2015/16 AUSTRALIAN SALARY & EMPLOYMENT OUTLOOK FINANCIAL SERVICES. Financial Services /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

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1 2015/16 AUSTRALIAN SALARY & EMPLOYMENT OUTLOOK Financial Services /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

2 OVERVIEW WE HAVE SEEN A DRAMATIC RISE IN BUSINESSES PLACING A BIGGER FOCUS ON GENDER DIVERSITY. Hiring activity is strongest in New South Wales, due to a broader spectrum of employers across institutional banking, retail and consumer banking, insurance and wealth management. There has been a focus in investment banks on KYC (know your customer) to prevent money fraud and illegal activities, so risk and compliance roles are in high demand. As well as risk and compliance, hiring is strong within financial planning and wealth management, so the job types currently in highest demand are; Risk and compliance managers Financial planners Paraplanners Australia has one of the most advanced retirement planning methods in the world, so there is a high demand for financial planners and paraplanners to plan and maximise that wealth within superannuation and other retirement plans, including property. We are seeing fewer overseas returnees in financial services due to overseas markets performing well in the last 18 months, especially within the UK and Northern Europe, Hong Kong, Mainland China and North America. The executive job market has remained steady, but is stronger in NSW, and should stay constant over the next 12 months, primarily due to a higher proportion of head offices within a broad range of financial institutions based in New South Wales. Looking forward, we are likely to see an increase in mergers and acquisitions across all industries in Asia Pacific and Australia, which will likely affect some Australian banks headcount through either growth or consolidation. However, last year s free trade deals signed with north Asia might mean greater trade and revenue across all industries, which will have a positive impact on most financial service verticals leading to higher staffing requirements /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK We also expect the emphasis on hiring women into financial services to increase over the next 12 months. In the last 18 months we have seen a dramatic rise in businesses placing a bigger focus on gender diversity and 2015 has seen that importance elevated to business critical. This is particularly evident in financial services, which is historically male dominated, especially within the revenue generation and technology verticals, as well as executive leadership.

3 KEY INSIGHTS The current level of confidence in the sector is average, but seems to be getting better. People with experience in operational risk, credit risk, regulatory management and internal audits are in high demand and within regulatory management people who have direct involvement with ASX, ARPA and ASIC are in demand. Headcount in financial services has decreased over the past 10 years due to offshoring, but over the last 12 months it has remained constant. Overall confidence in financial services Current national economy rating 14 % Very good 9 % 43 % Poor Fair 16 % 20 % Good Poor 34 % Good 64 % Fair Levels of experience in highest demand Do survey respondents expect to grow their teams this year? 2 % 27 % 9 % Senior Management Specialists Entry level 35 % 49 % YES NO 16 % 7 % Management 55 % Mid level UNSURE /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

4 KEY INSIGHTS Remuneration trends are positive this year, we expect most people to receive a pay increase and a high bonus or commission. Do survey respondents expect their direct employees to receive a salary increase? Average salary increase percentage 84 % YES 16 % NO 1% - 2% 3% - 5% 6% - 9% 10% - 15% 16% - 20% 21% - 30% More than 30% 41% 51% 8% 0% 0% 0% 0% Top talent attraction methods used * Do survey respondents expect their direct employees to receive a bonus? 33 % 72 % 42 % 3 % Financial incentives Strong company culture Recognition and rewards Training and mentoring partnerships Work/life balance initiatives 60 % Global career opportunities 12 % 14 % Other * Respondents could select more than one answer. 68 % YES 32 % NO /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

5 BANKING & FINANCIAL MANAGEMENT ACCOUNTING Sml/Med Large $ 000 $ 000 Graduate Assistant Accountant Part Qualified CA/CPA Newly Qualified CA/CPA CA/CPA Financial Controller CFO/Head of Finance/Finance Director Graduate Assistant Accountant Part Qualified CA/CPA Newly Qualified CA/CPA CA/CPA Financial Controller CFO/Head of Finance/Finance Director FUND ACCOUNTING Sml/Med Large $ 000 $ 000 Fund Accountant Manager Senior Manager Fund Accountant Manager Senior Manager /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

6 BANKING & PRODUCT CONTROL Sml/Med Large $ 000 $ 000 Product Controller Senior Product Controller Manager Head of Product Control Product Controller Senior Product Controller Manager Head of Product Control INTERNAL AUDIT Sml/Med Large $ 000 $ 000 Auditor Senior Auditor Manager Senior Manager Head of Audit Auditor Senior Auditor Manager Senior Manager Head of Audit /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

7 BANKING & TAX Sml/Med Large $ 000 $ 000 Tax Accountant Senior Tax Accountant Tax Manager Head of Tax Tax Accountant Senior Tax Accountant Tax Manager Head of Tax FUNDS ADMINISTRATION Sml/Med Large $ 000 $ 000 Fund Administrator Unit Pricing/Analyst Account Manager/Team Leader Senior Account Manager/Manager Client Service Manager Fund Administrator Unit Pricing/Analyst Account Manager/Team Leader Senior Account Manager/Manager Client Service Manager /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

8 BANKING & CORPORATE ACTIONS Sml/Med Large $ 000 $ 000 Junior Senior Supervisor Manager Junior Senior Supervisor Manager /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

9 BANKING & OPERATIONS Sml/Med Large $ 000 $ 000 Entry Level (0 1 year) Junior (1 2 years) Senior (2 3 years) Supervisor Manager Senior Manager/Head of Operations ISDA Confirmations Trade Support Operational Risk Entry Level (0 1 year) Junior (1 2 years) Senior (2 3 years) Supervisor Manager Senior Manager/Head of Operations ISDA Confirmations Trade Support Operational Risk /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

10 BANKING & FINANCIAL PLANNING Sml/Med Large $ 000 $ 000 Wealth Advisor Paraplanner Paraplanning Team Leader Paraplanning Manager Graduate Financial Planner Associate Financial Planner Financial Planner Senior Financial Planner Practice Manager Wealth Advisor Paraplanner Paraplanning Team Leader Paraplanning Manager Graduate Financial Planner Associate Financial Planner Financial Planner Senior Financial Planner Practice Manager /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

11 CREDIT RISK CORPORATE/INSTITUTIONAL BANKING Sml/Med Large $ 000 $ 000 Credit Analyst Senior Credit Analyst (3-7 years) Associate Director Credit (8+ years) Director Credit Analyst Senior Credit Analyst (3-7 years) Associate Director Credit (8+ years) Director BUSINESS BANKING Sml/Med Large $ 000 $ 000 Credit Analyst Credit Manager Credit Analyst Credit Manager /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

12 CORPORATE FINANCE/ADVISORY PROJECT FINANCE/ADVISORY Sml/Med Large $ 000 $ 000 Analyst/Executive (1 3 years) Manager (3 6 years) Associate Director (6+ years) Director Analyst/Executive (1 3 years) Manager (3 6 years) Associate Director (6+ years) Director INVESTMENT BANKING Sml/Med Large $ 000 $ 000 Analyst/Executive (1 3 years) Associate/Manager (3 8 years) Associate Director (8+ years) Director Analyst/Executive (1 3 years) Associate/Manager (3 8 years) Associate Director (8+ years) Director /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK

13 EQUITY RESEARCH/CAPITAL MARKETS EQUITIES RESEARCH Sml/Med Large $ 000 $ 000 Assistant Analyst Analyst Senior Analyst/Lead Analyst Assistant Analyst Analyst Senior Analyst/Lead Analyst EQUITY CAPITAL MARKETS Sml/Med Large $ 000 $ 000 Analyst Manager Associate Director Director Analyst Manager Associate Director Director /16 AUSTRALIA SALARY & EMPLOYMENT OUTLOOK