Get Your Financial Services Salary Guide
The Robert Half 2016 Salary Guide reveals starting salaries for banking and capital markets positions throughout the UK. It is the definitive resource for the most up-to-date financial services salaries and hiring trends, including accounting and finance, banking operations and compliance and risk. It also contains:
- Key trends affecting financial services hiring
- Salary information by sector and specialism
- Permanent, temporary and interim recruitment trends
You can read highlights from the 2016 Salary Guide below but download your copy today and find out how much financial services professionals could earn in 2016. Or try our salary calculator for a quick view of how much you're worth.
The Hiring Climate
As well as focusing on high-quality customer services, new product development and regulatory compliance, the financial services industry as a whole has had to move on from the difficult years it faced during the economic recession.
While businesses continue to place a lot of importance on regulatory compliance, this is beginning to be seen as a ‘business as usual’ requirement by firms, and demand for experienced risk and compliance professionals remains high. Organisations have to make swift decisions to hire their preferred candidates. The competitive market and lack of specialist skills continue to drive up salary levels for skilled compliance professionals.
The outlook for small and medium-sized financial services businesses is positive as they look to recruit for growth. More than half (57%) of leaders in the SME category said that they would add new positions to their companies.
The growth agenda includes a renewed focus on mergers and acquisitions (M&A) activity. This is likely to fuel demand for M&A experience moving forward. Business analytics are also playing an important role in the growth of financial services companies as firms seek to understand customer behaviour and use insights to inform strategic planning. Data departments and chief data officers are becoming more common as businesses comply fully with the Basel Committee on Business Supervision (BCBS) 239 data management standard.
Career paths for accountants in the financial services industry are broadening out to include newer types of businesses, providing novel opportunities to work with alternative finance companies and lenders, such as peer-to-peer lending companies and online investment management firms.
Positions in Demand
Accounting and Finance
- Management accountants
- Fund accountants
- Financial accountants
- Financial analysts
Risk and Compliance
- Heads of compliance
- Compliance analysts
- Compliance managers
- Sanctions specialists
- Trade support and settlements
- Operational control professionals
- Fund administrators
- Static data specialists
- Client services professionals
Financial Services Salary Trends
The emphasis on growth in financial services has created huge momentum for salaries on offer to professionals willing to move jobs. Highly skilled, in-demand professionals are regularly being offered a 10%–15% premium to switch employer and take up a new position elsewhere.
Base salaries for permanent employees in the financial services sector are predicted to rise by 6.6%, and risk and compliance salaries are likely to see some of the largest increases. However, it is rare for employers to make counteroffers to match these much higher salaries being offered by competitors.
Regional Salary Variances
- London: 100%
- Edinburgh: 80.2%
- Manchester: 75.9%
- Birmingham: 75.8%
- Bristol: 75.4%
Check Your Salary Online
The Robert Half 2016 salary calculator gives you instant access to average salary ranges in your local area for financial services and banking roles.
Our salary data can help you prepare for your next salary review or performance appraisal or help when negotiating a pay rise. Try it out and see what you could be earning in 2016.