Investment Banking AWS
Report 006 Salary Benchmarking: Banking & Financial Services Life Working Series 2013
Contents Market Outlook . . . . . . . . . . . . . . . . 4 Change & Transformation. . . . . . . . . . 5 Overview . . . . . . . . . . . . . . . . . . . . 6 Financial Intermediaries . . . . . . . . . . . . 7 Contract . . . . . . . . . . . . . . . . . . . 7 Permanent . . . . . . . . . . . . . . . . . . 7 Investment Banking. . . . . . . . . . . . . . . 8 Contract . . . . . . . . . . . . . . . . . . . 8 Permanent . . . . . . . . . . . . . . . . . . 8 Investment Management. . . . . . . . . . . . 9 Contract . . . . . . . . . . . . . . . . . . . 9 Permanent . . . . . . . . . . . . . . . . . . 9 Finance. . . . . . . . . . . . . . . . . . . . 10 Overview . . . . . . . . . . . . . . . . . . . . 11 Financial Intermediaries . . . . . . . . . . . .12 Contract . . . . . . . . . . . . . . . . . . . 12 Permanent . . . . . . . . . . . . . . . . . 13 Investment Banking. . . . . . . . . . . . . . .14 Contract . . . . . . . . . . . . . . . . . . . 14 Permanent . . . . . . . . . . . . . . . . . 15 Investment Management. . . . . . . . . . . .16 Contract . . . . . . . . . . . . . . . . . . . 16 Permanent . . . . . . . . . . . . . . . . . .17
Front Office. . . . . . . . . . . . . . . . . . 18 Overview . . . . . . . . . . . . . . . . . . . . 19 Investment Banking. . . . . . . . . . . . . . 20 Permanent . . . . . . . . . . . . . . . . . 20 Operations & Middle Office. . . . . . . . .21 Overview . . . . . . . . . . . . . . . . . . . . 22 Investment Banking. . . . . . . . . . . . . . 23 Permanent . . . . . . . . . . . . . . . . . 23 Risk. . . . . . . . . . . . . . . . . . . . . . . 24 Overview . . . . . . . . . . . . . . . . . . . . 25 Investment Banking. . . . . . . . . . . . . . 26 Contract . . . . . . . . . . . . . . . . . . . 26 Permanent . . . . . . . . . . . . . . . . . 27 Investment Management. . . . . . . . . . . 28 Contract . . . . . . . . . . . . . . . . . . . 28 Permanent . . . . . . . . . . . . . . . . . 29
Technology . . . . . . . . . . . . . . . . . . 30 Overview . . . . . . . . . . . . . . . . . . . .31 Financial Intermediaries . . . . . . . . . . . 32 Contract . . . . . . . . . . . . . . . . . . . 32 Permanent . . . . . . . . . . . . . . . . . 36 Investment Banking. . . . . . . . . . . . . . 40 Contract . . . . . . . . . . . . . . . . . . . 40 Permanent . . . . . . . . . . . . . . . . . 45 Investment Management. . . . . . . . . . . 49 Contract . . . . . . . . . . . . . . . . . . . 49 Permanent . . . . . . . . . . . . . . . . . 55 About Astbury Marsden. . . . . . . . . . 58
3
Market Outlook When reflecting on 2012 it is hard not to sound gloomy about what was undeniably the toughest year for City recruitment for more than a decade. Across the City, hiring followed a general downward trend throughout the year, arriving at its lowest recorded level in December, lower even than the nadir of hiring seen during the financial crisis. In effect, by year end City hiring had ground to a halt as financial firms continued to remove costs, assess sustainability of individual business lines and swallow the rising costs of regulatory change. These business challenges, combined with a tepid outlook for the global economy, meant that vacancy volumes ended the year 35% down on 2011 volumes. So in the context of a muted job market it is little wonder that candidate registrations fell to half the level seen in 2011. And despite this huge fall, the apparent oversupply of applicants affected salaries with pay rising only 2% over the year. Bonus pools were also substantially reduced, falling by 60% on bonus levels in the prior year. It was with great relief for job hunters (and recruiters!) that 2013 opened more strongly off the back of a more optimistic economic environment. However, since the turn of the year hiring volumes have remained largely consistent, contrary to the usual hiring cycle in the City; the volume of new vacancies usually trends upwards from February through to the end of Q2 before retracing across the second half of the year. Accordingly, the outlook for the first half of the year looks set to continue as we have seen during the first quarter. Overall, hiring forecasts are expected to remain at current levels throughout most of the year. As a result we expect to see the continued rebalancing in the candidate supply over the coming months. While amongst employees there exists a significant level of dissatisfaction with their employer, few will act impulsively when considering whether to enter the job market. However, as the year progresses we expect to see a degree of optimism return to the candidate market. Employers, therefore should not under-estimate the importance of retention strategies to their organisation this year. We anticipate another year of downward pressure on total remuneration right across the financial sector, although potential pay changes imposed by Europe are likely to influence how packages are constructed. Thank you for your continued support of Astbury Marsden, I hope that you find this report informative and I welcome your comments. Mark Cameron +44 (0)20 7065 1175 [email protected]
4
Change & Transformation
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Change & Transformation Review of 2012
Outlook for 2013
There was a feeling of optimism for change and transformation professionals going into 2012. The raft of new regulatory changes and the impact these would have on the industry was seen as providing a boost for change practitioners. This sense of optimism was reinforced in the first quarter as a number of major projects kicked off. The importance of these change programs meant many were given budget priority, impacting on other projects, many of which were put on hold or scaled back in comparison to their original plans.
As we head into the second quarter, it appears that 2013 will mirror 2012 with a continued focus on regulatory change. Programmes of work focused around CASS, EMIR, FATCA and Dodd Frank will continue to dominate budgets and headcount. The challenge for firms will be to deliver these changes to their business to meet FSA requirements, and to do so without damaging their reputation or service to their clients. As a result, candidates who not only understand regulation but also operational procedures behind specific business areas, client on-boarding and settlements for example, will be sought. Several other areas will see investment, again through necessity rather than choice. For example, addressing concerns around LIBOR and interest rate swaps continues to dominate the press and will remain a focus for banks in the coming year.
2012 saw candidates with regulatory change experience in high demand, in particular in the contractor market. A number of firms required additional short-term subject matter knowledge to deliver projects and paid a premium day rate to achieve it.
Risk & Control and Conduct Risk are also key areas in the market which will lead to new frameworks. The emergence within the industry of more and more firms having a central pool of change resources to call on, much like an internal consultancy, will also see investment in both a contract and permanent headcount. In what looks like it will be a challenging year, there are still reasons to be optimistic within the Change Management space. There will continue to be a need for changing processes, whether this is from an efficiency, cost reduction or regulatory perspective. Although there will be challenges around rates and salaries and strong competition for roles, 2013 looks like it will follow this trend, especially on the regulatory front.
“Risk & Control and Conduct Risk are also key areas in the market which will lead to new frameworks”
6
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst
300
350
400
Business Analyst
450
500
550
Lead Business Analyst
550
600
650
PMO
400
500
600
Change Manager
500
600
700
Architect
500
600
700
Project Manager
600
650
750
Programme Manager
700
800
900
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
PMO (Analyst - Director)
40,000
120,000
0
30,000
Project/Programme Manager
60,000
130,000
0
40,000
Subject Matter Expert
60,000
75,000
0
8,000
Subject Matter Expert/Business Analyst
55,000
80,000
0
10,000
Business Analyst
40,000
60,000
0
5,000
Lead Business Analyst
55,000
80,000
0
10,000
Permanent Job Title
7
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst
300
350
400
Business Analyst
450
500
550
Lead Business Analyst
550
600
650
PMO
450
550
650
Change Manager
500
600
700
Architect
500
600
700
Project Manager
550
650
750
Programme Manager
700
800
900
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
PMO (Analyst - Director)
50,000
150,000
0
40,000
Project/Programme Manager
75,000
175,000
0
100,000
Permanent Job Title
Subject Matter Expert
60,000
75,000
0
8,000
Subject Matter Expert/Business Analyst
65,000
90,000
0
10,000
Business Analyst
50,000
70,000
0
5,000
Lead Business Analyst
65,000
90,000
0
10,000
8
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst
300
350
400
Business Analyst
450
500
550
Lead Business Analyst
550
600
650
PMO
450
550
600
Change Manager
500
600
650
Architect
500
600
650
Project Manager
550
675
700
Programme Manager
700
750
850
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Project Manager Assistant
30,000
40,000
0
2,000
PMO (Analyst – Director)
50,000
130,000
0
10,000
Project/Programme Manager
75,000
150,000
10,000
50,000
Subject Matter Expert
60,000
75,000
0
8,000
Subject Matter Expert/Business Analyst
55,000
80,000
0
10,000
Business Analyst
40,000
60,000
0
5,000
Lead Business Analyst
55,000
75,000
0
7,000
Permanent Job Title
9
Finance
Astbury Marsden Salary Benchmarking 2013: Finance
Finance Review of 2012
Outlook for 2013
The last 12 months were extremely challenging with many companies cutting heads and costs. As banks restructured and employees made internal moves, we saw few roles released into the market. A number of skills gaps emerged in many organisations as departing employees were not replaced in response to the unpredictability in the market. This led to a drop in both permanent and contract hiring volumes during the year.
Since the New Year, there has been a renewed focus on stability. Whilst we don’t expect significant growth in hiring this year, team skill shortages can now be addressed as banks become more optimistic.
The small amount of recruitment we did see was mostly for replacement hires; albeit we did experience some pockets of hiring within product control and external reporting. As predicted in last year’s report, overall demand was sporadic and salary increases and bonuses were modest. Candidates on the whole entered 2013 with fairly balanced expectations of salaries and promotion possibilities.
pre-empting how the rest of the year will look and whether the optimism currently felt in the market is justified.
This year, we expect to see a focus on the new regulations coming into force and the spotlight will be on frameworks ranging from Basel III to FATCA. As plans take shape, and deadlines are finalised, the competition for these skillsets will be fierce and shortages of talent will emerge in these areas. Despite this, we do not expect salary levels to change much this year, with most parts of the industry staying below previous year’s levels. Bonuses in general will stay low as growth and profits are hit, but not exceeded. Although recruitment usually gathers pace during Q2 and Q3, these next few months will be crucial in
“We are experiencing an on going spotlight on complying with the raft of new regulation ranging from Basel III to FATCA”
11
Astbury Marsden Salary Benchmarking 2013: Finance
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Financial Analyst
220
300
350
Cost Accounting Controller
200
275
350
Regulatory Reporting Officer
200
300
400
Statutory Accountant
250
350
400
Balance Sheet Control Analyst
250
300
350
Financial Controller
220
280
350
Reconciliation Analyst
150
200
300
Balance Sheet Control Analyst
250
300
350
Finance Business Partner
250
300
450
Finance Business Analyst
300
400
500
Finance Project Manager
400
500
600
Finance PMO
300
350
450
Fund Accountant
200
300
400
Product Controller
250
325
400
12
Astbury Marsden Salary Benchmarking 2013: Finance
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
50,000
60,000
0
10,000
Management Accountant 0-1 Years PQE 1-2 Years PQE
55,000
65,000
0
15,000
3+ Years PQE
65,000
80,000
0
80,000
8+ Years PQE
75,000
110,000
0
100,000
0-2 Years PQE
50,000
60,000
0
7,000
2-5 Years PQE
55,000
80,000
0
50,000
5+ Years PQE
70,000
110,000
0
100,000
0-1 Years PQE
45,000
55,000
0
10,000
1-2 Years PQE
45,000
65,000
0
15,000
3+ Years PQE
55,000
90,000
0
55,000
90,000
150,000
0
1,000,000+
Financial Accountant
Fund Accountant
Finance Director/Chief Finance Officer 8+ Years PQE
13
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Financial Analyst
220
300
350
Cost Accounting Controller
200
275
350
Regulatory Reporting Officer
200
300
400
Statutory Accountant
250
350
450
Balance Sheet Control Analyst
250
300
350
Financial Controller
220
300
400
Reconciliation Analyst
150
200
300
Balance Sheet Control Analyst
250
300
350
Finance Business Partner
250
300
450
Business Analyst
350
450
550
Project Manager
400
500
600
PMO
300
375
500
Product Controller (flow and cash)
250
350
400
Product Controller (exotics and hybrids)
250
350
420
14
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Financial Accounting Associate
Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
0
5,000
Management Information/Financial Analysis 45,000
65,000
0
5,000
Associate
45,000
65,000
AVP
58,000
80,000
0
10,000
AVP
58,000
80,000
0
10,000
VP
75,000
110,000
5,000
20,000
VP
75,000
110,000
5,000
20,000
Director
100,000
140,000
10,000
60,000
Director
100,000
140,000
10,000
60,000
Accounting Policy/Technical Accounting
Product Control (flow and cash)
Associate
50,000
65,000
0
5,000
Associate
50,000
65,000
0
5,000
AVP
58,000
80,000
0
10,000
AVP
65,000
80,000
0
10,000
VP
75,000
110,000
5,000
20,000
VP
75,000
110,000
5,000
20,000
Director
100,000
140,000
10,000
60,000
Director
100,000
140,000
10,000
60,000
70,000
0
5,000
Regulatory Reporting Associate
Product Control (exotics and hybrids) 40,000
60,000
0
5,000
Associate
50,000
AVP
55,000
75,000
0
10,000
AVP
65,000
85,000
0
10,000
VP
75,000
100,000
5,000
20,000
VP
85,000
115,000
5,000
20,000
Director
100,000
130,000
10,000
60,000
Director
105,000
145,000
10,000
60,000
15
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£pd)
Financial Analyst
220
300
350
Cost Accounting Controller
200
275
350
Regulatory Reporting Officer
200
300
400
Statutory Accountant
250
350
400
Balance Sheet Control Analyst
250
300
350
Financial Controller
220
280
350
Reconciliation Analyst
150
200
300
Balance Sheet Control Analyst
250
300
350
Finance Business Partner
250
300
450
Finance Business Analyst
350
450
550
Finance Project Manager
400
500
600
Finance PMO
300
350
500
Fund Accountant
200
300
400
Product Controller
250
325
400
16
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Management Accountant Part Qualified
Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
45,000
0
10,000
Hedge Fund Product Control 25,000
40,000
0
10,000
Part Qualified
25,000
0-1 Years PQE
45,000
60,000
0
15,000
0-3 Years PQE
45,000
65,000
0
20,000
1-2 Years PQE
50,000
65,000
0
15,000
3+ Years PQE
60,000
95,000
0
85,000
3+ Years PQE
60,000
85,000
0
80,000
8+ Years PQE
85,000
120,000
0
150,000
8+ Years PQE
75,000
110,000
0
100,000
Finance Director/Chief Finance Officer 150,000
0
1,000,000+
Financial Accountant Part Qualified
8+ Years PQE 20,000
35,000
0
90,000
10,000
0-2 Years PQE
45,000
60,000
0
15,000
2-5 Years PQE
55,000
80,000
0
50,000
5+ Years PQE
70,000
110,000
0
100,000
Fund Accountant Part Qualified
25,000
45,000
0
10,000
0-1 Years PQE
45,000
55,000
0
20,000
1-2 Years PQE
45,000
65,000
0
20,000
3+ Years PQE
55,000
90,000
0
55,000
17
Front Office
Astbury Marsden Salary Benchmarking 2013: Front Office
Front Office Review of 2012 As in previous years 2012 started with an air of renewed optimism in the City. However, that optimism faded fairly quickly as the market for advisory fees hit the lows experienced in 2008. Consequently, many large investment banks made redundancies during the year, while several smaller advisory firms either closed down or merged with competitors. Overall, we saw no real growth in the market. Most of the hiring was at the junior (Analyst – Associate) level or was a replacement hire leading many candidates to seek employment outside the City. We saw some improvement in Q4 as deal flow picked up and firms produced stronger results. However, these only really made up for the deficit already created earlier in the year and hiring remained muted. M&A continued to lead the charge on a recruitment basis while ECM remained very quiet. Activity was most robust across FIG, natural resources, energy and TMT with other sectors largely struggling with staff cut-backs. In contrast to previous years, boutique firms struggled to grow and several smaller firms disappeared during the year or were consolidated. A couple of houses did go on recruitment drives
with a view to developing their London platforms; however these were very much the exception. Firms that maintained their market position during 2012 were considered to have performed well in what was undoubtedly a very difficult market. Outlook for 2013 The increase in activity at the end of 2012 has continued and the M&A market is showing early signs of improvement. Debt Advisory and Restructuring appear to be performing well as we head into the second quarter. However, the ECM market remains challenging. These developments are yet to manifest in the recruitment market with the majority of firms still waiting to see exactly how things pan out before deciding on a hiring strategy for 2013. At present, we are seeing more demand for Analyst level hires but have not yet seen any clear growth plans by firms looking to develop specific teams. Hiring within the Quantitative space has started slowly.
We expect that the banks will focus their quantitative hiring within the Counterparty Credit Risk and CVA space. Many of the existing models in this space are unlikely to pass both stress testing and back testing implemented in the new Basel III requirements. Due to this, many of the banks will need to focus their time on developing new prototypes as well as enhancing existing models. Other areas of focus will be around investment banks new initiatives to centralise the quantitative libraries bank wide. Hiring for these projects kicked off heavily in 2012 and we have also seen some further hiring for similar projects in 2013. Given that pipelines are looking stronger across the board and deal-flow is expected to increase on 2012, we anticipate that there will be an uplift in hiring activity later in the year.
Most new headcount requirements are likely to be released in Q2 due to budgets not being approved until late Q1. There is likely to be pockets of hiring within Quantitative Analytics throughout the year.
19
Astbury Marsden Salary Benchmarking 2013: Front Office
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Bonus Average (£)
Corporate Finance
Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Quantitative (Developer, Analyst or Trader) Associate
55,000
65,000
0
15,000
Analyst 1
37,500
47,500
0
47,500
25,000
AVP
75,000
85,000
0
50,000
Analyst 2
40,000
57,500
0
57,500
30,000
VP
95,000
140,000
0
150,000
Analyst 3
50,000
65,000
0
65,000
35,000
Director
150,000
200,000
0
250,000
Associate 1
60,000
75,000
0
75,000
45,000
Associate 2
70,000
90,000
0
90,000
55,000
Associate 3
80,000
100,000
0
100,000
60,000
VP 1
85,000
120,000
0
80,000
70,000
VP 2
90,000
130,000
0
95,000
75,000
VP 3
95,000
160,000
0
95,000
85,000
Director 1
100,000
200,000
0
350,000
100,000
“Whilst there will always be some individuals who will seek a move to a better regarded bank to improve their CV, a lateral move to a direct competitor is going to be highly unlikely” 20
Operations & Middle Office
Astbury Marsden Salary Benchmarking 2013: Operations & Middle Office
Operations & Middle Office Review of 2012
Outlook for 2013
Hiring across the Operations space remained tepid throughout 2012, with no significant expansion or aggressive hiring. Scrutiny of headcount and replacement hiring was high and internal mobility remained the preference as opposed to external hiring.
Regulatory change is driving change across all investment banks and the Operations function is dealing with these upstream changes. However this is not leading to abnormal hiring patterns. Given that many regulatory changes are still being debated and are not yet enacted, we are experiencing more of a ‘wait and see’ approach as to what change to process and documentation is required. Throughout 2013 this is where we expect to see the strongest demand for hiring; that is, within change and projects focussed on regulatory compliance.
Departments that did see increases in headcount were largely related to Equity Derivatives Support and OTC Clearing roles at line level. A number of employers were looking to gain the competitive edge, around their clearing infrastructure and recruitment was relatively brisk. Some banks were recruiting permanent positions into the Fixed Income space and the FX back and middle office functions to bolster Settlements, Confirmations, Investigations and Documentation teams. There remained a requirement in London for specialised subject matter experts in vanilla products due to the amount of off-shoring. Professionals with ETD Clearing and OTC experience were in demand due to the Dodd-Frank Act. There was also a drive in Asset Servicing roles, due to seasonal corporate actions activity.
From a global perspective, Asia was dominated by medium and low cost centres and we continue to see Analyst and Associate level roles moving to locations such as Mumbai, Chennai and Manila. Medium cost locations such as Singapore and Hong Kong are becoming more SME focussed with key hiring focussed at the more Senior Vice President and Executive Director levels. For London, near-shoring is a key location strategy, with operations headcount increasingly moving out of London to regional offices. This has also led to local shortages, meaning increased competition and firms looking to move //talent from high cost locations.
We are also seeing clients begin to take a complete strategic review of how Operational processes are delivered. This could lead to entire operations departments being outsourced – as has been the strategy across several asset managers. This could in turn, lead to a growth in the demand for hires within Security Services and Custodian Banks.
“Professionals with ETD Clearing and OTC experience were in demand due to the Dodd-Frank Act”
22
Astbury Marsden Salary Benchmarking 2013: Operations & Middle Office
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
30,000
45,000
0
4,000
AVP
45,000
60,000
4,000
VP
60,000
75,000
Director
80,000
120,000
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
30,000
50,000
3,000
5,000
6,000
AVP
55,000
65,000
5,000
8,000
5,000
8,000
VP
70,000
85,000
5,000
10,000
10,000
50,000
Director
90,000
120,000
10,000
25,000
32,000
50,000
0
5,000
Settlements
Job Title Client Services
Operations Control
Documentation
Analyst
35,000
50,000
0
5,000
AVP
50,000
65,000
0
8,000
AVP
55,000
70,000
0
10,000
VP
70,000
90,000
0
15,000
VP
70,000
90,000
0
15,000
Director
90,000
120,000
20,000
40,000
Director
90,000
110,000
10,000
35,000
Analyst
30,000
50,000
3,000
5,000
Analyst
35,000
55,000
5,000
10,000
AVP
55,000
65,000
5,000
8,000
AVP
55,000
70,000
5,000
12,000
Corporate Actions
Analyst
Trade Support
VP
70,000
85,000
5,000
10,000
VP
75,000
95,000
10,000
20,000
Director
90,000
120,000
10,000
25,000
Director
90,000
120,000
10,000
60,000
23
Risk
Astbury Marsden Salary Benchmarking 2013: Risk
Risk
Strategy Consulting Overview Review of 2012 Recruitment of risk professionals fell in 2012. We saw hiring remain steady throughout quarters one to three, dipping significantly in quarter four. Banks continued to review and improve Risk Management functions, however the focus was on hiring skills to cover regulatory driven initiatives or on replacement hires as opposed to positions arising from growth. Market Risk and Credit Risk remained in demand throughout the year as our investment banking clients looked to improve their risk reporting capabilities. Most banks looked for candidates with quantitative backgrounds to be involved in a higher level of credit and market risk analysis and reporting. 2012 saw a distinct move from “slice and dice” reporting to a distinctly more quantitative level of analytical reporting giving Risk Officers an improved view of risk positions. Regulatory initiatives also drove demand for credit and market risk professionals in the Business Analyst space as banks continued to consolidate and reengineer processes and systems in line with regulations such as Basel III and CRD4. This opened up a number of AVP/VP Business Analyst and Project Management positions. We saw fewer contract opportunities in this space than in previous years as banks shifted towards bringing in permanent employees. Vacancies took a lot longer to fill in 2012 as the banks
looked for the ‘complete package’ from their Risk Managers. This resulted in a number of first round, interviews as clients were open to meeting a variety of candidates before making any hiring decisions. More than ever, clients would not sacrifice on any of their requirements and were consistently demanding the best hires. Operational Risk, Controls and Governance remained key areas of recruitment across all of financial services. In particular, Business Managers in risk sitting in the front office, local Risk Managers and Analysts in Operational Risk Reporting were in high demand. Strong technical skills proved essential, though more than ever; there was a clear focus on the softer skills. Strong communication, influencing and stakeholder skills proved invaluable as Risk Managers became more high profile with increased exposure to senior stakeholders across the business. The last quarter of the year slowed down significantly across all areas of risk. We saw the lowest number of vacancies registered in four years and found interview processes that were well underway slow to a halt. In contrast, the number of candidates registering their details doubled from last year – partly due to redundancies or concern over potentially being made redundant. In addition, many candidates were looking to move out of investment banking into smaller, niche firms.
tempted by smaller firms with what was perceived as clearer career trajectory, more stability and better work life balance. These factors provided a clear motivation to move away from the more traditional incentives of big salaries and bonuses at the investment banks. Outlook for 2013 We expect 2013 to look similar to 2012 with steady levels of recruitment across isk management in financial services. The focus will continue to be in regulatory and reporting, especially in Credit Risk and Market Risk in order to manage the demands coming out of Basel III and improve reporting processes. The risk recruitment market will rely heavily on the market and we expect low but steady growth. Risk Management remains in the spotlight and so whilst we expect all areas to be hiring, the shape of the recruitment process will change significantly. We expect longer and more challenging interview processes as the candidate wish list grows. Unfortunately we do not expect compensation to grow in line with this demand as the market has to withstand an ever increasing focus on cost, and roles will need to be well justified.
Investment management and private banking saw a rise in vacancies. Candidates making the move were
25
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Market Risk Analyst
200
275
350
Business Analyst
450
550
650
Project Manager
550
650
800
Programme Manager
750
850
1000
Analyst
350
500
700
Business Analyst
550
600
800
Analyst
200
300
350
Business Analyst
500
550
700
Project Manager
550
650
800
Programme Manager
750
850
1000
300
400
500
Business Analyst
500
600
750
Project Manager
550
650
800
Quantitative Risk
Credit Risk
Data Analyst Basel III
26
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
40,000
55,000
0
16,000
AVP
50,000
70,000
0
28,000
VP
70,000
100,000
0
50,000
Director
75,000
180,000
0
115,000
Analyst
35,000
55,000
0
27,500
AVP
50,000
70,000
0
35,000
Market Risk
Quantitative Risk
VP
70,000
100,000
0
57,000
Director
100,000
180,000
0
115,000
Analyst
35,000
48,000
0
19,200
AVP
48,000
65,000
0
26,000
VP
65,000
95,000
0
42,000
Director
85,000
170,000
0
100,000
Analyst
40,000
50,000
0
20,000
AVP
45,000
65,000
0
28,000
VP
70,000
90,000
0
50,000
Director
75,000
150,000
0
110,000
Operational Risk
Credit Risk
27
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Analyst
200
275
350
Business Analyst
450
550
650
Project Manager
500
600
650
Programme Manager
750
850
1000
400
550
700
Analyst
200
275
350
Business Analyst
450
550
650
Project Manager
500
600
650
Programme Manager
750
850
1000
300
400
500
Market Risk
Quantitative Risk Analyst Credit Risk
Data Analyst
28
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
40,000
55,000
0
16,000
AVP
50,000
70,000
0
28,000
VP
70,000
100,000
0
50,000
Director
75,000
140,000
0
90,000
Analyst
40,000
55,000
0
27,500
AVP
50,000
70,000
0
35,000
Market Risk
Quantitative Risk
VP
70,000
95,500
0
57,000
Director
100,000
150,000
0
105,000
Analyst
40,000
48,000
0
19,200
AVP
48,000
65,000
0
26,000
VP
65,000
90,000
0
42,000
Director
85,000
130,000
0
75,000
Analyst
40,000
50,000
0
20,000
AVP
45,000
65,000
0
26,000
VP
70,000
90,000
0
50,000
Director
75,000
130,000
0
90,000
Operational Risk
Credit Risk
29
Technology
Astbury Marsden Salary Benchmarking 2013: Technology
Technology Strategy Consulting Overview Review of 2012
Outlook for 2013
In the first quarter of 2012, we saw headcount and rate reductions for contractors. The overall message was to reduce operating costs and therefore shrink spend on temporary staff. Post Q1, we saw a flurry of hiring for regulatory projects, driven by increasing legal requirements such as Dodd Frank.
2013 is going to play a key part in defining what the market will be like for 2014 - 2016 as many banks continue to react to the financial crisis of previous years.
On the permanent side, we saw salaries grow marginally as bonuses were cut across all industries. There was much greater emphasis on fixed compensation as banks looked to reduce the focus on a bonus culture. In stark contrast to the banks, hedge funds and proprietary trading firms maintained an emphasis on bonuses. Lower salaries were offset by a higher bonus which was paid based directly on business profits. The majority of hiring in 2012 was for replacement hires with little investment in new headcount. Most exceptions to this were across risk, regulatory and compliance. These functions were in good demand during 2012.
We expect to see small pockets of replacement hiring in order to fulfil business requirements. The majority of additional hires will be regulatory driven. We anticipate increased hiring in the investment management space as candidates choose to risk accepting a lower base and a much higher bonus potential. The financial software houses are not hugely affected by the financial crisis and we expect to see them hiring significantly this year.
There will be intense competition for the top 20% of talent, now more so than ever, despite solid performers struggling to find work. Only the top talent are being hired. Consequently, candidates are staying loyal to their firm despite not receiving any salary increases or bonuses as they believe the situation will not be any better elsewhere. C++ specialists are likely to see growing salaries over the year. Only the top universities teach this language, making it more of a niche skillset amongst junior developers or people coming into the industry. Some banks which previously recruited only permanent staff have moved to purely contractor staffing. It will be interesting to see if there will be a move back to purely permanent hiring or if this is a long-lasting trend.
Bonuses will continue to be few and far between with the majority of bonus pools being reserved for highly skilled individuals who have both business knowledge and exceptional technical skills.
31
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Java/Database - Front Office
500
525
550
Java/Database - Middle/Back Office
450
500
525
Java Messaging Developer
450
500
525
Java GUI/SWING
450
500
525
VBA Developer - Middle/Back Office
425
475
525
Excel/Access VBA RAD - Front Office
450
500
550
C++/NT/COM/DCOM - Front Office
450
500
550
C++/NT/COM/DCOM - Middle/Back Office
425
475
525
Quantitative Developer
550
600
650
C++/Unix Developer
450
500
525
C#/.NET/Winforms - Front Office
450
500
550
C#/.NET/Winforms - Middle/Back Office
400
450
500
Sybase DBA
450
475
525
Oracle DBA
450
475
525
SQL-Server DBA
450
475
525
Oracle Developer
400
450
500
Sybase Developer
400
450
500
SQL Developer
400
450
500
Development
Databases (DBA/Dev)
32
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Voice Support
280
350
500
Trade Floor Support
220
275
350
Desktop Support
220
250
300
Web Systems Engineer
330
385
440
Application Packaging Engineer
330
385
440
Web Packaging Engineer
350
400
475
Citrix Support
350
400
500
Exchange Connectivity
400
500
650
Openlink
500
600
700
Front Office Applications Support
450
500
550
Back Office Applications Support
400
450
500
Support Manager
475
500
550
Technical Support Engineers (Market Data Ser.)
350
500
600
Market Data Analyst/Administrator
330
400
475
Unix/Netcool/Tivoli Operator
385
440
495
Datacentre Operations Analyst
225
250
275
Support
Market Data Services
Operations
33
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Network Support Engineer
350
450
500
Network Implementation Engineer
385
440
495
Firewall Engineer
400
450
550
550
650
750
Networks
Calypso Implementation (Calypso) Development (Calypso)
550
650
750
Support (Calypso)
500
575
650
550
650
750
Murex Implementation (Murex) Development (Murex)
550
650
750
Support (Murex)
500
575
650
Summit Implementation (Summit)
550
650
750
Development (Summit)
550
650
750
Support (Summit)
500
575
650
Storage Storage Manager
450
475
525
Storage Specialist (TSM, EMC)
415
470
600
Storage - Support Engineer
415
470
550
34
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Test Manager
550
605
660
Test Team Lead
495
550
605
Test Analyst
385
440
495
Programme Manager
605
715
825
Strategic Development Manager
580
635
690
Tactical Development Manager
585
640
695
Testing
Project/Development Managers
PMO Manager
500
550
600
Project Manager (with Front Office product knowledge)
660
715
770
Project Manager (with Middle/Back Office knowledge)
605
660
715
Project Manager (with no specific product knowledge)
550
605
660
Outsource Project Manager
550
625
700
Infrastructure Project Manager
500
600
650
Project Administrator/Co-ordinator
300
400
450
Messaging Technical Support Analyst
330
385
440
Messaging Analyst
330
385
440
Messaging Analyst (Swift, Crest)
35
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
65,000
125,000
0
Uncapped
Development Java/Database - Front Office Java/Database - Middle/Back Office
45,000
85,000
0
25,000
Java Messaging Developer
60,000
85,000
0
50,000
Java GUI/SWING/Flex
55,000
90,000
0
45,000
VBA Developer - Middle/Back Office
40,000
70,000
0
7,000
Excel/Access VBA RAD - Front Office
50,000
95,000
0
15,000
C++/NT/COM/DCOM - Front Office
65,000
125,000
0
40,000
C++/NT/COM/DCOM - Middle/Back Office
45,000
85,000
0
15,000
Quantitative Developer
70,000
140,000
0
42,000
C++/Unix Developer
55,000
140,000
0
42,000
C#/.NET/Winforms - Front Office
65,000
125,000
0
20,000
C#/.NET/Winforms - Middle/Back Office
45,000
85,000
0
7,500
Python/Scala and OOA/D Languages
65,000
110,000
0
Uncapped
45,000
105,000
0
15,000
Databases (DBA/Dev) Sybase DBA Oracle DBA
45,000
105,000
0
15,000
SQL-Server DBA
45,000
105,000
0
15,000
Oracle Developer
45,000
105,000
0
15,000
Sybase Developer
45,000
105,000
0
15,000
SQL Developer
45,000
105,000
0
15,000
36
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
44,000
100,000
0
25,000
Systems Administrators/Engineers SUN Solaris HP-UX
44,000
100,000
0
25,000
AIX
44,000
100,000
0
25,000
Microsoft Windows
44,000
100,000
0
25,000
LINUX
44,000
100,000
0
25,000
Junior BA/PM’s
30,000
45,000
0
13,000
Mid level BA/PM’s
45,000
70,000
0
18,000
Senior BA/PM’s
70,000
100,000
0
25,000
Problem/Change Manager
55,000
100,000
0
20,000
TISO
55,000
90,000
0
20,000
Global Incident Response Analyst
45,,000
85,000
0
15,000
Business Analysts/Project Manager
Technology Risk Management (TRM)
General IT Security/Network Security Engineer
50,000
90,000
0
15,000
Security Policy & Risk Management
50,000
100,000
0
20,000
Security Project/Programme Manager
55,000
100,000
0
15,000
37
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Voice Support
40,000
80,000
3,000
18,000
Trade Floor Support
45,000
90,000
3,000
18,000
Desktop Support
35,000
70,000
0
17,500
Web Systems Engineer
45,000
85,000
0
21,500
Web Packaging Engineer
45,000
85,000
0
21,500
Citrix Support
30,000
80,000
0
18,000
Systems Support Analyst
44,000
85,000
0
21,500
Exchange Connectivity
44,000
90,000
5,000
20,000
Openlink
50,000
100,000
8,000
25,000
Front Office Applications Support
45,000
100,000
5,000
20,000
Back Office Applications Support
40,000
75,000
0
18,500
Support Manager
65,000
125,000
8,000
30,000
Technical Support Engineers (Market Data Ser.)
40,000
90,000
0
22,500
Market Data Analyst/Administrator
45,000
90,000
0
22,500
Support
Market Data Services
38
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Networks Network Support Engineer
45,000
85,000
0
21,500
Network Implementation Engineer
45,000
85,000
0
21,500
Firewall Engineer
45,000
90,000
0
22,500
Test Manager
55,000
100,000
0
15,000
Test Team Lead
55,000
100,000
0
15,000
Test Analyst
45,000
70,000
0
10,000
Strategic Development Manager
85,000
120,000
0
30,000
Tactical Development Manager
85,000
120,000
0
30,000
Testing
Project/Development Managers
39
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Java/Database - Front Office
500
550
600
Java/Database - Middle/Back Office
425
500
575
Java Messaging Developer
500
550
575
Java GUI/SWING
500
525
550
VBA Developer - Middle/Back Office
500
525
550
Excel/Access VBA RAD - Front Office
525
575
625
C++/NT/COM/DCOM - Front Office
550
575
600
C++/NT/COM/DCOM - Middle/Back Office
475
500
550
Quantitative Developer
625
650
700
C++/Unix Developer
475
500
550
C#/.NET/Winforms - Front Office
500
550
600
C#/.NET/Winforms - Middle/Back Office
450
500
550
Sybase DBA
400
450
500
Oracle DBA
400
450
500
SQL-Server DBA
400
450
500
Oracle Developer
450
500
550
Sybase Developer
450
500
550
SQL Developer
450
500
550
Development
Databases (DBA/Dev)
40
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
SUN Solaris
350
450
600
HP-UX
350
450
600
AIX
350
450
600
Microsoft Windows
350
450
600
LINUX
350
450
600
Non Technical Front Office
500
575
650
Non Technical Middle/Back Office
450
525
600
Technical with Front Office
500
600
650
Technical with Middle/Back Office
450
550
600
Tester/Business Analyst
450
500
550
Problem/Change Manager
550
620
660
TISO Global Incident Response Analyst
500
550
600
Global Incident Response Analyst
450
500
550
General IT Security/Network Security Engineer
350
400
475
Security Policy & Risk Management
375
440
495
Security Project/Programme Manager
500
550
605
Systems Administrators/Engineers
Business Analysts
Technology Risk Management (TRM)
41
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Voice Support
350
400
500
Trade Floor Support
220
250
375
Desktop Support
220
375
330
Web Systems Engineer
375
450
500
Application Packaging Engineer
330
385
440
Web Packaging Engineer
330
385
440
Citrix Support
330
425
500
Systems Support Analyst
400
450
500
Exchange Connectivity
400
500
600
Openlink
500
550
650
Front Office Applications Support
450
500
550
Back Office Applications Support
400
440
480
Support Manager
450
500
550
Technical Support Engineers (Market Data Ser.)
350
450
550
Market Data Analyst/Administrator
330
400
450
Unix/Netcool/Tivoli Operator
385
440
495
Datacentre Operations Analyst
225
250
300
Support
Market Data Services
Operations
42
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Network Support Engineer
385
440
495
Network Implementation Engineer
385
440
495
Firewall Engineer
385
440
550
500
650
700
Networks
Calypso Implementation (Calypso) Development (Calypso)
500
650
650
Support (Calypso)
450
525
600
550
650
750
Murex Implementation (Murex) Development (Murex)
550
650
700
Support (Murex)
500
550
600
ION Marketview Implementation (ION Marketview)
550
650
750
Development (ION Marketview)
550
650
700
Support (ION Marketview)
500
575
650
Storage Storage Manager
400
450
500
Storage Specialist (TSM, EMC)
415
470
575
Storage - Support Engineer
415
470
525
43
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Test Manager
550
605
660
Test Team Lead
495
550
605
Test Analyst
385
440
495
Programme Manager
650
750
1000
Strategic Development Manager
600
650
700
Tactical Development Manager
575
625
675
PMO Manager
500
550
650
Outsource Project Manager
550
625
700
Infrastructure Project Manager
450
500
650
Project Administrator/Co-ordinator
300
400
450
Messaging Technical Support Analyst
330
385
440
Messaging Analyst
330
385
440
Testing
Development Managers
Messaging Analyst (Swift, Crest)
44
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
65,000
125,000
0
50,000
Development Java/Database - Front Office Java/Database - Middle/Back Office
45,000
85,000
0
30,000
Java Messaging Developer
60,000
85,000
0
40,000
Java GUI/SWING/Flex
55,000
110,000
0
45,000
VBA Developer - Middle/Back Office
45,000
70,000
0
5,000
Excel/Access VBA RAD - Front Office
55,000
110,000
0
12,000
C++/NT/COM/DCOM - Front Office
65,000
125,000
0
50,000
C++/NT/COM/DCOM - Middle/Back Office
45,000
85,000
0
30,000
Quantitative Developer
70,000
150,000
0
50,000
C++/Unix Developer
55,000
120,000
0
25,000
C#/.NET/Winforms - Front Office
65,000
125,000
0
50,000
C#/.NET/Winforms - Middle/Back Office
45,000
85,000
0
30,000
Python/Scala and OOA/D Languages
65,000
125,000
0
60,000
48,000
90,000
0
10,000
Databases (DBA/Dev) Sybase DBA Oracle DBA
48,000
85,000
0
10,000
SQL-Server DBA
48,000
85,000
0
10,000
Oracle Developer
48,000
75,000
0
10,000
Sybase Developer
48,000
75,000
0
10,000
SQL Developer
48,000
75,000
0
10,000
45
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
44,000
110,000
0
15,000
Systems Administrators/Engineers SUN Solaris HP-UX
44,000
110,000
0
15,000
AIX
44,000
110,000
0
15,000
Microsoft Windows
44,000
110,000
0
15,000
LINUX
44,000
110,000
0
15,000
Junior BA/PM’s
40,000
55,000
0
15,000
Mid level BA/PM’s
55,000
85,000
0
25,000
Senior BA/PM’s
85,000
120,000
0
35,000
Problem/Change Manager
55,000
95,000
0
15,000
Global Incident Response Analyst
50,000
80,000
0
10,000
General IT Security/Network Security Engineer
50,000
80,000
0
10,000
Business Analysts/Project Managers
Technology Risk Management (TRM)
Security Policy & Risk Management
50,000
90,000
0
10,000
Security Project/Programme Manager
55,000
90,000
0
10,000
46
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Voice Support
44,000
75,000
3,000
15,000
Trade Floor Support
35,000
65,000
3,000
15,000
Desktop Support
28,000
55,000
3,000
11,000
Web Systems Engineer
45,000
75,000
3,000
15,000
Application Packaging Engineer
45,000
75,000
3,000
15,000
Web Packaging Engineer
45,000
75,000
3,000
15,000
Citrix Support
38,500
65,000
3,000
13,000
Systems Support Analyst
44,000
70,000
3,000
14,000
Exchange Connectivity
44,000
70,000
5,000
14,000
Openlink
50,000
85,000
8,000
19,000
Front Office Applications Support
45,000
80,000
5,000
16,000
Back Office Applications Support
40,000
60,000
3,000
12,000
Support Manager
65,000
100,000
8,000
20,000
Technical Support Engineers (Market Data Ser.)
45,000
90,000
3,000
15,000
Market Data Analyst/Administrator
45,000
70,000
3,000
14,000
Network Support Engineer
28,000
60,000
3,000
15,000
Network Implementation Engineer
45,000
80,000
3,000
15,000
Firewall Engineer
45,000
90,000
3,000
15,000
Support
Market Data Services
Networks
47
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Test Manager
60,000
105,000
0
10,000
Test Team Lead
60,000
110,000
0
10,000
Test Analyst
40,000
65,000
0
10,000
Programme Manager
70,000
150,000
0
70,000
Strategic Development Manager
70,000
110,000
0
15,000
Tactical Development Manager
80,000
120,000
0
15,000
PMO Manager
70,000
100,000
0
10,000
Outsource Project Manager
75,000
95,000
0
20,000
Infrastructure Project Manager
50,000
90,000
0
15,000
Project Administrator/Co-ordinator
40,000
75,000
0
15,000
Messaging Technical Support Analyst
40,000
55,000
0
5,000
Messaging Analyst
40,000
55,000
0
5,000
Testing
Development Managers
Messaging Analyst (Swift, Crest)
48
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Java/Database - Front Office
475
525
575
Java/Database - Middle/Back Office
450
500
550
Java Messaging Developer
450
475
500
Java GUI/SWING
450
475
500
VBA Developer - Middle/Back Office
400
450
500
Excel/Access VBA RAD - Front Office
450
500
550
C++/NT/COM/DCOM - Front Office
500
550
600
C++/NT/COM/DCOM - Middle/Back Office
425
450
500
Quantitative Developer
550
600
650
C++/Unix Developer
400
450
500
C#/.NET/Winforms - Front Office
500
550
600
C#/.NET/Winforms - Middle/Back Office
450
500
550
Sybase DBA
400
450
500
Oracle DBA
400
450
500
SQL-Server DBA
400
450
500
Oracle Developer
450
500
550
Sybase Developer
450
500
550
SQL Developer
450
500
550
Development
Databases (DBA/Dev)
49
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
SUN Solaris
350
400
500
HP-UX
350
400
500
AIX
350
400
500
Microsoft Windows
350
400
500
LINUX
350
400
500
Non Technical Front Office
500
575
650
Non Technical Middle/Back Office
450
525
600
Non Technical (no specific product knowledge)
400
500
600
Technical with Front Office
550
600
650
Technical with Middle/Back Office
500
550
600
Technical (no specific product knowledge)
450
500
550
Tester/Business Analyst
400
500
550
Systems Administrators/Engineers
Business Analysts
50
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Voice Support
330
385
440
Trade Floor Support
220
275
350
Desktop Support
220
250
300
Web Systems Engineer
330
385
440
Application Packaging Engineer
330
385
440
Web Packaging Engineer
330
385
440
Citrix Support
330
385
440
Systems Support Analyst
325
350
400
Exchange Connectivity
330
400
460
Openlink
500
600
700
Front Office Applications Support
450
500
550
Back Office Applications Support
400
450
500
Support Manager
475
500
550
Technical Support Engineers (Market Data Ser.)
350
400
500
Market Data Analyst/Administrator
330
400
475
Unix/Netcool/Tivoli Operator
385
400
450
Datacentre Operations Analyst
225
250
275
Support
Market Data Services
Operations
51
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Network Support Engineer
385
440
495
Network Implementation Engineer
385
440
495
Firewall Engineer
385
440
495
550
650
750
Networks
Third Party Applications (e.g. Charles River, CADIS, thinkFolio) Implementation Development
550
650
750
Support
500
575
650
400
450
500
Storage Storage Manager Storage Specialist (TSM, EMC)
415
470
525
Storage - Support Engineer
415
470
525
52
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Test Manager
500
600
650
Test Team Lead
475
500
550
Test Analyst
350
400
450
Programme Manager
650
715
825
Strategic Development Manager
580
635
690
Tactical Development Manager
585
640
695
PMO Manager
500
550
600
Testing
Project/Development Managers
Project Manager (with Front Office product knowledge)
600
700
750
Project Manager (with Middle/Back Office knowledge)
605
660
715
Project Manager (with no specific product knowledge)
550
600
650
Outsource Project Manager
550
600
650
Messaging Technical Support Analyst
330
385
440
Messaging Analyst
330
385
440
Messaging Analyst (Swift, Crest)
53
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
60,000
100,000
0
50,000
Development Java/Database - Front Office Java/Database - Middle/Back Office
44,000
80,000
0
40,000
Java Messaging Developer
55,000
100,000
0
50,000
Java GUI/SWING
55,000
110,000
0
55,000
VBA Developer - Middle/Back Office
40,000
65,000
0
6,500
Excel/Access VBA RAD - Front Office
60,000
95,000
0
9,500
C++/NT/COM/DCOM - Front Office
60,000
100,000
0
100,000
C++/NT/COM/DCOM - Middle/Back Office
44,000
80,000
0
15,000
Quantitative Developer
60,000
100,000
0
100,000
C++/Unix Developer
60,000
100,000
0
100,000
C#/.NET/Winforms - Front Office
60,000
100,000
0
20,000
C#/.NET/Winforms - Middle/Back Office
44,000
80,000
0
8,000
Python/Scala and OOA/D Languages
65,000
100,000
0
50,000
Databases (DBA/Dev) Sybase DBA
45,000
85,000
0
8,500
Oracle DBA
45,000
85,000
0
8,500
SQL-Server DBA
45,000
85,000
0
8,500
Oracle Developer
45,000
85,000
0
8,500
Sybase Developer
45,000
85,000
0
8,500
SQL Developer
45,000
85,000
0
8,500
Please note that the bonuses in hedge funds are generally uncapped, however we have provided an average upper limit to give greater insight.
54
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
44,000
85,000
0
11,500
Systems Administrators/Engineers SUN Solaris HP-UX
44,000
85,000
0
11,500
AIX
44,000
85,000
0
11,500
Microsoft Windows
44,000
85,000
0
11,500
LINUX
44,000
85,000
0
11,500
Junior BA/PM’s
30,000
45,000
0
13,000
Mid level BA/PM’s
45,000
70,000
0
18,000
Senior BA/PM’s
70,000
100,000
0
25,000
Problem/Change Manager
50,000
90,000
0
15,000
Global Incident Response Analyst
45,000
80,000
0
15,000
General IT Security/Network Security Engineer
40,000
85,000
0
8,500
Business Analysts/Project Managers
Technology Risk Management (TRM)
Security Policy & Risk Management
50,000
90,000
0
15,000
Security Project/Programme Manager
55,000
95,000
0
18,000
55
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Voice Support
30,000
60,000
3,000
11,500
Trade Floor Support
35,000
60,000
3,000
11,500
Desktop Support
30,000
55,000
3,000
8,500
Web Systems Engineer
40,000
70,000
3,000
11,500
Application Packaging Engineer
40,000
70,000
3,000
11,500
Web Packaging Engineer
40,000
70,000
3,000
11,500
Citrix Support
35,000
65,000
3,000
10,500
Systems Support Analyst
40,000
70,000
3,000
11,000
Exchange Connectivity
45,000
75,000
5,000
11,000
Openlink
50,000
85,000
8,000
12,500
Front Office Applications Support
45,000
80,000
5,000
12,000
Back Office Applications Support
40,000
60,000
3,000
9,000
Support Manager
65,000
100,000
8,000
15,000
40,000
70,000
3,000
11,000
Support
Networks Network Support Engineer
56
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Test Manager
65,000
105,000
0
10,500
Test Team Lead
55,000
90,000
0
9,000
Test Analyst
45,000
77,000
0
9,000
Programme Manager
85,000
120,000
0
24,000
Strategic Development Manager
85,000
120,000
0
20,000
Tactical Development Manager
85,000
120,000
0
20,000
PMO Manager
75,000
95,000
0
19,000
Outsource Project Manager
75,000
95,000
0
19,000
Infrastructure Project Manager
50,000
95,000
0
19,000
Project Administrator/Co-ordinator
43,000
55,000
0
11,000
Messaging Technical Support Analyst
43,000
55,000
0
5,500
Messaging Analyst
43,000
55,000
0
5,500
Testing
Development Managers
Messaging Analyst (Swift, Crest)
57
About Astbury Marsden Strategy Consulting Overview
Astbury Marsden is an international recruitment firm focussed on banking, financial services and management consulting. Our success is based on acquiring a special understanding of the markets in which we operate. We take this in its broadest sense, encompassing understanding and empathy with our clients and candidates, and also a broad knowledge of the working environment. We are always adding to that knowledge and experience; in the process we are building up a unique picture of all the components of the working lives of our clients and candidates and their world. The result is that we are more successful at attracting talent, and better able to recognise opportunities for clients. Ours is a dual customer focus. A shared agenda if you like. The duality of the client-candidate relationship makes recruitment in the mid to senior-level world of international finance, consulting and strategy more human than one might otherwise think. It demands more than an appreciation of the skills or experience required to fulfil a role. It is quite unlike the volume recruitment business, which is widely held to be something of a numbers game. We look beyond the idea of recruitment for a post, thinking about how individuals could develop in a role or a team, fulfilling the longer-term needs of the business and the career goals of the individual. To achieve the necessary understanding, some of our people are drawn from the industries to which we recruit, others have made those industries their particular focus. Our expansion into the Far East adds an international perspective to our work and serves to broaden the outlook and experience of our teams. Keeping to a particular field means, over time, we have acquired a depth of knowledge and experience, to create a unique understanding of our markets, of the people in them, and ‘the life’ they lead. To find out more, visit www.astburymarsden.com London
Hong Kong
Singapore
Jonathan Nicholson 60 New Broad Street, London EC2M 1JJ +44 (0)20 7065 1221
Paul Evans 2502, OVEST, 77 Wing Lok St, Sheung Wan, Hong Kong +852 3971 4712
Mark O’Reilly Singapore Land Tower, 37th Floor 50 Raffles Place, Singapore 048623 +65 6829 7122
[email protected]
[email protected]
[email protected]
58
Contents Market Outlook . . . . . . . . . . . . . . . . 4 Change & Transformation. . . . . . . . . . 5 Overview . . . . . . . . . . . . . . . . . . . . 6 Financial Intermediaries . . . . . . . . . . . . 7 Contract . . . . . . . . . . . . . . . . . . . 7 Permanent . . . . . . . . . . . . . . . . . . 7 Investment Banking. . . . . . . . . . . . . . . 8 Contract . . . . . . . . . . . . . . . . . . . 8 Permanent . . . . . . . . . . . . . . . . . . 8 Investment Management. . . . . . . . . . . . 9 Contract . . . . . . . . . . . . . . . . . . . 9 Permanent . . . . . . . . . . . . . . . . . . 9 Finance. . . . . . . . . . . . . . . . . . . . 10 Overview . . . . . . . . . . . . . . . . . . . . 11 Financial Intermediaries . . . . . . . . . . . .12 Contract . . . . . . . . . . . . . . . . . . . 12 Permanent . . . . . . . . . . . . . . . . . 13 Investment Banking. . . . . . . . . . . . . . .14 Contract . . . . . . . . . . . . . . . . . . . 14 Permanent . . . . . . . . . . . . . . . . . 15 Investment Management. . . . . . . . . . . .16 Contract . . . . . . . . . . . . . . . . . . . 16 Permanent . . . . . . . . . . . . . . . . . .17
Front Office. . . . . . . . . . . . . . . . . . 18 Overview . . . . . . . . . . . . . . . . . . . . 19 Investment Banking. . . . . . . . . . . . . . 20 Permanent . . . . . . . . . . . . . . . . . 20 Operations & Middle Office. . . . . . . . .21 Overview . . . . . . . . . . . . . . . . . . . . 22 Investment Banking. . . . . . . . . . . . . . 23 Permanent . . . . . . . . . . . . . . . . . 23 Risk. . . . . . . . . . . . . . . . . . . . . . . 24 Overview . . . . . . . . . . . . . . . . . . . . 25 Investment Banking. . . . . . . . . . . . . . 26 Contract . . . . . . . . . . . . . . . . . . . 26 Permanent . . . . . . . . . . . . . . . . . 27 Investment Management. . . . . . . . . . . 28 Contract . . . . . . . . . . . . . . . . . . . 28 Permanent . . . . . . . . . . . . . . . . . 29
Technology . . . . . . . . . . . . . . . . . . 30 Overview . . . . . . . . . . . . . . . . . . . .31 Financial Intermediaries . . . . . . . . . . . 32 Contract . . . . . . . . . . . . . . . . . . . 32 Permanent . . . . . . . . . . . . . . . . . 36 Investment Banking. . . . . . . . . . . . . . 40 Contract . . . . . . . . . . . . . . . . . . . 40 Permanent . . . . . . . . . . . . . . . . . 45 Investment Management. . . . . . . . . . . 49 Contract . . . . . . . . . . . . . . . . . . . 49 Permanent . . . . . . . . . . . . . . . . . 55 About Astbury Marsden. . . . . . . . . . 58
3
Market Outlook When reflecting on 2012 it is hard not to sound gloomy about what was undeniably the toughest year for City recruitment for more than a decade. Across the City, hiring followed a general downward trend throughout the year, arriving at its lowest recorded level in December, lower even than the nadir of hiring seen during the financial crisis. In effect, by year end City hiring had ground to a halt as financial firms continued to remove costs, assess sustainability of individual business lines and swallow the rising costs of regulatory change. These business challenges, combined with a tepid outlook for the global economy, meant that vacancy volumes ended the year 35% down on 2011 volumes. So in the context of a muted job market it is little wonder that candidate registrations fell to half the level seen in 2011. And despite this huge fall, the apparent oversupply of applicants affected salaries with pay rising only 2% over the year. Bonus pools were also substantially reduced, falling by 60% on bonus levels in the prior year. It was with great relief for job hunters (and recruiters!) that 2013 opened more strongly off the back of a more optimistic economic environment. However, since the turn of the year hiring volumes have remained largely consistent, contrary to the usual hiring cycle in the City; the volume of new vacancies usually trends upwards from February through to the end of Q2 before retracing across the second half of the year. Accordingly, the outlook for the first half of the year looks set to continue as we have seen during the first quarter. Overall, hiring forecasts are expected to remain at current levels throughout most of the year. As a result we expect to see the continued rebalancing in the candidate supply over the coming months. While amongst employees there exists a significant level of dissatisfaction with their employer, few will act impulsively when considering whether to enter the job market. However, as the year progresses we expect to see a degree of optimism return to the candidate market. Employers, therefore should not under-estimate the importance of retention strategies to their organisation this year. We anticipate another year of downward pressure on total remuneration right across the financial sector, although potential pay changes imposed by Europe are likely to influence how packages are constructed. Thank you for your continued support of Astbury Marsden, I hope that you find this report informative and I welcome your comments. Mark Cameron +44 (0)20 7065 1175 [email protected]
4
Change & Transformation
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Change & Transformation Review of 2012
Outlook for 2013
There was a feeling of optimism for change and transformation professionals going into 2012. The raft of new regulatory changes and the impact these would have on the industry was seen as providing a boost for change practitioners. This sense of optimism was reinforced in the first quarter as a number of major projects kicked off. The importance of these change programs meant many were given budget priority, impacting on other projects, many of which were put on hold or scaled back in comparison to their original plans.
As we head into the second quarter, it appears that 2013 will mirror 2012 with a continued focus on regulatory change. Programmes of work focused around CASS, EMIR, FATCA and Dodd Frank will continue to dominate budgets and headcount. The challenge for firms will be to deliver these changes to their business to meet FSA requirements, and to do so without damaging their reputation or service to their clients. As a result, candidates who not only understand regulation but also operational procedures behind specific business areas, client on-boarding and settlements for example, will be sought. Several other areas will see investment, again through necessity rather than choice. For example, addressing concerns around LIBOR and interest rate swaps continues to dominate the press and will remain a focus for banks in the coming year.
2012 saw candidates with regulatory change experience in high demand, in particular in the contractor market. A number of firms required additional short-term subject matter knowledge to deliver projects and paid a premium day rate to achieve it.
Risk & Control and Conduct Risk are also key areas in the market which will lead to new frameworks. The emergence within the industry of more and more firms having a central pool of change resources to call on, much like an internal consultancy, will also see investment in both a contract and permanent headcount. In what looks like it will be a challenging year, there are still reasons to be optimistic within the Change Management space. There will continue to be a need for changing processes, whether this is from an efficiency, cost reduction or regulatory perspective. Although there will be challenges around rates and salaries and strong competition for roles, 2013 looks like it will follow this trend, especially on the regulatory front.
“Risk & Control and Conduct Risk are also key areas in the market which will lead to new frameworks”
6
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst
300
350
400
Business Analyst
450
500
550
Lead Business Analyst
550
600
650
PMO
400
500
600
Change Manager
500
600
700
Architect
500
600
700
Project Manager
600
650
750
Programme Manager
700
800
900
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
PMO (Analyst - Director)
40,000
120,000
0
30,000
Project/Programme Manager
60,000
130,000
0
40,000
Subject Matter Expert
60,000
75,000
0
8,000
Subject Matter Expert/Business Analyst
55,000
80,000
0
10,000
Business Analyst
40,000
60,000
0
5,000
Lead Business Analyst
55,000
80,000
0
10,000
Permanent Job Title
7
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst
300
350
400
Business Analyst
450
500
550
Lead Business Analyst
550
600
650
PMO
450
550
650
Change Manager
500
600
700
Architect
500
600
700
Project Manager
550
650
750
Programme Manager
700
800
900
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
PMO (Analyst - Director)
50,000
150,000
0
40,000
Project/Programme Manager
75,000
175,000
0
100,000
Permanent Job Title
Subject Matter Expert
60,000
75,000
0
8,000
Subject Matter Expert/Business Analyst
65,000
90,000
0
10,000
Business Analyst
50,000
70,000
0
5,000
Lead Business Analyst
65,000
90,000
0
10,000
8
Astbury Marsden Salary Benchmarking 2013: Change & Transformation
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Process Analyst
300
350
400
Business Analyst
450
500
550
Lead Business Analyst
550
600
650
PMO
450
550
600
Change Manager
500
600
650
Architect
500
600
650
Project Manager
550
675
700
Programme Manager
700
750
850
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Project Manager Assistant
30,000
40,000
0
2,000
PMO (Analyst – Director)
50,000
130,000
0
10,000
Project/Programme Manager
75,000
150,000
10,000
50,000
Subject Matter Expert
60,000
75,000
0
8,000
Subject Matter Expert/Business Analyst
55,000
80,000
0
10,000
Business Analyst
40,000
60,000
0
5,000
Lead Business Analyst
55,000
75,000
0
7,000
Permanent Job Title
9
Finance
Astbury Marsden Salary Benchmarking 2013: Finance
Finance Review of 2012
Outlook for 2013
The last 12 months were extremely challenging with many companies cutting heads and costs. As banks restructured and employees made internal moves, we saw few roles released into the market. A number of skills gaps emerged in many organisations as departing employees were not replaced in response to the unpredictability in the market. This led to a drop in both permanent and contract hiring volumes during the year.
Since the New Year, there has been a renewed focus on stability. Whilst we don’t expect significant growth in hiring this year, team skill shortages can now be addressed as banks become more optimistic.
The small amount of recruitment we did see was mostly for replacement hires; albeit we did experience some pockets of hiring within product control and external reporting. As predicted in last year’s report, overall demand was sporadic and salary increases and bonuses were modest. Candidates on the whole entered 2013 with fairly balanced expectations of salaries and promotion possibilities.
pre-empting how the rest of the year will look and whether the optimism currently felt in the market is justified.
This year, we expect to see a focus on the new regulations coming into force and the spotlight will be on frameworks ranging from Basel III to FATCA. As plans take shape, and deadlines are finalised, the competition for these skillsets will be fierce and shortages of talent will emerge in these areas. Despite this, we do not expect salary levels to change much this year, with most parts of the industry staying below previous year’s levels. Bonuses in general will stay low as growth and profits are hit, but not exceeded. Although recruitment usually gathers pace during Q2 and Q3, these next few months will be crucial in
“We are experiencing an on going spotlight on complying with the raft of new regulation ranging from Basel III to FATCA”
11
Astbury Marsden Salary Benchmarking 2013: Finance
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Financial Analyst
220
300
350
Cost Accounting Controller
200
275
350
Regulatory Reporting Officer
200
300
400
Statutory Accountant
250
350
400
Balance Sheet Control Analyst
250
300
350
Financial Controller
220
280
350
Reconciliation Analyst
150
200
300
Balance Sheet Control Analyst
250
300
350
Finance Business Partner
250
300
450
Finance Business Analyst
300
400
500
Finance Project Manager
400
500
600
Finance PMO
300
350
450
Fund Accountant
200
300
400
Product Controller
250
325
400
12
Astbury Marsden Salary Benchmarking 2013: Finance
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
50,000
60,000
0
10,000
Management Accountant 0-1 Years PQE 1-2 Years PQE
55,000
65,000
0
15,000
3+ Years PQE
65,000
80,000
0
80,000
8+ Years PQE
75,000
110,000
0
100,000
0-2 Years PQE
50,000
60,000
0
7,000
2-5 Years PQE
55,000
80,000
0
50,000
5+ Years PQE
70,000
110,000
0
100,000
0-1 Years PQE
45,000
55,000
0
10,000
1-2 Years PQE
45,000
65,000
0
15,000
3+ Years PQE
55,000
90,000
0
55,000
90,000
150,000
0
1,000,000+
Financial Accountant
Fund Accountant
Finance Director/Chief Finance Officer 8+ Years PQE
13
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Financial Analyst
220
300
350
Cost Accounting Controller
200
275
350
Regulatory Reporting Officer
200
300
400
Statutory Accountant
250
350
450
Balance Sheet Control Analyst
250
300
350
Financial Controller
220
300
400
Reconciliation Analyst
150
200
300
Balance Sheet Control Analyst
250
300
350
Finance Business Partner
250
300
450
Business Analyst
350
450
550
Project Manager
400
500
600
PMO
300
375
500
Product Controller (flow and cash)
250
350
400
Product Controller (exotics and hybrids)
250
350
420
14
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Financial Accounting Associate
Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
0
5,000
Management Information/Financial Analysis 45,000
65,000
0
5,000
Associate
45,000
65,000
AVP
58,000
80,000
0
10,000
AVP
58,000
80,000
0
10,000
VP
75,000
110,000
5,000
20,000
VP
75,000
110,000
5,000
20,000
Director
100,000
140,000
10,000
60,000
Director
100,000
140,000
10,000
60,000
Accounting Policy/Technical Accounting
Product Control (flow and cash)
Associate
50,000
65,000
0
5,000
Associate
50,000
65,000
0
5,000
AVP
58,000
80,000
0
10,000
AVP
65,000
80,000
0
10,000
VP
75,000
110,000
5,000
20,000
VP
75,000
110,000
5,000
20,000
Director
100,000
140,000
10,000
60,000
Director
100,000
140,000
10,000
60,000
70,000
0
5,000
Regulatory Reporting Associate
Product Control (exotics and hybrids) 40,000
60,000
0
5,000
Associate
50,000
AVP
55,000
75,000
0
10,000
AVP
65,000
85,000
0
10,000
VP
75,000
100,000
5,000
20,000
VP
85,000
115,000
5,000
20,000
Director
100,000
130,000
10,000
60,000
Director
105,000
145,000
10,000
60,000
15
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£pd)
Financial Analyst
220
300
350
Cost Accounting Controller
200
275
350
Regulatory Reporting Officer
200
300
400
Statutory Accountant
250
350
400
Balance Sheet Control Analyst
250
300
350
Financial Controller
220
280
350
Reconciliation Analyst
150
200
300
Balance Sheet Control Analyst
250
300
350
Finance Business Partner
250
300
450
Finance Business Analyst
350
450
550
Finance Project Manager
400
500
600
Finance PMO
300
350
500
Fund Accountant
200
300
400
Product Controller
250
325
400
16
Astbury Marsden Salary Benchmarking 2013: Finance
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Management Accountant Part Qualified
Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
45,000
0
10,000
Hedge Fund Product Control 25,000
40,000
0
10,000
Part Qualified
25,000
0-1 Years PQE
45,000
60,000
0
15,000
0-3 Years PQE
45,000
65,000
0
20,000
1-2 Years PQE
50,000
65,000
0
15,000
3+ Years PQE
60,000
95,000
0
85,000
3+ Years PQE
60,000
85,000
0
80,000
8+ Years PQE
85,000
120,000
0
150,000
8+ Years PQE
75,000
110,000
0
100,000
Finance Director/Chief Finance Officer 150,000
0
1,000,000+
Financial Accountant Part Qualified
8+ Years PQE 20,000
35,000
0
90,000
10,000
0-2 Years PQE
45,000
60,000
0
15,000
2-5 Years PQE
55,000
80,000
0
50,000
5+ Years PQE
70,000
110,000
0
100,000
Fund Accountant Part Qualified
25,000
45,000
0
10,000
0-1 Years PQE
45,000
55,000
0
20,000
1-2 Years PQE
45,000
65,000
0
20,000
3+ Years PQE
55,000
90,000
0
55,000
17
Front Office
Astbury Marsden Salary Benchmarking 2013: Front Office
Front Office Review of 2012 As in previous years 2012 started with an air of renewed optimism in the City. However, that optimism faded fairly quickly as the market for advisory fees hit the lows experienced in 2008. Consequently, many large investment banks made redundancies during the year, while several smaller advisory firms either closed down or merged with competitors. Overall, we saw no real growth in the market. Most of the hiring was at the junior (Analyst – Associate) level or was a replacement hire leading many candidates to seek employment outside the City. We saw some improvement in Q4 as deal flow picked up and firms produced stronger results. However, these only really made up for the deficit already created earlier in the year and hiring remained muted. M&A continued to lead the charge on a recruitment basis while ECM remained very quiet. Activity was most robust across FIG, natural resources, energy and TMT with other sectors largely struggling with staff cut-backs. In contrast to previous years, boutique firms struggled to grow and several smaller firms disappeared during the year or were consolidated. A couple of houses did go on recruitment drives
with a view to developing their London platforms; however these were very much the exception. Firms that maintained their market position during 2012 were considered to have performed well in what was undoubtedly a very difficult market. Outlook for 2013 The increase in activity at the end of 2012 has continued and the M&A market is showing early signs of improvement. Debt Advisory and Restructuring appear to be performing well as we head into the second quarter. However, the ECM market remains challenging. These developments are yet to manifest in the recruitment market with the majority of firms still waiting to see exactly how things pan out before deciding on a hiring strategy for 2013. At present, we are seeing more demand for Analyst level hires but have not yet seen any clear growth plans by firms looking to develop specific teams. Hiring within the Quantitative space has started slowly.
We expect that the banks will focus their quantitative hiring within the Counterparty Credit Risk and CVA space. Many of the existing models in this space are unlikely to pass both stress testing and back testing implemented in the new Basel III requirements. Due to this, many of the banks will need to focus their time on developing new prototypes as well as enhancing existing models. Other areas of focus will be around investment banks new initiatives to centralise the quantitative libraries bank wide. Hiring for these projects kicked off heavily in 2012 and we have also seen some further hiring for similar projects in 2013. Given that pipelines are looking stronger across the board and deal-flow is expected to increase on 2012, we anticipate that there will be an uplift in hiring activity later in the year.
Most new headcount requirements are likely to be released in Q2 due to budgets not being approved until late Q1. There is likely to be pockets of hiring within Quantitative Analytics throughout the year.
19
Astbury Marsden Salary Benchmarking 2013: Front Office
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Bonus Average (£)
Corporate Finance
Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Quantitative (Developer, Analyst or Trader) Associate
55,000
65,000
0
15,000
Analyst 1
37,500
47,500
0
47,500
25,000
AVP
75,000
85,000
0
50,000
Analyst 2
40,000
57,500
0
57,500
30,000
VP
95,000
140,000
0
150,000
Analyst 3
50,000
65,000
0
65,000
35,000
Director
150,000
200,000
0
250,000
Associate 1
60,000
75,000
0
75,000
45,000
Associate 2
70,000
90,000
0
90,000
55,000
Associate 3
80,000
100,000
0
100,000
60,000
VP 1
85,000
120,000
0
80,000
70,000
VP 2
90,000
130,000
0
95,000
75,000
VP 3
95,000
160,000
0
95,000
85,000
Director 1
100,000
200,000
0
350,000
100,000
“Whilst there will always be some individuals who will seek a move to a better regarded bank to improve their CV, a lateral move to a direct competitor is going to be highly unlikely” 20
Operations & Middle Office
Astbury Marsden Salary Benchmarking 2013: Operations & Middle Office
Operations & Middle Office Review of 2012
Outlook for 2013
Hiring across the Operations space remained tepid throughout 2012, with no significant expansion or aggressive hiring. Scrutiny of headcount and replacement hiring was high and internal mobility remained the preference as opposed to external hiring.
Regulatory change is driving change across all investment banks and the Operations function is dealing with these upstream changes. However this is not leading to abnormal hiring patterns. Given that many regulatory changes are still being debated and are not yet enacted, we are experiencing more of a ‘wait and see’ approach as to what change to process and documentation is required. Throughout 2013 this is where we expect to see the strongest demand for hiring; that is, within change and projects focussed on regulatory compliance.
Departments that did see increases in headcount were largely related to Equity Derivatives Support and OTC Clearing roles at line level. A number of employers were looking to gain the competitive edge, around their clearing infrastructure and recruitment was relatively brisk. Some banks were recruiting permanent positions into the Fixed Income space and the FX back and middle office functions to bolster Settlements, Confirmations, Investigations and Documentation teams. There remained a requirement in London for specialised subject matter experts in vanilla products due to the amount of off-shoring. Professionals with ETD Clearing and OTC experience were in demand due to the Dodd-Frank Act. There was also a drive in Asset Servicing roles, due to seasonal corporate actions activity.
From a global perspective, Asia was dominated by medium and low cost centres and we continue to see Analyst and Associate level roles moving to locations such as Mumbai, Chennai and Manila. Medium cost locations such as Singapore and Hong Kong are becoming more SME focussed with key hiring focussed at the more Senior Vice President and Executive Director levels. For London, near-shoring is a key location strategy, with operations headcount increasingly moving out of London to regional offices. This has also led to local shortages, meaning increased competition and firms looking to move //talent from high cost locations.
We are also seeing clients begin to take a complete strategic review of how Operational processes are delivered. This could lead to entire operations departments being outsourced – as has been the strategy across several asset managers. This could in turn, lead to a growth in the demand for hires within Security Services and Custodian Banks.
“Professionals with ETD Clearing and OTC experience were in demand due to the Dodd-Frank Act”
22
Astbury Marsden Salary Benchmarking 2013: Operations & Middle Office
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
30,000
45,000
0
4,000
AVP
45,000
60,000
4,000
VP
60,000
75,000
Director
80,000
120,000
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
30,000
50,000
3,000
5,000
6,000
AVP
55,000
65,000
5,000
8,000
5,000
8,000
VP
70,000
85,000
5,000
10,000
10,000
50,000
Director
90,000
120,000
10,000
25,000
32,000
50,000
0
5,000
Settlements
Job Title Client Services
Operations Control
Documentation
Analyst
35,000
50,000
0
5,000
AVP
50,000
65,000
0
8,000
AVP
55,000
70,000
0
10,000
VP
70,000
90,000
0
15,000
VP
70,000
90,000
0
15,000
Director
90,000
120,000
20,000
40,000
Director
90,000
110,000
10,000
35,000
Analyst
30,000
50,000
3,000
5,000
Analyst
35,000
55,000
5,000
10,000
AVP
55,000
65,000
5,000
8,000
AVP
55,000
70,000
5,000
12,000
Corporate Actions
Analyst
Trade Support
VP
70,000
85,000
5,000
10,000
VP
75,000
95,000
10,000
20,000
Director
90,000
120,000
10,000
25,000
Director
90,000
120,000
10,000
60,000
23
Risk
Astbury Marsden Salary Benchmarking 2013: Risk
Risk
Strategy Consulting Overview Review of 2012 Recruitment of risk professionals fell in 2012. We saw hiring remain steady throughout quarters one to three, dipping significantly in quarter four. Banks continued to review and improve Risk Management functions, however the focus was on hiring skills to cover regulatory driven initiatives or on replacement hires as opposed to positions arising from growth. Market Risk and Credit Risk remained in demand throughout the year as our investment banking clients looked to improve their risk reporting capabilities. Most banks looked for candidates with quantitative backgrounds to be involved in a higher level of credit and market risk analysis and reporting. 2012 saw a distinct move from “slice and dice” reporting to a distinctly more quantitative level of analytical reporting giving Risk Officers an improved view of risk positions. Regulatory initiatives also drove demand for credit and market risk professionals in the Business Analyst space as banks continued to consolidate and reengineer processes and systems in line with regulations such as Basel III and CRD4. This opened up a number of AVP/VP Business Analyst and Project Management positions. We saw fewer contract opportunities in this space than in previous years as banks shifted towards bringing in permanent employees. Vacancies took a lot longer to fill in 2012 as the banks
looked for the ‘complete package’ from their Risk Managers. This resulted in a number of first round, interviews as clients were open to meeting a variety of candidates before making any hiring decisions. More than ever, clients would not sacrifice on any of their requirements and were consistently demanding the best hires. Operational Risk, Controls and Governance remained key areas of recruitment across all of financial services. In particular, Business Managers in risk sitting in the front office, local Risk Managers and Analysts in Operational Risk Reporting were in high demand. Strong technical skills proved essential, though more than ever; there was a clear focus on the softer skills. Strong communication, influencing and stakeholder skills proved invaluable as Risk Managers became more high profile with increased exposure to senior stakeholders across the business. The last quarter of the year slowed down significantly across all areas of risk. We saw the lowest number of vacancies registered in four years and found interview processes that were well underway slow to a halt. In contrast, the number of candidates registering their details doubled from last year – partly due to redundancies or concern over potentially being made redundant. In addition, many candidates were looking to move out of investment banking into smaller, niche firms.
tempted by smaller firms with what was perceived as clearer career trajectory, more stability and better work life balance. These factors provided a clear motivation to move away from the more traditional incentives of big salaries and bonuses at the investment banks. Outlook for 2013 We expect 2013 to look similar to 2012 with steady levels of recruitment across isk management in financial services. The focus will continue to be in regulatory and reporting, especially in Credit Risk and Market Risk in order to manage the demands coming out of Basel III and improve reporting processes. The risk recruitment market will rely heavily on the market and we expect low but steady growth. Risk Management remains in the spotlight and so whilst we expect all areas to be hiring, the shape of the recruitment process will change significantly. We expect longer and more challenging interview processes as the candidate wish list grows. Unfortunately we do not expect compensation to grow in line with this demand as the market has to withstand an ever increasing focus on cost, and roles will need to be well justified.
Investment management and private banking saw a rise in vacancies. Candidates making the move were
25
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Market Risk Analyst
200
275
350
Business Analyst
450
550
650
Project Manager
550
650
800
Programme Manager
750
850
1000
Analyst
350
500
700
Business Analyst
550
600
800
Analyst
200
300
350
Business Analyst
500
550
700
Project Manager
550
650
800
Programme Manager
750
850
1000
300
400
500
Business Analyst
500
600
750
Project Manager
550
650
800
Quantitative Risk
Credit Risk
Data Analyst Basel III
26
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
40,000
55,000
0
16,000
AVP
50,000
70,000
0
28,000
VP
70,000
100,000
0
50,000
Director
75,000
180,000
0
115,000
Analyst
35,000
55,000
0
27,500
AVP
50,000
70,000
0
35,000
Market Risk
Quantitative Risk
VP
70,000
100,000
0
57,000
Director
100,000
180,000
0
115,000
Analyst
35,000
48,000
0
19,200
AVP
48,000
65,000
0
26,000
VP
65,000
95,000
0
42,000
Director
85,000
170,000
0
100,000
Analyst
40,000
50,000
0
20,000
AVP
45,000
65,000
0
28,000
VP
70,000
90,000
0
50,000
Director
75,000
150,000
0
110,000
Operational Risk
Credit Risk
27
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Analyst
200
275
350
Business Analyst
450
550
650
Project Manager
500
600
650
Programme Manager
750
850
1000
400
550
700
Analyst
200
275
350
Business Analyst
450
550
650
Project Manager
500
600
650
Programme Manager
750
850
1000
300
400
500
Market Risk
Quantitative Risk Analyst Credit Risk
Data Analyst
28
Astbury Marsden Salary Benchmarking 2013: Risk
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Analyst
40,000
55,000
0
16,000
AVP
50,000
70,000
0
28,000
VP
70,000
100,000
0
50,000
Director
75,000
140,000
0
90,000
Analyst
40,000
55,000
0
27,500
AVP
50,000
70,000
0
35,000
Market Risk
Quantitative Risk
VP
70,000
95,500
0
57,000
Director
100,000
150,000
0
105,000
Analyst
40,000
48,000
0
19,200
AVP
48,000
65,000
0
26,000
VP
65,000
90,000
0
42,000
Director
85,000
130,000
0
75,000
Analyst
40,000
50,000
0
20,000
AVP
45,000
65,000
0
26,000
VP
70,000
90,000
0
50,000
Director
75,000
130,000
0
90,000
Operational Risk
Credit Risk
29
Technology
Astbury Marsden Salary Benchmarking 2013: Technology
Technology Strategy Consulting Overview Review of 2012
Outlook for 2013
In the first quarter of 2012, we saw headcount and rate reductions for contractors. The overall message was to reduce operating costs and therefore shrink spend on temporary staff. Post Q1, we saw a flurry of hiring for regulatory projects, driven by increasing legal requirements such as Dodd Frank.
2013 is going to play a key part in defining what the market will be like for 2014 - 2016 as many banks continue to react to the financial crisis of previous years.
On the permanent side, we saw salaries grow marginally as bonuses were cut across all industries. There was much greater emphasis on fixed compensation as banks looked to reduce the focus on a bonus culture. In stark contrast to the banks, hedge funds and proprietary trading firms maintained an emphasis on bonuses. Lower salaries were offset by a higher bonus which was paid based directly on business profits. The majority of hiring in 2012 was for replacement hires with little investment in new headcount. Most exceptions to this were across risk, regulatory and compliance. These functions were in good demand during 2012.
We expect to see small pockets of replacement hiring in order to fulfil business requirements. The majority of additional hires will be regulatory driven. We anticipate increased hiring in the investment management space as candidates choose to risk accepting a lower base and a much higher bonus potential. The financial software houses are not hugely affected by the financial crisis and we expect to see them hiring significantly this year.
There will be intense competition for the top 20% of talent, now more so than ever, despite solid performers struggling to find work. Only the top talent are being hired. Consequently, candidates are staying loyal to their firm despite not receiving any salary increases or bonuses as they believe the situation will not be any better elsewhere. C++ specialists are likely to see growing salaries over the year. Only the top universities teach this language, making it more of a niche skillset amongst junior developers or people coming into the industry. Some banks which previously recruited only permanent staff have moved to purely contractor staffing. It will be interesting to see if there will be a move back to purely permanent hiring or if this is a long-lasting trend.
Bonuses will continue to be few and far between with the majority of bonus pools being reserved for highly skilled individuals who have both business knowledge and exceptional technical skills.
31
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Java/Database - Front Office
500
525
550
Java/Database - Middle/Back Office
450
500
525
Java Messaging Developer
450
500
525
Java GUI/SWING
450
500
525
VBA Developer - Middle/Back Office
425
475
525
Excel/Access VBA RAD - Front Office
450
500
550
C++/NT/COM/DCOM - Front Office
450
500
550
C++/NT/COM/DCOM - Middle/Back Office
425
475
525
Quantitative Developer
550
600
650
C++/Unix Developer
450
500
525
C#/.NET/Winforms - Front Office
450
500
550
C#/.NET/Winforms - Middle/Back Office
400
450
500
Sybase DBA
450
475
525
Oracle DBA
450
475
525
SQL-Server DBA
450
475
525
Oracle Developer
400
450
500
Sybase Developer
400
450
500
SQL Developer
400
450
500
Development
Databases (DBA/Dev)
32
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Voice Support
280
350
500
Trade Floor Support
220
275
350
Desktop Support
220
250
300
Web Systems Engineer
330
385
440
Application Packaging Engineer
330
385
440
Web Packaging Engineer
350
400
475
Citrix Support
350
400
500
Exchange Connectivity
400
500
650
Openlink
500
600
700
Front Office Applications Support
450
500
550
Back Office Applications Support
400
450
500
Support Manager
475
500
550
Technical Support Engineers (Market Data Ser.)
350
500
600
Market Data Analyst/Administrator
330
400
475
Unix/Netcool/Tivoli Operator
385
440
495
Datacentre Operations Analyst
225
250
275
Support
Market Data Services
Operations
33
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Network Support Engineer
350
450
500
Network Implementation Engineer
385
440
495
Firewall Engineer
400
450
550
550
650
750
Networks
Calypso Implementation (Calypso) Development (Calypso)
550
650
750
Support (Calypso)
500
575
650
550
650
750
Murex Implementation (Murex) Development (Murex)
550
650
750
Support (Murex)
500
575
650
Summit Implementation (Summit)
550
650
750
Development (Summit)
550
650
750
Support (Summit)
500
575
650
Storage Storage Manager
450
475
525
Storage Specialist (TSM, EMC)
415
470
600
Storage - Support Engineer
415
470
550
34
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Test Manager
550
605
660
Test Team Lead
495
550
605
Test Analyst
385
440
495
Programme Manager
605
715
825
Strategic Development Manager
580
635
690
Tactical Development Manager
585
640
695
Testing
Project/Development Managers
PMO Manager
500
550
600
Project Manager (with Front Office product knowledge)
660
715
770
Project Manager (with Middle/Back Office knowledge)
605
660
715
Project Manager (with no specific product knowledge)
550
605
660
Outsource Project Manager
550
625
700
Infrastructure Project Manager
500
600
650
Project Administrator/Co-ordinator
300
400
450
Messaging Technical Support Analyst
330
385
440
Messaging Analyst
330
385
440
Messaging Analyst (Swift, Crest)
35
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
65,000
125,000
0
Uncapped
Development Java/Database - Front Office Java/Database - Middle/Back Office
45,000
85,000
0
25,000
Java Messaging Developer
60,000
85,000
0
50,000
Java GUI/SWING/Flex
55,000
90,000
0
45,000
VBA Developer - Middle/Back Office
40,000
70,000
0
7,000
Excel/Access VBA RAD - Front Office
50,000
95,000
0
15,000
C++/NT/COM/DCOM - Front Office
65,000
125,000
0
40,000
C++/NT/COM/DCOM - Middle/Back Office
45,000
85,000
0
15,000
Quantitative Developer
70,000
140,000
0
42,000
C++/Unix Developer
55,000
140,000
0
42,000
C#/.NET/Winforms - Front Office
65,000
125,000
0
20,000
C#/.NET/Winforms - Middle/Back Office
45,000
85,000
0
7,500
Python/Scala and OOA/D Languages
65,000
110,000
0
Uncapped
45,000
105,000
0
15,000
Databases (DBA/Dev) Sybase DBA Oracle DBA
45,000
105,000
0
15,000
SQL-Server DBA
45,000
105,000
0
15,000
Oracle Developer
45,000
105,000
0
15,000
Sybase Developer
45,000
105,000
0
15,000
SQL Developer
45,000
105,000
0
15,000
36
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
44,000
100,000
0
25,000
Systems Administrators/Engineers SUN Solaris HP-UX
44,000
100,000
0
25,000
AIX
44,000
100,000
0
25,000
Microsoft Windows
44,000
100,000
0
25,000
LINUX
44,000
100,000
0
25,000
Junior BA/PM’s
30,000
45,000
0
13,000
Mid level BA/PM’s
45,000
70,000
0
18,000
Senior BA/PM’s
70,000
100,000
0
25,000
Problem/Change Manager
55,000
100,000
0
20,000
TISO
55,000
90,000
0
20,000
Global Incident Response Analyst
45,,000
85,000
0
15,000
Business Analysts/Project Manager
Technology Risk Management (TRM)
General IT Security/Network Security Engineer
50,000
90,000
0
15,000
Security Policy & Risk Management
50,000
100,000
0
20,000
Security Project/Programme Manager
55,000
100,000
0
15,000
37
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Voice Support
40,000
80,000
3,000
18,000
Trade Floor Support
45,000
90,000
3,000
18,000
Desktop Support
35,000
70,000
0
17,500
Web Systems Engineer
45,000
85,000
0
21,500
Web Packaging Engineer
45,000
85,000
0
21,500
Citrix Support
30,000
80,000
0
18,000
Systems Support Analyst
44,000
85,000
0
21,500
Exchange Connectivity
44,000
90,000
5,000
20,000
Openlink
50,000
100,000
8,000
25,000
Front Office Applications Support
45,000
100,000
5,000
20,000
Back Office Applications Support
40,000
75,000
0
18,500
Support Manager
65,000
125,000
8,000
30,000
Technical Support Engineers (Market Data Ser.)
40,000
90,000
0
22,500
Market Data Analyst/Administrator
45,000
90,000
0
22,500
Support
Market Data Services
38
Astbury Marsden Salary Benchmarking 2013: Technology
Financial Intermediaries Financial intermediaries includes financial exchanges, brokers, clearing houses, rating agencies, software and data providers. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Networks Network Support Engineer
45,000
85,000
0
21,500
Network Implementation Engineer
45,000
85,000
0
21,500
Firewall Engineer
45,000
90,000
0
22,500
Test Manager
55,000
100,000
0
15,000
Test Team Lead
55,000
100,000
0
15,000
Test Analyst
45,000
70,000
0
10,000
Strategic Development Manager
85,000
120,000
0
30,000
Tactical Development Manager
85,000
120,000
0
30,000
Testing
Project/Development Managers
39
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Java/Database - Front Office
500
550
600
Java/Database - Middle/Back Office
425
500
575
Java Messaging Developer
500
550
575
Java GUI/SWING
500
525
550
VBA Developer - Middle/Back Office
500
525
550
Excel/Access VBA RAD - Front Office
525
575
625
C++/NT/COM/DCOM - Front Office
550
575
600
C++/NT/COM/DCOM - Middle/Back Office
475
500
550
Quantitative Developer
625
650
700
C++/Unix Developer
475
500
550
C#/.NET/Winforms - Front Office
500
550
600
C#/.NET/Winforms - Middle/Back Office
450
500
550
Sybase DBA
400
450
500
Oracle DBA
400
450
500
SQL-Server DBA
400
450
500
Oracle Developer
450
500
550
Sybase Developer
450
500
550
SQL Developer
450
500
550
Development
Databases (DBA/Dev)
40
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
SUN Solaris
350
450
600
HP-UX
350
450
600
AIX
350
450
600
Microsoft Windows
350
450
600
LINUX
350
450
600
Non Technical Front Office
500
575
650
Non Technical Middle/Back Office
450
525
600
Technical with Front Office
500
600
650
Technical with Middle/Back Office
450
550
600
Tester/Business Analyst
450
500
550
Problem/Change Manager
550
620
660
TISO Global Incident Response Analyst
500
550
600
Global Incident Response Analyst
450
500
550
General IT Security/Network Security Engineer
350
400
475
Security Policy & Risk Management
375
440
495
Security Project/Programme Manager
500
550
605
Systems Administrators/Engineers
Business Analysts
Technology Risk Management (TRM)
41
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Voice Support
350
400
500
Trade Floor Support
220
250
375
Desktop Support
220
375
330
Web Systems Engineer
375
450
500
Application Packaging Engineer
330
385
440
Web Packaging Engineer
330
385
440
Citrix Support
330
425
500
Systems Support Analyst
400
450
500
Exchange Connectivity
400
500
600
Openlink
500
550
650
Front Office Applications Support
450
500
550
Back Office Applications Support
400
440
480
Support Manager
450
500
550
Technical Support Engineers (Market Data Ser.)
350
450
550
Market Data Analyst/Administrator
330
400
450
Unix/Netcool/Tivoli Operator
385
440
495
Datacentre Operations Analyst
225
250
300
Support
Market Data Services
Operations
42
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Network Support Engineer
385
440
495
Network Implementation Engineer
385
440
495
Firewall Engineer
385
440
550
500
650
700
Networks
Calypso Implementation (Calypso) Development (Calypso)
500
650
650
Support (Calypso)
450
525
600
550
650
750
Murex Implementation (Murex) Development (Murex)
550
650
700
Support (Murex)
500
550
600
ION Marketview Implementation (ION Marketview)
550
650
750
Development (ION Marketview)
550
650
700
Support (ION Marketview)
500
575
650
Storage Storage Manager
400
450
500
Storage Specialist (TSM, EMC)
415
470
575
Storage - Support Engineer
415
470
525
43
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Test Manager
550
605
660
Test Team Lead
495
550
605
Test Analyst
385
440
495
Programme Manager
650
750
1000
Strategic Development Manager
600
650
700
Tactical Development Manager
575
625
675
PMO Manager
500
550
650
Outsource Project Manager
550
625
700
Infrastructure Project Manager
450
500
650
Project Administrator/Co-ordinator
300
400
450
Messaging Technical Support Analyst
330
385
440
Messaging Analyst
330
385
440
Testing
Development Managers
Messaging Analyst (Swift, Crest)
44
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
65,000
125,000
0
50,000
Development Java/Database - Front Office Java/Database - Middle/Back Office
45,000
85,000
0
30,000
Java Messaging Developer
60,000
85,000
0
40,000
Java GUI/SWING/Flex
55,000
110,000
0
45,000
VBA Developer - Middle/Back Office
45,000
70,000
0
5,000
Excel/Access VBA RAD - Front Office
55,000
110,000
0
12,000
C++/NT/COM/DCOM - Front Office
65,000
125,000
0
50,000
C++/NT/COM/DCOM - Middle/Back Office
45,000
85,000
0
30,000
Quantitative Developer
70,000
150,000
0
50,000
C++/Unix Developer
55,000
120,000
0
25,000
C#/.NET/Winforms - Front Office
65,000
125,000
0
50,000
C#/.NET/Winforms - Middle/Back Office
45,000
85,000
0
30,000
Python/Scala and OOA/D Languages
65,000
125,000
0
60,000
48,000
90,000
0
10,000
Databases (DBA/Dev) Sybase DBA Oracle DBA
48,000
85,000
0
10,000
SQL-Server DBA
48,000
85,000
0
10,000
Oracle Developer
48,000
75,000
0
10,000
Sybase Developer
48,000
75,000
0
10,000
SQL Developer
48,000
75,000
0
10,000
45
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
44,000
110,000
0
15,000
Systems Administrators/Engineers SUN Solaris HP-UX
44,000
110,000
0
15,000
AIX
44,000
110,000
0
15,000
Microsoft Windows
44,000
110,000
0
15,000
LINUX
44,000
110,000
0
15,000
Junior BA/PM’s
40,000
55,000
0
15,000
Mid level BA/PM’s
55,000
85,000
0
25,000
Senior BA/PM’s
85,000
120,000
0
35,000
Problem/Change Manager
55,000
95,000
0
15,000
Global Incident Response Analyst
50,000
80,000
0
10,000
General IT Security/Network Security Engineer
50,000
80,000
0
10,000
Business Analysts/Project Managers
Technology Risk Management (TRM)
Security Policy & Risk Management
50,000
90,000
0
10,000
Security Project/Programme Manager
55,000
90,000
0
10,000
46
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Voice Support
44,000
75,000
3,000
15,000
Trade Floor Support
35,000
65,000
3,000
15,000
Desktop Support
28,000
55,000
3,000
11,000
Web Systems Engineer
45,000
75,000
3,000
15,000
Application Packaging Engineer
45,000
75,000
3,000
15,000
Web Packaging Engineer
45,000
75,000
3,000
15,000
Citrix Support
38,500
65,000
3,000
13,000
Systems Support Analyst
44,000
70,000
3,000
14,000
Exchange Connectivity
44,000
70,000
5,000
14,000
Openlink
50,000
85,000
8,000
19,000
Front Office Applications Support
45,000
80,000
5,000
16,000
Back Office Applications Support
40,000
60,000
3,000
12,000
Support Manager
65,000
100,000
8,000
20,000
Technical Support Engineers (Market Data Ser.)
45,000
90,000
3,000
15,000
Market Data Analyst/Administrator
45,000
70,000
3,000
14,000
Network Support Engineer
28,000
60,000
3,000
15,000
Network Implementation Engineer
45,000
80,000
3,000
15,000
Firewall Engineer
45,000
90,000
3,000
15,000
Support
Market Data Services
Networks
47
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Banking Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Test Manager
60,000
105,000
0
10,000
Test Team Lead
60,000
110,000
0
10,000
Test Analyst
40,000
65,000
0
10,000
Programme Manager
70,000
150,000
0
70,000
Strategic Development Manager
70,000
110,000
0
15,000
Tactical Development Manager
80,000
120,000
0
15,000
PMO Manager
70,000
100,000
0
10,000
Outsource Project Manager
75,000
95,000
0
20,000
Infrastructure Project Manager
50,000
90,000
0
15,000
Project Administrator/Co-ordinator
40,000
75,000
0
15,000
Messaging Technical Support Analyst
40,000
55,000
0
5,000
Messaging Analyst
40,000
55,000
0
5,000
Testing
Development Managers
Messaging Analyst (Swift, Crest)
48
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£pd)
Intermediate (£pd)
Expert (£ pd)
Java/Database - Front Office
475
525
575
Java/Database - Middle/Back Office
450
500
550
Java Messaging Developer
450
475
500
Java GUI/SWING
450
475
500
VBA Developer - Middle/Back Office
400
450
500
Excel/Access VBA RAD - Front Office
450
500
550
C++/NT/COM/DCOM - Front Office
500
550
600
C++/NT/COM/DCOM - Middle/Back Office
425
450
500
Quantitative Developer
550
600
650
C++/Unix Developer
400
450
500
C#/.NET/Winforms - Front Office
500
550
600
C#/.NET/Winforms - Middle/Back Office
450
500
550
Sybase DBA
400
450
500
Oracle DBA
400
450
500
SQL-Server DBA
400
450
500
Oracle Developer
450
500
550
Sybase Developer
450
500
550
SQL Developer
450
500
550
Development
Databases (DBA/Dev)
49
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
SUN Solaris
350
400
500
HP-UX
350
400
500
AIX
350
400
500
Microsoft Windows
350
400
500
LINUX
350
400
500
Non Technical Front Office
500
575
650
Non Technical Middle/Back Office
450
525
600
Non Technical (no specific product knowledge)
400
500
600
Technical with Front Office
550
600
650
Technical with Middle/Back Office
500
550
600
Technical (no specific product knowledge)
450
500
550
Tester/Business Analyst
400
500
550
Systems Administrators/Engineers
Business Analysts
50
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Voice Support
330
385
440
Trade Floor Support
220
275
350
Desktop Support
220
250
300
Web Systems Engineer
330
385
440
Application Packaging Engineer
330
385
440
Web Packaging Engineer
330
385
440
Citrix Support
330
385
440
Systems Support Analyst
325
350
400
Exchange Connectivity
330
400
460
Openlink
500
600
700
Front Office Applications Support
450
500
550
Back Office Applications Support
400
450
500
Support Manager
475
500
550
Technical Support Engineers (Market Data Ser.)
350
400
500
Market Data Analyst/Administrator
330
400
475
Unix/Netcool/Tivoli Operator
385
400
450
Datacentre Operations Analyst
225
250
275
Support
Market Data Services
Operations
51
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Network Support Engineer
385
440
495
Network Implementation Engineer
385
440
495
Firewall Engineer
385
440
495
550
650
750
Networks
Third Party Applications (e.g. Charles River, CADIS, thinkFolio) Implementation Development
550
650
750
Support
500
575
650
400
450
500
Storage Storage Manager Storage Specialist (TSM, EMC)
415
470
525
Storage - Support Engineer
415
470
525
52
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Contract Job Title
Basic (£ pd)
Intermediate (£ pd)
Expert (£ pd)
Test Manager
500
600
650
Test Team Lead
475
500
550
Test Analyst
350
400
450
Programme Manager
650
715
825
Strategic Development Manager
580
635
690
Tactical Development Manager
585
640
695
PMO Manager
500
550
600
Testing
Project/Development Managers
Project Manager (with Front Office product knowledge)
600
700
750
Project Manager (with Middle/Back Office knowledge)
605
660
715
Project Manager (with no specific product knowledge)
550
600
650
Outsource Project Manager
550
600
650
Messaging Technical Support Analyst
330
385
440
Messaging Analyst
330
385
440
Messaging Analyst (Swift, Crest)
53
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
60,000
100,000
0
50,000
Development Java/Database - Front Office Java/Database - Middle/Back Office
44,000
80,000
0
40,000
Java Messaging Developer
55,000
100,000
0
50,000
Java GUI/SWING
55,000
110,000
0
55,000
VBA Developer - Middle/Back Office
40,000
65,000
0
6,500
Excel/Access VBA RAD - Front Office
60,000
95,000
0
9,500
C++/NT/COM/DCOM - Front Office
60,000
100,000
0
100,000
C++/NT/COM/DCOM - Middle/Back Office
44,000
80,000
0
15,000
Quantitative Developer
60,000
100,000
0
100,000
C++/Unix Developer
60,000
100,000
0
100,000
C#/.NET/Winforms - Front Office
60,000
100,000
0
20,000
C#/.NET/Winforms - Middle/Back Office
44,000
80,000
0
8,000
Python/Scala and OOA/D Languages
65,000
100,000
0
50,000
Databases (DBA/Dev) Sybase DBA
45,000
85,000
0
8,500
Oracle DBA
45,000
85,000
0
8,500
SQL-Server DBA
45,000
85,000
0
8,500
Oracle Developer
45,000
85,000
0
8,500
Sybase Developer
45,000
85,000
0
8,500
SQL Developer
45,000
85,000
0
8,500
Please note that the bonuses in hedge funds are generally uncapped, however we have provided an average upper limit to give greater insight.
54
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
44,000
85,000
0
11,500
Systems Administrators/Engineers SUN Solaris HP-UX
44,000
85,000
0
11,500
AIX
44,000
85,000
0
11,500
Microsoft Windows
44,000
85,000
0
11,500
LINUX
44,000
85,000
0
11,500
Junior BA/PM’s
30,000
45,000
0
13,000
Mid level BA/PM’s
45,000
70,000
0
18,000
Senior BA/PM’s
70,000
100,000
0
25,000
Problem/Change Manager
50,000
90,000
0
15,000
Global Incident Response Analyst
45,000
80,000
0
15,000
General IT Security/Network Security Engineer
40,000
85,000
0
8,500
Business Analysts/Project Managers
Technology Risk Management (TRM)
Security Policy & Risk Management
50,000
90,000
0
15,000
Security Project/Programme Manager
55,000
95,000
0
18,000
55
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Voice Support
30,000
60,000
3,000
11,500
Trade Floor Support
35,000
60,000
3,000
11,500
Desktop Support
30,000
55,000
3,000
8,500
Web Systems Engineer
40,000
70,000
3,000
11,500
Application Packaging Engineer
40,000
70,000
3,000
11,500
Web Packaging Engineer
40,000
70,000
3,000
11,500
Citrix Support
35,000
65,000
3,000
10,500
Systems Support Analyst
40,000
70,000
3,000
11,000
Exchange Connectivity
45,000
75,000
5,000
11,000
Openlink
50,000
85,000
8,000
12,500
Front Office Applications Support
45,000
80,000
5,000
12,000
Back Office Applications Support
40,000
60,000
3,000
9,000
Support Manager
65,000
100,000
8,000
15,000
40,000
70,000
3,000
11,000
Support
Networks Network Support Engineer
56
Astbury Marsden Salary Benchmarking 2013: Technology
Investment Management Investment management includes wealth management, asset management, investment management, pension and hedge funds. Permanent Job Title
Base Min (£)
Base Max (£)
Bonus Min (£)
Bonus Max (£)
Test Manager
65,000
105,000
0
10,500
Test Team Lead
55,000
90,000
0
9,000
Test Analyst
45,000
77,000
0
9,000
Programme Manager
85,000
120,000
0
24,000
Strategic Development Manager
85,000
120,000
0
20,000
Tactical Development Manager
85,000
120,000
0
20,000
PMO Manager
75,000
95,000
0
19,000
Outsource Project Manager
75,000
95,000
0
19,000
Infrastructure Project Manager
50,000
95,000
0
19,000
Project Administrator/Co-ordinator
43,000
55,000
0
11,000
Messaging Technical Support Analyst
43,000
55,000
0
5,500
Messaging Analyst
43,000
55,000
0
5,500
Testing
Development Managers
Messaging Analyst (Swift, Crest)
57
About Astbury Marsden Strategy Consulting Overview
Astbury Marsden is an international recruitment firm focussed on banking, financial services and management consulting. Our success is based on acquiring a special understanding of the markets in which we operate. We take this in its broadest sense, encompassing understanding and empathy with our clients and candidates, and also a broad knowledge of the working environment. We are always adding to that knowledge and experience; in the process we are building up a unique picture of all the components of the working lives of our clients and candidates and their world. The result is that we are more successful at attracting talent, and better able to recognise opportunities for clients. Ours is a dual customer focus. A shared agenda if you like. The duality of the client-candidate relationship makes recruitment in the mid to senior-level world of international finance, consulting and strategy more human than one might otherwise think. It demands more than an appreciation of the skills or experience required to fulfil a role. It is quite unlike the volume recruitment business, which is widely held to be something of a numbers game. We look beyond the idea of recruitment for a post, thinking about how individuals could develop in a role or a team, fulfilling the longer-term needs of the business and the career goals of the individual. To achieve the necessary understanding, some of our people are drawn from the industries to which we recruit, others have made those industries their particular focus. Our expansion into the Far East adds an international perspective to our work and serves to broaden the outlook and experience of our teams. Keeping to a particular field means, over time, we have acquired a depth of knowledge and experience, to create a unique understanding of our markets, of the people in them, and ‘the life’ they lead. To find out more, visit www.astburymarsden.com London
Hong Kong
Singapore
Jonathan Nicholson 60 New Broad Street, London EC2M 1JJ +44 (0)20 7065 1221
Paul Evans 2502, OVEST, 77 Wing Lok St, Sheung Wan, Hong Kong +852 3971 4712
Mark O’Reilly Singapore Land Tower, 37th Floor 50 Raffles Place, Singapore 048623 +65 6829 7122
[email protected]
[email protected]
[email protected]
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