Pay increases for risk managers, compliance pros…and investment bankers in the Middle East

Bonuses may be taking a hammering in the financial sector, but salaries continue to increase in the Middle East, even for investment bankers.

Recruiters Robert Half have just released their 2013 salary survey for the Middle East and, surprisingly, it’s the financial sector that has witnessed the largest increase of an average of 5.6%.

As regional financial institutions continue to hire international talent for compliance and risk positions in an attempt to reach global governance standards, pay has increased most for professionals with these skills.

“Many companies are turning to expatriate recruitment to help fill the gap, whereas others are raising salaries and benefits to attract highly skilled local candidates to their organisations,” said James Sayer, director of Robert Half Middle East.

Credit risk analysts received increases of 7%, to an average of $54.5-79.7k, according to the survey, while pay for head of compliance positions increased by 6.6%, to $143-314k.

What’s more surprising, however, is the fact that salaries for investment bankers have continued to rise. International firms have reassessed their tactics in the Middle East, with many firms scaling back as revenues remain stubbornly low.

Nonetheless, salaries have increased across the sector. Mid-level, or vice president, positions received the biggest rises of 5.7%, to take average salaries to $165-225k, according to Robert Walters.

Here’s a breakdown of salaries for financial services professionals in the Middle East, according to Robert Half’s figures (click for bigger).