Salary Guide
2015
Message from CEO
Some questions I have been asking.
What if every day everyone in London woke up excited about going to work? What would the impact be on
business performance if everyone was engaged in their jobs? What would the impact be on people’s performance
levels if employers looked after their people?
There are a whole host and combination of factors when trying to answer these questions but the message is
clear…more and more people are choosing work life and wellbeing, and would stay with their existing employer if
they felt supported, looked after and could see progress and opportunity.
And understanding this starts to answer my questions.
However, financial rewards remain one of the most important factor, the 21,000 finance professionals we met last
year in our office have shared this message. It is also the reason we have been able to collate this data. We hope
you find it useful!
Enjoy a fabulous 2015 and make sure you wake up excited about going to work!
Guy Hayward
CEO – Goodman Masson
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About Goodman Masson
With a team of over 130, Goodman Masson is the largest financial recruitment business in London, and has been recruiting professionally qualified
accountants and other finance professionals for over 20 years.
Based in London and Düsseldorf, we hold annual revenues exceeding £29 million and operate purely within the specialism of Finance; covering
Accounting, Tax, Treasury, Internal Audit, Risk, Change, Operations, Compliance, Actuarial, Corporate Finance, Management Consultancy and Public
Practice.
Goodman Masson is a preferred supplier to over 290 companies across the UK and Ireland, including 80 of the FTSE 100 corporations.
Building an environment for our employees to enjoy and progress remains central to everything we do. We call this “The Experience ®”, and in January
2014 the UK Intellectual Property Office recognised “The Experience®” as a registered trademark...formal recognition of the uniqueness of our employee
engagement philosophy.
We are delighted with our recent awards.
• “Best Workplace Environment” – Recruiter, Investing in Talent: 2014
• “Most Innovative Benefit” – Recruiter, Investing in Talent: 2014
• “Most Effective Pay and Benefits Strategy” – Recruiter, Investing in Talent: 2014
• “Most Inspiring Recruitment Leader” – Recruiter, Investing in Talent: 2014
• “Best Large Recruitment Company to Work For” – Recruiter Awards: 2013 & 2014
• “Best Professional Services Recruitment Company” – Recruiter Awards: 2011, 2012 & 2014
• “Best Reward Strategy aligned to Business Strategy” – Employee Benefits Awards: 2013
• “100 Best Small Companies to Work For” – Top10 in The Sunday Times 2011 & 2012
• “Recruitment Company of the Year” – APSCo 2011
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Contents
Specialist Divisions
Accountancy & Finance /
Commerce & Industry
Actuarial
Private Equity –
Finance Director
NHS & Government
Qualified
Energy & Utilities
Charity
IT & Telecoms
Media
Property & Construction
Retail, FMCG & Leisure
Part Qualified &
Transactional
Professional Services
Internal Audit
Tax In-house
Management Consultancy
Tax Practice
Advisory
Treasury
Audit & Assurance
Compliance
Banking & Financial
Services
Overview
Accountancy & Finance
Accountancy & Finance /
Commerce & Industry
Qualified
Energy & Utilities
IT & Telecoms
Media
Property & Construction
Retail, FMCG & Leisure
Part Qualified &
Transactional
“All the major vertical markets recruited with significant
activity in Retail, Technology and Oil & Gas. Of encouraging
note, was the rise of vacancies in the Property and
Construction sectors.”
Robert Baker
Divisional Director, Permanent,
Industry & Commerce
Accountancy & Finance / Qualified
Qualified
2014 was overall a positive year, where
we have continued to see an uplift of
confidence amongst our clients, with
them continuing to hire and increase job
flow. The first half of the year followed
the trend of the end of 2013, which saw a
marked difference, resulting in 21% more
jobs being registered compared to the
previous year in that period.
All the major vertical markets recruited with
significant activity in Retail, Technology and
Oil & Gas. Of encouraging note was the rise
of vacancies in the Property and Construction
sectors. The roles were varied, ranging from
technical accounting roles, such as “financial
accounting” and “group accounting”, through
to commercial “business partnering” and FP & A
roles. The market is still showing an increased
need for strong commercial accountants (up
12% on last year) who have the ability to liaise
with sales and marketing directors to explain
their business’ performance.
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8
Whereas we are seeing increased job flow,
the same cannot be said for candidates who
are actively searching for new roles. This is
not down to desire but awareness. There is
confidence and conviction amongst candidates
to make their next move; we are also seeing
cases of a domino effect, with candidates
seeing fellow colleagues finding new roles,
but we are yet to see candidates numbers fully
align to our current volume of vacancies. This
is having a knock on effect for our clients’ time
to hire, which has increased by an average of
19%. Educating clients to consider candidates
with highly relevant skill sets and culture fit, but
not direct sector experience continues to be a
challenge.
Overall, last year we saw average salaries
increasing. This is in part due to the above,
where candidates continued to have multiple
opportunities, resulting in competitive situations
and received inflated salary offers. At the junior
manager level in particular, this was stark.
Over the last few years, this level of candidate
has been given significant more responsibility
– many as a consequence of cost cutting in
middle management – yet a large majority have
not received the financial reward. When moving
jobs, there is an inflated level of expectation,
where candidates who would typically receive
8 – 13% pay rise now expect 15 – 20%.
Predicting 2015 is a difficult thing to do;
the general indication is that the year will
again be positive, with increasing consumer
confidence, unemployment decreasing and
general financial stability in comparison to years
gone by. However, there is a definite note of
caution with General Election looming in May
and Europe’s current financial performance.
The UK is going in the right direction, and this
year has again been encouraging. We expect
2015 to deliver similar conditions and resulting
performance.
Accountancy & Finance / Qualified
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9
Accountancy & Finance / Energy & Utilities
Energy & Utilities
Whilst the general outlook across the
finance job market in London has been
positive, throughout 2014 activity in H2
plateaued somewhat.
Across E & U this can be attributed, in part,
to the uncertainty around the Scottish
referendum. We found many oil companies,
particularly those with North Sea assets, were
loath to hire on a permanent basis until the
results were announced.
Because of this, we had 4 roles put on hold
and many others pushing back the recruitment
process. Across the oil industry in London, the
outlook does look relatively positive for 2015
although, at the time of writing, the continuing
slide of the oil price is a concern for many,
therefore impacting hiring plans.
The FTSE 100 businesses in the sector remained
quiet on the recruitment front on the whole,
with many mid-caps continuing to consolidate
after periods of growth in recent years. The
general trend of poor exploration results across
the sector can also be a contributing factor.
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The buzz area for expat recruitment has
undoubtedly been in Kurdistan, while demand
in Africa has tailed off.
2014 in the mining sector has been quiet and
the outlook is bleak. With BHP Billiton moving
finance to Melbourne, Rio Tinto consolidating
after cuts in 2013 and early 2014 and ENRC
gradually shutting their Green Park office,
Anglo American remains the only large mining
house on the FTSE recruiting on mass into the
Group Finance function.
In slight contrast to this, the junior miners,
mainly on AIM, have been busy and we
have worked on 6 mid-senior level positions
across this community. The excess supply, and
subsequent fall in price, of Iron Ore as well as
the Ebola outbreak have severely hampered
some West African focused miners, but a flow
of roles has remained at the junior level.
With regards to salary levels, the rates have
continued to remain the same as those of the
past 4 years, from newly qualified to CFO level.
I would anticipate these creeping up in 2015
as the battle for high talent becomes more
intense, particularly at the newly qualified level,
as the practice firms severely reduced their
graduate intake 3 years ago, thus leading to
a shortage of auditors qualifying from 2015
onwards.
The key demand areas have been very much
across the more “traditional” core finance
roles such as Financial Accountants with
Consolidations experience, and the candidate
pool for these roles is strong. We are working
with many good operationally focused
accountants, but job volume for these positions
remains low.
The outlook for 2015 is mixed and there will be
many macro-economic factors impacting on
how permanent recruitment goes.
Accountancy & Finance / Energy & Utilities
Energy & Utilities – Qualified Mid Cap and Multi-national
Role
0 – 2 yrs
2 – 5 yrs
Perm
Financial Accountant
Group Accountant
Management Accountant
Finance Analyst
Finance Manager
Financial Controller
Finance Director
Temp (p / d)
5 – 10 yrs
Perm
Temp (p / d)
Perm
10 yrs+
Temp (p / d)
Perm
Temp (p / d)
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£275 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £300
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£275 – £300
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £325
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £300
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£52,000 – £57,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£350 – £400
Multi-national
£48,000 – £55,000
£275 – £325
£54,000 – £60,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£375 – £475
Mid Cap
£50,000 – £55,000
£250 – £300
£52,000 – £60,000
£300 – £350
£60,000 – £75,000+
£325 – £375
£70,000 – £90,000
£350 – £400
Multi-national
£52,000 – 57,000
£325 – 375
£55,000 – £65,000
£325 – £375
£60,000 – £80,000
£350 – £400
£75,000 – £90,000
£375 – £425
Mid Cap
–
–
£50,000 – £70,000
£300 – £350
£65,000 – £80,000
£350 – £450
£70,000 – £120,000
£400 – £500
Multi-national
–
–
£55,000 – £75,000
£325 – £375
£65,000 – £80,000
£375 – £500
£75,000 – £120,000
£450 – £700
Mid Cap
–
–
£65,000 – £85,000
£400 – £475
£75,000 – £120,000
£500 – £700
£85,000 – £150,000
£500 – £1,000
Multi-national
–
–
–
£400 – £500
£80,000 – £150,000
£500 – £1,000
£120,000+
£500 – £2,000
Energy & Utilities – SME
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11
Role
Perm
Temp (p / d)
Newly Qualified
£45,000 – £48,000
£250 – £275
Management / Financial Accountant
£45,000 – £55,000
£225 – £275
Finance Manager
£50,000 – £60,000
£250 – £300
Financial Controller
£60,000 – £90,000
£300 – £450
Finance Director
£80,000 – £120,000
£400 – £600
Accountancy & Finance / IT & Telecoms
IT & Telecoms
2014 was an excellent year for Goodman
Masson’s IT & Telecoms sector as we
showed 41% revenue growth. This growth
can be traced back to mid-late 2013,
when we first started to notice increased
job flow as the market began to gain
momentum.
Again, we saw a huge contribution from the
SME sector, with one third of our placements
being into businesses turning over £300m
or less. Perhaps, in part, this was due to an
initiative we put in place to track things such
as the Techtrack 100 and Deloitte’s Technology
Fast 50. However, I believe this can also be
attributed to a number of government initiatives
put in place over recent years to make it easier
for startups to thrive in London, initiatives
such as tax breaks for investors in early stage
businesses. These startups could now be feeling
the benefit of these breaks, and therefore
feeling more confident in hiring.
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Another interesting trend has been the number
of “newly created” roles across both large
corporates and SME businesses. I commented
in last year’s edition that the tone of our
conversations with clients was changing from
“hire to replace” towards “hire to grow”. This
manifested itself in 2014, with an astonishing
49% of roles placed this year by Goodman
Masson in IT & Telecoms being newly created.
It will certainly be interesting to see if this trend
continues in 2015.
A key growth market has been the FinTech
sector; Technology for the Financial Services
industry such as trading platforms, online
payment solutions and wealth management
software. From a recruitment perspective,
finance vacancies within the FS sector are 35%
up on last year, which perhaps is reflective of
renewed confidence and growth within the
banking market. Technological support in
banking institutions plays a key part in their
success, so it appears their growth has allowed
them to invest again in services that support
that success.
Accountancy & Finance / IT & Telecoms
IT & Telecoms – Qualified Mid Cap and Multi-national
Role
Financial Accountant
Group Accountant
Management Accountant
Finance Analyst
Finance Manager
Financial Controller
Finance Director
0 – 2 yrs
2 – 5 yrs
5 – 10 yrs
10 yrs+
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£250 – £275
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£275 – £300
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £300
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£250 – £275
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£52,000 – £57,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£350 – £450
Multi-national
£48,000 – £55,000
£250 – £275
£54,000 – £60,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£375 – £475
Mid Cap
£50,000 – £55,000
£250 – £300
£52,000 – £60,000
£300 – £350
£60,000 – £75,000+
£325 – £375
£70,000 – £90,000
£350 – £400
Multi-national
£50,000 – £60,000
£300 – £350
£55,000 – £65,000
£325 – £375
£60,000 – £80,000+
£350 – £400
£75,000 – £95,000
£375 – £425
Mid Cap
–
–
£50,000 – £70,000
£300 – £350
£65,000 – £80,000
£350 – £450
£70,000 – £120,000
£400 – £500
Multi-national
–
–
£55,000 – £75,000
£325 – £375
£65,000 – £80,000
£375 – £500
£75,000 – £120,000
£450 – £700
Mid Cap
–
–
£65,000 – £85,000
£400 – £475
£75,000 – £120,000
£500 – £700
£85,000 – £150,000
£500 – £1,000
Multi-national
–
–
–
£400 – £500
£80,000 – £150,000
£500 – £1,000
£120,000+
£500 – £2,000
IT & Telecoms – SME
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13
Role
Perm
Temp (p / d)
Newly Qualified
£42,000 – £48,000
£200 – £225
Management / Financial Accountant
£45,000 – £55,000
£225 – £275
Finance Manager
£50,000 – £60,000
£250 – £300
Financial Controller
£60,000 – £90,000
£300 – £450
Finance Director
£80,000 – £120,000
£400 – £600
Accountancy & Finance / Media
Media
Confidence in the media sector across the
board has remained strong throughout
2014, with year on year increases in both
the number of vacancies, up 21%, and
revenue, up 36%. Continued technological
innovation and diversification, particularly
within the digital space, are building
stability in what has been a turbulent
sector in previous years.
Unsurprisingly, a notable increase in vacancies
has been within the digital marketing and
advertising space, up 35% in 2014. This trend
is expected to continue, with internet access
growing at 6.4% annually, and analysts
forecasting internet advertising to grow at
an impressive 12% annually – making the UK
the largest internet advertising market within
EMEA.
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Despite this progress, agility in adapting to
rapid changes to the technological and digital
landscape remains a challenge for companies
in the media sector. This has resulted in some
inconsistency in hiring patterns throughout
2014.
Global media and entertainment businesses are
achieving substantial growth from capitalising
on partnerships and acquisitions across the
emerging markets, resulting in investment in
headcount in UK based finance teams. We have
achieved a 42% increase in placements into
media and entertainment businesses in 2014,
with more than 60% of those being regionally
focused roles.
An exciting trend that formed in the second
half of 2013 is the doubling in senior level
vacancies from the same time the previous year,
as confidence continues to surge at this end of
the market.
In light of Q4 looking to significantly exceed
revenue forecasts, we anticipate 2015 to be a
very good year for the media sector, with many
of our key clients planning increased investment
in finance talent in support of strategic growth.
Accountancy & Finance / Media
Media – Qualified Mid Cap and Multi-national
Role
Financial Accountant
Group Accountant
Management Accountant
Finance Analyst
Finance Manager
Financial Controller
Finance Director
0 – 2 yrs
2 – 5 yrs
5 – 10 yrs
10 yrs+
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Mid Cap
£46,000 – £52,000
£250 – £275
£52,000 – £60,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£325 – £400
Multi-national
£48,000 – £55,000
£250 – £275
£55,000 – £65,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£350 – £400
Mid Cap
£46,000 – £52,000
£275 – £300
£52,000 – £60,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £300
£55,000 – £65,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£350 – £400
Mid Cap
£46,000 – £52,000
£250 – £275
£52,000 – £60,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£325 – £400
Multi-national
£48,000 – £55,000
£250 – £275
£55,000 – £65,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£350 – £400
Mid Cap
£48,000 – £55,000
£250 – £275
£55,000 – £65,000
£270 – £325
£65,000+
£325 – £375
£65,000+
£350 – £400
Multi-national
£50,000 – £55,000
£250 – £275
£58,000 – £70,000
£300 – £350
£65,000+
£350 – £450
£65,000+
£375 – £475
Mid Cap
£50,000 – £55,000
£250 – £300
£55,000 – £65,000
£300 – £350
£65,000 – £80,000
£325 – £375
£70,000 – £90,000
£350 – £400
Multi-national
£50,000 – £58,000
£250 – £300
£58,000 – £68,000
£325 – £375
£65,000 – £80,000
£350 – £400
£75,000 – £95,000
£375 – £425
£65,000 – £75,000
£300 – £350
£70,000 – £85,000
£350 – £450
£75,000 – £120,000
£400 – £500
Mid Cap
–
Multi-national
–
–
£65,000 – £80,000
£325 – £375
£70,000 – £85,000
£375 – £500
£80,000 – £120,000
£450 – £700
Mid Cap
–
–
£65,000 – £85,000
£400 – £475
£80,000 – £120,000
£500 – £700
£90,000 – £150,000
£500 – £1,000
Multi-national
–
–
–
£400 – £500
£85,000 – £150,000
£500 – £1,000
£120,000+
£500 – £2,000
Media – SME
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15
Role
Perm
Temp (p / d)
Newly Qualified
£42,000 – £48,000
£225 – £250
Management / Financial Accountant
£45,000 – £55,000
£225 – £275
Finance Manager
£50,000 – £60,000
£250 – £300
Financial Controller
£60,000 – £90,000
£300 – £450
Finance Director
£80,000 – £120,000
£400 – £600
Accountancy & Finance / Property & Construction
Property & Construction
2014 is ending as we all might have
hoped, with month on month growth in
recruitment activity being observed across
all finance disciplines. The beginning
of the year began optimistically, with
many clients actively going to the market
to identify talent for their respective
businesses. However, the shift in appetite
to hire at that point became apparent,
as we saw many vacancies transfer from
either being permanent ones to temporary
ones, or from qualified roles to more junior
positions, which was regarded by many as
a view of hedging risk in the event of the
market dipping again.
As each quarter has gone by, our property
sector group has benefited from an increased
number of live vacancies, particularly from
blue chip companies who did not hire in their
expected volume in 2013, and had concern of
being at risk of a skills shortage. As a result,
a recurring topic of conversation once again
has returned to candidate engagement. We
see more and more candidates now receiving
multiple offers, in addition to being involved
in buy-back situations, something we haven’t
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16
experienced as of late as a result of the
downturn. The requirements for clients to
actively “sell” their roles to candidates has
increased, as they simply do not have the
buying power they had last year, with fewer
vacancies around.
It is widely accepted that the Property and
Construction sectors are often an indication of
the economic climate, and we end the year with
job flow at an all-time high, in October alone
we registered more roles than we have done for
any other month this year. The qualified market
has moved on from being predominantly
geared towards the newly qualified, to three
years post qualified requirement (which
nonetheless remains strong), but now clients
are actively hiring at senior levels to think
succession planning with their leadership
teams. This means large businesses are looking
with more interest at the Finance Manager
and Financial Controller market, with much
more external recruitment activity taking place
at roles from £60 – 80,000. That shift alone
represents quite a radical change from the last
few years, as clients are now looking to not only
hire at junior levels, but also build their teams
from the top down.
With KPMG’s most recent report detailing
that 600,000 construction workers will be
required in the coming years to deliver £96bn
of infrastructure projects in London and the
South East alone, it will be interesting to see
how this will impact on hiring levels within the
finance community. Though one thing is clear,
businesses are now actively investing in human
capital in the sector to cope with the growth
and demands of their projects.
Accountancy & Finance / Property & Construction
Property & Construction – Qualified Mid Cap and Multi-national
Role
Financial Accountant
Group Accountant
Management Accountant
Finance Analyst
Finance Manager
Financial Controller
Finance Director
0 – 2 yrs
2 – 5 yrs
5 – 10 yrs
10 yrs+
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£275 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £300
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£275 – £300
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £325
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£48,000 – £55,000
£275 – £300
£52,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£52,000 – £57,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£350 – £400
Multi-national
£48 – 55,000
£275 – £325
£54,000 – £60,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£375 – £475
Mid Cap
£50,000 – £55,000
£250 – £300
£52,000 – £60,000
£300 – £350
£60,000 – £75,000+
£325 – £375
£70,000 – £90,000
£350 – £400
Multi-national
£52,000 – £57,000
£325 – 375
£55,000 – £65,000
£325 – £375
£60,000 – £80,000
£350 – £400
£75,000 – £90,000
£375 – £425
Mid Cap
–
–
£50,000 – £70,000
£300 – £350
£65,000 – £80,000
£350 – £450
£70,000 – £120,000
£400 – £500
Multi-national
–
–
£55,000 – £75,000
£325 – £375
£65,000 – £80,000
£375 – £500
£75,000 – £120,000
£450 – £700
Mid Cap
–
–
£65,000 – £85,000
£400 – £475
£75,000 – £120,000
£500 – £700
£85,000 – £150,000
£500 – £1,000
Multi-national
–
–
–
£400 – £500
£80,000 – £150,000
£500 – £1,000
£120,000+
£500 – £2,000
Property & Construction – SME
page
17
Role
Perm
Temp (p / d)
Newly Qualified
£45,000 – £48,000
£250 – £275
Management / Financial Accountant
£45,000 – £55,000
£225 – £275
Finance Manager
£50,000 – £60,000
£250 – £300
Financial Controller
£60,000 – £90,000
£300 – £450
Finance Director
£80,000 – £120,000
£400 – £600
Accountancy & Finance / Retail, FMCG & Leisure
Retail, FMCG & Leisure
For many in the retail sector, 2014 was a
year of two halves. The first six months was
a very positive trading environment, with
companies in buoyant mood, expanding
plans and even forecasting better times.
The last six months, however, never
materialised, with the weather affecting so
many in autumn and with a reality check
to boot.
The market began with higher volumes of
roles in the first half of the year across both
temporary and permanent market. The volume
of roles was fuelled primarily by the confidence
of the candidate to make the change into a
new opportunity. This in turn created vacancies
through movement rather than growth or
new areas of investments. In 78% of roles, our
clients were hiring for replacements rather than
new jobs. The mentality of the candidate had
also changed. They were convinced to move
and were not going to be bought back, which
was starkly different in the start of 2013. That
pendulum has definitely swung now towards
the new employer.
page
18
There was a continued need for commercial
roles – Analysts, Commercial Finance Managers,
Business Partners from our clients, which led
to a 14% rise in these vacancies compared to
last year. Middle management jobs (£65,000
– £80,000) however saw a rise of 12%. The
volume of Finance Director roles increased
by 6% and will likely be the same this year.
SMEs continued to attract top talent at the
mid to senior levels. In particular, we saw
companies having the confidence to grow their
finance functions, or hire a Head of Finance or
dedicated Finance Director for the first time
because of their growth. We believe this will
continue to fuel the SME market in 2014 and
provide further vacancies.
If the second half of 2013 was encouraging;
many were licking their lips at the prospect
of 2014 by the time June came. With such
encouraging economic growth; falling
unemployment and earnings increase resulted
in stronger consumer spending. But with that
came the unexpected. And then came the hot
weather. And it did not stop. And as they say,
by December, 2014 was history and confined
to what might have been to the annals of retail
past.
We are expecting another encouraging start to
2015. The year is likely to be strengthened in
the first quarter of 2015, then take a dip in Q2
with the General election looming as history
will tell us, before resurging in the second half
of next year. It will certainly be a fascinating
year – Will Dave Lewis make a difference? What
will the supermarket landscape look like? Will
ASOS sort their issues out quickly? Who can
stop Ted Baker? And will Debenhams survive
another year?
Accountancy & Finance / Retail, FMCG & Leisure
Retail, FMCG & Leisure – Qualified Mid Cap and Multi-national
Role
Financial Accountant
Group Accountant
Management Accountant
Finance Analyst
Finance Manager
Financial Controller (Group)
Finance Director
Chief Financial Officer
0 – 2 yrs
2 – 5 yrs
5 – 10 yrs
10 yrs+
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Perm
Temp (p / d)
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£45,000 – £53,000
£250 – £275
£53,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£275 – £300
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£45,000 – £53,000
£275 – £300
£53,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£50,000 – £55,000
£270 – £325
£55,000+
£325 – £375
£55,000+
£325 – £400
Multi-national
£45,000 – £53,000
£250 – £275
£53,000 – £60,000
£300 – £350
£55,000+
£350 – £450
£55,000+
£350 – £400
Mid Cap
£45,000 – £50,000
£250 – £275
£52,000 – £58,000
£270 – £325
£60,000+
£325 – £375
£60,000+
£350 – £450
Multi-national
£45,000 – £52,000
£250 – £275
£54,000 – £60,000
£300 – £350
£60,000+
£350 – £450
£60,000+
£375 – £475
Mid Cap
£50,000 – £60,000
£250 – £300
£52,000 – £60,000
£300 – £350
£60,000 – £75,000+
£325 – £375
£70,000 – £90,000
£350 – £400
Multi-national
£52,000 – £60,000
£300 – £350
£55,000 – £65,000
£325 – £375
£60,000 – £80,000+
£350 – £400
£75,000 – £95,000
£375 – £425
Mid Cap
–
–
£50,000 – £70,000
£300 – £350
£70,000 – £90,000
£350 – £450
£70,000 – £120,000
£400 – £500
Multi-national
–
–
£55,000 – £75,000
£325 – £375
£70,000 – £90,000
£375 – £500
£75,000 – £120,000
£450 – £700
Mid Cap
–
–
£70,000 – £90,000
£400 – £475
£85,000 – £120,000
£500 – £700
£90,000 – £150,000
£500 – £1,000
Multi-national
–
–
–
£400 – £500
£90,000 – £150,000
£500 – £1,000
£120,000+
£500 – £2,000
Multi-national
–
–
–
–
£200,000+
£1,000+
£140,000
£500 – £1,000
Retail, FMCG & Leisure – SME
Role
page
19
Perm
Temp (p / d)
Newly Qualified
£43,000 – £50,000
£200 – £225
Management / Financial Accountant
£45,000 – £55,000
£225 – £275
Finance Manager
£50,000 – £60,000
£250 – £300
Financial Controller
£60,000 – £90,000
£300 – £450
Finance Director
£80,000 – £120,000
£400 – £600
Accountancy & Finance / Part Qualified & Transactional
Part Qualified & Transactional
Overall, 2014 saw a strong increase in part
qualified requirements and a stable flow
of transactional roles. Q1 & Q2 saw an
exciting movement on 2013, with a 70%
increase on requirements across temporary,
contract and permanent positions. This was
complimented by steady growth during the
second half of the year.
The new increased demand for Part Qualified
candidates has been a result of increased
headcount across all sectors. There has been
a noticeable increase of finalist level hiring,
particularly financial analysts – this has been
to assist qualified teams in the exploration of
future growth opportunities in 2015.
page
20
As always, temporary placements increased
dramatically towards the end of Q3 to cover
varying work flows, as companies adapted
quickly to support core business units as
projects approached completion. We have
had a huge success this year with assisting in
the transition and implementation of shared
service centres. Not only supplying permanent
hires, but assisting with contingency short term
temporary workers, who are accustomed to
high volume processing.
In 2015 we are expecting to see the trend
of increasing levels of Part Qualified hiring
continue, and our temporary capabilities to
remain in demand throughout our shared
service centre relationships.
Accountancy & Finance / Part Qualified & Transactional
Part Qualified
Role
Foundation Studier
Intermediate Studier
Assistant Accountant
£24,000 – £30,000
£30,000 – £35,000
–
£14 – £20
Assistant Management Accountant
£24,000 – £30,000
£30,000 – £35,000
–
£14 – £20
Assistant Financial Accountant
£26,000 – £30,000
£30,000 – £35,000
–
£14 – £20
Financial Accountant
–
£30,000 – £35,000
£36,000 – £45,000
£15 – £25
Management Accountant
–
£30,000 – £35,000
£36,000 – £45,000
£15 – £25
£20,000 – £28,000
£28,000 – £35,000
£36,000 – £45,000
£14 – £25
Finance Analyst
Top Level Studier
Temp (p / h)
Transactional
page
21
Role
Perm
Temp (p / h)
Accounts Payable Assistant
£20,000 – £26,000
£11 – £14
AP Supervisor
£27,000 – £35,000
£13 – £17
AP Manager
£35,000 – £45,000
£14 – £20
Accounts Receivable Assistant
£22,000 – £26,000
£11 – £14
Credit Controller
£25,000 – £28,000
£11 – £15
Credit Control Senior
£28,000 – £35,000
£12 – £16
Credit Manager
£35,000 – £65,000
£15 – £20
Accounts Assistant
£22,000 – £28,000
£12 – £14
Billing Assistant
£25,000 – £32,000
£12 – £16
Billings Manager
£30,000 – £40,000
£15 – £20
Payroll Assistant
£22,000 – £35,000
£11 – £14
Payroll Manager
£35,000 – £65,000
£15 – £20
Graduate
£18,000 – £24,000
£11 – £12
Professional Services
Professional Services
Management Consultancy
Public Practice
Advisory
Audit & Assurance
“The management consulting market is the strongest it has
been for 4 years, and expectations for further growth in
these areas are certainly resoundingly positive.”
Richard Smith
Director, Industry & Commerce, Public Practice
and Management Consultancy
Professional Services / Management Consultancy
Management Consultancy
2014 followed a continued trend of growth
to that of 2013. Projects wins and pipeline
was generally up (circa 10%) across all
firms, resulting in a buoyant hiring market.
Multiple hires at all levels were made across
both the Financial Services and Private Sector
consulting teams. Companies paid premiums to
secure and retain the best talent in the market,
and in some rare occasions were offering sign
on bonuses to secure their target candidate.
Within Financial services, technical areas with
Risk consultancy saw demand grow by about
20%, and at the Manager and Senior Manager
grade salaries became more in line with the
Banks, in order to be competitive and secure
the right talent.
Across the large consulting houses, a real
variation in salaries was noted at the Senior
Manager and Director grade.
page
24
Whereas previously strong “generalists”
hires were made, the focus shifted toward
seeking those with specific specialist skills
and knowledge in response to the current
“hot topics” of the day. For financial services
consulting, risk and regulatory restructuring
skills were in demand, and within the private
sector, cost reduction, especially surrounding
LEAN, and shared service experience were
often requested. Additionally, the demand
for consultants with public sector experience
– especially within the healthcare and central
government arena – has been greater than we
have seen since pre-recession.
Having surveyed a number of clients, it is
anticipated that 2015 will be another good year,
with large hiring plans and continued turnover
driven by the exit of consultants to industry;
looking to cut out the travel demands placed
upon them in their current consulting position.
Professional Services / Management Consultancy
Management Consultancy
Role
page
25
Financial and
Performance Management
Strategy
Change Management
Consultant
up to £45,000
up to £45,000
up to £45,000
Senior Consultant
£45,000 – £60,000
£45,000 – £65,000
£45,000 – £60,000
Manager
£60,000 – £80,000
£65,000 – £85,000
£60,000 – £80,000
Senior Manager
£80,000 – £100,000
£85,000 – £110,000
£80,000 – £100,000
Director
£100,000+
£110,000+
£100,000+
Professional Services / Public Practice – Advisory
Advisory
Following the trend of last year, advisory
recruitment remained consistent
throughout 2014, a steady uplift in
demand was present, and 2015 is already
set to continue this prosperous growth.
That said, the market is ever more
competitive in terms of attracting and
retaining the best talent, and candidates
meaning the firm – supplier partnership
need to be tighter than ever.
What perhaps was most noticeable across both
mid-tier and large practices was the significant
recruitment drive in Internal Audit, as they grow
both their public and private service offerings.
As far as 2015 is concerned, with business
growth driving demand, we expect the demand
for this area to remain robust, especially within
financial services and Public Sector. This was an
area which remained subdued for early 2014,
reflective of the governments previous austerity
drive. We are already seeing the Big 4 and Top
10 firms strongly competing for the dearth of
candidates available.
page
26
Corporate Finance recruitment remained steady,
with Top 20 and boutique and accountancy
firms being active throughout the year. Hot
spots have tended to be at the Manager and
Senior Manager grades in the Top 10 practices,
and at the more junior grades in the boutique
firms. Market indicators continue to be
driven very positively by improving economic
conditions and interest rates remaining low.
Registration of corporate finance candidates
saw an uplift across the year, as they explore
options available both in practice and within
industry.
The Forensic market is currently very active. The
market itself is currently “candidate short”, with
a greater level of requirements than candidates.
This is due to a very buoyant market, with the
majority of firms looking to grow as demand
rises. There are a number of new Forensic
boutiques which have been set up in 2014.
These offer Big 4 Forensic candidates a different
option to develop their career.
It is worth noting that whilst demand is set
to remain strong, the pool of good advisory
candidates is limited, and therefore both
hiring processes and remuneration offered
will need to be excellent to avoid losing out to
competitors in the market.
Professional Services / Public Practice – Advisory
Corporate Finance
Forensic Accounting
Role
Big 4 / Top 10
Top 20 (non – Big 4)
Role
Big 4 / Top 20 / Boutiques
Top 20 (non – Big 4)
Partner
£180,000+
£170,000+
Partner
£150,000+
£140,000+
Director
£100,000 – £170,000
£120,000 – £160,000
Director
£95,000 – £105,000
£88,000 – £140,000
Senior Manager / Assistant Director
£65,000 – £95,000
£57,000 – £90,000
Senior Manager
£70,000 – £100,000
£67,000 – £88,000
Manager
£55,000 – £70,000
£50,000 – £68,000
Manager
£55,000 – £70,000
£51,000 – £67,000
Assistant Manager / Executive
£45,000 – £55,000
Up to £45,000
Assistant Manager / Executive
£44,000 – £54,000
£37,000 – £50,000
£22,000 – £35,000
Associate
£25,000 – £38,000
£22,000 – £35,000
Associate
–
Corporate Recovery – Big 4 / Top 20
page
27
Role
Big 4 / Top 20 / Boutiques
Executive
£32,000 – £47,000
Manager
£50,000 – £56,000
Senior Manager
£61,000 – £77,000
Director
£80,000 – £110,000
Professional Services / Public Practice – Audit & Assurance
Audit and Assurance
The Big 4 have continued to recruit
significant numbers of newly qualified
ACA’s into their audit groups. This is the
second year in a row that there has been
this level of activity. The Financial Services
groups targeted candidates from Top
20 firms, whilst the middle market audit
groups specifically targeted ACA’s who had
trained in small and medium sized firms.
The Top 20 firms have seen a huge increase
in their Audit Manager and Audit Senior
requirement.
page
28
As they are in direct competition with the Big 4,
they have often found it challenging to secure
candidates. They have responded to this by
increasing their salaries significantly, particularly
at Audit Senior level.
The increased activity in the newly qualified
market has been replicated in the Director
and Manager market. The large firms have
ambitious growth plans, and they are recruiting
senior people to manage this new work.
As a result of the Big 4 and Top 20 recruitment
drive, many independent firms found
themselves with gaps on their planning board
going into the “busy season”. These firms have
been in competition with each other to fill the
Audit Senior roles, with many losing out to rival
firms.
The increase in the number of roles and an
overall faster pace to recruitment has resulted
in the Practice market being at its busiest since
2006.
Professional Services / Public Practice – Audit & Assurance
External Audit
Role
Salaried Partner
page
29
ACA
ACCA
London
Home Counties
London
Home Counties
£100,000 – £200,000
£100,000 – £160,000
£90,000 – £160,000
£80,000 – £150,000
Senior Audit Manager
£70,000 – £100,000
£65,000 – £90,000
£65,000 – £90,000
£65,000 – £90,000
Audit Manager
£55,000 – £65,000
£50,000 – £65,000
£52,000 – £62,000
£50,000 – £58,000
Assistant Audit Manager
£46,000 – £53,000
£44,000 – £50,000
£44,000 – £50,000
£43,000 – £49,000
Audit Senior
£38,000 – £46,000
£37,000 – £44,000
£37,000 – £44,000
£36,000 – £43,000
ACA / ACCA Finalist
£33,000 – £38,000
£30,000 – £34,000
£33,000 – £38,000
£32,000 – £37,000
Specialist Divisons
Specialist Divisions
Actuarial
Private Equity –
Finance Director
NHS & Government
Charity
Internal Audit
Tax In-house
Tax Practice
Treasury
Compliance
“2014 saw the emergence of a more settled economy,
resulting in our specialist areas receiving an increase in
job flow. As we enter 2015, we are likely to see more
confidence in the market.”
Andrew Webster Garvey
Divisional Director, Public Sector
Specialist / Actuarial
Actuarial
2014 has been a very busy year for
actuarial recruitment – we have seen a
huge 40% increase in placements vs 2013.
A key area of growth has been the Bulk
Annuity market – bulk sales are growing
fast, and provide opportunities to offset
decline in individual annuity sales. Life &
Pensions actuaries are moving into these
teams within all of the key players.
Life Insurance
In 2014, the market has improved significantly.
After a period of much planning restructuring,
the majority of life insurers have significantly
increased permanent hiring, particularly
at newly qualified level and above. The
consultancies have overcome recent challenges,
and as a result of seeing the benefit of
increasing business development in wider areas
beyond solvency ii over the last 12 months,
the majority of the consultancies have begun
hiring from assistant manager up to Senior
Manager / Director level, plus one or two key
Partner moves. Another positive sign is that
even insurers most directly impacted by the
changes to retirement planning brought on by
the budget have been hiring in H2.
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32
Pensions
The Pensions market has seen a consistently
busy year from a hiring perspective. Traditional
consultancies have been hiring at all levels, from
part qualified up to Senior Scheme Actuaries,
with a particular focus on the nearly / newly
qualified level. Many traditional consultants
have made the move to more commercial,
corporate focused roles within the Big 4, with
three of the four continuously hiring throughout
the year as a result of strong growth. Insurers’
bulk annuity offerings have proven to be a
significant revenue stream for the future, and
we have seen a number of pensions actuaries
move to insurance within this space.
Investments
The Investment market got off to a good
start in 2014. Interview numbers peaked in
February and April, reflecting the initial push
to increase numbers early in the year, and then
to replace those who moved on once bonuses
were paid. They peaked again in October, but
the whole year has been busier than 2013 in
terms of job flow. Within the consultancies,
there was a noticeable increase in demand
for DC Consultants at all levels, and over the
summer months we saw a lot of consultancies
hiring into the manager research teams, plus
some more traditional consulting roles. Within
asset management, there was demand to hire
in client relations, LDI structuring, consultant
relations and distribution. This hiring allowed
for upskilling, as well as improving client
services by increasing the number of technical
experts on hand.
General Insurance
The General Insurance market has been very
buoyant this year, with the majority of the
jobs around Capital Modelling in both the
London Market and large Retail Insurers. Big 4
and smaller boutique consultancies alike have
heavily invested in increasing their headcount
across Capital Modelling, Reserving and Pricing.
Contract opportunities across the London
Market have started to appear more frequently,
and we expect this to continue for the next 18
months, with an increased demand for Model
Validation, Governance and Documentation
assignments to be completed for 2016.
Specialist / Actuarial
Actuarial
LEVEL
Life
GI
Pensions
Investment
page
33
Junior (0 – 2 yrs)
Part Qualified
Nearly / Newly Qualified
Qualified (2 – 4 yrs)
Senior Qualified
London
£25,000 – £37,000
£35,000 – £55,000
£55,000 – £68,000
£68,000 – £90,000
£100,000+
South East
£24,000 – £36,000
£34,000 – £50,000
£50,000 – £62,000
£62,000 – £85,000
£90,000+
South West
£23,000 – £35,000
£32,000 – £45,000
£45,000 – £60,000
£60,000 – £80,000
£85,000+
South Coast
£23,000 – £35,000
£32,000 – £45,000
£45,000 – £60,000
£60,000 – £80,000
£85,000+
Midlands
£23,000 – £35,000
£30,000 – £42,000
£45,000 – £58,000
£58,000 – £78,000
£80,000+
North
£22,000 – £34,000
£30,000 – £42,000
£45,000 – £58,000
£56,000 – £75,000
£80,000+
Scotland
£22,000 – £34,000
£30,000 – £42,000
£45,000 – £58,000
£56,000 – £75,000
£80,000+
London
£30,000 – £40,000
£36,000 – £55,000
£50,000 – £80,000
£80,000 – £120,000
£130,000+
South East
£25,000 – £35,000
£35,000 – £50,000
£50,000 – £60,000
£60,000 – £80,000
£90,000+
South West
£24,000 – £34,000
£34,000 – £46,000
£46,000 – £60,000
£60,000 – £80,000
£85,000+
Midlands
£24,000 – £32,000
£32,000 – £46,000
£46,000 – £60,000
£60,000 – £78,000
£80,000+
North
£22,000 – £35,000
£32,000 – £44,000
£42,000 – £57,000
£55,000 – £80,000
£100,000+
Scotland
£22,000 – £35,000
£32,000 – £44,000
£42,000 – £57,000
£55,000 – £75,000
£85,000+
London
£28,000 – £36,000
£36,000 – £48,000
£48,000 – £65,000
£65,000 – £80,000
£80,000+
South East
£25,000 – £34,000
£34,000 – £46,000
£46,000 – £62,000
£62,000 – £80,000
£80,000+
South West
£22,000 – £33,000
£33,000 – £44,000
£44,000 – £60,000
£58,000 – £75,000
£75,000+
Midlands
£22,000 – £33,000
£3,000 – £44,000
£44,000 – £58,000
£58,000 – £75,000
£75,000+
North
£22,000 – £33,000
£33,000 – £44,000
£44,000 – £58,000
£58,000 – £75,000
£75,000+
Scotland
£22,000 – £33,000
£33,000 – £44,000
£44,000 – £58,000
£58,000 – £75,000
£75,000+
London
£22,000 – £34,000
£30,000 – £42,000
£40,000 – £58,000
£56,000 – £75,000
£60,000+
South East
£28,000 – £35,000
£36,000 – £48,000
£48,000 – £65,000
£60,000 – £80,000
£80,000+
South West
£22,000 – £33,000
£33,000 – £45,000
£45,000 – £60,000
£60,000 – £80,000
£80,000+
Midlands
£22,000 – £33,000
£33,000 – £45,000
£45,000 – £60,000
£60,000 – £75,000
£75,000+
North
£23,000 – £35,000
£33,000 – £45,000
£45,000 – £60,000
£60,000 – £75,000
£75,000+
Scotland
£22,000 – £33,000
£33,000 – £45,000
£45,000 – £60,000
£60,000 – £75,000
£75,000+
Specialist / Private Equity – Finance Director
Private Equity – Finance Director
The first half of 2014 saw the UK economy
continue to improve, and subsequently
there was movement within the investment
market, particularly with investment
funds looking at growth SME businesses
within the technology and online sectors.
We have seen the job flow tail off in H2,
however 2015 is set for a busy year in the
Private Equity market.
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34
We see most opportunities coming from the
small to mid-cap market, with the majority of
activity coming from the growth capital & buy
and build specialists, and mainly focused on
technology businesses. The main requirement
will always be for FDs with experience
of successfully growing investor backed
technology businesses.
There will no doubt be interim opportunities
within businesses either looking for investment
or current portfolio businesses looking to exit,
so all in all 2015 should be a busier market for
both Interim and permanent Finance Directors
who specialise within Private Equity.
Specialist / Private Equity – Finance Director
Private Equity
page
35
Role
Salary
Bonus
Equity
Finance Director
£100,000 – £170,000
10 – 20%
0 – 3%
Specialist / Public Sector & Not-For-Profit – NHS & Government
NHS & Government
An overhaul in the structure of the NHS,
along with a demand for increased
efficiency and cost saving, have made 2014
a busy and exciting year to recruit finance
professionals into the NHS.
The majority of CCGs have experienced a
challenging first year, having to establish
themselves as new and different clinically-led
organisations, whilst managing a tightening
budget. The effect on recruitment has been
an increased demand for people who both
recognise the scale of the financial challenges
facing the NHS, and have the skills to drive
forward large-scale transformation. In line
with this, there has been an increased demand
for Interim Project Accountants with expert
knowledge in specialist areas such as PLICS, PbR
and QIPP.
Across NHS Trusts, CCGs and the healthcare
space there has been a significant increase in
requirements for candidates who can engage
budget holders and effectively turnaround
those who were unable to get costs under
control. This skillset will remain paramount
through 2015.
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36
CCGs continue to face financial difficulty and
this, along with policy changes, has acted as
the catalyst for a drive towards a more strategic
and long-term approach in financial planning. In
addition, an ability to engage with stakeholders
across the healthcare landscape is increasingly
important, so that management can deliver
long-term financial plans in partnership.
Monitor and NHS England have been very clear
in supporting this shift and have already had a
focus on hiring finance professionals with these
skillsets.
With higher expectations on NHS Trusts at
the same time as a decrease in budgets, there
will be an increased need for contractors
with very strong analytical skills. These will be
brought in to ensure there is a full and accurate
understanding of figures, so management can
make informed decisions on necessary changes.
Alongside financial turnaround and
transformation needs, business as usual
positions will continue to be recruited for,
with a focus for managers on developing
long-term stability within their finance teams.
On occasions, where line managers look
to hire finance professionals from outside
the healthcare sector, they will now have
to compete with the upturn in commercial
markets.
The NHS market is a huge focus for Goodman
Masson and we understand NHS leaders
face real challenges in achieving both their
immediate and long-term goals. In line with
this, we appreciate the importance of providing
real value for money when we place people
into the NHS’ finance departments. Our focus
when working with candidates is discovering
what impact they will be able to have, as well as
working with individuals who have a real grasp
on the complexity of the challenges they face.
Specialist / Public Sector & Not-For-Profit – NHS & Government
NHS – Interim
1 – 2 years
2 – 4 years
4 – 6 years
6 years+
Management / Financial Accountant
£200 – £220 (p / d)
£250 – £300 (p / d)
£300 – £350 (p / d)
£400+ (p / d)
Finance Analyst
£200 – £220 (p / d)
£250 – £350 (p / d)
£350 – £450 (p / d)
£450+ (p / d)
Project Accountant
£200 – £250 (p / d)
£250 – £350 (p / d)
£350 – £500 (p / d)
£450+ (p / d)
Finance Manager
–
£300 – £450 (p / d)
£450 – £550 (p / d)
£550+ (p / d)
Head of MA/FA
–
–
£400 – £500 (p / d)
£500+ (p / d)
Financial Controller
–
–
£400 – £500 (p / d)
£500+ (p / d)
Head of Finance
–
–
£450 – £500 (p / d)
£500+ (p / d)
Deputy Finance Director
–
–
–
£600+ (p / d)
Finance Director
–
–
–
£700+ (p / d)
Chief Executive
–
–
–
£900+ (p / d)
NHS – Perm
Perm as of April 2013
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37
Band 5
£25,000 – £33,500
Band 6
£31,000 – £41,000
Band 7
£37,000 – £47,000
Band 8a
£45,500 – £53,000
Band 8b
£52,000 – £63,000
Band 8c
£61,000 – £74,000
Band 8d
£72,000 – £88,000
Band 9
£84,000 – £105,000
Specialist / Public Sector & Not-For-Profit – Charity
Charity
The charity finance market has improved
considerably over the course of 2014, with
recruitment across both temporary and
permanent markets reaching the volume of
pre-recession levels.
Whilst smaller charities are still reeling from the
impact of the recession, there are more charities
who have diversified their income streams and
invested in their digital fundraising efforts. As
a result, with more charities playing a greater
role in providing public services, increased
public donations and more investment from
government, we are seeing charities with the
confidence to invest in both temporary and
permanent posts.
We are also experiencing heightened levels of
recruitment across other sectors, resulting in
escalating competition for candidates. Private
sector companies are responding to this by
offering higher rates and salaries in order to
gain the edge on competitors. Many businesses
are raising PSL rates in order to entice agencies
into giving first refusal for the best candidates.
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38
Larger charities are increasingly raising salaries,
which both attracts a higher volume of
candidates and accelerates the process from
advertisement to offer. Small-to-medium
charities are at a disadvantage, and so are
having to become more creative in developing
their recruitment campaigns. We have been
working in partnership with our clients to
develop more innovative ways of attracting high
calibre candidates, such as our hugely popular
seminars and hiring events.
With that said, as the commerciality of the
charity sector grows, we are seeing heightened
interest from candidates currently working in
the private sector, who are looking for a good
commercial role in a business that will provide
them with more job satisfaction. Increasingly,
job descriptions in the charity sector are using
more commercial key words such as “business
partner”, “strategic”, “commercial analysis”
and “business development”, which appeal to
candidates who are seeking a business-facing
role that impacts decision making. As a result,
87.5% of the roles placed into charity clients in
2014 were with candidates from private sector
businesses.
Whilst we are optimistic about the future of the
charity recruitment market, we are conscious
of the consistent cost challenges faced by
our clients. It is therefore vital to build lasting
relationships with clients and candidates to
provide a comprehensive and consultative
service, to better support our clients in selecting
the right skill set and cultural fits for their
teams.
Specialist / Public Sector & Not-For-Profit – Charity
Charity – Perm
Role
PQE
1 – 2 yrs
2 – 4 yrs
4 – 6 yrs
6 yrs+
Management Accountant
£30,000 – £40,000
£40,000 – £50,000
£45,000 – £55,000
£50,000+
Financial Accountant
£30,000 – £40,000
£40,000 – £50,000
£45,000 – £55,000
£50,000+
Finance Analyst
££35,000 – £40,000
£40,000 – £50,000
£45,000 – £55,000
£50,000+
Finance Manager
–
£45,000 – £55,000
£50,000 – £60,000
£55,000+
Financial Controller
–
£45,000 – £55,000
£50,000 – £60,000
£60,000
Head of Finance
–
£50,000 – £60,000
£55,000 – £65,000
£60,000+
Finance Director
–
–
–
£60,000+
Charity – Temp
Role
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39
PQE
1 – 2 yrs (p / h)
2 – 4 yrs (p / h)
4 – 6 yrs (p / h)
6 yrs+ (p / h)
Management Accountant
£25 – £30
£28 – £32
£30 – £35
£32 – £40
Financial Accountant
£25 – £30
£28 – £32
£30 – £35
£32 – £40
Finance Analyst
£25 – £30
£30 – £37
£35 – £45
£45+
£300+ (p / d)
Finance Manager
–
£200 – 300 (p / d)
Financial Controller
–
–
£350 – 500 (p / d)
£450+ (p / d)
Head of Finance
–
–
–
£450+ (p / d)
Finance Director
–
–
–
£550 – 1000 (p / d)
–
Specialist / Internal Audit
Internal Audit
2014 has been a very busy time for the
Commerce & Industry Internal Audit
market. As a team, we have seen further
growth in job flow throughout 2014, with
a 15% increase of live vacancies registered
in 2013.
The return to economic growth has certainly
fuelled the upturn in activity, with businesses
actively looking to increase headcount within
their Internal Audit team, as opposed to purely
replacing leavers. This trend is apparently across
most sectors, with possibly the exception of the
Construction sector, which has remained a little
flat throughout 2014.
Heads of Audit are still focusing their efforts
on permanent hiring, complimenting their
resources with co-source arrangements if
needed, as opposed to using short term
contractors in times of need.
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40
Hiring trends across 2014 have been pretty
consistent with that of 2013. The senior end
of the market has seen some level of up-turn,
however the number of Head of Audit positions
released to market remains fairly conservative.
We have seen an increase in the number of
organisations approaching Director / Partner
level candidates directly from the Big 4 to make
the move across to in-house Head of Audit
positions.
With the increase and advancement of
technology within business today, Internal
Audit departments are seeking to increase their
in-house capability within IT Audit / Information
Security, and are investing more on managing
their technology risks. The demand for skilled
IT Audit candidates is continuing to increase,
however it is becoming more common for
businesses to cross train their business auditors,
helping them achieve their CISA qualification.
One of the biggest trends throughout 2014
has been the change in attitude at newly
qualified level. It appears that the large practice
firms are investing more time and resource to
keeping their newly / recently qualified staff, by
offering retention bonuses and secondment
opportunities. This in turn is making recruiting
at newly qualified level more competitive,
resulting in Industry businesses paying more
for candidates at this level. Newly qualified
candidates can now expect base salaries in the
region of £47,000 – £50,000, up from £45,000
in recent years.
Salaries, in general, for Internal Audit
professionals have increased across all sectors.
This is down to the upturn in the market and
an increase in the number of opportunities
available to candidates. It is now common for
candidates to secure multiple offers, using each
to increase the level of salaries on offer.
Specialist / Internal Audit
Internal Audit
page
41
Role
London (C & I)
SE Regions
Internal Auditor (newly qualified)
£47,000 – £50,000
£43,000 – £45,000
Senior Internal Auditor
£50,000 – £60,000
£50,000 – £58,000
Internal Audit Manager
£60,000 – £75,000
£55,000 – £70,000
Senior IA Manager
£70,000 – £90,000
£65,000 – £80,000
Head of Audit
£100,000+
£85,000+
Specialist / Tax In-house
Tax In-house
2014 was a strong year for tax recruitment.
Confidence in the general market place
was high and Goodman Masson’s revenues
grew significantly. This growth was also
seen within the in-house tax market.
Commerce & Industry Tax
Trends, 2013 vs 2014:
• 17% increase in Tax Risk Management roles
• 12% increase in Transfer Pricing roles
• 8% increase in specialist Tax Accounting
roles
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42
demand. There was strong demand for
candidates who are able to communicate
effectively with layers of non-tax colleagues, all
the way up to board level.
With the continued push for global exchange of
tax information, we predict that in 2015 there
will be continued growth in the market for the
hiring of the specialists mentioned above. We
also predict that more Heads of Tax will position
themselves internally to move into Audit, Risk
and Assurance / Group Controls roles, therefore
increasing their chances of moving in Group
Finance roles in the future. Tax has never been
as high on the boardroom agenda as it is now.
2014 saw a sharp rise in the number of tax
risk management, transfer pricing and group
tax accounting positions within Commerce
& Industry. With tax transparency, the
development of BEPS and a greater push
by the G20 for companies to pay their “fair
share” of tax, CFOs and Heads of Tax are more
than keen / ready to invest in Corporate Tax
governance and controls.
Financial Services Tax
Candidates who were able to demonstrate
experience within these areas were in strong
Over the last 12 months, the tax market in
financial services has shown good levels of
Trends, 2013 vs 2014:
• 63% of businesses admit to not having a
strategy for Operational Taxes
• 75% increase in Operational Tax roles
• 22% increase in US Tax roles
activity and a positive increase in salaries. We
have seen some of our largest clients respond
positively to the competition coming from
increased hiring within the accountancy firms,
by offering competitive salaries. A number of
areas in particular have shown excellent levels
of activity, for example Operations Tax (FATCA,
FTT and WHT).
The message for 2015 is positive. It is
anticipated that activity levels in financial
services tax will remain buoyant, operations
tax will continue to provide opportunities
as businesses build out their operations
tax offering. We also envisage there to be
consulting and project opportunities around
Common Reporting Standard (CRS).
In order for clients to manage cost, we expect
continued activity at the newly qualified and
Assistant Manager levels. At this stage, we
remain optimistic that the market will continue
to move towards the VP level, where there has
been sporadic activity over the last 12 months.
Specialist / Tax In-house
Tax – Commerce & Industry
Tax – Banking & Financial Services – Banking (Group Tax)
Role
London
Home Counties
Role
Base Salary
Bonus
Newly Qualified Tax Specialist
£43,000 – £50,000
£40,000 – £47,000
Managing Director / Head of Tax
£130,000 – £300,000
30 – 100%
Assistant Tax Manager
£50,000 – £55,000
£45,000 – £50,000
Director
£110,000 – £190,000
30 – 100%
UK Tax Accountant
£40,000 – £55,000
£40,000 – £50,000
Vice President / Senior Manager
£75,000 – £115,000
20 – 60%
UK Tax Manager
£55,000 – £70,000
£50,000 – £60,000
Assistant VP / Manager
£40,000 – £65,000
10 – 50%
European Tax Accountant
£58,000 – £65,000
£52,000 – £59,000
Associate / Assistant Manager
£25,000 – £58,000
5 – 15%
European Tax Manager
£65,000 – £80,000
£60,000 – £70,000
VAT Accountant
£30,000 – £50,000
£30,000 – £40,000
VAT Manager
£50,000 – £65,000
£45,000 – £60,000
International Tax Manager
£65,000 – £110,000
£65,000 – £80,000
Transfer Pricing Analyst
£35,000 – £50,000
£35,000 – £45,000
Transfer Pricing Manager
£60,000 – £130,000
£60,000 – £75,000
Head of Transfer Pricing
£80,000 – £130,000
£70,000 – £90,000
Group Tax Manager
£65,000 – £110,000
£60,000 – £90,000
Group VAT Manager
£65,000 – £90,000
£60,000 – £75,000
Head of Tax
£90,000 – £150,000
£80,000 – £120,000
Director of Tax
£120,000 – £200,000
£90,000 – £150,000
Tax – Banking & Financial Services – Financial Services (Group Tax)
Role
Base Salary
Bonus
Head of Tax
£110,000 – £200,000
30 – 60%
Group Tax Manager
£90,000 – £140,000
20 – 50%
Senior Manager
£70,000 – £110,000
10 – 30%
Manager
£50,000 – £80,000
0 – 20%
Assistant Manager
£40,000 – £50,000
0 – 10%
Tax – Banking & Financial Services – Business Support / Front Office Support
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43
Role
Base Salary
Bonus
Managing Director / Head of Tax
£130,000 – £180,000
30 – 100%
Director / Executive Director
£100,000 – £150,000
30 – 100%
Vice President / Senior Manager
£70,000 – £110,000
20 – 80%
Specialist / Tax Practice
Tax Practice
As anticipated, the second half of 2014 saw
a growing number of vacancies among the
professional services firms, led by the Big
4. The key needs for all Top 10 firms are
newly qualified through to Junior Manager
Level in Corporate Tax, Expatriate and
Employment Tax or OMB Tax teams. The
Big 4 have achieved significant growth
in Tax, and as the battle to retain or add
new staff intensifies, the last 12 months
of improved activity will start to produce
effect on the general salary levels and
bandings at large firms.
There has been a noticeable change in attitude,
where firms are demonstrating flexibility in
providing sign on bonuses to candidates.
Unsurprisingly, this has had a negative impact
on existing employees and, as the competition
strengthens, there has been a wave of
impressive counter offers by firms desperately
attempting to retain staff.
In response to any criticism of flat salaries over
the past 3 – 5 years, firms can obviously point
to the terrible global economic conditions,
manifesting in several ways including:
page
44
• Pressure on fee levels for firms has been very
high in the past 4 – 5 years, impacting on
profitability
• There is a greater discretionary or bonus
element in Big 4, particularly to control
overheads
• Inflation has been very low in the past few
years
• The roles on offer are different to periods
before the Global Economic crisis, hence in
many cases candidates do not have a CV
which perfectly matches roles on offer
are good technically but do not have this type
of “practical” experience.
All of the factors above are genuine; however
we feel 2015 and 2016 will be a gradual
increase in salary levels as growth increases
demand within a finite pool of talent. Already
we are seeing a lack of available candidates,
especially at Assistant Manager and Manager
level.
Trends to follow in order to boost salaries via a
shorter route to promotion would include the
following:
• M&A / Transactional Tax
Real life examples of the lack of “matched”
skills have included people wanting M&A Tax,
particularly as the market has seemed to be
picking up, with several sizeable newsworthy
deals taking place over the last 18 months.
• Transfer Pricing / Value Chain Transformation
• Tax management Consulting
• Human Capital Tax
Equally, at more senior levels the key needs
from Big 4 and Top 10 include Tax Risk
Management and a commercial understanding
of clients’ business, which can prove difficult for
Senior Managers, Directors and Partners who
• Performance & Reward
• Financial Services Tax
Specialist / Tax Practice
Tax – Public Practice
Top 20
Senior
Asset Manager
Manager
Senior Manager
Director
Principal
Partner (Year 1 – 4)
Classic Tax
£35,000 – £41,000
£38,000 – £48,000
£53,000 – £62,000
£60,000 – £75,000
£75,000 – £90,000
£90,000 – £115,000
£105,000 – £200,000
Indirect tax
£35,000 – £40,000
£42,000 – £50,000
£50,000 – £68,000
£65,000 – £80,000
£85,000 – £115,000
£110,000 – £150,000
£120,000+
Human capital
£35,000 – £42,000
£46,000 – £48,000
£50,000 – £58,000
£65,000 – £75,000
£78,000 – £110,000
–
£115,000+
Tax – Public Practice
Big 4
Asset Manager
Manager
Senior Manager
Director
Associate Partner
Partner (Year 1 – 4)
International Tax & Tax Consulting
£43,000 – £49,000
£53,000 – £62,000
£60,000 – £115,000
£105,000 – £165,000
£130,000 – £205,000
£180,000 – £400,000
M & A Tax
£44,000 – £52,000
£52,000 – £70,000
£61,000 – £105,000
£110,000 – £185,000
–
£215,000 – £450,000
Indirect Tax
£42,000 – £51,000
£52,000 – £69,000
£65,000 – £100,000
£110,000 – £180,000
–
£200,000+
Human Capital
£42,000 – £49,000
£53,000 – £65,000
£70,000 – £120,000
£105,000 – £300,000
–
£180,000+
Please note many Human Capital and Indirect practitioners are also involved with Tax Consulting.
The main disciplines under these Big 4 categories are:
Tax Consulting:
Tax Technology, Operational Effectiveness, Tax Project Management, Tax Risk Management
International Tax:
Transfer Pricing, Value / Supply chain, International Structuring & Advisory
page
45
Specialist / Treasury
Treasury
After a relatively slow start to the year, we
saw an increase in the number of treasury
job opportunities coming to the market as
the year progressed. This also included an
improvement at more senior levels.
Commerce and Industry
It has been a mixed year for the Treasury market
in 2014. With some notable Group Treasurers
moving into new roles, this allowed for some
senior end recruitment to flourish, along with
some interesting deputy Treasurer vacancies
arising too. In general, at all levels there has
certainly been a marked improvement in the
market, with a number of big businesses
expanding their Treasury functions as the
economy has improved.
One constant that we have seen for the last
few years has been the need for businesses
to hire Technical Treasury Accountants who
have specific hedging experience. As has been
the norm, this skillset has been again in short
supply and, with a further increase in the need
for this at the back end of this year, it shows no
signs of stopping in 2015.
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46
An interesting development has been an
increased number of vacancies requiring front
office experience, something we started to see
during 2013, but this has really come to the
forefront this year. Typically, this is a skillset
that interests candidates at the junior end of
the market, and is something a large number
of people strive to get involved with. However,
this year has seen more businesses not willing
to take the risk of developing a back or middle
office Treasury Analyst, but rather search for
an experienced dealer due to the increased
workload, leaving the team unable to be on
hand to assist with training and developing a
candidate.
Treasury has continued to flourish with more
and more businesses seeing the importance of
having an efficient Treasury function, and either
expanding it or at the very least creating it.
Treasury: Banking, Financial Services
and Commerce & Industry
Banking & Financial Services
After the turbulence of the past few years,
2014 finally saw some stability returning to
the banking and financial services sectors.
Organisations further restructured their treasury
functions, and are likely to continue doing so,
therefore we still saw some redundancies taking
place. This restructuring did however also lead
to opportunities in some areas of treasury.
Having previously bolstered teams to meet
the requirements of increased regulation
surrounding liquidity management, there
continued to be a demand from banks and
financial services organisations for individuals
with this experience. A need for individuals
with strong technical accounting experience,
as well as for treasury professionals with an
understanding of a bank’s balance sheet, meant
that.
Pleasingly, there was an increasing appetite
to recruit for vacancies externally, especially
at VP and AVP levels. However, more senior
level vacancies were typically sourced internally
through promotions.
Specialist / Treasury
Treasury – Banking & Financial Services
Role
Funding
Liquidity / Capital
Management
ALM / IRRBB
Treasury Finance
Managing Director
£150,000+
£150,000+
£150,000+
£150,000+
Senior Manager / VP
£120,000 – £200,000
£120,000 – £200,000
£120,000 – £200,000
£120,000 – £200,000
Associate Director / VP
£70,000 – £130,000
£70,000 – £130,000
£70,000 – £120,000
£70,000 – £110,000
Manager / AVP
£50,000 – £80,000
£50,000 – £80,000
£50,000 – £80,000
£50,000 – £80,000
Associate
£45,000 – £60,000
£45,000 – £60,000
£45,000 – £60,000
£45,000 – £60,000
(figures shown are basic salaries exc. allowances / bonuses)
Treasury – Commerce & Industry
Role
Group Treasurer
Assistant Treasurer
Treasury Manager
Treasury Accountant
Treasury Analyst
FTSE 100
London & South East
UK (exc. South East)
£135,000+
£125,000+
FTSE 250
£105,000+
£95,000+
FTSE 100
£90,000 – £135,000
£80,000 – £125,000
FTSE 250
£70,000 – £95,000
£60,000 – £85,000
5+ years’ experience
£70,000 – £90,000
£55,000 – £75,000
2 – 4 years’ experience
£55,000 – £75,000
£45,000 – £65,000
3+ years’ experience
£60,000 – £75,000
£55,000 – £65,000
0 – 2 years’ experience
£47,000 – £62,000
£37,000 – £52,000
3+ years’ experience
£42,000 – £57,000
£32,000 – £47,000
0 – 2 years’ experience
£32,000 – £47,000
£22,000 – £37,000
(figures shown are basic salaries exc. allowances / bonuses)
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47
Specialist / Compliance
Compliance
Our 2014 market salary report combines
our review of the prevailing conditions
in the compliance recruitment market,
together with the results of our 2014
employer survey. The combined results
allow us to report that Compliance is
reacting to the regulatory environment
and expanding as quickly as talent allows.
There is strong demand in the compliance
recruitment market, and for many of those
looking to recruit, there is a shortage of
compliance professionals with the specific
abilities and experience they require.
• Top Tier Banks are looking at brand
improvement message to support the
attraction of regulatory staff
• 51% of compliance directors do not believe
their department is sufficiently resourced
• 83% of compliance managers’ report they
have found it difficult to recruit
• 73% of compliance departments stated they
will either definitely need to recruit or are
likely to recruit in 2015
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48
With increased regulatory pressure and a
wave of high-profile fines imposed on banks
and financial services across the market, 2014
was a busy year in compliance recruitment.
As banks come under increasing scrutiny and
new legislation became live in 2014, we saw
recruitment activity increase. We expect this to
continue.
We have seen a substantial increase in hiring
at the senior level within: payments, insurance,
credit card, platform, asset management
and banking. Candidates with niche product
knowledge and industry expertise were highly
sought after, and often still face multiple offer
scenarios and a marked increase in salary and
overall compensation when moving.
2015 will continue to see employers looking
for first compliance hires in consumer credit
markets and additional resources in conduct,
policy, advisory, assurance, trade surveillance
and financial crime staff, particularly those
overseeing framework controls and systems.
Key Trends
Hiring and salary levels have again increased
with demand and product investment (FX, Fixed
Income etc) are increasing faster. Bonuses are
now mainly at the discretionary level. Some
firms are still paying pre-recession bonus levels
but 90% of new hires have to be educated that
bonuses cannot be expected at the prerecession
level. 2014 saw a great level of activity within
the retail banking sector, with major new firms
entering the UK. From a candidate perspective,
these organisations have shown a greater level
of flexibility in its attraction policy.
• Financial crime professionals will be in
demand, particularly those who can work in
assurance
• With global markets picking up,
organisations will be looking to recruit trade
surveillance and advisory
• Compliance is reacting to the regulatory
environment and expanding as quickly as
talent allows
• Due to a widespread skills shortage, hiring
managers need to act quickly to secure
candidates
Specialist / Compliance
Asset / Wealth and Hedge Firms
page
Consumer Finance Firms / Insuranse / (Re)
Consultancies
Role
Salary
Role
Salary
Role
Salary
Compliance Analyst
£45,000 – £65,000
Compliance Analyst
£40,000 – £55,000
Assistant Manager
£40,000 – £50,000
Compliance Manager
£60,000 – £75,000
Compliance Manager
£55,000 – £65,000
Manager
£50,000 – £60,000
Senior Compliance Manager
£75,000 – £100,000
Senior Compliance Manager
£65,000 – £85,000
Senior Manager
£60,000 – £90,000
UK Head of Compliance
£110,000 – £160,000
UK Head of Compliance
£95,000 – £125,000
Directors
£90,000 – £130,000
Global Head of Compliance
£160,000 – £250,000
Global Head of Compliance
£140,000 – £180,000
Partners
£120,000 – £220,000+
Financial Crime: AML Sanctions and Fraud
Retail Banking / Insurance (Re)
Role
Salary
Role
Salary
Role
Salary
Financial Crime Manager
£55,000 – £70,000
Compliance Analyst
£40,000 – £60,000
Compliance Analyst
£45,000 – £65,000
Head of Financial Crime
£100,000 – £160,000
Compliance Manager
£55,000 – £70,000
Compliance Manager
£70,000 – £85,000
Head of Fraud
£95,000 – £130,000
Senior Compliance Manager
£65,000 – £90,000
Senior Compliance Manager
£85,000 – £110,000
Head of Aml
£95,000 – £150,000
UK Head of Compliance
£80,000 – £150,000
UK Head of Compliance
£110,000 – £140,000
Head of Sanctions
£120,000 – £200,000
European Head of Compliance
£120,000 – £180,000
European Head of Compliance
£140,000 – £220,000
Global Head of Financial Crime
£170,000 – £220,000
Global Head of Compliance
£1800,000 – £250,000
Global Head of Compliance
£250,000 – £350,000
Global Head of Fraud
£190,000 – £220,000
Global Head of Aml
£180,000 – £225,000
Global Head of Sanctions
£220,000 – £300,000
Control Room
MLRO / CF11
£120,000 – £200,000
Role
Salary
Role
Salary
Control Room Analyst
£40,000 – £65,000
Product Compliance VP
£70,000 – £95,000
Control Room Manager
£60,000 – £100,000
Product Compliance SVP
£90,000 – £120,000
Head of Control Room
£100,000 – £180,000
Product Compliance Head
£130,000 – £235,000
Product Compliance Director
£140,000 – £280,000
Product Compliance MD
£180,000 – £300,000
49
Investment and Corporate Banking
Front Office
Banking &
Financial Services
Banking & Financial
Services
Overview
“The Banking & Financial Services market has finally emerged
blinking into the sunlight after a wholesale hibernation over
the last 5 years. 2014 saw a marked increase in confidence and
hiring across the market.”
Richard Hoar
Director, Banking & Financial Services
Banking & Financial Services / Overview
Overview
For the second successive year, we are able
to confidently say that the market has
improved, and again look forward with
optimism on what 2015 will bring. Sign off
issues and hiring freezes were uncommon
although not completely eradicated, and
operations managers were often given
budget to replace leavers or to expand
their teams rather than just for business
critical hires.
The majority of Operations, hiring takes place at
Senior Analyst or Associate / AVP level, although
this year has seen a rise in VP / Director hiring
activity, as banks look to attract the top talent
from their competitors rather than relying on
internal moves to save cost.
Similarly to last year, regulatory pressures
have been the main driver for recruitment,
with major projects focusing on EMIR, MiFID
2, CASS, Dodd Frank and FATCA requiring
significant headcount. This will not change in
2015, and a new breed of regulatory specialists
have become extremely employable from an
Operations perspective.
Transaction Reporting and Control divisions
have been heavily invested in by many of the
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52
major investment banks, and competition for
talent has been fierce, with several moves
within this area between rivals. Opportunities
have been prevalent for both BAU TR
processing, TR Oversight, Quality Assurance and
Change Management candidates.
The most employable candidates are those
at either senior analyst or junior AVP level,
degree educated with middle office exposure to
regulatory projects and a product specialism.
Roles within Collateral and Clearing have been
popular, and collateral optimisation projects
have been invested in across the market.
Candidates with TriOptima experience or CSA
expertise have been in demand.
For the first time in a number of years, we have
experienced a slight decline in the number of
KYC Onboarding and remediation vacancies.
This can be attributed to the drive in recent
years to recruit permanent analysts rather than
short term contract solutions on inflated rates.
Investment Management
The Investment Management Operations
market remains buoyant, with multiple hires in
the same areas.
Client Reporting and roles within Fund Services
have arguably been the busiest areas, alongside
a steady demand for multi-asset Performance
Analysts. The focus on increasing accurate and
frequent monitoring of investments has led to
a rise in reporting specialists at all levels, and
candidates who also hold niche LDI exposure
have been particularly popular.
The Oversight skill set is still in demand, and we
have seen a number of clients recruiting Fund
Accountants into this space. Data Management
has also been a busy area, where clients require
experience of monitoring and assessing the
performance of agent banks.
Candidates who hold performance or client
reporting data experience are particularly
sought after, with technical system skills
including VBA or SQL being an advantage.
Notably, we have seen an increase in the
number of Investment Banking candidates
seeking a career on the buy side, and this
attractive move has also been well received
by clients. Candidates with CFA qualifications
have found their chances of interview
increased within most investment management
operations teams.
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53
Contacts
Goodman Masson
120 Aldersgate Street
London EC1A 4JQ
Tel: +44 (0)20 7336 7711
Fax: +44 (0)20 7336 7722
info@goodmanmasson.com
www.goodmanmasson.com