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2019 Compliance Salary Guide

2019 Compliance Salary Guide

Submitted by global_admin on Wed, 12/26/2018 - 08:15
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The 2019 Compliance Salary Guide covers the recruitment of permanent and temporary professionals and workplace trends seen across London.




Compliance - London

Permanent Salaries
Job Title Low (£) High (£) Average (£)
Compliance Advisory 80,000 140,000 110,000
Compliance Corporate Finance Advisory 80,000 140,000 110,000
Compliance Assistant 30,000 45,000 40,000
Compliance Generalist 40,000 60,000 50,000
Compliance Head Of 100,000 200,000 150,000
Compliance Manager (Financial Services) 70,000 100,000 85,000
Compliance Monitoring Officer 50,000 70,000 60,000
Compliance Officer 50,000 70,000 60,000
Compliance Regulatory Officer 70,000 90,000 80,000
Compliance Testing and Reviews 70,000 120,000 95,000
Compliance DCM Advisory 80,000 140,000 110,000
Compliance ECM Advisory 80,000 140,000 110,000
Legal Compliance Manager/Director 100,000 140,000 120,000
AML Analyst 40,000 60,000 50,000
AML Head Of 100,000 120,000 110,000
AML Manager 70,000 90,000 80,000
Investigations Officer 40,000 50,000 45,000
Fraud Analyst 40,000 50,000 45,000
DMLRO 80,000 110,000 95,000
MLRO 100,000 180,000 140,000
Financial Crime Officer 50,000 70,000 60,000
KYC Analyst 30,000 55,000 45,000
KYC Head of 80,000 100,000 90,000
KYC Manager 70,000 80,000 75,000
Periodic Reviews 30,000 50,000 40,000

Commentary on Compliance Roles and Remuneration for 2019


Permanent compliance recruitment in 2018 was not too dissimilar to 2017. The most notable comparison was the slight decrease in jobs - 9.5% less jobs were seen during Q1-Q3 of 2018 compared to the same period of the previous year. The political uncertainty produced by Brexit hasn’t necessarily had a major impact on the appetite to hire exceptional compliance talent - 67% of compliance employers in our survey responded that their recruitment plans have not changed at all. Our clients have looked to add compliance specialists within the key regulatory areas they need to bolster out.

As highlighted in our compliance Q1, Q2 and Q3 updates, regulatory advisory specialists have been the most in demand - this theme remained for the entirety of the year. The MiFID II implementation date at the start of 2018 meant there was a huge demand for regulatory professionals with the ability to act as SMEs for the regulation, providing advice to the business on the potential impacts it may present. Salaries reflect this; two of the highest paying roles seen during the year were Regulatory Advisory and Regulatory Product Advisory.

Whilst the main driver for permanent compliance recruitment tends to be new regulations and regulatory impact, political and economic changes also influence hiring. Brexit has had minor impacts on the UK compliance industry but has in turn presented further opportunities in a number of jurisdictions across Europe - many of our clients have looked to bolster their regulatory teams in these locations, but not at the expense of UK based jobs. The buy-side have been focusing on Luxembourg and Dublin, whilst the sell-side have placed their attention on Dublin, Frankfurt and Paris.

We expect Brexit and EU recruitment will increase as we move into 2019, however the majority of our clients are adamant that London will remain their ‘Centre of Excellence’, where they are able to attract the best talent. We sense that recruitment will be driven by the outcome of Brexit, which should hopefully become a lot clearer as we head into Q1 of 2019.

The most popular permanent compliance roles, skills and qualifications

Regulatory Advisory (including Financial Crime Regulatory Advisory) - In the past 12-24 months, the industry has seen a number of new key regulations, leading to an increased need for regulatory experts. Professionals who are SMEs in MiFID II, Market Abuse Regulation (MAR) and/or The Fourth Anti-Money Laundering Directive (4MLD) have been the most in demand for our sell-side clients. In addition to the three mentioned, buy-side regulatory specialists will also have strong knowledge in UCITS V and AIFMD. 

Product Compliance Advisory - Whilst Product Compliance Advisory professionals will be experts in the key regulations mentioned above, they tend to be experts within a particular asset class. For example, a Fixed Income Compliance Officer may be a regulatory specialist in Fixed Income products (Rates, Credit, Foreign Exchange). In addition, an Investment Banking Compliance Officer will be an expert in regulatory issues that may affect Mergers and Acquisitions, Equity Capital Markets, Debt Capital Markets etc. 

Due to the fact that product compliance advisory officers are experts within a particular product/asset class, they can demand a premium compared to other positions across compliance. Exemplary communication skills play a huge part in being successful within this role. 

Thematic / Regulatory Compliance Monitoring - The volume of roles in this area is also driven by regulatory change and impact, with many firms redesigning and adding to their Compliance Monitoring Programmes and the amount of reviews that are expected to be conducted. Whilst many organisations would like to hire compliance officers who are conducting second line compliance monitoring and testing roles, these candidates are very highly sought after and not necessarily readily available. Organisations must be willing to look at candidates either from a first line risk and controls role, or a third line internal audit role - the skill sets for all of these positions are very similar. 

For candidates to successfully move across to a second line monitoring and testing role from the first or third line, they need to have some understanding of the key regulations, as well as a good product knowledge. Salaries have continued to rise within Monitoring and Testing due to the increased need for the skill set and the shortage of candidates with all of the above. 

Noticeable workplace trends across compliance

One of the main trends for 2018 was the appetite to improve gender/diversity ratios - 67% of compliance employers have a diversity strategy in place, and all of them deem the strategy to be effective, which is greater than the percentage seen across all disciplines (62%). It is important that shortlists contain a diverse variety of candidates, evenly split in terms of gender and other areas, without compromising on quality. In addition, we are also finding that more organisations are changing their views towards flexible working, whether this be adjusted working hours or the opportunity to work from home. This has been particularly popular with employees who have families or partners living abroad. 

Predictions for permanent compliance recruitment in the upcoming year

Excluding the increased hiring in the EU during the second half of 2018, Brexit has had little impact on permanent compliance recruitment so far. We expect this to change in 2019 as there will be increased regulatory hiring across Frankfurt, Paris, Dublin and Luxembourg, as well as the UK. Whilst Brexit could have some effect on recruitment volumes, the view from many organisations is that they expect the UK and London to remain as their main hub for attracting and retaining the best compliance talent. With this in mind, we expect to see another year of strong recruitment within the Compliance and Financial Crime industry. 

The rise of start-up/FinTech organisations will provide opportunities for regulatory compliance and financial crime officers; they will need to adhere to the relevant regulations and this can appeal to existing compliance officers within the wider industry and present them with a new, exciting challenge. 

Hiring managers must act quickly when they identify a strong potential candidate; the market can move very quickly and there is always a competitor willing to move quicker to hire them. This is supported by our findings as ‘candidate accepts offer from competitor’ was the second most common reason that employers fail to hire an individual . Unfortunately, sometimes the market is dictated by who can move through their recruitment process the quickest. Jobseekers should continue self development - this can be done by undertaking further qualifications in your chosen field, whilst continuously increasing your knowledge of the key current, and upcoming, regulations.

Contract Rates
Job Title Low (£) High (£) Average (£)
Compliance Advisory 500 900 750
Compliance Assistant 150 300 250
Compliance Generalist 400 800 600
Compliance Head Of 700 1,200 900
Compliance Manager (Financial Services) 500 800 700
Compliance Monitoring Officer 250 600 450
Compliance Officer 300 600 450
Compliance Regulatory Officer 500 900 750
Compliance Testing and Reviews 250 600 450
Compliance DCM Advisory 500 800 700
Compliance ECM Advisory 500 800 700
Legal Compliance Manager/Director 800 1,200 900
AML Analyst 200 500 350
AML Head Of 700 1,000 800
AML Manager 500 800 700
Investigations Officer 200 450 350
Fraud Analyst 200 450 350
DMLRO 500 900 750
MLRO 600 1,100 850
Financial Crime Officer 400 800 650
KYC Analyst 200 500 300
KYC Head of 500 800 700
KYC Manager 450 700 550
Periodic Reviews 200 500 300

Commentary on Compliance Roles and Contract Rates for 2019


2018 was an interesting year for contract compliance recruitment. There was widespread uncertainty in the early months of the year - a large number of the bigger banks were uncertain about the effect Brexit would have on upcoming, large scale regulatory projects, current projects and hiring in general.  An overwhelming majority of employers (83%) envisage the UK compliance employment market as less attractive as a direct result of Brexit. Across all disciplines this figure was 49%, suggesting compliance jobs may be more difficult to fill in the post-Brexit landscape than other sectors. The year then finished up with another major factor causing a further degree of uncertainty: IR35 and when the reform would come into play. These two factors caused the majority of dubiety across 2018.

Regardless of these uncertain times, firms realised they couldn’t just hang around and wait to see what the outcome would be - they continued with BAU hiring. Compared to 2017, numbers of jobs were down 37% which backs up the belief 2018 was challenging. 

The biggest change to hiring was the way contractors are now hired. This is predominantly down to the decreased hiring from bigger banks, as well as the uplift in hiring from smaller banks/asset management firms and brokerages. Fixed Term Contracts in 2018 increased by over 50% compared to the previous year, a trend that can be attributed to firms wanting to reduce costs. 

All of the above has led to many processes mirroring permanent hiring and prolonging matters.
This is mainly caused by the need for contractors to change their way of thinking in terms of not utilising their ltd companies, but also from a hiring manager’s perspective - they seem to treat this route more like permanent hiring and therefore will conduct two to three stages of interviews to find their preferred candidate. 

The most popular temporary compliance roles, skills and qualifications

Compliance Monitoring - This was by far the busiest area of hiring throughout the first three quarters of the year. It grew from being mainly smaller tier 2 firms over the first half of 2018 into larger tier 1 banks in Q3. Previous desk/thematic reviews experience is highly desirable but not essential. Where it is not imperative, they will look at candidates with good product knowledge, mixed with different operational experience or an investigative background. 

Compliance Generalist - Smaller firms hired these professionals in large quantities. This form of hiring will always be driven by smaller banks and asset managers as they do not have separated areas and departments like the larger banks. Cross covering of multiple areas of compliance is required, i.e. monitoring, surveillance, PA dealing, G&E and control room. Depending on the type of firm, they will sometimes stipulate certain product exposure such as equities, fixed income, investment funds or foreign exchange. 

Regulatory Advisory - These roles encompassed hot topics including GDPR, MiFID II, PSD2, MAR and most importantly; Brexit. The main volume of regulatory hiring in 2018 came from smaller banks/asset managers. 

Trade Surveillance - The surveillance market hugely picked up in the latter half of 2018. Multiple banks hired on a project type basis to help set up trade surveillance systems along with clearing backlogs of trade data. The type of experience that was needed for these roles was BMR (EU Benchmarks Regulation) and MAR (Market Abuse Regulation). This is a relatively candidate short market and firms had to pay a premium to secure solid candidates in this area. 

Throughout 2018 we saw an increase in junior level hiring across the market. Even though a small amount of experience is desirable, the CISI and ICA diplomas are still very much in demand as it shows a desire and willingness to progress in the area and fully understand the subject. 

Salaries dropped off for roles in a number of areas - this is mostly down to the increase in Fixed Term Contract hiring. There are also less large scale projects, meaning candidates can’t have such high demands and play projects off one another. In the past, you may have seen 2 or 3 large scale remedial projects going on at any one time across the City, causing banks to pay against each other to attract the best talent. It wasn’t the case in 2018. 

Noticeable workplace trends across compliance

Firms have been adjusting their models of diversity led hiring and training initiatives. A great example of this is Investment 2020; a scheme that enables individuals with limited or no exposure to Financial Services to start their careers in the investment management industry and gain the necessary skills and experience to progress. Firms in the City are also copying the larger banks’ graduate recruitment programmes. They have hired graduates into junior operational type roles and given them cross discipline coverage of how the business operates, before moving them into junior compliance roles. 

Flexible working was a key focus for compliance in 2018 and it played an enormous role in attracting talent - it appears firms are already acting upon this; in our survey, employers listed offering a good work-life balance as the top reason they retain their best staff. Due to the ever changing and demanding regulatory landscape, technology will always play a massive role in compliance trends - firms need to adapt and keep the most current technologies at the forefront of their compliance controls if they want to swiftly respond to new regulations. Conversations are always being had about whether computers will replace humans in this area - it is highly unlikely that humans will be entirely replaced. Human input is necessary to identify false positives in regards to screening or trade data manipulations in terms of the variety of language that can be used. Advances in technologies will always create opportunities in compliance.

Predictions for temporary compliance recruitment in the upcoming year

2019 is likely to be another testing year for temporary compliance recruitment. This can be attributed to the possibility of a hard Brexit and the fact that many people are still petitioning for a second referendum. This said, a number of firms realised they still need to hire for BAU - but what is the answer for large scale project hiring? Will jobs in London make it through another stern test?

Firms need to grow teams to match their current business needs. They also need to be aware of the IR35 reform and how to plan for this - the need for contractors in London will continue, but the landscape is changing.

Compliance contractors should stay aware of market conditions - whilst matters may seem uncertain, it doesn’t mean there won’t be opportunities, but you will need to be flexible and open to changes in rate or even consider a Fixed Term Contract.

Contributors to the Compliance Salary Guide:

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