SALARY GUIDE UK
9
SALARY GUIDE UK
Transcript of SALARY GUIDE UK
SALARY GUIDEUK
INTRODUCTION FROM DAVID LEITHEAD - UK CHIEF OPERATIONS OFFICER
DAVID LEITHEAD
Chief Operations Officer | UK
Generally, the most prominent theme in the UK’s professional recruitment market throughout 2019 was how Brexit caused uncertainty, with employers reluctant to commit to hiring and job seekers hesitant to make the leap when offers did materialise. The quantity of jobs available and hires completed were both heavily impacted, as reported in the results of all the major PLC recruiters as the year progressed. According to Bank of England research, UK businesses expect more clarity and certainty to return in 2020 and a key question for recruiters is whether demand has become pent up in the system, in which case we could see a spike in hiring and an escalating war for talent in 2020.
As well as Brexit headwinds, another spectre hanging over a major section of the professional workforce in the private sector is the much publicised reform of IR35. This reform aims to transform the enforcement of these 20 year old tax rules that were designed to prevent workers from using Limited Company entities to disguise employment. If the plans are rolled out in April 2020 and not delayed by the new government, it will result in a largely negative transformation of the private sector contracting landscape, with much collateral damage, at least in the short term.
2020 will see the recruitment market further impacted by the use of technology tools and particularly Artificial Intelligence. The development and deployment of these tools continue to accelerate, along with the debate about whether they are good or bad for the industry.
AI is held out to be a game changer in eliminating bias from recruitment, but as well as doubt over how we can trust the machine to get it right, there are ethical and moral dilemmas. And it seems job seekers don’t like it - research in 2019 showed that 86% of job seekers would prefer a human being to review their CV, and 73% feel a highly automated recruitment process worsens their perceptions of an employer. So it will be interesting to see how things play out in the next 12 months and where progress is made.
Technology advances are affecting recruitment in other ways too, as many jobs are changing and the skills sets sought after are adjusting as well. Managing this new breed of employee is something that traditional managers are not always equipped to do, and development around that will be a major theme of organisations’ hiring in the coming year.
Our individual market reports show that the topic of flexibility in the workplace and a greater focus on wellbeing and work life balance are big themes for 2020. Organisations will face real challenges with engagement as more of their employees disappear from the traditional office set up. Employers will also need to be diligent because, in 2019, it became clear that increased levels of flexibility seemed to drive up working hours - an unexpected and generally unwelcome consequence.
Overall many recruitment companies in the UK will be looking forward to 2020 in the hope for a more positive market. There will be challenges but also lots of opportunities!
Salary Guide 2020COMPLIANCE
OVERVIEW OF COMPLIANCE RECRUITMENT
Recruitment of permanent Compliance professionals had been consistently busy for a number of years, but 2019 brought about a change in this trend with far fewer regulatory projects and less natural recruitment attrition causing banks to hire. On the whole, Brexit had a profound effect as the continued political uncertainty resulted in numerous candidates waiting for more clarity before considering their next move. Particularly across the permanent market, large wholesale banks significantly reduced their levels of hiring in 2019 as they have used the majority of their recruitment budget in other areas over previous years. This said, it hasn’t all been doom and gloom; there was a significant level of recruitment at the mid-senior level from medium sized institutions, as well as those with branches in London which have been effectively Brexit proofed.
In a number of ways, the temporary Compliance recruitment market in 2019 mirrored what was seen for permanent professionals. The biggest influence came from Brexit and all the uncertainty surrounding the UK’s exit from the EU, leading a number of firms to be unsure on how to position themselves. That being said, a number of hiring projects were undertaken in new jurisdictions that required an interim workforce, ranging from helping firms set up in different locations, implementing regulatory frameworks and KYC/AML related projects. For these projects, only temporary professionals who were the closest match for a vacancy were hired, whereas in the past organisations had been more lenient. Alongside the reduced levels of hiring in comparison to recent years, there were also numerous unique roles that proved incredibly difficult to fill given the smaller candidate pools.
Top 3 permanent Compliance roles
• Compliance Monitoring Officer (AVP/VP - Investment Banking/Asset Management)
• Compliance Advisory Manager (Asset Management)• Financial Crime Monitoring / Assurance
Top 3 temporary Compliance roles
• Compliance Monitoring Officer / Manager• AML & Transaction Monitoring Analyst• Regulatory SMEs
Prominent benefits across Compliance
It has been growing in popularity for a few years, but agile or flexible working is now rife across Compliance. Enabled by technological advances, professionals can now easily work remotely and perform their roles from wherever they want and in the hours that suit them best(within reason). Any employers that do not offer the opportunity to work flexibly run the risk of missing out on talented professionals, particularly at the senior end of the market where they are more likely to have familycommitments and seek a healthier work/life balance.
Beyond this, there is a significant focus on employee wellness. Numerous firms, big and small, are offering discounted gym memberships or in some cases even having gyms built on-site. An increasing number of firms are also now flexible around religious beliefs, in turn creating an inclusive working environment that boosts productivity.
Predictions for 2020
Whilst many areas flounder in the wake of Brexit confusion and unpredictability, the decision madeback in 2016 for the UK to leave the European Unionwill continue to create opportunities for Compliance professionals in relevant regulatory/AML fields.
With changes to IR35 expected to come into play in April 2020, contractors should be mindful and opento all opportunities. Unless the changes are delayed by the new government, it is almost inevitable that hiring of contractors will drastically slow down and the focus will be on permanent recruitment or PAYE contracts as organisations carefully consider how they want their workforce to look as the decision of whether employees are inside or outside IR35 now sits with them.
COMPLIANCE
COMPLIANCE SALARY | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 COMPLIANCE SALARY GUIDE
2020 COMPLIANCE SALARY GUIDE
Our 2020 Compliance Salary Guide outlines remuneration and workplace trends for temporary andpermanent Compliance professionals.
PERMANENT
Compliance (£ Per Annum)
Job Title Low Average High
Compliance Advisory £80,000 £110,000 £140,000
Compliance Corporate Finance Advisory £80,000 £110,000 £140,000
Compliance Assistant £30,000 £40,000 £45,000
Compliance Generalist £40,000 £50,000 £60,000
Compliance Head Of £100,000 £150,000 £200,000
Compliance Manager (Financial Services) £70,000 £85,000 £100,000
Compliance Monitoring Officer £50,000 £60,000 £70,000
Compliance Officer £50,000 £60,000 £70,000
Compliance Regulatory Officer £70,000 £80,000 £90,000
Compliance Testing and Reviews £70,000 £95,000 £120,000
Compliance DCM Advisory £80,000 £110,000 £140,000
Compliance ECM Advisory £80,000 £110,000 £140,000
Legal Compliance Manager/Director £100,000 £120,000 £140,000
AML Analyst £40,000 £50,000 £60,000
AML Head Of £100,000 £110,000 £120,000
AML Manager £70,000 £80,000 £90,000
Investigations Officer £40,000 £45,000 £50,000
Fraud Analyst £40,000 £45,000 £50,000
DMLRO £80,000 £95,000 £110,000
MLRO £100,000 £140,000 £180,000
COMPLIANCE
COMPLIANCE SALARY | PERMANENT (Annual salary)
© Morgan McKinley 2020
Job Title Low Average High
Finanacial Crime Officer £50,000 £60,000 £70,000
KYC Analyst £30,000 £45,000 £55,000
KYC Head of £80,000 £90,000 £100,000
KYC Manager £70,000 £75,000 £80,000
Periodic Reviews £30,000 £40,000 £50,000
CONTRACT
Compliance (£ Per Day)
Job Title Low Average High
Compliance Advisory £500 £750 £900
Compliance Assistant £150 £250 £300
Compliance Generalist £400 £600 £800
Compliance Head Of £700 £900 £1,200
Compliance Manager (Financial Services) £500 £700 £800
Compliance Monitoring Officer £250 £450 £600
Compliance Officer £300 £450 £600
Compliance Regulatory Officer £500 £750 £900
Compliance Testing and Reviews £250 £450 £600
Compliance DCM Advisory £500 £700 £800
Compliance ECM Advisory £500 £700 £800
Legal Compliance Manager/Director £800 £900 £1,200
AML Analyst £200 £350 £500
AML Head Of £700 £800 £1,000
AML Manager £500 £700 £800
Investigations Officer £200 £350 £450
Fraud Analyst £200 £350 £450
DMLRO £500 £750 £900
COMPLIANCE
© Morgan McKinley 2020
UNITED KINGDOM - 2020 COMPLIANCE SALARY GUIDE
2020 COMPLIANCE SALARY GUIDE
Our 2020 Compliance Salary Guide outlines remuneration and workplace trends for temporary andpermanent Compliance professionals.
PERMANENT
Compliance (£ Per Annum)
Job Title Low Average High
Compliance Advisory £80,000 £110,000 £140,000
Compliance Corporate Finance Advisory £80,000 £110,000 £140,000
Compliance Assistant £30,000 £40,000 £45,000
Compliance Generalist £40,000 £50,000 £60,000
Compliance Head Of £100,000 £150,000 £200,000
Compliance Manager (Financial Services) £70,000 £85,000 £100,000
Compliance Monitoring Officer £50,000 £60,000 £70,000
Compliance Officer £50,000 £60,000 £70,000
Compliance Regulatory Officer £70,000 £80,000 £90,000
Compliance Testing and Reviews £70,000 £95,000 £120,000
Compliance DCM Advisory £80,000 £110,000 £140,000
Compliance ECM Advisory £80,000 £110,000 £140,000
Legal Compliance Manager/Director £100,000 £120,000 £140,000
AML Analyst £40,000 £50,000 £60,000
AML Head Of £100,000 £110,000 £120,000
AML Manager £70,000 £80,000 £90,000
Investigations Officer £40,000 £45,000 £50,000
Fraud Analyst £40,000 £45,000 £50,000
DMLRO £80,000 £95,000 £110,000
MLRO £100,000 £140,000 £180,000
COMPLIANCE SALARY | CONTRACT (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Finanacial Crime Officer £50,000 £60,000 £70,000
KYC Analyst £30,000 £45,000 £55,000
KYC Head of £80,000 £90,000 £100,000
KYC Manager £70,000 £75,000 £80,000
Periodic Reviews £30,000 £40,000 £50,000
CONTRACT
Compliance (£ Per Day)
Job Title Low Average High
Compliance Advisory £500 £750 £900
Compliance Assistant £150 £250 £300
Compliance Generalist £400 £600 £800
Compliance Head Of £700 £900 £1,200
Compliance Manager (Financial Services) £500 £700 £800
Compliance Monitoring Officer £250 £450 £600
Compliance Officer £300 £450 £600
Compliance Regulatory Officer £500 £750 £900
Compliance Testing and Reviews £250 £450 £600
Compliance DCM Advisory £500 £700 £800
Compliance ECM Advisory £500 £700 £800
Legal Compliance Manager/Director £800 £900 £1,200
AML Analyst £200 £350 £500
AML Head Of £700 £800 £1,000
AML Manager £500 £700 £800
Investigations Officer £200 £350 £450
Fraud Analyst £200 £350 £450
DMLRO £500 £750 £900
COMPLIANCE SALARY | CONTRACT (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Finanacial Crime Officer £50,000 £60,000 £70,000
KYC Analyst £30,000 £45,000 £55,000
KYC Head of £80,000 £90,000 £100,000
KYC Manager £70,000 £75,000 £80,000
Periodic Reviews £30,000 £40,000 £50,000
CONTRACT
Compliance (£ Per Day)
Job Title Low Average High
Compliance Advisory £500 £750 £900
Compliance Assistant £150 £250 £300
Compliance Generalist £400 £600 £800
Compliance Head Of £700 £900 £1,200
Compliance Manager (Financial Services) £500 £700 £800
Compliance Monitoring Officer £250 £450 £600
£300 £450 £600
Compliance Regulatory Officer £500 £750 £900
£250 £450 £600
£500 £700 £800
Compliance ECM Advisory £500 £700 £800
Legal Compliance Manager/Director £800 £900 £1,200
AML Analyst £200 £350 £500
AML Head Of £700 £800 £1,000
AML Manager £500 £700 £800
Investigations Officer £200 £350 £450
Fraud Analyst £200 £350 £450
DMLRO £500 £750 £900
© Morgan McKinley 2020
Compliance (£ Per Day)
Low Average High
Compliance Advisory £80,000 £110,000 £140,000
Compliance Corporate Finance Advisory £80,000 £110,000 £140,000
Compliance Assistant £30,000 £40,000 £45,000
Compliance Generalist £40,000 £50,000 £60,000
Compliance Head Of £100,000 £150,000 £200,000
Compliance Manager (Financial Services) £70,000 £85,000 £100,000
Compliance Monitoring Officer £50,000 £60,000 £70,000
Compliance Officer £50,000 £60,000 £70,000
Compliance Regulatory Officer £70,000 £80,000 £90,000
Compliance Testing and Reviews £70,000 £95,000 £120,000
Compliance DCM Advisory £80,000 £110,000 £140,000
Compliance ECM Advisory £80,000 £110,000 £140,000
Legal Compliance Manager/Director £100,000 £120,000 £140,000
AML Analyst £40,000 £50,000 £60,000
AML Head Of £100,000 £110,000 £120,000
AML Manager £70,000 £80,000 £90,000
Investigations Officer £40,000 £45,000 £50,000
Fraud Analyst £40,000 £45,000 £50,000
DMLRO £80,000 £95,000 £110,000
MLRO £100,000 £140,000 £180,000
© Morgan McKinley 2020
Job Title Low Average High
MLRO £600 £850 £1,100
Finanacial Crime Officer £400 £650 £800
KYC Analyst £200 £300 £500
KYC Head of £500 £700 £800
KYC Manager £450 £550 £700
Periodic Reviews £200 £300 £500
Overview of Compliance recruitment
Recruitment of permanent Compliance professionals had been consistently busy for a number of years, but2019 brought about a change in this trend with far fewer regulatory projects and less natural recruitmentattrition causing banks to hire. On the whole, Brexit had a profound effect as the continued politicaluncertainty resulted in numerous candidates waiting for more clarity before considering their next move.Particularly across the permanent market, large wholesale banks significantly reduced their levels of hiringin 2019 as they have used the majority of their recruitment budget in other areas over previous years. Thissaid, it hasn’t all been doom and gloom; there was a significant level of recruitment at the mid-senior levelfrom medium sized institutions, as well as those with branches in London which have been effectivelyBrexit proofed.
In a number of ways, the temporary Compliance recruitment market in 2019 mirrored what was seen forpermanent professionals. The biggest influence came from Brexit and all the uncertainty surrounding theUK’s exit from the EU, leading a number of firms to be unsure on how to position themselves. That beingsaid, a number of hiring projects were undertaken in new jurisdictions that required an interim workforce,ranging from helping firms set up in different locations, implementing regulatory frameworks andKYC/AML related projects. For these projects, only temporary professionals who were the closest matchfor a vacancy were hired, whereas in the past organisations had been more lenient. Alongside the reducedlevels of hiring in comparison to recent years, there were also numerous unique roles that provedincredibly difficult to fill given the smaller candidate pools.
Top 3 permanent Compliance roles
Compliance Monitoring Officer (AVP/VP - Investment Banking/Asset Management)Compliance Advisory Manager (Asset Management)Financial Crime Monitoring / Assurance
Top 3 temporary Compliance roles
Compliance Monitoring Officer / ManagerAML & Transaction Monitoring AnalystRegulatory SMEs
COMPLIANCE
OUR LOCATIONS
LONDON | 61 Aldwych, London WC2B 4AE
T: +44 20 7092 0000 | E: [email protected]
BRISTOL | 4th Floor, Spectrum Building, Bond Street, Bristol BS1 3LG
T: +44 117 944 0600 | E: [email protected]
SUSSEX | 4 Peveril Court, 6-8 London Road, West Sussex RH10 8JE
T: +44 1293 523 400 | E: [email protected]
SURREY | 1 Milkhouse Gate, Guildford, Surrey GU1 3EZ
T: +44 1483 453 555 | E: [email protected]
THAMES VALLEY | Vandervell House, Vanwall Business Park
Maidenhead, Berkshire SL6 4UB
T: +44 1753 201 460 | E: [email protected]
