How much am I worth? MD, Head of Product Control, European global bank

A panel of specialist headhunters give their assessment of typical pay packages.

Salary of MD, Head of Product Control, European global bank: 120,000 - 150,000, total package 250,000 - 300,000

Product control may not have the cachet of a front office position, but at MD level it is a key strategic role in an investment bank.

Product controllers sit between the front and back offices, managing the profit and loss accounts of the trading books and ensuring the accuracy and validity of data supplied to the operations departments.

The most fundamental requirement is a sound technical understanding of the bank's products and the practical implications of valuation, risk management, settlements etc. But where the top performers can really add value at MD level is by driving changes and improvements in processes.

For this, says Mark Bartholomew, a principal consultant with TMP Worldwide, a strong relationship with the front office and good communication and people management skills are vital. &quotWhat separates the high fliers is radical thinking and being very client-facing, the client being the front and back office.

&quotProduct control is a more strategic and analytical role the higher you move up," he says.

In addition, project management skills are often required as banks reassess and upgrade business processes. &quotBanks have been making huge investments in technology in order to refine their internal systems," says Bartholomew. &quotThere may be large project teams working closely with product control."

Top flight product controllers usually have strong academics, a numerate degree, followed by an accountancy qualification, preferably gained at one of the Big Five accountancy firms. After a couple of years' post-qualification experience, possibly working with investment bank clients, an accountant could make the switch into banking at assistant VP level.

To get to MD level heading product control would probably take around 15 years, says James Mackenzie, director at Alexander Mann Global Markets. In that time a head would have been expected to have covered a number of product areas and have considerable team management experience.

Pay varies widely according to experience, type of institution, market conditions and circumstances of hiring - as with most jobs, someone headhunted from outside is likely to get more than an internal appointee. The number of product areas covered will also vary, according to the size of the bank and the range of its franchises.

In the bulge bracket banks a handful of product controllers could be earning around the 400,000 mark this year, down from last year's highs of 600,000, says Mackenzie, but packages around 275,000 will be more typical for second tier institutions.

The recruitment market in product control is as flat as elsewhere. But, says Bartholomew, &quoteven in a tight market the A players are always in demand."

Figures and commentary for How much am I worth? are provided by the following firms: Alexander Mann Global Markets, Executive Resourcing Group and TMP Worldwide.