Banking & Financial Services Salary Survey - Hudson

2011 

salary 

guide

2011 

salary 

guide 

contents 

introduction 

About Hudson Banking & Financial Services 

London Salary and market information 

Compliance 

corporate Finance/Advisory 

Financial Services 

investment Banking 

operations 

risk 

temporary/Contract 

contact us 

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2011 

salary 

guide 

introduction 

Welcome to the Hudson 

Banking & Financial 

Services Salary Guide for 

2011. 

WE HOPE YOU FIND THIS AN 

INSIGHTFUL REPORT, NOT ONLY 

INTO SALARIES AND BENEFITS, 

BUT ALSO INTO THE BROADER 

RECRUITMENT TRENDS WE 

FORESEE IN THE BANKING 

& FINANCIAL SERVICES 

MARKETPLACE FOR 2011. 

The Hudson Banking & Financial Services 

2011 Salary Guide reflects how salaries have 

fluctuated across the industry. It contains 

market overviews and salary information for 

each major specialist area and forecasts 

how these areas will develop in the coming 

months. 

The figures have been thoroughly 

researched by our industry experts and 

come from a variety of sources including 

job offers by clients, candidate disclosure 

of salaries and advertised salaries. We have 

also taken into account current market 

conditions and forecasts as well as our many 

years of collective experience between our 

recruitment experts. It is important to note 

that all salaries are dependent on a number 

of key factors such as size of company, 

location and sector. 

Please note that this document should be 

used as a guide only. Please feel free to 

contact one of our consultants if you have 

specific queries and they would be delighted 

to assist you. 

Whether you are looking for a new key 

employee, developing a volume recruitment 

campaign or if you are a candidate seeking 

advice on your job search, Hudson is best 

placed to support your needs. 

Regards, 

Hudson Banking & Financial Services 

Banking & Financial Services | Salary Guide 2011 1

2011 

salary 

guide 

About Hudson Banking 

& Financial Services 

Hudson is a leading provider of specialised 

recruitment, contract professionals, 

recruitment outsourcing and talent 

management solutions worldwide. The 

Hudson Banking & Financial Services team 

specialise in the provision and retention 

of the most innovative and talented 

professionals across front and middle office. 

We boast a highly successful track record 

of working in partnership with many of the 

world’s leading investment banks, asset 

managers, brokers and financial services 

firms. 

Our approach to recruitment is multi-faceted 

with search and networking at its core. With a 

team of consultants across the UK, many of 

whom are qualified in banking and financial 

services, we have in-depth knowledge and 

understanding of the sector. 

2 Banking & Financial Services | Salary Guide 2011

2011 

salary 

guide 

banking & financial services specialists 

Our consultants focus on specific role levels and sectors. The team has five specialist areas including: 

advisory/ 

investment 

compliance finance OPERATIONS 

risk 

management 

Acquisitions Anti Money Laundering Business Analysis Asset Servicing Credit Analysis 

Corporate Finance Asset Management Financial Analysis Collateral Credit Risk 

Debt Advisory Central Compliance Financial Control Documentation Economic Capital 

Equity Capital Markets Control Groups Financial Planning Loans Closing/Admin Financial Modelling 

Equity Research Group Compliance Fund Accounting Prime Brokerage Market Risk Control 

Mergers Insurance Internal/External Audit Projects/BAs Market Risk Management 

Principal Investment Investment Banking Management Accounting Settlements Quantitative Risk 

Restructuring Monitoring Product Control Stock Lending Risk Architecture 

Situations Products Advisory Support Regulatory Accounting Trade Support Valuations 

Registrations/T & C Technical Accounting Valuations Operational Risk 


2011 

salary 

guide 

LONDON SALARY AND 

MARKET INFORMATION

2011 

salary 

guide

2011 

salary 

guide 

Compliance 

The compliance recruitment market in 

2010 rallied from a relatively quiet period 

in late 2009 as the large investment and 

corporate banks re-initiated their regulatory 

recruitment drive. The sub-prime fall out had 

led to numerous streaming initiatives which 

ultimately led to a down-sizing of teams 

during 2008/2009. However, the growing 

recognition of a forthcoming wave of new 

rules and regulations meant that many of 

these teams needed to be strengthened and 

enhanced. 

The prime sectors that spearheaded this 

drive were the bulge-bracket banks, private 

banks and brokerage firms. New regulations 

from the FSA - including MiIFD II and EMIR 

- meant that monitoring, surveillance and 

product advisory specialists were once again 

in strong demand. The reputational need for 

large financial institutions to be at least seen 

bolstering their compliance teams meant 

that Q1 2010 was one of the busiest period 

within recent compliance recruitment history. 

Interestingly, this spur of recruitment activity 

did not trickle down to the buy-side initially 

but activity in the asset management sector 

slowly increased by Q3/Q4. 

Particular growth areas included control 

room and surveillance personnel. It is also 

worth noting that the competition for strong 

and specialised candidates often led to 

multiple-offer scenarios. Collateral to this 

was a corresponding increase in base 

salaries which further accelerated mobility 

at the mid-to-senior end of the market. 

Some vice president level candidates found 

themselves presented with offers which were 

30% higher than their current salary for the 

same job. A good example is the MLRO 

space - a number of key 

high-level candidates were tempted by 

inflated salaries at rival organisations which 

in turn led to a roundabout number of 

changes within the leading investment banks. 

Other areas declined slightly, mainly in the 

central compliance teams i.e. PA dealing and 

registrations. 

Demand for temp personnel increased, 

due to a combination of a need for good 

employees and on-going budget restrictions. 

Many firms had projects which needed 

immediate personnel staffing and this in turn 

also inflated the temp/interim market. The 

recent remuneration code also encouraged 

specialist compliance staff to seek tax 

mitigation and shelter which led to many 

operating through corporate umbrella 

structures rather than PAYE. To get around 

the implications of the code and to act as a 

retention tool, some banks offered higher 

base salaries or fixed payment amounts 

rather than offering bonuses at previous 

levels. 

So far this year the buy-side has caught up 

fully and we are seeing significant increased 

activity in this sector. Inversely, the number 

of roles within the investment banking sector 

has fallen as these institutions have reached 

saturation point or are reviewing staff levels 

within compliance. We still however have 

some replacement hires as competition for 

specialist compliance staff still remains in 

force. 

We envision a high flow of recruitment 

activity across all sectors as asset 

management recruitment increases and the 

investment banking/brokerage sectors ticks 

over. We also anticipate a continual interest 

in specialisms primarily in the regulatory 

change, surveillance, reviews and financial 

crime areas - these will be the hot areas for 

compliance recruitment throughout 2011. 


2011 

salary 

guide 

Compliance 

Permanent 

INVESTMENT BANKING 

0-2 YEARS' 

EXPERIENCE (£) 

0-4 YEARS' 


4-8 YEARS' 


8+ YEARS' 


Monitoring 30,000 - 42,000 42,000 -60,000 60,000 - 85,000 85,000+ 

Control Room 35,000 - 45,000 45,000 - 65,000 65,000 - 90,000 90,000+ 

AML/KYC 28,000 - 42,000 42,000 - 60,000 60,000 - 85,000 85,000+ 

Equities - Advisory 40,000 - 50,000 50,000 - 75,000 75,000 - 95,000 95,000+ 

Fixed Income - Advisory 40,000 - 50,000 50,000 - 75,000 75,000 - 95,000 95,000+ 

Commodities - Advisory 40,000 - 45,000 45,000 - 65,000 65,000 - 85,000 85,000+ 

Brokerage 40,000 - 45,000 45,000 - 65,000 65,000 - 85,000 85,000+ 

Asset Management 30,000 - 40,000 40,000 - 60,000 60,000 - 75,000 75,000+ 

Contract/Temporary - Day rate 


0-2 YEARS' 


0-4 YEARS' 


4-8 YEARS' 


8+ YEARS' 


Monitoring 200 -300 300 - 400 400 - 500 500+ 

Control Room 250 -350 350 -450 450 -600 600+ 

AML/KYC 150 - 200 200 - 350 350 -500 500+ 

Equities - Advisory 250 - 350 350 - 500 500 - 600 600+ 

Fixed Income - Advisory 250 - 350 350 - 500 500 - 600 600+ 

Commodities - Advisory 150 -200 200- 350 350 -500 500+ 

Brokerage 150 - 200 200 - 350 350 - 500 500+ 

Asset Management 150 - 200 200 - 350 350 -600 600+ 

London 


2011 

salary 

guide 

CORPORATE FINANCE/ADVISORY 

There was a real appetite in demand for 

execution experience in Q1 within M&A and 

corporate finance. There was a strong deal 

flow in the market with many private equity 

and corporate firms taking advantage of the 

improved market conditions thus increasing 

the demand for advisory corporate finance. 

As with every economic down turn you see 

a slow down in the hiring at the junior level. 

This 18 month reduction in hiring at the 

lower level has now resulted in a deficit of 

candidates with execution and transactions 

experience. We are now seeing a real 

shortage of talent at the analyst three and 

associate one level both within top tier banks 

and smaller boutiques. 

We have still seen a significant difference in 

the base salary between the bulge bracket 

banks and boutique corporate finance 

houses. The increased base within the 

bulge brackets is making hiring out of these 

institutions increasingly difficult for 

mid-market houses. Historically you would 

find a mix of ex-bankers and accountants 

within these firms. Currently boutiques 

are being forced to rely more heavily on 

professional services advisory corporate 

finance teams to add to their ranks. 

The ECM (Equity Capital Markets) market 

has also significantly increased its demand 

for candidates. Many companies held off 

from listing over the past couple of years. 

Consequently candidates are needed at 

the associate director level with experience 

in dealing with organisations and their 

corporate finance needs. 

Bonuses have been mixed. Some bulge 

bracket bankers have had bonuses ranging 

between the 40-100% mark with boutiques 

ranging from 30 -200%. On the whole the 

boutique bankers seem to be the happier. 

As a general rule the market is candidate 

scarce with experienced deal practitioners 

finding themselves with plenty of 

opportunities. 

The private equity market is still slow on the 

hiring front. We have again seen an increase 

in the demand for execution experience 

at the analyst level. However the market 

seems slow with many houses struggling 

to raise funds due to the high price of debt. 

Candidates that are in demand are those that 

can bring both transactional and strategic 

experience to the table often having done 

stints with top tier investment banks and 

strategy houses. 

We do envisage more hiring within the 

private equity space later in the year if 

market confidence continues to return. 


2011 

salary 

guide 

CORPORATE FINANCE/ADVISORY 

Permanent 

Permanent 

BOUTIQUE 

0-2 YEARS' 


INTERNAL M&A 

0-2 YEARS' 


Director 100,000 - 150,000 

Director 120,000 - 150000 

Associate Director 75,000 - 100,000 


Associate 3 65,000 - 75,000 

Associate 3 65,000 - 75,000 

Associate 2 60,000 - 65,000 

Associate 2 60,000 - 65,000 

Associate 1 55,000 - 60,000 

Associate 1 55,000 - 60,000 

Analyst 3 45,000 - 50,000 

Analyst 3 45,000 - 50,000 

Analyst 2 40,000 - 55,000 

Analyst 2 40,000 - 55,000 

Analyst 1 30,000 - 40,000 

Analyst 1 30,000 - 40,000 

INVESTMENT BANK 

Director 150,000 - 200,000 


Associate 3 90,000 - 100,000 

Associate 2 80,000 - 90,000 

Associate 1 70,000 - 80,000 

Analyst 3 60,000 - 70,000 

Analyst 2 55,000 - 65,000 

Analyst 1 50,000 - 60,000 

London 


2011 

salary 

guide 


As an industry, we found ourselves entering 

2010 with anxious optimism. Organisations 

were keen to utilise their newer, slender 

structure imposed upon them by either 

excessive write-downs or more strategic cost 

cutting exercises. Recruiters were hastily 

developing their knowledge of specialist 

growth areas including regulatory reporting, 

projects/change and also cost decision 

support roles. 

Early 2010 started where December 2009 

left off setting a steady pace for the rest of 

the year. Projects and “change the bank” 

roles were expected but the amount released 

in January alone surpassed expectations, 

with the trend heavily towards business 

analysts with accounting qualifications. 

As in 2009, 2010 also saw an increase in 

basic salaries, with newly qualified salaries 

rising to as high as £60,000 for a handful of 

firms and the majority rising to the £58,000 

mark. It became increasingly more difficult 

to secure an assistant vice president for less 

than £70,000 and senior vice president level 

salaries within product control rose as high 

as £115,000. 

At the newly qualified end of the market, 

rising salaries in practice and increased 

competition for the best candidates played 

the biggest role. Practice firms were paying 

the price for making drastic redundancies in 

2008. Because of this and the decreased 

graduate intake in 2009; there was a 

depleted pool of resources. Again at the 

assistant vice president level, firms that had 

either made redundancies or just not hired at 

the newly qualified level in late 2008/2009 

had a lack of resource at the newly promoted 

assistant vice president level. There has been 

a dramatic increase at the vice president 

level. This is due to there now being a vice 

president bottleneck emerging in a number 

of firms with more people waiting to take 

the step to director. We feel this increase 

will continue creating either an unclear 

division between vice president and director, 

or director levels will need to increase 

accordingly. 

So far this year we have seen that the 

European banks are the more aggressive. 

Banks that had previously focused on offshoring 

are starting to re-hire critical roles 

in the UK at more junior levels. This is not 

the first time that the quality of production 

in off-shore locations has been brought into 

question. The appetite for newly qualified 

candidates is set to continue. Experienced 

assistant vice president candidates within 

the product control space that have had 

exposure to process/systems improvements, 

but can still be hands on and manage the 

daily PNL process appear to be most in 

demand. Valuation experts in the credit and 

rates space are a close second and IT cost 

specialists with the ability to support the 

business were also highly requested. At 

least four tier one banks looked for senior 

specialists in this area in Q1 alone. 

With bonuses across the board lower than 

even the most managed of expectations, 

potential earnings and bonuses are now 

playing less of a deciding factor when 

candidates are moving. A common statement 

heard when speaking to candidates is “my 

bonus is low, but no one is paying high 

bonuses so where would I go?” Candidates 

are now taking more of an interest in 

company culture, development opportunities, 

team structure and the work life balance. 

They are far more upfront in what they 

expect from their career experience. With the 

softer side of the process highlighted to such 

an extent we suggest the return for more 

informal additions to the interview process 

to make more of an impact on a candidate’s 

decision. For example coffees, team drinks 

and tours of the office will make a bigger 

difference now than at any other point in the 

past three years. 


2011 

salary 

guide 


Permanent 

Part Qualified 

FOUNDATION ACA/ 

ACCA/CIMA (£) 

INTERMEDIATE ACA/ 


FINALIST ACA/ACCA/ 

CIMA (£) 

Management Reporting 20,000 - 30,000 35,000 - 45,000 40,000 - 50,000 

Management Accounting 25,000 - 35,000 35,000 - 45,000 40,000 - 50,000 

Project/Business Analyst 25,000 - 35,000 35,000 - 45,000 40,000 - 50,000 

Fund Accounting 25,000 - 30,000 30,000 - 40,000 40,000 - 50,000 

Financial Control 25,000 - 35,000 30,000 - 45,000 40,000 - 45,000 

Financial Reporting 25,000 - 35,000 30,000 - 40,000 40,000 - 45,000 

Regulatory Accounting 25,000 - 35,000 30,000 - 40,000 40,000 - 45,000 

Product Control 25,000 - 35,000 35,000 - 50,000 45,000 - 55,000 








CIMA (£) 

Management Reporting 140-175 160-200 180-230 

Management Accounting 140-175 160-200 180-230 

Project/Business Analyst 140-200 160-210 180-240 

Fund Accounting 140-175 160-200 180-230 

Financial Control 140-180 160-210 180-240 

Financial Reporting 140-175 160-200 180-230 

Regulatory Accounting 140-180 160-200 180-230 

Product Control 140-180 160-210 180-240 

London 


2011 

salary 

guide 


Permanent 

Qualified 

NEWLY QUALIFIED ACA/ 


1-3 YEARS' PQE ACA/ 













Qualified 







Management Reporting 225 -280 250-400 350-500 









2011 

salary 

guide 


Permanent 

Senior Qualified 



8+ YEARS' PQE 

EXECUTIVES (£) 

Management Reporting 70,000 − 100,000 90,000 + 

Management Accounting 70,000 − 100,000 90,000 + 

Project/Business Analyst 70,000 − 100,000 90,000 + 

Fund Accounting 70,000 − 100,000 90,000 + 

Financial Control 70,000 − 100,000 90,000 + 

Financial Reporting 70,000 − 100,000 90,000 + 

Regulatory Accounting 70,000 − 100,000 90,000 + 

Product Control 70,000 − 100,000 90,000 + 





8+ YEARS' PQE 


Management Reporting 450 - 600 550+ 

Management Accounting 450-600 550+ 

Project/Business Analyst 450-650 600+ 

Fund Accounting 450-600 550+ 

Financial Control 450-600 600+ 

Financial Reporting 450-600 550+ 

Regulatory Accounting 450-600 600+ 

Product Control 450-600 600+ 

London 


2011 

salary 

guide 

Investment Banking 

Last year saw a gradual pick-up in hiring 

which put increased pressure back on 

salaries generally within asset management. 

It was a challenging year for many of our 

alternative investment organisations as a 

flight to safety saw downward pressure on 

their AUM causing them to look at their 

overheads and back office staffing level. 

However many larger established asset 

management firms benefited from this flight 

to safety and recruitment in this area was 

buoyant. 

Particularly in demand have been 

experienced fund accountants, candidates 

with good regulatory reporting experience 

and proven finance directors. Bonuses have 

picked up slightly compared to 2009 but are 

still less generous than they were before the 

credit crisis. 

Throughout 2011 we expect to see an 

increase in market confidence, leading to 

more activity in the job market which will put 

further pressure on salaries. 


2011 

salary 

guide 


Permanent 







CIMA (£) 
















CIMA (£) 

Management Reporting 140-175 160-200 180-230 








London 


2011 

salary 

guide 


Permanent 

Qualified 








Project/Business Analyst 52,000 - 58,000 N/A N/A 



Regulatory Reporting 50,000 - 58,000 55,000 - 70,000 70,000 - 100,000 


Financial Decision Support 50,000 - 58,000 55,000 - 70,000 70,000 - 85,000 


Qualified 







Management Reporting 225 - 310 270 - 375 300 - 500 




Regulatory Reporting 200-300 300-400 400-600 


Financial Decision Support 200-300 300-400 400-500 


2011 

salary 

guide 


Permanent 




8+ YEARS' PQE 


Management Reporting 80,000 - 95,000 100,000 + 

Financial Control 80,000 - 95,000 100,000 + 

Financial Reporting 75,000 - 90,000 100,000 + 

Regulatory Reporting 90,000 - 105,000 100,000 + 

Product Control 85,000 - 100,000 100,000 + 

Financial Decision Support 80,000 - 90,000 100,000 + 





8+ YEARS' PQE 


Management Reporting 450 - 600 500 - 800 

Financial Control 400-600 500-800+ 

Financial Reporting 400-600 500-800+ 

Regulatory Reporting 400-500 500-600+ 

Product Control 400-500 500-600+ 

Financial Decision Support 400-550 500-600+ 

London 


2011 

salary 

guide 


Permanent 

ANALYST/NQ (£) ASSISTANT VP (£) VP (£) 

Change Management 

PMO 50,000 - 58,000 60,000 - 74,000 75,000 - 100,000 

Project/Change Manager N/A N/A 75,000 - 100,000 

Programme Manager N/A N/A 80,000 - 100,000 

Business/Change Analyst 50,000 - 58,000 60,000 - 72,000 75,000 - 100,000 

Lead Business/Change Analyst N/A 70,000 - 75,000 75,000 - 100,000 


ANALYST/NQ (£) ASSISTANT VP (£) VP (£) 

Change Management 

PMO 350 - 400 400 - 450 450 - 550 

Project/Change Manager 300-400 350-400 450-700+ 

Programme Manager N/A 350-450 600-1000+ 

Business/Change Analyst N/A 350-500 600-800+ 

Lead Business/Change Analyst N/A 400-500 550-800+ 


2011 

salary 

guide 

Operations 

Recruitment for 2010 in operations was 

rather unpredictable. After the market crash 

and low volumes in 2008/2009 no-one 

knew what to expect. However, Q1 and Q2 

saw high volumes of permanent hiring and 

Q4, ordinarily a period where recruitment 

tends to slow down, saw a steady flow 

of jobs as hiring managers were either 

preparing for 2011 or looking to use up 

remaining headcount. 

Despite this increase in volume it was by 

no means an easy period. Organisations 

expectations and the type of roles they were 

looking to recruit had changed dramatically. 

Typical back office and “core” operations 

roles such as settlements and reconciliations 

were largely not in demand. This is because 

a number of the investment banks had 

off-shored or near-shored these areas away 

from London as a cost saving measure. The 

knock-on effect of these candidates no 

longer being based in London is a lack of 

candidates following the natural progression 

into middle office. 

With the need for these back office roles 

now at a minimum the emphasis in London 

shifted to process improvements, projects, 

exposure to multiple asset classes, change 

management and new market initiatives. 

Generally, organisations were no longer 

looking for someone who could purely do 

the job but someone who could add value 

in other ways and drive new processes and 

procedures. Consequently the calibre of 

candidate organisations looked for rose and 

the recruitment process became increasingly 

difficult and drawn-out. 

Although there was a steady flow of 

candidates throughout the year, there was 

a distinct lack of back office professionals 

coming into middle office. There was also a 

deficiency of those with relevant exposure 

that met the high standards/expectations of 

organisations. 

The highest volume of candidate movement 

was in Q1 and Q2. This was mainly due 

to candidates feeling they did not receive 

the salary increase or bonus they felt they 

deserved. Therefore, with this discontent 

towards their compensation and hearing the 

job market had picked up, many candidates 

took the plunge to look for a new role. This 

was refreshing to see from a recruitment 

aspect, as the majority of candidates for the 

previous two years had preferred to remain 

in their current roles. Despite poor bonuses 

candidates were fearful of not being able to 

obtain another role. 

Although temporary recruitment had stayed 

pretty constant prior to 2010 the same could 

not be said for permanent, but in 2010 this 

changed. There was still a need for temp 

workers but in general hiring managers 

preferred to hire on a permanent basis 

where applicable. There was a substantial 

need for AVP/VP/manager level personnel; 

therefore hiring a temp in this space is not 

ideal. Having said that, where volumes were 

particularly high, especially in the projects/ 

change management space, or if there was 

an immediate requirement, organisations 

tended to hire temps. 

As confidence increased in the market, 

candidates realised they could move to a 

similar role and receive a large pay rise in the 

process. This mainly came form the banks 

that took the initiative and realised that in 

order to attract the high level candidates they 

wanted they would need to pay attractive 

salaries. Due to tighter government/FSA 

regulations and the fact that “big bonuses” 

are often frowned upon, the focus has moved 

away from high bonuses and more towards 

an increase in base salary and benefits. 

Candidates also understand that these 

bonuses are mainly a thing of the past and 

as a result look to gain a higher base salary 

elsewhere. Some institutions were also more 

willing to pay higher base salaries as they 

had more of a problem attracting quality 

candidates. 

We expect recruitment volumes to remain 

high throughout the year. Once all bonuses 

have been paid, candidates will either be 

unhappy with what they received or those 

looking for a new challenge will be more 

willing to move. In addition, managers 

will have had their headcounts/budgets 

approved and therefore looking to use them. 

We do not expect much of a change to last 

year with regards to the types of roles being 

recruited for. Organisation’s expectations 

have remained the same and the candidates 

in demand will be those who can carry out 

project work in addition to their business 

as usual tasks. Demand for back office 

candidates will remain low due to these 

roles sitting away from London. Most banks 

will look to bulk up their middle office areas 

across all asset classes but particularly in 

interest rate derivatives, credit derivatives 

and equity derivatives. In addition, due to the 

market crash and where pure reconciliation 

and settlement roles tend to have been off/ 

near-shored, there has been and will be more 

emphasis on risk and controls within middle 

office. This is attractive to candidates as they 

gain more exposure and responsibility on top 

of their more traditional middle office/trade 

support duties. 

London 


2011 

salary 

guide 

OPERATIONS 

Permanent 

ANALYST (£) ASSOCIATE (£) AVP (£) VP+ (£) 

Investment banking 

Trade support 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 75,000 + 

Documentation Drafting 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 75,000 + 

Documentation Confirmations 30,000 - 38,000 38,000 - 50,000 50,000 - 70,000 70,000 + 

Collateral Management 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 75,000 + 

Valuations 32,000 - 40,000 40,000 - 55,000 55,000 - 70,000 70,000 + 

Corporate Actions 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 65,000 + 

Dividends/Income Processing 28,000 - 35,000 35,000 - 48,000 48,000 - 60,000 60,000 + 

Project Managers N/A N/A 65,000 - 80,000 80,000 + 

Business Analysts 35,000 - 45,000 45,000 - 60,000 60,000 - 75,000 75,000 + 

Settlements 30,000 - 38,000 38,000 - 50,000 50,000 - 70,000 70,000 + 

Client Services 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 65,000 + 

Prime Brokerage 32,000 - 40,000 40,000 - 55,000 55,000 - 70,000 70,000 + 

Stock Lending 30,000 - 38,000 38,000 - 50,000 50,000 - 70,000 70,000 + 

Loans Closing 32,000 - 40,000 40,000 - 55,000 55,000 - 70,000 70,000 + 

Loans Administration 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 65,000 + 

Reconciliations/Control 30,000 - 38,000 38,000 - 50,000 50,000 - 65,000 65,000 + 

Payments 25,000 - 30,000 30,000 - 35,000 35,000 - 45,000 45,000 + 

Static Data 25,000 - 32,000 32,000 - 40,000 40,000 - 55,000 55,000 + 


2011 

salary 

guide 

OPERATIONS 

Contract/Temporary - Hourly rate 

Minimum (£) Average (£) Maximum (£) 

Investment banking 

Trade support 20 25 30 

Documentation Drafting 25 30 35 

Documentation Confirmations 18 24 28 

Collateral Management 20 25 30 

Valuations 18 24 30 

Corporate Actions 18 24 28 

Dividends/Income Processing 18 24 28 

Project Managers 300 (per day) 550 (per day) 1000 (per day) 

Business Analysts 280 (per day) 450 (per day) 750 (per day) 

Settlements 18 24 28 

Client Services 18 24 28 

Prime Brokerage 20 25 30 

Stock Lending 18 24 28 

Loans Closing 20 25 28 

Loans Administration 18 24 26 

Reconciliations/Control 18 24 28 

Payments 16 18 22 

Static Data 16 20 25 

London 


2011 

salary 

guide 

OPERATIONS 

Permanent 

Fund and Investment Management 

0-2 YEARS' 


2-4 YEARS' 


4-8 YEARS' 


8+ YEARS' 


Fund Managers Assistant 25,000 - 35,000 35,000 - 50,000 50,000 - 70,000 75,000 + 

Fund Administration 20,000 - 30,000 30,000 - 40,000 40,000 - 55,000 55,000 + 

Performance Analyst 25,000 - 35,000 35,000 - 50,000 50,000 - 70,000 75,000 + 

Pricing/Valuations 20,000 - 30,000 30,000 - 40,000 40,000 - 55,000 55,000 + 

Client Reporting 25,000 - 30,000 30,000 - 35,000 40,000 - 50,000 50,000 + 

Contract/Temporary - Hourly rate 

Fund and Investment Management 

0-2 YEARS' 


2-4 YEARS' 


4-8 YEARS' 


Fund Managers Assistant 20 25 32 

Fund Administration 16 22 28 

Performance Analyst 18 24 30 

Pricing/Valuations 16 22 28 

Client Reporting 16 22 28 


2011 

salary 

guide 

RISK 

In H1 2010 demand for risk staff soared, 

particularly in Q2. In Q1, the market was 

still uncertain as risk candidates remained 

cautious and waited to find out bonus 

numbers from the previous year. High 

demand for candidates continued through 

the year, across the board as banking 

employers sought risk candidates as a 

consequence of regulatory changes/ 

requirements and an internal desire to 

manage risk more efficiently. 

There was an unusually high demand 

from organisations in Q4 2010. Although 

recruitment processes were typically slow 

for that time of year, meaning that the 

number of placements made were not 

necessarily representative of the high 

number of mandates recruiters were 

working on. However, the knock on effect 

is that 2011 started off and continues to be 

extremely busy. Risk recruiters have been 

inundated with mandates across both the 

banking sector and on the buy side, but top 

candidates are still in short supply. 

With regards to skill sets sought by 

employers, there has been demand at all 

levels but mainly at associate/ AVP/VP 

level. The following areas have been and are 

currently in demand: 

| | Multi lingual credit analysts 

| | Regulatory risk specialists 

| | Business analysts/project managers/ 

change the bank (CTB) functions 

| | Stress testers/scenario analysts 

| | Market risk analysts – across each asset 

class – including the CDO/ABS space 

| | Liquidity risk specialists 

| | Interest rate risk modellers 

| | Quantitative candidates for areas such 

as model validation, risk modelling and 

exposure management 

| | Operational risk analysts/managers with 

specific product experience in areas 

such as commodities, credit and interest 

rates 

From what we have seen so far, there 

will be a reasonably high volume of hiring 

throughout this year. Naturally there will be 

quieter periods as there are always seasonal 

slow downs in the summer and at the back 

end of Q4. Financial services companies are 

still trying to improve their infrastructure and 

are still facing pressures from regulators, 

we do not foresee this changing over the 

next 12 months. Therefore, it is expected 

that financial services institutions will 

continue to hire staff across many areas 

of risk. Particularly stress testers, risk 

change/projects candidates, regulatory 

risk candidates – basel, economic capital, 

ICAAP specialists, liquidity risk managers, 

operational risk managers and “model 

validators”. 

Naturally, over the course of 2009 and 2010 

the media, public and government have 

shown considerable interest in the financial 

services sector and the way employees 

are compensated. Public anger about 

“banking bonuses” has played a key role in 

changing the way banks are structuring their 

compensation packages for their employees. 

London 


2011 

salary 

guide 

It remains unclear until bonuses are paid in 

2011 as to how much this has changed the 

overall compensation level for employees in 

risk management departments. It seems that 

in the main, compensation levels are either 

better than last year, or very similar. There 

have been a few banks that have paid little 

or no bonuses, which has had an impact 

on the loyalty of their staff. However, it is 

fair to say that we have not seen the typical 

candidate merry-go-round that we normally 

see at this time of year. Many candidates are 

still uncertain regarding their market rate and 

prefer to remain where they are unless the 

perfect role comes along. 

Banks have changed their compensation 

structures for risk management employees in 

the following ways: 

| | Some have improved their employee’s 

base salaries without comment on 

whether the bonus level will change. It 

is thought that this is done to stave off 

competition and retain staff. 

| | Some have increased the guaranteed 

part of the employee remuneration 

package by including non 

pensionable, fixed payments on top 

of base salary. These are received by 

the employee on a monthly basis as if 

it is an increase in base salary by the 

employee. It is in effect, an advance 

on their annual bonus. At this stage, 

it is unclear how big the bonus pool 

will actually be in these instances, 

and how much the overall employee 

compensation level has changed. 

| | Some have improved their benefits 

packages and have introduced 

flexible benefits that can be taken as 

cash on top of base salary. 

| | Other firms have maintained the 

traditional base plus bonus structure, 

thereby not aligning themselves with 

many others in the market. 

The change in compensation structures 

in financial services has created a new 

problem for employers looking to hire 

because there is no market consensus 

on how employers are paying their 

employees. Those firms that have 

increased the guaranteed element of 

employee compensation have had an 

adverse effect on candidate compensation/ 

salary expectations. Naturally, candidates are 

favouring payment structures with a higher 

guaranteed element of compensation. This 

has made it very difficult for employers with 

traditional structures to attract the best 

talent. Guaranteed bonuses are back at 

director level and above. This was expected 

as the firms who have not yet changed or 

will not change their pay structures, are to 

remain competitive. 


2011 

salary 

guide 

RISK 

Permanent 

0-2 YEARS' 


2-4 YEARS' 


4-8 YEARS' 


Investment banking - Market Risk, Credit Risk, Quantitative Analysis and Operational Risk 

8+ YEARS' 


Market Risk Management 30,000 - 45,000 45,000 - 60,000 65,000 - 100,000 95,000 + 

Market Risk Reporting 30,000 - 40,000 40,000 - 50000 50000 - 90000 90,000 + 

Model Validation 30,000 - 55,000 55,000 - 80,000 80,000 - 110,000 110,000+ 

Operational Risk 30,000 - 40,000 40,000 - 60,000 50,000 - 95,000 95,000 + 

Credit Analysis 32,000 - 45,000 45,000 - 65,000 65,000 - 100,000 90,000 + 

Credit Risk Reporting 30,000 - 45,000 45,000 - 55,000 55,000 - 80,000 85,000 + 

London 


2011 

salary 

guide 

Temporary/Contract 

Last year was a better year for temp 

recruitment than in 2009. There has been 

a lot of temp recruitment not only in the 

investment banking and retail banking 

sectors, but also in the hedge fund, asset 

management, and insurance worlds. 

With many organisations going through 

periods of restructure, mergers, and various 

stages of change across the sector the 

need for contractors has grown. Many 

hiring managers looked to the contract 

market as a quick way to recruit someone 

under perm headcount. This offers a low 

risk solution, and allows the candidate 

to prove themselves before committing 

to a permanent contract. The permanent 

candidate market has become very receptive 

to this introduction into roles and businesses. 

Although the temp market moves at a 

much quicker speed than the permanent 

market, hiring managers are still making very 

careful decisions on who they hire into their 

businesses and interviewing in a lot more 

detail than previously seen. Consequently 

the candidate market has become more 

competitive with the better talent finding 

new roles quickly. It also means that hiring 

managers will wait for the best person to 

come along extending the process to ensure 

that they get the right skillset. 

A lot of recruitment fell under projects and 

the need for business analysts, project 

managers and programme managers from 

a variety of skillsets grew from 2009. There 

was quite a bit of recruitment within the 

retail banking space across several finance 

disciplines. Finance business partnering, 

management information, system design 

and development, financial accounting 

and control (IAS 32 & 39), liquidity and 

regulatory roles are areas where contracting 

recruitment has been active over the last 

year. With a decline of better candidates in 

the market, we have seen an increase in 

market rates across all these disciplines. 

However many candidates are not “money 

motivated”, but have a genuine interest in 

developing their careers in the longer term 

and are more interested in the bank and 

what the role can offer. 

Throughout 2011 we expect an active, but 

competitive temp market. Many organisations 

that have historically been active in the 

London markets, have moved finance 

functions to other locations in the UK or off 

shored internationally. The markets outside 

of London have become busier, increasing 

employment opportunities. Consequently in 

London there is now more competition for a 

smaller volume of roles. 

Looking forward to the rest of 2011, we still 

expect the market to be busy. 2011 will be 

the first year since 2007/8 that bonuses will 

be awarded throughout the sector, which will 

create candidate movement in the industry. 

We expect Q2/3 to be a very busy quarter, 

because of that movement, hiring managers 

will look to the contract market to replace 

resources. There will still be hiring managers 

that want to keep recruitment low risk 

with temp to perm hires. With many banks 

continuously going through change, the ever 

increasing need for contractors will continue. 


2011 

salary 

guide 

contact us 

AberdeeN 

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edinburgh 

Caledonian Exchange 

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manchester 

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Manchester 

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Birmingham 

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Victoria Square 

Birmingham 

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glasgow 

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Glasgow 

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milton keynes 

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Milton Keynes 

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BRISTOL 

Westpoint 

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Clifton 

Bristol 

BS8 1QU 

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leeds 

1 City Square 

Leeds 

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Tel: +44 (0) 113 366 3267 

Fax: +44 (0) 113 297 9547 

reading 

Greyfriars Gate 

5 - 7 Greyfriars Road 

Reading 

Berkshire 

RG1 1NU 

Tel: +44 (0) 118 939 1003 

Fax: +44 (0) 118 939 3331 

dublin 

10 Lower Mount Street 

Dublin 2 

Tel: +353 (0) 1676 5000 

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london 

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London 

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hudson.com 

jobs.hudson.com

2011 

salary 

guide

Banking & Financial Services Salary Survey - Hudson

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