 0 - £ 87, 2 5 0 £69,500 - £88,750 2.6%4–7 years’ experience £ 4 6 ,75 0 - £ 6 7, 5 0 0 £48,500 - £69,000 2.8%>3 years’ experience £25 ,500 - £ 47, 5 0 0 £25,000 - £49,750 2.4%

TRADE SUPPORT (HEDGE FUND/INVESTMENT MANAGEMENT)

4–7 years’ experience £4 8 ,500 - £ 74 , 2 5 0 £50,000 - £75,000 1.8%>3 years’ experience £25 ,000 - £ 4 9 ,75 0 £25,000 - £51,250 2.0%

SETTLEMENTS (EQUITY, FIXED INCOME, FX, OTC DERIVATIVES)

Manager £ 41 , 5 0 0 - £59 ,000 £41,000 - £60,500 1.0%4–7 years’ experience £ 3 7, 5 0 0 - £55 ,250 £37,5 00 - £56,250 1.1%>3 years’ experience £25 ,500 - £34 ,000 £25,250 - £34,750 0.8%

FUTURES CLEARING/BROKER RECONCILIATIONS

Manager £ 57, 5 0 0 - £9 0 ,500 £58,750 - £90,750 1.0%4–7 years’ experience £3 9 ,250 - £58 ,250 £40,500 - £59,000 2.1%>3 years’ experience £ 2 3 ,75 0 - £3 8 ,000 £24,000 - £38,500 1.2%

CLIENT SERVICES

Manager £56 ,500 - £8 8 ,500 £59,500 - £90,000 3.1%4–7 years’ experience £4 0 ,250 - £62 ,500 £41,500 - £64,250 2.9%>3 years’ experience £24 ,000 - £3 8 ,250 £24,75 0 - £39,500 3.2%

COLLATERAL MANAGEMENT

Manager £ 6 5 ,75 0 - £9 0 ,500 £65,250 - £93,000 1.3%4–7 years’ experience £3 9 ,500 - £59 ,250 £41,000 - £60,000 2.3%>3 years’ experience £29 ,000 - £3 8 ,500 £29,75 0 - £39,250 2.2%

CASH MANAGEMENT

Manager £45 ,000 - £ 57, 2 5 0 £44,250 - £59,250 1.2%4–7 years’ experience £3 8 ,500 - £ 4 8 ,75 0 £39,250 - £49,000 1.1%>3 years’ experience £24 ,000 - £3 8 ,000 £24,250 - £38,500 1.2%

OPERATIONS CONTROL/RECONCILIATIONS

Manager £4 8 ,500 - £ 6 5 ,75 0 £49,500 - £69,250 3.9%4–7 years’ experience £34 ,000 - £ 4 8 ,75 0 £35,500 - £50,250 3.6%>3 years’ experience £20 ,500 - £33 ,250 £21,250 - £34,500 3.7%

Robert Half Financial Services 2013 Salary Guide16

2012 2013 Change

PAYMENTS

Manager £3 8 ,000 - £ 4 5 ,75 0 £38,500 - £46,750 1.8%4–7 years’ experience £28 ,500 - £3 8 ,500 £28,500 - £39,500 1.5%>3 years’ experience £ 18 , 0 0 0 - £29 ,000 £18,500 - £29,250 1.6%

STATIC DATA

Manager £45 ,250 - £6 0 ,250 £45,75 0 - £62,75 0 2.8%4–7 years’ experience £3 6 ,500 - £45 ,250 £37,5 00 - £46,750 3.1%>3 years’ experience £ 21 , 0 0 0 - £35 ,250 £21,000 - £36,750 2.7%

ASSET SERVICING

Manager £45 ,000 - £55 ,250 £45,500 - £55,75 0 1.0%4–7 years’ experience £ 3 7, 5 0 0 - £45 ,500 £ 37,7 5 0 - £46,250 1.2%>3 years’ experience £ 2 4 ,75 0 - £ 3 7,75 0 £25,250 - £38,000 1.2%

LOANS ADMINISTRATION

Manager £45 ,250 - £6 0 ,000 £45,500 - £60,500 0.7%4–7 years’ experience £3 6 ,000 - £ 47, 2 5 0 £36,250 - £47,5 00 0.6%>3 years’ experience £ 21 , 5 0 0 - £3 6 ,500 £21,75 0 - £36,750 0.9%

TRADE FINANCE

Manager £4 0 ,000 - £ 51 ,75 0 £40,750 - £53,000 2.2%4–7 years’ experience £32 ,000 - £4 0 ,000 £32,250 - £41,250 2.1%>3 years’ experience £ 21 , 0 0 0 - £ 3 2 ,75 0 £21,500 - £33,250 1.9%

FUND ADMINISTRATION

Manager £50 ,000 - £59 ,250 £52,500 - £62,500 5.3%4–7 years’ experience £3 6 ,250 - £50 ,250 £37,25 0 - £53,75 0 5.2%>3 years’ experience £20 ,500 - £ 3 7, 0 0 0 £22,250 - £38,000 4.8%

ANALYST (VALUATIONS, CLIENT REPORTING, PRICING, PERFORMANCE)

Manager £ 4 7,7 5 0 - £ 61 , 0 0 0 £48,250 - £63,250 2.5%4–7 years’ experience £ 3 8 ,75 0 - £4 9 ,000 £39,750 - £50,000 2.3%>3 years’ experience £ 19 , 0 0 0 - £ 3 8 ,75 0 £20,250 - £39,000 2.6%

COMPLIANCE (AML/KYC, CLIENT ONBOARDING, CLIENT ASSETS)

Manager £62 ,500 - £95 ,000+ £68,750 - £100,000+ 7.1%4–7 years’ experience £4 8 ,500 - £65 ,250 £50,250 - £71,250 6.8%>3 years’ experience £33 ,000 - £ 4 5 ,75 0 £34,250 - £50,000 7.0%

Robert Half Financial Services 2013 Salary Guide17

Insurance salaries – London

2012 2013 Change

UNDERWRITING

Regional Manager £59 ,000 - £ 91 , 2 5 0 £59,250 - £91,500 0.3%Senior Underwriter £50 ,250 - £ 91 , 2 5 0 £48,500 - £92,000 -0.7%Business Development Underwriter £ 3 9 ,75 0 - £56 ,250 £40,000 - £56,000 0.0%Underwriter £ 2 9 ,75 0 - £ 51 , 5 0 0 £28,250 - £56,000 3.7%Assistant Underwriter £23 ,000 - £3 6 ,000 £24,250 - £ 37, 0 0 0 3.8%Underwriting Technician £20 ,000 - £25 ,000 £20,250 - £26,500 3.9%Underwriting Assistant £ 16 , 5 0 0 - £ 21 , 0 0 0 £ 17, 0 0 0 - £22,000 4.0%Syndicate Analyst £ 3 7, 0 0 0 - £45 ,000 £34,750 - £50,000 3.4%

BROKING

Placing Broker £50 ,500 - £ 75 , 2 5 0 £50,500 - £79,500 3.4%New Business Broker £34 ,250 - £64 ,500 £35,75 0 - £66,000 3.0%Account Executive £28 ,000 - £53 ,000 £30,000 - £54,750 4.6%Wordings Technician £3 6 ,000 - £45 ,000 £35,75 0 - £45,250 0.0%Specialist Market Technician £35 ,000 - £55 ,000 £35,250 - £55,000 0.3%Broker Back Up Technician £ 2 7, 5 0 0 - £45 ,250 £28,500 - £46,250 2.7%Trainee Broker £ 21 , 0 0 0 - £ 2 6 ,75 0 £21,000 - £26,75 0 0.0%Account Handler £24 ,000 - £32 ,500 £24,000 - £34,500 3.5%

CLAIMS

Head of Claims £9 0 ,000 - £110,000+ £90,000 - £110,000+ 0.0%Senior Claims Handler £ 4 3 ,75 0 - £ 74 , 2 5 0 £44,750 - £75,000 1.5%Claims Handler £29 ,250 - £ 4 6 ,75 0 £29,500 - £49,250 3.6%Claims Broker £33 ,000 - £56 ,250 £34,750 - £ 57, 0 0 0 2.8%Claims Technician £20 ,000 - £25 ,000 £20,000 - £24,75 0 -0.6%Senior Loss Adjuster £56 ,250 - £ 78 , 0 0 0 £60,250 - £80,000 4.5%Loss Adjuster £35 ,000 - £56 ,250 £35,000 - £60,250 4.4%

Robert Half Financial Services 2013 Salary Guide18

2012 2013 Change

INSURANCE ACCOUNTANCY (For other roles in accountancy, see page 14)

Syndicate Accountant £ 3 7, 5 0 0 - £ 6 7, 2 5 0 £39,750 - £70,000 4.8%Senior Credit Controller £ 2 7,75 0 - £42 ,500 £27,000 - £44,500 1.8%Credit Controller £ 2 6 ,75 0 - £ 3 5 ,75 0 £26,500 - £36,000 0.0%IBA Technician £ 21 , 5 0 0 - £ 2 7, 5 0 0 £22,000 - £28,250 2.6%

EMPLOYEE BENEFITS

Head of Employee Benefits £ 5 7,7 5 0 - £8 9 ,500 £59,000 - £91,250 2.0%Employee Benefits Sales Consultant £50 ,000 - £8 8 ,500 £50,250 - £91,250 2.2%Client Services Consultant £3 9 ,250 - £ 4 7,7 5 0 £39,750 - £49,500 2.6%Employee Benefits Technician £29 ,250 - £4 8 ,500 £29,75 0 - £49,000 1.3%Employee Benefits Technical Administrator £20 ,000 - £25 ,500 £20,250 - £25,75 0 1.1%Head of Claims £9 0 ,000 - £110,000+ £90,000 - £110,000+ 0.0%Senior Claims Handler £ 4 3 ,75 0 - £ 71 , 5 0 0 £43,75 0 - £74,25 0 2.4%Claims Handler £29 ,000 - £45 ,500 £29,250 - £46,750 2.0%Pensions Consultant £44 ,250 - £ 73 , 0 0 0 £45,000 - £75,500 2.8%Employee Benefits Consultant £ 3 8 ,75 0 - £59 ,500 £40,250 - £60,500 2.5%Specialist Consultant £34 ,250 - £53 ,500 £34,250 - £55,75 0 2.6%Client Adviser £ 2 3 ,75 0 - £35 ,500 £24,250 - £36,500 2.5%

Robert Half Financial Services 2013 Salary Guide19

Technology salaries – London

2012 2013 Change

LEADERSHIP

Chief Information Officer (CIO) £150,250 - £225,500+ £154,250 - £231,000+ 2.5%Chief Technology Officer (CTO) £131,750 - £182,500+ £134,750 - £186,500+ 2.2%Chief Architect £118,500 - £167,500+ £121,750 - £172,000+ 2.7%Chief Information Security Officer (CSO) £8 9 ,500 - £115,750+ £93,75 0 - £121,000+ 4.6%IT Director £8 8 ,000 - £132,250 £89,750 - £135,250 2.2%IT Manager/Head of IT £ 74 ,75 0 - £116,250 £76,500 - £118,750 2.2%

ARCHITECTURE & DEVELOPMENT

Enterprise Architect £ 74 , 5 0 0 - £127,750 £76,250 - £130,500 2.2%Technical Architect £ 75 , 2 5 0 - £115,250 £ 77, 0 0 0 - £117,750 2.2%Infrastructure Architect £ 74 , 2 5 0 - £102,750 £76,000 - £105,250 2.4%Data Architect £ 73 ,75 0 - £105,750 £75,500 - £108,500 2.5%Solutions Architect £55 ,500 - £ 9 4 ,75 0 £56,750 - £96,750 2.2%Development Manager £ 8 4 ,75 0 - £119,250 £86,750 - £121,750 2.2%Lead Developer £56 ,500 - £115,000 £58,000 - £118,250 2.8%Software Developer £ 3 4 ,75 0 - £85 ,500 £35,500 - £88,000 2.7%Database/Business Intelligence Developer £ 4 3 ,75 0 - £6 6 ,250 £45,75 0 - £69,250 4.5%Quantitative Developer £65 ,000 - £121,500 £68,000 - £127,500 4.8%

BUSINESS ANALYSIS, PROJECT MANAGEMENT & TESTING

Programme Manager £84 ,500 - £119,750 £86,750 - £123,000 2.7%Project Manager £55 ,250 - £9 6 ,000 £56,750 - £98,750 2.8%Project Management Office (PMO) Head £85 ,000 - £106,250 £83,000 - £103,750 -2.4%Project Management Office (PMO) Manager £ 75 , 0 0 0 - £95 ,000 £73,250 - £93,000 -2.2%Project Management Office (PMO) Analyst £35 ,250 - £ 5 5 ,75 0 £34,500 - £54,500 -2.2%Senior Business Analyst £ 72 , 5 0 0 - £105,000 £71,500 - £103,750 -1.3%Business Analyst £45 ,000 - £ 75 , 2 5 0 £44,500 - £74,25 0 -1.2%Test Programme Manager £ 81 , 5 0 0 - £104,750 £82,75 0 - £106,250 1.5%QA/Test Manager £50 ,000 - £ 74 , 5 0 0 £50,750 - £75,500 1.4%QA/Test Analyst £4 0 ,000 - £ 5 9 ,75 0 £40,500 - £60,500 1.3%

Robert Half Financial Services 2013 Salary Guide20

2012 2013 Change

INFRASTRUCTURE & ENGINEERING

Database Manager £ 5 4 ,75 0 - £9 6 ,000 £56,250 - £98,250 2.5%Database Administrator £4 9 ,250 - £ 8 6 ,75 0 £50,500 - £89,000 2.6%Data Analyst £ 3 7,75 0 - £52 ,250 £39,250 - £54,000 3.6%Business Intelligence Analyst £ 4 5 ,75 0 - £ 77, 2 5 0 £47,5 00 - £80,000 3.7%Network Architect £ 74 , 2 5 0 - £ 9 6 ,75 0 £76,000 - £99,250 2.5%Network Manager £6 0 ,500 - £ 8 9 ,75 0 £61,75 0 - £91,75 0 2.2%Network Engineer £ 4 4 ,75 0 - £ 76 ,75 0 £46,000 - £78,500 2.5%Network Administrator £ 3 4 ,75 0 - £4 9 ,500 £35,500 - £50,750 2.4%Telecommunications Manager £ 4 3 ,75 0 - £ 74 ,75 0 £44,500 - £76,250 1.9%Telecommunications Specialist £32 ,250 - £ 5 3 ,75 0 £32,75 0 - £54,750 1.7%UNIX Manager £8 0 ,250 - £101,750 £82,250 - £104,250 2.5%UNIX Administrator £44 ,000 - £ 76 , 5 0 0 £45,250 - £78,250 2.5%

IT SUPPORT & OPERATIONS

Support Manager £4 0 ,250 - £ 75 , 5 0 0 £41,500 - £ 77,7 5 0 3.0%Systems/Virtualization Engineer £4 0 ,000 - £ 5 9 ,75 0 £41,75 0 - £62,500 4.5%Systems Administrator £ 41 ,75 0 - £54 ,250 £41,250 - £53,500 -1.3%Desktop, First/Second Line Support £25 ,000 - £45 ,500 £25,75 0 - £46,750 2.8%Trade Floor Support Manager £6 0 ,250 - £ 75 , 5 0 0 £59,250 - £74,25 0 -1.7%Trade Floor Support £ 4 4 ,75 0 - £ 6 2 ,75 0 £44,250 - £62,000 -1.2%Applications/Production Support Manager £8 0 ,000 - £107,500 £81,250 - £109,500 1.7%Senior Applications/Production Support £64 ,250 - £ 81 , 2 5 0 £63,500 - £79,250 -1.9%Applications/Production Support Analyst £63 ,000 - £ 74 ,75 0 £65,250 - £74,5 00 1.5%

COMPLIANCE, AUDIT, RISK & SECURITY

Information Security Manager £6 9 ,500 - £ 97, 5 0 0 £73,250 - £102,750 5.4%Information Security Officer £4 8 ,000 - £ 71 , 5 0 0 £50,500 - £75,500 5.4%Security Network Engineer £52 ,500 - £ 6 7,7 5 0 £54,750 - £70 ,75 0 4.4%Security Network Administrator £4 6 ,500 - £ 6 2 ,75 0 £48,500 - £65,500 4.3%Security Systems Administrator £ 4 9 ,75 0 - £65 ,000 £52,000 - £ 67,7 5 0 4.4%Senior IT Auditor £64 ,000 - £82 ,500 £66,000 - £85,250 3.2%IT Auditor £45 ,000 - £6 6 ,250 £46,500 - £68,500 3.4%

Robert Half Financial Services 2013 Salary Guide21

Customising salaries for local markets

The salary ranges listed represent starting salaries within the banking and capital markets sector for the London. They can be customised with the local variances listed below for each of five financial services centres. The index figures are a guide for determining average starting salaries. Factors including company size, employee benefits, candidate skill sets and current market trends may affect actual remuneration.

The information is supported by data from HM Revenue & Customs, the Office for National Statistics, our local recruitment consultants, research of UK C-suite executives and placements across our London and UK branch network. The London salary index is 100 and other locations are represented by a percentage of these ranges.

Follow the five steps on the right to calculate the approximate salary range for a specific position in your area.

Find the position and salary range for a Regulatory Accountant (4–7 years’ PQE) on page 14. The salary range is £60,500 to £92,250.

Find the index number below. The index number for Edinburgh is 73.1%.

Multiply the low end of the national salary range by the index number as a percentage: £60,500 x 73.1% = £44,226.

Repeat using the high end of the salary range: £92,250 x 73.1% = £67,435.

The approximate starting salary range for a Regulatory Accountant with 4–7 years’ PQE in Edinburgh is £44,226 to £67,435.

1

2

3

4

5

Example: Regulatory Accountant with 4–7 years’ post-qualification experience in Edinburgh

London100.0Bristol

67.5

Manchester65.6

Edinburgh73.1

Birmingham65.8

Index numbers (%)

Robert Half Financial Services 2013 Salary Guide22

Source: Robert Half survey of 100 financial services CFOs/COOs

With demand for the most skilled professionals outweighing supply, the changes in the financial services and capital markets sectors has resulted in increased necessity for organisations to offer competitive remuneration to recruit and retain the industry’s best and brightest.

According to CFOs and COOs, nearly seven in 10 (68%) financial services professionals are more motivated by financial remuneration compared to five years ago, and with external pressure from regulators to curb excessive pay and bonuses, finding a balance between financial and non-financial benefits is essential.

Any increases in pay for existing staff have been taking place during the annual review process instead of during less-formal, ad-hoc periods throughout the year. Increases are minimal, generally tied to the general inflation rate or slightly higher. According to executives surveyed, the average increase for both base salary and bonus for existing employees is 4%.

Bonuses for new hires, including sign-on, guarantees, buy-outs and annual bonuses have been reduced, and some organisations have moved to a deferred bonus structure, although generally only for senior management. Nine in 10 executives believe that this has reduced risk within their organisations.

Remuneration trends

In the next 12 months, do you expect salaries and bonuses to...

Increase: 39%

Decrease: 8%

Stay the same: 50%

Don’t know: 3%

Increase: 44%

Decrease: 5%

Stay the same: 49%

Don’t know: 2%

Salaries

Bonuses

of financial services professionals are more motivated by financial remuneration compared to five years ago

68%

Robert Half Financial Services 2013 Salary Guide23

Working with Robert Half Financial Services

Robert Half is the world’s first and largest specialised financial recruitment firm and member of the S&P 500. Leveraging over 60 years of experience, our Financial Services practice places high-calibre finance, banking operations, insurance and information technology professionals on a temporary, interim and permanent basis.

We believe there is no substitute for the personal touch when hiring. Any number of technology tools can identify potential hires, but they will not tell you about the person behind the profile. We take time to understand the unique needs and office cultures of the businesses we serve, and we choose professionals with the skills, work styles and career goals that best align with those organisations.

The right match – we can help you attract hard-to-find professionals. Our candidate database includes pre-screened, skills-tested individuals who are pre-qualified and available to work right away.

Quick results – when you have a job opening, chances are you need immediate help. Our recruitment experts use leading-edge technology to shorten the search process. In addition, we take the time to understand your business’s unique needs.

Options to fit your needs – we offer a choice of skilled candidates with varying levels of experience. So, whatever your budget or needs, we can find the right professional for your organisation.

Exceptional service – the hiring process is more complex than ever. We can guide you every step of the way and handle the most challenging aspects for you. Communication is our speciality.

Reliability – few firms can match our experience and reputation for excellence. In fact, nine out of 10 of our clients and candidates would recommend our services to a colleague.

Benefits we offer

Robert Half Financial Services 2013 Salary Guide24

Tools to help you along the way

Company-In A recent independent survey revealed that it can take up to two months to fill an open position. We designed our innovative Company-In recruitment process to allow you to meet all your first-round interviewees back to back, in one organised, managed session at our offices. This helps you reduce the loss of productivity associated with an open position, saving you both time and money.

Working InterviewWhen companies are considering making a permanent hire, they often bring in candidates on a temporary basis. Our Working Interview allows you to assess a candidate’s performance and company fit for a trial period. If you are not completely satisfied with the candidate’s performance, we will not charge you for the candidate’s time, and we will immediately seek a replacement.

Complimentary project consultation Before launching business-critical projects or change management initiatives, you may have concerns about the benefits, scope, deliverables and potential challenges. Robert Half can offer you a complimentary consultation with a subject-matter expert who, from experience, will give you accurate, objective advice and expert opinion on all the personnel and budgetary aspects of your specific project.

Thought leadership Our organisation is the industry’s most respected source of management and career advice. We publish a wide variety of reports on emerging trends in hiring, employment and the workplace. We conduct ongoing research of C-suite executives and office workers both in the UK and globally, to reveal the latest trends affecting the workplace and job market.

E-learningWe work closely with all our candidates to ensure they stay competitive in today’s career environment. The Robert Half e-learning online training programme offers over 8,000 courses to keep our candidates and clients one step ahead.

Social media Follow us on Twitter, Facebook and LinkedIn for more management, career and workplace advice.

Video Our YouTube channel – youtube.com/roberthalfuk – offers advice for professionals to advance their careers as well as some entertaining videos about hiring and the workplace.

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Robert Half Financial Services 2013 Salary Guide25

Further information

Please contact us for more information about Robert Half’s recruitment divisions and how we can help meet your specific needs.

Call us on 08705 329635

Visit roberthalf.co.uk

To stay informed of the latest trends affecting the UK employment market, follow us on:

facebook.com/roberthalfuk

twitter.com/roberthalfuk

Robert Half Financial Services 2013 Salary Guide26

© 2012 Robert Half. An Equal Opportunity Employer. RHFS-SG-1012

08705 329635roberthalf.co.uk

Our specialised services

Robert Half Finance & AccountingRobert Half Finance & Accounting is the world’s first and largest recruitment consultancy specialising in the placement of accounting and finance professionals on a temporary and permanent basis.

Robert Half Management ResourcesRobert Half Management Resources is the largest premier provider of senior-level accounting and finance professionals on a project and interim basis.

Robert Half Financial ServicesRobert Half Financial Services specialises in placing high-calibre banking and capital markets professionals on a temporary and permanent basis.

Robert Half TechnologyRobert Half Technology is a leading provider of IT professionals on a contract and permanent basis.

Robert Half Human ResourcesRobert Half Human Resources specialises in the placement of highly skilled HR professionals on a project, interim and permanent basis.

OfficeTeamOfficeTeam specialises in the placement of highly skilled administrative and office support professionals on a temporary and permanent basis.

Robert Half Financial Services 2013 Salary Guide