Dubai offers tax-free salaries and, if you’re a junior investment banker, the prospect of earning more than your peers in London or New York. However, the Middle East is not a big employer of investment bankers. Instead, corporate banking, direct investment and private banking are areas of employment opportunity for financial services professionals.
What do these roles pay? According to figures from regional recruiters the Charterhouse Partnership, private equity origination is the place to be for the largest salaries, but senior private and corporate banking positions also offer some attractive packages. Bear in mind that these figures are exclusive of bonus payments and, in the case of foreign employees, expat packages that can often include everything from housing benefits to schooling for your children.
However, our own research suggests a general sense of dissatisfaction over pay in the Middle East. Nearly 60% of respondents to our annual bonus survey suggested that they were looking for a new position this year because of disappointment over pay.
Here’s a breakdown of salaries in the Middle East financial sector, converted into US dollars, from recruiters Charterhouse Partnership.