SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLONDONCOMPLIANCELONDONCOMPLIANCECOMPLIANCERobertWaltersGlobalSalarySurvey201315Ourcompliancedivisionfocusesonplacingcomplianceprofessionalsfromgraduatethroughtodirectorlevelinpermanent,temporaryandcontractrolesacrossthefinancialservicessector.MarketOverviewThecompliancejobsmarketwasimpactedbyglobalmarketconditionsin2012,withvacancylevelslowerthanin2011.Boththepermanentandcontractmarketspickedupinthesecondhalfoftheyear,withafocusonT&C,regulatorydevelopmentsandriskreviewfocusedmonitoring.Newregulations(e.g.MiFIDII,RDRandDodd-Frank)andarangeoflarge-scalefinesimposedonthebiggerbanks,particularlywithinLIBORandAML,ledfirmstocontinuetobulkupandbolstertheimpactedteams.Organisationsthereforecontinuedtorecruitincertainareasastheysoughttoappeaseexternalpoliticalpressureandraisestandardsinternally.Wherenecessary,theyalsocreatednewteamsastheysoughttobringinexpertstoincreasesubjectmatterexpertisewithinproblemareas.BankingBulgebracketinvestmentbankswereonlywillingtohireiftherolewasproventobecriticaltothewiderbusiness.Thisextrascrutinyonheadcountledtoanincreaseincounter-offers,withacommonbeliefamonglinemanagersthattheyweremorelikelytogetinternalsign-offforapayrisethananewhire,shouldthatemployeeleavethefirm.Duetoongoingregulatorypressure,hiringwasstilloccurringthroughouttheyear.Inparticular,smallerfirmswithdiverseproductsetsweremoresuccessfulandwerethereforerelativelyactiveintherecruitmentmarket.Asaresult,employerswereseekingproductadvisoryprofessionalswithathoroughunderstandingofallproducttypes.Thiswasreflectedinsalarylevelsforthesecandidates,whichincreasedslightlyfromthepreviousyear.Specifically,productadvisoryspecialistswerecommandingsalariesofatleast10-15%increaseon2011averages.High-calibremonitoringcandidateswerealsosought-afterinlinewithgreaterinternalandFSAreportingrequirements.Auditandsurveillanceskillswereparticularlyindemandfortheseroles.Withinthecontractjobsmarket,wesawincreaseddemandforregulatorydevelopmentrolesandratesforcandidateswiththisknowledgeincreasedsignificantly.InvestmentManagementMostassetmanagementfirmsfocusedonconsolidatingtheircompliancefunctions(particularlyinthehedgefundspace),whichledtoanincreaseinstrongcandidatesseekingnewjobs.Institutionsnotfocusedonconsolidationcontinuedtohire,althoughwerefacedwithsimilarheadcountsign-offrestrictionsastheinvestmentbanks.Stronggeneralistcomplianceofficerswithspecificassetmanagementexperienceweremostsought-after.Asaresultofincreasingdemandinthisarea,professionalswith2-4years’experiencearereceivingannualsalariesofatleast£45k(comparedto£40kin2012).WealsosawdemandforcandidateswithFSAexperience,knowledgeofregulatorytimetablingandguidelinemonitoringcandidateswithstrongITandcodingskillsonacontractbasis.Withinthewealthmanagement/privatebankingspace,wesawcautiousbutcontinuousgrowthinthecompliancejobsmarketasfirmsrespondedtotheRetailDistributionReview(RDR).Generalistswereparticularlysought-afterinthesebusinesses.Whilesalariesremainedatbroadlysimilarlevels,therehavebeenmarginalincreasesatthemidtoseniorlevel.Indicativeofthistrend,thosewith4-6years’experiencewillrecievesalariesof£60kupwards(comparedto£55kin2012).Anti-MoneyLaundering(AML)Large-scaleglobalfinespushedAML-focusedhiringtothetopoftheagenda.ProfessionalswithAMLpolicyandimplementationexperienceandastrongtrainingbackgroundwerethemostappealingcandidatesforbothbanksandassetmanagers.Withinthecontractmarket,thefocusremainedonKYCrolesandsanctions-focusedpositionsandcandidateswithstrongsystemsexperienceinAMLtransactionmonitoringwerecommandinghigherdailyrates.SalariesThebestcandidatescontinuedtoreceivenotableincreasesasclientsincentivisedthemtomovejobsintheuncertainclimate.Mostprofessionalswerereceivingrisesofaround10%butcandidateswithstrongadvisoryandregulatory-focusedskillsweretypicallycommandingapremiumexceedingthislevel.Contractratesincreasedintheadvisoryandregulatorydevelopmentareaandshort-termKYCremediationprojectsalsoreceivedanincreaseinpay.Outlookfor2013Weexpectthecompliancejobsmarkettoremainrelativelystablethroughout2013,withfirmscontinuingtohirecautiously.Recruitmentactivitywillbeintrinsicallylinkedtomarketconditions.Iftheseimprovemarkedly,weanticipategrowthasfirmsseektomakeupforthereducedheadcountcausedbytheslowdownthatoccurredoverthepast12-18months.Evenifthemarketcontinuestostagnate,however,regulatorswillcontinuetowriteandprosecuteregulatoryinfringement-asaresult,employerswillstillseekstrongcomplianceprofessionalsthroughout2013.