Morgan McKinley Banking and Financial Services Salary Survey Guide - UAE 2014
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BANKING & FINANCIAL SERVICES SALARY GUIDE | UAE 2014
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Salary Guide
Transcript of Morgan McKinley Banking and Financial Services Salary Survey Guide - UAE 2014
BANKING & FINANCIAL SERVICES SALARY GUIDE | UAE 2014
CONTENTS MANAGING DIRECTOR’S LETTER 2
BANKING & FINANCIAL SERVICES 3
INVESTMENT BANKING & PRIVATE EQUITY 5
ASSET MANAGEMENT 6
CORPORATE & RETAIL BANKING 7
RISK & COMPLIANCE 8
FINANCE & OPERATIONS 9
GLOBAL MARKETS & TREASURY 10
UNDERSTANDING THIS GUIDE 11
TALK TO US 12
Dubai, with the other Emirates, is the employment hub for the
region, with rising levels of demand for consumer goods driving
demand for more Sales & Marketing and Supply Chain
professionals across the Gulf region. Rising levels of demand
within both the green and traditional energy sectors also mean
a growth in opportunities for Power Generation professionals.
Inward and local investment in sectors such as FMCG,
packaging and chemicals is creating demand for Manufacturing
professionals, especially those with knowledge of techniques
such as Six Sigma, as well as Accountants.
With many new projects announced recently, there is a
significant demand for professionals in the Construction and Oil
& Gas industries, with Iraq particularly short of oil industry
specialists.
With the three main credit ratings agencies improving their
ratings, the high level of business activity and improvements in
balance sheets and liquidity, confidence is high in the Banking
& Financial Services sector.
In 2014 we expect to see an increase of 8% to 10% in the
number of job opportunities across all industry sectors and
salaries rising in the range 6% to 8%. Less easy to predict is
the change in the cost of living over the coming years, although
it is safe to say that in many countries “the only way is up”,
putting pressure on employers and presenting candidates with
some tough choices. However, Morgan McKinley will as ever
be well placed to advise on important issues such as local
accommodation and schooling.
We hope you find the insights presented in this report
interesting and useful, and welcome any feedback.
Trefor Murphy
Managing Director | UAE
T: +971 (0)4 352 2506
Morgan McKinley has spent the past 16 years recruiting
mid to senior professionals in the GCC market.
2
MANAGING
DIRECTOR’S
LETTER.
This guide provides insights into salary trends in key
disciplines and professional communities within the
Gulf Cooperation Council (GCC) region, based on
what we have observed over the past year, together
with a compilation of hard facts and figures on gross
salaries.
Morgan McKinley’s UAE operation is focused on
sourcing talent for mid-management and senior roles
for Banking & Financial Services, Accountancy &
Finance, Energy, Sales & Marketing ,Supply Chain,
Manufacturing, Construction, and Office Support
throughout the GCC.
The GCC is one of the most economically dynamic
regions in the world, with the UAE leading the way
across the Gulf region and this is very much reflected
in the buoyancy of the recruitment market and the
resultant hiring trends.
In our last report we reported that “reverberations from
the Eurozone crisis led to a subdued recruitment drive
among UAE-based multinationals in 2012” but
commented that there were signs of returning
confidence. We predicted an upward trend.
Results from 2013 have vindicated this positive
outlook.
The UAE returned to growth in 2013 and this growth
looks certain to accelerate in 2014, with a renewed
focus on the infrastructure, tourism and construction
sectors, especially in light of the news that Dubai will
host Expo 2020.
Welcome to Morgan
McKinley’s UAE Salary
Guide 2014.
BANKING & FINANCIAL
SERVICES
3
INVESTMENT BANKING & PRIVATE EQUITY | ASSET MANAGEMENT |
CORPORATE & RETAIL BANKING | RISK & COMPLIANCE | WEALTH
MANAGEMENT & PRIVATE BANKING
BANKING & FINANCIAL SERVICES
4
HIRING TRENDS
2013 was an interesting year as far as
hiring trends are concerned. Although
there have been significant growth
indicators, many banks have been
focused on corporate governance, with
large players aiming to protect
themselves against heavy fines from
regulators. There continues to be a need
to improve enterprise risk management,
internal controls and reporting and we
expect this trend to continue throughout
2014.
The growth in global Islamic finance also
looks set to continue, with global Islamic
commercial banking assets forecast to
exceed $2 trillion by 2014, according to
the World Islamic Economic Forum
(WIEF).
WIEF said the strong growth in Islamic
finance over the past decade had been
driven by innovations in the number and
range of Islamic financial products
available across the Middle East, Europe
and Asia, while increased interest in
Shariah-compliant banking would also
support this growth.
It added that Islamic banking assets in
the Gulf Cooperation Council (GCC)
region are expected to surpass $130
billion by end of the year.
THE MARKET
Foreign funds are flooding back to the
UAE’s stock markets, with inflows more
than trebling so far this year, as
positive Expo 2020 sentiment fuels
overseas interest.
Foreign institutional investors have
bought US$718.9 million worth of UAE
shares, up from $202.97m in the same
period last year.
2013 has been a recovery year; Dubai’s
bid for the Expo 2020 has played a big
role in the optimism in the market.
The MSCI in June announced it will
upgrade the UAE, and its three bourses,
to an emerging market in May 2014. The
index compiler, whose indexes are
tracked by investors with about $7 trillion
in assets, previously classified the
country as a frontier market.
The Abu Dhabi Securities
Exchange General Index has risen
45.6% so far this year, while the Dubai
Financial Market General Index has
surged 78.1% in the same period,
Bloomberg data shows.
SALARY & COMPENSATION TRENDS
2014 basic salaries are set to increase
between by around 6-8% with most
institutions recognising an increase in
living costs fuelled mainly by rising rents,
and with the market conditions improving
banks are keen to retain their best talent.
Overall 2014 will see an increase in
hiring and jobs created in the region and
this will also have the effect of increasing
salaries.
Banks are flush with liquidity post-crisis
and have been eager to lend. This has
created a demand for corporate bankers
who have a strong network, with a
specific focus on areas such as project
finance, structured and trade finance.
2013 also saw some high profile hires
with Shayne Nelson starting as the new
CEO at Emirates NBD from Standard
Chartered Bank and Alex Thursday
coming to NBAD as CEO from ANZ
Bank. This should bring in a new era for
both banks and we have already seen
some changes take hold. These are
ones to watch in 2014!
BANKING & FINANCIAL SERVICES
INVESTMENT BANKING & PRIVATE EQUITY
5
GROSS SALARIES (AED PER MONTH)
Role: 0-3 years’
experience
3-5 years’
experience
5-8 years’
experience 8+ years
Analyst 18,000 - 25,000 25,000 - 35,000 * *
Associate 35,000 - 50,000 * * *
Corporate Finance Manager 45,000 - 55,000 55,000 - 65,000 65,000 - 75,000 75,000 +
Corporate Finance Director 65,000 - 75,000 75,000 - 85,000 85,000 - 95,000 95,000 - 110,000
Head of Corporate Finance 85,000 - 95,000 95,000 - 110,000 110,000 - 130,000 130,000 - 150,000
Director of Debt Capital Markets 75,000 - 85,000 85,000 - 95,000 95,000 - 110,000 110,000 - 130,000
Head of Debt Capital Markets 85,000 - 95,000 95,000 - 110,000 110,000 - 130,000 130,000 - 150,000
Director of Equity Capital Markets 75,000 - 85,000 85,000 - 95,000 95,000 - 110,000 110,000 - 130,000
Head of Equity Capital Markets 85,000 - 95,000 95,000 - 110,000 110,000 - 130,000 130,000 - 150,000
Principal Private Equity 85,000 - 95,000 95,000 - 110,000 110,000 - 130,000 130,000 - 150,000
BANKING & FINANCIAL SERVICES
ASSET MANAGEMENT
6
GROSS SALARIES (AED PER MONTH)
Role: 0-3 years’
experience
3-5 years’
experience
5-8 years’
experience 8+ years
Fund Manager 40,000 - 50,000 50,000 - 60,000 60,000 - 75,000 70,000 +
Asset / Portfolio Manager 40,000 - 50,000 50,000 - 60,000 60,000 - 75,000 70,000 +
Fund / Portfolio Managers Assistant 20,000 - 25,000 25,000 - 30,000 30,000 - 35,000 35,000 - 40,000 +
Performance Analyst 20,000 - 25,000 25,000 - 30,000 30,000 - 35,000 35,000 - 40,000 +
Trade Support 10,000 - 15,000 15,000 - 20,000 20,000 - 25,000 25,000 +
Derivatives Analyst 15,000 - 20,000 20,000 - 25,000 25,000 - 30,000 35,000 +
Middle Office Analyst 15,000 - 20,000 20,000 - 25,000 25,000 - 30,000 35,000 +
Back Office Analyst 10,000 - 15,000 15,000 - 20,000 20,000 - 25,000 25,000 +
BANKING & FINANCIAL SERVICES
CORPORATE & RETAIL BANKING
7
GROSS SALARIES (AED PER MONTH)
Role: 0-3 years’
experience
3-5 years’
experience
5-8 years’
experience 8+ years
Relationship Manager * 20,000 - 25,000 25,000 - 30,000 30,000 +
Relationship Director 35,000 - 40,000 45,000 - 50,000 55, 000 - 60,000 60,000 +
Head of Corporate Banking 65,000 - 75,000 75,000 - 85,000 85,000 - 95,000 95,000 +
Head of Wholesale Banking 80,000 - 90,000 90,000 – 110,000 110,000 - 140,000 140, 000 +
Head of Restructuring and Remedial 65,000 - 75,000 75,000 - 85,000 85,000 - 90,000 90,000 +
Head of Collections & Recovery 50,000 - 55,000 55, 000 - 60,000 65,000 - 70,000 70,000 +
Head of GTB 60,000 - 70,000 70,000 - 80,000 80,000 - 90,000 90,000 +
Product Management 40,000 - 50,000 50,000 - 60,000 60,000 - 65,000 65,000 +
Head of Retail Banking 75,000 - 85,000 85,000 - 95,000 95,000 - 110,000 110,000 +
Head of Branches 45,000 - 55,000 55,000 - 65,000 65,000 - 75,000 75,000 +
Head of Assets/ Liabilities 45,000 - 55,000 55,000 - 65,000 65,000 - 75,000 75,000 +
Head of Direct Sales 50,000 - 60,000 60,000 - 70,000 70,000 - 80,000 80,000 +
Head of Alternate Channels 50,000 - 60,000 60,000 - 70,000 70,000 - 80,000 80,000 +
Head of Performance Management 50,000 - 60,000 60,000 - 70,000 70,000 - 80,000 80,000 +
BANKING & FINANCIAL SERVICES
RISK & COMPLIANCE
8
GROSS SALARIES (AED PER MONTH)
Role: 0-3 years’
experience
3-5 years’
experience
5-8 years’
experience 8+ years
Head of Compliance 60,000 - 80,000 70,000 - 90,000 75,000 - 95,000 80,000 - 140,000
Compliance Manager 28,000 - 36,000 36,000 - 45,000 38,000 - 48,000 48,000 - 65,000
Compliance Officer 14,000 - 20,000 18,000 - 28,000 28,000 - 35,000 35,000 - 50,000
Head of Credit Risk 55,000 - 70,000 60,000 - 70,000 70,000 - 80,000 80,000 - 90,000
Credit Risk Manager 30,000 - 40,000 40,000 - 48,000 48,000 - 55,000 55,000 - 65,000
Credit Risk Officer 14,000 - 19,000 20 ,000- 28,000 28,000 - 34,000 35,000- 45,000
Head of Market Risk 55,000 - 70,000 65 ,000- 75,000 75,000 - 85,000 85,000 - 120,000
Market Risk Manager 35,000 - 48,000 48,000 - 55,000 55,000 - 65,000 65,000- 70,000
Market Risk Officer 14,000 - 20,000 20,000 - 25,000 26,000 - 30,000 30,000 - 38,000
Head of Quantitative Risk 50,000 - 60,000 60,000 - 65,000 65,000 - 70,000 70,000 - 90,000
Quantitative Risk Manager 30,000 - 38,000 38,000 - 45,000 45,000 - 50,000 50,000 - 60,000
Quantitative Officer 14,000 - 18,000 18,000 - 22,000 22,000 - 26,000 26,000- 30,000
Head of Risk Analytics 45,000 - 50,000 50,000 - 55,000 60,000 - 65,000 65,000 - 75,000
Risk Analytics Manager 22,000 - 28,000 28,000 - 32,000 32,000 - 35,000 35,000 - 45,000
Risk Analytics Officer 12,000 - 15,000 15,000 - 18,000 18,000 - 22,000 22,000 - 25,000
Head of Enterprise Risk Management (ERM) 40,000 - 50,000 50,000 - 60,000 60 ,000- 70,000 70,000 - 95,000
Enterprise Risk Management (ERM) Manager 22,000 - 25,000 25,000 - 30,000 30,000 - 35,000 35,000 - 40,000
Enterprise Risk Management (ERM) Officer 12,000 - 15,000 15,000 - 17,000 17,000 - 20,000 20,000 - 22,000
BANKING & FINANCIAL SERVICES.
FINANCE & OPERATIONS
9
GROSS SALARIES (AED PER MONTH)
Role: 0-3 years’
experience
3-5 years’
experience
5-8 years’
experience 8+ years
Chief Operating Officer (COO) of Finance & Operations 75,000 - 85,000 85,000 - 95,000 95,000 - 110,000 110,000 +
Chief Finance Officer (CFO) of Finance & Operations 95,000 - 100,000 100,000 - 110,000 110,000 - 130,000 130,000 +
Head of Finance 65,000 - 75,000 75,000 - 85,000 85,000 - 95,000 95,000 +
Head of MIS (Management Information Systems)& Reporting 45,000 - 55,000 55,000 - 65,000 65,000 - 75,000 75,000 +
Management Accountant 10,000 - 15,000 15,000 - 20,000 20,000 - 25,000 25,000 - 35,000
Regulatory Reporting 10,000 - 15,000 15,000 - 20,000 20,000 - 25,000 25,000 - 35,000
Financial Accountant 10,000 - 15,000 15,000 - 20,000 20,000 - 25,000 25,000 - 35,000
Business Analyst / Business Manager 15,000 - 20,000 20,000 - 25,000 25,000 - 30,000 30,000 - 35,000
Product Controller 20,000 - 25,000 25,000 - 30,000 30,000 - 35,000 35,000 - 45,000
Head of Product Control 55,000 - 65,000 65,000 - 75,000 75,000 - 85,000 85,000 +
Fund Accountant Qualified 20,000 - 25,000 25,000 - 30,000 30,000 - 35,000 35,000 - 45,000
Head of Fund Admin / Head of Accounting 55,000 - 65,000 65,000 - 75,000 75,000 - 85,000 85,000 +
Head of Custody 55,000 - 65,000 65,000 - 75,000 75,000 - 85,000 85,000 +
Head of Internal Audit 55,000 - 65,000 65,000 - 75,000 75,000 - 85,000 85,000 +
Internal Audit Manager 20,000 - 25,000 25,000 - 35,000 35,000 - 45,000 45,000 - 55,000
BANKING & FINANCIAL SERVICES
GLOBAL MARKETS & TREASURY
10
GROSS SALARIES (AED PER MONTH)
Role: 0-3 years’
experience
3-5 years’
experience
5-8 years’
experience 8+ years
Head of Treasury & Global Markets 85,000 - 95,000 95,000 - 110,000 110,000 - 120,000 120,000 +
Chief Dealer 65,000 - 75,000 75,000 - 85,000 85,000 - 95,000 95,000 +
Senior Dealer 35,000 - 45,000 45,000 - 55,000 55,000 - 65,000 65,000 +
Junior Dealer 15,000 - 20,000 20,000 - 25,000 25,000 - 30,000 30,000 - 35,000
Head of FX / Equity / FI / IR 65,000 - 75,000 75,000 - 85,000 85,000 - 95,000 95,000 +
FX Sales 15,000 - 20,000 20,000 - 30,000 30,000 - 40,000 40,000 - 50,000 +
Equity Sales 15,000 - 20,000 20,000 - 30,000 30,000 - 40,000 40,000 - 50,000 +
Fixed Income Sales 15,000 - 20,000 20,000 - 30,000 30,000 - 40,000 *
Structurer/ Derivatives 15,000 - 20,000 20,000 - 30,000 30,000 - 40,000 40,000 - 55,000
Research Analyst 15,000 - 20,000 20,000 - 30,000 20,000 - 40,000 40,000 - 55,000
Head of Research 55,000 - 65,000 65,000 - 75,000 75,000 - 85,000 85,000 +
SALARY GUIDE | UAE 2014
UNDERSTANDING THIS GUIDE
METHODOLOGY:
The salary information provided in this guide has
been compiled by dedicated researchers across
Morgan McKinley’s banking & financial services
division. Our researchers are in regular contact
with both employers and candidates across these
sectors in the UAE.
SALARY DATA:
The salary ranges in this guide are indications of
what individuals with similar experience might
expect to earn in new roles in 2014. This salary
data is based on placements made during the
last six months, as well as the specialist
knowledge of Morgan McKinley’s consultants.
Please note, the information presented in this
document should be used as a general guide only.
Where number of years’ experience is mentioned, it
is only to give an approximate framework in which to
gauge what a typical professional is likely to earn
with the level of experience shown.
In order to match candidates to the right career
opportunity for them, Morgan McKinley assesses
individuals on all their skills and abilities when
deciding on their suitability for roles with our clients.
Finally, the gross salary is quoted which is defined
as the total gross salary paid each month not
including bonus payments, guaranteed or otherwise.
FURTHER INFORMATION:
For more specific salary or hiring information, please
visit www.morganmckinley.ae or contact your
Morgan McKinley consultant directly.
©2014 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction
of this material is strictly prohibited. 11
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