You want to work in banking, but you don't want the excruciating hours of a front office job in M&A or sales, trading, or research. You do, however, want to earn a healthy six figure salary. Which back and middle office banking jobs in the City of London will fulfill your 'niche' aspirations?
Thankfully, recruitment firm Robert Walters has just issued its gargantuan 2014-2015 salary survey. Therein are listed many, many internal-facing jobs in investment banks which will pay you £100k+ ($150k) in salary alone. These, we have listed below.
What do you need to know? Firstly, that while it generally takes five to ten years to earn a six figure salary in a middle or back office role, there are some short cuts. For example, compliance product advisory specialists, who sit with traders and advise them how to structure transactions that comply with regulations, can earn £110k salaries after a mere six years. This is comparable to salaries in M&A - second year associates with five years' experience are on salaries of around £100k. Why work 120 hours a week in an investment banking division (IBD) when you could be pulling a similar salary in compliance?
Robert Walters salary survey doesn't include bonuses. As a rule of thumb, bonuses are likely to be 10%-25% in middle and back office roles. Bonuses in IBD and sales and trading are considerably more generous, but they're also deferred, and they're under pressure from the European Union's bonus cap. In this context, the[efc_twitter text=" highly-salaried non-client facing roles on the list below look quite appealing"].
1. Global head of compliance: £250k+
2. Regional head of compliance: £150k to £220k
3. Senior money laundering reporting officer: £165k+
4. Finance director: £150k+
5. Programme manager, change management: £150k+
6. Quantitative analyst with 10 years’+ experience: £110k to £150k
7. Market risk manager with 10 years' experience: £100k to £140k.
8. Financial controller: Up to £140k
9. Change/Project programme manager: Up to £135k
10. Credit risk modelling and stress testing with 10 years’ experience: £110k to £120k.
11. Performance and investment risk analyst with 10 years’ experience: £100k to £130k.
12. Business analysts/project managers with 10 years’ experience: £100k to £130k
13. Credit analyst with 10 years’+ experience: £90k to £130k.
14. Director product control, eight years’ post qualified (as an accountant) experience: £115k+
15. Direct of accounting regulation, eight years’ post qualified (as an accountant) experience: £115k+
16. Director financial control/management reporting. Eight years’ post qualified (as an accountant) experience: £110k+
17. Internal audit. Eight years’ post qualified (as an accountant) experience: £110k+
18. Finance project manager. Eight years’ post qualified (as an accountant) experience: £110k.
19. Compliance product advisor, six years’+ experience: £110k+
20. Credit risk reporter with 10 years’+: £90k to £110k.
21. Quantitative analyst with seven to 10 years’ experience: £85k to £110k.
22. Internal audit. Eight years’ post qualified (as an accountant) experience: £80 to £120k.
23. Vice president product control. Eight years’ post qualified (as an accountant) experience: £80k to £120k
24. Vice president of accounting regulation. Five to ten years’ post qualified experience: £80k to £120k.
25. Vice president accounting project management and business analyst. Eight years’ post qualified (as an accountant) experience: £80k to £110k.
26. Head of regulatory reporting: £108k+
27. Head of management reporting: Up to £110k.
28. Head of fund accounting: Up to £110k.
29. Operational risk with ten years’ experience: £90k to £110k.
30. Project manager (unspecified experience): £100k+
31. Head of operations/COO: £100k+
32. Central compliance, six years’+ experience: £100k+
33. Financial crime, six years’+ experience: £100k+
34. Regulatory affairs, six years’+ experience: £100k+
35. Compliance monitoring/assurance, six years’+ experience: £100k+