If you work in a risk management role in investment banking, congratulations – you are officially hot property. While most jobs have fluctuated in recent years, risk management professionals have remained in demand globally and the best candidates have practically been able to name their salaries when accepting a new job offer.
In 2014, there’s no sign of this stopping, according to recruiters Robert Walters. Financial institutions in the UK are becoming more demanding, however, asking for a combination of local and international regulatory knowledge and a depth of risk management experience. “As risk teams merge closer together, candidates are expected to have knowledge of counterparty and market risk as well as strong IT skills,” it said.
In the U.S, meanwhile, it’s anticipated that those with “credit risk modelling and model validation will be in high demand because of increasing regulation – some banks are lagging behind in their compliance and will need help in the first half of this year. Similarly, people with Basel, CCAR and Dodd Frank expertise will be near the top of the list but difficult to source,” suggests Robert Walters.
While risk professionals are in demand within developed financial centres, firms in emerging markets are also looking for seasoned risk managers with experience dealing with complex international regulations. Risk management, therefore, can now be considered a global vocation, and it’s worth knowing what you can earn around the world.
Below, courtesy of the Robert Walters 2014 salary survey, is a breakdown of risk pay in some major financial centres. New York, it seems, remains the place to work if you want to bring in the big bucks as a risk management professional. All figures have been converted into US$.