Banking and Financial Services Salary in UK for 2012

There has been a significant media attention on bonus payments and reform within the banking sector across the globe, particularly in the UK and Europe. However as 2011 progressed, the issues in Europe magnified and towards the close of 2011, there were job losses and hiring freezes.

Status in the Finance Sector

According to Hudson’s “Banking and Financial Services 2012 Salary Guide,” with the markets in apparent turmoil and a continuing Eurozone crisis, recruitment levels will continue to be low in 2012 in the finance sector.

Increased competition for technical accountants

According to the guide, despite the decreased level of recruitment, candidates that moved into a new job expected a minimum 10 per cent pay rise. This reflected increased competition for technical accountants with investment banking experience, rises in staff turnover, and small opportunities for growth, expansion and investment hiring.

There was also a restructuring of compensation packages, which meant less of an emphasis on bonuses and ultimately less of a motivation for employees to make a move to another employer. Culture and work-life balance are now increasingly important factors for candidates considering a move.

Demand for financial controllers

There was greater demand for financial controllers in 2011 than in previous years and an increased call for management accountants who could drive businesses forward. Also sought after and in short supply were technical accountants with strong International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) experience, primarily as growing organizations focused on contractors with core technical accounting skills. The investment banking employers with competitive and attractive compensation packages were able to secure the best technical professionals.

Regulatory reporting experience was also in high demand, corresponding to new FSA and compliance related requirements that led to ledger implementations and alterations to improve the accuracy of reporting.

Steady demand for fund accountants

According to the Hudson’s guide, steady demand has been seen for experienced fund accountants, candidates with good regulatory reporting experience and proven finance directors. Candidates moving to another investment banking company could expect a pay increase of approximately 10 percent, depending on how critical the hire was, but bonus percentages largely stayed level with the previous year.

Thus, with the markets in apparent turmoil and a continuing Eurozone crisis, recruitment levels are expected to be low in 2012 and also for businesses to focus on replacement hires rather than growth. Investment banking employers are expected to focus on strategic hiring and it is likely that they will be looking for technical accountants, internal auditors and regulatory reporting specialists.

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