Salary survey: Product controllers pay catches up with front office

Compensation for product controllers has been catching up with front office pay levels, with a head of product control at the upper levels paid as much as or more than many CFOs, according to a survey conducted by financial services recruitment firm Sheffield Haworth.

Product controllers, who are responsible for monitoring the daily P&L of traders within investment banks, need to be highly numerate and have specialised technical knowledge.

These skills last year were earning them salaries starting at 30,000-34,000 (€48,000-€54,400) with a 15%-25% bonus for a graduate, to 70,000-85,000 with a 80%-100% bonus for an area head.

Further up the scale, the benefits were more substantial. A head of product control at the upper end could be earning 100,000-120,000 with a 100%-200% bonus as well as share options, according to figures from seven US and European investment banks surveyed at the end of last year.

This compared with a salary of 150,000, a 100% bonus and share options for the well-paid CFO in the same survey.

The latest round of bonus levels are however expected to be lower than last year's figures because of the economic downturn, Sheffield Haworth said.

Controllers in credit derivatives are in particular demand as this is a highly complex and less mature product, said the headhunter. With risk exposure increasing due to more cross-border trades, controllers need to be proactive.

Product controllers tend to be ACA qualified, often with a first class degree in mathematics or an IT-related discipline. But the controller's role is becoming more commercial as operations are streamlined to cut costs and increase efficiencies, said Sheffield Haworth.