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2018 Compliance Salary Guide | Morgan McKinley

2018 Compliance Salary Guide

Written by Dominic Bareham
Feb 19, 2018
Submitted by Dominic Bareham on Mon, 02/19/2018 - 04:32

Our 2018 Compliance Salary Guide offers key recruitment insights and salary ranges for compliance professionals in Sydney.

Contents: 
Compliance Salaries | Compliance Contract Rates
Commentary on Compliance Roles and Remuneration in Australia for 2018

Compliance Salaries (Per Annum ex. Super)
Role Analyst / Senior Analyst Manager Senior Manager Head
Compliance - Commerce & Industry $70,000 - $90,000 $100,000 - $135,000 $130,000 - $160,000 $170,000 - $230,000 +
Retail & Wealth Compliance $75,000 - $95,000 $115,000 - $160,000 $130,000 - $170,000 $180,000 - $240,000 +
Regulatory Change Compliance $80,000 - $95,000 $110,000 - $170,000 $140,000 - $210,000 $220,000 - $260,000 +
Investment Banking Compliance $90,000 - $110,000 $120,000 - $170,000 $160,000 - $190,000 $250,000 - $400,000 +
Financial Crime $70,000 - $90,000 $110,000 - $150,000 $150,000 - $180,000 $200,000 - $250,000 +
 
Compliance Contract Rates (Per Day ex. Super)
Role Analyst / Senior Analyst Manager Senior Manager Head
Compliance (General) $350 - $500 $550 - $700 $650 - $1000 $1200 +
Financial Crime $350 - $500 $600 - $700 $700 - $1000 $1200 +
Regulatory Project $450 - $550 $600 - $700 $700 - $1000 $1200 +
Commentary on Compliance Roles and Remuneration in Sydney for 2018

Compliance recruitment is still driven by our key financial service regulators - AUSTRAC, ASIC, and APRA. In 2018, we expect the Royal Commission to significantly impact recruitment for compliance in Australia. We’re seeing an increased focus on ethics and conduct, particularly within the banks.

In 2018, we’re expecting recruitment to grow within compliance, although this will predominantly be for more specialist compliance skills, particularly in the financial crime/AML space.

There is a strong demand for compliance in the wealth management sector, particularly financial advice, insurance, and superannuation. This is from analysts to senior management. All levels of retail and business banking are showing a strong demand for compliance candidates.

Most candidates are sourced locally for compliance, due to the strong preference for local experience. These candidates have an awareness of the local regulatory requirements and work within competitor organisations. International candidates are still regularly hired in Australia, although they often have more success when directly applying to roles compared to using an agency. Candidates with experience from the UK are the most in-demand due to the enhanced maturity of the compliance environment in the UK.

Compliance is one of the few industries where positions are held by more female candidates. Men still hold many of the top positions across compliance, something that has continued from previous years. Clients are increasingly conscious of inclusion and diversity, supporting the transition of females within external organisations or neighbouring teams.

Compliance teams are seeing an increase in responsibilities, without the associated increase in headcount. As expectations continue to grow, the investment into team growth has been slow to take off. This may be because compliance is a non-revenue-generating division. It could also be because Senior Management is unaware of regulatory expectations around the appropriate numbers of staff and responsibilities. 

Recruitment agencies are often used to source contract and temporary roles, particularly for high-volume remediation projects in areas like financial crime and AML. However, most senior management roles are placed internally, with few external recruits in the past year.

Salaries have remained the same since last year, and we predict little change in 2018. While the major banks are recording impressive profits, salary increases are uncommon in compliance. For candidates hoping to make a move, devoting time to build contacts and network through working groups and industry forums can be highly valuable for future salary prospects. These candidates are often in a better position to negotiate their salary once they’ve engaged in some self-promotion and built credibility. 

While further education continues to be well-regarded in compliance, this won’t necessarily translate to a higher salary. Instead, we’re seeing the candidate’s reputation and their quality of work that contribute to their promotion opportunities and salary potential.