Financial Services Salary Guide 2018

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1 Specialising In You Financial Services Salary Guide

2 Welcome Welcome to our Salary Guide for The data has been complied through a combination of market research and using a review of the salary packages available to our candidates from our suite of clients. Financial Services Ireland 2017 has been a notable year in the Financial Services market in Ireland. We saw high profile banks and insurance firms endorse Ireland as their destination of choice post-brexit, with a number of large multinational Financial Services firms choosing Ireland as the location for their European headquarters. The list of companies announcing relocation is growing each month and their immiment arrival is set to have a positive impact on the Irish economy. Companies such as Barclays and JP Morgan have already made job announcements, with other notable relocation announcements from Northern Trust, Citadel, Tobam, alterdomus, Fundrock, Chaucer, Kabbage, Willis Towers Watson, Bank of China, Beazley Re. While we await further confirmation of other companies relocating to Ireland, the economic outlook for 2018 is markedly positive and is expected to remain so in both the short and medium term. The impact of Brexit and the relocation of companies here will directly impact the educational system, the construction industry and the return of Irish generations who have relocated abroad in search of jobs. Matrix Recruitment expects the jobs market will be highly competitive, with unemployment rates falling to an all-time low. This in turn will put further pressure on the demand for talent. Through 2017, we have seen organisations endeavour to remain competitive with marginal increases of 5%-10% in salaries across the Financial Services specialities, but expect companies will need to further increase salaries to hold onto top talent. Our Matrix Recruitment Annual Salary and Benefits Guide 2018 highlighted some interesting data, with 56% of respondents noting they expected a pay rise in 2017, however only 6% received one. Where we are seeing increased activity is in organisations trying to explore other options in order to retain and attract skilled candidates. Traditionally employers have been hesitant to embrace flexible and remote working environments. However, as more workers seek a better work-life balance, companies are now beginning to invest in technology that enables staff to work outside of he office. The additional pressures of rental costs in the capital, shortage of accommodation, childcare and commuting costs means companies are more open to exploring flexitime options, part-time working hours and remote working. Our Annual Salary and Benefits Guide discovered that 70% of our respondents are happy with their work-life balance. However, 37% admitted that working late meant missing out on seeing children, family and friends. Industry Trends Insurance The insurance field was hit hard with Storm Emma and Storm Ophelia striking as some of the worst storms in over 50 years in Ireland. Ophelia caused mayhem for 36 hours, thus resulting in many firms closing their doors and others only opening for business-critical tasks. Damages to the country, predominately in the West and South, amounted to somewhere between 500 and 800 million euro proving quite a costly 36 hours for the island. Technological advances in the insurance industry remain slow as it still relies heavily on paper-based transactions and the high level of risk involved prevents the quick adoption of new processes. However, time and money is set to be invested in unlocking the potential revenue from utilising more advanced technology in the market. We expect to see Brexit impact jobs in the sector in 2018 with companies such as Legg Mason, Citadel, Aviva, Beazley and Legal and General all considering expanding their operations in Ireland.

3 their handling of the mortgage tracker scandal. However, they have continued to forge ahead implementing transformation and technology programs. Banks are focusing on becoming more agile and innovative to make sure they stay competitive in the marketplace. There remains strong demand within Retail Banking for APA and QFA qualified candidates. Investment Banking We have already seen several job wins announced post-brexit, however uncertainly surrounds how much of an impact these will have. Ireland has long been considered a Centre of Excellence for fund administration with over 13,000 people working within Fund Accounting, Transfer Agency, Custody, Financial Reporting, Risk & Compliance, and Audit among others. With this level of talent, it would not be surprising to hear of further notable job announcements in We expect much of these announcements to centre around back and middle office. There is much anticipation among professionals regarding potential Front Office positions. Employers in this sector are busy defining their brand, salaries and remuneration packages in order to gain an advantage in a very competitive market for talent and experience, and with the impact of Brexit looming there will be a further squeeze for available talent. While we have seen relatively modest base salary increases, the focus for these organisations is on the total remuneration package with many looking to strengthen their healthcare, pensions, life insurance, wellbeing and worklife options. Into 2018 we expect continued demand for skilled talent, especially in the Risk & Compliance and Regulatory positions and for Qualified Accountants. The typical demand for experienced Fund Accounting and Transfer Agency professionals is not abating. Speed to hire will be essential. Retail Banking 2017 was another eventful year for the Retail Banking sector here in Ireland. Many banks continued to face scrutiny in 2017, in relation to Aircraft Leasing There is not expected to be a notable impact on the Aircraft Leasing industry in Ireland following Brexit. Leasing is a non-regulated activity, and aviation lessors do not need EU regulatory market access to operate, therefore we do not expect the same influx of jobs as we could potentially see from Investment Banking and Insurance. However, Dublin remains a Centre of Excellence in Aircraft Leasing with the likes of AerCap, Avolon, and SMBC Aviation amongst others based here. In fact, 14 of the top 15 aircraft lessors are headquartered in Ireland. Currently the sector employs 1,800 people across sales and marketing, asset management, accounting, legal and tax functions. We expect marginal increases in this number in Credit Union The future of Credit Unions in Ireland remains positive. With recent mergers of smaller credit unions coming together to form strong and more stable community funds, improving cost efficiencies and strengthening the risk management framework within the Credit Union system. The positive news is that loan arrears are falling. The regulatory environment is expanding and strengthening the future protection of its members assets. Credit Unions have now entered the Fintech arena, which is key to remaining relevant in the loans industry. Many have also seen an increase in loan applications from a younger demographic through their use of social media platforms to promote products and services. By migrating customer feedback platforms online and increasing efficiencies in loan approval times, many Credit Union have seen significant reductions in costs and man hours. Kevin Johnson, CUDA Chief Executive, has said they are committed to Credit Unions remaining

4 consumer-owned, co-operative financial services organisations, whose primary business is to provide a competitive return on the savings of their members. Outlook 2018 offers a tremendously dynamic jobs market for candidates. However factors such as... and regulatory changes means employers will have to work harder than ever to attract and retain talent. With Brexit and GDPR set to bring widespread changes to existing workplace practices, hiring for roles impacted by these will be a priority for many companies in Attracting talent from abroad for the most active roles such as Risk and Compliance, Financial Reporting, Regulatory Accountants & Fund Accountants, Business Analysts and Operational Risk Analysts will prove difficult. Although Data Architects and Project Mangers migrated abroad to find work during the recession, changes in regulation and expansion in Fintech capabilities are now driving up demand for these specialists. Speed of sourcing and hiring top talent in these areas will be key to filling roles from a depleted talent pool in With the situation in the rental market in the capital, Brexit companies should be encouraged to look at locations in the South-East and West of the country. Availability of housing, schools and other infrastructure across the country is more readily available with room for further development, which in turn will benefit the Irish economy. Gillian Wall, Financial Services Recruitment Manager T: E: gillian@matrixrecruitment.ie Sarah Meagher Financial Services Recruitment Consultant T: E: sarahm@matrixrecruitment.ie Looking at recruitment trends for 2018 we expect to see continued demand for Change Management Specialists, Compliance and Risk professionals, and subject matter experts such as those with GDPR exposure, Performance Fee experts and Private Equity professionals. Candidates with ACA, ACCA and CFA qualifications are still highly sought after. To access our series of industry specific guides, visit

5 Salary Guide 2018 Fund Accounting Fund Accountant 28,000-35,000 25,000-30,000 Senior Fund Accountant 35,000-45,000 30,000-35,000 Fund Accounting Supervisor 45,000-55,000 35,000-45,000 Fund Accounting Assistant Manager 48,000-60,000 45,000-55,000 Fund Accounting Manager/AVP 60,000-75,000 55,000-70,000 Senior Fund Accounting Manager/VP 75, ,000 70,000-90,000 Head of 110, , , ,000 Managing Director 140, , , ,000 Transfer Agency/Shareholder Services Transfer Agent 23,000-33,000 23, Senior Transfer Agent 30,000-38,000 30,000-35,000 Transfer Agency Supervisor 35,000-50,000 35,000-45,000 Transfer Agency Assistant Manager 48,000-60,000 45,000-55,000 Transfer Agency Manager/AVP 55,000-75,000 55,000-70,000 Senior Transfer Agency Manager/VP 75, ,000 65,000-90,000 Head of 95, ,000 85, ,000 Pricing/Market Data/Corporate Actions Pricing Administrator 26,000-33,000 23, Senior Pricing Administrator 30,000-45,000 30,000-36,000 Pricing Supervisor 45,000-55,000 35,000-50,000 Pricing Manager/AVP 55,000-76,000 55,000-70,000 Senior Pricing Manager/VP 75, ,000 70,000-90,000 Head of 110, , , ,000 Trustee Trustee Administrator 28,000-35,000 25,000-30,000 Senior Trustee Administrator 35,000-45,000 30,000-35,000 Trustee Supervisor 45,000-55,000 35,000-45,000 Transfer Agency Manager/AVP 48,000-60,000 45,000-55,000 Transfer Agency Senior Manager/VP 60,000-75,000 55,000-70,000 Head of 75, ,000 70,000-90,000

6 Salary Guide 2018 Financial Reporting Financial Reporting Accountant (Qualified) 50,000-65,000 40,000-55,000 Financial Reporting Associate (Part-Qualified) 35,000-45,000 30,000-40,000 Financial Reporting Manager/AVP 72, ,000 65,000-90,000 Head of Financial Reporting 95, ,000 85, ,000 Regulatory Reporting Accountant 55,000-65,000 55,000-65,000 Financial Control Financial Analyst 50,000-65,000 45,000-55,000 Private Equity Private Equity Accountant 65,000-85,000 55,000-75,000 Client Services Client Service Administrator 28,000-35,000 25,000-30,000 Senior Client Service Administrator 35,000-45,000 30,000-35,000 Client Service Administrator Supervisor 45,000-55,000 35,000-45,000 Client Service Administrator Manager/AVP 50,000-70,000 50,000-65,000 Client Service Administrator Senior Manager/VP 75, ,000 70,000-90,000 Head of 110, , , ,000 Middle Office Middle Office Administrator 28,000-35,000 25,000-32,000 Senior Middle Office Administrator 35,000-40,000 32,000-38,000 Middle Office Supervisor 40,000-50,000 38,000-45,000 Middle Office Manager 50,000-70,000 45,000-65,000 Middle Office Senior Manager 70,000-90,000 65,000-85,000 Head of Middle Office 90, ,000 85, ,000

7 Salary Guide 2018 Risk & Compliance Head of Compliance 90, ,000 80, ,000 Compliance Manager (5 yrs + exp) 65,000-90,000 60,000-80,000 Risk Manager 70,000-95,000 65,000-80,000 Risk Analyst 45,000-65,000 40,000-60,000 AML Specialist 28,000-40,000 25,000-35,000 Internal Auditor 60,000-70,000 55,000-60,000 Custody Custody Administrator 23,000-33,000 23,000-28,000 Senior Custody Administrator 30,000-38,000 26,000-35,000 Custody Supervisor 45,000-55,000 35,000-50,000 Custody Manager/AVP 55,000-76,000 55,000-70,000 Custody Senior Manager/VP 75, ,000 70,000-90,000 Head of 95, ,000 85, ,000 Treasury Treasury Administrator 28,000-38,000 25,000-35,000 Treasury Analyst 38,000-48,000 35,000-45,000 Settlements Administrator 25,000-35,000 25,000-35,000 Treasury Manager 65,000-85,000 60,000-72,000 Project Management Senior Project Manager/Business Transformation 100, ,000 85, ,000 Project Manager 65,000-95,000 55,000-85,000 Business Analyst 40,000-65,000 40,000-55,000 Wealth Management Wealth Manager 3-5 years 65,000-85,000 60,000-80,000 Wealth Manager 5+ years 85, ,000 80, ,000 Customer Service Administrator 30,000-50,000 28,000-45,000

8 Salary Guide 2018 Retail Banking Retail Banking - Customer Service Official 26,000-36,000 23,000-33,000 Retail Banking - Financial Advisor 35,000-45,000 33,000-45,000 Retail Banking - Branch Manager 55,000-90,000 45,000-70,000 Mortgage Underwriter 38,000-50,000 35,000-45,000 Mortgage Administrator 28,000-40,000 28,000-35,000 Mortgage Arrears Portfolio Manager 55,000-90,000 50,000-80,000 General Insurance Personal Lines Administrator 25,000-35,000 22,000-29,000 Personal Lines Team Leader 35,000-45,000 33,000-43,000 Personal Lines Manager 40,000-55,000 35,000-50,000 Personal Lines Underwriter 35,000-50,000 33,000-42,000 Commercial Underwriting 50,000-80,000 45,000-70,000 Commercial Underwriting Junior 40,000-60,000 35,000-55,000 Commercial Underwriting Administrator 30,000-35,000 28,000-33,000 Telephone Development Executive 25,000-32,000 22,000-30,000 Commercial Account Handler 24,000-34,000 22,000-32,000 New Business Account Handler 30,000-35,000 28,000-32,000 Claims Handler 24,000-34,000 21,000-28,000 Life & Pensions Life & Pensions Administrator 23,000-35,000 21,000-33,000 Life & Pensions Team Leader 35,000-45,000 33,000-42,000 Life & Pensions Manager 45,000-65,000 40,000-60,000 Group Pensions Administrator 35,000-44,000 32,000-40,000 Group Pensions Team Leader 45,000-60, ,000-54,000 Group Pensions Manager 55,000-65,000 50, ,000 Life Claims Officer 25,000-39,000 21,000-35,000 Life Claims Manager 65,000-80,000 55,000-75,000 Head of Underwriting 110, ,000 90, ,000 Senior Life Underwriter 45,000-80,000 30,000-65,000 Life Underwriter 25,000-50,000 20,000-45,000 Reinsurance Support 28,000-35,000 25,000-32,000 Reinsurance Underwriter 35,000-80,000 32,000-70,000

9 Salary Guide 2018 Insurance - Risk & Compliance Head of Compliance 100, ,000 80, ,000 Compliance Manager 75,000-90,000 60,000-80,000 Compliance Officer 38,000-50,000 28,000-38,000 AML Officer 30,000-45,000 25,000-35,000 Risk Manager 60,000-85,000 60,000-75,000 Mortgages - Operations Head of Mortgages 90, ,000 75, ,000 Head of Lending 90, ,000 80, ,000 Arrears Portfolio Manager 55,000-65,000 50,000-60,000 Mortgage Administration Manager 65,000-90,000 60,000-85,000 Mortgage Administrator 28,000-32,000 25,000-30,000 Broker Development Sales Agent 20,000-30,000 18,000-27,000 Administrator 25,000-35,000 20,000-28,000 Team Leader 35,000-45,000 30,000-38,000 Manager 40,000-55,000 38,000-50,000 Senior Account Executive 60, ,000 50,000-80,000 Business Development Manager 50,000-70,000 45,000-65,000 Senior Pensions Consultant 45,000-80,000 35,000-70,000 Broker Consultant 23,000-45,000 30,000-40,000 Sales Director 100, ,000 80, ,000 Financial Advisor 35,000-55,000 30,000-50,000 Call Centre Agent - Sales 21,000-26,000 21,000-24,000 Call Centre Agent - Support 21,000-26,000 21,000-24,000 Finance Premium Collections Agent 25,000-32,000 22,000-29,000 Premium Collections Team Leader 28,000-36,000 25,000-32,000 Premium Collections Manager 35,000-50,000 30,000-42,000

10 Salary Guide 2018 Credit Union Front of House - Teller 21,000-28,000 19,000-25,000 Administration Officer 24,000-28,000 21,000-25,000 Lending Officer 30,000-40,000 26,000-35,000 Credit Controller 35,000-45,000 30,000-40,000 Accounts Officer 25,000-32,000 22,000-30,000 Money Laundering Officer 35,000-45,000 30,000-40,000 Business Development Manager 32,000-45,000 30,000-40,000 Payments Customer Solutions Agent 25,000-27,000 23,000-25,000 Team Leader 38,000-55,000 32,000-48,000 Account Manager 37,000-50,000 35,000-47,000 Fraud Analyst 25,000-55,000 23,000-45,000 Risk Analyst 35,000-38, ,000 Lead Generation 33,000-55,000 33,000-55,000 Sales Representative 31,000-35,000 30,000-34,000 Aircraft Leasing Tax Manager 65,000-75,000 60,000-70,000 Financial Reporting Accountant (Qualified) 55,000-65,000 50,000-55,000 Chief Financial Officer 120, , , ,000 Senior Financial Accountant 75,000-85,000 65,000-75,000 Senior Management Accountant 75,000-85,000 65,000-75,000 Senior Finance Analyst 55,000-75,000 45,000-65,000 Part-Qualified Accountant 35,000-45,000 30,000-40,000 Treasury Accountant 75,000-85,000 65,000-75,000 Internal Audit 65,000-85,000 60,000-80,000 Accounts Receivable / Accounts Payable 35,000-45,000 30,000-40,000 Risk Director 120, , , ,000 Company Secretarial 50,000-60,000 40,000-50,000 Contract Administrators 30,000-40,000 25,000-35,000 Lawyers / Legal Counsel 100, ,000 90, ,000

11 Salary Guide Contractor Rates Fund Accounting Senior Fund Accountant per hour per hour Fund Accounting Supervisor per hour per hour Fund Accounting Manager/AVP per hour per hour Senior Fund Accounting Manager/VP per hour per hour Transfer Agency/Shareholder Services Transfer Agent per hour per hour Senior Transfer Agent per hour per hour Transfer Agency Supervisor per hour per hour Transfer Agency Manager/AVP per hour per hour Transfer Agency Manager/VP per hour per hour Pricing Senior Pricing Administrator per hour per hour Pricing Supervisor per hour per hour Pricing Manager/AVP per hour per hour Senior Pricing Manager/VP per hour per hour Trustee Trustee Administrator per hour per hour Senior Trustee Administrator per hour per hour Supervisor Trustee per hour per hour Financial Reporting Financial Reporting Accountant (Qualified) per hour per hour Financial Reporting Associate (Part-Qualified) per hour per hour Financial Reporting Manager/AVP per hour per hour Regulatory Reporting Accountant per hour 30-5 per hour

12 Salary Guide Contractor Rates Financial Control Financial Analyst per hour per hour Private Equity Private Equity Accountant per hour per hour Client Servicing Client Service Administrator per hour per hour Senior Client Service Administrator per hour per hour Client Service Administrator Supervisor per hour per hour Client Service Administrator Manager/AVP per hour per hour Client Service Administrator Senior Manager/VP per hour per hour Middle Office Middle Office Senior Administrator per hour per hour Middle Office Supervisor per hour per hour Risk & Compliance Head of Compliance per hour per hour Compliance Manager (5 yrs + exp) per hour per hour Risk Manager per hour per hour Risk Analyst per hour per hour AML Specialist per hour per hour Internal Auditor per hour per hour Project Management Senior Project Manager/Business Transformation per hour per hour Project Manager per hour per hour Business Analyst per hour per hour

13 Salary Guide Contractor Rates Retail Banking Retail Banking - Customer Service Official per hour per hour Retail Banking - Financial Advisor per hour per hour Retail Banking - Branch Manager per hour per hour Mortgage Underwriter per hour per hour Mortgage Administrator per hour per hour Mortgage Arrears Portfolio Manager per hour per hour Insurance - Risk & Compliance Head of Compliance per hour per hour Compliance Manager per hour per hour Compliance Officer per hour per hour AML Officer per hour per hour Risk Manager per hour per hour

14 Contact Us Waterford T: E: Carlow T: E: Dublin T: E: Athlone T: E: Galway T: E: www. matrixrecruitment.ie