SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLONDONOPERATIONSINVESTMENTBANKINGLONDONOPERATIONS-INVESTMENTBANKINGOPERATIONS-INVESTMENTBANKINGRobertWaltersGlobalSalarySurvey2013 32Ourbankingoperationsdivisionspecialisesinplacingcandidatesfromentrytoheadofdepartmentlevelfortemporary,fixedtermcontractandpermanentpositions.Ourclientportfoliooffersadiverseopportunityforcandidatestomoveintoinvestmentbanks,brokeragefirms,commodityinstitutions,spreadbettingfirmsandexchanges.MarketOverviewOveralljoblevelsspikedinquarterstwoandfour2012,withfewervacanciesbecomingavailableinquartersoneandthree.Thisincreaseinquarterfourwasparticularlyevidentinthecontractmarket,whichisapositivesignfor2013.Thebulge-bracketbanksweremoreactivehirersthanboutiquefirms,withbothtypicallyfocusedonbusiness-criticalandreplacementrecruitment.However,wesawsomegrowthhiringtosupportregulatory-focusedprojectsduetoincreasedpressurefromtheFSA/FED.Inparticular,FATCA,clientmoneyandDodd-Frank/EMIRwerethekeyindustryinitiatives.Asfirmssoughttostreamlinetheiroperationsandmaximiseefficiencies,businesstransformationinitiativeswerealsoakeyfactordrivingadditionalheadcount.Internalmobilitybecamemorecommonduetonearandoff-shoringinitiatives,whichsawadecreaseinpermanentvacanciesinLondon.This,however,ledtoanincreaseincontractjoblevelsasfirmssoughttocoveraspikeinworkloadcausedbytradingvolumesandregulatorychange.Themajorityoftheseroleswereonthree-monthcontracts,althoughmanyofthesewereoftensubsequentlyextendedtoupto12months.KeyHiringAreasWesawnotabledemandinspecificareas,inwhichtherehavebeensomesignificantskillsshortages.Theseincluded:• BusinessanalystsandprojectmanagersacrossassetclassesatAVPandVPlevel• Topcalibrederivativemiddleoffice(salesandtradesupport)candidatesatanalystandAVPlevel• OperationalriskandcontrolspecialistsatAVPanddirectorlevel• Regulatoryprojectsspecialists• OTCclearing(projects,primebrokerageandcollateralspecific)atAVPandVPlevel• Commodityoperations(physicalandfinancial)acrossallfunctionsandproductsatanalystandAVPlevel• Assetservicingspecialists(particularlyonacontractbasis)• Draftingprofessionals(particularlyonacontractbasis)• Clientmoneyspecialists• Graduateswhohavecompletedaninternshipinabankanduptooneyear'sexperienceonacontractbasis(duetoreducedgraduateintakefromtraditionalrecruitmentschemes)Hiringinanumberoftheseareascontinuedtobedrivenbytheincreasedneedfortransparencyinordertoreduceriskinresponsetoregulatorychange.CandidateSupplyDespitereceivingunsatisfactorycompensationreviews,manybankingoperationsprofessionalsremainedreluctanttoseeknewopportunitiesduetotheoverallinstabilityofthemarket.However,candidateswhotypicallywouldhavewaiteduntilyearendbeganlookingfornewjobsinthesecondhalfof2012astheirbonusexpectationsfor2013begantofall.Professionalswhowereseekingnewroleswereprimarilymotivatedbycareerprogressionandbringingthemselvesuptomarketrate.Duetothetemporarymarketbeingcomparativelymoreactive,somepermanentcandidatesconsideredlonger-termcontractrolesastheysoughttoimprovetheirpayanddiversifytheirexperience.Salaries&RatesWhilecontractratesfellattheendof2011,theyremainedconsistentthroughout2012.Similarly,permanentsalariesalsoremainedstablealthoughthereweresomeexceptionstothis.Increasedregulatorypressureandskillsshortagesledtolargeincreasesinbasicsalaryinspecificareas,suchasregulatoryprojects,clientmoney,OTCclientclearing,projectmanagementandriskandcontrol.Somecandidateswhomovedjobsalsomanagedtosecureincreasesofupto25%ontheirbasicsalaries.However,thishasnotbeencausedbyasignificantchangeinmarketrates.Instead,ithasprimarilybeentheresultofindividualsbeingunderpaidduetoasustainedperiodofsalaryfreezesattheirexistingemployers.Outlookfor2013Asmarketuncertaintycontinues,weexpectjoblevelstoremainconsistentin2013asfirmsfocusonbusiness-criticalandreplacementhires.However,bankswillstillbecommittedtoup-skillingtheirworkforcesandcontinuetoimplementregulatory-focusedinitiatives,whichwillbethemaindriverofrecruitmentin2013.Inparticular,continuedfocusonCCPandloomingEMIRandDodd-Frankdeadlinesarelikelytocreateclearingprojects,collateralandclientservicesroles.Wearealsolikelytoseecontinueddemandforcontractorstocoverworkloadsasfirmsremainhesitanttocommittopermanenthires.