United Kingdom Salary Survey 2009

8/6/2019 United Kingdom Salary Survey 2009

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UK


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LONDONACCOUNTING&FINANCE

BANKING&FINANCIALSERVICES

RobertWalters'specialistbankingdivision

recruitspermanent,temporaryandcontract

professionals,coveringabroadspectrum

offinancerolesfromaccountsassistantsthroughtofinancedirectorsandchieffinancial

officers.Ourclientsincludeinvestmentbanks,

corporateandconsumerbanks,exchanges,

creditcardcompaniesandbroker-dealers.

MarketOverviewAccountancyrecruitmentwithinfinancial

servicesbeganpositivelybutfollowingthe

unprecedentedchangesacrossthemarket,

recruitmentvolumesreducedinthelatterhalf

oftheyear.Bytheendofquarterthree,the

consolidationofseveralofthemajorbanks,

lackofliquidityinthemarketandensuing

governmentrescuepackagesresultedinan

increasedflowofcandidatesinthemarket.

PermanentPart-qualifiedLevel

Part-qualifiedrecruitmentwaslessaffectedbymarketvolatilityandinparticulardemand

foraccountsassistantsremainedconstant.

Organisationspreferredtohirepart-qualified

candidateswithspecificskillsetsrather

thanhiremoreexpensivenewly-qualified

accountantsstraightfrompractice.We

alsowitnessedastrongdemandforCIMA

qualifiedaccountantsfromblue-chipindustry

backgroundsduetotheirhands-onapproach

tocommercialaccounting.

Newly-qualifiedLevelRecruitmentatthenewly-qualifiedlevel

reducedincomparisonto2007,particularlyin

thelatterhalfoftheyear.Productcontrollers

wereingreatestdemandandwewitnessed

manymorecandidatesbeinghiredinto

financialcontrolteamsasbankssoughtto

reducecosts.Inthesecondhalfoftheyearwe

sawashiftindemandasorganisationshiredrecentlyqualifiedcandidateswithindustry

experienceratherthanthosestraightfrom

practice.Thiswasinpartduetoadecrease

indemandattheexecutive/associatelevel,

aswellasincreasedavailabilityofmore

experiencedcandidateswhoweremore

flexibleinthetypesofrolestheywerewilling

toundertake.Salariesfornewly-qualifiedaccountantsfellfrompeaksof58kinthe

latterpartsof2007toamaximumof56kin

2008.

AVP/ManagerLevelInthefirsthalfoftheyeardemandwashighest

forbusinessanalysts,projectmanagers

andstrongproductcontrollersacrossfixed

incomederivatives,equities,commoditiesand

exoticproducts.Volumesreducedinthelatter

partoftheyearandcandidateconfidence

levelsfluctuated.Withanincreasedfocus

oncontrolsandregulation,weexpecttosee

greaterdemandacrossregulatorycontrol,

productcontrol,financialcontrolandinternal

auditintheearlypartof2009.

VP/DirectorLevel

Wewitnessedcontinuedshortagesatthislevel,particularlyacrossexoticproductcontrol

andprojectmanagement.Bothdirectorsand

seniormanagementwereindemandfrom

toptierfirmsseekingthebestprofessionals

inthemarket.Multiplemergersledtoa

significantamountofrestructuringwithin

financefunctions,leadingtogreaterdemand

forprojectmanagersandbusinesschange

analysts.In2009weanticipategreaterfocus

onregulatoryrolesandacontinuingdemandforexoticproductspecialists.

ContractContractrecruitmentbeganpositivelyin

2008,withasteadydemandfortemporary

financestaffupuntiltheendofquartertwo,

particularlyforproductcontrollers,regulatory

accountantsandfinancialcontrollers.As

summerapproached,thevolumeofavailable

rolesreducedandsalaryratesformanycoreaccountingrolesfollowedsuit.Inparticular,

salariesfornewly-qualifiedandsomejunior

accountants(includingassistantaccountants

In2008,ahighcalibrenewly-qualifiedBig

4accountantcouldexpect25perhour,

whereasin2007rateswere27-30perhour.

Attheseniorendoftheinterimmarket,fixedtermcontracthiresbecamemorepopular

thanhourly/dailypaidtemporaryemployees

giventhecosteffectivenatureofthistypeof

recruitment.

Asaresultofmergersandclosures,the

supplyofcandidatesincreased,givingmany

bankstheirpickofexperiencedproduct

controllersandaccountantswhowerehappy

toworkatreducedrates.Despitethis,

acrossbusinessanalysis,ratesforthosewith

product,regulatoryorsystemsimplementation

knowledgeremainedconsistentovertheyear.

andledgerclerks)sawthebiggestreductions.


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BANKING&FINANCIALSERVICES

ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

FinancialControlFinancial/ManagementAccountant(8+yrs'PQE) 95k+ 95k+ 40+ 38+Financial/ManagementAccountant(5-8yrs'PQE) 75-100k 75-100k 40+ 36+Financial/ManagementAccountant(3-5yrs'PQE) 55-75k 60-75k 35-40 32-36Financial/ManagementAccountant(upto3yrs'PQE) 55-65k 55-65k 30-35 26-32Financial/ManagementAccountant(Newly-qualified) 50-55k 50-55k 28-32 24-26

ProductControlProductController(8+yrs'PQE) 100k+ 100k+ 40+ 40+ProductController(5-8yrs'PQE) 75-110k 75-110k 40+ 38+ProductController(3-5yrs'PQE) 60-85k 60-85k 35-40 35-38ProductController(upto3yrs'non-qualifiedandqualified) 56-70k 56-70k 32-35 27-35ProductController(Newly-qualified) 54-58k 54-58k 30-33 25-27

InternalAuditorInternalAuditor(8+yrs'PQE) 90k+ 100k+ 35+ 35+InternalAuditor(5-8yrs'PQE) 75-100k 75-100k 35+ 34+InternalAuditor(3-5yrs'PQE) 55-80k 60-80k 33-35 32-34InternalAuditor(upto3yrs'PQE) 56-65k 56-68k 30-32 26-32InternalAuditor(Newly-qualified) 52-58k 52-58k 27-29 24-26

ProjectManagement/BusinessAnalysisProjectManagement/BusinessAnalysis(8+yrs'PQE) 100k 100k+ 500+p/d 500+p/dProjectManagement/BusinessAnalysis(5-8yrs'PQE) 80-110k 80-110k 500+p/d 500+p/d

ProjectManagement/BusinessAnalysis(3-5yrs'PQE) 60-80k 60-80k 350-450p/d 350-450p/dProjectManagement/BusinessAnalysis(upto3yrs'PQE) 54-65k 54-65k 300-350p/d 300-350p/d

RegulatoryReportingRegulatoryReporting(8+yrs'PQE) 90k+ 90k+ 40+ 40+RegulatoryReporting(5-8yrs'PQE) 70-100k 70-100k 40+ 40+RegulatoryReporting(3-5yrs'PQE) 60-70k 60-75k 40+ 36+

RegulatoryReporting(Newly-qualified-3yrs'PQE) 52-60k 52-65k 32-40 28-36

Part-qualified-CIMA/ACCA/ACA

Management/FinancialAccountant 32-42k 32-45k 18-25 17-23Payroll/AccountsAssistant 25-40k 25-40k 15-19 14-18

NB:Figuresarebasicsalariesexclusiveofbenefits/bonusesunlessotherwisespecified.


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COMMERCE&INDUSTRY

Ourcommercedivisonrecruitsfrom

chieffinancialofficerstonon,partand

newly-qualifiedaccountants,onbotha

permanentandcontractbasis.WeprovideafullrangeofrecruitmentservicestoFTSE

listed,multinationalandnewlyquoted

companiesaswellasowner-managed

businesses.

Theprimaryareasinwhichwespecialise

include:

Advertising/media

IT/hi-tech/telecoms

Marketing/PR

Pharmaceuticals/biotechnology

Professionalservices

Realestate/property

Retail/FMCG

MarketOverviewRecruitmentactivityacrosstheprivatesector

wasbuoyantduringthefirsthalfoftheyear.ThecollapseofLehmanBrothersandthe

downturnwithinfinancialservicesdidhavean

impactonhiringlevelsduringthelatterpartof

theyear,butthiswaslargelyrestrictedtoretail,

propertyandadvertising.

Infact,whilstthemiddlemarketproperty

sectorshowedadecline,overseasinvestment

continued,whichmeantthattherewere

stillopportunitiesforaccountantswithinnicheareasofpropertydevelopment.The

mediasectorasawholealsoincreasedits

accountancyhiringinthesecondpartofthe

yearandforthefirsttimesalariesinthissector

becamecompetitivecomparedwithfinancial

servicesopportunities.Professionalservices

alsoremainedlargelyresilienttomarket

changesandanumberoffirms(particularly

lawfirmsandinsolvencyfirms)continuedto

recruitaccountants.

Thetelecomssectoralsocontinuedhiring

throughout2008-despitethehighprofile

forecastedprofitdropatonelistedtelecoms

company.Softwarecompaniessupporting

financialservicesclientscontinuedtohire

confidently,althoughperipheralsuppliers

exercisedgreatercaution.Long-termcontractshelpedtomaintainstability,although

wewitnessedseveralprojectsbeingputon

holdwhilecompaniestooka'waitandsee'

approach.

Pharmaceuticalhiringalsoremainedstrong,

althoughlargercompanieshadtofight

toretainmarketsharefromcompetitors

offeringcheaperalternatives.Wepredictthat

hiringlevelswithinthissectorwillcontinue

tobepositivein2009.Miningandnatural

resourceswitnessedstrongfinancialresults

andcontinuinghighhiringlevels,particularlyin

thefirsthalfof2008.Demandforaccountants

withinthemajorityofcommoditybased

companiesremainedpositive,althoughthe

declineinoilpricesmayimpacthiringlevels

withintheoilandgassectorsduringearly

2009.

CandidatesAnincreasingnumberoffinancialservices

candidatessoughtroleswithinthecommerce

sectorin2008andasaresulttherewasa

greateravailabilityofcandidates.Weanticipate

thatthetoptiercandidateswillstillbeableto

demandcompetitivesalariesandweexpecta

continuationofthestrongestcandidatesbeing

counter-offeredbytheircurrentemployerin2009.Companiesarestillcommittedto

retainingtheirtopemployees,thereforeit

isimportantthatorganisationscontinueto

positivelysellthebenefitsofanopportunity

inordertosecurethebesttalentinthe

market.Inthesecurrenttimescandidates

needassurancethattheyaremovingintoa

progressive,excitingandstableenvironment

beforetheyarepreparedtoforegotheir

currentrole.

Outlookfor2009Whilstitisnotcertainwhenthefullimpact

ofthecreditcrisiswillsubside,companies

looklikelytoremainfocusedoncontrolsandprocessesandwethereforepredictthatthe

demandforinternalauditandcoretechnical

accountingskillswillcontinuein2009.From

asectorperspective,weanticipatethat

healthcare,pharmaceuticalsandprofessional

serviceswillhavethehighestdemandfor

accountancyprofessionalsduring2009.


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COMMERCE&INDUSTRY

ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

QualifiedChiefFinancialOfficer(FTSE100) 365k+ 450k+FinanceDirector-LargeOrganisation 200k+ 200k+ 1000+p/d 1000+p/dFinanceDirector-Small/MediumOrganisation 110k+ 110k+ 600+p/d 600+p/dFinancialController-LargeOrganisation 135k+ 135k+ 500-750p/d 500-750p/dFinancialController-Small/MediumOrganisation 90k+ 90k+ 350-500p/d 350-500p/dHeadofAudit 100k+ 100k+ 500+ p/d 500+ p/dFP&AManager 65-90k 65-85k 33-45 35-40FinanceManager 65-90k 70-90k 32-45 35-40

AuditManager 62-80k 60-80k 32-40 35-40SystemsAccountant 60-80k 55-70k 30+ 30-40

Analyst 52-80k 55-75k 26-40 26-40GroupAccountant 55-70k 50-70k 32-40 32-40InternalAuditor 50-65k 50-70k 25-32 23-30

Newly-qualfiedACA 45-55k 45-55k 25-28 23-26Newly-qualfiedCIMA 45-55k 45-55k 25-28 23-26Newly-qualfiedACCA 40-50k 40-50k 23-28 23-26

PartandNon-qualified ACCAPart3/CIMAStrategic 35-48k 35-48k 20-28 19-26 ACCAPart2/CIMAManagerial 28-38k 28-35k 17-24 16-23 ACCAPart1/CIMACertificate 25-30k 25-30k 15-18 14-17FinanceManager 35-55k 35-50k 18-30 18-30CreditControlManager 30-50k 30-50k 16-30 15-25

Revenue/BillingsManager 30-50k 30-50k 16-30 15-25Business/FinancialAnalyst 30-48k 30-48k 17-28 16-28PayrollManager 28-40k 28-40k 15-25 15-25PurchaseLedger/SalesLedgerManager 28-37k 28-37k 15-20 15-22SystemsAccountant 35k+ 35k+ 18+ 16+InternalAudit 35k+ 35k+ 18+ 18+

AccountsAssistant 24-28k 23-28k 12-15 11-15

CreditController 22-28k 22-28k 11-16 11-16PurchaseLedger/SalesLedgerAssistant 22-27k 22-27k 11-14 10-14PayrollOfficer 20-26k 20-26k 11-14 10-14

Graduate 22-25k 22-25k 11-14 10-12



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PUBLICSECTOR/NOTFORPROFIT/CHARITIES

Ourpublicsectorandnotforprofitdivision

focusesonplacingalllevelsoffinance,general

managementandnon-financeprofessionals

intoawiderangeofsectors.Roleswerecruitforrangefromfinancedirectors,finance

managers,partandnewly-qualified

accountantsthroughtoclericalroles.

Non-financerolesincludepolicy,strategy

andeconomics,fundraisingandgeneral

management.

Ourunrivalledexperienceacrossthemarket

hasassistedmanyleadingorganisationswithin

thefollowingareas:

Artsandmuseums

Centralgovernment

Charities

Education

Healthcare

Housingassociations

Localgovernment

Memberassociations

Quangos/non-government

MarketOverviewDuring2008thepublicandnotforprofit

sectorexperiencedanumberofchanges.

Increasedscrutinyongovenmentspendingled

toanumberofrecruitmentfreezeswithinthe

governmentsectorandweanticipatethatthis

willcontinueacrossthecharitiesandnotfor

profitsectorintoearly2009.

Marketvolatilitythroughout2008ensured

temporaryandcontracthireswerereduced

andweanticipateafurtherdeclineas

workloadsaresharedinternally.Whilstthe

pressurewasontodrivedownspendon

temporaryandcontractemployees,certain

areasofthepermanentrecruitmentmarket

remainedstable.Inparticular,regulatoryand

membershipbodiescontinuedrecruitingatalllevelsandfoundthemarketturmoilprovided

themwithaneedforadditionalresources.

Despitemarketconditions,specificskill

setswerestillindemand.Therewas

continuedfocusonrecruitingqualifiedfinance

professionals,particularlyforseniorlevelroles,whilstmorejuniorlevelroleswerefilledthrough

internalmobility.

2009weenvisagethat permanent

recruitmentactivitywillremain stable.

However,thecontractrecruitmentmarket

willcontinuetofacechallengeswhile weawait

AprilsBudgetannouncements.This could

move the hiring emphasis away from the

permanentmarketandtowardsanincreasein

demandfortemporaryandcontractworkers.

In


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PUBLICSECTOR/NOTFORPROFIT/CHARITIES

ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

QualifiedCFO 90-120k 90-120kDivisionalFD/OperationalFD 55-70k 55-70kFinancialController/FinanceManager 45-55k 45-55k 30-35 30-35FP&AManager 45-55k 45-55k 30-35 30-35

AuditManager 45-52k 45-52k 28-30 28-30SystemsAccountant 45-50k 45-50k 28-30 28-30

Analyst 45-50k 45-50k 23-30 23-30InternalAuditor 35-45k 35-45k 20-25 20-25Newly-qualifiedACA 40-50k 40-50k 25-30 25-30Newly-qualifiedCIMA 40-50k 40-50k 22-26 22-26Newly-qualifiedACCA 36-40k 36-40k 20-24 20-24DirectorofPolicy 45-55k 45-55k 30-35 30-35PolicyManager 40-50k 40-50k 25-30 25-30

PolicyAnalyst 35-45k 35-45k 15-25 15-25ProgrammeManager 55-70k 55-70k 50-60 50-65ProjectManager 45-55k 45-55k 25-35 25-35Economist 35-45k 35-45k 16-25 16-25

PartandNon-qualified ACCAPart3/CIMAStrategic 30-40k 30-40k 16-22 16-22 ACCAPart2/CIMAManagerial 25-32k 25-32k 12-16 12-16 ACCAPart1/CIMACertificate 22-27k 22-27k 11-14 11-14FinanceManager 25-40k 25-40k 12-22 12-22

CreditControlManager 29-40k 29-40k 15-27 15-27Revenue/BillingsManager 29-45k 29-45k 14-27 14-27Business/FinancialAnalyst 27-40k 27-40k 15-25 15-25PayrollManager 25-30k 25-30k 12-14 12-14PurchaseLedger/SalesLedgerManager 25-29k 25-29k 12-15 12-15InternalAudit 29k+ 29k+ 15+ 15+SystemsAccountant 27k+ 27k+ 14+ 14+

AccountsAssistant 22-25k 22-25k 10-14 10-14CreditController 19-25k 19-25k 10-13 10-13PurchaseLedger/SalesLedgerAssistant 18-23k 18-22k 10-12 10-12

PayrollOfficer 18-23k 18-23k 10-12 10-12Graduate 19-22k 19-22k 10-11 10-11



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LONDON

LONDONBANKING&FINANCIALSERVICES

BANKINGOPERATIONS

LONDON

BANKING&FINA

NCIALSERVICES-BANKINGOPER

ATIONS

BANKING&FINA


ATIONS

15

Ourbankingoperationsdivisionspecialisesin

placingcandidatesfromentrylevelthroughtotheheadsofoperationsininvestmentbanks,

brokerageandcommodityhouses,aswellas

spreadbettingfirmsandexchanges.Banking

operationsisthefoundationofanybank,

supplyingqualitybusinessinfrastructurethat

supportssalesandtradingactivities.

MarketOverviewThestartof2008sawrelativelyhighlevelsof

recruitment,particularlyinquarteroneandthe

earlypartofquartertwo.However,thiswascurtailedbytheunprecedentedchangesinthe

investmentbankingsectorandjobvolumes

reduced,especiallyatthelargerbulgebracket

firms.

Thelasttwoquartersof2008sawfirms

functioningwithveryleanoperations

departmentsandmostopportunitiescoming

tomarketwerereplacementheadcountfor

specificprojectsormigrations(bothtemporary

andpermanent).

Therecruitmentsign-offprocesslengthened

andlinemanagersabletomovequickly

securedthebesttalent,whilstslowerfirms

lostoutonthebestprofessionalsinthe

market.Asreplacementheadcountapproval

becamemoredifficulttoobtain,manyfirms

counterofferedstaffintheirresignationperiod.

Enticementsincluded:significantpayrises,

guaranteedbonuses(seenmoreintheearlypartof2008),potentialmovestoanotherarea

ofthebusinessorthechancetomovetoa

moredesirableroleimmediately.

CandidateSupplyandDemandMarketeventsattheendof2008ledto

aninfluxofskilled,immediatelyavailable

candidates,makingthecompetitionfor

rolesmoreintense.Thisendedtheextreme

candidateshortagesobservedinthelasttwo

years.Candidateconfidencelevelswerealsoaffectedandprofessionalscarefullyreviewed

opportunitiesinrelationtocompanystability

andopportunitiesforprogression.Although

hiringmanagershadagreaterchoice,inordertosecurethehighestqualitycandidatesthey

stillhadtoeffectivelyselltheirorganisationas

asafemovewithongoingcareerpotential.

Incomparisonto2007,candidate

expectationsweremuchmorerealisticand

manywereincreasinglyreceptivetomoving

intoroleswhichusedtheircurrentskillset,

ratherthanlookingtomoveintootherparts

ofoperationsorthebusinessasawhole.

Candidates'salary/rateexpectationswerealsotemperedinlinewiththemarketandincreases

werenominal.

Despitemarketvolatility,manyskillsets

remainedindemand,including:topcalibre

corporateactionscandidatesatalllevels,

candidateswithISDAdraftingexperience,

commoditiesoperations,listedderivatives,

clientserviceswithlanguages,emerging

marketoperations,tradefinanceandOTC

derivativesbusinessanalysts,aswellas

experiencedoperationsprojectprofessionals

uptojuniorVPlevel.

Althoughmarketconditionsledtoadecline

inpermanenthiring,costsavinginitiatives

suchasnearoroff-shoringalsocontributed

toreducedrequirementsin2008-particularly

forrolespreviouslyinhighdemand,including:

derivativessettlements/clientservices,credit

derivativesmiddleoffice,loans,operationsandincomingdocumentation.However,migrations

tocosteffectivelocationsledtoaspikeinthe

numberofcontractrolescomingtomarket

duringquartersone,twoandthree.

Outlookfor2009

Asbanksdealwiththeongoingeffectsofa

turbulentmarketandfocusoncostsaving

initiativesandminimisingrisk,weanticipate

thatprofessionalswithskillsincontroland

analysis,changemanagement,integration,projectsandoutsourcingwillbeinhigh

demandthroughoutthefirsthalfof2009.

Listedderivativesisanticipatedtobeone

growtharea,whereinthisvolatilemarket,organisationslooktoregulatedmarkets

andfirmuptheirprimebrokerrelationships.

Asfirmscontinuetooperatewithalean

headcountweexpectthemtostarttogrow

theiroperationsteamsinquarterthreein

linewiththepredictedrecoveryinmarket

confidence.

BonusPotential

Withmanyfirmspredictingzerolevel

bonusesin2009thereisafearamongsthiringmanagersthatmanyjuniorlevel

professionalswillmovesectorsoroutof

thefinancialservicesindustryaltogether.

Asdepartmentsarealreadyoperatingwith

veryaleanheadcountthiscouldleadto

valuableheadcountlossesinquartersone

andtwo.However,thoseorganisationswho

caneffectivelysellthelonger-termbenefitsof

stayingwiththeirteamwillbeinapositionto

capitaliseinthelatterhalfoftheyear.


9/61

LONDON


BANKINGOPERATIONS

LONDON

BANKING&FINA


ATIONS

BANKING&FINA


ATIONS

16

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

AssetServicing

Dividends/CorporateActions

HeadofDepartment 75k+ 75k+ 40+ 30+

Manager 62-75k 60-75k 25-30 25-30Supervisor 48-62k 45-55k 25+ 25+

3yrs'exp 36-48k 35-45k 24-35 24-30

0-2yrs'exp 28-36k 28-36k 14-24 12-24

BusinessAnalysis/ProjectManagement

BusinessAnalyst


Manager 85k+ 75-85k 40+ 38+3yrs'exp 50-80k 50-70k 25-40 24-380-2yrs'exp 42-50k 35-48k 20-25 20-24

Commodities

CommoditiesSettlements/CommoditiesTradeSupport/CommoditiesScheduling

HeadofDepartment 90k+ 80k+ 35+ 35+Manager 68-90k 55-75k 25+ 25+

3yrs'exp 40-50k 40-50k 22-28 18-25

0-2yrs'exp 30-40k 30-40k 15-22 12-18



10/61

LONDON


BANKINGOPERATIONS

LONDON

BANKING&FINA


ATIONS

BANKING&FINA


ATIONS

17

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

FXOptionsSettlements/FXClientServices/CashManagementandFundingHeadofDepartment 75k+ 75k+ 40+ 40+Manager 55-75k 55-75k 30+ 30+

3+yrs'exp 38-46k 38-45k 22-24 18-25

0-2yrs'exp 28-38k 28-35k 14-20 12-18

FXOptionsTradeSupport/MiddleOffice


3+yrs'exp 40-50k 40-48k 22-25 20-25

0-2yrs'exp 30-40k 30-38k 14-22 13-20

ListedDerivativesClearing/Settlements

HeadofDepartment 85k 80k+ 40+ 35+Manager 68-85k 65-80k 35+ 28+3+yrs'exp 38-50k 38-50k 22-26 18-25

0-2yrs'exp 30-38k 28-38k 14-20 12-20

ListedDerivativesClientServices/TradeSupport/MiddleOffice


Manager 68-85k 65-85k 35+ 30+3+yrs'exp 40-50k 38-50k 25-38 20-25

0-2yrs'exp 30-40k 30-40k 15-23 12-20

LoansDocumentation/LoansTradeSupport

HeadofDepartment 85k+ 80k+ 40+ 35+Manager 68-85k 60-80k 30+ 30+3+yrs'exp 40-50k 40-50k 20-30 20-250-2yrs'exp 30-40k 30-40k 15-20 14-20

LoansAdministrationHeadofDepartment 78k+ 78k+ 40+ 35+

Manager 60-78k 60-78k 30+ 28+

3+yrs'exp 38-46k 38-45k 25-30 20-260-2yrs'exp 30-38k 28-35k 14-20 12-20



11/61

LONDON


BANKINGOPERATIONS

LONDON

BANKING&FINANCIALSERVICES-BANKINGOPERATIONS


18

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

OTCDerivatives

OTCDerivativesClientServices/Settlements

HeadofDepartment 68-85k 80k 35+ 35+

Manager 68-85k 60-78k 30+ 30+Supervisor 58-65k 50-60k 25+ 25+

3+yrs'exp 42-58k 38-50k 26-35 22-25

0-2yrs'exp 30-40k 28-38k 15-25 14-22

EquityDerivatives/IRD/CreditDerivativesTradeSupport/MiddleOffice


Supervisor 60-75k 55-65k 25+ 22+


ISDADocumentationHeadofDepartment 90k+ 85k+ 45+ 35+Manager 75-90k 70-85k 35+ 30+

Supervisor 60-75k 55-65k 32+ 25+


FundDerivativesMiddleOfficeHeadofDepartment 86k+ 85k+ 40+ 38+

Manager 67-86k 65-85k 35+ 30+3+yrs'exp 45-60k 40-55k 26-35 22-250-2yrs'exp 30-40k 30-40k 17-25 15-22



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LONDON


BANKINGOPERATIONS

LONDON



19

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

OtherOperationalRoles

Reconciliations/Investigations/StaticData


Manager 60-70k 60-70k 30+ 25+Supervisor 45-60k 45-58k 25-30 22-28

3+yrs'exp 38-45k 35-42k 22-24 14-20

0-2yrs'exp 28-38k 26-35k 14-20 12-18

OperationalRiskandControl


3+yrs'exp 42-50k 42-50k 20-26 20-25

0-2yrs'exp 35-42k 35-42k 14-25 12-22

Margining/Collateral/Registrations

CrossProductCollateralManagementandMargining/ValuationsHeadofDepartment 90k+ 85k+ 40+ 35+

Manager 75-90k 70-85k 30+ 25+




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LONDON


BANKINGOPERATIONS

LONDON



20

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

Securities

Equity&FixedIncomeSettlements


Supervisor 48-60k 48-60k 25+ 23+Manager 60-70k 60-70k 30+ 25+

3+yrs'exp 42-48k 40-48k 23-27 22-25

0-2yrs'exp 30-42k 28-38k 14-22 14-22

Equity&FixedIncomeTradeSupport/ClientServices

HeadofDepartment 85k 80k+ 40+ 35+Supervisor 50-68k 48-62k 28+ 23+

Manager 68-85k 65-80k 35+ 30+


EquityFinancing/PrimeBrokerage

StockLending/PrimeBrokerageSettlements


Manager 60-75k 60-75k 30+ 25+3+yrs'exp 42-48k 40-48k 22-28 20-24

0-2yrs'exp 30-42k 28-38k 14-22 14-20

StockLending/PrimeBrokerageClientServices/TradeSupport

HeadofDepartment 85k+ 80k+ 40+ 35+Manager 68-85k 55-75k 30+ 25+3+yrs'exp 42-50k 40-48k 22-28 20-250-2yrs'exp 30-42k 30-40k 14-22 14-22



14/61

LONDON


CORPORATEFINANCE

LONDON

BANKING&FINANCIALSERVICES-CORPORATEFIN

ANCE

BANKING&FINANCIALSERVICES-CORPORATEFIN

ANCE

21

Ourcorporatefinancedivisionspecialisesin

placingqualifiedprofessionalsintofrontofficepositionswithinmergersandacquisitions,

projectandstructuredfinanceandthedebt

andequitycapitalmarkets.

Wehavestrongandestablishedrelationships

acrossthecorporatefinancemarketandwork

withlargeinvestmentandmerchantbanksand

specialistboutiques.

MarketOverview

2008wasachallengingyearforthecorporatefinancemarket,withasignificantdecrease

indealflowinquartersthreeandfour.The

secondhalfoftheyearsawareductionin

theamountofpanEuropeanM&Aactivity,

withashiftinfocustorestructuring,debtand

consolidationwork.

Withthecontinuinguncertaintyinthefinancial

markets,anumberofbulgebracketbanksandboutiqueinvestmenthousesreduced

headcountatalllevelswithincorporate

finance.Furthermore,totalcompensation

decreasedin2008,withanassociated

decreaseincashbonusesanticipatedin

comparisontopreviousyears.Asaresult,

institutionslookedtoprovidetopperforming

employeeswithstockinsteadofcashforyear

endbonuspayments.

Outlookfor2009

Itisanticipatedthat2009willbeanotherchallengingyearwithincorporatefinance.

However,weexpectthatindividualswithdebt

expertiseshouldbeinrelativelyhighdemand.

Thesefinancierswillbecalledupontoassist

investmentbankswithmanagingexistingrisk

andalsoadvisingprivateequitygroupson

buyingdistresseddebtand/orrestructuring.

Basicsalariesareexpectedtoremainflat

withincorporatefinancefor2009.

ROLE PERMANENT

SALARYPERANNUMUK

2008 2009

ManagingDirector 140-270k 140-250kDirector 120-180k 120-170k

VP 90-140k90-130k

Associate 57-95k 57-90k Analyst 42-50k 42-50k



15/61

LONDON


INSURANCE

LONDON

BANKING&FINANCIALSERVICES-INSURANCE


22

Ourinsurancedivisionrecruitspermanentand

contractprofessionalsacrossalllevelswithintheinsurancemarket.Thedivision'sclient

baseincludes:

Generalinsurance

Insurancebrokers

Lifeassurers

Managingagents/syndicates

Reinsurers

Thedivisiontypicallyrecruits:

Businessanalysts,systemsandproject

accountants

Internalauditors

Part-qualifiedandnewly-qualified

accountants

Junioraccountingsupportstaff

Qualifiedaccountantsuptofinance

directorlevel

MarketOverview

PermanentWewitnessedasteadyfirstthreequarters

acrossalllevelsoffinancerecruitmentin

theinsurancemarket,withthefinalquarter

slowingdowninlinewithincreasedmarket

volatilityandagenerallackofconfidence.

Fromtheendofthesummerwenoticed

candidateswereincreasinglyreluctanttomove

roles,despitepreviouslybeinginterestedin

whatthemarkethadtooffer.Aby-productof

thiswasacontinuedshortageofcandidates

withstronginsuranceexperience.However,

candidateswithbroaderbankingexperience

weremorewillingtoconsideropportunities

withininsurance,givingorganisationsagreater

choiceofcandidatestowardstheendofthe

year.

Permanentsalarylevelsremainedstaticover

thecourseoftheyearandduetoreductions

elsewhereinthemarket,theybecame

competitivewithotherfinancialservicessectorsforthefirsttime.Theinsurancesector

offersadynamicarenaforcandidatesofall

levelslookingtoprogresstheircareers.

Weanticipateacautiousstartto2009for

permanentrecruitmentasindividualswait

toseehowthemarketsdevelop.Wehave,

however,hadpositivefeedbackfromvarious

sourcesintheindustrysuggestingthereare

plansforbusinessdevelopmentinplacefor

thefirsthalfoftheyear.

Contract

Contractrecruitmentremainedstabledespitetheeconomicuncertaintyexperienced

inthesecondhalfof2008.Whilstthe

recruitmentmarketinthefirsthalfoftheyear

wasnoticeablycandidateshort,itbecame

candidaterichtowardstheendof2008.Asa

result,candidateswillhavetobemoreflexible

ontheirratesinordertostaycompetitive

inamoredifficultmarket.Followingsteady

hourlyratesinquartersoneandtwo,rates

droppedtoreflectmarketconditions.For

example,newly-qualifiedcandidateswith'Big4'qualificationswerereceiving30p/h+in

January2008butcannowexpecttoreceive,

onaverage,28p/h+.

Wewitnessedanincreaseinthenumber

ofcandidateswithrecentinsurancesector

experiencelookingforrolesin2008.Thiswas

partlylinkedtothestateofthemarketsand

alsoduetoanincreasingnumberofexisting

insurancecandidateslookingtodiversifytheir

currentskillsets.

Weexpecttheinsurancemarkettoremain

buoyantin2009andcandidateswithfinance

insuranceexperiencetoremainoptimistic

aboutthemarket.Overseascandidatesare

stillexpectedtocometoLondonduring2009

fromourinternationalroadshows;manyof

thesewillbeexclusivelyregisteredwithus,

bringinginsuranceexperienceandaccounting

qualifications.

Goingforward,wewouldadviseorganisations

toexpeditetherecruitmentprocessinordertosecurechosencandidates.


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LONDON


INSURANCE

LONDON



23

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

Audit/BusinessServicesNewly-qualified(Big4) 47-55k 47-55k 28-30 26-28Newly-qualified(NonBig4) 45-50k 45-50k 26-28 25-27

Practice(5yrsPQE) 65k+ 65k+ 32+ 32+

Practice(3-5yrsPQE) 60-70k 60-70k 30-35 30-35Practice(1-3yrsPQE) 55-60k 55-60k 28-32 28-32

FinancialAccountantIndustry(5yrsPQE) 70-80k 70-80k 32+ 32+

Industry(2-4yrsPQE) 55-60k 55-60k 30-35 30-35

Industry(1-2yrsPQE) 45-60k 45-60k 28-30 28-30Newly-qualified 45-55k 45-55k 28-30 26-28

ManagementAccountantIndustry(5yrsPQE) 70k+ 70k+ 32+ 32+

Industry(2-4yrsPQE) 60-70k 60-70k 30-35 30-35Industry(1-2yrsPQE) 50-60k 50-60k 28-30 30+Newly-qualified 45-55k 45-55k 28-30 28+

FinancialControl

FinancialDirector(8+yrsPQE) 100k+ 100k 500+p/d 500+p/dIndustry(5yrsPQE) 65-80k 65-80k 350+p/d 350+p/d

SystemsAccountant 55-70k 55-70k 32+ 32+

InternalAuditor

(2-3yrsPQE) 60k+ 60k+ 30+ 35+

Newly-qualified 45-55k 45-55k 28-30 28+

Part-qualified-ACCA

Part3 35-45k 35-45k 20-27 20-25Part2 30-35k 30-35k 18-23 18-22Part1 25-30k 25-30k 15-18 15-18

Part-qualified-CIMAStrategic 35-45k 35-45k 23-27 23-26

Managerial 25-35k 25-35k 18-23 18-23



17/61

LONDON


INVESTMENTMANAGEMENTFINANCE

LONDON

BANKING&FINAN

CIALSERVICES-INVESTMENTMANAGEMENTFINANCE

BANKING&FINAN


24

Ourinvestmentmanagementfinancedivision

wasestablishedtomeetthedemandsofclientsandcandidatesacrossthebuyside

ofthefinancialservicesmarket.Theteam

recruitsintohedgefundsandfundoffunds,

traditionalfundmanagers,privatebanks

(wealthmanagementincludingfamilyoffices),

custodian/securitiesserviceshousesand

privateequityfirms.Ourconsultantsare

highlyskilledandspecialiseinrecruiting

financerolesfromgraduatesthroughtochief

financialofficers,aswellasjuniorfrontoffice

positions,fortemporary,fixedtermcontractandpermanenthires.

MarketOverviewIncontrasttothehighlevelsofrecruitment

witnessedin2007,hiringlevelsreducedin

2008,particularlyinthelatterhalfoftheyear.

Quarterthreesawachangeinthemarket

ascandidateconfidencelevelsfluctuated

andorganisationsplacedrestrictionson

headcountgrowth.Therewasanincreased

numberofcandidateslookingforroles,givingorganisationsmuchgreaterchoiceinthehiring

process.

Wealsonoticedashiftinthemarketas

investmentmanagementclientspreferred

tohirestaffonfixedtermcontracts,oras

temporarytopermanenthires.Asheadcount

approvalbecamemoredifficulttoobtain,this

gaveorganisationsachancetoobservea

candidatesworkperformancebeforeformally

employingthem.Inlightofmarketconditions,

mostcandidateswerecomfortablewiththis

andwerehappytobeofferedajob.

HedgeFunds/FundofFundsThehedgefunds/fundoffundssectorfelt

theworsteffectsofthemarketdownturn

acrossthebuyside.Asaresult,permanent

recruitmentlevelsreducedmarkedlyinthelast

quarteroftheyear.Wedid,however,witnessa

continued(albeitslower)demandforcontractcandidates,inparticularforhedgefund

accountantswithspecificproductknowledge.

FundManagement

Hiringactivitywasstableduringquarterone,withhighestdemandforfundaccountantsand

financialcontrollers.Volumesdecreasedas

theyearprogressedandquarterthreesawthe

largestreductioninhiringasmanyroleswere

placedonhold.Despitethereductioninhiring,

fundaccountingremainedthebusiestarea

andprofessionalswithsolidfundaccounting

experiencewerestillindemand.

PrivateEquity

Althoughmarketconditionsbecamemorechallengingastheyearprogressed,we

stillwitnessedsignificantlevelsofhiring

throughout2008.Confidenceinthesector

wasstrong(especiallyinthemid-market

sector,wheretherewaslittleneedforleverage)

withhiringtakingplacetofacilitatestart-ups

andnewfundlaunches.Demandwasalso

drivenbyestablishedplayersreconfiguring

theirbackofficeprocesses.Therewasabroad

spreadofrolerequirementsfromaccounts

assistants/bookkeepersthroughtofinancialcontrollersandinvestmentexecutives.

RealEstate

Thisalternativeinvestmentsectorexperienced

abullishstarttotheyearbutasmarket

turbulencecontinuedhiringlevelsreduced,

particularlyincommercialproperty.Asa

result,thesignificantshortageofrealestate

financeprofessionalsbegantolessen

andorganisationshadagreaterchoiceof

candidates.

GlobalCustody

Globalcustodyrecruitmentlevelswerestrong

incomparisontosomeotherareasofthebuy

side.Largerplayerscontinuedhiringandwe

expecttoseethisincreasein2009asfurther

offeringsaredevelopedbysecuritiesservices

houses.

PrivateWealthManagement

Hiringactivitywassteadyduring2008andwhilstthesectordidnotexperiencesuchhigh

levelsofrecruitmentassomeotherareas

ofthebuyside,weexpectthistobeoneof

thebusierareasin2009.Competitioninthe

sectorremainedfierceandasmanylookto

consolidatetheirofferingweexpecttosee

ariseindemandforfinanceprofessionals.

Familyoffices,bothstart-upsandenduring

businesses,recruitedthroughout2008

andweexpectthisnichetogrowin2009.

Particularrolesindemandincludedchangemanagement,financialcontrol,statutory

reporting,fundaccountingandfinancial

analysis.

Outlookfor2009In2009weanticipaterecruitmentbeing

focusedintheareasofprivatewealth

andcustodywithsomehiringinfunds

management.Whilstitiswidelyforecasted

tobeachallengingyear,weanticipatemany

organisationswilltakeadvantageofthefirstcandidaterichmarketinmanyyears.

RobertWaltershasanumberofverystrong

candidatesacrossabroadrangeofsectors

withskill-setsthatproveddifficulttosourcein

thepastfewyears.


18/61

LONDON


INVESTMENTMANAGEMENTFINANCE

LONDON

BANKING&FINAN


BANKING&FINAN


25

ROLEPERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

FinanceDirector/ChiefFinancialOfficer8+yrs'PQE 80-150k 90-150k 400-600p/d 375-500p/d

InternalAudit

Head(8+yrs'PQE) 80-100k 80-120k 500+p/d 450+p/dManager(3-8yrs'PQE) 60-80k 60-90k 350-500p/d 350-450p/d

Associate(0-2yrs'PQE) 48-65k 50-65k 250-350p/d 250-350p/d

Part-qualifiedAuditor 30-45k 30-45k 200-250p/d 200-250p/d

FundAccountant

Manager(5+yrs'PQE) 70-100k 65-85k 40+ 40+SeniorFundAccountant(3-5yrs'PQE) 50-60k 55-70k 35-40 35-40

FundAccountant(0-3yrs'PQE) 35-50k 45-60k 28-35 28-35

Part-qualifiedAccountant 30-45k 30-45k 20-28 20-28

FinancialControl/FinancialAccountantGroupFinancialController(6+yrs'PQE) 60-90k 65-100k 400+p/d 400+p/dFinancialControl(2-5yrs'PQE) 50-65k 50-70k 350-400p/d 350-400p/dPart-qualif ied/Newly-qualifiedAccountant 35-50k 35-50k 250-300p/d 250-300p/d

RegulatorySeniorManager(6+yrs'PQE) 70-95k 70-100k 400+p/d 400+p/d

Manager(3-6yrs'PQE) 60-72k 60-75k 350-400p/d 350-400p/d

Associate(0-3yrs'PQE) 48-60k 50-60k 280-350p/d 280-350p/dPart-qualified 33-43k 35-45k 200-280p/d 200-280p/d

ManagementAccountantSeniorManager(6+yrs'PQE) 65-90k 70-90k 370-420p/d 370-420p/dManager(3-6yrs'PQE) 60-70k 60-75k 350-380p/d 350-380p/d

Associate(0-3yrs'PQE) 50-65k 50-65k 350-380p/d 350-380p/dPart-qualified 35-45k 35-45k 220-270p/d 220-270p/d

FrontOffice/InvestmentAnalyst

AssociateDirector 70-90k 70-90k Associate 55-75k 55-75k

Analyst 40-60k 40-60k



19/61

LONDON


INVESTMENTMANAGEMENTOPERATIONS

LONDON

BANKING&FINAN

CIALSERVICES-INVESTMENTMA

NAGEMENTOPERATIONS

BANKING&FINAN


NAGEMENTOPERATIONS

26

Ourinvestmentmanagementoperations

divisionwasestablishedtomeetthedemands

ofclientsandcandidatesacrossthebuyside

ofthefinancialservicesmarket.

Theteamrecruitsintohedgefunds,traditional

fundmanagers(includingtheretailfunds

market,privatebanks(wealthmanagement

includingfamilyoffices),custodianand

securitiesserviceshousesandprivateequity

administrators.Ourconsultantsarehighly

skilledandspecialiseinoperations,middle

officeandjuniorfrontofficepositionsfortemporary,fixedtermcontractandpermanent

positions.

MarketOverviewFollowinghighrecruitmentvolumesin2007,

hiringlevelsreducedduring2008-particularly

inthelatterhalfoftheyear.Quarterthree

sawmarketsentimentshiftasheadcount

restrictionsspreadfrominvestmentbanking

totheinvestmentmanagementindustry.

Candidateconfidencelevelsfluctuatedandmanydecidedtostayintheircurrentroles

inordertorideoutthevolatility.Although

themarketsawanincreaseinimmediately

availablecandidatesduetoredundancies,

topqualitycandidateswerestillsoughtafter

andthoseorganisationsholdingoutforthe

perfectcandidateoftenmissedouton

perfectlycapablecandidates.

FundManagement

Overall,fundmanagementsawadownturn

inactivityduring2008.In2009,manylarger

organisationswereexposedduetotheir

associationwithinvestmentbankarms,

andhiringrestrictionswereintroduced

acrossmanydepartments.However,some

areascontinuedtorecruit(albeitatlower

volumesthan2007)includingboutiqueasset

managers.Rolesindemandwere:fund

managerassistants,fundadministratorsand

oversight/thirdpartyrelationshipmanagers.

Thetrendtowardsthirdpartyvaluations

willresultinfurtherexpansionanddemand

forcandidateswithinthisspecialistareaof

operations.

HedgeFundsInthefirsthalfoftheyear,hedgefund

recruitmentcontinuedtobebuoyantwith

onlyslightlylowervolumesofrolescompared

to2007.Inthesecondhalfoftheyear

recruitmentvolumesreducedalthough

recruitmentstillcontinued.Demandfocused

onentrylevelrolesorthoserolesatthevery

seniorlevelasmosthedgefundspreferred

togrowtheirtalentorganicallyintotechnicalspecialist/middlemanagementroles.Hedge

fundssecuredsomeofthebesttalentinthe

marketduring2008duetothespeedoftheir

recruitmentprocesses-oftentothedetriment

ofsomeoftheinvestmentbankswhose

recruitmentandsign-offprocesswasgenerally

longer.

Custody/SecuritiesServicesDuring2008,custody/securitiesservices

attractedtoptalentfromtheinvestmentmanagementindustry.Havingstruggledin

recentyearstosourcethebestprofessionals,

manywereattractedbytheirrelativestability

andSTPinitiatives.Permanentrecruitment

levelswereconsistentinthefirsthalfofthe

yearwithareductioninvolumesfollowingin

thelatterhalfoftheyear.Contractrecruitment

activitylevelsdidnotpeakinquartertwoas

expected-normallyatimewhencustodians

recruitheavily.Thistrendcontinuedthroughout

theremainderof2008duetotheongoing

marketuncertainty.

PrivateWealthManagementThroughout2008hiringlevelsremained

consistentacrosstheprivatewealth

managementsector.Demandwashighest

forcontractprofessionalsatthejunioranalyst

level.However,therewasalowerrequirement

forpermanentprofessionalsduetothe

traditionallylowturnoveracrossthissector.

Asmanyprivateclientsredeemedtheir

investmentsfromhedgefundsandplaced

themintomoreconservativevehicles,demand

grewforrelationshipmanagementandclient

servicesprofessionalswhowerecapableof

addinggreatervalueinaturbulentmarket.

CandidateDemandandSupplyDespiteanoveralldeclineinjobvolumes,

specialistskillsetswerestillindemand

andsomecandidateshortagesremained.

Specificskillsrequiredincluded:performance,

oversight,corporateactionsandtransitions.

Wealsowitnessedaclearshiftinthemarket

ascandidateswithriskandcontrolexposuremovedtothebuysidefromglobalinvestment

banks.

Outlookfor2009Whilstweanticipateacautiousstartand

continuedmarketturbulencein2009,we

expectrecruitmentrequirementstocontinue

fromanumberoffirms.Manyorganisations

haveindicatedthattherewillbesomeroles

releasedtothemarketinthefirsthalfof

2009,withthefocusonreplacementhiringaswellasadditionalheadcounttomanage

tradingvolumes,systemenhancements,

on-boardingofnewclientsandfunds.In

thelatterhalfoftheyear,institutionswillbe

gearedtoexpandingtheirskillsetsintoniche

orregulatedproducts.


20/61

LONDON



LONDON

BANKING&FINAN


NAGEMENTOPERATIONS

BANKING&FINAN


NAGEMENTOPERATIONS

27

ROLE PERMANENTSALARYPERANNUMUK0-2YRS'EXP 3+YRSEXP MANAGEMENT

2008 2009 2008 2009 2008 2009

Performance 30-40k 30-40k 45-55k 42-60k 60-80k 65-85k

Transitions 25-30k 25-38k 35-45k 40-60k 60-75k 60-80kClientServices 25-35k 25-35k 35-45k 35-45k 48-70k 50-65kFundAdministration/FundAccounting 28-35k 25-35k 35-45k 35-45k 55-80k 55-80k

Settlements 25-30k 25-35k 30-38k 35-42k 50-75k 50-70k

Reconci liations/CashManagement 28-35k 25-35k 30-38k 35-40k 45-65k 45-65kCorporateActions/Dividends 25-35k 28-38k 35-45k 38-45k 48-70k 50-75k

StaticData 25-30k 25-35k 30-35k 35-42k 45-60k 45-60k

ClientReporting 25-38k 25-38k 40-60k 40-50k 55-68k 55-70kLoans/CDO 27-38k 30-37k 40-50k 38-45k 50-70k 50-70k

PricingAnalyst 25-35k 25-35k 38-45k 38-42k 45-65k 50-65k

TradeSupport/MiddleOffice 28-38k 25-38k 38-45k 40-48k 50-75k 50-75k AllRoundHFOperations 25-35k 25-35k 35-50k 35-55k 60-75k 60-75k

ProjectManager 45-55k 45-55k 58-80k 60-80k

BusinessAnalyst 45-50k 42-55k 58-75k 60-75kPrivateBanking/WealthManagement 25-32k 25-30k 35-40k 35-40k

FundManager'sAssistant 25-35k 25-35k 40-45k 40-50kRelationshipManagement/Oversight 40-55k 45-60k 65-85k 65-85kHeadofOperations/COO 75-150k 80-150k



21/61

LONDON



LONDON

BANKING&FINAN


NAGEMENTOPERATIONS

BANKING&FINAN


NAGEMENTOPERATIONS

28

ROLE CONTRACTRATEPERHOUR(PAYE)UK0-2YRS'EXP 3+YRSEXP MANAGEMENT

2008 2009 2008 2009 2008 2009

Performance 15-25 16-25 25-33 25-40 30-40 35-45

Transitions 18-2518-25 25+ 25-30 30-35 30-40ClientServices 12-18 10-15 18-25 15-22 24-35 25-35FundAdministration 13-22 16-20 18-25 20-25 25-40 30-40

Settlements 13-22 15-20 22-30 18-25 25-35 25-35

Reconci liations/CashManagement 13-22 12-18 22-28 18-25 25-35 25-35CorporateActions/Dividends 14-22 15-22 14-25 22-35 30-40 25-38

StaticData 12-15 12-16 15-25 16-21 25-30 21-30

ClientReporting 12-20 12-18 20-30 18-22 30-35 25-35Loans/CDO 14-20 14-18 20-28 18-25 28-35 25-35

PricingAnalyst 14-23 12-17 23-29 17-22 30-35 25-33

TradeSupport/MO 14-2015-18 20-25 18-24 25-35 25-35 AllRoundHFOperations 14-2514-22 25+ 22-30 35-40 30-40

ProjectManager 20-25 18-25 38+ 30-40 38+ 30-40

BusinessAnalyst 18-22 18-25 30-40 25-35 40+ 35-40PrivateBanking/WealthManagement 12-18 12-16 18-22 16-22

FundManager'sAssistant 13-21 15-18 22-29 18-27RelationshipManagement 13-23 12-18 23-28 18-25 30-40 30-40HeadofOperations/COO 40+ 40+



22/61

LONDON


RISK&COMPLIANCE

LONDON

BANKING&FINAN

CIALSERVICES-RISK&COMPLIA

NCE

BANKING&FINAN


NCE

29

Ourrisk&quantandcomplancedivisions

specialiseinplacingcandidatesfromgraduate

throughtodirectorlevelinpermanent,

temporaryandcontractroles.

MarketOverview

Risk2008broughtinstabilityanduncertaintyto

thefinancialmarketsandwhilsttheriskand

quantsectorwasbynomeansexempt,it

definitelyfaredbetterthanmanyotherareasof

themarket.Asthefinancialmarketsdeclined,

therewasanincreasedfocusoneffectiveriskmanagement.Banks,insurancecompanies,

assetmanagersandhedgefundscontinued

torecruitandalthoughprocesseswereslowin

comparisontolastyear,andsomeheadcount

withdrawn,overallhiringcontinued.

Candidatesseekingrolesoutweighedthe

volumeofopportunitiesavailablein2008

andrecruitmentprocesseslengthened

considerablyashiringmanagersfound

themselvesspoiltforchoice.Asaresulttheybecamemoreselective.Large

increasesinbasicsalariesandguaranteed

bonusesbecameathingofthepastand

candidateexpectationsloweredasadirect

resultofincreasedcompetitionforroles.

Aggressivebuy-backsandretentionpackages

disappearedduetotheuncertaintyaround

bonuspools.

Operationalriskandregulatoryhireswere

steadyformostoftheyearasthefocusturnedtointernalcontrolsandregulationdue

tooperationalriskfailuresearlierintheyear

andtheoverallmarketdeclineinquarterthree.

Therewasverylittlerecruitmentinquantitative

teamsandinterestingly,whilecreditriskwas

quietatthebeginningoftheyear(dueto

lowerdealvolumes),itpickedupsignificantly

towardstheendoftheyear.Successful

candidatesinthisareawerethosewithstrong

analyticalskillsfromtoptierhouses.Market

riskremainedsteady,andcandidateswiththe

strongestacademicsandtechnicalproduct

knowledgesecuredtheseroles.

Thebuysideriskmarketwasquietin2008,

asonlythelargestandmoststableasset

managersandhedgefundswerehiring.The

closureofmanyhedgefundsleftcandidates

nervousandthoseinsecureorganisations

chosetostaywiththeirpresentemployer.

Therewashiringinportfolioriskanalytics

whereascredit/quantitativeresearchhires

werealmostnon-existent.

Contract

Duetothesensitiveandbusinesscritical

natureofbankingriskmanagementroles,

alowvolumeofcontractpositionscame

tomarketin2008.Mostorganisations

traditionallyprefertofillvacancieswith

permanentheadcount,althoughanumberof

clientsopeneduptheirdifficultsearchesto

candidatesseekingtemporarytopermanent

roles.

Themajorityofcontractroleswerecredit

analystsatthejuniortomid-levelacross

tradefinance,corporatesand,toalesser

extent,FI/NBFI.Attheseniorendtherewas

steadydemandforcreditrisksystembusiness

analystsandmarketriskanalystswithcross

assetclassknowledge.

Onthebuysideofthemarket,volumeswere

lowandthefocuswasmainlyonoperational

risk,parallelingthemarketsentimenttowardsstrongercontrols.

MarketOverview

ComplianceTheintroductionofMIFiDattheendof

2007hadapositiveeffectoncompliance

recruitmentactivityinthefirsthalfof2008.

However,theonsetofthefinancialmarkets

crisisresultedinamarkedslowdowninhiring

activity.Onthebuyside,hiringactivitywas

particularlyaffectedinquarterthree,withmany

fundsrestructuringinthefaceofheavylosses.

Adegreeofnormalityhas,however,returned

inquarterfour,withessentialhiringagain

takingplace.

Therulesaroundbestexecutionandtrading

transparencyinMiFIDledtomulti-lateral

tradingplatforms(MTFs)andexchanges

springingupthroughouttheyear.Asaresult,

whilsthiringlevelsreducedatmanyother

houses,theexchangeandMTFmarket

remainedstrongthroughouttheyearasheads

ofcompliancewereappointedandestablished

theirteams.

Despitemarketconditions,salariesremained

atfairlyconsistentlevelsthroughout2008

andtopperformerscontinuedtobewell

rewarded.Experiencedcandidateswithgood

businessacumenandtheabilitytoapply

relevantregulatoryknowledgewereinhigh

demand.Therewasalsoagrowingdemand

forriskbasedmentoringcandidatesand

thesesalariescameinlinewithcompensation

levelspreviouslypaidforcomplianceadvisoryprofessionals.

Contract

Thecontractingmarketremainedrelatively

strongthroughout2008asfirmslookedfor

moreflexibleoptionstosecuretalent.In

particular,AMLandmonitoringprofessionals

wereindemand.Smallandmid-tierregulatory

consultanciesstartedtheyearwithabullish

attitudetohiring,however,thischanged

throughquarterthreewhenafocusoncostsconsumedtheindustry.

Followingtheturmoilinthemarketsduring

2008therewasawidespreadcallformore

regulationandaneedtofullyunderstanda

morecomplexanddiversebankingsector.

Thiscanonlycontributetothelong-term

strengthofthecompliancerecruitmentmarket

in2009.


23/61

LONDON


RISK&COMPLIANCE

LONDON

BANKING&FINAN


NCE

BANKING&FINAN


NCE

30

ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

MarketRiskManagement5+yrsexp 85k+ 80k+ 40+ 40+3-5yrsexp 55-80k 55-75k 35-40 35-40

1-3yrsexp 40-65k 40-60k 28-35 25-35

MarketRiskReporting

5+yrsexp 75k+ 65k+ 40+ 40+

3-5yrsexp 50-75k 50-65k 35-40 35-401-3yrsexp 35-55k 35-50k 28-35 25-32

CreditAnalysis/CreditResearch5+yrsexp 75k+ 70k+ 40+ 36+

3-5yrsexp 60-75k 55-70k 36-40 32-36

2-4yrsexp 45-65k 45-60k 30-35 25-320-2yrsexp 35-50k 35-45k 25-30 18-25

CreditRiskReporting5+yrsexp 65k+ 60k+ 40+ 38+3-5yrsexp 50-65k 50-65k 40+ 38+

2-4yrsexp 40-50k 40-50k 35-40 30-38

0-2yrsexp 30-45k 25-40k 28-35 25-30

CreditRiskModelling

5+yrsexp 85k 85k+ 47+ 45+3-5yrsexp 60-85k 60-85k 43+ 40+

2-4yrsexp 45-70k 45-65k 38-42 38-40

0-2yrsexp 35-50k 35-50k 30-38 28-35



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ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

QuantitativeAnalysis5+yrs'exp 95k+ 85k+ 45+ 40+3-5yrs'exp 70-95k 65-85k 35-50 30-45

1-3yrs'exp 45-75k 40-65k 25-35 20-30

0-1yrs'exp 35-45k 30-40k 20-30 18-25

HedgeFundAnalysis/InvestmentAnalysis/DueDiligenceAnalysis

5+yrs'exp 70-90k 70k+ 400p/d 400p/d2-4yrs'exp 50-70k 45-65k 32+ 32+

0-2yrs'exp 30-50k 27-45k 21-28 21-28

PerformanceandMarketRiskAnalysis

5+yrs'exp 70k+ 70k+ 36+ 36+

2-4yrs'exp 45-65k 45-65k 34+ 34+0-2yrs'exp 30-40k 25-45k 30+ 30+

OperationalRisk5+yrs'exp 70k+ 70k+ 40+ 38+3-5yrs'exp 55-70k 50-70k 32-40 33-38

2-4yrs'exp 45-55k 40-55k 28-35 28-33

0-2yrs'exp 30-45k 27-45k 20-30 20-28

BusinessAnalysts

5+yrs'exp 80k+ 70k+ 600+p/d 550+p/d3-5yrs'exp 60-80k 50-70k 400-600p/d 375-550p/d

2-4yrs'exp 45-65k 40-55k 350-425p/d 350-425p/d

0-2yrs'exp 30-50k 30-45k 300-350p/d 250-350p/d


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PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

GlobalHeadofCompliance 100-240k+ 110-240k+ 50-115+ 50-115+HeadofCompliance-Group/Country 90-185k 100-190k 40-90 40-90HeadofCompliance-SingleUnit 70-120k 75-120k 32-65 32-65

SeniorComplianceManager(5-8yrs'exp) 50-100k 60-100k 25-50 25-50

JuniorComplianceManager(3-6yrs'exp) 45-80k 50-90k 22-36 22-36ComplianceAssistant(0-3.5yrs'exp) 24-55k 26-58k 14-26 14-28

InvestmentBanking/ControlRoom6+yrs'exp 75-120k+ 80-120k+ 38-60+ 38-65+

4-6yrs'exp 60-110k 60-110k 30-46 30-50

2-4yrs'exp 45-80k 45-80k 22-36 24-450-2yrs'exp 32-60k 32-60k 13-28 14-28

ProductAdvisory6+yrs'exp 85-125k+ 85-125k+ 42-60+ 42-65+

4-6yrs'exp 65-115k 65-115k 32-50 32-502-4yrs'exp 55-90k 55-80k 25-38 25-380-2yrs'exp 34-60k 34-55k 17-28 17-28

Anti-MoneyLaundering

6+yrs'exp 90-155k+ 80-140k+ 44-80 44-80+4-6yrs'exp 68-100k 65-100k 34-50 34-50

2-4yrs'exp 48-75k 48-75k 18-36 18-36

0-2yrs'exp 32-55k 32-55k 16-28 16-28

AssetManagement

6+yrs'exp 75-120k 75-110k+ 32-52+ 32-52+4-6yrs'exp 55-90k 50-80k 24-40 24-402-4yrs'exp 40-60k 35-55k 18-26 18-26

0-2yrs'exp 26-45k 26-45k 10-22 10-22

Retail

6+yrs'exp 55-100k+ 55-100k+ 26-50+ 26-50+

4-6yrs'exp 42-70k 42-70k 21-30 21-302-4yrs'exp 32-45k 32-45k 15-26 15-26

0-2yrs'exp 20-40k 20-40k 10-17 10-17


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OurLondonbasedcommercialHR

recruitmentconsultantsspecialiseacross

industrysectorsincludingmedia,retail,

technology,telecoms,energy,FMCG

andprofessionalservices.Weplaceboth

generalistandspecialistHRprofessionalsona

permanentandinterimbasis.

MarketOverviewDespiteuncertaintyinthefinancialservices

market,HRrecruitmentremainedactive

acrosscommerceandindustrythroughout

2008.Salaryincreasesroseinlinewithinflationbuttherewerenolargepayrisesin

anyonearea.Insomecasescandidateswere

evenwillingtoreducetheirsalaryexpectations

tosecureemploymentinahighlycompetitive

market.

AlthoughHRrecruitmentcontinuedin2008,

thenumberofrolescomingtomarketdid

decreaseandsomeFTSE100organisations

putaholdonpermanentrecruitmentinthe

secondhalfoftheyear.Thiswascounterbalancedbyanincreaseininterimandfixed

termcontractassignmentsasorganisations

employedspecialistcontractorsona

short-termbasis.Thiswasparticularlyevident

inthosesectorscloselyassociatedwith

financialservicesaswellasconstructionand

engineering.

EnergyTheenergysectorexperiencedsustained

recruitmentactivitythroughout2008asaresultofstrongcommoditypricesinthefirst

halfoftheyear.

MediaWithinthemediasectorrecruitmentlevels

fluctuatedthroughouttheyear;newmedia

organisationscontinuedtoexperiencesteady

levelsofrecruitment,howevermoretraditional

mediaorganisationsstruggledtoattractthe

bestcandidatesduetotheirorganisations

beingperceivedaslessfashionableand

desirableinthecurrentmarket.

Retail

RetailwasoneofthebusiestsectorsforHR

recruitmentin2008.Wesawasignificantshift

intheretailmarketwithanincreaseindemand

forrolesatalllevels.Thiswasadirectresult

ofretailcompanies'planstorestructureand

strengthentheirHRteamsinpreparationfor

themarketdownturn.Inparticular,therewas

afocusonhiringgeneralistswithemployee

relationsexperiencetodealwiththeinevitable

staffversusorganisationdisputesthatarise

frompoormarketconditions.

Technology

Thetechnologysectorremainedbusy

throughout2008.Weexperiencedasignificant

increaseinthenumberofbusinesspartner

rolescomingtomarket.Thiswasdueto

organisationsmigratingtoabusinesspartner

modelinthesecondhalfoftheyear.

FMCGTheFMCGmarketremainedrelativelybuoyant

in2008.ThiswasmainlyduetoorganisationsrestructuringtheirHRteams.Themajorityof

FMCGorganisationsadoptedapragmatic

approachtorecruitment,keepingcurrent

marketconditionsattheforefrontofstrategic

initiatives.

RolesinDemandIn2008therewasastrongrequirementfor

businesspartnerswithstrongcommercial

skillsandsolidexperiencerelatingtoimproving

bottomlineperformance.Businesspartnerswithaproventrackrecordinimplementing

culturalandbusinesschangeprogrammes

werealsoindemand.2008witnessedastrong

interestinHRgeneralistsaswellasemployee

relationsandcompensationandbenefits

specialistsacrossthemarket.However,there

wasaconsiderabledeclineinthedemandfor

learninganddevelopmentandrecruitment

specialists.

Outlookfor2009

Asadirectconsequenceofglobalmarket

trends,companies'resourcingstrategies

willremaincautiousnextyear.However,

duetothegrowingprominenceofHRin

overallbusinessstrategy,wedostillexpect

recruitmenttoremainrelativelystablein2009.

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ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERDAY(PAYE)UK

2008 2009 2008 2009

HRDirector 90-200k+ 80-200k+ 500-1000+ 400-1000+Organisation/ChangeManager 50-95k 50-95k 400-1000 500-800HRBusinessPartner 50-85k 50-85k 300-700 250-600

HeadofCompensation&Benefits 70-110k 70-110k 400+ 350+

Compensation&BenefitsManager 50-80k 50-80k 250+ 250+HeadofRecruitment 50-100k 50-85k 400-800 300-700

RecruitmentManager 50-80k 50-70k 250-400 200-400

HeadofHR 60-105k 70-120k 400-800 400-700HRManager(10+yrsexp) 50-75k 50-85k 250-400 250-400

HRManager(5+yrsexp) 40-65k 40-65k 160-330 200-350

TrainingManager 40-65k 40-65k 160-260 160-260 TrainingOfficer 25-35k 25-35k 120-130 120-130

HRAdvisor 28-37k 28-40k 110-160 120-130

HROfficer 25-35k 25-35k 110-160 110-160HRAdministrator 19-26k 18-25k 75-110 80-140


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ES-INVESTMENTBANKING,FINANCIAL&PROFESSIONALSERVICES

35

Ourinvestmentbanking,financial&

professionalservicesdivisionspecialises

inrecruitingHRprofessionalswithvarying

experienceonatemporaryandpermanent

basis.RoleswerecruitforrangefromHR

administrationtodirectorlevelpositionsacross

allaspectsofHR,includingcompensation

andbenefits,learninganddevelopment,

recruitmentandgeneralistpositions.

MarketOverview

Thefinancialservicesmarketfacedthebrunt

oftheeconomicdownturnandwithoutdoubt

experiencedaverychallenging2008.The

numberofrolescomingtomarketsignificantly

reducedandmanyorganisationsplaceda

holdonpermanentrecruitment.

Wesawamarkedshiftinthetrendspreviously

witnessedin2006and2007,where

candidateswereincontrolofthejobmarket.

Thecollapseofanumberofhighprofile

investmentbanksinthelatterpartof2008

createdaninfluxoftalentintothemarketplaceandthissignificantlyincreasedcompetition

betweencandidates.Asaresult,organisations

regainedcontrolofthejobmarketandonly

consideredtheverybestavailabletalent

atthelowestpossibleprice.Despitethese

conditions,candidatesinsecurejobswerestill

willingtomoveiftheopportunitywasrightfor

them.

RolesinDemand

Despiteunpredictablemarketconditions,thedemandforHRgeneralists,compensationand

benefitsspecialistsandemployeerelations

specialistswitnessedin2007continuedinto

2008.However,duetomarketconditions

therewasasignificantdeclineinthedemand

forin-houserecruiters.Previoushighdemand

forlearninganddevelopmentspecialists

alsolessenedduetoincreasedcandidate

availability.

Lengthyrecruitmentprocessesledto

organisationsmissingoutonthebestavailable

candidatesin2007andthistrendcontinued

inthefirsthalfof2008.Thoseorganisations

abletoexpeditetherecruitmentprocess

generallysecuredtheirpreferredcandidates.

Thesecondhalfoftheyeardidnotwitness

anyimprovementintimetohirebutthegreater

availabilityofcandidatesmeantitwasmore

likelythatorganisationssecuredtalented

candidates.

Outlookfor2009Overall,thedemandforHRprofessionals

acrossfinancialservicesfluctuatedthroughout

2008.Criticalhireswillcontinuetotakeplace

in2009butweexpectgeneralrecruitmentto

stayonholduntilthesecondquarterofthe

year.Onapositivenote,thosewhoareina

positiontohirewillhavetheirchoiceofthe

bestavailabletalentinthemarket.

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36

ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERDAY(PAYE)UK

2008 2009 2008 2009

HRDirector 90-180k 90-180k 450-800 450-800HeadofHR 80-110k 80-120k 450-600 450-600HeadofCompensation&Benefits 80-110k 80-120k 400-550 400-600

HeadofTraining&Development 80-110k 80-110k 400-550 400-550

HeadofRecruitment 80-110k 70-100k 400-550 350-500HRManager(10+yrsexp) 60-80k 60-80k 250-450 250-450

HRManager(5+yrsexp) 50-60k 50-60k 250-350 250-350

HRBusinessPartner 45-80k 50-90k 250-450 300-500Compensation&BenefitsManager 50-80k 55-85k 250-450 300-500

Training&DevelopmentManager* 50-80k 50-80k 250-450 250-450

RecruitmentManager 50-80k 45-75k 250-450 200-400HROfficer/Advisor 30-45k 30-45k 130-200 150-200

HRAdministrator/Assistant 25-30k 20-30k 100-130 100-150

Training&DevelopmentOfficer/Advisor 25-35k 25-35k 130-200 130-180Compensation&BenefitsOfficer/Advisor 28-35k 28-35k 130-200 150-200

RecruitmentOfficer/Advisor 28-35k 28-35k 130-200 120-180


*Specialistpositionsmaycommandslightpremiumsdependingonthelevelofskillsetneeded,e.g.organisationaldevelopment,talentmanagement,organisational

effectiveness.

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IALSERVICESANDCOMMERCE&

INDUSTRY

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IALSERVICESANDCOMMERCE&

INDUSTRY

37

Ourinformationtechnologydivisionrecruits

permanentandcontractrolesatalllevels

intothefinancialservicesandcommerceandindustrysectors.

MarketOverviewDuringthefirsthalfoftheyearITrecruitment

activityremainedbuoyant,however,hiring

levelsreducedduringquartersthreeandfour

asaresultoftheongoinguncertaintyinthe

financialservicesmarkets.Althoughactivity

reduced,theimpactofthecreditcrunchwas

notasharshlyfeltasexpectedandthevery

bestcandidatesremainedinhighdemand.

Evenwithinfinancialservicestherewereno

wholesalereductionsofITprofessionals-

duetothesector'sincreasingrelianceonIT

systemsforbusinesscriticaloperations.In

fact,somebankingorganisationsspentmoney

onbolsteringkeyprojectsinordertogain

marketshareinthelong-term.Manybanks

alsoutilisedITserviceproviders,findingit

easiertoengagethemasopposedtosigning

offnewheadcountthemselves.

Withincommerceandindustry,recruitment

levelsremainedstable,underpinnedby

ongoingdevelopmentprojectstoincrease

organisations'onlinerevenuestreams.

Thisledtoanincreaseddemandfor.NET

andJava/J2EEbasedskillsetsaswellas

anincreasedrequirementforthosewith

webanalyticsexperience.Commercial

organisationscontinuedtoexaminetheir

infrastructurestrategythroughout2008todeterminewhethertheycouldachievebetter

technicalefficiency.Thiscreatedanincreased

demandforvirtualisation/VMwareandstorage

expertise.Thepublicsectorexperienced

sustainedrecruitmentactivityduetolong-term

technologyprojects.

CandidatesDespiteanincreasedpoolofcandidates

enteringthemarketduringquarterthree,

manyqualitycandidateswerereluctantto

moveroles.Consequently,competitionforthe

bestcandidatesremainedhigh.Outstanding

candidateswerecloselyprotectedbytheir

employersandtherewasanincreaseinbuy-backsandguaranteedbonusesto

retainkeyprofessionals-especiallyinthose

organisationsexperiencingdelaysingaining

signoffforreplacementheadcount.

Althoughtopqualitycandidateswerestillin

demand,averagepermanentsalariessawonly

incrementalrises.Whilesomeoutstanding

candidateswithinbankingandcommerce

wereofferedhigherratestotemptthemaway,

thisdidnothappenacrosstheboardand

candidatesmovingfromstrugglingbanks,for

example,acceptedroleswithnouplift,and

occasionallyadropintheirbasicsalary.Due

tomarketconditions,procurementmanagers

cameunderheavypressuretoreduceIT

projectspend.AsaresultITcontractorrates

reducedatanumberoforganisations.For

example,theaveragedailyrateforaC#

developerwithcreditderivativesexperiencefell

from550perdayin2007to500perdayin2008.

Outlookfor2009

2008wasachallengingyearfortechnology

recruitmentandwhilsttheoutlookfor2009

isuncertain,weexpectsomebanksand

commercialorganistionstotryandstrengthen

theirITteamsinordertoreducecostand

increaseefficiencytogainanedgeovertheir

competitors.

Weexpecttoseecautioninthemarket

continueandanticipatesomejoblossesasa

resultofmergerswithininvestmentbanking

andhedgefund/assetmanagement.Heads

ofresourcingarepredictingaslowingin

permanentrecruitmentbutcontracthiringis

anticipatedtoincreasein2009tobalanceany

headcountshortfalls.

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ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERDAY(PAYE)UK

2008 2009 2008 2009

HeadofIT/CTO/CIO 120-175k 120-180k 900-1300 800-1200HeadofProductLineIT 100-170k 120-180k 700-1000 600-1000DevelopmentManager 100-130k 110-140k 750-950 600-900

ProgrammeManager 100-130k 100-130k 600-1000 600-900

HeadofInfrastructure 90-130k 100-135k 700-950 650-900HeadofApplicationSupport 80-110k 85-125k 600-800 500-700

Developer/QuantDeveloper 70-110k 80-130k 700-1100 600-1000

ProjectManager 70-100k 75-110k 450-800 450-600SeniorTechnicalArchitect 70-100k 80-110k 650-850 600-800

QAManager 60-90k 75-100k 450-650 450-550

SeniorJavaDeveloper 60-90k 65-95k 500-650 450-550Excel/VBAFrontOffice 60-80k 70-90k 500-600 450-550

JuniorJavaDeveloper 45-60k 50-65k 360-480 350-450

BusinessAnalyst(FrontOfficeKnowledge) 60-80k 70-90k 400-550 450-550BusinessAnalyst(Junior) 40-60k 45-65k 350-400 350-450

NB:Figuresarebasicsalariesexclusiveofbenefits/bonusesunlessotherwisestated.

Banking & Financial Services

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INFORMATIONTEC


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ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERDAY(PAYE)UK

2008 2009 2008 2009

ITDirector 100-140k 105-160k 650-850 600-800ProgrammeManager 75-100k 80-110k 500-700 550-750Systems/TechnicalArchitect 70-100k 70-100k 500-600 450-550

SeniorProjectManager 75-90k 70-95k 450-550 400-500

SecuritySpecialist 70-95k 70-95k 400-500 450-550ERP/CRMImplementationManager 60-75k 65-80k 400-500 400-500

ITManager 55-80k 60-90k 450-600 500-650

Storage/CapacityManagementAnalyst 55-80k 50-80k 320-480 300-400ProjectManager 50-80k 55-80k 400-500 350-450

NetworkDesigner 45-70k 50-75k 400-500 350-450

UnixSystemsAdministrator 45-55k 45-65k 300-350 350-400.Net/C#Developers 40-60k 45-65k 320-450 300-400

NetworkAnalyst 35-55k 40-60k 280-400 250-350

ProjectCoordinator 35-45k 35-50k 240-360 250-350ISAudit(Senior) 40-65k 45-75k 400-500 400-500

ISAudit(Junior) 35-45k 35-45k 300-400 300-400Oracle/SybaseDeveloper 45-75k 50-80k 320-480 350-450Oracle/SybaseDBA 40-65k 40-70k 280-400 300-400Java/J2EEDeveloper(Senior) 50-75k 50-75k 400-500 350-450

Java/J2EEDeveloper(Junior) 30-50k 30-50k 350-400 300-400

SeniorBusinessAnalyst 45-70k 45-70k 440-550 400-500BusinessAnalyst 40-55k 40-55k 320-440 350-450

C++(Senior) 50-70k 50-75k 350-450 350-450

C++(Junior) 30-50k 30-50k 300-400 300-400 TestManager 40-70k 45-70k 350-450 400-450

TestTeamLeader 40-60k 40-60k 350-400 350-400

Trainers 30-50k 35-55k 180-350 200-400NetworkAdministrator 30-50k 40-60k 280-360 250-350


Commerce & Industry

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MarketOverviewLegalrecruitmentactivityacrosscommerce

andindustryremainedsteadythroughout

2008.Thedownturninthefinancialservices

sectordidnotimpactcommerceandindustry

asseverelyasexpectedandsomesectors

evenincreasedhiringasorganisations

attemptedtoreducethecostofoutsourcing

legalworkbybolsteringtheirinternallegal

departments.

ThePermanentMarketThetypeofcandidatesindemandchanged

during2008asorganisationsfocusedon

recruitingcandidateswithmorehands-on

experience,ratherthanentrylevelcandidates

companiescouldtrainanddevelop.This

wasparticularlyevidentintheITandenergy

sectors.IntheFMCGandtelecommunicationssectorslawyerswithstrongintellectual

property,competitionorregulatoryexperience

wereinhighdemand.Thiswasdueto

companieswantingtoinnovateandprotect

marketshareinafiercelycompetitivemarket.

Themediaandentertainmentsector

remainedbuoyantthroughout2008as

televisionproductioncompaniesattracted

thegreatestinterestfromcandidates.New

mediacontinuedtobethefocusformanyorganisationsinthesectorandcandidates

withonlinegamingande-commerceskillsets

wereinhighdemand.

Ingeneral,legalsalarylevelsdidnotincrease

in2008.However,somesectorsdidbreakthis

trend.Professionalsintheenergysectorsaw

sizeableincreasessimilartopreviousyears.

Theserisesweredrivenbylowavailabilityof

experiencedcandidates-lawyersfromprivate

practicewerereticenttomoveonthepromiseofagreatpackageandpreferredthesecurity

ofahighguaranteedbasicsalary.

Atthegeneralcounsellevel,activityincreased

towardstheendof2008withanumberof

movesexpectedtotakeplaceinquarteroneandquartertwoof2009.Interestingly,whilst

generalcounselswereinsistentonhiring

candidateswithindustryspecificexperience,

therewasacommondesireforcounsels

themselvestotransfertheirskillsintoother

sectors.Throughout2008wewitnessed

severalcrosssectormovesatthislevelfor

example,frommediatotelecommunications

andevenfromelectronicstohealth.

InitialindicationsfromFTSEgeneralcounsels

andtheirlegalcounterpartsatsmallto

mediumsizedfirmssuggestthatrecruitment

activitywillremainsteadyin2009,andall

hiringbudgetswillbeheavilyscrutinised

withastrongfocusonbusinesscritical

appointments.

TheContractMarketThedemandforcontractlawyersacross

mostsectorswithincommerceandindustryremainedsteadythroughout2008withIT,

mediaandtelecommunicationsbyfarthe

mostactivesectors.Candidatespossessing

commercialcontractsexperiencewerethe

mostsoughtafterandtherewerevarious

opportunitiesavailableforseniorcandidatesat

the8-10yearPQElevel.Redundanciesacross

someindustriesresultedinanappetitetohire

employmentlawyerswithcontentiousand

non-contentiousexperienceonacontractual

basistoassistwithHRrelatedissues.

Therewasaninfluxofoutstandingtalentinto

thecontractmarketthisyear-includingboth

permanentlegalprofessionalswhohadbeen

maderedundantandfinancialserviceslawyers

tryingtotransfertoperceivedsafersectors.

Antipodeanqualifiedlawyerswerestillentering

theUKmarket,althoughitwillbeinterestingto

seewhetherthetighteningofimmigrationlaws

andmarketinstabilitywillaffectcandidateflow

in2009.

Paralegal/Non-qualifiedRecruitment

Thetechnologysectorexperienceda

consistentdemandforcommercialcontractmanagerswithstrongprocurementand

outsourcingcontractnegotiationexperience

throughout2008.Wesawthehighest

activitylevelsforparalegalswithcommercial

contractsexperiencewithintechnologyand

telecommunications.Weenvisagethatthe

demandforthistypeofcandidatewillremain

highthroughout2009.

Ourlegalcommerce & industry division

specialises in recruiting temporary and contract

legal professionalsat all levels across thecommercial sector.

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ROLE

PERMANENT

SALARYPERANNUMUK

CONTRACT

RATEPERHOUR(PAYE)UK

2008 2009 2008 2009

In-houseCommerce9-10yrsPQE 95k+ 95k+ 40-60+ 50+7-8yrsPQE 70-100k 72-105k 35-55 38-55

6yrsPQE 65-95k 68-95k 32-50 35-505yrsPQE 60-80k 65-80k 30-45 30-454yrsPQE 55-75k 58-75k 27-40 27-40

3yrsPQE 50-70k 55-72k 25-35 25-38

2yrsPQE 45-65k 48-65k 23-34 23-341yrPQE 40-60k 40-60k 20-30 20-30

Newly-qualified 35-55k 35-55k 18-25 18-25

Paralegal/ContractManager 25-70k+ 25-70k 12-35+ 13-40


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42

Ourlegalfinancialservicesdivisionspecialises

inrecruitingtemporaryandcontractlegal

professionalsforavarietyofpositionswithinfinancialservicesorganisations.

MarketOverview

PermanentRecruitmentThefinancialservicessectorsaw

unprecedentedchangesin2008.Thecollapse

ofLehmanBrothersaswellasBankof

AmericastakeoverofMerrillLynchcreated

anentirelynewfinanciallandscape.These

changescausedfluctuationsinrecruitment

levelsacrossmostfinancialindustries.

InvestmentBankingUncertaintyinthefinancialservicesmarket

hadastrongeffectonrecruitmentwithin

investmentbankingin2008.Wewitnessed

anoticeablereductioninthenumberof

privatepracticelawyersmovingtoin-house

positionsaslawyersadoptedamorecautious

approach.

Bonuseswereannouncedearlyin2008,

andmostin-houselawyerswerehappywith

whattheyreceived.However,somelawyers,

particularlyindebtcapitalmarkets/structured

finance,receivedlowerbonusesthan

expectedduetotheongoingeffectsofthe

creditcrunch.Manyoftheselawyerslooked

fornewrolesasaresult.Mostlawyerswithin

investmentbankingexpecttoreceivesmaller

orsimilarbonusesin2009whilstthemarkets

normalise.

Unfortunately,2008witnessedanumber

ofredundanciesindebt/fixedincome,and

investmentbankshadtoletaproportionof

theirstaffgoinordertocontinueoperating

effectivelyinadownwardmarket.Thefirst

waveofredundanciesatthelatterendof

2007affectedfrontofficebankingemployees,

butredundanciesin2008focusedmoreon

supportfunctions,includinglegal.Some

lawyersweregiventheoptionofvoluntaryredundancyandasmallnumberoflawyers

acceptedthis.Theremainderfocusedon

findingpermanentortemporarypositions

withinfinancialinstitutionssuchashedgefunds,commodityhousesorinsurance

companies.Anumberofcandidateswho

struggledtofindnewrolesbeganseriously

consideringarelocationoverseaswherethe

marketsweremorebuoyantandlegalroles

morewidelyavailable,forexampleinthe

MiddleEastandAsia.

Somenicheinvestmentbanks,particularly

thosewithanemergingmarketsfocus,took

advantageofthemarketdownturnand

focusedonattractingtoptierlawyerswith

attractivepackagesinacomparativelysafe

environment.

InvestmentManagementRecruitmentactivityintheinvestment

managementsectorfluctuatedthroughout

2008.Inthefirsthalfoftheyearthefunds

sectortookadvantageoflegalredundancies

withininvestmentbanksbyrecruitingthebestavailablelawyersinordertoexpandand

up-skilltheirlegalteams.However,recruitment

activityslowedinthesecondhalfofthe

yearasnewshortsellingregulationscame

intoforce.Towardstheendoftheyearthe

situationworsenedforthefundssector.Some

smallerhedgefundswentintoadministration

androleswereputonholdwithinsomeof

themoreestablishedhedgefunds.However,

asthemarketsettlesin2009,mostindustry

expertsagreethatthesectorwillquicklypickupagain.

RetailBanking/InsuranceManyoftheretailbankswerebadlyaffected

bythemortgagecrisisandasaconsequence

recruitmentactivitywithinthissectorslowed

in2008.Incontrast,theinsurancesector

experiencedadelayedresponsetothe

crisisandcontinuedtorecruitthroughout

thefirsthalfoftheyear.However,asthe

marketsfurtherconsolidatedinquarterthree,organisationsworkedhardtotryandmake

theirbudgetsgofurtherbyminimisingsalary

costs.Asaresultmanyrecruitedmorejunior

lawyerswhotheycouldtrainanddevelop.Weexpectthistrendtocontinueinto2009while

themortgagemarketstabilises.

ContractRecruitmentAsbudgetswithinthefinancialservices

industrytightenedthroughout2008,the

numberofcontractsavailablealsodiminished.

Toaddtoanalreadycompetitivemarket,

wewitnessedaninfluxofqualitycandidates

withexcellentin-housebankingexperience.

Themajorityofthesecandidatescame

intothecontractmarketasadirectresult

ofredundancy,mostofthemneverhaving

consideredacontractopportunitypreviously.

Theincreasedsizeofthetalentpoolmeant

thatcandidateshadtoshowgreater

flexibilityonsalaryratesascompetition

tosecureemploymentincreased.Skill

setsinhighdemandthroughouttheyear

includedemployment(bothcontentiousand

non-contentious),structuredderivativesandfunds.Temporarytopermanentopportunities

largelydominatedthemarketwiththe

expectationthatheadcountfreezeswouldbe

liftedatthestartof2009.

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43

ROLE

PERMANENTSALARYPERANNUMUK

CONTRACTRATEPERHOUR(PAYE)UK

2008 2009 2008 2009

InvestmentBanking9-10+yrsPQE 95k+ 95k+ 60+ 60+7-8yrsPQE 85-115k 85-115k 55-60 50-60

5-6yrsPQE 73-110k 73-110k 50-55 45-554yrsPQE 70-92k 70-92k 45-50 40-503yrsPQE 65-85k 65-85k 40-45 35-45

2yrsPQE 60-80k 55-80k 35-40 32-40

1yrPQE 51-75k 50-70k 30-35 28-35

InvestmentManagement/PrivateWealth

9-10+yrsPQE 95k+ 95k+ 60+ 60+7-8yrsPQE 90-115k 90-120k 50-60 50-60

5-6yrsPQE 75-100k 75-100k 40-55 40-55

4yrsPQE 68-90k 68-90k 45-50 35-503yrsPQE 63-83k 63-83k 38-45 32-45


RetailBanking&Insurance

9-10+yrsPQE 90k+ 90k+ 60-65+ 55+

7-8yrsPQE 75-115k 75-115k 53-60 50-605-6yrsPQE 70-100k 70-100k 48-55 40-55

4yrsPQE 65-90k 65-90k 45-50 35-50

3yrsPQE 60-80k 60-78k 38-45 32-452yrsPQE 58-70k 55-68k 35-38 30-38

1yrPQE 50-60k 45-58k 30-35 28-35

Documentation*9-10+yrsPQE 90k+ 90k+ 60+ 60+

7-8yrsPQE 85-95k 80-95k 50-60 50-605-6yrsPQE 80-90k 75-90k 48-55 40-554yrsPQE 70-80k 65-80k 40-48 35-48

3yrsPQE 65-70k 60-70k 38-45 32-45



*Qualifiedlawyersmaybepaidupto15%higherthanparalegals.

LONDO LONDON

LONDO

8/6/2019

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United Kingdom Salary Survey 2009

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