SALARY GUIDE 2018 · 2018-08-24 · OVERVIEW 5 OVERVIEW LOOKING BACK AT LAST YEAR’S SALARY GUIDE...

SALARY GUIDE 2018

BANKING SALARY & BONUS GUIDE - 2018

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MESSAGE FROM CEO

GUY HAYWARDCEO – GOODMAN MASSON

WHAT IF EVERY DAY WE WOKE EXCITED

ABOUT GOING TO WORK?

WHAT WOULD BE THE IMPACT ON BUSINESSES’ COMPETITIVENESS IF WE WERE

ENGAGED IN OUR JOBS?

WHAT WOULD THE IMPACT BE ON OUR PERFORMANCE LEVELS IF OUR

EMPLOYERS LOOKED AFTER US?

I remain fascinated with the modern workplace.

There is more to life than work®, and I believe this whole heartedly. Yet we spend

so much time in the office or wrapped up in our thoughts about work, that our

careers and personal lives have become tangled over time.

Yet the past year, more than any other, I have seen businesses starting to

understand this and pay greater attention to how they look after their people.

I no longer just spend time with organisations talking to them about the challenges

associated with finding talent. We also talk about a genuine desire to build unique

working environments that will help them keep the

right people.

And it is those businesses that have made a commitment to modernising their

workplace that will be rewarded by employing the very best…they are out there for

you.

Of course, if you do seek new opportunities you will consider whether you are well

and correctly rewarded but combine that with how serious the company you are

talking to thinks about you and your working experience.

Influenced by the 900 finance and technology professionals who register with us

every week I hope

this Salary Guide supports you in your decision making.

Enjoy a fabulous 2018.

My warm regards,

Guy

Remember. Work is always going to be a central part of our lives. On average

we spend 90,000 hours at work during a lifetime…so it needs to be a place that

challenges, engages, inspires and makes us happy. When it isn’t such

a place we actively seek it elsewhere.

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Overview

CONTENTS

Banking Sectors Bonus Guide

Finance & Accounting

Banking Internal Audit

Banking Operations

Compliance & Financial

Crime

Cyber Security

Front Office

Product Control & Valuations

Change Management

Risk & Quantitative Analytics

Tax

Introduction

Investment Banking

Retail & Wholesale Banking

Buyside

Other Financial Services

Conclusions

Overview

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Based in London and Düsseldorf; we hold annual revenues exceeding £42 million. This includes Qualified & Part-Qualified / Transactional Finance, Actuarial & Investment Management, Audit, Banking Operations, Compliance & Financial Crime, Front Office, Information & Cyber Security, Product Control & Valuations, Projects, Change & Transformation, Risk & Regulation, Tax and Treasury.

Goodman Masson is a preferred supplier to over 320 companies across the UK and Ireland, including 73of the FTSE 100 corporations.

Building an environment for our employees to enjoy and progress remains central to everything we do. We call this ‘The Experience®’ and in January 2014 the UK Intellectual Property Office recognised ‘The Experience®’ as a registered trademark... formal recognition of the uniqueness of our employee engagement philosophy.

WE ARE DELIGHTED WITH OUR RECENT AWARDS:• ‘The Best Recruitment Company to Work For’ - Recruitment International UK: 2016• ‘The Best Recruitment Company to Work For’ - Recruiter Investing in Talent Awards: 2016• ‘Best Workplace Environment’ - Recruiter Investing in Talent Awards : 2016• Ranked No. 6 - LinkedIn’s Most Socially Engaged Staffing Agencies : 2016• Ranked No.1. Company in the UK for Work/Life Balance - Glassdoor: 2016• ‘Most Engaging Benefits Proposition’ - Employee Benefits Awards: 2016• ‘Recruitment Agency of the Year’ - The Recruiter Awards: 2016• ‘Recruitment Agency of the Year’ - The Recruiter Awards: 2016• ‘The Best Recruitment Company to Work’ - Recruitment International UK: 2015• ‘Most Effective Pay & Benefits Strategy’ - Recruiter: Investing in Talent: 2015• ‘Most Innovative Benefit’ - Recruiter: Investing in Talent: 2015• ‘Most Effective Team Motivation Event’ - Recruiter: Investing in Talent: 2015• Winner of ‘Best Workplaces - Medium Category’ - Great Place to Work: 2015• ‘Delivering Excellence in Wellbeing’ - Great Place to Work: 2015

ABOUT GOODMAN MASSON

BANKING SECTORS

BONUS GUIDE

OVERVIEW

WITH A TEAM OF OVER 130, GOODMAN MASSON IS THE LARGEST FINANCIAL RECRUITMENT BUSINESS IN LONDON AND HAS BEEN RECRUITING PROFESSIONALLY QUALIFIED ACCOUNTANTS AND OTHER FINANCE PROFESSIONALS FOROVER 20 YEARS.

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BANKING SALARY & BONUS GUIDE - 2018

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OVERVIEW

5

OVERVIEWLOOKING BACK AT LAST YEAR’S SALARY GUIDE WE CONCLUDED THAT WHILST THERE REMAINED MANY UNCERTAINTIES IN THE BANKING AND FINANCIAL MARKETS, AS THE YEAR CONCLUDED, WE WERE CAUTIOUSLY OPTIMISTIC FOR 2017 AND BEYOND.

As Brexit negotiations continue, the year has seen much debate back and forth

on possible outcomes and the overall picture remains very unclear but we have

seen the agreement on a transitional period, which has supplied some stability

in the medium term – how this feels long term will be influenced by the final deal

but it has allowed many firms to scale back and slow their plans to relocate jobs

to new European hubs.

In fact, research by the FT in late 2017, saw the number of likely jobs being

relocated at a figure below 5000, which given the initial fears of hundreds of

thousands, is a manageable position. This may change but this stability has seen

hiring and demand surge during 2017 and so far 2018 has been even busier.

This positivity has been somewhat countered by another recent report from

early 2018, with the Asset management industry specifically suffering from

Brexit woes. Hiring levels in this industry have fallen by 50%, according to

reports, with Luxemburg and Paris both seeing a strong increase in demand.

Whilst currently, this negativity in the UK seems limited to asset management it

does show that Brexit concerns do continue to have an impact, although this is

balanced by the surging demand in Banking hiring.

The Wall Street firms are in the best shape for a generation and whilst the

Europeans are also operating in more productive markets, it’s really the US firms

that have flown forward at a great rate.

The Trump effect, whilst feared initially, has actually been good for Financial

services with the effective deregulation of the US firms combined with Tax

breaks seeing their stock prices rocket.

We have also seen global M&A levels over $3 Trillion for the 4th successive year,

with markets remaining strong and company valuations remaining high. Trump

has overseen the highest levels of M&A activity of any 1st year US president in

modern times.

In Europe M&A activity in 2017 was up 78% and interestingly the UK remained

the most attractive choice for inbound investment in the EU, despite Brexit.

That said, UK GDP growth is the lowest of the G7, so there may be clouds on the

horizon. In 2017 and 2018 to date, however, the conditions have driven hiring

and profitability across the financial services landscape in London and beyond.

Our own figures on vacancy flows really reinforce the overall positive view, with

2017 seeing a 36% increase in overall job flow from our Banking and Financial

services clients, when compared to 2016 flows, and even more positivity so far

in 2018; at the start of Q2 we have seen over 50% of the vacancy flow, for all of

2017, already come into the business.

As mentioned, 2018 has begun with some of the highest levels of hiring demand

we have seen before the Credit crunch and at the time of writing this, demand

does not seem to be abating, which we hope will continue to have an uplifting

impact on remuneration and variable compensation, as well as market activity

through the remainder of 2018 and beyond.

Richard Hoar

Banking Director

OVERVIEW



BANKING SECTORS• FINANCE & ACCOUNTING• BANKING INTERNAL AUDIT• BANKING OPERATIONS• COMPLIANCE & FINANCIAL CRIME• CYBER SECURITY• FRONT OFFICE• PRODUCT CONTROL & VALUATIONS• CHANGE MANAGEMENT• RISK & QUANTITATIVE ANALYTICS• TAX

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BANKING SECTORS

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FINANCE & ACCOUNTING2017 WAS A BUSY YEAR FOR RECRUITMENT WITHIN THE FINANCE AND ACCOUNTING SECTOR WITHIN BANKING AND FINANCIAL SERVICES.

We saw very steady growth across all three core markets that we operate

within (Banking, Private Equity and Investment Management), and recorded

our strongest ever year. This is reflected in the fact that we have started to see

salary inflation at all levels across the market.

Within our Banking clients, we saw a high level of recruitment across specialist

areas and recorded a far higher number of positions at the Senior VP level.

With regards to the Newly-Qualified market and whilst Big 4 Banking and

Capital Markets candidates remain a preference (especially within entry level

Product Control), clients are happier to hire from smaller practice firms where

candidates can be more rounded, with regards to experience. At the newly-

qualified level within banks, £55,000 is now a little on the lower side, with the

expectation being for candidates securing salaries of £57,000+. Outside of

the Newly-Qualified market, areas in particular demand within core finance

are specialist business partnering skillsets, stress testing, and candidates with

strong process improvement/ process implementation experience. We are

seeing far fewer BAU positions being released to agencies with clients focussing

on candidates who will add value.

The elephant in the room is still Brexit and the impact that it is expected to have

on the UK Banking market. The clients we are speaking to are citing role creation

within the EU27 at this stage (for which we are being engaged by clients across

Europe and at up to Director level), rather than job relocations from London

(essentially relocating P&L, rather than staff relocation). Of course, this will be

subject to revision in future, depending upon the transition and indeed ongoing

trade arrangements secured by Prime Minister May. In a few examples, clients

are hiring in London to ensure continuity of access to the UK market, in a move

being termed ‘Reverse Brexit’.

Consistent with our prediction in our 2017 Salary Survey, Private Equity was

the biggest growth market within Banking and Financial Services. Clients are

increasingly looking to hire previously seen ‘nice to haves’ rather than ‘must

have’ positions, such as Finance Business Partnering roles. With banking, bonus

levels remain under pressure so Private Equity is an area that employees are

targetting.

The larger, institutional investment management businesses have seen similar

trends. Dedicated business partnering and FP&A divisions are now the industry

standard, with successful candidates mostly switching from the banks, where

there is a greater depth of experience. Businesses that are hiring have also

found a willing talent pool, lured by the opportunity of larger bonuses.

There has also been some negative pressures on hiring in Investment

Management, within London, mostly focused on offshoring roles and cost

rationalisation, however, this was outweighed by the overall strength of the

market. New hires in finance for Investment Management were significantly up

year-on-year.



BANKING SECTORS

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FINANCIAL SERVICES - ACCOUNTING & FINANCE PERMANENT

Investment Banking

Management Reporting £25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £80,000 £75,000 - £100,000 £100,000+

Group, Financial andStatutory Accounting

£25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £80,000 £75,000 - £100,000 £100,000+

Regulatory Accounting £25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £80,000 £75,000 - £100,000 £100,000+

Financial Analysis £25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £80,000 £75,000 - £100,000 £100,000+

Product Control £25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £80,000 £75,000 - £100,000 £100,000+

FP&A / Business Partnering

£25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £80,000 £75,000 - £100,000 £100,000+

Financial Controller / Financial Director

- - - - - - £75,000 - £100,000 £100,000+

FoundationACCA/CIMA

IntermediateACCA/CIMA

Finalist ACCA/CIMA

NQ 1 - 2 yrs 2 - 5 yrs 5 - 8 yrs 8 yrs+ Role

Banking(Other)



£25,000 - £35,000 £30,000 - £38,000 £40,000 - £48,000 £50,000 - £55,000 £55,000 - £65,000 £55,000 - £75,000 £75,000 - £90,000 £90,000+




£25,000 - £35,000 £30,000 - £40,000 £36,000 - £48,000 £50,000 - £60,000 £55,000 - £65,000 £65,000 - £75,000 £75,000 - £100,000 £100,000+


- - - - - - £75,000 - £100,000 £100,000+

...

BANKING SECTORS

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Investment Management & Hedge Funds



£25,000 - £35,000 £32,000 - £38,000 £38,000 - £50,000 £48,000 - £55,000 £55,000 - £65,000 £60,000 - £75,000 £70,000 - £90,000 £85,000+




£25,000 - £35,000 £32,000 - £38,000 £38,000 - £50,000 £50,000 - £57,000 £55,000 - £65,000 £60,000 - £75,000 £70,000 - £90,000 £90,000+

Fund Accounting £25,000 - £35,000 £32,000 - £38,000 £38,000 - £50,000 £48,000 - £55,000 £55,000 - £65,000 £60,000 - £75,000 £75,000 - £100,000 £85,000+


- - - - - - £75,000 - £100,000 £100,000+

FoundationACCA/CIMA

IntermediateACCA/CIMA

Finalist ACCA/CIMA

NQ 1 - 2 yrs 2 - 5 yrs 5 - 8 yrs 8 yrs+ Role

Insurance



£25,000 - £35,000 £30,000 - £40,000 £35,000 - £45,000 £45,000 - £55,000 £55,000 - £65,000 £60,000 - £70,000 £70,000 - £90,000 £80,000+




£25,000 - £35,000 £32,000 - £38,000 £38,000 - £50,000 £45,000 - £55,000 £55,000 - £65,000 £60,000 - £70,000 £70,000 - £90,000 £90,000+


- - - - - - £75,000 - £100,000 £100,000+

...

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BANKING SECTORS


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Accounts Payable Assistant £22,000 - £28,000 £11 - £14

AP Manager £40,000 - £55,000 £20 - £26

Accounts Receivable Assistant £22,000 - £28,000 £11 - £14

Credit Controller £24,000 - £32,000 £12 - £17

Senior Credit Controller £32,000 - £40,000 £16 - £20

Credit Manager £40,000 - £60,000 £20 - £30

Accounts Assistant £24,000 - £32,000 £12 - £16

Payroll Manager £40,000 - £55,000 £20 - £26

Graduate £24,000 - £28,000 £12 - £14

AP Supervisor £31,000 - £38,000 £15 - £18

Perm Temp (p/h) Financial Services Transactional Role

...


BANKING SECTORS


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Assistant Accountant £24,000 - £28,000 £30,000 - £35,000 - £12 - £17

Assistant Management Accountant £24,000 - £30,000 £30,000 - £35,000 - £12 - £17

Assistant Financial Accountant £26,000 - £30,000 £30,000 - £35,000 - £13 - £17

Financial Accountant - £30,000 - £38,000 £40,000 - £45,000 £15 - £23

Management Accountant £25,000 - £28,000 £30,000 - £35,000 £36,000 - £45,000 £13 - £23

Finance Analyst £25,000 - £28,000 £28,000 - £35,000 £36,000 - £45,000 £13 - £23

Foundation Studier Intermediate Studier Top Level Studier Temp (p/h) Financial Services Part Qualified Role

...

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BANKING SECTORS



Retail Banking - Temp/Contract

Management / Financial Accountant

£200 - £250 £220 - £250 £250 - £300 £300 - £350 £400+

Management / Group Reporting

£200 - £250 £220 - £250 £250 - £300 £300 - £350 £400+

Group Accountant £200 - £250 £220 - £250 £250 - £300 £300 - £350 £400+

Fianacial Controller / Chief Accountant

£200 - £250 £220 - £250 £320 - £350 £400 - £450 £550+

Financial Director - - - £400 - £600 £500+

Finance Business Partner £200 - £250 £250 - £300 £275 - £325 £350+ £400+

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FINANCIAL SERVICES - ACCOUNTING & FINANCE TEMPORARY

Investment Banking - Temp/Contract

Management Accountant £220 - £250 £250 - £275 £275 - £325 £325+ £375+

Financial Accountant £220 - £250 £250 - £275 £275 - £325 £325+ £400+

Financial Controller £220 - £250 £250 - £275 £275 - £325 £325+ £400+

Regulatory Reporting Accountant

£250 - £270 £275 - £325 £325 - £375 £325 - £500 £500+

Regulatory Policy & Advisory

£250 - £270 £275 - £325 £325 - £375 £400+ £500+

Technical Accountant £220 - £250 £250 - £275 £325 - £375 £400+ £500+

Finance Business Partner £220 - £250 £250 - £300 £275 - £325 £350+ £450+

Part Qual/Non Qual (p/d) Newly Qual (p/d) 1 - 2 yrs (p/d) 2-5 yrs (p/d) 5 yrs + (p/d) Role

Assistant Accountant £250 - £300 £300+ £350 - £400 £400+

Not Qual: 1 - 2 yrs (p/d) Not Qual: 3 yrs+ (p/d) Qual: 1 - 2 yrs (p/d) Qual: 3 yrs+ (p/d) Role


BANKING SECTORS


Specialist Financial Services -Temp & Contract

Management / Financial Accounting

£180 - £250 £220 - £270 £275 - £300 £300 - £375 £375+


£180 - £250 £220 - £270 £325 - £350 £350 - £400 £400+

Group Accountant £180 - £250 £220 - £270 £325 - £350 £350 - £400 £400+

Financial Controller / Chief Accountant

£180 - £250 £220 - £270 £325 - £350 £350 - £450 £500+

Financial Director - - - £400 - £550 £600+

Financial Business Partner

£180 - £250 - £250 - £300 £350+ £400+

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Investment Management - Temp & Contract

Fund Accountant £150 - £200 £200 - £250 £250 - £275 £275 - £300 £300 - £400 £400 - £500 £500+

Management / Financial Accounting

£150 - £200 £200 - £250 £250 - £275 £275 - £300 £300 - £400 £350 - £400 £400+


£150 - £200 £200 - £250 £300 - £325 £325 - £350 £350 - £400 £400 - £500 £450+

Business Partner - - £300 - £350 £350 - £400 £400 - £450 £450 - £500 £450+

Group Accountant - - £300 - £325 £325 - £350 £350 - £400 £400 - £450 £400+

Financial Controller / Senior Accountant

- - - £300 - £325 £325 - £375 £375 - £450 £400+

Financial Director - - - - - - £500+

Part Qual - Intermediate (p/d)

Part Qual - Finalist (p/d)

Newly Qual(p/d)

1 - 2 yrs(p/d)

2 - 4 yrs(p/d)

4 - 6 yrs(p/d)

6 yrs+(p/d) Role

Part Qual / Non Qual (p/d)

Newly Qual (p/d)

1 - 2 yrs(p/d)

2 - 5 yrs(p/d)

5 yrs+(p/d) Role

...


BANKING SECTORS


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BANKING INTERNAL AUDIT2018 STARTED WITH A BANG IN THE INTERNAL AUDIT MARKET, WITH BIG NAMES LIKE BARCLAYS, MORGAN STANLEY, AND GOLDMAN SACHS CONTINUING TO HIRE ACROSS VARIOUS DISCIPLINES.

The hot areas so far have been Risk Audit (Market, Credit and Operational Risk) and

Capital Markets knowledge. Similarly, in the past, where there haven’t been enough

Internal Auditors in this space, firms are looking for subject matter experts, to join

their teams and train them up.

Although most roles are still based in London, we are seeing more of a demand

for Internal Audit talent in Dublin, Poland and Hungary. For more specialist roles,

for example Capital Markets or Market Risk, which is proving quite a challenge to

recruitment. In addition to this, some Insurance firms have started beefing up their

Internal IA teams and relying less on co-sources.

Salaries have remained constant, except with the likes of Deutsche Bank who have

changed the remuneration structure at the AVP and VP levels. They now have

incorporated a bonus into the base so that it works out to a 96% fixed base and 4 %

group performance bonus. Bonuses, in general, have been constant and have been

steady at 10-30% (depending on performance and level). Generally, there haven’t

been any shocks from the Banks nor anyone who hasn’t paid a bonus.

2018 is going to be a busy time in Internal Audit market which will only mean further

hiring going forward.

IT AUDIT

The start to 2018 has been extremely busy continuing the trend from last year

where the IT Audit market was booming. There have been a lot more VP and above

positions on the market, in contrast to last year where most of the hiring was at the

AVP level.

The majority of hiring over the course of 2017 was carried out by the big British

banks who, were undergoing aggressive growth strategies. This seems to have now

reached an equilibrium where further hiring in these companies will be based on

attrition.

The Insurance market has also been expanding from 2017 through to early 2018,

with a lot of companies in the sector under growing scrutiny from regulators to

demonstrate a mature and robust approach to risk management.

There has been an increased focus on functions upskilling in data analytics, which

continues the trend from 2017. Companies are recognising the increased efficiency

and accuracy data analytics can provide within the audit process and are looking to

harness this. They have been two distinct approaches that companies have adopted

to achieve this; either creating new or hiring into existing Audit Analytics teams

or investing in training for current IT Auditors to upskill them in relevant analytics

techniques.

Cyber Security also continues to be an in-demand skill as companies continue to

boast their expertise in this area within the third line of defence. For the larger Audit

functions this has meant hiring into separate Cyber Security Audit teams but for

the smaller teams, this has culminated in candidates with a broad range of skills,

including a good Cyber Security understanding becoming preferred. We predict

that 2018 will be another busy year in Audit, with Brexit having a minimal impact on

firms’ hiring plans in the UK

BANKING SECTORS



Head of Audit/Director £120,000 - £150,000

BANKING INTERNAL AUDIT

Chief Auditor/MD £150,000+

Senior Manager/SVP £90,000 - £120,000

Manager/AVP £55,000 - £75,000

Associate <£60,000

Salary Role

Associate Director/VP £75,000 - £100,000

BANKING SECTORS



BANKING OPERATIONSIT’S BUSY, VERY BUSY! THE OPERATIONS MARKET ENJOYED A BUOYANT 2017 WITH A YEAR-ON-YEAR INCREASE IN JOBS COMING TO MARKET IN EVERY QUARTER.

BANKING OPERATIONS

Early signs in 2018 remain promising as the market continues to gather pace.

January, which traditionally can be a slow month, saw impressive new job volume

across Investment Banking, Asset Management and our Hedge Fund client base.

The resurgence in the Operations market, which kicked in following the 2016

Referendum result, was not widely expected. For so long this discipline has been

written off as a dying profession in London due to outsourcing and automation,

but it now genuinely feels that as an industry it has overcome and learnt to live with

these challenges. London is a hotbed of talent and can boast to have the strongest

Operations professionals in the world, there is liquidity in the jobs market and they

are in demand.

Front Office teams want to have support close by and so Client Services

professionals, Product SMEs and Regulatory experts have found their place. We also

feel we have seen a shift in attitude amongst our Analyst level candidate population,

who are now more likely to see a career in Operations as a rewarding and lucrative

prospect with a work-life balance that would not be possible with a Front Office

position.

So what’s kept us busy in particular?

The main driver across Investment Banking was regulation with recruitment

drives focussed on getting everything in place for MiFID II and EMIR reporting

requirements. Significant numbers of Regulatory focussed candidates were

recruited into reporting, governance, advisory, testing, change initiatives and client

services roles.

The Top-Middle Office Trade Support talent across all product areas found

opportunities plentiful. The best educated and most impressive often found exciting

moves to boutique Hedge Funds on offer but there were also numerous roles

from our tier one Banking community, with fixed income derivatives and structured

product specialists most in demand.

We are seeing more and more structured product roles come to market. This

specialism saw a drop in demand following the 2008 crash for obvious reasons, and

it is perhaps a little surprising to see so much growth in this area already. It is hard

to work out whether this due to an increasingly regulated environment, resulting

in lower risk structured product trading, or it’s just a case of the industry having a

rather short memory, as they look to out-manoeuvre and win business from their

competitors.

Salaries are on the up with increased flexibility to push on the traditional caps on

bandings. In contrast, bonuses have not been great and are usually minimal for

Analysts and AVPs with bigger payouts reserved for VP and above. As previously

mentioned, flexible working is increasingly being used to attract candidates,

especially within the UK Investment Banks.

INVESTMENT MANAGEMENT OPERATIONS

Hiring levels remained buoyant in 2017, as we witnessed a strengthened confidence

in the market. Any uncertainty around Brexit has now settled and we are seeing an

end to any of the hiring freezes instructed by larger Asset Managers.

The demand for traditional Operations professionals remains consistent from

both Asset Managers and Custodians, and we have seen continued growth within

functions such as Client Services, Onboarding, Client Reporting, Oversight and

Investment Operations. Data Management and Governance have also been a busy

BANKING SECTORS



area where clients require experience in monitoring and producing data to assess

the performance of agent banks.

Professionals with regulatory experience were also in demand due to the January

deadline for MiFID II. There was a shortage of candidates in the market with

businesses offering competitive salaries in order to secure the top talent. This also

had an impact on the hiring processes, with Managers moving quicker than usual

on both the Contract and Permanent side.

The Buy-Side continued to appeal to candidates from Investment Banking seeking a

better work-life balance and more variety in their roles. This trend is more prevalent

at the junior end where candidates with technical skills including VBA and SQL

have proven attractive to Hiring Managers. There is a focus on systemisation and

a number of Investment Managers embedding large electronic operating systems

which affect the entire business, it is perceived that technically talented analyst level

candidates can adapt to the changing demands of the business.

We are excited about Investment Management Operations job flow in 2018 and are

predicting sustained growth for the year ahead. We will continue to engage with our

passive candidate base who can be confident that when the time comes for them

to consider a move that there should be good opportunities within the market.

Budgets have also been more relaxed, with Hiring Managers given more flexibility

on salary to attract the top talent in the market.

...

BANKING SECTORS



INVESTMENT BANKING OPERATIONS Anaylst AVP VP Director Temp (p/d) Role

Operations Risk and Control £45,000 - £55,000 £55,000 - £72,000 £75,000 - £110,000 £120,000+ £300 - £400

Trade Support £40,000 - £52,000 £55,000 - £70,000 £70,000 - £110,000 £115,000+ £250 - £350

ISDA Documentation Drafting £40,000 - £50,000 £55,000 - £70,000 £70,000 - £110,000 £110,000+ £250 - £350

Operations - Confirmations/Settlements £35,000 - £50,000 £50,000 - £65,000 £70,000 - £100,000 £110,000+ £200 - £300

Asset Servicing/Corporate Actions £40,000 - £55,000 £55,000 - £70,000 £70,000 - £100,000 £110,000+ £220 - £270

Loans Administration £40,000 - £50,000 £50,000 - £65,000 £70,000 - £100,000 £100,000+ £200 - £280

Loans Closing £40,000 - £50,000 £55,000 - £70,000 £80,000 - £110,000 £110,000+ £250 - £350

Business Analyst £35,000 - £55,000 £55,000 - £70,000 £80,000 - £110,000 £120,000+ £450 - £650

Project Managers £35,000 - £55,000 £55,000 - £70,000 £80,000 - £120,000 £120,000+ £500 - £700

PMO £35,000 - £55,000 £55,000 - £70,000 £75,000 - £110,000 £110,000+ £300 - £500

Transaction Reporting £45,000 - £55,000 £55,000 - £72,000 £75,000 - £120,000 £120,000+ £250 - £400

Reference Data £40,000 - £55,000 £55,000 - £70,000 £75,000 - £100,000 £120,000+ £220 - £300

KYC/AML £40,000 - £55,000 £55,000 - £75,000 £75,000 - £100,000 £120,000+ £300 - £450

Client Services £40,000 - £52,000 £55,000 - £70,000 £70,000 - £95,000 £100,000+ £200 - £300

Collateral Management £40,000 - £52,000 £55,000 - £72,000 £75,000 - £110,000 £115,000+ £250 - £350

Futures Clearing/Trade Support £40,000 - £52,000 £55,000 - £70,000 £70,000 - £95,000 £100,000+ £250 - £300

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INVESTMENT MANAGEMENT OPERATIONS

Performance - Equities £35,000 - £45,000 £45,000 - £55,000 £70,000- £85,000 £95,000+

Performance - Fixed Income £35,000 - £50,000 £50,000 - £70,000 £72,000 - £85,000 £95,000+

RFP Writer £35,000 - £48,000 £50,000 - £62,000 £62,000 - £80,000 £90,000+

Investment Operations £28,000 - £40,000 £40,000 - £55,000 £60,000 - £75,000 £80,000+

Client Reporting £40,000 - £45,000 £45,000 - £55,000 £55,000 - £67,000 £80,000+

Client Services £30,000 - £37,000 £40,000 - £50,000 £50,000 - £60,000 £75,000+

Transitions £30,000 - £40,000 £40,000 - £50,000 £55,000 - £65,000 £75,000+

Fund Accounting/Admin £35,000 - £45,000 £45,000 - £55,000 £70,000 - £80,000 £90,000+

Investment Data £30,000 - £40,000 £45,000 - £60,000 £60,000 - £75,000 £80,000+

Transfer Agency £30,000 - £40,000 £40,000 - £50,000 £50,000 - £70,000 £70,000+

Oversight £35,000 - £45,000 £45,000 - £60,000 £70,000 - £80,000 £90,000+

Analyst Senior Analyst Manager Head Role

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CORPORATE BANKING OPERATIONS

Trade Finance Operations £30,000 - £35,000 £35,000 - £45,000 £50,000- £80,000 £85,000+

Loan Operations £30,000 - £40,000 £40,000 - £55,000 £55,000- £80,000 £85,000+

KTC / AML £30,000 - £40,000 £40,000 - £55,000 £55,000- £80,000 £85,000+

Treasury Operations £25,000 - £35,000 £35,000 - £45,000 £45,000 - £70,000 £70,000+

Assistant/Officer Senior Officer Manager Head Role

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COMPLIANCE & FINANCIAL CRIMEQ1 2018 HAS STARTED OFF FAIRLY SLOWLY WHEN COMPARING TO LAST YEAR.

2017 was extremely buoyant throughout the year, so we are hoping that the

current years’ role volumes will pick up to previous levels. As bonus periods are

coming into effect across the city, we are speaking with a number of clients who

are about to kick-start recruitment processes. We are expecting an influx of

roles across Compliance, but particularly Monitoring and Advisory roles.

REGIONAL RECRUITMENT

Regional recruitment remains a key part of hiring across Tier 1 Banking clients.

HSBC and Deutsche Bank have continued to build their Surveillance teams in

Edinburgh and Birmingham with lots of activity at the Associate level. In addition,

Deutsche Bank also added Compliance and Control Room Analysts to their

growing Compliance department in Birmingham.

FORECAST

The main focus for 2018 across Compliance will be Brexit Planning, SMR and

GDPR. We are already seeing roles coming through in these areas but expect

hiring to pick up a lot more in Q2 & Q3.


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Salary

Permanent Interim (p/d)

2222

COMPLIANCE & FINANCIAL CRIME Sector

Investment and Corporate Banking

AVP £45,000 - £75,000 £350 - £450

VP £75,000 - £110,000 £500 - £650

Director £100,000 - £140,000 £650 - £750

Head of Compliance/Function £150,000 - £190,000 £750 - £1,500

European Head of Compliance £150,000 - £300,000 £1,300 - £2,000

MD Compliance £250,000 - £450,000 £1,500 - £2,500

Role

Control Room

Control Room AVP £45,000 - £80,000 £450 - £500

Control Room VP £75,000 - £110,000 £500 - £700

Director of Control Room £100,000 - £180,000 £600 - £1,000

Front Office

Product Compliance VP £75,000 - £120,000 £400 - £500

Product Compliance SVP £10,000 - £140,000 £450 - £700

Product Compliance Head £130,000 - £235,000 £750 - £1,500

Product Compliance Director £140,000 - £200,000 £800 - £1,800

Product Compliance MD £180,000 - £300,000 £1,000 - £2,000


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...Salary


Sector

Banking

AVP £40,000 - £75,000 £400 - £600

VP £75,000 - £100,000 £450 - £650

SVP £85,000 - £130,000 £550 - £750

UK Head of Compliance £120,000 - £180,000 £600 - £1,000

European Head of Compliance £135,000 - £240,000 £750 - £1,200

Global Head of Compliance £200,000 - £400,000 £800 - £2,000

Role

Asset/Wealth and Hedge Managers

AVP £50,000 - £75,000 £400 - £600

VP £70,000 - £100,000 £450 - £650

SVP £90,000 - £150,000 £550 - £750




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...Salary


Sector

Consultancies

Assistant Manager £37,000 - £50,000 £400 - £600

Manager £50,000 - £65,000 £450 - £650

Senior Manager £65,000 - £90,000 £550 - £750

Directors £90,000 - £130,000 £600 - £1,000

Partners £140,000 - £300,000+ £750 - £2,000

Role

Consumer Finance Firms / Insurance / (Re) & C&I

Compliance Analyst £30,000 - £45,000 £400 - £600

Compliance Manager £45,000 - £75,000 £450 - £650

Senior Compliance Manager £75,000 - £95,000 £550 - £750




BANKING SECTORS


Privacy Associate Data Protection £27,000 - £60,000 £300 - £450

Data Protection Officer £55,000 - £95,000 £400 - £600

National Data Protection Officer £80,000 - £120,000 £500 - £800

EMEA Data Protection Officer £100,000 - £180,000 £650 - £900

Global Data Protection Officer £135,000 - £250,000 £800 - £2,500

Financial Crime: AML Sanctions and Fraud

Financial Crime Manager £45,000 – £90,000 £400-£600

Head of Financial Crime £90,000 – £160,000 £750-£1,500

Head of Fraud £65,000 – £160,000 £500-£1,500

Head of AML £95,000 – £150,000 £750-£1,500

Head of Sanctions £120,000 – £300,000 £800-£2,000

Global Head of Financial Crime £190,000 – £420,000 £900-£2,000

Global Head of Fraud £190,000 – £220,000 £900-£1,500

Global Head of AML £180,000 – £225,000 £900-£1,500

Global Head of Sanctions £220,000 – £350,000 £1,000-£2,000

MLRO / CF11 £90,000 – £450,000 -

25

...Salary


Sector Role


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CYBER SECURITY2017 SAW SOME AGGRESSIVE HIRING ACROSS THE BANKING SECTOR, ESPECIALLY WITHIN RETAIL BANKING.

Many consultancies, including the Big 4, have been focused on helping banks

build and bolster their Security teams in past years. Recently though, we have

seen a rise in banks taking back control which has led to an increase in direct

hiring activities. This has meant that consultancies are having to target other

sectors who are still housing immature security practices.

Through 2017 we saw a lot of high level, senior hires. Historically top talent has

been attracted from other financial institutions through strategic headhunting

from this area of the industry. Recently, there has been a shift in hiring from

outside of Banking, from other environments, sectors, and organisations, with

a focus on people who have more ‘modern’ working practises, such as flexi-

working and working from home options. This has allowed a fresh and broader

vision of the threat landscape which helps build on an already solid structure.

Moving forwards into 2018 this will become a more important hiring strategy,

allowing retail and investment banks to move away from their legacy systems

and keep up with the challenger banks in the future.

The Banking sector has always been at the forefront of advanced maturity in

security. This is partly due to their security budget, but also due to the forward-

thinking nature of their leaders. The sharing of threat intelligence through

communities and forums has been paramount to its success which is why other

industry sectors sometimes fall by the wayside.

As with all hiring in security, there is still a huge skills shortage which is only set

to increase in years to come. As predicted by Forbes in a report recently issued,

we will be looking at 2,000,000 more jobs in security than there will be people

to fill them, by 2020. We have recognised that part of this problem is due to

companies focusing on just a few technologies.

At present, we have not seen enough education within internal hiring teams on

complementary skills. This is where specialist recruitment comes into its own

and the ability to consult with clients on recommended solutions. However, we

are beginning to see the mindset of Hiring Managers changing. Companies are

beginning to look outside the box and also up-skill employees internally through

higher levels of employee training and development.

GDPR has been the main talking point across Information Security throughout

2017. The EU GDPR policies will still be fully utilised (with some tweaks) by the

UK in May even with Brexit pushing on. This will mean potential fines of up to 4%

of annual global turnover for data breaches if the appropriate steps have not

been taken to protect the company’s assets.

This has led to a huge reshuffle of Information Security teams. Moving existing

teams on to GDPR projects with ‘business as usual’ activities being carried out at

huge expense by contractors or being outsourced to third-party consultancies.

Strategically, we believe this focus on information security and risk management

will continue past the May deadline, throughout 2018 putting more pressure on

hiring the appropriate people for these roles.

We have seen the mentality of hiring within the Banking sector changing due

to this. Whether forced or strategic, there has been less focus on University

degrees or, as mentioned previously, a focus on people with past banking

experience with the realisation that experience from different walks of life will

add the most value to the security posture of the company.

Moving into 2018, the biggest focus for Banking and any organisation will be

staff retention. More and more companies are focusing on building an award-

winning benefits package and working in a more agile environment, allowing


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27

their employees a much better work-life balance. Any company not focusing on

this as being a high priority will inevitably lose employees to these organisations

and find it impossible to recruit top talent into the future.

Ask us about The Experience® to help build the best employee retention out

there.

BANKING SECTORSBANKING SECTORS

...



IAM Business Analyst - £300 - £450

IAM Consultant £45,000 - £55,000 -

IAM Developer £50,000 - £60,000 -

IAM Manager £60,000 - £75,000 -

IAM Senior Manager £65,000 - £80,000 -

IAM Director / Head of IAM £100,000+ -

IAM Solutions Architect £75,000 - £90,000 -

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CYBER SECURITY - IDENTITY ACCESS MANAGEMENTPerm Temp (p/d) Role

IAM Technical BA - £400 - £600 •••


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BANKING SECTORS

29

BANKING SECTORSBANKING SECTORS

...Perm Temp (p/d)

IAM Project Manager - £550 - £750

IAM Architect - £700 - £800

Role

IAM Programme Manager - £700 - £1,000



30

CYBER SECURITY - INFORMATION RISKPerm Temp (p/d)

Information Risk Analyst £45,000 - £55,000 £300 - £450

Information Security Analyst £45,000 - £60,000 £300 - £450

Information Security Risk Manager £75,000 - £85,000 £450 - £700

Information Security Manager £70,000 - £80,000 £450 - £650

Information Risk Manager £70,000 - £85,000 £450 - £700

Information Security Officer £80,000 - £85,000 £450 - £650

Role

Information Assurance Manager £75,000 - £85,000 £450 - £700


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CYBER SECURITY - APPLICATION SECURITYPerm

Application Security Analyst £45,000 - £55,000

Application Security Specialist £60,000 - £75,000

Application Security Architect £80,000 - £95,000

Role


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CYBER SECURITY - SECURITY OPERATION CENTREPerm Temp (p/d)

Level 1 SOC Analyst £35,000 - £50,000 £300 - £450


Network Security Engineer £50,000 - £75,000 £350 - £500

Malware Analyst £50,000 - £90,000 £500 - £700

SIEM Consultant £55,000 - £80,000 £400 - £650

Cyber Forensics Analyst £50,000 - £90,000 £450 - £650


Role

SOC Manager £80,000 - £110,000 £750 - £1,000 •••


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...Perm Temp (p/d)

Head of SOC £100,000 - £140,000 £800 - £1,200

Role


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CYBER SECURITY - PENETRATION TESTERSPerm

Junior Penetration Tester £35,000 - £50,000

Penetration Tester £55,000 - £65,000

Senior Penetration Tester £70,000 - £85,000

Advanced Penetration Tester £90,000+

Role


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CYBER SECURITY - INCIDENT RESPONSEPerm Temp (p/d)

Junior IR Consultant £35,000 - £50,000 £300 - £450

IR Consultant £45,000 - £70,000 £400 - £600

Principal IR Consultant £70,000 - £110,000 £550 - £800

Director of IR £1100,000 - £170,000 £750 - £1,200

Role


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CYBER SECURITY - SECURITY ARCHITECT

Security Architect £65,000 - £80,000

Senior Security Architect £80,000 - £90,000

Enterprise Security Architect £90,000+

Perm Role


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CYBER SECURITY - GOVERNANCE RISK & COMPLIANCEPerm

Head of Information Security £120,000

Head of Information Risk £120,000

Head of Information Assurance £130,000

Chief Information Security Officer £150,000+

Role


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FRONT OFFICEIN 2016, “THE YEAR OF BREXIT AND TRUMP”, WE SAW THE CLASSIC CLICHÉ OF A GAME OF TWO HALVES. SLUGGISH GROWTH IN THE IBD LABOUR MARKET IN H1, FOLLOWED BY A SIGNIFICANT INCREASE IN H2. IN 2017 WE SAW A VERY DIFFERENT AND PERHAPS LESS OBVIOUS CLICHÉ’ OF “A GAME OF ONE SLOW QUARTER FOLLOWED BY THREE VERY GOOD ONES”. PERHAPS IT WILL BECOME A CLICHÉ OF THE FUTURE.

Despite 2017 starting in sluggish fashion new mandates still grew by 23.4% In

Q1, compared to the same period in 2016, although this is dwarfed by the 131%

increase that followed in Q2, this growth continued through H2 with Q3 seeing

an 86% leap and Q4 78%.

Perhaps more significant than the increase in new mandates, was the increase

in actual hiring. Whilst Q1 saw a zero percent change and Q2 a modest 14%

increase (in comparison to the huge jump in new mandates), Q3 saw an

incredible jump of 150% and Q4 50%. Applying a three month lag to these

statistics (to allow sufficient time for new mandates to be completed), it is clear

that not only has 2017 seen a huge increase in new mandates, there was also

a corresponding increase in the commitment to hire (demonstrated by the

increase in the execution of hires), which was lacking throughout a lot of 2016.

There is no doubt that these trends have caused a significant increase in the

competition for talent. Seemingly gone are the days where employers could

run a slow interview process and consider a wide range of suitable applicants

replaced with a real sense of urgency to seek and gain first mover advantage

over our rivals. Employers are becoming ever more concerned with retention

strategies in order to avoid this war for talent and many are trying to implement

a hiring model which is more proactive than reactive (as has been the norm).

At the time of writing new mandates in January and February 2018 alone

are already 10% up on the whole of Q1 2017, so the early signs are that this

competition for talent will only intensify.

Across Investment Banking, salaries remained largely unaffected, with basic

salaries more or less static year-on-year. There continues to be a differential

across some banks, who operate a 2.5-year Analyst programme instead of

the historical average of 3.5-years, but bonuses appear to be relatively stable,

although as always there are some exceptions.

Looking ahead 2018 has started at an incredible pace. As already mentioned the

first two months of 2018 have already seen new mandates 10% higher than the

whole of Q1 2017 and those successfully completed up 100%. Whilst the hope is

that 2018 will continue as it has begun, the backdrop of a volatile stock market,

and the ongoing Brexit negotiation suggests this optimism should remain

somewhat cautious.


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393939

FRONT OFFICE

Top Tier Banks (and Top Tier Advisory Houses)

Analyst 1 £50,000

Analyst 2 £55,000 - £58,000

Analyst 3 £60,000 - £65,000

Associate 0 £80,000 - £85,000

Associate 1 £90,000 - £98,000

Associate 2 £100,000 - £111,000

Associate 3 £112,000 - £123,000

Vice President £140,000 - £170,000

Salary Role

2nd and 3rd Tier Banks (seniority less defined)

Analyst £45,000 - £65,000

Associate £70,000 - £100,000

Vice President £100,000 - £125,000


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PRODUCT CONTROL & VALUATIONS2017 WAS A TRICKY YEAR IN THE PRODUCT CONTROL AND VALUATIONS SPACE. WHILST THERE WAS A FAIRLY STEADY FLOW OF NEW VACANCIES, THE MARKET HAS NOT BEEN AS BUOYANT AS IT WAS THE PRECEDING TWO YEARS. WE SAW AN INCREASE IN DEMAND ACROSS SOME OF THE SMALLER BANKS AND HEDGE FUNDS THAT WE WORK WITH, BUT THIS WAS OFFSET BY LESS APPETITE TO HIRE WITH THE LARGER BANKS.

We have seen a real shift over the past year or so in attitudes to work and

culture. Many of our clients are focused on hiring an inclusive, diverse work

force, and as such are offering a variety of initiatives, such as working from

home, hot desking and flexible hours, to help make this happen. We are finding

more candidates putting an emphasis on work-life balance. Employers not

willing to accommodate this are falling behind in the race for talent, either

through resignations, or an inability to make the hires they want.

Last year saw a return in demand for Product Controllers with a complex

product background. The majority of the roles we were instructed on were in

this space, at AVP level. Bar one or two exceptions, banks were cautious about

making senior-level external hires, often choosing to promote internally and

backfill the more junior position. The Director level especially remains fairly

quiet, as fewer candidates are willing to move and very few Director seats are

being created. As always, candidates from a rates background, in either Product

Control, or Valuations, were in high demand.

2017 also saw a continuation of the trend of moving away from bigger bonuses

towards higher base salaries for most banks. That said, there are still a few

places out there that will offer both a pay rise and a consistently strong bonus.

Roles at these places tend to go very quickly.

2018 is looking like a much better year for Product Control and Valuations

professionals making a move. Q1 job flow is 100% up on last year, with a

promise of a number of new openings going into Q2. We expect the AVP level

to continue as our busiest, with the best candidates securing pay rises in the

20-40% region.


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PRODUCT CONTROL & VALUATIONS

Product Control & Valuations - CIMA Qualification

£30,000 - £55,000 £50,000 - £62,000 £60,000 - £85,000 £75,000 - £120,000 £110,000 - £175,000 £180,000+

AnalystAssociate

(1 - 2.5 yrs PQE)AVP

(2.5 - 5 yrs)VP

(5 - 10 yrs)Director Level MD Level Role

Product Control & Valuations - ACA Qualification

£50,000 - £60,000 £55,000 - £62,000 £62,000 - £85,000 £75,000 - £120,000 £110,000 - £175,000 £180,000+


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CHANGE MANAGEMENTTRENDS IN 2017 WERE VERY SIMILAR TO THE PREVIOUS TWO YEARS, NAMELY THAT REGULATORY PRESSURES AND RINGFENCING PROGRAMMES DOMINATED THE CHANGE AGENDA.

We found that Goodman Masson clients continued, on the whole, to put off any

large scale transformational pieces of work in favour of ploughing budgets into

regulatory responses. We were apprehensive that the economic environment

and uncertainty around Brexit would hamper recruitment levels but this doesn’t

appear to be the case. In fact, we saw a surprising amount of activity in the perm

market in the last 6 months of 2017.

At the start of the year, the majority of institutions already had their MiFID II

programme leadership in place, which meant the majority of recruitment on

these programmes was for SMEs, Business Analysts and Project Managers. We

saw a significant increase in day rates as the year wore on and the deadline

loomed near. Some particular skillsets within product specialism and investor

protection commanded rates up to £750-900 per day for Senior Business

Analysts which, previously, had been unseen.

Whilst the last few years have been dominated by Regulatory Change, there

is optimism that budgets will become available to be reinvested back into

the business and spent on new product development, new technologies,

infrastructure changes etc. We expect to see the continuation of regulatory

projects (MiFID II remediation, GDPR, SMRC etc.) into 2018 but nowhere near

the scale of previous years. Brexit programmes have begun in a number of

banks and Asset Managers but the build-out of these programmes is still to

be seen, something we expect towards the end of the year. With a number of

clients starting to look toward business efficiencies and customer experience,

we expect candidates with a Process Reengineering / Six Sigma qualifications to

become more and more in demand.


BANKING SECTORS


Programme Manager £700 £850 £1,000+

43

CHANGE MANAGEMENT - TEMP/CONTRACT

BA £400 £500 £600+

Low (p/d) Average (p/d) High (p/d) Role

Senior BA £550 £600 £700+

PM £550 £650 £750+

Senior PM £700 £750 £800+

Junior PMO £300 £400 £450+

Senior PMO £550 £600 £650+


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RISK & QUANTITATIVE ANALYTICS2018 HAS SEEN THE STRONGER START FOR RISK RECRUITMENT IN RECENT MEMORY

Last year we inevitably opened our Risk guide with comments around the

market uncertainty introduced by the Referendum. While we’ll leave the

controversial questions surrounding the negotiation progress made since then

by the relevant authorities to other forums, most of our clients are now pushing

ahead with their own contingency plans (often involving Dublin or Frankfurt).

Without the luxury of a clear understanding of the UK’s forthcoming position on

most fronts, many assumptions have been made through necessity, and new

types of Risk have emerged, requiring attention both within institutions and

from external regulatory bodies too. Some of our strongest Risk Managers have

relished the new challenges!

While the ongoing politics dominate headlines, 2017 marked the first year (since

their inception in 2014) that all seven of the UK’s largest lenders passed the

Bank of England’s concurrent stress test. We must, therefore, congratulate the

hard work of the Risk, Finance and Treasury functions Goodman Masson has

strengthened with some of our best candidates at several clients over the years

to achieve this. The scenario faced was more severe than the last global financial

crisis, with a 4% drop in UK GDP growth and more than a 30% drop in the

value of the pound. This should see our financial system through some of the

gloomier Brexit predictions from a capital perspective, and while there’s always

room for further improvement, it is nonetheless comforting to know that our

future resilience is no longer reliant on predictions based purely on historical

data.

Elsewhere in Risk & Regulation, there are large-scale current and upcoming

projects focusing on data, such as PSD2 & Open Banking, GDPR (just around

the corner at time of writing), and more specific to Financial Risk, continuing

implementation of new Model Risk governance initiatives, such as SR 11-7,

and wrapping up IFRS9. All of which have created new opportunities for skilled

specialists move to.

We are regularly being asked where the FRTB vacancies are, and although it is

keeping our advisory clients busy & hiring, in most cases we are seeing banks

move internal staff from various teams to cover the gargantuan workload, i.e.

those already acquainted with the relevant internal stakeholders and systems.

We have then been mandated to backfill their BAU duties.

We are however seeing growth roles such as Operational Risk and Credit

Analysis. The former makes more immediate sense – amidst ring-fencing, EU

withdrawal, growing cyber threats, and more, Operational Risk Management

needs strengthening at both large and small financial institutions. For Credit,

however, this is an area that the larger banks have mostly reduced to 30-60%

headcount over the last few years, favouring overseas cost locations for their

analysis, research, documentation and sanctioning teams. What we didn’t

foresee, was for the Asian & to a lesser extent, US banks to capitalise on the

weak pound & euro-confusion, and take a stronger foothold in the EMEA region.

The subsequent increase in Front Office activity has to lead the credit functions

to seek additional support from seasoned structured credit specialists, but

this is largely exclusive to smaller (relatively) international banking institutions

without alternative offices supporting the EMEA timezone.

While European banks are largely reducing their London footprint, the UK banks


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45

leave us with cautious optimism, once legacy PPI and legal costs have been

taken into account (a particular well-done to RBS for posting their first profit in

a decade!). What we’re learning from bonus announcements aren’t raising any

eyebrows, although some long overdue promotions seem to be finally working

their way out, at least in more generous quantities than recent years.

In summary, the reasons above have resulted in 2018 having the strongest

start for Risk recruitment in recent memory. The more traditional regulatory,

quantitative, infrastructure and product-focused risk vacancies came in January

in greater quantity than any other in recent years, from banks, regulatory

bodies, buy-side and other financial institutions. Aside from this, we are enjoying

the trend of senior risk specialists finding new ways to employ their skills, as

the influx of challenger banks, P2P, FinTechs, and other innovative start-ups

approaching us with more exciting roles shows no sign of slowing down. Please

do contact us to learn more!

...


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RISK & QUANTITATIVE ANALYTICS

Market Risk Management £35,000 - £55,000 £55,000 - £85,000 £85,000 - £130,000 £110,000 - £190,000

Analyst AVP VP Director Role

Credit Analysis £32,000 - £50,000 £50,000 - £85,000 £80,000 - £120,000 £105,000 - £180,000

Risk Reporting & Analysis £30,000 - £40,000 £40,000 - £72,000 £70,000 - £100,000 £95,000 - £160,000

Risk Modelling - Banking Book £35,000 - £55,000 £50,000 - £75,000 £70,000 - £105,000 £95,000 - £160,000

Quantitative Analysis - Trading Book £40,000 - £60,000 £60,000 - £85,000 £80,000 - £110,000 £110,000 - £190,000

Model Validation £40,000 - £60,000 £60,000 - £85,000 £75,000 - £140,000 £110,000 - £190,000

Operational Risk £35,000 - £50,000 £50,000 - £75,000 £75,000 - £120,000 £110,000 - £180,000


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TAX - FINANCIAL SERVICESDESPITE THE FACT THAT BRITAIN BEGAN TO PLAN ITS EXIT FROM THE EU, AND THE INITIAL DIP (AND PANIC) THIS CAUSED IN THE MARKET, THE TAX RECRUITMENT WORLD IN 2017 REMAINED VERY BUOYANT, WITH THE EXCEPTION OF THE HUMAN CAPITAL MARKET, OWING MOSTLY TO THE BIG 4 DOWNSIZING THEIR TEAMS.

With the digital world and tax automation having such an impact, it comes as

no surprise that the large accountancy firms were continuing to invest heavily in

this area. As such, the Tax Management Consulting and Tax Technology teams

have seen a lot of growth, with the supply not quite meeting the demand. VAT

recruitment also saw huge levels of growth in the last year, with the Big 4 firms

increasing their headcount by significant numbers to ready themselves for the

introduction of VAT in other regions, such as the UAE (early 2018). Finally, the

private client and trust markets were both on the up last year, with changes in

legislation causing more ambiguity and worry for private clients, leading to more

work for firms, in particular, large independent firms.

Aside from the aforementioned, the Financial Services, M&A/Transaction

Tax and Transfer Pricing teams also continued to provide a steady flow of

recruitment activity, although the latter not as much as we had anticipated.

In terms of the Partner market within accountancy firms, the demand for

Private Client Tax Partners (both established Partners and Directors looking

for their first Partner move) remained strong within the Top 10, Mid-Tier

and Independents. The corporate tax market had been slightly quieter, but

continuing into the New Year, there are a number of firms looking to recruit

across the Top 10 and independents. The regional market has been particularly

strong and we are increasingly seeing candidates who are London based looking

to relocate to areas like Birmingham, Southampton, and Bristol. Firms are

offering packages on par with London, and the excellent schooling and housing

are proving to be very attractive.

The legal market has been very active in the private client tax space but quiet in

corporate tax. However, areas like transfer pricing, VAT, and share schemes are

becoming increasingly active and there are signs that the corporate tax market

is picking up.

If the job flow in 2017 Q4 is anything to go by then the outlook for 2018 is

looking very positive. We are confident that the VAT, transfer pricing and

transaction tax markets will provide the lion’s share of the volume. We also

expect to see a steady flow of work coming from the financial services teams, as

they have continued to provide consistent growth year on year.

With many of the large financial institutions and FTSE 100 groups moving

their back office and operational teams into regional hubs, we expect to see a

greater volume of activity in the regional teams of the Big 4 and Top 10 firms.

As mentioned we are already seeing a number of clients on the Accountancy

and Legal side who are looking to recruit Private Client Tax and Corporate Tax

Partners in Q1 and Q2 of this year.


BANKING SECTORS


48

TAX: COMMERECE & INDUSTRY (IN-HOUSE)

Newly-Qualified Tax Specialist £43,000 - £50,000 £40,000 - £47,000

UK Tax Accountant £40,000 - £55,000 £40,000 - £50,000

UK Tax Manager £55,000 - £70,000 £50,000 - £60,000

European Tax Accountant £58,000 - £65,000 £52,000 - £59,000

European Tax Manager £65,000 - £80,000 £60,000 - £70,000

VAT Accountant £30,000 - £50,000 £30,000 - £40,000

VAT Manager £50,000 - £65,000 £45,000 - £60,000

International Tax Manager £65,000 - £110,000 £65,000 - £80,000

Transfer Pricing Analyst £35,000 - £50,000 £35,000 - £45,000

Assistant Tax Manager £50,000 - £55,000 £45,000 - £50,000

London Home Countries Role

Transfer Pricing Manager £60,000 - £130,000 £60,000 - £75,000

Head of Transfer Pricing £80,000 - £130,000 £70,000 - £90,000


BANKING SECTORS


49

...

Group Tax Manager £65,000 - £110,000 £60,000 - £90,000

Head of Tax £90,000 - £150,000 £80,000 - £120,000

Director of Tax £120,000 - £200,000 £90,000 - £150,000

Group VAT Manager £65,000 - £90,000 £60,000 - £75,000

London Home Countries Role


BANKING SECTORS


50

Director (SVP), Business Head £110,000 - £140,000 20% - 40%

Base Salary Bonus Role

LEVEL: FS TAX - OPERATIONAL TAXES

Senior Manager (VP), Local/Functional Head

£70,000 - £115,000 15% - 35%

Manager (AVP) £48,000 - £70,000 0% - 20%

Analyst £35,000 - £52,000 0% - 20%

Associate £30,000 - £38,000 0% - 10%


BANKING SECTORS


51

LEVEL: FS TAX - GROUP/ BANK OFFICE/ FRONT OFFICE

Managing Director/ Group Director/ Global Head

£155,000 - £325,000 30% - 50%

Base Salary Bonus Role

Executive Director/ Regional Head (SVP) £135,000 - £185,000 20% - 50%

Director/ Local Head of (VP) £110,000 - £155,000 20% - 40%

Senior Manager/ Group Manager/ Functional Head of (VP)

£80,000 - £110,000 15% - 30%

Manager (AVP) £60,000 - £80,000 0% - 25%

Analyst £45,000 - £65,000 0% - 20%

Associate £30,000 - £42,000 0% - 10%


BANKING SECTORS


BANKING SECTORS

52

PRACTICE TAX

Top 20

Classic Tax £34,000 - £41,000 £38,000 - £48,000 £51,000 - £63,000 £61,000 - £73,000 £78,000 - £92,000 £90,000 - £115,000 £115,000 - £190,000

Indirect Tax £34,000 - £41,000 £42,000 - £49,000 £50,000 - £68,000 £67,000 - £82,000 £85,000 - £115,000 £105,000 - £150,000 £125,000 - £220,000

Human Capital £35,000 - £42,000 £46,000 - £48,000 £52,000 - £62,000 £67,000 - £85,000 £78,000 - £110,000 £110,000 - £145,000 £125,000 - £210,000

Private Client £35,000 - £42,000 £42,000 - £48,000 £52,000 - £58,000 £63,000 - £78,000 £78,000 - £110,000 £95,000 - £140,000 £125,000 - £230,000

Senior Assistant Manager Manager Senior Manager Director Principle Partner Role

Top 4

International Tax & Tax Consulting

£42,000 - £52,000 £53,000 - £63,000 £63,000 - £115,000 £105,000 - £175,000 £145,000 - £285,000 £280,000 - £850,000

M&A Tax £44,000 - £53,000 £55,000 - £72,000 £68,000 - £120,000 £110,000 - £185,000 £145,000 - £285,000 £280,000 - £850,000

Indirect Tax £42,000 - £51,000 £53,000 - £69,000 £65,000 - £105,000 £105,000 - £165,000 £145,000 - £285,000 £280,000 - £850,000

Human Capital £42,000 - £51,000 £53,000 - £69,000 £68,000 - £120,000 £102,000 - £165,000 £145,000 - £285,000 £280,000 - £850,000

Private Client £42,000 - £48,000 £52,000 - £61,000 £63,000 - £95,000 £102,000 - £145,000 £145,000 - £285,000 £280,000 - £850,000

FS Tax £44,000 - £53,000 £55,000 - £72,000 £68,000 - £125,000 £110,000 - £185,000 £145,000 - £285,000 £280,000 - £850,000

Assistant Manager Manager Senior Manager Director ED/AP Grades Partner Role



BONUS GUIDE• INTRODUCTION• INVESTMENT BANKING• RETAIL & WHOLESALE BANKING• BUYSIDE• OTHER FINANCIAL SERVICES• CONCLUSIONS

3


BONUS GUIDE

INTRODUCTIONWELCOME TO THE 2018 BANKING AND FINANCIAL SERVICES BONUS SURVEY.

This year, we saw a record number of participants share with us details on both

fixed and variable pay, as well as their optimism for the year ahead. As usual, the

information makes very interesting reading. We work with a wide variety of finance

professionals in an array of specialisms, so for ease of digestion, we break the

analysis down into industry subsectors.

Following the shocks of 2016 and the unexpected post-Brexit vote bounce, 2017

saw a more or less continued upward curve of positivity. The Global equity markets

remain buoyant, with growth seen across the major developed economies, with the

US especially enjoying a bounce as Trump economics of deregulation and tax cuts

drove profitability at the US banks in particular.

Concerns on Brexit remain but the short-term transition period has calmed the

job market and we saw strong hiring demand across most of the UK Financial

services markets, during 2017. We have a small shift towards the wider UK, with the

continued growth of regional centres, most notably with HSBC’s ring-fenced bank

in Birmingham driving headcount growth outside of London and we expect that

decentralisation to continue with the UK to some extent over the years ahead. Brexit

will no doubt have an impact but current estimates have dropped from the wildly

negative predictions of the referendum period and we are seeing, at least for now,

a calm picture supporting hiring demand for financial professionals especially within

Banking in London and beyond.

It’s also worth noting the strong profitability, increasing share prices (in many but

not all major FS firms and banks) should support and help to increase or at least

maintain compensation across the industry whilst in the high demand areas such

as Regulation, Cyber and the revenue generation areas the demand and lack of

availability of talent has the potential to have a much more aggressive impact on

overall compensation.

Our own statistics show strong growth in client hiring across 2017, with early

indicators for 2018 even stronger so it will be interesting to look at how 2018 plays

out. For now, however, let’s look back at the keys sectors and their compensation

delivers from 2017.

Richard Hoar

Banking Director



BONUS GUIDE

INVESTMENT BANKING2017 WAS ON THE WHOLE A BETTER YEAR FOR INVESTMENT BANKING THAN WAS GENERALLY EXPECTED IN LONDON BEARING IN MIND BREXIT, THE REGULATORY BURDEN, INCREASING COMPETITION FROM ONLINE PLATFORMS AND TOUGH MARKET CONDITIONS.

Banks on the whole have been reporting relatively strong figures and from our

own market research the vast majority intend to be hiring in London in 2018 and

not attrition hires only. We have seen an increase in job flow across our vertical

specialisms within Investment Banking with an average 17% compared to a YoY

comparison.

In terms of pay, the respondents to our 2018 Salary Survey, the majority (74%)

reported a payrise in 2018 which is an increase for the majority for the third year

running (69% in 2017 and 63% in 2016). Two thirds of respondents also received

an increase that exceeded their own expectations, and 91% received an increase

of more than 5% again for the third year running. Showing a general uptick in the

Investment Banking market.

The communication within teams around payrise expectations is clearly being

very closely managed with 14% receiving increases that were below their own

expectations (a much stronger picture than in 2017, when 30% thought their

expectations were undermanaged), however, this is well within the margin of error

that would be expected in any survey of this size.

Focussing on the outlook from a bonus perspective in 2018, 89% received a bonus

again within the margin of error for the 88% that was received in 2017. Once

again this aligns closely to the 2016 figure of 92% and shows a continuation of

the flattening off from the rising trench with say 68% and 79% in 2014 and 2015.

Considering the wide range of job types that we recruit with Goodman Masson and

prevailing headwinds within certain Investment Banking market segments we feel

confident that our conclusion in 2017 that circa 90% receiving bonuses is most likely

the peak of the market for bonus awards.

With regards to expectation management, it is a vastly different picture to the close

management surrounding pay increases in 2018. Whilst 89% received a bonus, 34%

received bonuses that were below their expectations, although with cost pressures

across the Investment Banking sector and conversations we have been having with

senior executives this is to be expected. From our survey results in 2017 and 2016 it

again signals an improvement around message management, with a drop from 37%

in 2017 and nearly 50% in 2016.

Finally, we asked respondents to let us know their optimism around their bonus for

2019. 37% are more optimistic about their bonus opportunity in 2019, which is a

drop in optimism to levels we last saw in 2016’s survey, when 35% felt optimistic for

the year ahead. Given question marks around Brexit this is to be expected, however,

with general market indicators looking positive we are hoping this is a case of people

being overly pessimistic, rather than a sign London is due for a hit.

Overall, we have seen a very interesting set of figures across our 2018 survey and it

is good to see that the vast majority of employees are receiving both bonus and pay

increases.


56

RETAIL & WHOLESALE BANKINGTHE RETAIL AND WHOLESALE SECTOR CONTINUED TO ENJOY A DECENT PERFORMANCE IN 2017, WITH CONSUMER CONFIDENCE REMAINING STEADY ALTHOUGH AT THE TIME OF WRITING CONCERNS OVER INDIVIDUAL DEBT DO CAST A SHADOW OVER 2018 AND BEYOND.

The 2019 deadline of the big banks to ring fence their retail operations remains

a challenge, although HSBC is now fully entrenched in Birmingham and the

others are moving toward these regulatory goals.

The threat of the challenger banks in retail particularly, remains with the

challengers outperforming the big 5 UK banks in growth, cost to income ratio

and RoE in 2017.

Interestingly, a recent survey of the sector showed that for the first time in a

number of years, the top priorities for the leadership of the major retail banks

was not reducing cost (the top priority for most years since the crash) but has

evolved with the improving of the digital experience of their customers and

increasing the use of big data and enhanced analytics not taking the top two

spots for business priorities.

A sign there of improving conditions and the huge importance of technology in

the sectors continued evolutions.

Against this backdrop we asked a wide range of finance professionals in the

sector for their views on salary, bonus and optimism.

For 2017 our respondents reported that a decent majority (57%) had received a

pay increase for their work in 2017, a slight drop on the previous year (63%) but

within a margin of error and also similar to the results of the previous years. The

only downside being that this award was on the whole less than 5% which is a

sizable drop from last year, when over 60% reported an increase over 5%.

This lowering of actual pay increases from the previous year wasn’t well

prepared for by managers as 65% of those surveyed, who received an award,

felt it was below their expectations.

From a bonus perspective, 62% of individuals in the sector received a bonus for

2017 which remains in line with the last two years (63% & 60%).

These bonus awards were aligned to individual expectations in the majority of

cases (51%) with the remainder equally split between those receiving a bonus

either above or below expectations so you could argue that managers have

done well to have around 75% of their staff either receiving an expected or

above expectations bonus payment.

Lastly in terms of overall optimism, 59% of our respondents were optimistic

about 2018, which again is exactly aligned to the previous year (60%) and shows

a positive hold in optimism over a 2-year period, which is, we believe, a good

thing especially as two years before a high majority (86%) were not optimistic

about the future.


BONUS GUIDE


BONUS GUIDE

57

BUYSIDEBUYSIDE SAW AN INTERESTING YEAR IN 2017 AND A CHALLENGING START TO 2018, WITH A CHANGE IN INVESTMENT FOCUS AND THE POTENTIAL FOR A TURN, FROM A BULL TO A BEAR MARKET.

The gradual creep towards a trade war between the world’s two largest

economies is a real cause for concern and there are question marks over

whether many fund managers will be able to continue to generate the returns

they have been, in a market that has potentially turned. We have included

Private Banking within our Buyside data.

Despite this macro outlook, early indications for 2018 show that we have

seen an increase in job flow, of 14% in comparison to 2017. We expect this

to continue throughout the year following the results of our hiring sentiment

survey, published in January 2018, which mirrors the 65% of Buyside CEO’s

who expected to increase hiring last year. We have seen an increase in

clients approaching us to assist with international hiring as well, with Paris,

Luxembourg, Switzerland and Frankfurt mandates currently being recruited for,

from our London hub.

71% of respondents saw a payrise in 2018 and 46% of these saw an increase

of more than 5% (down from 80% last year), this is a large increase on the 45%

who received a pay increase in 2017 and above 2016’s figure of 57%. With

regards to the size of the increase, 40% received an increase of less than they

were expecting, showing that expectation management has a way to go to

improve.

Turning to the bonus picture, 96% of respondents received a bonus in 2018, in

comparison to 94% in 2017. Buyside remains the area of Financial Services most

likely to pay strong bonuses on the back of good business performance.

Interestingly, the mood of optimism is far more prevalent in the Buyside industry

with 94% feeling more optimistic about their bonus in 2019, despite 40%

receiving less in bonus than they expected in 2018. This is again the highest

in the survey and a significant increase on the optimism levels we recorded in

2017, when 81% were more positive about the year ahead.


BONUS GUIDE


58

OTHER FINANCIAL SERVICESOUR FINAL GROUP FOR ANALYSIS COMPRISES THOSE FINANCE PROFESSIONALS WORKING OUTSIDE OF THE BUYSIDE AND BANKING WORLD COVERING A DIVERSE GROUP OF INSTITUTIONS INCLUDING INSURERS, BROKERS AND FINANCIAL MARKETS FOCUSED CONSULTING FIRMS.

This group enjoyed a positive year with 75% of those surveyed receiving a pay

increase for their work in 2017. Up from 68% recorded the previous year and

showing an upward trend having been 63% two years ago.

Of those receiving an increase a fortunate 40% saw pay increase by over 5%,

whilst in terms of overall expectations the majority (63%) had an increase, or

lack of in line with expectations, showing that managers yet again could deliver

to expectations.

In terms of bonus awards a large majority of those surveyed (97%) were paid

a bonus for their work in 2017, which is up from the previous year (81%) and

shows a 5 year upward trend. This is certainly linked the improving conditions

within the sector.

Just under half the group (48%) received a bonus award aligned to expectations,

whilst a fortunate 17% were awarded a bonus in excess of personal

expectations.

Lastly in terms of overall optimism, an unsurprising majority (95%) were more

optimistic about 2018, which is a huge jump from the 48% who were optimistic

at our last survey and again links to the feeling that despite Brexit and other

challenges, the London FS markets remain (for now at least) very confident and

optimistic for the future.


BONUS GUIDE


59

CONCLUSIONSDETAILED ANALYSIS OF THIS YEAR’S RESULTS SHOWS SOME VERY POSITIVE DEVELOPMENTS FROM LAST YEAR’S DATA AND IS SUPPORTIVE OF THE OVERALL VIEW THAT 2017 WAS ON THE WHOLE A POSITIVE AND OPTIMISTIC YEAR FOR FINANCIAL SERVICES AND BANKING, IN LONDON AND THE WIDER UK MARKETS.

If last year’s results contained both uncertainty from Brexit and a potential

economic slowdown as well as some positive signs, especially from the

improving financial Performance of many institutions then this year we see the

generally more upwards trajectory of the markets having a positive impact on

our results.

As usual we look at the 3 keys areas of pay increases, bonus awards and overall

optimism in terms of the cumulative results for the 2017 data.

1. Cumulate Pay Increase

This year saw our highest recorded result in terms of pay increase, with a

record 69% of all respondents securing an award in pay growth for 2017. This

is a notable increase on the previous two years (both flat at 60%) and betters

the surveys highest result back in 2014, where we had a fortunate 66% of

respondents receiving pay increases.

We speculated last year that the overall optimism of our respondents (which

saw a big jump on previous years optimism) would translate into improving

pay awards and I’m pleased to report that 12 months later that speculation

has materialised into the reality of a highest recorded cumulative pay increase

across our respondents.

2. Bonus awards

Again, we have recorded our strongest cumulate score in terms of bonus

awards, with a record 86% of our respondents receiving a bonus award for their

efforts in 2017. This continues the trajectory we have seen over the last few

years with the low of 2014 (only 68% received a bonus) flattening to a solid 80%

since then and now finally leaping up towards 90% for 2017.

Interestingly this cumulate figure is driven up strongly by 3 of our 4 sub sectors

as those in Investment banking, the buyside and other FS sectors all had record

years, in terms of large majorities getting bonuses awarded, whilst retail banking

(certainly less of a bonus expectant community) held firm at the same levels

recorded for the last few years.

3. Cumulative optimism

Given the strong increase in bonus awards recorded across the industry for

2017 and the more slight but still notable uptick on the cumulate pay increases

awarded, it’s not surprising that we recorded an overall increase in cumulative

optimism for the year ahead, with 71% of those surveyed more optimistic for

2018 and beyond.

This compares with a score of 59% who were more optimistic for 2017 and I

think linked well to the other market improvements and increased bonus and

pay awards.

As usual, there are still a good number of those feeling less optimistic and many

challenges remain on the horizon (notably the continuing Brexit negotiations).

Optimism may well fall away but at the time of writing, the feel in the market

remains highly positive and energetic and we remain like our respondents highly

optimistic for 2018 and beyond.


BONUS GUIDE


T: +44(0)20 7336 7711 E: [email protected] www.goodmanmasson.com120 Aldersgate Street, London EC1A 4JQ

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SALARY GUIDE 2018 · 2018-08-24 · OVERVIEW 5 OVERVIEW LOOKING BACK AT LAST YEAR’S SALARY GUIDE...

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Transcript of SALARY GUIDE 2018 · 2018-08-24 · OVERVIEW 5 OVERVIEW LOOKING BACK AT LAST YEAR’S SALARY GUIDE...