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SALARY SURVEY Finance market update – financial services2018 provided Financial Services organisations a good deal of flexibility to hire and expand, in stark contrast to the rigidity within FS labour markets this year. Theories around the impacts of the political environment in the UK and EU has led to nervousness in a number of areas; clearly displayed in the unpredictability of Global money markets & stock markets alike; FTSE100 companies being effected and high-street names going into administration and Germany on the brink of recession being testament to the changing and unpredictable global economy.

The banking world has seen a period of rapid change over thelast 2 to 3 years, with a lot of talk during 2019 concerning‘Challenger’ banks and ‘Fintech’ players, who are growing theircustomer base and taking market share from traditionalbanking organisations. An interesting point to note, a largenumber of Fintech organisations have failed to find relevantfunding or been stopped-short in executing their businesses tothe public. Banking Licenses and subsequent subsidiarisationbeing an area of interest and one to watch closely in 2020.

The traditional Banks have incurred losses in customernumbers and revenues this year to non-traditionalorganisations, and felt further pain in the form of highly-publicised fines, a prime example being the great “PPIScandal”. There were increased costs for FS organisations of acertain size, incurred as a result of considerable spending inthe area of planning as a whole (FP&A being another pocketof increased activity throughout the year) as well asconsidering or making a move into EU locations as part of a

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pre-Brexit strategy. Risk has been high on the agenda for manyorganisations in the areas of KYC and AML at the start of theyear. From a broader perspective, the risk of hiring into newand exciting areas or Projects for FS businesses has meant thatinvestment in headcount has been generally limited to corebusiness Finance functions. Changes in Regulatoryenvironments & Accounting principles have led to hiring inthese areas being relatively fluid throughout the year,alongside a focus on accuracy in reporting providingmovement in certain areas of Product\Balancesheet\PnLControl.

2019 has not, however, been all doom-and-gloom, PE & VC-backed businesses in Financial Services as well as Tech-ledstart-ups, have continued to thrive. Other areas of note havebeen Global Payments and a plethora of internationallyleveraged companies who have less exposure in a singularsocio-economic region. We do not envisage these areas ofgrowth to see significant change going into 2020 and beyond.Crowd-funding, Business improvement and alternative

investments are an area we foresee as an opportunity forgrowth.

The fact that Brexit was pushed back to Q1 2020 has given thelabour market a much-welcome boost at the end of the year,allowing employers to kick-off the year in positive fashion.How the combination of Brexit in early 2020, alongside thetraditional bonus pay-out periods plays out is yet to bedetermined. To secure the best talent moving forwardorganisations need to have set out their stall early, especiallywhen it comes to hiring plans and budgets… potentially thisneeds to be an area of consideration sooner than ever beforein order to be in a strong position moving into 2020.

Feel free to get in touch to hear about how we can supportyour hiring needs as an organisation or your career aspirationsas an individual in 2020 and beyond.

FINANCIAL SERVICES – permanent, LondonINVESTMENT BANKING – Basic salary (£ per annum)

Role Newly Qualified (2 years PQE) 2-5 years 5-8 years 8+ years

Management Accounting 50,000 - 60,000 60,000 - 70,000 75,000 - 80,000 85,000 - 120,000

Product Control 55,000 - 65,000 65,000 - 75,000 75,000 - 95,000 95,000 - 135,000

Financial Control 50,000 - 60,000 60,000 - 75,000 75,000 - 90,000 95,000 - 135,000+

Treasury 55,000 - 65,000 65,000 - 75,000 75,000 - 90,000 95,000 - 135,000

Regulatory Reporting 50,000 - 60,000 65,000 - 70,000 65,000 - 80,000 90,000 - 125,000

Technical Accounting & Policy 50,000 - 60,000 60,000 - 65,000 70,000 - 100,000 110,000+

Valuations\IPV Controls 55,000 - 65,000 65,000 - 75,000 80,000 - 110,000 120,000+

Role Newly Qualified (2 years PQE) 2-5 years 5-8 years 8+ years

Group FD\CFO N\A N\A N\A 250,000 - 500,000

Head of Finance\Finance Director N\A N\A 95,000 -110,000 120,000+

Financial Controller N\A 65,000 - 75,000 75,000 - 95,000 95,000 - 110,000

Finance Manager N\A 65,000 - 75,000 65,000 - 75,000 75,000 - 85,000

Financial Accounting 50,000 -60,000 65,000 - 70,000 65,000 - 80,000 90,000 - 125,000

Management Accounting 50,000 - 60,000 60,000 - 65,000 N\A N\A

Internal Tax 55,000 - 60,000 60,000 - 70,000 75,000 - 85,000 90,000 - 120,000

Internal Audit 50,000 - 65,000 65,000 - 75,000 80,000 - 110,000 120,000+

Sme BANKING & financial services – Basic salary (£ per annum)