SALARY GUIDE UK
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SALARY GUIDEUK
INTRODUCTION FROM DAVID LEITHEAD - UK CHIEF OPERATIONS OFFICER
DAVID LEITHEAD
Chief Operations Officer | UK
Generally, the most prominent theme in the UK’s professional recruitment market throughout 2019 was how Brexit caused uncertainty, with employers reluctant to commit to hiring and job seekers hesitant to make the leap when offers did materialise. The quantity of jobs available and hires completed were both heavily impacted, as reported in the results of all the major PLC recruiters as the year progressed. According to Bank of England research, UK businesses expect more clarity and certainty to return in 2020 and a key question for recruiters is whether demand has become pent up in the system, in which case we could see a spike in hiring and an escalating war for talent in 2020.
As well as Brexit headwinds, another spectre hanging over a major section of the professional workforce in the private sector is the much publicised reform of IR35. This reform aims to transform the enforcement of these 20 year old tax rules that were designed to prevent workers from using Limited Company entities to disguise employment. If the plans are rolled out in April 2020 and not delayed by the new government, it will result in a largely negative transformation of the private sector contracting landscape, with much collateral damage, at least in the short term.
2020 will see the recruitment market further impacted by the use of technology tools and particularly Artificial Intelligence. The development and deployment of these tools continue to accelerate, along with the debate about whether they are good or bad for the industry.
AI is held out to be a game changer in eliminating bias from recruitment, but as well as doubt over how we can trust the machine to get it right, there are ethical and moral dilemmas. And it seems job seekers don’t like it - research in 2019 showed that 86% of job seekers would prefer a human being to review their CV, and 73% feel a highly automated recruitment process worsens their perceptions of an employer. So it will be interesting to see how things play out in the next 12 months and where progress is made.
Technology advances are affecting recruitment in other ways too, as many jobs are changing and the skills sets sought after are adjusting as well. Managing this new breed of employee is something that traditional managers are not always equipped to do, and development around that will be a major theme of organisations’ hiring in the coming year.
Our individual market reports show that the topic of flexibility in the workplace and a greater focus on wellbeing and work life balance are big themes for 2020. Organisations will face real challenges with engagement as more of their employees disappear from the traditional office set up. Employers will also need to be diligent because, in 2019, it became clear that increased levels of flexibility seemed to drive up working hours - an unexpected and generally unwelcome consequence.
Overall many recruitment companies in the UK will be looking forward to 2020 in the hope for a more positive market. There will be challenges but also lots of opportunities!
Salary Guide 2020INTERNAL AUDIT & IT AUDIT/RISK
AUDIT
OVERVIEW OF INTERNAL AUDIT AND IT AUDIT/RISK RECRUITMENT
After recent years of large scale growth within Internal Audit amongst the biggest banking groups, 2019 felt somewhat subdued in comparison. Many of these larger audit functions found themselves a little too ‘top-heavy’ with excessive numbers of VPs in 2019, resulting in much of the hiring seen throughout the year being at AVP level. Whilst the major banks may have been quieter than previous years, there was plenty of activity, at all levels, amongst smaller banking groups and across Asset Management and other financial services providers.
With many firms looking to reduce their outsourcing/co-sourcing consultancy spends whilst maintaining audit delivery and quality, there was an uptick in the number of firms looking to bolster and upskill their in-house functions, most notably in IT Audit/Risk. Regardless of economic or political uncertainties, natural levels of attrition meant there were plenty of vacancies for those recently qualified candidates looking to move out of Practice and into Internal Audit or IT Governance teams.
As financial regulators across the globe clamped down on how firms implement and monitor anti-financial crime controls, it comes as no surprise that audit functions bolstered their Financial Crime Controls audit teams by hiring at all levels. Whilst most of this was AML focused, functions also broadened their activities to include Sanctions and ABC.
The constantly evolving technology risk landscape means it is paramount that organisations find the healthy balance between risk, control, innovation and high quality performance in order to maximise the delivery of a third party supplier. But the most important factor is ensuring effective protection of a systemically important financial market infrastructure. With this in mind, it’s not surprising that hiring within technology across Third Party Risk was prevalent throughout 2019.
Many Investment Banks focused on Electronic and Algo Trading audit, upskilling teams and improving their capability to provide assurance for these processes; senior level hires were made to help define audit strategies and build out specialist teams. This is an exciting area for IT Audit candidates with strong Investment Banking experience and an understanding of coding; salaries can be 10-15% higher for specialists when compared to generalist IT Audit roles.
Top 3 Internal Audit and IT Audit/Risk roles seen in 2019
• Financial Crime Audit• Third Party Risk - Technology• Electronic and Algo Trading Audit
Prominent benefits seen across InternalAudit and IT Audit/Risk
The past year saw a clear increase in the quantity ofjob seekers specifically looking for Internal Audit andIT Audit/Risk positions that offer a healthy work-life balance through more regular hours and flexible working arrangements.
Offering remote working for one or two days a weekand flexibility around daily working hours can be the deciding factor that attracts job seekers to accept a position, especially when monetary increases are no longer what they used to be. This is particularly the case for senior level professionals who are more likely to have greater commitments outside of work.
Predictions for 2020
The end of 2019 saw a noticeable increase in the volume of Internal Audit and IT Audit/Risk vacancies. This gives hopes that things will continue to improve as 2020 progresses, but with Brexit uncertainty persisting, it isdifficult to predict what the coming year will hold. Those open to exploring options internationally may wellfind that there are interesting opportunities out there, particularly in major European financial centres such as Frankfurt, Amsterdam, Paris and Brussels.
AUDIT
INTERNAL AUDIT | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 INTERNAL AUDIT SALARY GUIDE
2020 INTERNAL AUDIT AND IT AUDIT/RISK SALARY GUIDE
Our 2020 Internal Audit and IT Audit/Risk Salary Guide covers remuneration and hiring trends forprofessionals across the Financial Services sector.
INTERNAL AUDIT
Internal Audit (£ Per Annum)
Job Title Low Average High
MD £140,000 £180,000 £250,000
Director £100,000 £130,000 £150,000
VP £80,000 £95,000 £120,000
AVP £55,000 £60,000 £85,000
Analyst £45,000 £50,000 £60,000
IT AUDIT / IT RISK
IT Audit / IT Risk (£ Per Annum)
Job Title Low Average High
MD £160,000 £200,000 £250,000
Director £120,000 £160,000 £180,000
VP £75,000 £90,000 £110,000
AVP £55,000 £65,000 £80,000
Analyst £40,000 £50,000 £60,000
Overview of Internal Audit and IT Audit/Risk recruitment
After recent years of large scale growth within Internal Audit amongst the biggest banking groups, 2019felt somewhat subdued in comparison. Many of these larger audit functions found themselves a little too‘top-heavy’ with excessive numbers of VPs in 2019, resulting in much of the hiring seen throughout theyear being at AVP level. Whilst the major banks may have been quieter than previous years, there wasplenty of activity, at all levels, amongst smaller banking groups and across Asset Management and other
IT AUDIT / IT RISK | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 INTERNAL AUDIT SALARY GUIDE
2020 INTERNAL AUDIT AND IT AUDIT/RISK SALARY GUIDE
Our 2020 Internal Audit and IT Audit/Risk Salary Guide covers remuneration and hiring trends forprofessionals across the Financial Services sector.
INTERNAL AUDIT
Internal Audit (£ Per Annum)
Job Title Low Average High
MD £140,000 £180,000 £250,000
Director £100,000 £130,000 £150,000
VP £80,000 £95,000 £120,000
AVP £55,000 £60,000 £85,000
Analyst £45,000 £50,000 £60,000
IT AUDIT / IT RISK
IT Audit / IT Risk (£ Per Annum)
Job Title Low Average High
MD £160,000 £200,000 £250,000
Director £120,000 £160,000 £180,000
VP £75,000 £90,000 £110,000
AVP £55,000 £65,000 £80,000
Analyst £40,000 £50,000 £60,000
Overview of Internal Audit and IT Audit/Risk recruitment
After recent years of large scale growth within Internal Audit amongst the biggest banking groups, 2019felt somewhat subdued in comparison. Many of these larger audit functions found themselves a little too‘top-heavy’ with excessive numbers of VPs in 2019, resulting in much of the hiring seen throughout theyear being at AVP level. Whilst the major banks may have been quieter than previous years, there wasplenty of activity, at all levels, amongst smaller banking groups and across Asset Management and other
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