2013 Salary Guide from Robert Half highlights hotspots for UK financial services industry skills

26 November 2012
  • New job creation in finance and accounting roles based on regulatory, financial control and financial business partnering
  • Biggest salary rise (5.4%) over 2012 for compliance, risk, audit and security IT professionals
  • Salary guide helps employers set realistic and competitive pay levels to attract the best staff

London, 26 November 2012 – The unstoppable rise of new regulation in the UK financial services marketplace is driving significant growth of new roles, according to the Robert Half 2013 Salary Guide.  While hiring has not returned to pre-recession levels, talent gaps exist and signal a warning for what might be a more significant challenge in the future, particularly in regulation, risk and compliance.

Robert Half reports that much of the new hiring within the financial services sector revolves around business critical roles, with a mix of mid- and senior- level talent as well as newly qualified accountants seeing the greatest opportunities.  Companies under pressure to do more with less expect employees to be both specialists and generalists, demonstrating high level experience and knowledge across multiple areas.

Regulatory change remains top of mind for the financial services sector as companies strive to generate profits as well as achieve compliance with regulation ranging from Solvency II to Basel III and from IFRS to FATCA.  Consequently, there remains a significant need for risk, regulatory and compliance professionals, and as demand outweighs supply, companies face increased budgetary pressure to secure the market’s most sought-after individuals.

Regulatory accounting roles

Role 2013 salary range % rise over 2012
Manager £80,250 - £100,000 3.7%
Accountant (4-7 years’ PQE) £60,500 - £92,250 2.5%
Accountant (NQ -3 years’ PQE) £49,000 - ££74,500 3.6%
Accountant £35,250 - £48,500 3.4%
 

 

Changes in the regulatory environment are also having a significant impact on technology, leading to tier one and mid-cap banks citing higher demand for regulatory, risk and finance IT professionals.  The rise in big data has also stimulated demand for data analysts, business intelligence and data/database developers. 

Compliance, audit, risk and security IT roles

Role 2013 salary range % rise over 2012
Information security manager £73,250 - £102,750 5.4%
Information security officer £50,500 - £75,500 5.4%
Security network engineer £54,750 - £70,750 4.4%
Senior IT auditor £66,000 - £85,250 3.2%
 

 

The 2013 Salary Guide outlines differences between sub-sectors within financial services:

  • Investment banking:small and medium sized enterprises have fared favourably, as have those banks focused on emerging markets, commodities or energy
  • Private equity:London in particular shows significant demand for skilled professionals due to further investment, acquisitions and diversification
  • Hedge funds: Hiring has been moderate in volume but consistent across finance, banking operations and IT
  • Asset/investment management: Corporate governance and risk management have been scrutinized by investors, resulting in improved processes and transparency – leading to demand for professionals who can drive these changes
  • Retail and commercial banking: Particular demand exists for those professionals who can help drive new retail initiatives and support augmented risk and compliance departments
  • Insurance: Increased regulation and compliance, along with the Retail Distribution Review, has created additional demand for highly skilled professionals while pension suite enrolment will add to pressures on the industry in the coming year

Phil Sheridan, Managing Director, Robert Half Financial Services said:“According to our research, growth may well be on the horizon.  Business outlook has improved, with most financial services executives indicating that they are ‘somewhat’ or ‘very’ confident in their companies’ growth prospects compared with last year.  Finance professionals in particular are benefitting from this optimism as companies look for additional insight and strategy into business process improvement, cost savings and new sources of revenue

“More than a million people across the UK work in financial services, representing nearly 4% of total UK employment.  Having up-to-date remuneration data specific to the industry can help organisations determine competitive salary levels, allowing them to recruit and retain the market’s top talent.”

ENDS

About the 2013 Salary Guide

Since 1950, Robert Half has produced Salary Guides to offer business owners, hiring managers and professionals information on prevailing starting salaries in their geographic areas and insight into the latest employment trends. Companies consult the annual guides to determine appropriate remuneration for accounting and finance, financial services, technology and administrative professionals at all levels.

Information in the guides is based on the thousands of job searches, negotiations and placements managed each year by Robert Half's recruitment consultants, along with the company's ongoing surveys of executives. Continuing or ongoing salaries are not reported because many external factors -- such as seniority, work ethic, job performance and training -- impact the salaries of permanent professionals as work histories develop. The Robert Half Salary Guides can be downloaded atwww.roberthalf.co.uk/salary-guides.

About Robert Half

Robert Half is the world’s first and largest specialised recruitment consultancy and member of the S&P 500. Founded in 1948, the company has over 350 offices worldwide and more than 20 in the United Kingdom providing temporary, interim and permanent recruitment solutions for accounting and finance, financial services, technology, human resources, marketing and administrative professionals. Named one of the Sunday Times’ 100 Best Companies to Work For, Robert Half offers workplace and job seeker resources at roberthalf.co.uk and twitter.com/roberthalfuk.