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SALARY GUIDE 2016
MESSAGE FROM CEO
GUY HAYWARD
CEO – GOODMAN MASSON
WHAT IF EVERY DAY WE WOKE EXCITED ABOUT GOING TO WORK?
WHAT WOULD BE THE IMPACT ON BUSINESSES’ COMPETITIVENESS
IF WE WERE ENGAGED IN OUR JOBS?
WHAT WOULD THE IMPACT BE ON OUR PERFORMANCE LEVELS
IF OUR EMPLOYERS LOOKED AFTER US?
Questions I love to ask, as I remain puzzled that time and again we hear
stories of a failure to look after the people inside the organisations we all
work in.
On average we spend 90,000 hours at work during a lifetime… it has to be
a place that challenges, engages, inspires and makes us happy. When it
isn’t such a place we actively seek it elsewhere.
There are many factors that impact this. Do we have the right tools and
infrastructure to be able to do a great job? Do we have the opportunity to
professionally develop and do we work in an environment that we want to
be part of and don’t want to leave?
And of course, are we well and correctly rewarded? Do we feel valued, does
our annual income reflect our contribution, and are we deserving
of more? Questions that hopefully this salary guide will help you to answer.
By taking contributions from the 400 finance professionals who register
with us every week, we hope it does.
Enjoy a fabulous 2016.
My warm regards,
Guy
goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: info@goodmanmasson.com
UK SALARY GUIDE - 2016
2
Accountancy & Finance
CONTENTS
Professional Services Specialist Divisions Banking & FinancialServices
Advisory
Audit & Assurance
Overview Actuarial
Private Equity -
Finance Director
C & I Internal Audit
Financial Services Advisory
In House Tax
Practice Tax
Treasury
Compliance
Qualified
Oil & Gas
Technology & Telecoms
Media
Property, Construction
and Infrastructure
Leisure, FMCG & Retail
Part Qualified
& Transactional
NHS
Charities & Not-for-Profit
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Based in London and Düsseldorf, we hold annual revenues exceeding £35 million and operate purely within the specialism
of Finance; covering Accounting, Tax, Treasury, Internal Audit, Risk, Change, Operations, Compliance, Actuarial, Corporate
Finance, Management Consultancy and Public Practice.
Goodman Masson is a preferred supplier to over 320 companies across the UK and Ireland, including 73
of the FTSE 100 corporations.
Building an environment for our employees to enjoy and progress remains central to everything we do. We call this
‘The Experience®’ and in January 2014 the UK Intellectual Property Office recognised ‘The Experience®’ as a registered
trademark... formal recognition of the uniqueness of our employee engagement philosophy.
WE ARE DELIGHTED WITH OUR RECENT AWARDS:
• ‘The Best Recruitment Company to Work For’ - Recruitment International UK: 2015
• ‘Most Effective Pay & Benefits Strategy’ - Recruiter: Investing in Talent: 2015
• ‘Most Innovative Benefit’ - Recruiter: Investing in Talent: 2015
• ‘Most Effective Team Motivation Event’ - Recruiter: Investing in Talent: 2015
• Winner of ‘Best Workplaces - Medium Category’ - Great Place to Work: 2015
• ‘Delivering Excellence in Wellbeing’ - Great Place to Work: 2015
• ‘The Best Recruitment Company to Work For’ - Recruitment International UK: 2014
• ‘Best Workplace Environment’ - Recruiter, Investing in Talent: 2014
• ‘Most Innovative Benefit’ - Recruiter, Investing in Talent: 2014
• ‘Most Effective Pay and Benefits Strategy’ - Recruiter, Investing in Talent: 2014
• ‘Most Inspiring Recruitment Leader’ - Recruiter, Investing in Talent: 2014
• ‘Best Large Recruitment Company to Work For’ - Recruiter Awards: 2013 & 2014
• ‘Best Professional Services Recruitment Company’ - Recruiter Awards: 2011, 2012 & 2014
• ‘Best Reward Strategy aligned to Business Strategy’ - Employee Benefits Awards: 2013
• Top 10 in The Sunday Times ‘100 Best Small Companies to Work For’ - 2011 & 2012
• APSCo ‘Recruitment Company of the Year’ - 2011
ABOUT GOODMAN MASSON
SPECIALIST DIVISIONS
PROFESSIONAL SERVICES
BANKING & FINANCIALSERVICES
ACCOUNTANCY & FINANCE
goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: info@goodmanmasson.com
UK SALARY GUIDE - 2016
WITH A TEAM OF OVER 130, GOODMAN
MASSON IS THE LARGEST FINANCIAL
RECRUITMENT BUSINESS IN LONDON AND
HAS BEEN RECRUITING PROFESSIONALLY
QUALIFIED ACCOUNTANTS AND OTHER
FINANCE PROFESSIONALS FOR
OVER 20 YEARS.
4
ACCOUNTANCY & FINANCE
• QUALIFIED• ENERGY & UTILITIES• TECHNOLOGY & TELECOMS• MEDIA• PROPERTY, CONSTRUCTION, INFRASTRUCTURE• LEISURE, FMCG & RETAIL• PART QUALIFIED & TRANSACTIONAL• NHS• CHARITIES & NOT-FOR-PROFIT
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ACCOUNTANCY & FINANCE
QUALIFIED
2015 WAS A VERY POSITIVE YEAR FOR OUR
INDUSTRY AND COMMERCE DIVISION, WITH
A NOTICEABLE SHIFT IN HIRING PATTERNS
AND A HIGHER DEMAND FOR COMMERCIAL
FINANCE PROFESSIONALS THAT CAN ASSIST
WITH REVENUE GROWTH.
The vast majority of our clients have had a larger budget for hiring
and growing their teams in 2015 in order to assist with the increased
demands from their businesses. This trend has resulted in a 32% uplift
in jobs registered when compared to the same period in 2014 - a
significant change.
The majority of our vertical markets have followed this trend, with the
biggest winner being the retail/consumer sector. The growth here has
been driven by consumer confidence and consumer spending, with most
clients still investing heavily in their e-commerce capabilities. The anomaly
has been the Oil and Gas sector, it has been a difficult year with plenty of
press coverage regarding the fall in oil prices, consolidation of companies
and ultimately job cuts. Most of these organisations have been following
the remit of building leaner team structures with support staff and finance
teams have felt the brunt of this.
The biggest challenge that our clients face in this market is the battle
for talent. The increased demand has not yet matched the supply of
candidates, and we anticipate that this will continue throughout 2016. We
have seen companies become much more aggressive with counter offers to
candidates looking to leave their organisations, with offers of pay rises and
promotions. In some instances this has affected the time it takes to hire.
The best candidates will have multiple opportunities to consider and the
hiring process will be prolonged.
The conditions above all contribute to a market that is driven by candidates
and therefore the competition for the best available talent has pushed up
salaries. Predicting the conditions of next year’s market is always a difficult
thing to do, the most accurate reflection is always the information supplied
to us by our clients, which seems very positive. It has been a while since we
have seen this number of large scale projects being actioned, projects such
as system implementations, exploring new markets and acquisitions – this
all points to a buoyant employment market in the Finance sector.
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ACCOUNTANCY & FINANCE
ENERGY & UTILITIES
WITH THE OIL PRICE CRASH FROM $110
A BARREL TO $35, ALONG WITH THE
CONTINUING UNCERTAINTY IN OTHER
MAJOR COMMODITIES, WE HAVE NOTED
A MARKED DECREASE IN HIRING
CONFIDENCE SINCE THEN.
A further 5,500 jobs have been shed (across all disciplines) in the North
Sea, the continuing insecurity created by the sanctions being lifted on Iran,
the uncertainty around Iron Ore and the demand from China, copper price
fluctuations and the high possibility of the end of “Big Oil” with
Shell withdrawing from the Arctic and the recent environmental disaster
in Brazil have been the big stories and contributed to the doubts in the
market.
We continue to work across the AIM community and have successfully
placed numerous Financial Controller positions, this has been the hot area
for the year. The majority of these have been replacement positions after a
resignation, and this is a common theme across the market. These
salaries have all been above the £100,000 mark.
There has been no activity in the Big Mining Houses, as is becoming a
common theme over the past few years.
There has been only minor hiring activity in Oilfield Services, as costs are
squeezed and contracts expire. Some of the blue chips have had terrible
years financially and it will be a few years before this sector returns to
health. The M&A activity around Schlumberger, Cameron, Baker Hughes
and Halliburton is certainly interesting and may help bring forward future
hiring plans in this sub-sector.
It has been mid cap and AIM listed businesses who have been the
most active with regards to recruitment. There is a continued demand
for candidates with 2-3 years post qualified experience for Financial
Accountant or Group Accountant roles at circa £60,000. There has been
very little requirements at all for Operational, Project and Joint Venture
focused skill sets.
As we grow our Natural Resources business we have increased the amount
of internal placements, with successful placements in Kurdistan, Geneva
and Abu Dhabi. This is an area we will continue to grow as we offer a truly
global finance recruitment model for our Natural Resources clients already
established in London and new clients in the Middle East, Europe and
Africa.
There has been some positivity from Shell CEO Ben Van Beurden – in a
presentation in Q4 2015 he claimed that oil markets are beginning to
recover, though the scale of global oversupply means prices may rise only
slowly. Phillipe Guys, former UK MD of Total has highlighted the issue of
stagnation in hiring, so a strategy to counteract this is beneficial for all.
Improvement undoubtedly takes time and the outlook, certainly for 2016,
is going to remain one of cautiousness and low levels of hiring.
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ACCOUNTANCY & FINANCE
ENERGY & UTILITIES - QUALIFIED MID CAP & MULTI-NATIONAL
Financial AccountantMid Cap £45,000 - £50,000 £250 - £275 £50,000 - £55,000 £275 - £325 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £48,000 - £55,000 £275 - £300 £52,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400
Group Accountant Mid Cap £45,000 - £50,000 £275 - £300 £50,000 - £55,000 £270 - £325 £55,000+ £325 – £375 £55,000+ £325 - £400
Multi-national £48,000 - £55,000 £275 - £325 £52,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400
ManagementAccountant
Mid Cap £45,000 - £50,000 £250 - £275 £50,000 - £55,000 £270 - £325 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £48,000 - £55,000 £275 - £300 £52,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400
Finance AnalystMid Cap £45,000 - £50,000 £250 - £275 £52,000 - £57,000 £270 - £325 £60,000+ £325 - £375 £60,000+ £350 - £400
Multi-national £48,000 - £55,000 £275 - £325 £54,000 - £60,000 £300 - £350 £60,000+ £350 - £450 £60,000+ £375 - £475
Finance ManagerMid Cap £50,000 - £55,000 £250 - £300 £52,000 - £60,000 £300 - £350 £60,000 - £75,000+ £325 - £375 £70,000 - £90,000 £350 - £400
Multi-national £52,000 - £57,000 £325 - £375 £55,000 - £65,000 £325 - £375 £60,000 - £80,000 £350 - £400 £75,000 - £90,000 £375 - £425
Financial Controller Mid Cap - - £50,000 - £70,000 £300 - £350 £65,000 - £80,000 £350 - £450 £80,000 - £120,000 £400 - £500
Multi-national - - £55,000 - £75,000 £325 - £375 £65,000 - £80,000 £375 - £500 £80,000 - £120,000 £450 - £700
Financial DirectorMid Cap - - £65,000 - £85,000 £400 - £475 £75,000 - £120,000 £500 - £700 £85,000 - £150,000 £500 - £1,000
Multi-national - - - £400 - £500 £80,000 - £150,000 £500 - £1,000 £120,000+ £500 - £2,000
0-2 years 2-5 years 5-10 years 10 years +
Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Role
goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: info@goodmanmasson.com 9
ACCOUNTANCY & FINANCE
ENERGY & UTILITIES - SME
Newly Qualified £45,000 - £48,000 £250 - £275
Management / Financial Accountant £45,000 - £55,000 £225 - £275
Finance Manager £50,000 - £60,000 £250 - £300
Financial Controller £60,000 - £90,000 £300 - £450
Finance Director £80,000 - £120,000 £400 - £600
Perm Temp (p/d) Role
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User driven technology seems to be the key, with the continued
advancement of smartphones and therefore app based products such
as payment solutions, interactive advertising and social networking.
Another key trend is the thirst for information driving the ‘Big Data’
market. Challenges around capturing, analysing and making sense of
huge amounts of data from the ‘Internet of Things’ has led to a number of
interesting new businesses starting up in this space. This has also led to
some of the bigger, more traditional media and information services firms
expanding further into this market.
So how has this affected our business within the Technology and Telecoms
sector? Well naturally we have seen further growth in the SME space.
50% of our revenue came from businesses turning over £300m or less, with
25% coming from businesses less than four years in age. This is certainly
an exciting sign for the Tech/Telco sector as a whole. Our blue chip
revenue came from multiple hires by a smaller group of key clients hiring
consistently throughout the year. These businesses all have established
recruitment teams onsite, but this shows there is still an important place for
agencies to work in partnership with ‘in house’ teams to resolve particular
recruitment challenges.
With regards to the hiring focus of businesses, we definitely saw a huge
drive towards ‘Business Partners’ i.e. finance professionals who can work
closely with non-finance departments of organisations to drive value.
There is a battle to secure this kind of talent which has driven up salaries,
particularly at a newly qualified level where competition for candidates
is high.
2015 SAW ANOTHER YEAR OF GROWTH
ACROSS THE TECHNOLOGY AND TELECOMS
SECTOR. YOU ONLY NEED TO READ THE
NEWS REGULARLY OR FLICK THROUGH
THE CITY AM TO SEE THAT THE SECTOR IS
THRIVING WITH THE SHEER NUMBER OF
INNOVATIVE AND CREATIVE STARTUPS THAT
ARE LAYING THEIR FOUNDATIONS
IN LONDON.
TECHNOLOGY & TELECOMS
ACCOUNTANCY & FINANCE
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TECHNOLOGY & TELECOMS - QUALIFIED MID CAP & MULTI - NATIONAL
Financial AccountantMid Cap £45,000 - £50,000 £250 - £275 £50,000 - £55,000 £270 - £325 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £48,000 - £55,000 £250 - £275 £55,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400
Group Accountant Mid Cap £45,000 - £50,000 £275 - £300 £50,000 - £55,000 £270 - £325 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £48,000 - £55,000 £275 - £300 £55,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400
ManagementAccountant
Mid Cap £45,000 - £50,000 £250 - £275 £50,000 - £55,000 £270 - £325 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £48,000 - £55,000 £250 - £275 £55,000 - £60,000 £300 - £350 £55,000+ £350 - £450 £55,000+ £350 - £400
Finance AnalystMid Cap £45,000 - £50,000 £250 - £275 £52,000 - £57,000 £270 - £325 £60,000+ £325 - £375 £60,000+ £350 - £400
Multi-national £48,000 - £55,000 £250 - £275 £55,000 - £60,000 £300 - £350 £60,000+ £350 - £450 £60,000+ £375 - £475
Finance ManagerMid Cap £50,000 - £55,000 £250 - £300 £52,000 - £60,000 £300 - £350 £60,000 - £75,000+ £325 - £375 £70,000 - £90,000 £350 - £400
Multi-national £50,000 - £60,000 £300 - £350 £60,000 - £65,000 £325 - £375 £60,000 - £80,000 £350 - £400 £75,000 - £95,000 £375 - £425
Financial Controller Mid Cap - - £50,000 - £70,000 £300 - £350 £65,000 - £80,000 £350 - £450 £70,000 - £120,000 £400 - £500
Multi-national - - £55,000 - £75,000 £325 - £375 £65,000 - £80,000 £375 - £500 £75,000 - £120,000 £450 - £700
Financial DirectorMid Cap - - £65,000 - £85,000 £400 - £475 £75,000 - £120,000 £500 - £700 £85,000 - £150,000 £500 - £1,000
Multi-national - - - £400 - £500 £80,000 - £150,000 £500 - £1,000 £120,000+ £500 - £2,000
0-2 years 2-5 years 5-10 years 10 years +
Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Role
ACCOUNTANCY & FINANCE
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TECHNOLOGY & TELECOMS - SME
Newly Qualified £45,000 - £50,000 £250 - £225
Management / Financial Accountant £47,000 - £55,000 £225 - £275
Finance Manager £55,000 - £65,000 £250 - £300
Financial Controller £65,000 - £90,000 £300 - £450
Finance Director £85,000 - £120,000 £400 - £600
Perm Temp (p/d) Role
ACCOUNTANCY & FINANCE
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ACCOUNTANCY & FINANCE
MEDIA
2015 WAS A VERY POSITIVE YEAR FOR
RECRUITMENT IN THE MEDIA SPACE,
AND IT LOOKS AS IF THE GOOD TIMES
WILL LAST. 2014 SAW A YEAR ON YEAR
INCREASE IN VACANCIES OF 21%, AND 2015
SAW A FURTHER 15% INCREASE ON THAT,
RESULTING IN A 19% INCREASE
IN PLACEMENTS.
With no slowing in sight, there were a few key trends that developed
in 2015. The first is a staggering 39% increase in Commercial Finance
openings on last year, as media businesses turn their attention back
to driving growth and increasing revenue, be it through diversification,
organic growth or acquisition. The second is continued momentum in the
senior market, with vacancies at a base salary of £85k or higher, making
up 23% of vacancies against an average of just over 14% over the past 5
years. One particularly encouraging trend has been the evolving face of
publishing with consolidations and mergers, plus fast growing start-ups
in the e-book space attracting talent back to the industry.
As the consumption of media continues to evolve, traditional print and
book publishers have diverted their focus, with rights management and
the creation of digital content taking over as key revenue generators.
Increased investment and growth in the success of the digital publishing
space has drawn candidates back to publishing, where they have been
hesitant in the past. There have been roles created for Business Partners
to add value in supporting new revenue streams developed by evolving
technologies. Overall confidence in the publishing market has seen an
incremental increase in finance recruitment where finance teams has been
cut in previous years.
The media and entertainment space has been a particularly exciting
segment of the market in 2015, with Goodman Masson experiencing over
a 40% increase in job flow across this space. This increase in vacancies can
be attributed to several factors, the most obvious being the development
and distribution of highly successful and popular media content from the
UK to international markets, and UK headquartered businesses continuing
their investment in the emerging markets through both organic growth and
acquisition, resulting in increases to headcount.
Finally, one of the most positive and long awaited uplifts in recruitment
patterns has been within the creative agency space. 2015 has seen close
to double the vacancies against this time 2 years ago, with again many
of these roles being commercially focused, or within fast growing SMEs
or start-ups. The reality is businesses need to remain relevant in terms of
digital and technological innovation to compete, and they must partner
with specialist agencies to do this. Agencies within the creative and
communications space are investing in top finance talent more than ever
before to drive performance from their current clients and partner with
commercial teams to develop the best proposals for new client pitches.
As ever, there are still a number of challenges within the media space.
Businesses are realising that selling points such as a fun and more laid
back working culture, whilst operating in a space candidates can relate
to and are passionate about is no longer enough to attract top talent to
their finance teams. Last year we have increasingly seen we have seen
media companies reviewing remuneration packages to compete with their
competitors in the Technology, FMCG and Retail space for talent.
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MEDIA - QUALIFIED MID CAP & MULTI - NATIONAL
Financial AccountantMid Cap £47,000 - £52,000 £250 - £275 £55,000 - £65,000 £270 - £325 £65,000+ £325 - £375 £65,000+ £325 - £400
Multi-national £48,000 - £55,000 £250 - £275 £60,000 - £70,000 £300 - £350 £65,000+ £350 - £450 £65,000+ £350 - £400
Group Accountant Mid Cap £48,000 - £52,000 £275 - £300 £60,000 - £65,000 £270 - £325 £65,000+ £325 - £375 £65,000+ £325 - £400
Multi-national £50,000 - £55,000 £275 - £300 £60,000 - £70,000 £300 - £350 £65,000+ £350 - £450 £65,000+ £350 - £400
ManagementAccountant
Mid Cap £47,000 - £52,000 £250 - £275 £55,000 - £65,000 £270 - £325 £65,000+ £325 - £375 £65,000+ £325 - £400
Multi-national £48,000 - £55,000 £250 - £275 £60,000 - £70,000 £300 - £350 £65,000+ £350 - £450 £65,000+ £350 - £400
Finance AnalystMid Cap £48,000 - £55,000 £250 - £275 £60,000 - £65,000 £270 - £325 £70,000+ £325 - £375 £70,000+ £350 - £400
Multi-national £50,000 - £55,000 £250 - £275 £60,000 - £70,000 £300 - £350 £70,000+ £350 - £450 £70,000+ £375 - £475
Finance ManagerMid Cap £52,000 - £58,000 £250 - £300 £60,000 - £70,000 £300 - £350 £70,000 - £80,000 £325 - £375 £70,000 - £90,000 £350 - £400
Multi-national £55,000 - £60,000 £250 - £300 £65,000 - £70,000 £325 - £375 £65,000 - £80,000 £350 - £400 £75,000 - £95,000 £375 - £425
Financial Controller Mid Cap - - £65,000 - £75,000 £300 - £350 £70,000 - £85,000 £350 - £450 £75,000 - £120,000 £400 - £500
Multi-national - - £65,000 - £80,000 £325 - £375 £70,000 - £85,000 £375 - £500 £80,000 - £120,000 £450 - £700
Financial DirectorMid Cap - - £70,000 - £85,000 £400 - £475 £80,000 - £120,000 £500 - £700 £90,000 - £150,000 £500 - £1,000
Multi-national - - - £400 - £500 £90,000 - £150,000 £500 - £1,000 £120,000+ £500 - £2,000
0-2 years 2-5 years 5-10 years 10 years +
Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Role
ACCOUNTANCY & FINANCE
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ACCOUNTANCY & FINANCE
MEDIA - SME
Newly Qualified £45,000 - £50,000 £250 - £225
Management / Financial Accountant £47,000 - £55,000 £225 - £275
Finance Manager £55,000 - £65,000 £250 - £300
Financial Controller £65,000 - £90,000 £300 - £450
Finance Director £85,000 - £120,000 £400 - £600
Perm Temp (p/d) Role
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ACCOUNTANCY & FINANCE
PROPERTY, CONSTRUCTION & INFRASTRUCTURE
A ROBUST ECONOMIC FORECAST AND THE
GOVERNMENT’S STRONG INFRASTRUCTURE
PIPELINE WILL HELP THE INDUSTRY
CONTINUE ITS RECENT GROWTH,
ACCORDING TO SOME OF THE UK’S LEADING
ECONOMISTS.
The UK is the top-performing economy in the G7 group, it grew fastest of
the top seven in 2014 and was fastest growing in 2015. All of these facts
point to another strong year in 2016 and beyond, with the pipeline looking
strong for large infrastructure projects. Residential house building in
London and the South East continues to be right at the top of the political
agenda, and the appetite for development of prime London real estate
continues to be incredibly aggressive.
2015 saw a modest increase in the number of vacancies registered across
the Property, Construction and Infrastructure sector versus 2014. The
market continues to remain very strong for the most in demand candidates,
many of them are receiving multiple offers and an aggressive approach
from employers to retain their best people. This has driven salary levels up
to an even greater extent.
Due to the general positivity surrounding the economy, a number of our
FTSE 250 clients have embarked on major systems or transformation
projects which has resulted in a huge demand for temporary Finance
staff. Over the past 12 months we have evidenced at least a 10-15%
increase in rates being offered to candidates and rate negotiations taking
place at extension of contract, which was relatively uncommon
in early 2015.
The newly qualified ACA market continues to go from strength to strength,
with candidates able to command a 10-20% salary increase by moving
out of practice into industry. This market has always been competitive,
however 2015 saw unprecedented levels of competition between
employers.
Large businesses are also more active at the Finance Manager and
Financial Controller market, with much more external recruitment taking
place at the £65 - 90k level. This has been evidenced by a 25% increase in
this salary bracket during 2015 versus 2014.
The outlook for 2016 is very positive across all clients operating in the
Property and Construction space. It will be interesting to see how the
anticipated growth in the sector will impact on hiring levels within the
finance community.
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PROPERTY & CONSTRUCTION - QUALIFIED MID CAP & MULTI-NATIONAL
Financial AccountantMid Cap £45,000 - £50,000 £270 - £300 £50,000 - £60,000 £280 - £320 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £47,000 - £55,000 £280 - £320 £55,000 - £65,000 £325 - £375 £55,000+ £350 - £450 £55,000+ £350 - £400
Group Accountant Mid Cap £45,000 - £50,000 £270 - £300 £50,000 - £60,000 £280 - £320 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £47,000 - £55,000 £280 - £320 £55,000 - £65,000 £325 - £375 £55,000+ £350 - £450 £55,000+ £350 - £400
ManagementAccountant
Mid Cap £45,000 - £50,000 £270 - £300 £50,000 - £60,000 £280 - £320 £55,000+ £325 - £375 £55,000+ £325 - £400
Multi-national £45,000 - £55,000 £280 - £320 £55,000 - £65,000 £325 - £375 £55,000+ £350 - £450 £55,000+ £350 - £400
Finance AnalystMid Cap £45,000 - £50,000 £270 - £300 £52,000 - £60,000 £280 - £320 £60,000+ £325 - £375 £60,000+ £350 - £400
Multi-national £47,000 - £55,000 £300 - £340 £55,000 - £65,000 £325 - £375 £60,000+ £350 - £450 £60,000+ £375 - £475
Finance ManagerMid Cap £50,000 - £60,000 £275 - £325 £55,000 - £70,000 £340 - £400 £60,000 - £75,000+ £350 - £400 £70,000 - £90,000 £350 - £400
Multi-national £52,000 - £60,000 £325 - £375 £60,000 - £75,000 £350 - £400 £60,000 - £80,000 £350 - £450 £70,000 - £90,000 £375 - £425
Financial Controller Mid Cap - - £60,000 - £75,000 £350 - £400 £65,000 - £80,000 £350 - £450 £70,000 - £120,000 £400 - £500
Multi-national - - £60,000 - £75,000 £350 - £400 £65,000 - £80,000 £375 - £500 £75,000 - £120,000 £450 - £700
Financial DirectorMid Cap - - £70,000 - £90,000 £400 - £500 £75,000 - £120,000 £500 - £700 £85,000 - £150,000 £500 - £1,000
Multi-national - - £90,000+ £450 - £550 £80,000 - £150,000 £500 - £1,000 £120,000+ £500 - £2,000
0-2 years 2-5 years 5-10 years 10 years +
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ACCOUNTANCY & FINANCE
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ACCOUNTANCY & FINANCE
PROPERTY & CONSTRUCTION - SME
Newly Qualified £45,000 - £50,000 £250 - £275
Management / Financial Accountant £45,000 - £55,000 £225 - £275
SME Finance Manager £50,000 - £60,000 £275 - £350
Financial Controller £60,000 - £90,000 £300 - £450
Finance Director £80,000 - £120,000 £400 - £600
Perm Temp (p/d) Role
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ACCOUNTANCY & FINANCE
LEISURE, FMCG & RETAIL
HAVING SEEN SOME INITIAL OPTIMISM
IN 2014, THE CONSUMER SECTOR SAW
A STRONG YEAR IN 2015 BOOSTED BY
CONSUMER’S INCREASED SPENDING POWER,
CREATED BY LOW INFLATION AND THE
RECOVERY IN WAGE GROWTH. THIS FILTERED
DOWN INTO RECRUITMENT ACTIVITY,
WHERE THERE WAS A 20% INCREASE IN
THE NUMBER OF ROLES COMPARED TO
2014. A SIGNIFICANT PROPORTION OF THIS
WAS DUE TO SEVERAL NEWLY CREATED
ROLES, PARTICULARLY ON THE COMMERCIAL
FINANCE SIDE.
Looking at specific sectors, the stand out performer in 2015 was the Leisure
sector with hotels, bars and restaurants outperforming the rest. London
has seen a record 179 restaurant launches over the past year and this has
resulted in a number of new roles, particularly as chains have expanded.
Interim hire has been necessary as a consequence of the increase in M&A
activity across the gambling space.
Within retail, 2015 has been a more challenging year as the boost in
disposable income has largely been spent on leisure, although it is a
positive sign that there are over 50% less bankruptcies compared to 2014.
Spending on non-essentials went up and the supermarkets sector has
remained competitive, with more replacement hires compared to 2014.
The slowdown of spending in the Middle East and China has dampened
the success across a number of luxury retailers, resulting in a slowdown in
hiring in H2, though there continues to be high growth through SMEs who
are looking to expand internationally. As always, the weather has been
unpredictable causing highs and lows throughout 2015.
FMCG also found 2015 to be a better year, with a number of hires as
companies created new finance teams in London. Across the SME and blue
chip environment, there have been more new hires than replacements.
As always, the volume of roles has been highest at the recently qualified
level (0-2 years PQE), but with the increased demand at all levels,
competition has been fierce for the best candidates. Whilst Deloitte started
promoting their best newly qualified ACAs to Manager after a couple of
years, in a bid to retain the best talent, the Big 4 have just done something
not seen since the start of the recession – they have increased the salary
their trainees qualify on.
The significance of this is that it is now increasingly challenging to fill newly
qualified roles demanding top talent at the £45,000 mark. Across Retail,
Leisure and FMCG, the newly created Commercial Finance roles have
meant that demand has been particularly high for finance analysts who
have qualified in industry, and the best candidates can command closer to
£50,000. This strong demand has been seen across the 0-5yrs experience
level and as the ‘war on talent’ intensifies, meeting a candidate’s salary
expectations, protests against counter offers and the possibility of multiple
offers, can make the difference between securing them or not.
At the senior end, the market has also come back to life. The second half
of the year was particularly busy, with a mix of replacement roles in larger
businesses and Director of Finance or FD roles being created in growing
SMEs.
Looking at 2016, with interest rate rises only a “possibility not a certainty,”
we expect consumer spending to remain or exceed the levels seen this
year. We expect job flow to remain strong and wage growth to continue,
particularly as the introduction of the living wage is not expected to affect
hiring plans in finance. As the UK market remains in better shape than
many overseas markets, there is also the chance that more businesses will
want an active presence here, fueling job growth.
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LEISURE, FMCG & RETAIL - QUALIFIED MID CAP & MULTI-NATIONAL
Financial AccountantMid Cap £45,000 - £50,000 £250 - £275 £50,000 - £60,000 £300 - £350 £55,000+ £325 - £375 - £325 - £400
Multi-national £47,000 - £55,000 £250 - £300 £55,000 - £65,000 £300 - £350 £60,000+ £350 - £450 - £350 - £400
Group Accountant Mid Cap £45,000 - £50,000 £275 - £325 £50,000 - £60,000 £325 - £400 £55,000+ £325 - £375 - £325 - £400
Multi-national £47,000 - £53,000 £275 - £350 £55,000 - £65,000 £300 - £350 £60,000+ £350 - £450 - £350 - £400
ManagementAccountant
Mid Cap £45,000 - £50,000 £250 - £280 £50,000 - £60,000 £270 - £325 £55,000+ £325 - £375 - £325 - £400
Multi-national £45,000 - £53,000 £250 - £300 £55,000 - £65,000 £300 - £350 £55,000+ £350 - £450 - £350 - £400
Finance AnalystMid Cap £45,000 - £55,000 £250 - £280 £52,000 - £60,000 £270 - £325 £60,000+ £325 - £375 - £350 - £450
Multi-national £47,000 - £55,000 £250 - £300 £55,000 - £65,000 £300 - £350 £60,000+ £350 - £450 - £375 - £475
Finance ManagerMid Cap £50,000 - £55,000 £250 - £350 £55,000 - £65,000 £300 - £400 £60,000+ £325 - £400 £70,000 - £90,000 £350 - £400
Multi-national £52,000 - £60,000 £300 - £350 £60,000 - £75,000 £325 - £375 £65,000+ £350 - £400 £75,000 - £95,000 £375 - £425
Financial Controller (Group)
Mid Cap - - £50,000 - £70,000 £350 - £400 £70,000+ £350 - £450 £70,000 - £120,000 £400 - £500
Multi-national - - £55,000 - £70,000 £350 - £450 £75,000+ £375 - £500 £75,000 - £120,000 £450 - £700
Financial DirectorMid Cap - - £70,000 - £90,000 £400 - £475 £85,000 - £120,000 £500 - £700 £90,000 - £150,000 £500 - £1,000
Multi-national - - - £400 - £500 £90,000 - £150,000 £500 - £1,000 £120,000+ £500 - £2,000
Chief Financial Officer Multi-national - - - - £140,000+ £1,000+ £200,000+ £500 - £1,000
0-2 years 2-5 years 5-10 years 10 years +
Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Perm Temp (p/d) Role
ACCOUNTANCY & FINANCE
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ACCOUNTANCY & FINANCE
LEISURE, FMCG & RETAIL - SME
Newly Qualified £45,000 - £50,000 £250 - £280
Management / Financial Accountant £45,000 - £55,000 £250 - £325
Finance Manager £50,000 - £65,000 £270 - £400
Financial Controller £60,000 - £90,000 £350 - £450
Finance Director £80,000 - £120,000 £400 - £650
Perm Temp (p/d) Role
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ACCOUNTANCY & FINANCE
PART QUALIFIED & TRANSACTIONAL
2015 SAW A STRONG INCREASE IN PART
QUALIFIED REQUIREMENTS AND A STABLE
FLOW OF TRANSACTIONAL ROLES.
Q1 & Q2 SAW AN EXCITING MOVEMENT
IN 2015, WITH A 30% INCREASE ON
REQUIREMENTS ACROSS TEMPORARY,
CONTRACT AND PERMANENT POSITIONS.
THIS WAS COMPLIMENTED BY STEADY
GROWTH DURING THE SECOND HALF
OF THE YEAR.
The increased demand for Part Qualified candidates in 2014 has continued
throughout 2015 – this has been a result of increased headcount across
all sectors. There has been a noticeable movement in finalist level hiring,
particularly Financial and Commercial Analysts – this is due to the
continuous growth of the industry and strong competition.
With this increase in demand there has been a shift in salary expectations.
Employers are more engaged in the market which is why there is an
increase with aggressive counteroffers. Also, due to the increased
requirements, candidates tend to demand a higher premium due to the
skills shortage that is affecting London.
The speed of placements has been one of the major changes we have
noticed; our strongest candidates will be active in the market typically
for 1-3 weeks before they get placed. This is a stark change from previous
years due to the increase of roles, particularly around the junior/part
qualified teams where companies are opting for development
focused futures.
As always, temporary placements increased dramatically towards the
end of Q3 to cover varying work flows, as companies adapted quickly
to support core business units as projects approached completion. We
have had a huge success this year with assisting in the transition and
implementation of shared service centres. Not only supplying permanent
hires, but assisting with contingency short term temporary workers, who
are accustomed to high volume processing.
In 2016 we are expecting to see the trend of increasing levels of Part
Qualified & Transactional hiring continue, and our temporary capabilities to
follow suit.
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ACCOUNTANCY & FINANCE
PART QUALIFIED
Assistant Accountant £24,000 - £30,000 £30,000 - £35,000 - £12 - £20
Assistant Management Accountant £24,000 - £30,000 £30,000 - £35,000 - £15 - £20
Assistant Financial Accountant £26,000 - £30,000 £30,000 - £35,000 - £15 - £20
Financial Accountant - £30,000 - £35,000 £36,000 - £45,000 £15 - £25
Management Accountant £25,000 - £28,000 £30,000 - £35,000 £36,000 - £45,000 £16 - £23
Finance Analyst £25,000 - £28,000 £28,000 - £35,000 £36,000 - £45,000 £16 - £23
Foundation Studier Intermediate Studier Top Level Studier Temp (p/h) Role
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ACCOUNTANCY & FINANCE
I&C TRANSACTIONAL
Accounts Payable Assistant £20,000 - £26,000 £11 - £14
AP Manager £35,000 - £45,000 £16 - £22
Accounts Receivable Assistant £22,000 - £26,000 £11 - £14
Credit Controller £25,000 - £28,000 £11 - £15
Credit Control Senior £28,000 - £35,000 £14 - £18
Credit Manager £35,000 - £65,000 £18 - £30
Accounts Assistant £24,000 - £28,000 £12 - £16
Billing Assistant £25,000 - £32,000 £13 - £16
Billings Manager £30,000 - £40,000 £16 - £21
Payroll Assistant £22,000 - £35,000 £11 - £14
Payroll Manager £40,000 - £55,000 £17 - £22
Graduate £20,000 - £25,000 £10 - £14
AP Supervisor £27,000 - £35,000 £15 - £20
Perm Temp (p/h) Role
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ACCOUNTANCY & FINANCE
FINANCIAL SERVICES PART QUALIFIED
Assistant Accountant £24,000 - £28,000 £30,000 - £35,000 - £12 - £17
Assistant Management Accountant £24,000 - £30,000 £30,000 - £35,000 - £12 - £17
Assistant Financial Accountant £26,000 - £30,000 £30,000 - £35,000 - £13 - £17
Financial Accountant - £30,000 - £38,000 £40,000 - £45,000 £15 - £23
Management Accountant £25,000 - £28,000 £30,000 - £35,000 £36,000 - £45,000 £13 - £23
Finance Analyst £25,000 - £28,000 £28,000 - £35,000 £36,000 - £45,000 £13 - £23
Foundation Studier Intermediate Studier Top Level Studier Temp (p/h) Role
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ACCOUNTANCY & FINANCE
FINANCIAL SERVICES TRANSACTIONAL
Accounts Payable Assistant £22,000 - £28,000 £11 - £14
AP Manager £40,000 - £55,000 £20 - £26
Accounts Receivable Assistant £22,000 - £28,000 £11 - £14
Credit Controller £24,000 - £32,000 £12 - £17
Credit Control Senior £32,000 - £40,000 £16 - 20
Credit Manager £40,000 - £60,000 £20 - £30
Accounts Assistant £24,000 - £32,000 £12 - £16
Payroll Manager £40,000 - £55,000 £20 - £26
Graduate £24,000 - £28,000 £12 - £14
AP Supervisor £31,000 - £38,000 £15 - £18
Perm Temp (p/h) Role
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ACCOUNTANCY & FINANCE
CREDIT MANAGEMENT
Head of Credit £60,000 - £80,000 £30 - £40
Credit Controller Manager £40,000 - £60,000 £20 - £30
Credit Controller Supervisor £30,000 - £40,000 £15 - £20
Senior Credit Controller £30,000 - £35,000 £15 - £17.50
Credit Controller £24,000 - £30,000 £12 - £15
Group Credit Manager £50,000 - £70,000 £25 - £35
Perm Temp (p/h) Role
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NHS
IN 2015 THE NHS FACED AN OVERALL
DEFICIT OF AT LEAST £2BN AND A 4%
ANNUAL RISE IN DEMAND. 2015 WAS
UNQUESTIONABLY A TOUGH YEAR FOR
THE HEALTHCARE ECONOMY, AND THERE IS
LITTLE SIGN OF THIS CHANGING FOR 2016.
This challenging environment has understandably created a need for
Interim Finance Consultants who can work under pressure to implement
and deliver cost improvements programmes. There is little to no room for
error, and good Interim Finance Consultants have to take this in their stride
and use their leadership qualities to be able to steer their finance team to
a successful improvement journey. These attributes include resilience, good
communication skills, emotional intelligence, technical skills and a proven
ability to work strategically.
With the continued demand for increased efficiency and cost saving
across NHS, contractors who can engage budget holders and effectively
turnaround those who have been unable to get costs under control, has
remained a paramount skillset. Alongside communication skills, the need
for interim accountants to have high level analytical skills has continued
to be highly important, particularly in the case of delivering long-term
financial plans. These skills ensure management have a full and accurate
understanding of figures, and can make informed decisions on necessary
changes. This skillset will continue to remain key when hiring in 2016.
The focus on costing in the NHS has led to an increased recognition on
how costing helps organisations to understand variations, and make more
robust decisions around the performance and delivery of services. As such,
there has been a call for highly trained costing staff, particularly with PLICs
and reference costing skills.
A handful of NHS hiring managers have taken the approach of purposely
hiring Interim Accountants from outside the sector. Firstly, on a cost saving
basis, there is a saving to be made by hiring Interim Accountants who do
not have experience in the NHS, as non-NHS professionals are lower in cost
and can also offer different ideas and views on ways of working.
In 2016 there will be a further clamp down on agency spend, with
regulatory bodies enforcing spending caps and ensuring that NHS staff are
hired through approved NHS framework suppliers. As an approved NMNC
supplier, Goodman Masson understands this is a necessary action and
believes a move away from unregulated agencies is essential in helping
finance teams make required cost savings.
The NHS market is a huge focus for Goodman Masson, and we understand
NHS leaders face real challenges in achieving both their immediate and
long-term goals. In line with this, we appreciate the importance of providing
real value for money when we place people into finance departments
across the NHS. Our focus when working with candidates is discovering
what impact they will be able to have, as well as working with individuals
who have a real grasp on the complexity of the challenges
they face.
ACCOUNTANCY & FINANCE
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ACCOUNTANCY & FINANCE
NHS - PERM
Band 5 £25,000 - £33,500
Band 7 £37,000 - £47,000
Band 8a £45,500 - £53,000
Band 8b £52,000 - £63,000
Band 8c £61,000 - £74,000
Band 8d £72,000 - £88,000
Band 9 £84,000 - £105,000
Band 6 £31,000 - £41,000
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ACCOUNTANCY & FINANCE
NHS INTERIM (DAILY RATES)
Management / Financial Accountant £150 - £200 £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -
Finance Analyst £150 - £200 £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -
Project Accountant £150 - £200 £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -
Finance Manager - £200 - £300 £300 - £400 £400 - £500 £500 - £600 - - -
Head of MA / FA - - - - £500 - £600 £550 - £650 - -
Financial Controller - - - - £500 - £600 £500 - £600 - -
Head of Finance - - - - £500 - £600 £550 - £600 £600 - £700 -
Deputy Finance Director - - - - £500 - £600 £500 - £600 £600 - £700 -
Finance Director / Deputy CFO - - - - - - £600 - £700 £700 - £1,000
CFO - - - - - - - £900+
Band 6 Band 7 Band 8A Band 8B Band 8C Band 8D Band 9 Band 10 Role
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CHARITIES & NOT-FOR-PROFIT
THERE IS NO SUCH THING AS BAD
PUBLICITY, AND 2015 WAS A COLOURFUL
YEAR FOR THE CHARITY AND NOT-FOR-
PROFIT SECTOR. WE SAW REPUTATIONAL
HIGHS AND LOWS AS ORGANISATIONS HAVE
EXPERIENCED THE CHALLENGES OF FALLING
PUBLIC GRANTS, INCREASED COMPETITION,
AND FINANCIAL SCANDAL AS WELL AS THE
ADVANTAGES OF HEIGHTENED VOLUNTARY
DONATIONS AND COMMERCIALISATION.
A recent report by M&G Investments confirmed the sector has just
experienced its 16th consecutive month of growth in income. An impressive
statistic when we recall the landscape following the 2010 spending
review. What’s more impressive is that voluntary income has been the
largest contributor to this growth, more than compensating for the fall in
government funding.
Good financial management has been a focus for sector leaders
for a while, last year’s headlines have proved just how integral to an
organisation’s success this is. This has resulted in an influx of finance
candidates from the private sector who are introducing more stringent
financial control and commercial acumen through a more involved business
partnering style, putting finance staff in the centre of strategic decision
making.
Of course as the Charity sector has become busier so have other markets,
which means the competition for good candidates is intensified and Not-
For-Profits are inevitably falling behind in the salary stakes. Some are
responding to this by increasing salaries in a bid to attract a higher calibre
of candidates, but for many this isn’t possible. So the attention is turning to
what benefits Charities & Non-Profits can offer beside financial reward.
What is exciting, is that finance teams have the spotlight and with still
much change to implement and new projects like the FRS 102 conversions,
we will be increasingly busier over the course of 2016.
EDUCATION
As a whole 2015 was an extremely exciting period for the education sector,
particularly within Academy Trusts, Academies and Free Schools.
Much of this is due to the fact David Cameron has very clearly outlined
plans that eventually every school in the UK will have Academy status. This
will encourage not just struggling schools, but highly successful ones to
change status, with additional time and resources being made available to
attract new Academy sponsors.
More and more Academy Trusts are looking to attract commercial
candidates, so as a result we have seen an increase in senior level salaries
to a level more attractive to Finance Directors, Finance Managers and
Controllers in the commercial sectors.
As a result of this we are expecting to see increases in the number of
candidates making the switch between the Commercial sector into
Academy Trusts, as the expansion of trusts and numbers of academies
converting shows no sign of slowing down, with more and more trusts
opting for a centralised finance function.
According to the REAch2 CEO Steve Lancashire, continued growth in the
sector looks likely: “This growth can be seen against a wider context of the
Government wanting to see all maintained schools become academies,
leading to a number of Academy Trusts to grow and new trusts to form.”
The result of this is that there will be more finance leadership roles based
both on-site at the Academies, as well as in the centralised Finance teams.
An exciting prospect for all concerned who have a passion for providing
future generations with the best education, facilities and opportunities
possible.
ACCOUNTANCY & FINANCE
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CHARITIES & NOT-FOR-PROFIT – PERM
Management / Financial Accountant £38 - 45k £42 - 46k £45 - 50k -
Assistant Accountant £24 - 30k £30 - 35k
Assistant Management/Financial Accountant
£24 - 30k £30 - 35k
Finance Manager £45 - 50k £48 - 55k £55 - 60k £60k+
Financial Controller - £50 - 55k £52 - 58k £55k+
Head of Finance - £50 - 55k £52 - 60k £60k+
Finance Director - - - £70k+
Financial Analyst £40 - 42k £42 - 46k £45 - 50k -
1-2 years 2-4 years 4-6 years 6 years+
Foundation Studier Intermediate Studier
Role
Role
ACCOUNTANCY & FINANCE
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CHARITIES & NOT-FOR-PROFIT – TEMP
ACCOUNTANCY & FINANCE
Management / Financial Accountant £200 - £225 £210 - £250 £225 - £275 £250 - £300
Finance Manager - £250 - £300 £275 - £350 £300 - £375
Financial Controller - £275 - £325 £300 - £400 £350 - £450
Head of Finance - - £350 - £500 £450 - £600
Finance Director - - - £450 - £800
Financial Analyst £200 - £250 £225 - £275 £250 - £300 £250 - £350
1-2 years (p/d) 2-4 years (p/d) 4-6 years (p/d) 6 years+ (p/d) Role
“WITH REGARDS TO THE HIRING FOCUS OF BUSINESSES, WE DEFINITELY SAW A HUGE DRIVE TOWARDS ‘BUSINESS PARTNERS’ I.E. FINANCE PROFESSIONALS WHO CAN WORK CLOSELY WITH NON-FINANCE DEPARTMENTS OF ORGANISATIONS TO DRIVE VALUE.”
David TaylorMANAGER - TECHNOLOGY, MEDIA & TELECOMS - QUALIFIED FINANCE
PROFESSIONAL SERVICES
• ADVISORY• AUDIT & ASSURANCE
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PROFESSIONAL SERVICES
ADVISORY
THE RECRUITMENT MARKET CONTINUES TO
FOLLOW RECENT TRENDS, WITH GROWTH
CONTINUING THROUGH 2015. HIRING IN
2015 WAS STEADY AND MORE CONSIDERED
THAN THE PAST COUPLE OF YEARS, WITH
FIRMS LOOKING TO HIRE IN NUMEROUS
AREAS BUT WITH A MORE STRATEGIC
APPROACH TO PROCESSES. FIRMS ARE
LOOKING TO ATTRACT AND RETAIN THE
TOP TALENT IN THE LONDON MARKET MORE
THAN EVER, AND THIS IS BEING REFLECTED
IN THE OVERALL PACKAGES OFFERED.
Corporate Finance recruitment remained fluid throughout 2015 with
the Top 20 and Boutique firms continuing to add to their teams. The Big
4 continue to hire across all levels with a focus on the Senior Manager
level. A lot of the more junior recruitment is now filled with internal moves
as opposed to previously seeking external talent into the business. The
majority of roles have been focused around Transaction Services, with
many firms looking to recruit into these areas quite aggressively. Roles in
M&A and Strategy are appearing less common in the market, with many
firms encouraging internal moves and upskilling current employees as
opposed to hiring.
The Forensic Market continued to be active but perhaps at a slightly slower
pace. Boutique firms have been hiring throughout the last year at all levels
and continue to compete and offer an alternative to the Big 4 for clients
and candidates alike. Job flow across the Big 4 is not as buoyant as 2014,
as the firms have become more particular in what they are looking for.
The market generally has seen a slight shift in the type of recruitment in
Forensics, with 2015 having had more of a focus on the Digital Forensics
arena.
The demand will remain for candidates in areas of Advisory going
forward, good candidates are hard to find and are reluctant to make like
for like moves. For candidates to make these moves it is crucial to ensure
competitive packages are offered to avoid losing out to competitors.
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PROFESSIONAL SERVICES
FORENSIC ACCOUNTING
Partner £150,000+ £140,000+
Senior Manager £70,000 - £100,000 £67,000 - £88,000
Manager £55,000 - £70,000 £51,000 - £67,000
Assistant Manager / Executive £46,000 - £54,000 £37,000 - £50,000
Director £95,000 - £105,000 £88,000 - £140,000
Big 4 / Boutique Top 20 Role
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PROFESSIONAL SERVICES
CORPORATE FINANCE
Partner £180,000+ £170,000+
Senior Manager / Assistant Director £65,000 - £95,000 £57,000 - £90,000
Manager £55,000 - £70,000 £50,000 - £68,000
Assistant Manager / Executive £45,000 - £55,000 Up to £47,000
Director £100,000 - £170,000 £120,000 - £160,000
Big 4 / Boutique Top 20 Role
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PROFESSIONAL SERVICES
RISK ADVISORY SERVICES - INTERNAL AUDIT
Executive £42,000 - £47,000
Senior Manager £61,000 - £77,000
Director £80,000 - £110,000
Manager £53,000 - £59,000
Big 4 / Boutique Role
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PROFESSIONAL SERVICES
AUDIT & ASSURANCE
THE BIG 4 HAVE CONTINUED TO RECRUIT
NEWLY QUALIFIED ACA’S INTO THEIR AUDIT
GROUPS. HOWEVER, THE PACE SLOWED
IN 2015 AS DEMAND LEVELED OUT AFTER
2 YEARS OF FRANTIC RECRUITING. NEWLY
QUALIFIED ACA’S FROM THE TOP 20 FIRMS
WERE HIGHLY SOUGHT AFTER, WHILE THE
CANDIDATES FROM THE TOP 50 FIRMS
FOUND IT SLIGHTLY MORE CHALLENGING TO
JOIN THE BIG 4.
The slowdown in Big 4 recruitment gave the Top 20 firms an opportunity
to recruit high quality candidates at all levels into Audit. The shortage of
candidates is still a challenge, but many of the Top 20 will have finished
2015 pleased with some of the new joiners they will have in early 2016.
Their decision to increase their Audit Senior salaries is the primary reason
for attracting high quality individuals. At Audit Director and Manager level,
the firms now offer much more flexibility in relation to flexible hours and
work life balance.
As a result of the Big 4 and Top 20 recruitment drive, many independent
firms found themselves with gaps on their planning board going into the
“busy season”. These firms have been in competition with each other to fill
the Audit Senior roles, with many losing out to rival firms.
Salaries in Practice are increasing at all levels with the gap between
Practice and Industry and Practice closing.
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PROFESSIONAL SERVICES
EXTERNAL AUDIT
Salaried Partner £100,000 - £200,000 £100,000 - £160,000 £90,000 - £160,000 £80,000 - £150,000
Senior Audit Manager £70,000 - £100,000 £65,000 - £90,000 £65,000 - £90,000 £65,000 - £90,000
Audit Manager £55,000 - £65,000 £50,000 - £65,000 £52,000 - £62,000 £50,000 - £58,000
Assistant Audit Manager £46,000 - £53,000 £44,000 - £50,000 £44,000 - £50,000 £43,000 - £49,000
Audit Senior £40,000 - £46,000 £39,000 - £44,000 £38,000 - £44,000 £37,000 - £43,000
ACA / ACCA Finalist £33,000 - £38,000 £30,000 - £34,000 £33,000 - £38,000 £32,000 - £37,000
Role
ACA ACCA
London Home Counties London Home Counties
“THE BIG 4 CONTINUE TO HIRE ACROSS ALL LEVELS WITH A FOCUS ON THE SENIOR MANAGER LEVEL. A LOT OF THE MORE JUNIOR RECRUITMENT IS NOW FILLED WITH INTERNAL MOVES AS OPPOSED TO PREVIOUSLY SEEKING EXTERNAL TALENT INTO THE BUSINESS.”
Aaron FinlayCONSULTANT, PUBLIC PRACTICE
SPECIALIST DIVISIONS
• ACTUARIAL• PRIVATE EQUITY - FINANCE DIRECTOR• C & I INTERNAL AUDIT• FINANCIAL SERVICES ADVISORY• IN HOUSE TAX• PRACTICE TAX• TREASURY• COMPLIANCE
goodmanmasson.com T: +44(0)20 7336 7711 F: +44(0)20 7336 7722 E: info@goodmanmasson.com 44
ACTUARIAL
GENERAL INSURANCE
The General Insurance market saw a great influx of jobs earlier in the year
within the consultancies, the majority of them, with the Big 4, though there
were also some roles within smaller Boutique consultancies. There’s been a
constant flow of jobs within Reserving, Capital Modelling and more recently
Pricing, as well as across the Lloyd’s and London market and Personal/
Commercial Lines Insurers. Having said that, many actuaries are holding
tight whilst their employers go through mergers and acquisitions (that
seems to be the common trend amongst many insurers this year). 2015 saw
Capital Modelling jobs in decline and consultancies and insurers expanding
their Pricing teams. Most companies are now fully set up for Solvency II
submissions in 2016, a significant change since last year where there was
an increased demand in Model Validation, Governance and Documentation
actuaries.
LIFE INSURANCE
2015 was a steady year for Actuarial recruitment following on from a
buoyant market in 2014, which had been largely led by Solvency II
readiness from the Life Insurance industry. Vacancy levels have been
similar to 2014, there has been a lot of consolidation in the market with
some high-profile mergers including large insurers and niche specialist
annuity providers. Consultancies in particular have been growing, and
this has not solely been driven by Solvency II but based on longer term
strategic planning based on the need for their services. Hiring levels have
remained healthy across the industry and the fight for strong Actuarial
talent has remained fierce amongst both life insurers & consultancies.
INVESTMENTS
The investment market got off to a strong start in 2015, with a number of
our asset management and fiduciary clients looking to add headcount
in anticipation of increased business levels or to populate new lines of
business. We saw particular activity in LDI Structuring, Client Relationship
Management/Support, Distribution and Multi-Asset teams. Though this
activity peaked in the first 6 months, it has continued steadily throughout
the year. The Investment Consulting market has also seen a steady flow of
roles throughout the year, with DC Investment and Investment Strategy/
Derivative specialists in particularly high demand at all levels. There has
also been several senior hires together with a higher than usual number of
roles in Fund Manager Research across almost all asset classes.
PENSIONS
2015 followed on from 2014’s upturn in the level of recruitment activity
from across the pensions industry. Perhaps the biggest change has been
the number of roles we have seen in the regions outside of London. Bristol,
Birmingham, Manchester, Leeds, Edinburgh and Glasgow have all seen
increased investment and growth, as firms have looked to take advantage
of the talent and greater cost efficiencies found outside of the capital.
Despite this, London remains the most active region in the country, with
traditional consultancies and Big 4 Accountancy firms seeking to expand
at all levels. Arguably, the biggest shift in the city has been at a number of
the Big 4 firms, who are now looking to expand into the trustee space; an
area that has traditionally been the reserve of the traditional consultancies.
Bulk Annuity providers have also continued to offer Pensions Actuaries an
opportunity to move into Insurance, a trend we expect to continue in 2016.
SPECIALIST DIVISIONS
2015 HAS BEEN A STEADY YEAR OVERALL
WITH SOME ACTUARIAL SECTORS
HAVING HAD STRONGER GROWTH THAN
OTHERS. THE GENERAL INSURANCE
MARKET SAW ORGANISATIONS HIRING
MORE PROFESSIONALS FOR GROWING
PRICING TEAMS WHEREAS COMPETITION
INCREASED ACROSS THE BOARD FOR
TALENTED ACTUARIES IN LIFE INSURANCE.
THE INVESTMENTS SECTOR BEGAN 2015
STRONG WITH MANY FIRMS LOOKING TO
INCREASE THEIR WORKFORCE NUMBERS
WHILST THE PENSIONS MARKET SAW A RISE
IN AVAILABILITY OF ROLES OUTSIDE OF
THE CAPITAL.
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SPECIALIST DIVISIONS
ACTUARIAL
•••
Life
London £28,000 - £37,000 £35,000 - £55,000 £55,000 - £68,000 £68,000 - £90,000 £100,000+
South East £25,000 - £36,000 £34,000 - £50,000 £50,000 - £62,000 £62,000 - £85,000 £90,000+
South West £23,000 - £35,000 £32,000 - £45,000 £45,000 - £60,000 £60,000 - £80,000 £85,000+
South Coast £23,000 - £35,000 £32,000 - £45,000 £45,000 - £60,000 £60,000 - £80,000 £85,000+
Midlands £23,000 - £35,000 £30,000 - £42,000 £45,000 - £60,000 £58,000 - £78,000 £80,000+
North £22,000 - £34,000 £30,000 - £42,000 £45,000 - £60,000 £55,000 - £75,000 £80,000+
Scotland £22,000 - £34,000 £30,000 - £42,000 £45,000 - £60,000 £55,000 - £75,000 £80,000+
GI
London £30,000 - £42,000 £40,000 - £60,000 £55,000 - £90,000 £80,000 - £130,000 £130,000+
South East £25,000 - £40,000 £38,000 - £50,000 £50,000 - £70,000 £60,000 - £100,000 £100,000+
South West £24,000 - £36,000 £36,000 - £46,000 £46,000 - £65,000 £60,000 - £85,000 £85,000+
Midlands £24,000 - £34,000 £34,000 - £46,000 £46,000 - £65,000 £60,000 - £80,000 £80,000+
North £22,000 - £35,000 £34,000 - £44,000 £42,000 - £60,000 £55,000 - £90,000 £90,000+
Scotland £22,000 - £35,000 £34,000 - £44,000 £42,000 - £60,000 £55,000 - £85,000 £85,000+
Level
Junior (0-2 yrs) Part Qualified Nearly / Newly Qualified Qualified (2-4 yrs) Senior Qualified
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•••
Pensions
London £28,000 - £36,000 £36,000 - £48,000 £48,000 - £65,000 £65,000 - £80,000 £80,000+
South East £25,000 - £34,000 £34,000 - £46,000 £46,000 - £62,000 £62,000 - £80,000 £80,000+
South West £22,000 - £33,000 £33,000 - £44,000 £44,000 - £60,000 £58,000 - £75,000 £75,000+
Midlands £22,000 - £33,000 £33,000 - £44,000 £44,000 - £58,000 £58,000 - £75,000 £75,000+
North £22,000 - £33,000 £33,000 - £44,000 £44,000 - £58,000 £58,000 - £75,000 £75,000+
Scotland £22,000 - £33,000 £33,000 - £44,000 £44,000 - £58,000 £58,000 - £75,000 £75,000+
Investment
London £28,000 - £40,000 £37,000 - £48,000 £45,000 - £65,000 £65,000 - £90,000 £90,000+
South East £28,000 - £38,000 £36,000 - £46,000 £44,000 - £65,000 £65,000 - £90,000 £90,000+
South West £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+
Midlands £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+
North £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+
Scotland £25,000 - £36,000 £33,000 - £45,000 £44,000 - £62,000 £60,000 - £80,000 £80,000+
Level
Junior (0-2 yrs) Part Qualified Nearly / Newly Qualified Qualified (2-4 yrs) Senior Qualified
SPECIALIST DIVISIONS
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PRIVATE EQUITY - FINANCE DIRECTOR
2015 WAS A YEAR THAT SHOWED PROMISE
AND A BUSY Q4.
Deal flow took its time in 2015 – a mixture of a general election, a nervous
stock market and a summer that felt like it went on forever has resulted
in pent up demand landing at the end of the year. 2016 should be a strong
year for well backed entrepreneurial businesses looking for Finance
Directors.
We see most opportunities coming from the small to mid-cap market,
with the majority of activity coming from the growth capital & buy and
build specialists, and mainly focused on technology businesses. The main
requirement will always be for FDs with experience of successfully growing
investor backed businesses.
SPECIALIST DIVISIONS
Finance Director £100,000 - £170,000 10 - 20% 0 - 3%
Salary Bonus Equity Role
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SPECIALIST DIVISIONS
C & I INTERNAL AUDIT
2015 WAS AN EXCEPTIONALLY BUSY TIME
FOR THE COMMERCE & INDUSTRY INTERNAL
AUDIT MARKET. AS A TEAM, WE HAVE
SEEN FURTHER GROWTH IN JOB FLOW
THROUGHOUT 2015, WITH A 30% INCREASE
OF LIVE VACANCIES REGISTERED IN 2014.
Economic growth has certainly fuelled the upturn in activity, with
businesses actively looking to increase headcount within their Internal
Audit team, as opposed to purely replacing leavers. This trend is apparently
across most sectors, with possibly the exception of Oil and Gas, which has
been declining in light of recent market events.
Heads of Audit are still focusing their efforts on permanent hiring,
complimenting their resources with co-source arrangements if needed, as
opposed to using short term contractors in times of need.
Hiring trends across 2015 were pretty consistent with that of 2014. The
senior end of the market has seen some level of up-turn, however the
number of Head of Audit positions released to market remains fairly
conservative. We have seen an increase in the number of organisations
approaching Director/Partner level candidates directly from the Big 4
to make the move across to in-house Head of Audit positions.
With the increase and advancement of technology within business
today, Internal Audit departments are seeking to increase their in-house
capability within IT Audit/Information Security, and are investing more
on managing their technology risks. The demand for skilled IT Audit
candidates is continuing to increase, however it is becoming more common
for businesses to cross train their business auditors, helping them achieve
their CISA qualification.
One of the biggest trends throughout 2015 was the change in attitude at
newly qualified level. It appears that the large practice firms are investing
more time and resource to keeping their newly/recently qualified staff,
by offering retention bonuses and secondment opportunities. This in turn
is making recruiting at newly qualified level more competitive, resulting
in Industry businesses paying more for candidates at this level. Newly
qualified candidates can now expect base salaries in the region of £50,000
- £60,000 up from £45,000 in recent years.
Salaries, in general, for Internal Audit professionals have increased across
all sectors. This is down to the upturn in the market and an increase in the
number of opportunities available to candidates. It is now common for
candidates to secure multiple offers, using each to increase the level of
salaries on offer.
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SPECIALIST DIVISIONS
C & I INTERNAL AUDIT
Internal Auditor (newly qualified) £50,000 - £55,000 £43,000 - £45,000
Internal Audit Manager £65,000 - £75,000 £55,000 - £70,000
Senior IA Manager £75,000 - £95,000 £65,000 - £80,000
Head of Audit £100,000+ £85,000+
Senior Internal Auditor £55,000 - £65,000 £50,000 - £58,000
London (C&I) SE Regions Role
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SPECIALIST DIVISIONS
FINANCIAL SERVICES ADVISORY
FINANCIAL SERVICES ADVISORY
EXPERIENCED ANOTHER EXTREMELY
BUOYANT YEAR FROM A RECRUITING
PERSPECTIVE, WITH ALL OF THE BIG 4
FIRMS AND ALSO THE SPECIALIST
ADVISORY HOUSES HIRING LARGE VOLUMES
OF PEOPLE, MANY OF WHOM HAVE BEEN
MAKING THEIR FIRST FORAY INTO THE
CONSULTING WORLD.
MOST OF THIS HAS BEEN DRIVEN BY AN
ONGOING DEMAND FOR EXTERNAL ADVICE
AND ASSURANCE ON REGULATORY DRIVEN
CHANGE BY BANKS, INVESTMENT FIRMS AND
INSURANCE COMPANIES.
Goodman Masson operates in 3 distinct areas of FS Advisory – Risk &
Regulation, Product Control & Valuations and Compliance & Financial Crime.
Within Risk & Regulation, there has been demand across all major service
lines, especially Quantitative Risk, Market and Counterparty Risk, Credit
Risk and Regulatory Assurance. As ever, it has been challenging to move
candidates between firms, instead most hires have been Risk or Regulatory
Specialists working in banks who have made the move into Advisory. We
expect this trend to continue into 2016 and beyond, as financial institutions
struggle to manage the extensive amount of new regulation being
implemented.
Within Product Control & Valuations 2015 was a quiet year, with only a
handful of roles coming out to market. However, we have had a significant
demand for industry finance professionals to join the specialist regulatory
and Product Finance Assurance.
Within Compliance and Financial Crime, we saw financial crime advisory
and forensic positions remain consistent throughout the year. Like 2014,
headcounts across practice for these types of roles started high, and has
often been increased during the year to adjust for significant increases
in workflow. The focus for Big 4 is typically at the Senior Manager grade,
although we are now seeing a number of hires being made for strong
manager level candidates. In Boutique Advisory firms we are seeing
aggressive expansion from a number of firms at all levels to bolster
ranks and compete with bigger firms on projects. Salaries in 2015 largely
remained the same as 2014 for Big 4 firms, with occasional allowances
being made for significant hires. Smaller firms are being a lot more flexible
with how they pay in a bid to attract top talent, and we are seeing the gap
between these types of firms increase. Across Regulatory Advisory roles the
market has again changed little from the large scale hiring we saw in 2015.
Regulatory Advisory roles are being actively recruited across the entire
market ranging from Conduct Risk to CASS. We are seeing a particular
need for strong senior level candidates with a technical regulatory CASS
background to move in to senior manager and above positions. On this side
of things we are seeing salaries increase and be more flexible due to the
shortage of skillset and businesses are being more flexible in the ways they
are attracting top talent.
For 2016 it looks like this level of recruitment will continue. There are still
a number of key hires to be made across this sector, and with upcoming
regulatory developments such as MiFID II and SMR it is likely that Advisory
firms will have the volume of work to support this. The key issues that the
market faces in terms of talent acquisition is the competition in the market.
Companies that are not able to move quickly and be flexible, to compete
with the increased likelihood of candidates in multiple processes, will lose
out.
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SPECIALIST DIVISIONS
FINANCIAL SERVICES ADVISORY
Consultant Up to £48k
Manager Up to £85k
Senior Manager £85,000 - £130,000
Director £105,000 - £160,000
Senior Consultant / Executive Up to £60k
Financial and PerformanceManagement
Role
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SPECIALIST DIVISIONS
IN HOUSE TAX
In previous salary survey commentaries we usually talk about there being
a particular upturn of hiring in 1 or 2 areas on tax (corporate tax, UK or
International, Transfer Pricing or Indirect Taxes), however 2015 saw a
consistent drip-feed of roles across all disciplines.
DETAILS OF THE TRENDS
Overall, job flow was up 23% YOY across in - house C&I Tax.
Corporate Tax – strong movement in international tax structuring and
project roles – not from traditional planning concepts, but from an increase
in Corporate M&A and post-merger integration structuring.
Transfer Pricing – with the OECD releasing the final package of measures
for reform of the international tax system under the Base Erosion and Profit
Shifting (BEPS) developments, clients were extremely keen to analyse the
evolution of these actions as quickly as possible.
Indirect Taxes – there was a particular emphasis on improving overall
global control frameworks and upgrading ERP programmes. In-house
Heads of VAT strongly pushed towards quicker, more efficient data with
higher integrity. There was also an upturn in newly created Customs and
Excise positions.
FORECAST FOR THE COMING YEAR
We are predicting a resilient job market in 2016. If certain global markets
were more stable and BRIC countries were in a financially healthier position
we would go as far as to predict a strong 2016, but they are not. 2015 saw
a healthy pipeline of positions across Direct and Indirect Tax disciplines, we
think this will happen next year too.
2015 WAS AN INTRIGUING YEAR FOR THE IN-
HOUSE COMMERCE & INDUSTRY TAX MARKET.
JOB FLOW WAS NEVER A PROBLEM AND THERE
WAS STILL A GREAT SELECTION OF TOP
CLASS TALENT TO CHOOSE FROM. HOWEVER,
RECRUITMENT PROCESSES MOVED SLOWLY,
REACHING OFFER STAGES WERE PROTRACTED
AND OFTEN PACKAGE AGREEMENTS WERE
EVENTUALLY PUT ON HOLD OR PULLED.
POSITIVELY, THERE WERE SOME EXCITING
HIRING PROJECTS WITH MNCS, INCLUDING
THE CONSTRUCTION OF LARGE, HIGH PROFILE
TAX TEAMS. HOWEVER, SOME MARKETS
(PREDICTABLY OIL AND GAS) WERE HIT
HARD BY VOLATILITY IN GLOBAL MARKETS
AND UNCERTAINTY IN CHINA’S GROWTH
FORECASTS.
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SPECIALIST DIVISIONS
IN HOUSE TAX - COMMERCE & INDUSTRY
Newly Qualified Tax Specialist £43,000 - £50,000 £40,000 - £47,000
UK Tax Accountant £40,000 - £55,000 £40,000 - £50,000
UK Tax Manager £55,000 - £70,000 £50,000 - £60,000
European Tax Accountant £58,000 - £65,000 £52,000 - £59,000
European Tax Manager £65,000 - £80,000 £60,000 - £70,000
VAT Accountant £30,000 - £50,000 £30,000 - £40,000
VAT Manager £50,000 - £65,000 £45,000 - £60,000
International Tax Manager £65,000 - £110,000 £65,000 - £80,000
Transfer Pricing Manager £60,000 - £130,000 £60,000 - £75,000
Transfer Pricing Analyst £35,000 - £50,000 £35,000 - £45,000
Assistant Tax Manager £50,000 - £55,000 £45,000 - £50,000
London Home Counties Role
•••
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SPECIALIST DIVISIONS
Head of Transfer Pricing £80,000 - £130,000 £70,000 - £90,000
Group VAT Manager £65,000 - £90,000 £60,000 - £75,000
Head of Tax £90,000 - £150,000 £80,000 - £120,000
Director of Tax £120,000 - £200,000 £90,000 - £150,000
Group Tax Manager £65,000 - £110,000 £60,000 - £90,000
London Home Counties Role
•••
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SPECIALIST DIVISIONS
THE FINANCIAL SERVICES MARKET
THE FINANCIAL SERVICES MARKET HAS
SEEN INCREDIBLE AMOUNTS OF ACTIVITY,
IN TERMS OF REVENUE GROWTH, BIG
RESTRUCTURES AND EVEN M&A ACTIVITY.
WITH A NUMBER OF US AND ASIAN
BUSINESSES STARTING TO INVEST IN THE
UK MARKET AGAIN. LONDON IS SEEING
MORE MERGERS, PARTICULARLY ACROSS
THE INSURANCE MARKET, AS OVERSEES
BUSINESSES TRY TO INCREASE THEIR
FOOTPRINT IN THE LLOYD’S OF LONDON
MARKET.
As the senior level, the market has also seen some very interesting moves,
with Big 4 Partners moving in-house, and on the other hand, we have seen
a number of industry leaders venturing back into the world of professional
services. Speaking to a number of clients there seems to be a common
agreement amongst the peer group; the recession seemed to force its
will on both the professional services and financial services markets, with
redundancies and budget cuts at the time now having had a knock on
affect, reducing the volume of talent at the senior end of the market.
Likewise, the lack of grad intakes during this time has also impacted the
AVP / Manager Grade, and hence some financial institutions have opted to
hire from the wider Commerce & Industry market when failing to hire from
the professional services firms
HOTTEST AREAS
With FATCA in the height of its popularity, and everybody already talking
about CRS, it is no surprise that the Big 4 firms and financial institutions
are quick to react to CV’s that have any mention of Tax Operations, FATCA
/ QI, CRS, WHT, FTT, product taxes, or any other investment or funds
taxes. The only problem being the finite supply of these candidates, as
most have come through less traditional routes prior to moving into tax
operations – many coming out of an asset servicing or fund administrative
type role before eventually moving across. With the Big 4 firms never one
to miss a trick, all have been building new teams around these capabilities,
again taking many people from the market itself in order to keep up with
demand.
•••
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SPECIALIST DIVISIONS
LEVEL: FS TAX – OPERATIONAL TAXES
Director (SVP), Business Head £110,000 - £140,000 20% - 60%
Senior Manager (VP), Local /Functional Head
£70,000 - £115,000 10% - 45%
Manager (AVP) £48,000 - £70,000 0% - 30%
Analyst £35,000 - £52,000 0% - 20%
Associate £30,000 - £38,000 0% - 10%
Base Salary Bonus Role
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SPECIALIST DIVISIONS
LEVEL: FS TAX - GROUP/ BACK OFFICE/ FRONT OFFICE SUPPORT
Managing Director / Group Director / Global Head
£155,000 - £325,000 50% - 100%+
Executive Director / Regional Head (SVP) £135,000 - £185,000 40% - 100%+
Director / Local Head of (VP) £110,000 - £155,000 30% - 100%
Senior Manager / Group Manager /Functional Head of (VP)
£75,000 - £125,000 10% - 45%
Analyst £45,000 - £65,000 0% - 20%
Manager (AVP) £60,000 - £80,000 0% - 30%
Associate £30,000 - £42,000 0% - 15%
Perm Temp (p/d) Role
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SPECIALIST DIVISIONS
PRACTICE TAX
THE SECOND HALF OF 2015 SAW A SURGE
IN THE NUMBERS OF VACANCIES AMONGST
THE PROFESSIONAL SERVICES FIRMS, LED
OF COURSE BY THE BIG 4, BUT NOT TO BE
OUTDONE, THE MID-TIER FIRMS WERE ALSO
HIRING EXCESSIVELY.
Across the mid-tier firms, the biggest need across all disciplines seemed to
be at the newly qualified and Senior Manager grades, with a good flow of
internal promotions being attributed to the loss of so many newly qualified
candidates, and creating a strong pool of Managers internally. The Big 4
have continued to achieve impressive double digit growth across a number
of Tax service lines, which has created even more emphasis on attracting
and retaining the best people in such a candidate finite market. As such,
the Big 4 firms have needed to adapt, and be creative when bringing in
new talent.
CREATIVE HIRING METHODS
Whilst the mid-tier firms also needed to find alternative means of hiring
new talent, the Big 4 firms have demonstrated the most amount of flexibility
and creativity when hiring. Some examples include taking candidates from
HMRC, or upskilling Auditors for a number of Tax positions (Corporate Tax,
Employment Tax or Transfer Pricing), from both internal and external teams.
Another trend we have seen much more of, is the appointment of senior
level hires from in-house positions. Historically, the advisory firms have shied
away from bringing people in above manager grade, especially if they had
‘been out of the market’ for two years or more. However, 2015 saw the Big
4 firms all making numerous Partner and Senior Director Level hires, taking
senior level candidates from top-tier FTSE and Fort.500 businesses.
Compared to the mid-tier firms, it appears that the Big 4 firms have the
infrastructure in place to support such alternative hiring methods, certainly
more often anyway.
NO MORE DOOM AND GLOOM
It is fair to say that people in the market are feeling more positive about
where the economy is now, which is certainly reflected in the amount of
new jobs in the market. However, where salary increases and bonuses are
concerned, there still seems to be some ‘doom and gloom’ left in the air, as
many candidates have been left feeling frustrated and disappointed with
the lack of bonuses and marginal pay rises. So it comes as no surprise that
we have seen a surge of candidates willing to look at competing firms in
order to obtain a level of remuneration they believe to be in line with their
market value. With this in mind we also expect to see even more counter
offers, which is an ever-increasing factor in our recruitment strategies.
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SPECIALIST DIVISIONS
ANTICIPATED TRENDS AND SKILLS SHORTAGES
In 2015 there were a number of key themes across both the private
practice and in-house markets – a heightened demand for candidates
in Transfer Pricing, M&A Tax, Tax Risk Management and Financial Services
Taxation.
Transfer pricing has rapidly become a very hot topic, to the point where
more often than not we are being drawn into conversations about the
OECD and BEPS. Naturally, this has increased the demand for candidates in
a market that is truly short of dedicated TP practitioners, which in turn
is resulting in a real premium for people in this area.
Whilst M&A Tax has been around for many years and for a while had its
day in the sun, it has seen a rapid rise to fame, owing greatly to how much
M&A and restructuring activity there has been in the market. A sure sign
that the worst is surely behind us? Whilst it is easier to source candidates
from the wider Corporate Tax community for M&A Tax positions, clients
are still struggling to attract candidates, as many feel they will fall foul to
working “Investment Banking hours, but without the Investment Banking
pay”. Whilst many M&A Tax professionals will be paid a premium, or greater
bonuses compared to their peers, many still feel the gap between efforts
vs. reward is still a bridge too far.
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SPECIALIST DIVISIONS
PRACTICE TAX
Classic Tax £34,000 - £41,000 £38,000 - £48,000 £51,000 - £63,000 £61,000 - £73,000 £78,000 - £92,000 £90,000 - £115,000 £115,000 - £1900,000
Indirect Tax £34,000 - £41,000 £42,000 - £49,000 £50,000 - £68,000 £67,000 - £82,000 £85,000 - £115,000 £105,000 - £150,000 £125,000 - £220,000
Human Capital £35,000 - £42,000 £46,000 - £48,000 £52,000 - £62,000 £67,000 - £85,000 £78,000 - £110,000 £110,000 - £145,000 £125,000 - £210,000
Private Client £35,000 - £42,000 £42,000 - £48,000 £52,000 - £58,000 £63,000 - £78,000 £78,000 - £110,000 £95,000 - £140,000 £125,000 - £230,000
Senior Assistant Manager Manager Senior Manager Director Principle Partner Top 20
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SPECIALIST DIVISIONS
International Tax& Tax Consulting
£42,000 - £52,000 £53,000 - £63,000 £63,000 - £115,000 £105,000 - £175,000 £145,000 - £285,000 £220,000 - £850,000
M & A Tax £44,000 - £53,000 £55,000 - £72,000 £68,000 - £120,000 £110,000 - £185,000 £145,000 - £285,000 £220,000 - £850,000
Indirect Tax £42,000 - £51,000 £53,000 - £69,000 £65,000 - £105,000 £105,000 - £165,000 £145,000 - £285,000 £220,000 - £850,000
Private Client £42,000 - £48,000 £52,000 - £61,000 £63,000 - £95,000 £102,000 - £145,000 £145,000 - £285,000 £220,000 - £850,000
Human Capital £42,000 - £51,000 £53,000 - £69,000 £68,000 - £120,000 £102,000 - £165,000 £145,000 - £285,000 £220,000 - £850,000
FS Tax £44,000 - £53,000 £55,000 - £72,000 £68,000 - £125,000 £110,000 - £185,000 £145,000 - £285,000 £220,000 - £850,000
Assistant Manager Manager Senior Manager Director ED / AP Grades Partner Top 4
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SPECIALIST DIVISIONS
TREASURY
TREASURY SAW SOMETHING OF
A RESURGENCE IN 2015, CARRYING ON
FROM THE END OF 2014, A NUMBER OF
DEPUTY ROLES CAME AND WENT, ALONG
WITH SOME INTERESTING ROLES FOR
START-UP COMPANIES. SUMMER WAS A
PARTICULARLY BUSY PERIOD FOR GOODMAN
MASSON IN THE TREASURY AREA, WITH
SOME EXCITING SENIOR TREASURY
MANAGER ROLES COMING IN.
TREASURY COMMERCE AND INDUSTRY
2015 has seen a few Group Treasurers moving into new roles, allowing for
some senior end recruitment to flourish, however it has been the Deputy
Treasurer and Senior Manager vacancies that have been perhaps most
prevalent in the market. Overall this year we have seen some growth in the
Treasury market.
One constant that we have seen for the last few years has been the need
for businesses to hire Technical Treasury Accountants. We mentioned it last
year and, as predicted, 2015 was no different. With the phasing in of IFRS 9,
the Technical Hedge Accountant role has been even more in demand, but
sadly there has been a lack of available talent in the market.
The junior end has continued to expand, with a large number of businesses
looking to integrate a Treasury Analyst into their team. They haven’t
necessarily required Treasury experience and, if they have, it has only been
1-2 years in industry. However, this shows how much Treasury continues to
grow and how important the Treasury department is now viewed within
individual businesses.
TREASURY: BANKING, FINANCIAL SERVICES AND COMMERCE & INDUSTRY
After the turbulence of the past few years, 2014 finally saw some stability
returning to the banking and financial services sectors. 2015 continued to
build on this, and continued in the same pattern of requiring individuals
with a strong liquidity background and knowledge of the regulation behind
Liquidity Management.
Perhaps unsurprisingly and in a similar vain to the corporate side, Hedge
Accountants were again in high demand, with teams expanding and
attempting to prepare for the IFRS 9 phasing.
Pleasingly, there was an increasing appetite to recruit for vacancies
externally, especially at VP and AVP levels. More senior level vacancies were
however typically sourced internally through promotions.
SALARIES
Whilst the Treasury market continued to see a growth in vacancies, salaries
tended to stay static after a slight increase in 2014. The most notable
difference was at the mid-level Treasury Analyst level, where there seemed
to be a small increase when a business required a candidate with 2-4 years’
experience.
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SPECIALIST DIVISIONS
TREASURY - BANKING & FS
Managing Director £150,000+ £150,000+ £150,000+ £150,000+
Senior Manager / VP £120,000 - £200,000 £120,000 - £200,000 £120,000 - £200,000 £120,000 - £200,000
Associate Director / VP £70,000 - £130,000 £70,000 - £130,000 £70,000 - £120,000 £70,000 - £110,000
Manager / AVP £50,000 - £80,000 £50,000 - £80,000 £50,000 - £80,000 £50,000 - £80,000
Associate £45,000 - £60,000 £45,000 - £60,000 £45,000 - £60,000 £45,000 - £60,000
Funding Liquidity / Capital Management ALM / IRRBB Treasury Finance Role
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SPECIALIST DIVISIONS
TREASURY - BANKING & FS
Group TreasurerFTSE 100 £135,000+ £125,000+
FTSE 250 £105,000+ £95,000+
Assistant TreasurerFTSE 100 £90,000 - £135,000 £80,000 - £125,000
FTSE 250 £70,000 - £95,000 £60,000 - £85,000
Treasury Manager5+ years’ experience £70,000 - £90,000 £55,000 - £75,000
2-4 years’ experience £55,000 - £75,000 £45,000 - £65,000
Treasury Accountant3+ years’ experience £60,000 - £80,000 £55,000 - £65,000
0-2 years’ experience £47,000 - £62,000 £37,000 - £52,000
Treasury Analyst3+ years’ experience £44,000 - £59,000 £33,000 - £48,000
0-2 years’ experience £32,000 - £47,000 £22,000 - £37,000
London & South East UK (exc. South East) Role
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SPECIALIST DIVISIONS
COMPLIANCE
OVERALL, THE DEMAND FOR COMPLIANCE
AND FINANCIAL CRIME PROFESSIONALS
CONTINUES TO INCREASE, AS MORE
SECTORS GO THROUGH PERMISSIONS AND
CURRENT FIRMS EXPAND THEIR PRODUCTS
RANGES. THE CONTINUED INCREASED
REGULATORY PRESSURES, AS WELL AS
RECENT FINES, HAVE CAUSED REGULATED
FIRMS TO REASSESS THEIR COMPLIANCE
FUNCTIONS.
As many of our clients are increasing the size of their Compliance teams
concurrently, this has had a knock-on effect on the number of quality
candidates on the market. Teams are not growing as fast as the last few
years, as we have seen job numbers not increasing at the same rate. For
2016, the active candidate pool is likely to decrease, as we move further
into the passive candidate regime of pre-financial crisis.
Whilst the Compliance function has been incorporated into ‘business
as usual’ in a large number of firms, some still have a culture of keeping
compliance as a ‘to be seen and not consulted’ function. Regulators
continue to extend their reach and influence to ensure that organisations
have fear as their last resort.
Moving forward from the new market regulation, companies have
established internal frameworks to handle existing and forthcoming
regulations. On the whole, businesses are in a much better position to
achieve Compliance, whilst still generating new lines of work. One of the
big changes is the Markets in Financial Instruments Directive (MiFID)
ll. It will come into effect from 2017 and will fundamentally impact all
European financial market firms. As the relevant UK law comes into play
half way through 2016, businesses should prepare for this change sooner
rather than later. This is going to be a big test on the regulators, as they
have the power and resources to move today’s enforcement when firm do
not comply.
Salary trends on the whole, have continued to rise, with an average
increase of 15% for those candidates that change roles, and an average
increase of around 9% of those staying within their current roles,
as employers react to outside market influences. In previous years,
candidates’ salary expectations have often been much higher, as they saw
the opportunity to gain large increases in salary due to the heightened
need for compliance professionals. We have noticed that candidates’
expectations have become a lot more realistic, as the initial hype in
Compliance has subsided and market conditions have become the norm.
The increased demand for permanent compliance professionals is also
having a knock-on effect on the interim market.
In summary, new increased regulation will continue to use firms’ resources
to ensure they are compliant on time, teams will continue to grow, whilst
the candidate pool is likely to decrease.
It will be an interesting 2016 in the sector, as we see how the market forces
find an equilibrium between costs, fines and resources.
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SPECIALIST DIVISIONS
COMPLIANCE & FINANCIAL CRIME
Investment andCorporateBanking
AVP £45,000 - £65,000 £200 - £350
VP £70,000 - £85,000 £300 - £450
SVP £85,000 - £110,000 £400 - £500
Head of Compliance £110,000 - £140,000 £450 - £1,500
European Head of Compliance £140,000 - £220,000 £1,000 - £2,000
Global Head of Compliance £250,000 - £350,000 £1,100 - £2,200
Front Office Product Compliance VP £70,000 - £95,000 £400 - £500
Product Compliance SVP £90,000 - £120,000 £450 - £700
Product Compliance Head £130,000 - £235,000 £750 - £1,500
Product Compliance Director £140,000 - £280,000 £800 - £1,800
Product Compliance MD £180,000 - £300,000 £1,000 - £2,000
Control Room Control Room AVP £45,000 - £70,000 £450 - £500
Control Room VP £60,000 - £100,000 £500 - £700
Director of Control Room £100,000 - £180,000 £600 - £1,000
Salary
Permanent Interim Sector Role
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Banking AVP £40,000 - £60,000 £400 - £600
VP £55,000 - £70,000 £450 - £650
SVP £65,000 - £90,000 £550 - £750
UK Head of Compliance £80,000 - £150,000 £600 - £1,000
European Head of Compliance £120,000 - £180,000 £750 - £1,200
Global Head of Compliance £1,800,000 - £250,000 £800 - £2,000
Asset Wealthand HedgeManagers
AVP £45,000 - £65,000 £400 - £600
VP £60,000 - £75,000 £450 - £650
Director £75,000 - £100,000 £550 - £750
UK Head of Compliance £110,000 - £160,000 £600 - £1,000
Global Head of Compliance £160,000 - £250,000 £750 - £2,000
Consultancies Assistant Manager £40,000 - £50,000 £400 - £600
Manager £50,000 - £60,000 £450 - £650
Senior Manager £60,000 - £90,000 £550 - £750
Directors £90,000 - £130,000 £600 - £1,000
Partners £150,000 - £280,000+ £750 - £2,000
Salary
Permanent Interim Sector Role
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Consumer Finance firms / Insurance /(Re)
Compliance Analyst £40,000 - £55,000 £400 - £600
Compliance Manager £55,000 - £85,000 £450 - £650
Senior Compliance Manager £75,000 - £95,000 £550 - £750
UK Head of Compliance £95,000 - £145,000 £600 - £1,000
Global Head of Compliance £140,000 - £180,000 £750 - £2,000
Salary
Permanent Interim Sector Role
Banking Financial Crime Manager £55,000 - £90,000 £400 - £600
Head of Financial Crime £100,000 - £160,000 £750 - £1,500
Head of Fraud £95,000 - £130,000 £500 - £1,500
Head of AML £95,000 - £150,000 £750 - £1,500
Head of Sanctions £120,000 - £200,000 £800 - £2,000
Global Head of Financial Crime £170,000 - £220,000 £900 - £2,000
Global Head of Fraud £190,000 - £220,000 £900 - £1,500
Global Head of AML £180,000 - £225,000 £900 - £1,500
Global Head of Sanctions £220,000 - £300,000 £1,000 - £2,000
MLRO / CF11 £120,000 - £200,000 -
“THE KEY ISSUES THAT THE MARKET FACES IN TERMS OF TALENT ACQUISITION IS THE COMPETITION IN THE MARKET. COMPANIES THAT ARE NOT ABLE TO MOVE QUICKLY & BE FLEXIBLE, TO COMPETE WITH THE INCREASED LIKELIHOOD OF CANDIDATES IN MULTIPLE PROCESSES, WILL LOSE OUT.”
Scott NyeEXECUTIVE CONSULTANT, BANKING REGULATION & RISK CONSULTING
BANKING & FINANCIALSERVICES• OVERVIEW
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BANKING & FINANCIAL SERVICES
BANKING & FINANCIAL SERVICES OVERVIEW
TOWARDS THE END OF 2015, IT’S FAIR
TO SAY THAT THE YEAR GENERALLY SAW
A CONTINUATION OF THE POSITIVITY
IN THE BANKING & FINANCIAL SERVICES
MARKET WE WITNESSED DURING 2014,
WITH CONTINUED STRONG DEMAND FOR
FINANCIAL PROFESSIONALS.
Overall, vacancies remained buoyant in Q1, Q2 and Q3 2015, with only Q4
to date showing a much slower rate of new roles being signed off. This isn’t
unusual, as Q4 isn’t usually a time for many moves, though perhaps it’s a
slight concern that so far the drops look somewhat steeper than those seen
in the same period last year.
Last years ‘hot’ areas of Compliance and other Regulatory led verticals
remains of high demand and we have seen no let-up in demand here.
Front Office hiring has been the proverbial tale of 2 cities, with the
Corporate Finance & M&A business continuing to enjoy a boom in both
revenues and hiring, with a number of banks reporting revenues up 50%
year on year in M&A. Conversely, most firms ‘markets’ businesses have not
enjoyed such a positive 2015, with many seeing falls in revenues of circa
50%. Broadly this has led to hiring growth in M&A and reciprocal falls in
demands within markets focused roles.
Longer term outlook does remain positive for most of the year, with a
recent survey produced midyear by The Telegraph forecasting that London
could see an extra 150,000 jobs created over the next 10 years in Finance
and Technology with the City of London likely to see nearly 50,000 of these
jobs.
When writing the salary guide last year we commented on the potential UK
election result having an impact should there be a coalition or less ‘business
friendly’ labour victory, but the Conservatives securing a majority, whilst
a surprise to many, has left the UK with a stable government focused on
economic stability and supportive of the UK Financial Services industry.
The second half of the year did see the shadow of uncertainty return with
a slowdown in China and the rout of the equity markets having a negative
impact on positivity, although at the time of writing many expect China to
simply delivery sluggish growth as opposed to delivering the feared ‘hard
landing’ in the global economy.
The UK equity markets have (to some extent) bounced back from the
earlier lows, although we are far from back to the record highs recorded
at the start of the year. Again, we must be cautious about how this may
develop into 2016 and what impact it could have on hiring and wider
business performance.
Banks in particular continue to have to address issues of capital raising, with
a number of the major European firms well behind the US banks in their
restructuring agendas, whilst many of the US banks seem on firmer ground.
It is being reported that key Global Banks will need to raise a staggering
1.1 trillion in special debt provisions by 2022 to ensure that in the event of a
crisis, they are not forced to rely on tax payer bailouts. Consequently, cost
cutting and cost management are likely to remain on the agenda for many
years to come.
The year has also seen a number of large banks appoint a new CEO, which
again usually results in a renewed focus on improving RoE and trimming
unnecessary costs and underperforming businesses.
Despite all these potential pressures, the view of the wider UK economy
seems to remain optimistic, with CEO confidence remaining positive.
The recent Annual CEO Confidence survey reported that nearly 80% of
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BANKING & FINANCIAL SERVICES
CEOs remain either confident or very confident of their businesses growth
prospects for 2016.
Overall, as we come towards the conclusion of 2015 it’s fair to say that we
have seen a continuation of the positive markets enjoyed in 2014. Whilst
vacancy numbers and hiring demand have not spiked hugely from 2014, it’s
fair that the real comeback was enjoyed in 2014. Whilst there has only been
a slight improvement in 2015 (we recorded a 10% increase in vacancies
from 2014), it has continued to be a good year. We have seen counter offers
increasing in frequency with promotion and out of cycle pay increases
frequently on offer to retain key staff members, which if anything has been
more prevalent than last year as firms continue to need and indeed retain
high calibre staff.
Whilst always tough to predict 2016, we suspect there is likely to be a
continuation of the last 2 years with a mixture of cost pressure, selected
businesses delivering high performance and continued growth for
Regulation and Compliance, which supports a still reasonably favourable
environment for hiring. There are of course shadows on the horizon in the
global economy, with the Chinese slowdown casting the longest shadow,
along with the potential market reaction to BREXIT negotiations and
referendum, though at this stage it is too difficult to predict the potential
impact of these events.
Overall, we remain cautiously optimistic for the year ahead.
•••
“LONGER TERM OUTLOOK DOES REMAIN POSITIVE FOR MOST OF THE YEAR, WITH A RECENT SURVEY PRODUCED MIDYEAR BY THE TELEGRAPH FORECASTING THAT LONDON COULD SEE AN EXTRA 150,000 JOBS CREATED OVER THE NEXT 10 YEARS INFINANCE & TECHNOLOGY.”
Richard HoarDIRECTOR, BANKING & FINANCIAL SERVICES
120 Aldersgate Street
London EC1A 4JQ
T: +44 (0)20 7336 7711
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