Salary survey: Compliance hiring is often short-term

Financial institutions in London are still using short-term assignments to strengthen their compliance functions, according to a survey by recruitment firm Robert Walters.

Having bolstered their compliance efforts in the wake of the new UK financial regulatory regime, N2, firms have now turned their attention to specific business support. Examples include equities and fixed-income, as well as to dedicated anti-money laundering positions.

Organisations are "taking advantage of the headcount flexibility and low costs that are associated with short-term assignments," the survey said.

It characterised recruitment trends in compliance over the past year as having remained "fairly constant". Base salaries have risen at a slightly lower rate than the equivalent period last year, but areas such as derivatives have seen a marked increase and experienced candidates can command a premium base salary rate.

These findings follow the wider trend in financial services recruitment, where hiring at only the very top levels still commands mega salaries.

For general compliance work, Robert Walters says someone with 0-2 years experience can expect between 25,000-45,000,, while more than six years experience can earn between 65,000-90,000.

At a contract PAYE rate per hour however, this translates to between 8-16 an hour for 0-2 years experience, and between 20-35 an hour for more than six years experience.

By contrast, at the very top levels of compliance, headhunters suggest it is possible to earn substantially more. One headhunter recently told eFinancialCareers: "For a global head of compliance you could be looking at as much as 600,000 including a bonus, while a European head of compliance might get 400,000."

Compliance salaries at the higher levels also tend to vary by job and hiring institution, a fact that has resulted in strong demand from employers for mapping of both the individuals and institutions in this sector by headhunters.