What’s happening in the compliance professionals market this year?
Published: 31 Jan 2017 By Alan O'Doherty
This is the second of our guest blogs from Robert Walters, looking at salary trends based on their Global Salary Survey*.
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Robert Walters’ research shows that as banking and financial services firms look to 2017 compliance remains a high priority, with managers prepared to offer generous salaries to secure the best candidates. In particular, ongoing pressure from regulators is, we believe, set to drive salary rises of up to 6% for compliance professionals during 2017. In monitoring and assurance, permanent staff will be highly sought after and mid-level professionals will see salaries increase by up to 6%.
In product advisory roles, what’s interesting is that we’re seeing employers mainly looking to take on permanent staff in junior and mid-level roles with the aim of long-term staff retention to build robust compliance teams that can adapt to future regulatory reform. Accordingly, we see salaries for product advisory professionals set to increase by 5%.
Chad Lawson, Associate Director at Robert Walters (pictured) notes,
“Monitoring and assurance represents a critical area, and mid-level professionals who can offer a combination of strong core technical abilities and stakeholder managements skills will be particularly highly sought after.
“Experience on projects relating to regulatory change, particularly MiFID II, Dodd Frank & Volcker, will help to distinguish the best candidates from the competition and allow them to secure the most lucrative salaries and benefits packages.
“Despite economic and political uncertainty in 2016, banking and financial services firms are still acutely aware of the importance effective compliance functions will play in their future success.”
“Candidates with experience in developing frameworks and aligning to regulatory themes will see the highest demand for their skills. With demand for specialists in these areas outstripping supply, employers will need to ensure that they are offering competitive salaries in order to secure the best candidates, as well as considering other factors such as career development opportunities and work life balance.”
If you would like to see the full survey, it’s available at this link.
Alan O’Doherty, Robert Walters, London
* First released in 2000, the Robert Walters annual Global Salary Survey is a comprehensive overview of global salaries and recruitment trends across the world. The Global Salary Survey is based on the analysis of the permanent, interim and contract placements made across each of our geographies and recruitment disciplines during 2016. This now covers data from across 27 countries, including the UK and Ireland, Continental Europe, the Middle East, Africa, Asia, Australia and New Zealand as well as North and South America.