With changes around MiFID II & compliance, we expect recruitment activity for project managers, business analysts and PMOs to remain steady in 2017.
View our most up-to-date Project & Change Management Salary Guide.
Contents:
Basic Salary (£ Per Annum)
| Role | 0-2 Years | 3-5 Years | 6-9 Years | 10+ Years |
|---|---|---|---|---|
| Programme Manager | * | * | 90,000-120,000 | 120,000-180,000+ |
| Business Architect | * | 65,000-75,000 | 75,000-120,000 | 120,000-180,000 |
| Project Manager | * | 60,000-70,000 | 70,000-120,000 | 120,000-180,000 |
| SME | * | 50,000-70,000 | 70,000-120,000 | * |
| PMO | 40,000-50,000 | 50,000-70,000 | 70,000-120,000 | * |
| Lean Consultant | 40,000-50,000 | 50,000-70,000 | 70,000-120,000 | * |
| Business Analyst | 40,000-50,000 | 50,000-70,000 | 70,000-100,000 | * |
*Typically, these roles do not exist at this level
Basic Salary (£ Per Day)
| Role | Low | Average | High |
|---|---|---|---|
| Programme Manager | 700 | 850 | 1,000 |
| Business Architect | 600 | 800 | 1,000 |
| Project Manager | 600 | 700 | 850 |
| SME | 500 | 600 | 700 |
| PMO | 300 | 450 | 600 |
| Lean Consultant | 450 | 600 | 750 |
| Business Analyst | 400 | 550 | 700 |
Basic Salary (£ Per Annum)
| Role | 0-2 Years | 3-5 Years | 6-9 Years | 10+ Years |
|---|---|---|---|---|
| Programme Manager | * | * | 90,000-120,000 | 110,000-150,000+ |
| Business Architect | * | 60,000-70,000 | 75,000-120,000 | 110,000-150,000 |
| Project Manager | * | 55,000-65,000 | 70,000-120,000 | 110,000-150,000 |
| SME | * | 45,000-65,000 | 70,000-120,000 | * |
| PMO | 45,000-50,000 | 45,000-65,000 | 70,000-120,000 | * |
| Lean Consultant | 35,000-45,000 | 45,000-65,000 | 70,000-120,000 | * |
| Business Analyst | 35,000-45,000 | 45,000-65,000 | 70,000-100,000 | * |
*Typically, these roles do not exist at this level
Basic Salary (£ Per Day)
| Role | Low | Average | High |
|---|---|---|---|
| Programme Manager | 600 | 700 | 800 |
| Business Architect | 500 | 600 | 700 |
| Project Manager | 450 | 550 | 650 |
| SME | 400 | 500 | 600 |
| PMO | 200 | 350 | 500 |
| Lean Consultant | 350 | 500 | 650 |
| Business Analyst | 350 | 450 | 550 |
The main areas hiring in the banking and asset management world in 2016 were within the well funded regulatory change initiatives, mainly around MiFID II and compliance. The majority of available roles during the year were at the business analyst level, with a handful of project manager and PMO roles coming through. This trend will continue in 2017 as many banks are currently behind the curve on some of these regulations. Ring fencing is also playing a huge part in some of the banks hiring strategies as they look to beat the 2019 deadline. We have seen some organisations start to recruit for the blockchain programme which we expect to be an extremely buoyant area in 2017.
There remains a huge demand for project professionals with a regulatory change and compliance background. This is driven by the continuation of several mandatory initiatives and their impending deadlines. Consultants with MiFID II experience are highly sought after and can command rates of up to £700 per day. KYC/client onboarding candidates are also in high demand from several of the large banks, but they are paid between £450-650 for a similar level. IFRS9 and FRTB knowledge are also becoming key skills that hiring managers are looking for during 2017.
For the most senior positions, employers tend to look for an ability to communicate with senior stakeholders and who can challenge the business when needed. Professionals that are able to negotiate and deliver change in environments where there is little appetite to do so are also in high demand. To move up, senior candidates should look to take on greater responsibility, more workstreams, larger budgets and teams and engage more senior stakeholders in order to progress their career.
Within the project world, qualifications like PRINCE2 can assist a consultant in making the step up from business analyst to project manager. We are also seeing an increase in demand for people with strong process change experience, especially process modelling and mapping. Therefore, being trained in Lean Six Sigma can also help professionals in this area climb the career ladder and command an increase in salary.
The financial services projects and change arenas tend to be male dominated. Our clients are are becoming more diversity aware when it comes to hiring and looking to balance the male:female ratio. This is more apparent at large corporate companies as they appreciate the benefits of a more diverse working population.
A number of the banks have now established operations in low cost international hubs, but they have also set up offices outside of London such as Glasgow, Edinburgh, Bristol, Birmingham and Manchester to name a few.
A surprising event in 2016 was the Williams and Glynn programme terminating early and so an unexpected volume of candidates entered the market. This was beneficial for employers as it moved the dial on supply versus demand and in some cases opened up a pool of candidates that hadn’t previously been available to some of the smaller financial services institutions. They have been recruiting heavily for their regulatory programmes and we have seen a higher % increase in vacancies in smaller banks compared to the larger banks.
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