Ongoing pressure from regulators is set to drive salary rises of up to 6% for compliance professionals in 2017. In monitoring and assurance, mid-level professionals will see salaries increase by up to 6%, with permanent staff being most highly sought after.
“As banking and financial services firms look to 2017, compliance remains a high priority with managers prepared to offer generous salaries to secure the best candidates,” said Chad Lawson, Associate Director at Robert Walters.
Key skills in demand
Monitoring and assurance represents a critical area, and mid-level professionals who can offer a combination of strong core technical abilities and stakeholder managements skills will be particularly highly sought after.
“Experience on projects relating to regulatory change, particularly MiFID II, Dodd Frank & Volcker, will help to distinguish candidates from the competition and allow them to secure the best salaries and benefits packages,” continued Lawson.
Product advisory specialists to see salaries rise
Junior and mid-level professionals in product advisory will also see growing demand for their skills in 2017 with salaries rising by up to 5%.
Employers are primarily looking to take on permanent staff in junior and mid-level roles with the aim of long term staff retention to build robust compliance teams that can adapt to future regulatory reform.
“Despite economic and political uncertainty in 2016, banking and financial services firms are still acutely aware of the importance effective compliance functions will play in their future success,” said Lawson.
Junior and mid-level professionals in product advisory will see growing demand for their skills in 2017 with salaries rising by up to 5%.
“As a result, attracting junior and mid-level candidates into functions like product advisory is a high priority."
By taking on staff with the aim of long term retention and career development employers can ensure the long term effectiveness of their product advisory teams. Candidates with experience in developing frameworks and aligning to regulatory themes will see the highest demand for their skills.
“With demand for specialists in these areas outstripping supply, employers will need to ensure that they are offering competitive salaries in order to secure the best candidates, as well as considering other factors such as career development opportunities and work life balance.”
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