Strategy, Project & Change Management | 2014 - 2015 Salary Guide

View our most up-to-date Project & Change Salary Guide.

Banking Finance

Permanent

During the latter part of 2013, and H1 of 2014, there was significant movement within the regulatory change space at business analyst and project manager levels with many institutions reacting to CRD IV, FINREP and Basel III changes. 58% of COOs have increased headcount for 2014, mainly in response to regulation change. There has been a noticeable increase in vacancies, which has produced a visible increase in salaries of circa 10% across all job levels. After conducting a local survey, we discovered that 60% of regulation specialists confessed that salary was more important than career prospects compared to non regulatory professionals where 30% said salary was more important than career prospects.

 

ANNUAL SALARY

 
Role: Analyst / 0-2 years AVP / 2-5 years VP / 5-7 years Director / 7-10 years MD / 10+ years
Business Analyst * £50k - £75k £75k - £100k * *
Project Manager * £70k - £80k £80k - £120k £120k - £150k *
Programme Manager * * £100k - £120k £120k - £150k £150k - £200k
PMO £40k - £60k £60k - £75k £75k - £120k £100k - £120k *

*Typically, these roles do not exist at this level

Contract/Temporary

Similar to the permanent market, vacancies being released of late have been either in the management information or regulatory space. Rates at the top end for business analysts usually require experience around CRD IV, FINREP or Basel III. Many of these positions have been with smaller banks but the main hires so far have been for large MI programmes. We envisage that this trend will continue for the remainder of the year.
 
Rates have been fairly stable over the past 12 months, except where clients are looking for specialist regulatory expertise. These professionals can sometimes command up to £100 per day more than people with standard finance change experience. However, where some institutions hesitate to offer this much, they will often look for people without the required knowledge so long as they have a wide range of project experience. This shows prospective employers that they will easily be able to adapt to a new environment. There also far fewer Programme Manager level roles now available on the contract market.

 

RATE PER DAY

Role: Low Average High
Business Analyst £400 £500 £600+
Senior Business Analyst £550 £600 £700+
Project Manager £600 £650 £700+
Senior Project Manager £650 £750 £800+
Programme Manager £700 £850 £1000+
Junior PMO £350 £400 £450+
Senior PMO £550 £600 £650+

 

Banking Operations 

Permanent

There has been a visible increase in demand for permanent employees within the Operations, Strategy and Change market. It seems that many of the banks recognise the benefits of encouraging permanent headcount and are able to move employees from projects more fluidly. An upsurge in regulation has been pivotal to this increase and with market optimism on the rise, 2014 will continue to be positive. However, attracting high-level permanent talent within the time constraints for project timings remains a challenge especially with contract rates as attractive as they currently are.

 

ANNUAL SALARY

 
Role: Analyst / 0-2 years AVP / 2-5 years VP / 5-7 years Director / 7-10 years MD / 10+ years
Business Analyst £40k - £50k £50k - £75k £75k - £100k * *
Project Manager * £70k - £90k £80k - £120k £80k - £100k £120k+
Programme Manager * * £100k - £120k £100k - £120k £120k+
PMO £30k - £45k £45k - £70k £70k - £90k £80k - £100k £100k+

*Typically, these roles do not exist at this level

Contract/Temporary

With EMIR deadlines looming and the introduction of MiFID 2 on the horizon, there is still a continued need for contractors with this knowledge base. Rates in this area are significantly higher than for non-regulatory roles and there appears to be a preference for contractors due to the speed in which they can be on-boarded. There is also a lot of focus on location strategy as banks look to reduce their overall costs.

 

RATE PER DAY

Role: Low Average High
Business Analyst £350 - £450 £400 - £550 £550 - £650
Senior Business Analyst £500 - £550 £550 - £650 £650 - £700
Project Manager £500 £550 - £600 £600 - £650
Senior Project Manager £550 £550 - £650 £650 - £800
Programme Manager £600 £650 - £800 £800 - £900
Junior PMO £400 £450 £500+
Senior PMO £500 £550 £600+

Banking Risk Management

Contract/Temporary

A number of the global players are starting to hire market risk specialists across both the business and change functions, with a keen focus on professionals who offer detailed domain expertise and valuable strategic insight into the potential implications that will come out of the FRTB. In particular there is a focus on inadequate capital held against the market risks of the trading book and the limiting of assets that can be included in the trading book in future. This all points to continued demand for experienced Risk Change professionals for the remainder of 2014 and into 2015.

 

RATE PER DAY

Role: Low Average High
Business Analyst £450 £550 £600+
Senior Business Analyst £500 £550 £650+
Project Manager £550 £600 £700+
Senior Project Manager £600 £650 £800+
Programme Manager £750 £850 £1000+
Junior PMO £350 £400 £450+
Senior PMO £550 £600 £650+

 

Victoria Walmsley's picture
Managing Director
vwalmsley@morganmckinley.co.uk