The continuing economic and financial crisis has provided the backdrop to an environment where organisational efficiency and demand for capital as well as increased regulation have changed the operating model for many companies. This has undoubtedly affected hiring within the financial services industry, yet most companies are still looking at ways to grow their business and are finding that remuneration to secure the best and brightest remains competitive. Senior executives continue to focus on managing expenditures, resulting in a thorough and targeted recruitment strategy where new hires need to provide an immediate return on investment, thus contributing to the bottom line.
We’re continuing to experience a dual economy, where candidates with in-demand specialisms such as accountancy or specific IT skills coupled with a strong commercial acumen have found themselves highly sought after by employers.
With an increased focus on regulation and the need for greater transparency, those with specific regulatory expertise, particularly around capital adequacy and liquidity, are in high demand. In London, the average increase in salaries across regulatory roles is 4% and according to our latest 2012 Salary Guide, salaries for regulatory accounting managers within the financial services industry are projected between £78,750 and £95,000.
Those candidates who are highly proficient at building or supporting software – within the financial services industry – also remain in great demand as organisations strive to achieve cost efficiencies through investment in technology. Knowledge of large regulatory, compliance, & security systems, advanced Excel, and SQL / database management continue to be a desirable attributes for new hires. Those companies seeking IT project managers to oversee large scale implementations for ERP systems and/or migration to cloud computing should expect to pay a base remuneration in the range of £55,000 and £75,000.
There is also a growing need for IT specialists specifically for the financial services industry. Roles in Software Development can range between £65,000 and £85,250 and Senior Applications/Production Support professionals can expect to earn £62,500 and £74,500.
More than half of financial services CFOs when surveyed about the main reasons behind an increase to the number of permanent accounting/finance staff stated business growth or expansion, while one in four stated an increase in regulatory requirements as their main reason.
Many companies unable to make a permanent hire are engaging interim finance professionals to help keep key initiatives on track without companies having to incur the fixed cost of additional permanent headcount.
By Andy Dallas, Director, Robert Half Financial Services
You can download your copy of the Robert Half Financial Services Salary Guide 2012 here.
Andy Dallas is the director of Robert Half Financial Services, based in the London City office. Having worked with the organisation for 8 years, Andy manages a team of professionals specialising in the placement of banking and capital markets professionals.
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