Morgan McKinley, the global compliance recruitment firm, has produced a compliance salary guide that shows how the availability of permanent and temporary compliance jobs dropped in comparison with the previous year, thanks to political and economic uncertainties. Despite this, financial concerns firmly believe that London will continue to be a centre of excellence.

The survey at-a-glance

The recruitment firm's "2019 survey," actually a survey of events in 2018, made the following points, expressed here in brief.

• There were slightly fewer permanent jobs than in 2017.
• Regulatory advisory specialists were the most demanded professionals - MiFID implementation at the start of 2018 contributed to this.
• Firms exhibited a strong desire to improve gender/diversity ratios - they asked for "diverse shortlists," without wanting to compromise on quality and they also adjusted their models of diversity-led hiring and their training initiatives on the subject.
• A rise in startups/FinTech organisations provided opportunities for regulatory compliance officers and financial crime officers.
• The number of temporary/contract compliance jobs came down against that of 2017.
• Smaller banks/asset management firms and brokerages hired more people on fixed-term contracts in an attempt to reduce costs, so salaries dropped for jobs in some areas.
• CISI and ICA diplomas continued to be in demand - employers think that they bespeak a desire to climb the ladder.
• Fewer large-scale projects popped up, reducing the demand for contractors.
• Flexible working was an important consideration and firms that offered it attracted enormous amounts of talent.

Talking heads

Caleb Hawkins, a temp controller at Morgan McKinley, said: “2018 was a somewhat challenging year for contract compliance recruitment. As a whole we saw a large number of smaller-sized firms and FinTech firms coming to lead the way in hiring. Judging from our analysis and conversations with the banks, they still see a need for compliance staff here in the UK regardless of the Brexit result. They have also been, and will continue to be, bolstering regional teams and hiring in other jurisdictions.”

Harry Rogers, a consultant who deals with permanent compliance recruitment at Morgan McKinley, said: “Permanent recruitment within compliance throughout 2018 continued to be buoyant with many organisations looking to bolster their teams, as well as replacing any outgoing employees. Brexit didn't necessarily have an impact on UK hiring but it has presented great opportunities for compliance professionals who may consider relocating to Paris, Frankfurt, Dublin, Amsterdam and Luxembourg. This said, we expect hiring to continue in the UK as well.”

The advantage of being junior

Throughout 2018, the most popular permanent jobs were Regulatory Advisory, Product Compliance Advisory and Thematic/Regulatory Compliance Monitoring. Unsurprisingly, the demand for these positions arose from changes to the regulatory landscape. From a temporary perspective, firms hired more junior staff when trying to fill Compliance Monitoring, Compliance Generalist, Regulatory Advisory and Trade Surveillance positions.

Permanent London salaries in compliance during 2018, in thousands of pounds per annum

Compliance Advisory: low £80K; high £140K; average £110K.
Compliance Corporate Finance Advisory: low £80K; high £140K; average £110,000.
Compliance Assistant: low £30K; high £45K; average £40K.
Compliance Generalist: low £40K; high £60K; average £50K.
Compliance Head: low £100K; high £200K; average £150K.
Compliance Manager (Financial Services): low £70K; high £100K; average £85K.
Compliance Monitoring Officer: low £50K; high £70,000; average £60K.
Compliance Officer: low £50,000; high £70K; average £60K.
Compliance Regulatory Officer: low £70K; high £90,000; average £80K.
Compliance Testing and Reviews: low £70K; high £120K; average £95K.
Compliance DCM Advisory: low £80K; high £140K; average £110K.
Compliance ECM Advisory: low £80K; high £140K; average £110K.
Legal Compliance Manager/Director: low £100K; high £140K; average £120K.
AML Analyst: low £40K; high £60K; average £50K.
AML Head: low £100K; high £120K; average £110K.
AML Manager: low £70K; high £90K; average £80K.
Investigations Officer: low £40K; high £50K; average £45K.
Fraud Analyst: low £40; high £50K; average £45K.
DMLRO: low £80K; high £110K; average £95K.
MLRO: low £100K; high £180K; average £140K.
Financial Crime Officer: low £50K; high £70K; average £60K.
KYC Analyst: low £30K; high £55; average £45K.
KYC Head: low £80K; high £100K; average £90K.
KYC Manager: low £70K; high £80K; average £75K.
Periodic Reviews: low £30K; high £50K; average £40K.

Contract employment in London in compliance during 2018, in pounds per day
 
Compliance Advisory: low £500; high £900; average £750.
Compliance Assistant: low £150; high £300; average £250.
Compliance Generalist: low £400; high £800; average £600.
Compliance Head: low £700; high £1,200; average £900.
Compliance Manager (Financial Services): low £500; high £800; average £700.
Compliance Monitoring Officer: low £250; high £600; average £450.
Compliance Officer: low £300: high £600; average £450.
Compliance Regulatory Officer: low £500; high £900; average £750.
Compliance Testing and Reviews: £250; high £600; average £450.
Compliance DCM Advisory: low £500; high £800; average £700.
Compliance ECM Advisory: low £500; high £800; average £700.
Legal Compliance Manager/Director: low £800; high £1,200; average £900.
AML Analyst: low £200; high £500; average £350.
AML Head: low £700; high £1,000; average £800.
AML Manager: low £500; high £800; average £700.
Investigations Officer: low £200; high £450; average £350.
Fraud Analyst: low £200; high £450; average £350.
DMLRO: low £500; high £900; average £750.
MLRO: low £600; high £1,100; average £850.
Financial Crime Officer: low £400; high £800; average £650.
KYC Analyst: low £200; high £500; average £300.
KYC Head: low £500; high £800; average £700.
KYC Manager: low £450; high £700; average £550.
Periodic Reviews: low £200; high £500; average £300.