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Rutherford Blog

Jonathan Skerrett
9 months ago by Jonathan Skerrett
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Rutherford Search Compliance Salary Survey 2021​

Concern about the wider economic climate has managed the salary uplift expectations of both incumbent staff and job seekers going into 2021, with some important caveats. Sentiment among the latter in the first half of last year was cautious, with job movers often only acting under some compulsion resulting in pragmatically flat salary offers. When we marry this to the notable changes to the way we work – which has seen a fortunate bracket of workers save more over the last twelve months – we have seen significantly less appetite for the yearly package pugilism or for job seekers to test the market externally. It is remarkable that after such a volatile year, compensation has largely remained so stable.


Financial services demonstrated a resiliency and an ability to adapt in 2020 that allowed a number of sectors to come out of the year in healthier positions than they might have anticipated. The compliance department had to meet specific new issues like remote surveillance, and while firms might be thinking that it has all gone rather well, some opinions are divided; did nothing go wrong or are we simply not aware of it yet? With the forbearance of the Financial Conduct Authority already fading, the stagnant compensation landscape may change quickly, catching out some firms without flexible salary review intervals and policies.


The recruitment activity that contracted deeply in Q2 2020 stabilised towards the end of the year and has rebounded with cautious optimism. The normally resilient externally mandated market for Chief Compliance Officers and SMF16s almost halted in the first half of last year and there was a strong sense that firms were reluctant to make such business critical hires without a face-to-face interview. As the pandemic lingers and adaptions become routine, that willingness – or pressure? – to remotely onboard the top job has grown and new mandates from clients for SMF16 vacancies increased 63% in the second half of 2020, suggesting significant pent-up demand. This will have an inflationary effect on top end salaries.


The overall workload of the compliance officer has increased, and early signs indicate that many firms will be looking to bolster their compliance and financial crime departments in the face of increasing demands. Huge amounts of unanticipated risks were ingested last year so we anticipate at least modest recruitment with commensurate salary pressure returning this year. Pockets of outperformance in the second half of last year across hedge funds, private funds, fintechs, M&A, broker-dealers and payments have now been joined by the rising tide of the wider market, which will likely mean sustained recruitment activity through Q1 and at least into Q2. Demand for professionals at mid-senior levels with broad skills, generalists, advisory, monitoring and surveillance, marketing compliance and reporting will continue to build in the short-term. Compliance Officers with digital expertise or experience of implementing tech solutions are particularly sought after as organisations focus more on finding efficiencies. The continued uncertainty is likely to keep salary increases modest for now, with the effects of Brexit still being felt along with a slight increase in the talent pool as a result of IR35 contractors now looking for permanent positions.


Firms that are willing to embrace the opportunities offered by flexible working in 2021 and in the ‘post-new normal’ of the pandemic will find themselves less exposed to these price increases as candidates are focusing on the wider benefits and work-life-balance considerations more than ever before. Whilst reasonable uplifts for good candidates looking to move will always be achievable and this should be considered during compensation reviews, there are obviously certain risks associated with job changes in this climate, which need to be weighed against the potential flight risk.

Investment Management (Large)

Basic salary (£)

Associate

Officer

Vice-President/
Manager

Head of Team/
Director

Advisory

35 - 60K

50 - 85K

80 - 130K

130 - 180K

Guideline Monitoring

35 - 60K

60 - 80K

75 - 125K

115 - 160K

Marketing & Distribution

30 - 45K

50 - 80K

85 - 115K

110 - 150K

Thematic Monitoring

35 - 50K

50 - 75K

75 - 120K

110 - 140K

UK Head of Compliance

EMEA Head of Compliance

Global Head of Compliance

165 - 210K

175 - 300K

250 - 390K


Investment Management (Small-Mid)

Basic salary (£)

Assistant

Associate/Officer

Manager/Deputy Head

35 - 50K

45 - 75K

75 - 125K

UK Head of Compliance

EMEA Head of Compliance

Global Head of Compliance

125 - 170K

160 - 215K

180 - 250K

Private Equity/Hedge Fund (Large)

Basic salary (£)

Compliance Associate/Assistant

45 - 70K

Compliance Officer

65 - 95K

Deputy Head of Compliance/Compliance Manager

95 - 145K

UK Head of Compliance

145 - 230K

EMEA Head of Compliance

215 - 270K

Global Head of Compliance

255 - 410K


Private Equity/Hedge Fund (Small-Mid)

Basic salary (£)

Compliance Associate/Assistant

40 - 60K

Compliance Officer

55 - 85K

Deputy Head of Compliance/Compliance Manager

80 - 135K

UK Head of Compliance

130 - 210K

EMEA Head of Compliance

185 - 260K

Global Head of Compliance

170 - 300K

Wealth Management (Large)

Basic salary (£)

Associate

Officer

Vice-President/
Manager

Head of Team/
Director

Advisory

30 - 55K

50 - 70K

65 - 110K

90 - 130K

Compliance Monitoring

30 - 50K

45 - 65K

55 - 95K

80 - 120K

UK Head of Compliance

EMEA Head of Compliance

Global Head of Compliance

140 - 165K

150 - 220K

175 - 270K

Wealth Management (Small-Mid)

Basic salary (£)

Assistant

Associate/Officer

Manager/Deputy Head

30 - 50K

40 - 75K

65 - 115K

UK Head of Compliance

EMEA Head of Compliance

Global Head of Compliance

110 - 150K

115 - 145K

125 - 160K

Investment Banking (T1)

Basic salary (£)

AVP/Associate

VP/Manager

Director

Managing
Director

Private Side Advisory

50 - 80K

85 - 130K

125 - 225K

180 - 420K

Product/Markets Compliance Advisory

50 - 80K

85 - 130K

125 - 225K

180 - 420K

Control Room or Central Compliance

50 - 80K

75 - 120K

105 - 160K

150 - 240K

Testing/ Risk Assessment/ Assurance

50 - 80K

80 - 120K

110 - 170K

160 - 230K


Investment Banking (T2)

Basic salary (£)

AVP/Associate

VP/Manager

Director

Managing Director

Private Side Advisory

45 - 80K

70 - 125K

100 - 165K

160 - 250K

Product/Markets Compliance Advisory

45 - 80K

70 - 125K

100 - 165K

160 - 250K

Control Room or Central Compliance

45 - 80K

65 - 110K

90 - 145K

145 - 210K

Testing/ Risk Assessment/ Assurance

45 - 80K

70 - 110K

90 - 145K

140 - 200K

Broker/Exchange (Large)

Basic salary (£)

Assistant

35 - 60K

Associate/Officer

50 - 85K

Manager/Deputy Head

80 - 120K

UK Head of Compliance

140 - 160K

EMEA Head of Compliance

150 - 200K

Global Head of Compliance

160 - 240K

Broker/Exchange (Small-Mid)

Basic salary (£)

Assistant

30 - 55K

Associate/Officer

45 - 70K

Manager/Deputy Head

65 - 100K

UK Head of Compliance

100 - 120K

EMEA Head of Compliance

120 - 150K

Global Head of Compliance

135 - 160K

Fintech/Retail Banking

Basic salary (£)

Assistant

35 - 55K

Associate/Officer

50 - 75K

UK Head of Compliance

75 - 155K

EMEA Head of Compliance

150 - 195K

Global Head of Compliance

180 - 250K