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SALARY SURVEY 2013 - Robert Walters Singapore

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SOUTHAFRICASOUTHAFRICAACCOUNTING&FINANCEANDBANKING&FINANCIALSERVICESSOUTHAFRICAACCOUNTING&FINANCEANDBANKING&FINANCIALSERVICESACCOUNTING&FINANCEANDBANKING&FINANCIALSERVICES<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong>429Accounting&Finance-Commerce&IndustryOurcommerce&industrydivisionrecruitsacrossabroadrangeoffinance-basedroles,fromnewly-qualifiedcharteredaccountantstochieffinancialofficers.WerecruitforavarietyoforganisationsranginginsizefrommultinationalstoSMEsandfromanarrayofsectors,includingengineering,FMCG,healthcare,IT/telecommunications,manufacturing,media,oilandgas,pharmaceuticals,professionalservices,property/realestate,retailandtravel.MarketOverviewTheaccountancyjobsmarketacrosscommercialbusinesseswasrelativelypositive,withagreaternumberofvacanciesavailablethanatanypointduringtheprevioustwoyears.Pharmaceutical,ITandFMCGcompanieswereparticularlyactiveinthemarket,withSME-sizedbusinessesespeciallykeentohire.However,employerswereprimarilyfocusingonreplacementandbusiness-criticalrecruitmentandthereremainedsignificantcompetitionforthebesttalent.Themajorityofdemandcontinuedtobeatthemiddlemanagementlevel(i.e.financeprofessionalswith2-6years’PQE)forcorefinanceroles.Inparticular,financemanagers,financialaccountantsandmanagementaccountantswereallsought-after.ThemainreasonforthisisthatSMEsweremostactiveinthejobsmarket-thesebusinessestypicallylookedtohireprofessionalswithamoregeneralistskillset.Overall,therewerefewervacanciesattheseniorlevelasprofessionalsintheserolesremainedhesitanttomovejobsinthecurrentmarket.Withemployerscompetingforthebestcandidates,mostreceivedincreasesofaround10-15%whenmovingroles.Overallmarketratesalsoincreasedinanumberofinstances.Forexample,managementaccountantswith3-5years’experiencecannowreceiveanannualsalaryofR550kupwards(comparedtoR500kin2012)andataxprofessionalwhois2-4years’PQER550kupwards(comparedtoR500kin2012).Outlookfor<strong>2013</strong>Thereremainsafairamountofoptimisminthefinancejobsmarket,however,weexpectsignificantcompetitiontoremainforthebesttalent.Asaresult,employerswillcontinuetobeflexibleinthesalariestheyareofferingwhentheyarehiringforabusiness-criticalposition.Mostdemandislikelytobeforcorefinanceprofessionals,suchasfinancemanagers,financialaccountantsandmanagementaccountants.Banking&FinancialServicesOurspecialistbanking&financedivisionrecruitsforabroadrangeofroles,fromfinancialaccountantstotechnicalfrontofficepositions,onapermanent,temporaryandcontractbasis.Sectorswespecialiseinincludeinsurance,assetmanagement,investmentbankingandretailbanking.MarketOverviewThebankingandfinancialservicesjobsmarketremainedchallenging.Inparticular,relativelylittlehiringoccurredwithinbothlargeinternationalandsmallerlocalinvestmentbanks,whichtypicallyfocusedpurelyonbusiness-criticalmiddleofficerecruitment.However,therewasgreaterdemandinothersectorsinthemarket.Forexample,joblevelswithinretailbanking,insuranceandprivatewealthbusinesseswererelativelyhigh.Regulatorypressuredroveasignificantproportionofthisdemand.Specifically,riskandcompliancevacancylevelsremainedfairlyhigh.Similarly,foranumberoffinancerolesavailable,firmsrequiredcapitalrequirementandbalancesheetriskexperience.KnowledgeofSolvencyIIIandBaselIIIcommandedapremiumduetotheemphasisinstitutionsplacedoncomplyingwiththeseregulationsglobally.Candidatesinthechangespacewerealsostillindemandwithfirmscontinuingtofocusonupgradingandstreamlingsystemsandprocesses.Professionalswithbusinessanalystexperienceorprojectmanagementskills,coupledwithsoundbankingknowledge,wereinshortsupplywithinallareasofbanking.Therewasalsoasteadydemandforcorefinanceprofessionals,suchasfinancialandproductcontrolspecialists,acrossallfinancialservicesinstitutions.Whilejoblevelswererelativelylowinthelargerinvestmentbanks,wesawanincreaseinAfrica-focusedrolesasbusinessessoughtexpansionacrossthecontinent.Specifically,theywerelookingforexperiencedhiresinrisk,finance,coveragebankingandaudit.Relevantcountryexperiencewasespeciallysought-after.Withmarketconditionschallenging,themajorityofsalariesremainedrelativelystable.However,wesawpremiumsforprofessionalswithnicheindemandskillsets,suchasbalancesheetriskand/orBaselIIIexperience.Despitethistrend,mostjobseekerswereprimarilymotivatedbycareerprogressionandthepotentialoftherolewhenseekingnewopportunities.Outlookfor<strong>2013</strong>Thebankingandfinancialservicesjobsmarketislikelytoremainchallengingin<strong>2013</strong>,althoughweexpecttheretailarmsofthelargerbankstocontinueperformingrelativelywellanddriveasignificantproportionofrecruitmentdemand.Regulatoryknowledgeandexperiencewillremainsought-after,withbanksalsolikelytobolstertheirmiddleandbackofficecontrolfunctionsastheyseektoreducelossesoccurringfromtradingtransactions.

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