SALARY GUIDE 2016 - Goodman Masson - London’s · PDF filemessage from ceo guy hayward...

SALARY GUIDE 2016

MESSAGE FROM CEO

GUY HAYWARD

CEO – GOODMAN MASSON

WHAT IF EVERY DAY WE WOKE EXCITED ABOUT GOING TO WORK?

WHAT WOULD BE THE IMPACT ON BUSINESSES’ COMPETITIVENESS

IF WE WERE ENGAGED IN OUR JOBS?

WHAT WOULD THE IMPACT BE ON OUR PERFORMANCE LEVELS

IF OUR EMPLOYERS LOOKED AFTER US?

Questions I love to ask, as I remain puzzled that time and again we hear

stories of a failure to look after the people inside the organisations we all

work in.

On average we spend 90,000 hours at work during a lifetime… it has to be

a place that challenges, engages, inspires and makes us happy. When it

isn’t such a place we actively seek it elsewhere.

There are many factors that impact this. Do we have the right tools and

infrastructure to be able to do a great job? Do we have the opportunity to

professionally develop and do we work in an environment that we want to

be part of and don’t want to leave?

And of course, are we well and correctly rewarded? Do we feel valued, does

our annual income reflect our contribution, and are we deserving

of more? Questions that hopefully this salary guide will help you to answer.

By taking contributions from the 400 finance professionals who register

with us every week, we hope it does.

Enjoy a fabulous 2016.

My warm regards,

Guy

goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: [email protected]

UK SALARY GUIDE - 2016

2

http://www.goodmanmasson.com/

mailto:info%40goodmanmasson.com?subject=

Accountancy & Finance

CONTENTS

Professional Services Specialist Divisions Banking & FinancialServices

Advisory

Audit & Assurance

Overview Actuarial

Private Equity -

Finance Director

C & I Internal Audit

Financial Services Advisory

In House Tax

Practice Tax

Treasury

Compliance

Qualified

Oil & Gas

Technology & Telecoms

Media

Property, Construction

and Infrastructure

Leisure, FMCG & Retail

Part Qualified

& Transactional

NHS

Charities & Not-for-Profit

goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: [email protected] 3



Based in London and Düsseldorf, we hold annual revenues exceeding £35 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 320 companies across the UK and Ireland, including 73

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:

• ‘The Best Recruitment Company to Work For’ - Recruitment International UK: 2015

• ‘Most Effective Pay & Benefits Strategy’ - Recruiter: Investing in Talent: 2015

• ‘Most Innovative Benefit’ - Recruiter: Investing in Talent: 2015

• ‘Most Effective Team Motivation Event’ - Recruiter: Investing in Talent: 2015

• Winner of ‘Best Workplaces - Medium Category’ - Great Place to Work: 2015

• ‘Delivering Excellence in Wellbeing’ - Great Place to Work: 2015

• ‘The Best Recruitment Company to Work For’ - Recruitment International UK: 2014

• ‘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

• Top 10 in The Sunday Times ‘100 Best Small Companies to Work For’ - 2011 & 2012

• APSCo ‘Recruitment Company of the Year’ - 2011

ABOUT GOODMAN MASSON

SPECIALIST DIVISIONS

PROFESSIONAL SERVICES

BANKING & FINANCIALSERVICES

ACCOUNTANCY & FINANCE

goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: [email protected]

UK SALARY GUIDE - 2016

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.

4




• QUALIFIED• ENERGY & UTILITIES• TECHNOLOGY & TELECOMS• MEDIA• PROPERTY, CONSTRUCTION, INFRASTRUCTURE• LEISURE, FMCG & RETAIL• PART QUALIFIED & TRANSACTIONAL• NHS• CHARITIES & NOT-FOR-PROFIT



QUALIFIED

2015 WAS A VERY POSITIVE YEAR FOR OUR

INDUSTRY AND COMMERCE DIVISION, WITH

A NOTICEABLE SHIFT IN HIRING PATTERNS

AND A HIGHER DEMAND FOR COMMERCIAL

FINANCE PROFESSIONALS THAT CAN ASSIST

WITH REVENUE GROWTH.

The vast majority of our clients have had a larger budget for hiring

and growing their teams in 2015 in order to assist with the increased

demands from their businesses. This trend has resulted in a 32% uplift

in jobs registered when compared to the same period in 2014 - a

significant change.

The majority of our vertical markets have followed this trend, with the

biggest winner being the retail/consumer sector. The growth here has

been driven by consumer confidence and consumer spending, with most

clients still investing heavily in their e-commerce capabilities. The anomaly

has been the Oil and Gas sector, it has been a difficult year with plenty of

press coverage regarding the fall in oil prices, consolidation of companies

and ultimately job cuts. Most of these organisations have been following

the remit of building leaner team structures with support staff and finance

teams have felt the brunt of this.

The biggest challenge that our clients face in this market is the battle

for talent. The increased demand has not yet matched the supply of

candidates, and we anticipate that this will continue throughout 2016. We

have seen companies become much more aggressive with counter offers to

candidates looking to leave their organisations, with offers of pay rises and

promotions. In some instances this has affected the time it takes to hire.

The best candidates will have multiple opportunities to consider and the

hiring process will be prolonged.

The conditions above all contribute to a market that is driven by candidates

and therefore the competition for the best available talent has pushed up

salaries. Predicting the conditions of next year’s market is always a difficult

thing to do, the most accurate reflection is always the information supplied

to us by our clients, which seems very positive. It has been a while since we

have seen this number of large scale projects being actioned, projects such

as system implementations, exploring new markets and acquisitions – this

all points to a buoyant employment market in the Finance sector.





ENERGY & UTILITIES

WITH THE OIL PRICE CRASH FROM $110

A BARREL TO $35, ALONG WITH THE

CONTINUING UNCERTAINTY IN OTHER

MAJOR COMMODITIES, WE HAVE NOTED

A MARKED DECREASE IN HIRING

CONFIDENCE SINCE THEN.

A further 5,500 jobs have been shed (across all disciplines) in the North

Sea, the continuing insecurity created by the sanctions being lifted on Iran,

the uncertainty around Iron Ore and the demand from China, copper price

fluctuations and the high possibility of the end of “Big Oil” with

Shell withdrawing from the Arctic and the recent environmental disaster

in Brazil have been the big stories and contributed to the doubts in the

market.

We continue to work across the AIM community and have successfully

placed numerous Financial Controller positions, this has been the hot area

for the year. The majority of these have been replacement positions after a

resignation, and this is a common theme across the market. These

salaries have all been above the £100,000 mark.

There has been no activity in the Big Mining Houses, as is becoming a

common theme over the past few years.

There has been only minor hiring activity in Oilfield Services, as costs are

squeezed and contracts expire. Some of the blue chips have had terrible

years financially and it will be a few years before this sector returns to

health. The M&A activity around Schlumberger, Cameron, Baker Hughes

and Halliburton is certainly interesting and may help bring forward future

hiring plans in this sub-sector.

It has been mid cap and AIM listed businesses who have been the

most active with regards to recruitment. There is a continued demand

for candidates with 2-3 years post qualified experience for Financial

Accountant or Group Accountant roles at circa £60,000. There has been

very little requirements at all for Operational, Project and Joint Venture

focused skill sets.

As we grow our Natural Resources business we have increased the amount

of internal placements, with successful placements in Kurdistan, Geneva

and Abu Dhabi. This is an area we will continue to grow as we offer a truly

global finance recruitment model for our Natural Resources clients already

established in London and new clients in the Middle East, Europe and

Africa.

There has been some positivity from Shell CEO Ben Van Beurden – in a

presentation in Q4 2015 he claimed that oil markets are beginning to

recover, though the scale of global oversupply means prices may rise only

slowly. Phillipe Guys, former UK MD of Total has highlighted the issue of

stagnation in hiring, so a strategy to counteract this is beneficial for all.

Improvement undoubtedly takes time and the outlook, certainly for 2016,

is going to remain one of cautiousness and low levels of hiring.





ENERGY & UTILITIES - QUALIFIED MID CAP & MULTI-NATIONAL

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 Accountant 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

ManagementAccountant

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

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 Controller Mid Cap - - £50,000 - £70,000 £300 - £350 £65,000 - £80,000 £350 - £450 £80,000 - £120,000 £400 - £500

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

Financial 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

0-2 years 2-5 years 5-10 years 10 years +

Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Role





ENERGY & UTILITIES - SME

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

Perm Temp (p/d) Role




User driven technology seems to be the key, with the continued

advancement of smartphones and therefore app based products such

as payment solutions, interactive advertising and social networking.

Another key trend is the thirst for information driving the ‘Big Data’

market. Challenges around capturing, analysing and making sense of

huge amounts of data from the ‘Internet of Things’ has led to a number of

interesting new businesses starting up in this space. This has also led to

some of the bigger, more traditional media and information services firms

expanding further into this market.

So how has this affected our business within the Technology and Telecoms

sector? Well naturally we have seen further growth in the SME space.

50% of our revenue came from businesses turning over £300m or less, with

25% coming from businesses less than four years in age. This is certainly

an exciting sign for the Tech/Telco sector as a whole. Our blue chip

revenue came from multiple hires by a smaller group of key clients hiring

consistently throughout the year. These businesses all have established

recruitment teams onsite, but this shows there is still an important place for

agencies to work in partnership with ‘in house’ teams to resolve particular

recruitment challenges.

With regards to the hiring focus of businesses, we definitely saw a huge

drive towards ‘Business Partners’ i.e. finance professionals who can work

closely with non-finance departments of organisations to drive value.

There is a battle to secure this kind of talent which has driven up salaries,

particularly at a newly qualified level where competition for candidates

is high.

2015 SAW ANOTHER YEAR OF GROWTH

ACROSS THE TECHNOLOGY AND TELECOMS

SECTOR. YOU ONLY NEED TO READ THE

NEWS REGULARLY OR FLICK THROUGH

THE CITY AM TO SEE THAT THE SECTOR IS

THRIVING WITH THE SHEER NUMBER OF

INNOVATIVE AND CREATIVE STARTUPS THAT

ARE LAYING THEIR FOUNDATIONS

IN LONDON.

TECHNOLOGY & TELECOMS





TECHNOLOGY & TELECOMS - QUALIFIED MID CAP & MULTI - NATIONAL


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

Group Accountant 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 £55,000 - £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 £55,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400


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


Multi-national £50,000 - £60,000 £300 - £350 £60,000 - £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







TECHNOLOGY & TELECOMS - SME

Newly Qualified £45,000 - £50,000 £250 - £225


Finance Manager £55,000 - £65,000 £250 - £300









MEDIA

2015 WAS A VERY POSITIVE YEAR FOR

RECRUITMENT IN THE MEDIA SPACE,

AND IT LOOKS AS IF THE GOOD TIMES

WILL LAST. 2014 SAW A YEAR ON YEAR

INCREASE IN VACANCIES OF 21%, AND 2015

SAW A FURTHER 15% INCREASE ON THAT,

RESULTING IN A 19% INCREASE

IN PLACEMENTS.

With no slowing in sight, there were a few key trends that developed

in 2015. The first is a staggering 39% increase in Commercial Finance

openings on last year, as media businesses turn their attention back

to driving growth and increasing revenue, be it through diversification,

organic growth or acquisition. The second is continued momentum in the

senior market, with vacancies at a base salary of £85k or higher, making

up 23% of vacancies against an average of just over 14% over the past 5

years. One particularly encouraging trend has been the evolving face of

publishing with consolidations and mergers, plus fast growing start-ups

in the e-book space attracting talent back to the industry.

As the consumption of media continues to evolve, traditional print and

book publishers have diverted their focus, with rights management and

the creation of digital content taking over as key revenue generators.

Increased investment and growth in the success of the digital publishing

space has drawn candidates back to publishing, where they have been

hesitant in the past. There have been roles created for Business Partners

to add value in supporting new revenue streams developed by evolving

technologies. Overall confidence in the publishing market has seen an

incremental increase in finance recruitment where finance teams has been

cut in previous years.

The media and entertainment space has been a particularly exciting

segment of the market in 2015, with Goodman Masson experiencing over

a 40% increase in job flow across this space. This increase in vacancies can

be attributed to several factors, the most obvious being the development

and distribution of highly successful and popular media content from the

UK to international markets, and UK headquartered businesses continuing

their investment in the emerging markets through both organic growth and

acquisition, resulting in increases to headcount.

Finally, one of the most positive and long awaited uplifts in recruitment

patterns has been within the creative agency space. 2015 has seen close

to double the vacancies against this time 2 years ago, with again many

of these roles being commercially focused, or within fast growing SMEs

or start-ups. The reality is businesses need to remain relevant in terms of

digital and technological innovation to compete, and they must partner

with specialist agencies to do this. Agencies within the creative and

communications space are investing in top finance talent more than ever

before to drive performance from their current clients and partner with

commercial teams to develop the best proposals for new client pitches.

As ever, there are still a number of challenges within the media space.

Businesses are realising that selling points such as a fun and more laid

back working culture, whilst operating in a space candidates can relate

to and are passionate about is no longer enough to attract top talent to

their finance teams. Last year we have increasingly seen we have seen

media companies reviewing remuneration packages to compete with their

competitors in the Technology, FMCG and Retail space for talent.




MEDIA - QUALIFIED MID CAP & MULTI - NATIONAL


Multi-national £48,000 - £55,000 £250 - £275 £60,000 - £70,000 £300 - £350 £65,000+ £350 - £450 £65,000+ £350 - £400


Multi-national £50,000 - £55,000 £275 - £300 £60,000 - £70,000 £300 - £350 £65,000+ £350 - £450 £65,000+ £350 - £400


Mid Cap £47,000 - £52,000 £250 - £275 £55,000 - £65,000 £270 - £325 £65,000+ £325 - £375 £65,000+ £325 - £400

Multi-national £48,000 - £55,000 £250 - £275 £60,000 - £70,000 £300 - £350 £65,000+ £350 - £450 £65,000+ £350 - £400


Multi-national £50,000 - £55,000 £250 - £275 £60,000 - £70,000 £300 - £350 £70,000+ £350 - £450 £70,000+ £375 - £475

Finance ManagerMid Cap £52,000 - £58,000 £250 - £300 £60,000 - £70,000 £300 - £350 £70,000 - £80,000 £325 - £375 £70,000 - £90,000 £350 - £400

Multi-national £55,000 - £60,000 £250 - £300 £65,000 - £70,000 £325 - £375 £65,000 - £80,000 £350 - £400 £75,000 - £95,000 £375 - £425


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


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








MEDIA - SME

Newly Qualified £45,000 - £50,000 £250 - £225


Finance Manager £55,000 - £65,000 £250 - £300








PROPERTY, CONSTRUCTION & INFRASTRUCTURE

A ROBUST ECONOMIC FORECAST AND THE

GOVERNMENT’S STRONG INFRASTRUCTURE

PIPELINE WILL HELP THE INDUSTRY

CONTINUE ITS RECENT GROWTH,

ACCORDING TO SOME OF THE UK’S LEADING

ECONOMISTS.

The UK is the top-performing economy in the G7 group, it grew fastest of

the top seven in 2014 and was fastest growing in 2015. All of these facts

point to another strong year in 2016 and beyond, with the pipeline looking

strong for large infrastructure projects. Residential house building in

London and the South East continues to be right at the top of the political

agenda, and the appetite for development of prime London real estate

continues to be incredibly aggressive.

2015 saw a modest increase in the number of vacancies registered across

the Property, Construction and Infrastructure sector versus 2014. The

market continues to remain very strong for the most in demand candidates,

many of them are receiving multiple offers and an aggressive approach

from employers to retain their best people. This has driven salary levels up

to an even greater extent.

Due to the general positivity surrounding the economy, a number of our

FTSE 250 clients have embarked on major systems or transformation

projects which has resulted in a huge demand for temporary Finance

staff. Over the past 12 months we have evidenced at least a 10-15%

increase in rates being offered to candidates and rate negotiations taking

place at extension of contract, which was relatively uncommon

in early 2015.

The newly qualified ACA market continues to go from strength to strength,

with candidates able to command a 10-20% salary increase by moving

out of practice into industry. This market has always been competitive,

however 2015 saw unprecedented levels of competition between

employers.

Large businesses are also more active at the Finance Manager and

Financial Controller market, with much more external recruitment taking

place at the £65 - 90k level. This has been evidenced by a 25% increase in

this salary bracket during 2015 versus 2014.

The outlook for 2016 is very positive across all clients operating in the

Property and Construction space. It will be interesting to see how the

anticipated growth in the sector will impact on hiring levels within the

finance community.




PROPERTY & CONSTRUCTION - QUALIFIED MID CAP & MULTI-NATIONAL


Multi-national £47,000 - £55,000 £280 - £320 £55,000 - £65,000 £325 - £375 £55,000+ £350 - £450 £55,000+ £350 - £400


Multi-national £47,000 - £55,000 £280 - £320 £55,000 - £65,000 £325 - £375 £55,000+ £350 - £450 £55,000+ £350 - £400


Mid Cap £45,000 - £50,000 £270 - £300 £50,000 - £60,000 £280 - £320 £55,000+ £325 - £375 £55,000+ £325 - £400

Multi-national £45,000 - £55,000 £280 - £320 £55,000 - £65,000 £325 - £375 £55,000+ £350 - £450 £55,000+ £350 - £400


Multi-national £47,000 - £55,000 £300 - £340 £55,000 - £65,000 £325 - £375 £60,000+ £350 - £450 £60,000+ £375 - £475


Multi-national £52,000 - £60,000 £325 - £375 £60,000 - £75,000 £350 - £400 £60,000 - £80,000 £350 - £450 £70,000 - £90,000 £375 - £425


Multi-national - - £60,000 - £75,000 £350 - £400 £65,000 - £80,000 £375 - £500 £75,000 - £120,000 £450 - £700


Multi-national - - £90,000+ £450 - £550 £80,000 - £150,000 £500 - £1,000 £120,000+ £500 - £2,000








PROPERTY & CONSTRUCTION - SME

Newly Qualified £45,000 - £50,000 £250 - £275


SME Finance Manager £50,000 - £60,000 £275 - £350








LEISURE, FMCG & RETAIL

HAVING SEEN SOME INITIAL OPTIMISM

IN 2014, THE CONSUMER SECTOR SAW

A STRONG YEAR IN 2015 BOOSTED BY

CONSUMER’S INCREASED SPENDING POWER,

CREATED BY LOW INFLATION AND THE

RECOVERY IN WAGE GROWTH. THIS FILTERED

DOWN INTO RECRUITMENT ACTIVITY,

WHERE THERE WAS A 20% INCREASE IN

THE NUMBER OF ROLES COMPARED TO

2014. A SIGNIFICANT PROPORTION OF THIS

WAS DUE TO SEVERAL NEWLY CREATED

ROLES, PARTICULARLY ON THE COMMERCIAL

FINANCE SIDE.

Looking at specific sectors, the stand out performer in 2015 was the Leisure

sector with hotels, bars and restaurants outperforming the rest. London

has seen a record 179 restaurant launches over the past year and this has

resulted in a number of new roles, particularly as chains have expanded.

Interim hire has been necessary as a consequence of the increase in M&A

activity across the gambling space.

Within retail, 2015 has been a more challenging year as the boost in

disposable income has largely been spent on leisure, although it is a

positive sign that there are over 50% less bankruptcies compared to 2014.

Spending on non-essentials went up and the supermarkets sector has

remained competitive, with more replacement hires compared to 2014.

The slowdown of spending in the Middle East and China has dampened

the success across a number of luxury retailers, resulting in a slowdown in

hiring in H2, though there continues to be high growth through SMEs who

are looking to expand internationally. As always, the weather has been

unpredictable causing highs and lows throughout 2015.

FMCG also found 2015 to be a better year, with a number of hires as

companies created new finance teams in London. Across the SME and blue

chip environment, there have been more new hires than replacements.

As always, the volume of roles has been highest at the recently qualified

level (0-2 years PQE), but with the increased demand at all levels,

competition has been fierce for the best candidates. Whilst Deloitte started

promoting their best newly qualified ACAs to Manager after a couple of

years, in a bid to retain the best talent, the Big 4 have just done something

not seen since the start of the recession – they have increased the salary

their trainees qualify on.

The significance of this is that it is now increasingly challenging to fill newly

qualified roles demanding top talent at the £45,000 mark. Across Retail,

Leisure and FMCG, the newly created Commercial Finance roles have

meant that demand has been particularly high for finance analysts who

have qualified in industry, and the best candidates can command closer to

£50,000. This strong demand has been seen across the 0-5yrs experience

level and as the ‘war on talent’ intensifies, meeting a candidate’s salary

expectations, protests against counter offers and the possibility of multiple

offers, can make the difference between securing them or not.

At the senior end, the market has also come back to life. The second half

of the year was particularly busy, with a mix of replacement roles in larger

businesses and Director of Finance or FD roles being created in growing

SMEs.

Looking at 2016, with interest rate rises only a “possibility not a certainty,”

we expect consumer spending to remain or exceed the levels seen this

year. We expect job flow to remain strong and wage growth to continue,

particularly as the introduction of the living wage is not expected to affect

hiring plans in finance. As the UK market remains in better shape than

many overseas markets, there is also the chance that more businesses will

want an active presence here, fueling job growth.




LEISURE, FMCG & RETAIL - QUALIFIED MID CAP & MULTI-NATIONAL

Financial AccountantMid Cap £45,000 - £50,000 £250 - £275 £50,000 - £60,000 £300 - £350 £55,000+ £325 - £375 - £325 - £400

Multi-national £47,000 - £55,000 £250 - £300 £55,000 - £65,000 £300 - £350 £60,000+ £350 - £450 - £350 - £400

Group Accountant Mid Cap £45,000 - £50,000 £275 - £325 £50,000 - £60,000 £325 - £400 £55,000+ £325 - £375 - £325 - £400

Multi-national £47,000 - £53,000 £275 - £350 £55,000 - £65,000 £300 - £350 £60,000+ £350 - £450 - £350 - £400


Mid Cap £45,000 - £50,000 £250 - £280 £50,000 - £60,000 £270 - £325 £55,000+ £325 - £375 - £325 - £400

Multi-national £45,000 - £53,000 £250 - £300 £55,000 - £65,000 £300 - £350 £55,000+ £350 - £450 - £350 - £400

Finance AnalystMid Cap £45,000 - £55,000 £250 - £280 £52,000 - £60,000 £270 - £325 £60,000+ £325 - £375 - £350 - £450

Multi-national £47,000 - £55,000 £250 - £300 £55,000 - £65,000 £300 - £350 £60,000+ £350 - £450 - £375 - £475

Finance ManagerMid Cap £50,000 - £55,000 £250 - £350 £55,000 - £65,000 £300 - £400 £60,000+ £325 - £400 £70,000 - £90,000 £350 - £400

Multi-national £52,000 - £60,000 £300 - £350 £60,000 - £75,000 £325 - £375 £65,000+ £350 - £400 £75,000 - £95,000 £375 - £425

Financial Controller (Group)

Mid Cap - - £50,000 - £70,000 £350 - £400 £70,000+ £350 - £450 £70,000 - £120,000 £400 - £500

Multi-national - - £55,000 - £70,000 £350 - £450 £75,000+ £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 - - - - £140,000+ £1,000+ £200,000+ £500 - £1,000








LEISURE, FMCG & RETAIL - SME

Newly Qualified £45,000 - £50,000 £250 - £280


Finance Manager £50,000 - £65,000 £270 - £400








PART QUALIFIED & TRANSACTIONAL

2015 SAW A STRONG INCREASE IN PART

QUALIFIED REQUIREMENTS AND A STABLE

FLOW OF TRANSACTIONAL ROLES.

Q1 & Q2 SAW AN EXCITING MOVEMENT

IN 2015, WITH A 30% INCREASE ON

REQUIREMENTS ACROSS TEMPORARY,

CONTRACT AND PERMANENT POSITIONS.

THIS WAS COMPLIMENTED BY STEADY

GROWTH DURING THE SECOND HALF

OF THE YEAR.

The increased demand for Part Qualified candidates in 2014 has continued

throughout 2015 – this has been a result of increased headcount across

all sectors. There has been a noticeable movement in finalist level hiring,

particularly Financial and Commercial Analysts – this is due to the

continuous growth of the industry and strong competition.

With this increase in demand there has been a shift in salary expectations.

Employers are more engaged in the market which is why there is an

increase with aggressive counteroffers. Also, due to the increased

requirements, candidates tend to demand a higher premium due to the

skills shortage that is affecting London.

The speed of placements has been one of the major changes we have

noticed; our strongest candidates will be active in the market typically

for 1-3 weeks before they get placed. This is a stark change from previous

years due to the increase of roles, particularly around the junior/part

qualified teams where companies are opting for development

focused futures.

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 2016 we are expecting to see the trend of increasing levels of Part

Qualified & Transactional hiring continue, and our temporary capabilities to

follow suit.





PART QUALIFIED

Assistant Accountant £24,000 - £30,000 £30,000 - £35,000 - £12 - £20

Assistant Management Accountant £24,000 - £30,000 £30,000 - £35,000 - £15 - £20

Assistant Financial Accountant £26,000 - £30,000 £30,000 - £35,000 - £15 - £20

Financial Accountant - £30,000 - £35,000 £36,000 - £45,000 £15 - £25

Management Accountant £25,000 - £28,000 £30,000 - £35,000 £36,000 - £45,000 £16 - £23

Finance Analyst £25,000 - £28,000 £28,000 - £35,000 £36,000 - £45,000 £16 - £23

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





I&C TRANSACTIONAL

Accounts Payable Assistant £20,000 - £26,000 £11 - £14

AP Manager £35,000 - £45,000 £16 - £22

Accounts Receivable Assistant £22,000 - £26,000 £11 - £14

Credit Controller £25,000 - £28,000 £11 - £15

Credit Control Senior £28,000 - £35,000 £14 - £18

Credit Manager £35,000 - £65,000 £18 - £30

Accounts Assistant £24,000 - £28,000 £12 - £16

Billing Assistant £25,000 - £32,000 £13 - £16

Billings Manager £30,000 - £40,000 £16 - £21

Payroll Assistant £22,000 - £35,000 £11 - £14

Payroll Manager £40,000 - £55,000 £17 - £22

Graduate £20,000 - £25,000 £10 - £14

AP Supervisor £27,000 - £35,000 £15 - £20

Perm Temp (p/h) Role





FINANCIAL SERVICES PART QUALIFIED

Assistant Accountant £24,000 - £28,000 £30,000 - £35,000 - £12 - £17

Assistant Management Accountant £24,000 - £30,000 £30,000 - £35,000 - £12 - £17

Assistant Financial Accountant £26,000 - £30,000 £30,000 - £35,000 - £13 - £17

Financial Accountant - £30,000 - £38,000 £40,000 - £45,000 £15 - £23

Management Accountant £25,000 - £28,000 £30,000 - £35,000 £36,000 - £45,000 £13 - £23

Finance Analyst £25,000 - £28,000 £28,000 - £35,000 £36,000 - £45,000 £13 - £23

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





FINANCIAL SERVICES TRANSACTIONAL

Accounts Payable Assistant £22,000 - £28,000 £11 - £14

AP Manager £40,000 - £55,000 £20 - £26

Accounts Receivable Assistant £22,000 - £28,000 £11 - £14


Credit Control Senior £32,000 - £40,000 £16 - 20

Credit Manager £40,000 - £60,000 £20 - £30

Accounts Assistant £24,000 - £32,000 £12 - £16

Payroll Manager £40,000 - £55,000 £20 - £26

Graduate £24,000 - £28,000 £12 - £14

AP Supervisor £31,000 - £38,000 £15 - £18






CREDIT MANAGEMENT

Head of Credit £60,000 - £80,000 £30 - £40

Credit Controller Manager £40,000 - £60,000 £20 - £30

Credit Controller Supervisor £30,000 - £40,000 £15 - £20

Senior Credit Controller £30,000 - £35,000 £15 - £17.50


Group Credit Manager £50,000 - £70,000 £25 - £35





NHS

IN 2015 THE NHS FACED AN OVERALL

DEFICIT OF AT LEAST £2BN AND A 4%

ANNUAL RISE IN DEMAND. 2015 WAS

UNQUESTIONABLY A TOUGH YEAR FOR

THE HEALTHCARE ECONOMY, AND THERE IS

LITTLE SIGN OF THIS CHANGING FOR 2016.

This challenging environment has understandably created a need for

Interim Finance Consultants who can work under pressure to implement

and deliver cost improvements programmes. There is little to no room for

error, and good Interim Finance Consultants have to take this in their stride

and use their leadership qualities to be able to steer their finance team to

a successful improvement journey. These attributes include resilience, good

communication skills, emotional intelligence, technical skills and a proven

ability to work strategically.

With the continued demand for increased efficiency and cost saving

across NHS, contractors who can engage budget holders and effectively

turnaround those who have been unable to get costs under control, has

remained a paramount skillset. Alongside communication skills, the need

for interim accountants to have high level analytical skills has continued

to be highly important, particularly in the case of delivering long-term

financial plans. These skills ensure management have a full and accurate

understanding of figures, and can make informed decisions on necessary

changes. This skillset will continue to remain key when hiring in 2016.

The focus on costing in the NHS has led to an increased recognition on

how costing helps organisations to understand variations, and make more

robust decisions around the performance and delivery of services. As such,

there has been a call for highly trained costing staff, particularly with PLICs

and reference costing skills.

A handful of NHS hiring managers have taken the approach of purposely

hiring Interim Accountants from outside the sector. Firstly, on a cost saving

basis, there is a saving to be made by hiring Interim Accountants who do

not have experience in the NHS, as non-NHS professionals are lower in cost

and can also offer different ideas and views on ways of working.

In 2016 there will be a further clamp down on agency spend, with

regulatory bodies enforcing spending caps and ensuring that NHS staff are

hired through approved NHS framework suppliers. As an approved NMNC

supplier, Goodman Masson understands this is a necessary action and

believes a move away from unregulated agencies is essential in helping

finance teams make required cost savings.

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 finance departments

across the NHS. 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.






NHS - PERM

Band 5 £25,000 - £33,500

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

Band 6 £31,000 - £41,000





NHS INTERIM (DAILY RATES)

Management / Financial Accountant £150 - £200 £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -

Finance Analyst £150 - £200 £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -

Project Accountant £150 - £200 £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -

Finance Manager - £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -

Head of MA / FA - - - - £500 - £600 £550 - £650 - -

Financial Controller - - - - £500 - £600 £500 - £600 - -

Head of Finance - - - - £500 - £600 £550 - £600 £600 - £700 -

Deputy Finance Director - - - - £500 - £600 £500 - £600 £600 - £700 -

Finance Director / Deputy CFO - - - - - - £600 - £700 £700 - £1,000

CFO - - - - - - - £900+

Band 6 Band 7 Band 8A Band 8B Band 8C Band 8D Band 9 Band 10 Role




CHARITIES & NOT-FOR-PROFIT

THERE IS NO SUCH THING AS BAD

PUBLICITY, AND 2015 WAS A COLOURFUL

YEAR FOR THE CHARITY AND NOT-FOR-

PROFIT SECTOR. WE SAW REPUTATIONAL

HIGHS AND LOWS AS ORGANISATIONS HAVE

EXPERIENCED THE CHALLENGES OF FALLING

PUBLIC GRANTS, INCREASED COMPETITION,

AND FINANCIAL SCANDAL AS WELL AS THE

ADVANTAGES OF HEIGHTENED VOLUNTARY

DONATIONS AND COMMERCIALISATION.

A recent report by M&G Investments confirmed the sector has just

experienced its 16th consecutive month of growth in income. An impressive

statistic when we recall the landscape following the 2010 spending

review. What’s more impressive is that voluntary income has been the

largest contributor to this growth, more than compensating for the fall in

government funding.

Good financial management has been a focus for sector leaders

for a while, last year’s headlines have proved just how integral to an

organisation’s success this is. This has resulted in an influx of finance

candidates from the private sector who are introducing more stringent

financial control and commercial acumen through a more involved business

partnering style, putting finance staff in the centre of strategic decision

making.

Of course as the Charity sector has become busier so have other markets,

which means the competition for good candidates is intensified and Not-

For-Profits are inevitably falling behind in the salary stakes. Some are

responding to this by increasing salaries in a bid to attract a higher calibre

of candidates, but for many this isn’t possible. So the attention is turning to

what benefits Charities & Non-Profits can offer beside financial reward.

What is exciting, is that finance teams have the spotlight and with still

much change to implement and new projects like the FRS 102 conversions,

we will be increasingly busier over the course of 2016.

EDUCATION

As a whole 2015 was an extremely exciting period for the education sector,

particularly within Academy Trusts, Academies and Free Schools.

Much of this is due to the fact David Cameron has very clearly outlined

plans that eventually every school in the UK will have Academy status. This

will encourage not just struggling schools, but highly successful ones to

change status, with additional time and resources being made available to

attract new Academy sponsors.

More and more Academy Trusts are looking to attract commercial

candidates, so as a result we have seen an increase in senior level salaries

to a level more attractive to Finance Directors, Finance Managers and

Controllers in the commercial sectors.

As a result of this we are expecting to see increases in the number of

candidates making the switch between the Commercial sector into

Academy Trusts, as the expansion of trusts and numbers of academies

converting shows no sign of slowing down, with more and more trusts

opting for a centralised finance function.

According to the REAch2 CEO Steve Lancashire, continued growth in the

sector looks likely: “This growth can be seen against a wider context of the

Government wanting to see all maintained schools become academies,

leading to a number of Academy Trusts to grow and new trusts to form.”

The result of this is that there will be more finance leadership roles based

both on-site at the Academies, as well as in the centralised Finance teams.

An exciting prospect for all concerned who have a passion for providing

future generations with the best education, facilities and opportunities

possible.





CHARITIES & NOT-FOR-PROFIT – PERM

Management / Financial Accountant £38 - 45k £42 - 46k £45 - 50k -

Assistant Accountant £24 - 30k £30 - 35k

Assistant Management/Financial Accountant

£24 - 30k £30 - 35k

Finance Manager £45 - 50k £48 - 55k £55 - 60k £60k+

Financial Controller - £50 - 55k £52 - 58k £55k+

Head of Finance - £50 - 55k £52 - 60k £60k+

Finance Director - - - £70k+

Financial Analyst £40 - 42k £42 - 46k £45 - 50k -

1-2 years 2-4 years 4-6 years 6 years+

Foundation Studier Intermediate Studier

Role

Role





CHARITIES & NOT-FOR-PROFIT – TEMP


Management / Financial Accountant £200 - £225 £210 - £250 £225 - £275 £250 - £300

Finance Manager - £250 - £300 £275 - £350 £300 - £375

Financial Controller - £275 - £325 £300 - £400 £350 - £450

Head of Finance - - £350 - £500 £450 - £600

Finance Director - - - £450 - £800

Financial Analyst £200 - £250 £225 - £275 £250 - £300 £250 - £350

1-2 years (p/d) 2-4 years (p/d) 4-6 years (p/d) 6 years+ (p/d) Role



“WITH REGARDS TO THE HIRING FOCUS OF BUSINESSES, WE DEFINITELY SAW A HUGE DRIVE TOWARDS ‘BUSINESS PARTNERS’ I.E. FINANCE PROFESSIONALS WHO CAN WORK CLOSELY WITH NON-FINANCE DEPARTMENTS OF ORGANISATIONS TO DRIVE VALUE.”

David TaylorMANAGER - TECHNOLOGY, MEDIA & TELECOMS - QUALIFIED FINANCE


• ADVISORY• AUDIT & ASSURANCE



ADVISORY

THE RECRUITMENT MARKET CONTINUES TO

FOLLOW RECENT TRENDS, WITH GROWTH

CONTINUING THROUGH 2015. HIRING IN

2015 WAS STEADY AND MORE CONSIDERED

THAN THE PAST COUPLE OF YEARS, WITH

FIRMS LOOKING TO HIRE IN NUMEROUS

AREAS BUT WITH A MORE STRATEGIC

APPROACH TO PROCESSES. FIRMS ARE

LOOKING TO ATTRACT AND RETAIN THE

TOP TALENT IN THE LONDON MARKET MORE

THAN EVER, AND THIS IS BEING REFLECTED

IN THE OVERALL PACKAGES OFFERED.

Corporate Finance recruitment remained fluid throughout 2015 with

the Top 20 and Boutique firms continuing to add to their teams. The Big

4 continue to hire across all levels with a focus on the Senior Manager

level. A lot of the more junior recruitment is now filled with internal moves

as opposed to previously seeking external talent into the business. The

majority of roles have been focused around Transaction Services, with

many firms looking to recruit into these areas quite aggressively. Roles in

M&A and Strategy are appearing less common in the market, with many

firms encouraging internal moves and upskilling current employees as

opposed to hiring.

The Forensic Market continued to be active but perhaps at a slightly slower

pace. Boutique firms have been hiring throughout the last year at all levels

and continue to compete and offer an alternative to the Big 4 for clients

and candidates alike. Job flow across the Big 4 is not as buoyant as 2014,

as the firms have become more particular in what they are looking for.

The market generally has seen a slight shift in the type of recruitment in

Forensics, with 2015 having had more of a focus on the Digital Forensics

arena.

The demand will remain for candidates in areas of Advisory going

forward, good candidates are hard to find and are reluctant to make like

for like moves. For candidates to make these moves it is crucial to ensure

competitive packages are offered to avoid losing out to competitors.





FORENSIC ACCOUNTING

Partner £150,000+ £140,000+

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

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

Assistant Manager / Executive £46,000 - £54,000 £37,000 - £50,000

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

Big 4 / Boutique Top 20 Role





CORPORATE FINANCE

Partner £180,000+ £170,000+

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 £47,000

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

Big 4 / Boutique Top 20 Role





RISK ADVISORY SERVICES - INTERNAL AUDIT

Executive £42,000 - £47,000

Senior Manager £61,000 - £77,000

Director £80,000 - £110,000

Manager £53,000 - £59,000

Big 4 / Boutique Role





AUDIT & ASSURANCE

THE BIG 4 HAVE CONTINUED TO RECRUIT

NEWLY QUALIFIED ACA’S INTO THEIR AUDIT

GROUPS. HOWEVER, THE PACE SLOWED

IN 2015 AS DEMAND LEVELED OUT AFTER

2 YEARS OF FRANTIC RECRUITING. NEWLY

QUALIFIED ACA’S FROM THE TOP 20 FIRMS

WERE HIGHLY SOUGHT AFTER, WHILE THE

CANDIDATES FROM THE TOP 50 FIRMS

FOUND IT SLIGHTLY MORE CHALLENGING TO

JOIN THE BIG 4.

The slowdown in Big 4 recruitment gave the Top 20 firms an opportunity

to recruit high quality candidates at all levels into Audit. The shortage of

candidates is still a challenge, but many of the Top 20 will have finished

2015 pleased with some of the new joiners they will have in early 2016.

Their decision to increase their Audit Senior salaries is the primary reason

for attracting high quality individuals. At Audit Director and Manager level,

the firms now offer much more flexibility in relation to flexible hours and

work life balance.

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.

Salaries in Practice are increasing at all levels with the gap between

Practice and Industry and Practice closing.





EXTERNAL AUDIT

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 £40,000 - £46,000 £39,000 - £44,000 £38,000 - £44,000 £37,000 - £43,000

ACA / ACCA Finalist £33,000 - £38,000 £30,000 - £34,000 £33,000 - £38,000 £32,000 - £37,000

Role

ACA ACCA

London Home Counties London Home Counties



“THE BIG 4 CONTINUE TO HIRE ACROSS ALL LEVELS WITH A FOCUS ON THE SENIOR MANAGER LEVEL. A LOT OF THE MORE JUNIOR RECRUITMENT IS NOW FILLED WITH INTERNAL MOVES AS OPPOSED TO PREVIOUSLY SEEKING EXTERNAL TALENT INTO THE BUSINESS.”

Aaron FinlayCONSULTANT, PUBLIC PRACTICE


• ACTUARIAL• PRIVATE EQUITY - FINANCE DIRECTOR• C & I INTERNAL AUDIT• FINANCIAL SERVICES ADVISORY• IN HOUSE TAX• PRACTICE TAX• TREASURY• COMPLIANCE


ACTUARIAL

GENERAL INSURANCE

The General Insurance market saw a great influx of jobs earlier in the year

within the consultancies, the majority of them, with the Big 4, though there

were also some roles within smaller Boutique consultancies. There’s been a

constant flow of jobs within Reserving, Capital Modelling and more recently

Pricing, as well as across the Lloyd’s and London market and Personal/

Commercial Lines Insurers. Having said that, many actuaries are holding

tight whilst their employers go through mergers and acquisitions (that

seems to be the common trend amongst many insurers this year). 2015 saw

Capital Modelling jobs in decline and consultancies and insurers expanding

their Pricing teams. Most companies are now fully set up for Solvency II

submissions in 2016, a significant change since last year where there was

an increased demand in Model Validation, Governance and Documentation

actuaries.

LIFE INSURANCE

2015 was a steady year for Actuarial recruitment following on from a

buoyant market in 2014, which had been largely led by Solvency II

readiness from the Life Insurance industry. Vacancy levels have been

similar to 2014, there has been a lot of consolidation in the market with

some high-profile mergers including large insurers and niche specialist

annuity providers. Consultancies in particular have been growing, and

this has not solely been driven by Solvency II but based on longer term

strategic planning based on the need for their services. Hiring levels have

remained healthy across the industry and the fight for strong Actuarial

talent has remained fierce amongst both life insurers & consultancies.

INVESTMENTS

The investment market got off to a strong start in 2015, with a number of

our asset management and fiduciary clients looking to add headcount

in anticipation of increased business levels or to populate new lines of

business. We saw particular activity in LDI Structuring, Client Relationship

Management/Support, Distribution and Multi-Asset teams. Though this

activity peaked in the first 6 months, it has continued steadily throughout

the year. The Investment Consulting market has also seen a steady flow of

roles throughout the year, with DC Investment and Investment Strategy/

Derivative specialists in particularly high demand at all levels. There has

also been several senior hires together with a higher than usual number of

roles in Fund Manager Research across almost all asset classes.

PENSIONS

2015 followed on from 2014’s upturn in the level of recruitment activity

from across the pensions industry. Perhaps the biggest change has been

the number of roles we have seen in the regions outside of London. Bristol,

Birmingham, Manchester, Leeds, Edinburgh and Glasgow have all seen

increased investment and growth, as firms have looked to take advantage

of the talent and greater cost efficiencies found outside of the capital.

Despite this, London remains the most active region in the country, with

traditional consultancies and Big 4 Accountancy firms seeking to expand

at all levels. Arguably, the biggest shift in the city has been at a number of

the Big 4 firms, who are now looking to expand into the trustee space; an

area that has traditionally been the reserve of the traditional consultancies.

Bulk Annuity providers have also continued to offer Pensions Actuaries an

opportunity to move into Insurance, a trend we expect to continue in 2016.


2015 HAS BEEN A STEADY YEAR OVERALL

WITH SOME ACTUARIAL SECTORS

HAVING HAD STRONGER GROWTH THAN

OTHERS. THE GENERAL INSURANCE

MARKET SAW ORGANISATIONS HIRING

MORE PROFESSIONALS FOR GROWING

PRICING TEAMS WHEREAS COMPETITION

INCREASED ACROSS THE BOARD FOR

TALENTED ACTUARIES IN LIFE INSURANCE.

THE INVESTMENTS SECTOR BEGAN 2015

STRONG WITH MANY FIRMS LOOKING TO

INCREASE THEIR WORKFORCE NUMBERS

WHILST THE PENSIONS MARKET SAW A RISE

IN AVAILABILITY OF ROLES OUTSIDE OF

THE CAPITAL.





ACTUARIAL

•••

Life

London £28,000 - £37,000 £35,000 - £55,000 £55,000 - £68,000 £68,000 - £90,000 £100,000+

South East £25,000 - £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 - £60,000 £58,000 - £78,000 £80,000+

North £22,000 - £34,000 £30,000 - £42,000 £45,000 - £60,000 £55,000 - £75,000 £80,000+

Scotland £22,000 - £34,000 £30,000 - £42,000 £45,000 - £60,000 £55,000 - £75,000 £80,000+

GI

London £30,000 - £42,000 £40,000 - £60,000 £55,000 - £90,000 £80,000 - £130,000 £130,000+

South East £25,000 - £40,000 £38,000 - £50,000 £50,000 - £70,000 £60,000 - £100,000 £100,000+

South West £24,000 - £36,000 £36,000 - £46,000 £46,000 - £65,000 £60,000 - £85,000 £85,000+

Midlands £24,000 - £34,000 £34,000 - £46,000 £46,000 - £65,000 £60,000 - £80,000 £80,000+

North £22,000 - £35,000 £34,000 - £44,000 £42,000 - £60,000 £55,000 - £90,000 £90,000+

Scotland £22,000 - £35,000 £34,000 - £44,000 £42,000 - £60,000 £55,000 - £85,000 £85,000+

Level

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




•••

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 £33,000 - £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 £28,000 - £40,000 £37,000 - £48,000 £45,000 - £65,000 £65,000 - £90,000 £90,000+

South East £28,000 - £38,000 £36,000 - £46,000 £44,000 - £65,000 £65,000 - £90,000 £90,000+

South West £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+

Midlands £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+

North £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+

Scotland £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+

Level

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





PRIVATE EQUITY - FINANCE DIRECTOR

2015 WAS A YEAR THAT SHOWED PROMISE

AND A BUSY Q4.

Deal flow took its time in 2015 – a mixture of a general election, a nervous

stock market and a summer that felt like it went on forever has resulted

in pent up demand landing at the end of the year. 2016 should be a strong

year for well backed entrepreneurial businesses looking for Finance

Directors.

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 businesses.


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

Salary Bonus Equity Role





C & I INTERNAL AUDIT

2015 WAS AN EXCEPTIONALLY BUSY TIME

FOR THE COMMERCE & INDUSTRY INTERNAL

AUDIT MARKET. AS A TEAM, WE HAVE

SEEN FURTHER GROWTH IN JOB FLOW

THROUGHOUT 2015, WITH A 30% INCREASE

OF LIVE VACANCIES REGISTERED IN 2014.

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 Oil and Gas, which has

been declining in light of recent market events.

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 2015 were pretty consistent with that of 2014. 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 2015 was 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 £50,000

- £60,000 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.





C & I INTERNAL AUDIT

Internal Auditor (newly qualified) £50,000 - £55,000 £43,000 - £45,000

Internal Audit Manager £65,000 - £75,000 £55,000 - £70,000

Senior IA Manager £75,000 - £95,000 £65,000 - £80,000

Head of Audit £100,000+ £85,000+

Senior Internal Auditor £55,000 - £65,000 £50,000 - £58,000

London (C&I) SE Regions Role





FINANCIAL SERVICES ADVISORY


EXPERIENCED ANOTHER EXTREMELY

BUOYANT YEAR FROM A RECRUITING

PERSPECTIVE, WITH ALL OF THE BIG 4

FIRMS AND ALSO THE SPECIALIST

ADVISORY HOUSES HIRING LARGE VOLUMES

OF PEOPLE, MANY OF WHOM HAVE BEEN

MAKING THEIR FIRST FORAY INTO THE

CONSULTING WORLD.

MOST OF THIS HAS BEEN DRIVEN BY AN

ONGOING DEMAND FOR EXTERNAL ADVICE

AND ASSURANCE ON REGULATORY DRIVEN

CHANGE BY BANKS, INVESTMENT FIRMS AND

INSURANCE COMPANIES.

Goodman Masson operates in 3 distinct areas of FS Advisory – Risk &

Regulation, Product Control & Valuations and Compliance & Financial Crime.

Within Risk & Regulation, there has been demand across all major service

lines, especially Quantitative Risk, Market and Counterparty Risk, Credit

Risk and Regulatory Assurance. As ever, it has been challenging to move

candidates between firms, instead most hires have been Risk or Regulatory

Specialists working in banks who have made the move into Advisory. We

expect this trend to continue into 2016 and beyond, as financial institutions

struggle to manage the extensive amount of new regulation being

implemented.

Within Product Control & Valuations 2015 was a quiet year, with only a

handful of roles coming out to market. However, we have had a significant

demand for industry finance professionals to join the specialist regulatory

and Product Finance Assurance.

Within Compliance and Financial Crime, we saw financial crime advisory

and forensic positions remain consistent throughout the year. Like 2014,

headcounts across practice for these types of roles started high, and has

often been increased during the year to adjust for significant increases

in workflow. The focus for Big 4 is typically at the Senior Manager grade,

although we are now seeing a number of hires being made for strong

manager level candidates. In Boutique Advisory firms we are seeing

aggressive expansion from a number of firms at all levels to bolster

ranks and compete with bigger firms on projects. Salaries in 2015 largely

remained the same as 2014 for Big 4 firms, with occasional allowances

being made for significant hires. Smaller firms are being a lot more flexible

with how they pay in a bid to attract top talent, and we are seeing the gap

between these types of firms increase. Across Regulatory Advisory roles the

market has again changed little from the large scale hiring we saw in 2015.

Regulatory Advisory roles are being actively recruited across the entire

market ranging from Conduct Risk to CASS. We are seeing a particular

need for strong senior level candidates with a technical regulatory CASS

background to move in to senior manager and above positions. On this side

of things we are seeing salaries increase and be more flexible due to the

shortage of skillset and businesses are being more flexible in the ways they

are attracting top talent.

For 2016 it looks like this level of recruitment will continue. There are still

a number of key hires to be made across this sector, and with upcoming

regulatory developments such as MiFID II and SMR it is likely that Advisory

firms will have the volume of work to support this. The key issues that the

market faces in terms of talent acquisition is the competition in the market.

Companies that are not able to move quickly and be flexible, to compete

with the increased likelihood of candidates in multiple processes, will lose

out.






Consultant Up to £48k

Manager Up to £85k

Senior Manager £85,000 - £130,000

Director £105,000 - £160,000

Senior Consultant / Executive Up to £60k

Financial and PerformanceManagement

Role





IN HOUSE TAX

In previous salary survey commentaries we usually talk about there being

a particular upturn of hiring in 1 or 2 areas on tax (corporate tax, UK or

International, Transfer Pricing or Indirect Taxes), however 2015 saw a

consistent drip-feed of roles across all disciplines.

DETAILS OF THE TRENDS

Overall, job flow was up 23% YOY across in - house C&I Tax.

Corporate Tax – strong movement in international tax structuring and

project roles – not from traditional planning concepts, but from an increase

in Corporate M&A and post-merger integration structuring.

Transfer Pricing – with the OECD releasing the final package of measures

for reform of the international tax system under the Base Erosion and Profit

Shifting (BEPS) developments, clients were extremely keen to analyse the

evolution of these actions as quickly as possible.

Indirect Taxes – there was a particular emphasis on improving overall

global control frameworks and upgrading ERP programmes. In-house

Heads of VAT strongly pushed towards quicker, more efficient data with

higher integrity. There was also an upturn in newly created Customs and

Excise positions.

FORECAST FOR THE COMING YEAR

We are predicting a resilient job market in 2016. If certain global markets

were more stable and BRIC countries were in a financially healthier position

we would go as far as to predict a strong 2016, but they are not. 2015 saw

a healthy pipeline of positions across Direct and Indirect Tax disciplines, we

think this will happen next year too.

2015 WAS AN INTRIGUING YEAR FOR THE IN-

HOUSE COMMERCE & INDUSTRY TAX MARKET.

JOB FLOW WAS NEVER A PROBLEM AND THERE

WAS STILL A GREAT SELECTION OF TOP

CLASS TALENT TO CHOOSE FROM. HOWEVER,

RECRUITMENT PROCESSES MOVED SLOWLY,

REACHING OFFER STAGES WERE PROTRACTED

AND OFTEN PACKAGE AGREEMENTS WERE

EVENTUALLY PUT ON HOLD OR PULLED.

POSITIVELY, THERE WERE SOME EXCITING

HIRING PROJECTS WITH MNCS, INCLUDING

THE CONSTRUCTION OF LARGE, HIGH PROFILE

TAX TEAMS. HOWEVER, SOME MARKETS

(PREDICTABLY OIL AND GAS) WERE HIT

HARD BY VOLATILITY IN GLOBAL MARKETS

AND UNCERTAINTY IN CHINA’S GROWTH

FORECASTS.





IN HOUSE TAX - COMMERCE & INDUSTRY

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

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 Manager £60,000 - £130,000 £60,000 - £75,000

Transfer Pricing Analyst £35,000 - £50,000 £35,000 - £45,000

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

London Home Counties Role

•••





Head of Transfer Pricing £80,000 - £130,000 £70,000 - £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

Group Tax Manager £65,000 - £110,000 £60,000 - £90,000

London Home Counties Role

•••





THE FINANCIAL SERVICES MARKET

THE FINANCIAL SERVICES MARKET HAS

SEEN INCREDIBLE AMOUNTS OF ACTIVITY,

IN TERMS OF REVENUE GROWTH, BIG

RESTRUCTURES AND EVEN M&A ACTIVITY.

WITH A NUMBER OF US AND ASIAN

BUSINESSES STARTING TO INVEST IN THE

UK MARKET AGAIN. LONDON IS SEEING

MORE MERGERS, PARTICULARLY ACROSS

THE INSURANCE MARKET, AS OVERSEES

BUSINESSES TRY TO INCREASE THEIR

FOOTPRINT IN THE LLOYD’S OF LONDON

MARKET.

As the senior level, the market has also seen some very interesting moves,

with Big 4 Partners moving in-house, and on the other hand, we have seen

a number of industry leaders venturing back into the world of professional

services. Speaking to a number of clients there seems to be a common

agreement amongst the peer group; the recession seemed to force its

will on both the professional services and financial services markets, with

redundancies and budget cuts at the time now having had a knock on

affect, reducing the volume of talent at the senior end of the market.

Likewise, the lack of grad intakes during this time has also impacted the

AVP / Manager Grade, and hence some financial institutions have opted to

hire from the wider Commerce & Industry market when failing to hire from

the professional services firms

HOTTEST AREAS

With FATCA in the height of its popularity, and everybody already talking

about CRS, it is no surprise that the Big 4 firms and financial institutions

are quick to react to CV’s that have any mention of Tax Operations, FATCA

/ QI, CRS, WHT, FTT, product taxes, or any other investment or funds

taxes. The only problem being the finite supply of these candidates, as

most have come through less traditional routes prior to moving into tax

operations – many coming out of an asset servicing or fund administrative

type role before eventually moving across. With the Big 4 firms never one

to miss a trick, all have been building new teams around these capabilities,

again taking many people from the market itself in order to keep up with

demand.

•••





LEVEL: FS TAX – OPERATIONAL TAXES

Director (SVP), Business Head £110,000 - £140,000 20% - 60%

Senior Manager (VP), Local /Functional Head

£70,000 - £115,000 10% - 45%

Manager (AVP) £48,000 - £70,000 0% - 30%

Analyst £35,000 - £52,000 0% - 20%

Associate £30,000 - £38,000 0% - 10%

Base Salary Bonus Role





LEVEL: FS TAX - GROUP/ BACK OFFICE/ FRONT OFFICE SUPPORT

Managing Director / Group Director / Global Head

£155,000 - £325,000 50% - 100%+

Executive Director / Regional Head (SVP) £135,000 - £185,000 40% - 100%+

Director / Local Head of (VP) £110,000 - £155,000 30% - 100%

Senior Manager / Group Manager /Functional Head of (VP)

£75,000 - £125,000 10% - 45%

Analyst £45,000 - £65,000 0% - 20%

Manager (AVP) £60,000 - £80,000 0% - 30%

Associate £30,000 - £42,000 0% - 15%






PRACTICE TAX

THE SECOND HALF OF 2015 SAW A SURGE

IN THE NUMBERS OF VACANCIES AMONGST

THE PROFESSIONAL SERVICES FIRMS, LED

OF COURSE BY THE BIG 4, BUT NOT TO BE

OUTDONE, THE MID-TIER FIRMS WERE ALSO

HIRING EXCESSIVELY.

Across the mid-tier firms, the biggest need across all disciplines seemed to

be at the newly qualified and Senior Manager grades, with a good flow of

internal promotions being attributed to the loss of so many newly qualified

candidates, and creating a strong pool of Managers internally. The Big 4

have continued to achieve impressive double digit growth across a number

of Tax service lines, which has created even more emphasis on attracting

and retaining the best people in such a candidate finite market. As such,

the Big 4 firms have needed to adapt, and be creative when bringing in

new talent.

CREATIVE HIRING METHODS

Whilst the mid-tier firms also needed to find alternative means of hiring

new talent, the Big 4 firms have demonstrated the most amount of flexibility

and creativity when hiring. Some examples include taking candidates from

HMRC, or upskilling Auditors for a number of Tax positions (Corporate Tax,

Employment Tax or Transfer Pricing), from both internal and external teams.

Another trend we have seen much more of, is the appointment of senior

level hires from in-house positions. Historically, the advisory firms have shied

away from bringing people in above manager grade, especially if they had

‘been out of the market’ for two years or more. However, 2015 saw the Big

4 firms all making numerous Partner and Senior Director Level hires, taking

senior level candidates from top-tier FTSE and Fort.500 businesses.

Compared to the mid-tier firms, it appears that the Big 4 firms have the

infrastructure in place to support such alternative hiring methods, certainly

more often anyway.

NO MORE DOOM AND GLOOM

It is fair to say that people in the market are feeling more positive about

where the economy is now, which is certainly reflected in the amount of

new jobs in the market. However, where salary increases and bonuses are

concerned, there still seems to be some ‘doom and gloom’ left in the air, as

many candidates have been left feeling frustrated and disappointed with

the lack of bonuses and marginal pay rises. So it comes as no surprise that

we have seen a surge of candidates willing to look at competing firms in

order to obtain a level of remuneration they believe to be in line with their

market value. With this in mind we also expect to see even more counter

offers, which is an ever-increasing factor in our recruitment strategies.

•••





ANTICIPATED TRENDS AND SKILLS SHORTAGES

In 2015 there were a number of key themes across both the private

practice and in-house markets – a heightened demand for candidates

in Transfer Pricing, M&A Tax, Tax Risk Management and Financial Services

Taxation.

Transfer pricing has rapidly become a very hot topic, to the point where

more often than not we are being drawn into conversations about the

OECD and BEPS. Naturally, this has increased the demand for candidates in

a market that is truly short of dedicated TP practitioners, which in turn

is resulting in a real premium for people in this area.

Whilst M&A Tax has been around for many years and for a while had its

day in the sun, it has seen a rapid rise to fame, owing greatly to how much

M&A and restructuring activity there has been in the market. A sure sign

that the worst is surely behind us? Whilst it is easier to source candidates

from the wider Corporate Tax community for M&A Tax positions, clients

are still struggling to attract candidates, as many feel they will fall foul to

working “Investment Banking hours, but without the Investment Banking

pay”. Whilst many M&A Tax professionals will be paid a premium, or greater

bonuses compared to their peers, many still feel the gap between efforts

vs. reward is still a bridge too far.

•••





PRACTICE TAX

Classic Tax £34,000 - £41,000 £38,000 - £48,000 £51,000 - £63,000 £61,000 - £73,000 £78,000 - £92,000 £90,000 - £115,000 £115,000 - £1900,000

Indirect Tax £34,000 - £41,000 £42,000 - £49,000 £50,000 - £68,000 £67,000 - £82,000 £85,000 - £115,000 £105,000 - £150,000 £125,000 - £220,000

Human Capital £35,000 - £42,000 £46,000 - £48,000 £52,000 - £62,000 £67,000 - £85,000 £78,000 - £110,000 £110,000 - £145,000 £125,000 - £210,000

Private Client £35,000 - £42,000 £42,000 - £48,000 £52,000 - £58,000 £63,000 - £78,000 £78,000 - £110,000 £95,000 - £140,000 £125,000 - £230,000

Senior Assistant Manager Manager Senior Manager Director Principle Partner Top 20





International Tax& Tax Consulting

£42,000 - £52,000 £53,000 - £63,000 £63,000 - £115,000 £105,000 - £175,000 £145,000 - £285,000 £220,000 - £850,000

M & A Tax £44,000 - £53,000 £55,000 - £72,000 £68,000 - £120,000 £110,000 - £185,000 £145,000 - £285,000 £220,000 - £850,000

Indirect Tax £42,000 - £51,000 £53,000 - £69,000 £65,000 - £105,000 £105,000 - £165,000 £145,000 - £285,000 £220,000 - £850,000

Private Client £42,000 - £48,000 £52,000 - £61,000 £63,000 - £95,000 £102,000 - £145,000 £145,000 - £285,000 £220,000 - £850,000

Human Capital £42,000 - £51,000 £53,000 - £69,000 £68,000 - £120,000 £102,000 - £165,000 £145,000 - £285,000 £220,000 - £850,000

FS Tax £44,000 - £53,000 £55,000 - £72,000 £68,000 - £125,000 £110,000 - £185,000 £145,000 - £285,000 £220,000 - £850,000

Assistant Manager Manager Senior Manager Director ED / AP Grades Partner Top 4





TREASURY

TREASURY SAW SOMETHING OF

A RESURGENCE IN 2015, CARRYING ON

FROM THE END OF 2014, A NUMBER OF

DEPUTY ROLES CAME AND WENT, ALONG

WITH SOME INTERESTING ROLES FOR

START-UP COMPANIES. SUMMER WAS A

PARTICULARLY BUSY PERIOD FOR GOODMAN

MASSON IN THE TREASURY AREA, WITH

SOME EXCITING SENIOR TREASURY

MANAGER ROLES COMING IN.

TREASURY COMMERCE AND INDUSTRY

2015 has seen a few Group Treasurers moving into new roles, allowing for

some senior end recruitment to flourish, however it has been the Deputy

Treasurer and Senior Manager vacancies that have been perhaps most

prevalent in the market. Overall this year we have seen some growth in the

Treasury market.

One constant that we have seen for the last few years has been the need

for businesses to hire Technical Treasury Accountants. We mentioned it last

year and, as predicted, 2015 was no different. With the phasing in of IFRS 9,

the Technical Hedge Accountant role has been even more in demand, but

sadly there has been a lack of available talent in the market.

The junior end has continued to expand, with a large number of businesses

looking to integrate a Treasury Analyst into their team. They haven’t

necessarily required Treasury experience and, if they have, it has only been

1-2 years in industry. However, this shows how much Treasury continues to

grow and how important the Treasury department is now viewed within

individual businesses.

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. 2015 continued to

build on this, and continued in the same pattern of requiring individuals

with a strong liquidity background and knowledge of the regulation behind

Liquidity Management.

Perhaps unsurprisingly and in a similar vain to the corporate side, Hedge

Accountants were again in high demand, with teams expanding and

attempting to prepare for the IFRS 9 phasing.

Pleasingly, there was an increasing appetite to recruit for vacancies

externally, especially at VP and AVP levels. More senior level vacancies were

however typically sourced internally through promotions.

SALARIES

Whilst the Treasury market continued to see a growth in vacancies, salaries

tended to stay static after a slight increase in 2014. The most notable

difference was at the mid-level Treasury Analyst level, where there seemed

to be a small increase when a business required a candidate with 2-4 years’

experience.





TREASURY - BANKING & FS

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

Funding Liquidity / Capital Management ALM / IRRBB Treasury Finance Role





TREASURY - BANKING & FS

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 - £80,000 £55,000 - £65,000


Treasury Analyst3+ years’ experience £44,000 - £59,000 £33,000 - £48,000


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





COMPLIANCE

OVERALL, THE DEMAND FOR COMPLIANCE

AND FINANCIAL CRIME PROFESSIONALS

CONTINUES TO INCREASE, AS MORE

SECTORS GO THROUGH PERMISSIONS AND

CURRENT FIRMS EXPAND THEIR PRODUCTS

RANGES. THE CONTINUED INCREASED

REGULATORY PRESSURES, AS WELL AS

RECENT FINES, HAVE CAUSED REGULATED

FIRMS TO REASSESS THEIR COMPLIANCE

FUNCTIONS.

As many of our clients are increasing the size of their Compliance teams

concurrently, this has had a knock-on effect on the number of quality

candidates on the market. Teams are not growing as fast as the last few

years, as we have seen job numbers not increasing at the same rate. For

2016, the active candidate pool is likely to decrease, as we move further

into the passive candidate regime of pre-financial crisis.

Whilst the Compliance function has been incorporated into ‘business

as usual’ in a large number of firms, some still have a culture of keeping

compliance as a ‘to be seen and not consulted’ function. Regulators

continue to extend their reach and influence to ensure that organisations

have fear as their last resort.

Moving forward from the new market regulation, companies have

established internal frameworks to handle existing and forthcoming

regulations. On the whole, businesses are in a much better position to

achieve Compliance, whilst still generating new lines of work. One of the

big changes is the Markets in Financial Instruments Directive (MiFID)

ll. It will come into effect from 2017 and will fundamentally impact all

European financial market firms. As the relevant UK law comes into play

half way through 2016, businesses should prepare for this change sooner

rather than later. This is going to be a big test on the regulators, as they

have the power and resources to move today’s enforcement when firm do

not comply.

Salary trends on the whole, have continued to rise, with an average

increase of 15% for those candidates that change roles, and an average

increase of around 9% of those staying within their current roles,

as employers react to outside market influences. In previous years,

candidates’ salary expectations have often been much higher, as they saw

the opportunity to gain large increases in salary due to the heightened

need for compliance professionals. We have noticed that candidates’

expectations have become a lot more realistic, as the initial hype in

Compliance has subsided and market conditions have become the norm.

The increased demand for permanent compliance professionals is also

having a knock-on effect on the interim market.

In summary, new increased regulation will continue to use firms’ resources

to ensure they are compliant on time, teams will continue to grow, whilst

the candidate pool is likely to decrease.

It will be an interesting 2016 in the sector, as we see how the market forces

find an equilibrium between costs, fines and resources.





COMPLIANCE & FINANCIAL CRIME

Investment andCorporateBanking

AVP £45,000 - £65,000 £200 - £350

VP £70,000 - £85,000 £300 - £450

SVP £85,000 - £110,000 £400 - £500

Head of Compliance £110,000 - £140,000 £450 - £1,500

European Head of Compliance £140,000 - £220,000 £1,000 - £2,000

Global Head of Compliance £250,000 - £350,000 £1,100 - £2,200

Front Office Product Compliance VP £70,000 - £95,000 £400 - £500

Product Compliance SVP £90,000 - £120,000 £450 - £700

Product Compliance Head £130,000 - £235,000 £750 - £1,500

Product Compliance Director £140,000 - £280,000 £800 - £1,800

Product Compliance MD £180,000 - £300,000 £1,000 - £2,000

Control Room Control Room AVP £45,000 - £70,000 £450 - £500

Control Room VP £60,000 - £100,000 £500 - £700

Director of Control Room £100,000 - £180,000 £600 - £1,000

Salary

Permanent Interim Sector Role

•••





•••

Banking AVP £40,000 - £60,000 £400 - £600

VP £55,000 - £70,000 £450 - £650

SVP £65,000 - £90,000 £550 - £750

UK Head of Compliance £80,000 - £150,000 £600 - £1,000

European Head of Compliance £120,000 - £180,000 £750 - £1,200

Global Head of Compliance £1,800,000 - £250,000 £800 - £2,000

Asset Wealthand HedgeManagers

AVP £45,000 - £65,000 £400 - £600

VP £60,000 - £75,000 £450 - £650

Director £75,000 - £100,000 £550 - £750


Global Head of Compliance £160,000 - £250,000 £750 - £2,000

Consultancies Assistant Manager £40,000 - £50,000 £400 - £600

Manager £50,000 - £60,000 £450 - £650

Senior Manager £60,000 - £90,000 £550 - £750

Directors £90,000 - £130,000 £600 - £1,000

Partners £150,000 - £280,000+ £750 - £2,000

Salary


•••





•••

Consumer Finance firms / Insurance /(Re)

Compliance Analyst £40,000 - £55,000 £400 - £600

Compliance Manager £55,000 - £85,000 £450 - £650

Senior Compliance Manager £75,000 - £95,000 £550 - £750


Global Head of Compliance £140,000 - £180,000 £750 - £2,000

Salary


Banking Financial Crime Manager £55,000 - £90,000 £400 - £600

Head of Financial Crime £100,000 - £160,000 £750 - £1,500

Head of Fraud £95,000 - £130,000 £500 - £1,500

Head of AML £95,000 - £150,000 £750 - £1,500

Head of Sanctions £120,000 - £200,000 £800 - £2,000

Global Head of Financial Crime £170,000 - £220,000 £900 - £2,000

Global Head of Fraud £190,000 - £220,000 £900 - £1,500

Global Head of AML £180,000 - £225,000 £900 - £1,500

Global Head of Sanctions £220,000 - £300,000 £1,000 - £2,000

MLRO / CF11 £120,000 - £200,000 -



“THE KEY ISSUES THAT THE MARKET FACES IN TERMS OF TALENT ACQUISITION IS THE COMPETITION IN THE MARKET. COMPANIES THAT ARE NOT ABLE TO MOVE QUICKLY & BE FLEXIBLE, TO COMPETE WITH THE INCREASED LIKELIHOOD OF CANDIDATES IN MULTIPLE PROCESSES, WILL LOSE OUT.”

Scott NyeEXECUTIVE CONSULTANT, BANKING REGULATION & RISK CONSULTING

BANKING & FINANCIALSERVICES• OVERVIEW


BANKING & FINANCIAL SERVICES

BANKING & FINANCIAL SERVICES OVERVIEW

TOWARDS THE END OF 2015, IT’S FAIR

TO SAY THAT THE YEAR GENERALLY SAW

A CONTINUATION OF THE POSITIVITY

IN THE BANKING & FINANCIAL SERVICES

MARKET WE WITNESSED DURING 2014,

WITH CONTINUED STRONG DEMAND FOR

FINANCIAL PROFESSIONALS.

Overall, vacancies remained buoyant in Q1, Q2 and Q3 2015, with only Q4

to date showing a much slower rate of new roles being signed off. This isn’t

unusual, as Q4 isn’t usually a time for many moves, though perhaps it’s a

slight concern that so far the drops look somewhat steeper than those seen

in the same period last year.

Last years ‘hot’ areas of Compliance and other Regulatory led verticals

remains of high demand and we have seen no let-up in demand here.

Front Office hiring has been the proverbial tale of 2 cities, with the

Corporate Finance & M&A business continuing to enjoy a boom in both

revenues and hiring, with a number of banks reporting revenues up 50%

year on year in M&A. Conversely, most firms ‘markets’ businesses have not

enjoyed such a positive 2015, with many seeing falls in revenues of circa

50%. Broadly this has led to hiring growth in M&A and reciprocal falls in

demands within markets focused roles.

Longer term outlook does remain positive for most of the year, with a

recent survey produced midyear by The Telegraph forecasting that London

could see an extra 150,000 jobs created over the next 10 years in Finance

and Technology with the City of London likely to see nearly 50,000 of these

jobs.

When writing the salary guide last year we commented on the potential UK

election result having an impact should there be a coalition or less ‘business

friendly’ labour victory, but the Conservatives securing a majority, whilst

a surprise to many, has left the UK with a stable government focused on

economic stability and supportive of the UK Financial Services industry.

The second half of the year did see the shadow of uncertainty return with

a slowdown in China and the rout of the equity markets having a negative

impact on positivity, although at the time of writing many expect China to

simply delivery sluggish growth as opposed to delivering the feared ‘hard

landing’ in the global economy.

The UK equity markets have (to some extent) bounced back from the

earlier lows, although we are far from back to the record highs recorded

at the start of the year. Again, we must be cautious about how this may

develop into 2016 and what impact it could have on hiring and wider

business performance.

Banks in particular continue to have to address issues of capital raising, with

a number of the major European firms well behind the US banks in their

restructuring agendas, whilst many of the US banks seem on firmer ground.

It is being reported that key Global Banks will need to raise a staggering

1.1 trillion in special debt provisions by 2022 to ensure that in the event of a

crisis, they are not forced to rely on tax payer bailouts. Consequently, cost

cutting and cost management are likely to remain on the agenda for many

years to come.

The year has also seen a number of large banks appoint a new CEO, which

again usually results in a renewed focus on improving RoE and trimming

unnecessary costs and underperforming businesses.

Despite all these potential pressures, the view of the wider UK economy

seems to remain optimistic, with CEO confidence remaining positive.

The recent Annual CEO Confidence survey reported that nearly 80% of

•••




BANKING & FINANCIAL SERVICES

CEOs remain either confident or very confident of their businesses growth

prospects for 2016.

Overall, as we come towards the conclusion of 2015 it’s fair to say that we

have seen a continuation of the positive markets enjoyed in 2014. Whilst

vacancy numbers and hiring demand have not spiked hugely from 2014, it’s

fair that the real comeback was enjoyed in 2014. Whilst there has only been

a slight improvement in 2015 (we recorded a 10% increase in vacancies

from 2014), it has continued to be a good year. We have seen counter offers

increasing in frequency with promotion and out of cycle pay increases

frequently on offer to retain key staff members, which if anything has been

more prevalent than last year as firms continue to need and indeed retain

high calibre staff.

Whilst always tough to predict 2016, we suspect there is likely to be a

continuation of the last 2 years with a mixture of cost pressure, selected

businesses delivering high performance and continued growth for

Regulation and Compliance, which supports a still reasonably favourable

environment for hiring. There are of course shadows on the horizon in the

global economy, with the Chinese slowdown casting the longest shadow,

along with the potential market reaction to BREXIT negotiations and

referendum, though at this stage it is too difficult to predict the potential

impact of these events.

Overall, we remain cautiously optimistic for the year ahead.

•••



“LONGER TERM OUTLOOK DOES REMAIN POSITIVE FOR MOST OF THE YEAR, WITH A RECENT SURVEY PRODUCED MIDYEAR BY THE TELEGRAPH FORECASTING THAT LONDON COULD SEE AN EXTRA 150,000 JOBS CREATED OVER THE NEXT 10 YEARS INFINANCE & TECHNOLOGY.”

Richard HoarDIRECTOR, BANKING & FINANCIAL SERVICES

120 Aldersgate Street

London EC1A 4JQ

T: +44 (0)20 7336 7711

F: +44 (0)20 7336 7722

[email protected]

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