Goodman Masson Salary Guide 2015

Salary Guide

2015

http://www.goodmanmasson.com

mailto:[email protected]

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

Accountancy & Finance / Commerce & Industry

Qualified

Energy & Utilities

IT & Telecoms

Media

Property & Construction

Retail, FMCG & Leisure

Part Qualified & Transactional

Professional Services

Management Consultancy

Advisory

Audit & Assurance

Specialist Divisions

ActuarialPrivate Equity –Finance DirectorNHS & Government

Charity

Internal Audit

Tax In-house

Tax Practice

Treasury

Compliance

Banking & Financial Services

Overview



Accountancy & Finance

Accountancy & Finance / Commerce & Industry

Qualified

Energy & Utilities

IT & Telecoms

Media






“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.

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.

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Accountancy & Finance / Qualified

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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.

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.

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Accountancy & Finance / Energy & Utilities

Energy & Utilities – Qualified Mid Cap and Multi-national

Role 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)

Financial AccountantMid 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

Group AccountantMid 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

Management AccountantMid 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

Finance AnalystMid 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

Finance ManagerMid 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

Financial ControllerMid 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

Finance DirectorMid 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

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

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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.

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.

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Accountancy & Finance / IT & Telecoms

IT & Telecoms – Qualified Mid Cap and Multi-national




Multi-national £48,000 – £55,000 £250 – £275 £52,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £48,000 – £55,000 £275 – £300 £52,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £48,000 – £55,000 £250 – £275 £52,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £48,000 – £55,000 £250 – £275 £54,000 – £60,000 £300 – £350 £60,000+ £350 – £450 £60,000+ £375 – £475


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


Multi-national – – £55,000 – £75,000 £325 – £375 £65,000 – £80,000 £375 – £500 £75,000 – £120,000 £450 – £700


Multi-national – – – £400 – £500 £80,000 – £150,000 £500 – £1,000 £120,000+ £500 – £2,000

IT & Telecoms – SME


Newly Qualified £42,000 – £48,000 £200 – £225


Finance Manager £50,000 – £60,000 £250 – £300



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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.

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.

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Accountancy & Finance / Media

Media – Qualified Mid Cap and Multi-national




Multi-national £48,000 – £55,000 £250 – £275 £55,000 – £65,000 £300 – £350 £60,000+ £350 – £450 £60,000+ £350 – £400


Multi-national £48,000 – £55,000 £275 – £300 £55,000 – £65,000 £300 – £350 £60,000+ £350 – £450 £60,000+ £350 – £400


Multi-national £48,000 – £55,000 £250 – £275 £55,000 – £65,000 £300 – £350 £60,000+ £350 – £450 £60,000+ £350 – £400


Multi-national £50,000 – £55,000 £250 – £275 £58,000 – £70,000 £300 – £350 £65,000+ £350 – £450 £65,000+ £375 – £475

Finance ManagerMid 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

Financial ControllerMid Cap – £65,000 – £75,000 £300 – £350 £70,000 – £85,000 £350 – £450 £75,000 – £120,000 £400 – £500

Multi-national – – £65,000 – £80,000 £325 – £375 £70,000 – £85,000 £375 – £500 £80,000 – £120,000 £450 – £700


Multi-national – – – £400 – £500 £85,000 – £150,000 £500 – £1,000 £120,000+ £500 – £2,000

Media – SME


Newly Qualified £42,000 – £48,000 £225 – £250


Finance Manager £50,000 – £60,000 £250 – £300



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Accountancy & Finance / 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

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.

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Accountancy & Finance / Property & Construction

Property & Construction – Qualified Mid Cap and Multi-national




Multi-national £48,000 – £55,000 £275 – £300 £52,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £48,000 – £55,000 £275 – £325 £52,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £48,000 – £55,000 £275 – £300 £52,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £48 – 55,000 £275 – £325 £54,000 – £60,000 £300 – £350 £60,000+ £350 – £450 £60,000+ £375 – £475


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


Multi-national – – £55,000 – £75,000 £325 – £375 £65,000 – £80,000 £375 – £500 £75,000 – £120,000 £450 – £700


Multi-national – – – £400 – £500 £80,000 – £150,000 £500 – £1,000 £120,000+ £500 – £2,000

Property & Construction – SME


Newly Qualified £45,000 – £48,000 £250 – £275


Finance Manager £50,000 – £60,000 £250 – £300



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Accountancy & Finance / 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.

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?

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Accountancy & Finance / Retail, FMCG & Leisure

Retail, FMCG & Leisure – Qualified Mid Cap and Multi-national




Multi-national £45,000 – £53,000 £250 – £275 £53,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £45,000 – £53,000 £275 – £300 £53,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £45,000 – £53,000 £250 – £275 £53,000 – £60,000 £300 – £350 £55,000+ £350 – £450 £55,000+ £350 – £400


Multi-national £45,000 – £52,000 £250 – £275 £54,000 – £60,000 £300 – £350 £60,000+ £350 – £450 £60,000+ £375 – £475


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

Financial Controller (Group)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


Multi-national – – – £400 – £500 £90,000 – £150,000 £500 – £1,000 £120,000+ £500 – £2,000

Chief Financial Officer Multi-national – – – – £200,000+ £1,000+ £140,000 £500 – £1,000

Retail, FMCG & Leisure – SME


Newly Qualified £43,000 – £50,000 £200 – £225


Finance Manager £50,000 – £60,000 £250 – £300



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Accountancy & Finance / 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.

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.

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Accountancy & Finance / Part Qualified & Transactional

Part Qualified

Role Foundation Studier Intermediate Studier Top Level Studier Temp (p / h)

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

Finance Analyst £20,000 – £28,000 £28,000 – £35,000 £36,000 – £45,000 £14 – £25

Transactional

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

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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


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.

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.

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Professional Services / Management Consultancy


Role 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+

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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.

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.

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Professional Services / Public Practice – Advisory

Forensic Accounting

Role Big 4 / Top 20 / Boutiques Top 20 (non – Big 4)

Partner £150,000+ £140,000+

Director £95,000 – £105,000 £88,000 – £140,000

Senior Manager £70,000 – £100,000 £67,000 – £88,000

Manager £55,000 – £70,000 £51,000 – £67,000

Assistant Manager / Executive £44,000 – £54,000 £37,000 – £50,000

Associate £25,000 – £38,000 £22,000 – £35,000

Corporate Finance

Role Big 4 / Top 10 Top 20 (non – Big 4)

Partner £180,000+ £170,000+

Director £100,000 – £170,000 £120,000 – £160,000

Senior Manager / Assistant Director £65,000 – £95,000 £57,000 – £90,000

Manager £55,000 – £70,000 £50,000 – £68,000

Assistant Manager / Executive £45,000 – £55,000 Up to £45,000

Associate – £22,000 – £35,000

Corporate Recovery – Big 4 / Top 20

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

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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.

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.

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 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.

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.

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Professional Services / Public Practice – Audit & Assurance

External Audit

Role ACA ACCA

London Home Counties London Home Counties

Salaried Partner £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

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Specialist Divisons

Specialist Divisions

ActuarialPrivate Equity –Finance DirectorNHS & 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.

PensionsThe 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.

InvestmentsThe 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.

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Specialist / Actuarial

Actuarial

LEVEL

Junior (0 – 2 yrs) Part Qualified Nearly / Newly Qualified Qualified (2 – 4 yrs) Senior Qualified

Life 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+

GI 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+

Pensions 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+

Investment 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+

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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.

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.

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Specialist / Private Equity – Finance Director

Private Equity

Role Salary Bonus Equity

Finance Director £100,000 – £170,000 10 – 20% 0 – 3%

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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.

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.

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Specialist / Public Sector & Not-For-Profit – NHS & Government

NHS – Perm

Perm as of April 2013

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

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)

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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.

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.

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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 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+

Finance Manager – £200 – 300 (p / d) £300+ (p / d) –

Financial Controller – – £350 – 500 (p / d) £450+ (p / d)

Head of Finance – – – £450+ (p / d)

Finance Director – – – £550 – 1000 (p / d)

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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.

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.

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Specialist / Internal Audit

Internal Audit

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+

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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 TaxTrends, 2013 vs 2014:

• 17% increase in Tax Risk Management roles

• 12% increase in Transfer Pricing roles

• 8% increase in specialist Tax Accounting roles

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.

Candidates who were able to demonstrate experience within these areas were in strong

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.

Financial Services TaxTrends, 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

Over the last 12 months, the tax market in financial services has shown good levels of

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.

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Specialist / Tax In-house

Tax – Banking & Financial Services – Banking (Group Tax)

Role Base Salary Bonus

Managing Director / Head of Tax £130,000 – £300,000 30 – 100%

Director £110,000 – £190,000 30 – 100%

Vice President / Senior Manager £75,000 – £115,000 20 – 60%

Assistant VP / Manager £40,000 – £65,000 10 – 50%

Associate / Assistant Manager £25,000 – £58,000 5 – 15%

Tax – Banking & Financial Services – Financial Services (Group Tax)


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


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%

Tax – Commerce & Industry

Role London Home Counties

Newly Qualified Tax Specialist £43,000 – £50,000 £40,000 – £47,000

Assistant Tax Manager £50,000 – £55,000 £45,000 – £50,000

UK Tax Accountant £40,000 – £55,000 £40,000 – £50,000

UK Tax Manager £55,000 – £70,000 £50,000 – £60,000

European Tax Accountant £58,000 – £65,000 £52,000 – £59,000

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

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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:

• 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

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.

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

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

• Transfer Pricing / value Chain Transformation

• Tax management Consulting

• Human Capital Tax

• Performance & Reward

• Financial Services Tax

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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.

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


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.

page 46



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)

(figures shown are basic salaries exc. allowances / bonuses)

Treasury – Commerce & Industry

Role London & South East UK (exc. South East)

Group TreasurerFTSE 100 £135,000+ £125,000+

FTSE 250 £105,000+ £95,000+

Assistant TreasurerFTSE 100 £90,000 – £135,000 £80,000 – £125,000

FTSE 250 £70,000 – £95,000 £60,000 – £85,000

Treasury Manager5+ years’ experience £70,000 – £90,000 £55,000 – £75,000

2 – 4 years’ experience £55,000 – £75,000 £45,000 – £65,000

Treasury Accountant3+ years’ experience £60,000 – £75,000 £55,000 – £65,000


Treasury Analyst3+ years’ experience £42,000 – £57,000 £32,000 – £47,000


page 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

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.

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.

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.

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.

Key Trends

• 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

page 48



Specialist / Compliance

Investment and Corporate Banking

Role Salary

Compliance Analyst £45,000 – £65,000

Compliance Manager £70,000 – £85,000

Senior Compliance Manager £85,000 – £110,000

UK Head of Compliance £110,000 – £140,000

European Head of Compliance £140,000 – £220,000

Global Head of Compliance £250,000 – £350,000

Consultancies

Role Salary

Assistant Manager £40,000 – £50,000

Manager £50,000 – £60,000

Senior Manager £60,000 – £90,000

Directors £90,000 – £130,000

Partners £120,000 – £220,000+

Retail Banking / Insurance (Re)

Role Salary





European Head of Compliance £120,000 – £180,000


Consumer Finance Firms / Insuranse / (Re)

Role Salary






Front Office

Role Salary

Product Compliance VP £70,000 – £95,000

Product Compliance SVP £90,000 – £120,000

Product Compliance Head £130,000 – £235,000

Product Compliance Director £140,000 – £280,000

Product Compliance MD £180,000 – £300,000

Asset / Wealth and Hedge Firms

Role Salary






Financial Crime: AML Sanctions and Fraud

Role Salary

Financial Crime Manager £55,000 – £70,000

Head of Financial Crime £100,000 – £160,000

Head of Fraud £95,000 – £130,000

Head of Aml £95,000 – £150,000

Head of Sanctions £120,000 – £200,000

Global Head of Financial Crime £170,000 – £220,000

Global Head of Fraud £190,000 – £220,000

Global Head of Aml £180,000 – £225,000

Global Head of Sanctions £220,000 – £300,000

MLRO / CF11 £120,000 – £200,000

Control Room

Role Salary

Control Room Analyst £40,000 – £65,000

Control Room Manager £60,000 – £100,000

Head of Control Room £100,000 – £180,000

page 49





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

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 ManagementThe 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.

page 52



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Contacts

Goodman Masson

120 Aldersgate StreetLondon EC1A 4JQ

Tel: +44 (0)20 7336 7711Fax: +44 (0)20 7336 7722

[email protected]

www.goodmanmasson.com



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Goodman Masson Salary Guide 2015

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