Two new salary surveys suggest supply shortages are boosting salaries for compliance professionals.
A survey of 1,000 clients and candidates by recruitment firm PSD Group, found compliance salaries have increased by as much as 10% in the past twelve months for junior to mid ranking compliance staff. It says compliance assistants with between two and three years experience can now expect to earn between 38,000 and 52,000.
Marnie Woolf, a director at PSD Group, says the increase is down to a shortage of talent. "The biggest salary increases have been for people with between two and five years' experience," she says. "There's a shortage across the board at this level, from investment banks, hedge funds, and fund managers."
By comparison, Woolf says senior compliance staff saw more modest salary rises. Heads of compliance with eight to ten years' experience saw a mere 2% increase, for example, taking 2006 salaries to between 75,000 and 130,000. However, at this level Woolf said the poor rise in fixed pay was compensated by a 20% increase in bonuses, to as much as100% of salaries.
The findings of the PSD Group's survey, due to be published at the end of March, correspond to those of another recently published study by the Blomfield Group and reported on the website OperationsManagement.com. This found salaries and bonuses for compliance staff were up 25% this year compared to 2005.
Compliance salaries 2006
Compliance assistant, 1-2 years' experience: Salary: 30k-38k; % increase on 2005:+9%
Compliance assistant, 2-3 years' experience Salary: 38k-52k; % increase on 2005: +10%
Compliance assistant, 3-4 years experience Salary: 45k-55k; % increase on 2005: 11%
Compliance manager, 3-4 years' experience: Salary: 45k-56k; % increase on 2005:+13%
Compliance manager, 4-5 years' experience Salary: 48k-62k; % increase on 2005: +14%
Compliance manager, 5-6 years experience Salary: 50k-65k; % increase on 2005:+15%
Compliance manager, 6-8 years experience Salary: 53k-68k; % increase on 2005: +8%
Compliance manager, 8-10 years experience Salary: 55k-70k; % increase on 2005: +7%
Head of compliance, 8-10 years' experience: Salary: 75k-100k; % increase on 2005:+2%
Head of compliance, 10-12 years' experience Salary: 87k-160k; % increase on 2005: +3%
Source: PSD Group