2016 Compliance Salary Guide

Ben Harris 25.02.2016

Key recruiter information within the compliance sector, covering salaries and contract rates across London and the South West England.

View our most up-to-date Compliance Salary Guide.

London: Significant growth in volume and salaries

2015 saw a 19% increase in the volume of compliance vacancies compared to 2014, and this increase in demand was reflected in a 20% average increase in salaries when professionals changed jobs. This rose to 30% and above for more niche and hard-to-fill roles. Many new vacancies were created in areas such as regulatory monitoring, regulatory affairs and front office compliance advisory, especially in fixed income and foreign exchange markets. Anti-money laundering (AML) was also an area of focus.

The setting of internal rules and procedures to deal with new regulations such as MiFID II and AIFMD has driven a lot of new recruitment into regulatory compliance. As the challenge for banks grows, institutions need to recruit compliance officers who can 'hit the ground running', so most of the hiring has been at the mid-senior level.

There are a number of possible routes into compliance. Hiring organisations will tend to favour candidates who have a stable CV with strong career progression, and preferably experience within their particular field. There has also been a growing trend for qualified or part-qualified lawyers entering the compliance function, as the salary differences has reduced and in many cases offers a more favourable work-life balance. Much of the compliance work today is business-facing so there is an increasing emphasis on soft skills: compliance officers must above all be articulate and persuasive. At the more senior levels they also be able to interact with the regulators.

For non-executive and junior levels, banks and other financial services companies have little trouble recruiting this skill set. There is a fair degree of international mobility in the compliance space as some roles require foreign language skills. With salaries relatively low in Eastern Europe, we have received high quality candidates from countries such as Hungary and the Czech Republic. London is an attractive proposition and can offer great career progression. Compared to some other areas in financial services, the compliance workforce is very diverse and we are seeing more females entering the field.
 

Permanent - London
Basic Salary (£ Per Annum)
Role Analyst
0-2 Years
AVP
3-4 Years
VP
5-7 Years
Director
8-9 Years
MD
10+ Years
Asset Management 30,000-40,000 40,000-70,000 70,000-100,000 100,000-150,000 150,000+
KYC / Onboarding Analyst 30,000-50,000 50,000-60,000 60,000-80,000 80,000- 100,000 100,000+
Monitoring & Surveillance 40,000-50,000 50,000-70,000 70,000-120,000 120,000-150,000 150,000+
Control Room 40,000-50,000 50,000-75,000 75,000-110,000 110,000-150,000 150,000+
Central Compliance 30,000-50,000 40,000-60,000 60,000-90,000 90,000- 140,000 140,000+
Compliance Advisory
(Front Office)
40,000-50,000 50,000-85,000 85,000-130,000 130,000-170,000 170,000+
Financial Crime / AML 40,000-50,000 50,000-75,000 75,000-125,000 125,000-170,000 170,000+

Niche experience highly sought after

With the pressure to meet regulatory deadlines the contract market in compliance has also been very buoyant. For hiring organisations that need to fill a highly niche role, the incumbent is likely to be in high demand so they will need to compete with higher rates of pay. This is especially the case where projects must be finished in a set time frame, for example most recently to meet the MiFID II deadline. Contractors who combine experience and knowledge of compliance issues with project management skills can command very high day rates.

AML and financial crime, together with sanctions compliance, have been and continue to be obvious areas of strong demand in the light of recent scandals and subsequent penalties for non-compliance. Day rates have increased by around 20% and budgets are generally made available if the right interim employee is identified to perform a particular function.

To meet the requirements for compliance and regulatory professionals in the UK, much of the talent is being sourced globally. As such, any tightening of immigration rules in 2016 is likely to add to the talent shortage. It is unlikely that this increase in the day rates will slow to any degree in the immediate future.

Temporary - London
Rate (£ Per Day)
Role Analyst
0-2 Years
AVP
3-4 Years
VP
5-7 Years
Director
8-9 Years
MD
10+ Years
KYC / Onboarding Analyst 150-200 200-350 350-500 500-650 650-800
Monitoring & Surveillance 150-250 250-375 375-500 500-600 600-750
Control Room 150-250 250-450 450-600 600-750 750+
Central Compliance 150-220 220-350 350-500 500-750 750+
Compliance Advisory
(Front Office)
200-300 300-450 450-650 650-800 800-1,000
Financial Crime / AML 175-250 250-350 350-500 500-750 750-1,000

South West England: Strong demand for compliance generalists

Compliance roles in the South West tend to be generalist. There is a huge demand because of the presence of many financial services companies in Bristol and the broader region. A number of companies have moved functions such as Know Your Customer (KYC) into the region to reduce costs and we expect this trend to continue throughout 2016.

There is currently a shortage of candidates, so those looking for new employment are likely to receive multiple opportunities. Salaries are fairly stable but the excess of vacancies over candidates means they are likely to rise faster throughout 2016.

Permanent - South West
Basic Salary (£ Per Annum)
Role Analyst
0-2 Years
AVP
3-4 Years
VP
5-7 Years
Director
8-10 Years
MD
10+ Years
Compliance Reviews 18,000 - 25,000 25,000 - 35,000 35,000 - 50,000 50,000 -  70,000 70,000 - 100,000
KYC / Onboarding Analyst 18,000 - 22,000 22,000 - 30,000 30,000 - 45,000 45,000 -  60,000 60,000 - 80,000
Monitoring & Surveillance 20,000 - 25,000 25,000 - 35,000 35,000 - 50,000 50,000 - 70,000 70,000 - 100,000
IT Compliance 22,000 - 30,000 30,000 - 40,000 40,000 - 50,000 50,000 -  75,000 75,000 - 100,000
Compliance Advisory 20,000 - 25,000 25,000 - 35,000 35,000 - 50,000 50,000 -  70,000 70,000 - 100,000
Financial Crime / AML 18,000 - 25,000 25,000 - 30,000 30,000 - 50,000 50,000 -  70,000 70,000 - 100,000
Ben Harris's picture
Senior Manager
bharris@morganmckinley.co.uk