Tax accountants in investment banks are very optimistic about their pay; risk professionals don’t do much work

All in all, financial services firms in the UK pay £63bn a year in taxation. Next year, the UK banking levy will increase, leading banks like HSBC, Barclays and Standard Chartered especially, to pay even more (although the bonus tax has disappeared).

Little surprise, then, that tax accountants in investment banks are feeling perky. Apparently, they expect their compensation to be up 25%.

“Banks are looking to save costs by becoming more tax efficient,” explains Ewa Stefanska at recruitment firm Marks Sattin, which produced the 25% pronouncement. “Tax accountants are incentivised on the amount of money they save. If the team is saving a lot of money, the bonus will be bigger.”

Stefanska says salaries have already increased for tax accountants, but it’s 2011's bonuses which are really expected to make the difference. “There is an expectation that bonuses will be a lot higher,” she informs us, adding that a senior tax accountant in a bank can make £100k.

Separately, a survey by recruiters Robert Walters suggests risk professionals have a reasonably easy time given their generous compensation. Only 31% work more than 50 hours a week. This seems comparatively appealing given many risk professionals with more than 5 years’ experience are now earning six figures, at least. 

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