2017 Accounting & Finance - Banking Salary Survey Guide

2017 Accounting & Finance - Banking Salary Survey Guide

Marcus Williams 24.02.2017

Salary guide information for ACA, ACCA and CIMA candidates in the marketplace, who have an understanding of IFRS, FRS 102 and Business Planning.

Contents:

Accounting & Finance Banking Permanent Market - London

Accounting & Finance Banking Temporary Market - London

 

Accounting & Finance, Banking - Permanent Market , London

Tier 1 Bulge Bracket | Permanent - London

Basic Salary (£ Per Annum)

Role Part-Qualified Newly-Qualified AVP/2-4 Years VP/5-9 Years Director/10+ Years
Business Management / COO * * 60,000-75,000 75,000-110,000 110,000-175,000
Regulatory Policy * * 70,000-75,000 75,000-110,000 110,000-175,000
Valuation Control 40,000-45,000 50,000-55,000 60,000-75,000 75,000-110,000 110,000-175,000
Product Control 35,000-45,000 50,000-55,000 60,000-75,000 75,000-110,000 110,000-175,000
Financial Reporting 35,000-45,000 50,000-55,000 60,000-75,000 75,000-110,000 110,000-175,000
Management Reporting 35,000-45,000 45,000-55,000 60,000-75,000 75,000-110,000 110,000-175,000
Treasury Finance 35,000-45,000 45,000-60,000 60,000-75,000 75,000-110,000 110,000-175,000
Regulatory Reporting 30,000-45,000 50,000-58,000 60,000-75,000 75,000-110,000 110,000-175,000

*Typically, these roles do not exist at this level

 

 

SMEs, Boutiques & Brokerage | Permanent - London

Basic Salary (£ Per Annum)

Role Part-Qualified Newly-Qualified AVP/2-4 Years VP/5-9 Years Director/10+ Years
Chief Financial Officer * * * * 125,000-250,000
Finance Director * * * 90,000-150,000 125,000-175,000
Financial Controller * * * 75,000-100,000 100,000-130,000
Business Management / COO * * * 75,000-100,000 100,000-175,000
Management Reporting 35,000-45,000 50,000-60,000 60,000-75,000 75,000-100,000 100,000-175,000
Financial Reporting 35,000-45,000 50,000-60,000 60,000-75,000 75,000-100,000 100,000-175,000
Regulatory Reporting 35,000-45,000 45,000-60,000 60,000-75,000 75,000-100,000 100,000-175,000
Treasury Finance 30,000-45,000 45,000-50,000 55,000-70,000 75,000-100,000 100,000-175,000
Product Control 35,000-45,000 45,000-55,000 60,000-75,000 75,000-100,000 100,000-175,000
Valuation Control 35,000-45,000 45,000-60,000 60,000-75,000 75,000-100,000 100,000-175,000

*Typically, these roles do not exist at this level

Commodity Trading | Permanent - London

Basic Salaries (£ Per Annum)

Role Part-Qualified Newly-Qualified AVP/2-4 Years VP/5-9 Years Director/10+ Years
Chief Financial Officer * * * * 100,000-250,000
Finance Director * * * 90,000-150,000 150,000-200,000
Financial Controller * * * 75,000-110,000 110,000-150,000
Business Management / COO * * * 75,000-100,000 100,000-125,000
Management Reporting 35,000-45,000 45,000-55,000 60,000-75,000 75,000-100,000 100,000-125,000
Financial Reporting 35,000-45,000 45,000-55,000 60,000-75,000 75,000-100,000 100,000-125,000
Regulatory Reporting 35,000-45,000 45,000-55,000 60,000-75,000 75,000-100,000 100,000-125,000
Treasury Finance 35,000-45,000 45,000-55,000 60,000-75,000 75,000-100,000 100,000-125,000
Product Control 35,000-45,000 45,000-55,000 60,000-75,000 75,000-100,000 100,000-125,000

*Typically, these roles do not exist at this level

 

 

Insurance | Permanent - London

Basic Salary (£ Per Annum)

Role Part-Qualified Newly-Qualified AVP/2-4 Years VP/5-9 Years Director/10+ Years
Chief Financial Officer * * * * 100,000-250,000
Finance Director * * * 90,000-150,000 150,000-200,000
Financial Controller * * * 75,000-110,000 110,000-150,000
Business Management / COO * * * 75,000-100,000 100,000-125,000
Management Reporting 35,000-45,000 45,000-52,000 60,000-75,000 75,000-100,000 100,000-125,000
Financial Reporting 35,000-45,000 45,000-52,000 60,000-75,000 75,000-100,000 100,000-125,000
Treasury Finance 35,000-45,000 45,000-52,000 60,000-75,000 75,000-100,000 100,000-125,000
Syndicate Accounting 35,000-45,000 50,000-55,000 60,000-75,000 75,000-100,000 100,000-125,000

*Typically, these roles do not exist at this level

Commentary on Accounting & Finance - Permanent Banking Roles

Overview

There was a noticeable rise in the number of regulatory and policy focused roles during the course of 2016, and we expect this to continue throughout this year. This has been coupled with a strong demand for commercially astute candidates taking up positions within smaller banks and financial services institutions. Interestingly, these opportunities are not only limited to those with financial services experience, rather the focus has been on attitude and mindset of this individual, and willingness to adapt to new industries.

Positive & Negative News

There was strong demand across the board throughout the year for newly-qualified accountants, and specifically auditors making their first move into industry. Hiring these individuals allow firms the utmost flexibility in training their staff, whilst still bringing on individuals with the right fundamental skillset. Typically, it is up to these individuals to show their willingness to adapt and get involved with multiple areas of the finance function to secure the most lucrative roles.

We also saw an increase in the number of senior positions (CFO, FD, FC) available in H2 of 2016, although with market conditions being tough, and firms increasingly risk averse, individuals securing these roles have had to show awareness of the risk and regulation specific to the firm, and how they plan to adopt these mechanisms into their role. We expect this to continue throughout 2017, and whilst this trend has been set by larger institutions, we anticipate this percolating down the small and mid-tier firms in 2017.

Qualities & Skills in Demand

It is imperative that ambitious accountants, who will be future candidates for senior positions, continue to gain exposure to a multitude of different disciplines within a finance function. Having some form of regulatory experience is becoming a fundamental skill to possess, and it is important that candidates are up to date with the latest regulatory requirements that constrain prospective organisations. Furthermore, an in-depth understanding of the product offering, the ability to think strategically on how this can be improved and refined will also aide interviewees in convincing potential employers on their credibility to undertake senior roles,  where the ability to work autonomously is not only offered, but fully expected.

Outside Of Work

It is important for accountants within banking and financial services to have a well-respected qualification behind them, and would strongly recommend that to achieve the highest salaries available in the sector, candidates should have achieved or be working towards an ACA, ACCA or CIMA qualification, ideally obtaining first-time passes. It is also important for individuals to be continuously updating themselves on the latest Accounting and Regulatory policies within the industry, and developing their network by speaking to experts in their respective disciplines to continue to develop their knowledge-base. 

Notable Trends

Across major financial markets, 2016 was a year driven by numerous major shock factors (e.g. the EU Referendum, Trump, the Chinese Slowdown) but low day-to-day volatility. This carried across into the recruitment market, and led to 2016 being a year that broke numerous hiring trends. Whilst Brexit was the key shock factor that affected hiring dramatically in the UK market, it created a short-term bubble through the summer months that were the most fruitful in terms of new hires. This owed itself to delayed hiring from Q1 that was deferred until the referendum result was known. However, continued uncertainty has created a risk-averse culture amongst all firms that, whilst not necessarily reducing the number of new hires, has created a tougher job market where the onus is firmly on the candidate that they can add value to the role, whilst limiting the risk exposure to their new employer.

 

 

Accounting & Finance, Banking  - Temporary Market, London

SMES, BOUTIQUES & BROKERAGE | Temporary - London

Rate (£ Per Day)

Role Part-Qualified Newly-Qualified AVP/2-4 Years VP/5-9 Years Director/10+ Years
Chief Financial Officer * * * * 1,300-2,000
Finance Director * * * 600-900 900-1,500
Financial Controller * * * 500-800 800-1,200
Business Management / COO * * * 450-750 750-1,000
Management Reporting 175-250 300-350 350-450 450-750 750-1,000
Financial Reporting 175-250 300-350 350-450 450-750 750-1,000
Regulatory Reporting 175-250 300-350 350-450 450-750 750-1,000
Treasury Finance 175-250 300-350 350-450 450-750 750-1,000
Product Control 175-250 300-350 350-450 450-750 750-1,000
Valuation Control 175-250 300-350 350-450 450-750 750-1,000

*Typically, these roles do not exist at this level

Commentary on Accounting & Finance - Temporary Banking Roles

Overview

2016 was an interesting year, displaying growth versus 2015, which, whilst modest was welcome albeit unexpected given the political events that we faced. Despite there being fewer vacancies across the board the quality of roles was higher, with more specialist and niche roles that direct hirers had less capacity to source for, resulting in more success.

A number of the larger banks kept low volumes of hiring, due to critical-hire-only policies, but the small to mid tier institutions have maintained a steady flow. 

Positive & Negative News

Towards the back end of 2016 we saw a large increase in transactional roles within the investment and retail banks, such as accounts payable and credit controller. This was due to larger volumes of invoices being processed by the banks, and in some cases, a desire to bring the function back into London.

We also observed a consistent demand for finance business partners throughout the year, particularly post EU referendum vote, as firms looked to focus on strategy around moving forward, and we anticipate that this will remain the same as we move through 2017.

Financial accountants are always in high demand, due to month end, year end etc. We typically see the newly qualified accountants moving into these roles to start their careers, within banks, asset management, and so on. Product control has remained quiet largely due to most of these functions moving offshore. There was still a little hiring in the change aspect of this to facilitate with the process, but overall the BAU roles in this space on the contract side have been quiet. 

Regulation will always drive demand within the financial services world, but specifically looking at the finance & accounting space, we have seen an increase in the need for accountants who can assist with IFRS changes and implementation, namely IFRS9. 

Qualities & Skills in Demand

Within contracting there are opportunities right across the board from junior entry roles through to senior interim opportunities for ‘Heads of. To progress you need to become either;

  • a technical expert where your subject matter expertise will enable to you specialise in fields such as accounting policy - £650+ per day or regulatory policy - £650+ per day. Whist there are not huge volumes of these roles if you ensure you know the policies intimately you will put yourself in a strong position when opportunities arise, or
  • a strong manager with a track record of hiring, training & developing and retaining talent and a proven track record in creating infrastructure below you. When hiring for these type of roles organisations are still looking for the technical expertise but often combined with the ability to influence people and change. 

As such you need to be clear on the path you would like to pursue and then you can plan they type of skills and competencies you need to develop. 

Outside of Work

In today’s market organisations are looking to hire contractors who can add value from day one. As such the majority of opportunities are ‘like for like’, offering contractors little in the way of formal training (other than new systems, processes or methodologies) and opportunities to progress. Rates have remained relatively static due to simple ‘supply and demand’ as there have been more contractors available than there have been opportunities so organisations have been in a position of strength.

That said, once organisations secure competent contractors there is a preference to retain that talent than go through, what can become, a lengthy hiring process. As such, once you have proven yourself, have added tangible value or taken on more responsibility there is an opportunity to discuss a rate review at your contract renewal date.

For organisations that wish to retain contractor talent it is all about offering the contractor opportunities to gain new technical skills, offer new challenges perhaps in projects or areas of responsibility and ensure you are open to offering incentives at the outset for successful completion of deliverables. 

Notable Trends

Diversity remains a hot topic for many organisations and there is much discussion about promoting for female talent, especially within the world of finance and accountancy and also STEM, to the C-suite . However within the contracting market it is rarely a point of focus or concern as organisations continue to hire the best technical talent as quickly as possible, irrespective of background. 

There is still a strong appetite to hire Tier 5 contractors into finance positions as there remains a steady source of well trained and often highly motivated talent with little desire to leave for permanent opportunities. Provided the current visa regulations remain we expect this to continue.

Marcus Williams's picture
Manager | Accounting and Finance
mwilliams@morganmckinley.co.uk