In Q4 of 2012 Specialist Financial Recruitment Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals.

1. Market Insight 2013
Financial Services
Accountancy, Finance & Advisory

2. METHODOLOGY
Marks Sattin is a leading multi-divisional specialist accountancy, finance and advisory
recruitment consultancy. Since our formation in 1988, Marks Sattin has established an
excellent reputation for providing the full range of permanent, temporary, contract and interim
professionals within the public and not-for-profit sector, commerce and industry, banking and
finance and public practice.
Marks Sattin is a well-established specialist recruitment firm with over 100 recruitment
consultants based in the UK and Ireland, and a further 60 consultants across our global offices.
To give an outline on the scope and size of our operations:
• In 2012 we helped our clients fill more than 650 temporary placements and 850 permanent
positions
• We currently work with 75 of the FTSE 100 companies
• At any one time we represent over 65,000 finance, accounting and advisory professionals
throughout the UK and Ireland
• We currently average over 24,000 visits to the Marks Sattin website every month
• Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and
Best Companies to Work For.
CONTACT US
LONDON
322 High Holborn,
London, WC1V 7PB
+44 20 7321 5000
london.uk@markssattin.com
NORTH WEST
3rd Floor, Centurion House,
129 Deansgate, Manchester,
M2 3WR
+44 161 638 8630
manchester.uk@markssattin.com
THAMES VALLEY
Davidson House,
Forbury Square,
Reading, Berkshire RG1 3EU
+44 118 900 1800
thamesvalley.uk@markssattin.com
YORKSHIRE
Park Row House,
19-20 Park Row,
Leeds, LS1 5JF
+44 113 242 8177
yorkshire.uk@markssattin.com
In Q4 of 2012 Marks
Sattin conducted a
survey with clients and
candidates, focused on the
demographics, length of
tenure, working week, job
security, career motivations,
department changes, reward
and bonus trends of finance
professionals.
Over 2,000 accountancy,
finance and advisory
professionals from 20 industry
sectors across the UK were
surveyed.
The report is based on
findings received from
respondents completing
the survey as well as sector
specific market insight and
salary ranges (annual and day
rates) from our experienced
consultants based at Marks
Sattin’s UK offices.
Market insight and salary
range data tables are
provided across the following
sectors and regions:
Banking and Capital Markets,
Change Management, Front
Office, Insurance, Investment
Management, Senior Finance,
Commerce and Industry,
Executive, Part Qualified
and Transactional, Qualified,
Advisory, Audit, Management
Consultancy, Taxation, North
West, Thames Valley and
Yorkshire.
It is important to note that
this report is a useful guide,
but if you need any tailored
or specific advice please do
contact us directly.
markssattin.co.uk
Marks Sattin
@MarksSattin

3. INTRODUCTION Dave Way
In Marks Sattin’s 25th year of trading, we’re delighted to have received a
record number of responses to our Market Insight 2013 survey. Over 2,000
accountancy and advisory professionals provided their feedback on key
areas such as salaries, bonuses and overall business confidence – as both
they and their employers see it – coming into 2013.
2012 proved to be a year of continued upheaval for the
business community, with the eurozone crisis dragging on and
the double dip recession increasing uncertainty across the
markets. Despite this, the accounting and advisory community
didn’t suffer in the way we’d seen in the previous downturns,
with job cuts and redundancies far less frequent. However,
cost management was still the order of the day, with capital
expenditure, new investment and increased headcount being
something of a rarity.
Some businesses, industries and geographies will always buck
the trend, and there was a resurgence seen throughout the
qualified commerce and industry sector in later 2012. Areas
such as natural resources, digital media, advertising, online
retail and property were all more bullish thanks to improved
trading. Conversely, high street retailers and areas such as
manufacturing suffered significantly.
DAVE WAY
Managing Director
Dave Way, Managing Director of Marks Sattin,
believes in leading by example and is committed to
making Marks Sattin the best financial recruitment
company in the market. Having joined Marks Sattin
as a graduate in 1999, Dave has worked at every
level and division within the business, which gives
him a deep understanding of the workings of financial
recruitment. As such, he has considerable expertise
in providing a bespoke service for clients and
candidates alike.
dave.way@markssattin.com
+44 20 7747 9670
Recruitment within consultancy and public practice quietened
after a busy 2011, as our clients took a cautious approach to
recessionary markets. Financial services and in particular, the
banking community, once more came under fire. But despite
this, recruitment conditions for accountants in financial services
improved as the year went on, with departments increasingly
finding themselves under-resourced amid heavy regulation and
change.
We hope you find the results of our survey as interesting as we
have. Please feel free to contact me or any of the Marks Sattin
team directly to find out further details. From all the team we
wish you a successful year!
INTRODUCTION

4. KEY TRENDS
SALARIES & BENEFITS
Employers began to be slightly more forthcoming with pay
rises for accountancy and advisory staff last year, with 68% of
employees receiving a positive review and only 1% asked to
take a pay cut.
Only 30% of permanent staff and 20% of contract staff were
unhappy with their current salaries, once again showing that
remuneration isn’t a key driver for leaving. This is further
highlighted by the fact that a 5 to 10% uplift in basic salary
would be acceptable should a move come about. 56% of
respondents were happy with their benefits packages, with the
most important benefits being 25 days holiday, pensions and
private healthcare – all of which were deemed more important
than annual bonuses.
The sensitive subject of bonuses was covered in depth in our
survey. 47% of respondents received a bonus, 38% were not
entitled to one and 15% not awarded one. These figures aren’t
necessarily surprising, as bonuses are becoming increasingly
tied to company performance and a high proportion of
companies have failed to deliver on targets over the course of
the year.
68%
spondents
ceived a
68%
ncrease
of respondents
received a
st year
pay increase
Of those receiving bonuses, only 44% were satisfied with
what they received. 1 to 9% of salary was the most consistent
amount paid out across the board (received by 41%) while 32%
received 10 to 19% and a lucky 27% received over 20% of their
basic salaries.
The fact that 1 to 9% of basic salary was the most common
bonus payout is perhaps a sign of the increasing scrutiny
of bonuses by the wider business community, although the
biggest bonuses were still paid within the financial services
sector.
last year
68%
Our survey showed that across the board, accountants were
far better looked after than other professionals. The average
salary for accountancy and advisory professionals rose in 2013,
a strong indicator of the value of finance professionals during
uncertain and changing times.
of respondents
received a
pay increase
56%
Only 30% of
permanent staff and 20%
of contract staff were unhappy
with their current salaries
last year
of respondents were
happy with their
56%
benefits
of respondents were
happy with their
56%
benefits
of respondents were
happy with their
benefits
44%
of respondents were
satisfied with their
44%
bonus
of respondents were
satisfied with their
44%
of respondents were
satisfied with their
bonus
bonus
Our survey showed
that across the board,
accountants were far
better looked after than
other professionals

5. INTRODUCTION Dave Way
JOB SECURITY
Similarly to our other surveys over the past five years, the crystal
ball for 2013 does not show a picture of renewed optimism,
with only 20% of respondents feeling more confident about the
economic prospects facing their companies compared to the
last 12 months.
36% of our respondents anticipated changing roles over the
next year, compared to 52% the previous year. Despite this,
only 44% stated that they are currently happy within their
role, perhaps showing a greater tolerance due to the current
climate. Aligned with this is the clear fact that accountants find
themselves far more secure in their positions than in previous
years, with an overwhelming 78% feeling secure compared to
70% last year. This is clearly an encouraging statistic compared
to previous surveys, where respondents expected headcount
cuts as a result of the economic downturn and uncertainty.
Business process/policy changes (41%) salary freezes (36%)
and budget cuts (35%) are predicted for this year, showing that
belt tightening and cost control are still the order of the day.
Businesses are striving to ensure they maximise profits, but not
to the extent of losing finance staff.
2013
78%
2013
of respondents feel
secure in their
current role
%
of respondents feel
secure in their
current role
78
2012
2012
70%
of respondents felt
secure in their
current role
%
of respondents felt
secure in their
current role
70
33% of respondents
actually saw an increase in
the size of their teams over
the past 12 months
Few businesses are perceived to be taking a long term view
on headcount, which is hardly surprising considering the yo-yo
economy and false dawns seen over the past few years. Only
18% of respondents believed their management were planning
one to two years ahead, whilst the majority (31%) thought that
hiring was short term and only looking six months ahead. This
lack of succession planning, which ties in with the reactive
hiring we’ve experienced throughout 2012, will surely be to the
detriment of some departments if not rectified in 2013. 33% of
respondents actually saw an increase in the size of their teams
over the past 12 months. Many businesses have clearly been as
lean as possible in terms of headcount over the past few years,
and whether this will come back to bite them is yet to be seen.
34% of our participants said their working hours increased
over the past 12 months, with over half putting this down to an
increase in responsibilities. This might suggest that a greater
degree of variety and progression is coming into working life, as
bosses are reluctant to add new heads or contractors to cover
gaps in their departments.

6. KEY TRENDS
MOVEMENT
Overall, we saw a consistent movement of accounting
professionals throughout 2012, with many now feeling it’s an
opportune time to re-enter the job market after staying put
during the worst of the global financial crisis. This is shown by
the fact that 41% of our respondents were only in their first year
of employment in early 2013. In line with this, the majority of
hires in 2012 were replacement hires. As a result, the volume
of counter-offers increased significantly across the board, as
employers reacted to valued team members being offered
higher salaries and rates elsewhere in the market. In 2013,
this reactive element has subsided somewhat. Salaries are
increasing organically, acknowledging the opportunity cost of
losing the best staff to competition.
The motivations for moving on to greener pastures continue
to be an interesting topic for our business. Throughout the
downturn, we’ve seen that accountants seldom move for cash,
although money does remain part of the decision to move (and
very rarely do candidates ever move for less!)
The greatest drivers for moving continue to be career
development, which top scored with 33%, with new challenge/
interesting work in second. Higher salary was cited by just 26%,
showing that our respondents on the whole put their careers
before cold cash.
Recruiters continued to be the top source of finding roles (46%)
with 13% coming from personal contacts. This shows the ever
increasing importance of expanding your business network
and keeping in good favour with previous employers. Where
networking is concerned, 66% of respondents are now on
LinkedIn and 59% on Facebook. Whilst neither will cover all of
the bases in any given job search, this shows how much social
media plays a prominent part in our respondents’ lives. 88%
of respondents state that working with a recruitment agency
is still a vital part of any new job search. Also of note is that
38% of candidates took only three months to find their last role,
primarily as a result of the volume of roles available and being
able to dedicate enough time to the job search.
88% of respondents state
that working with a recruitment
agency is still a vital part of any
new job search.
41%
of respondents
were only in their
first year of
employment
42%
of respondents
would relocate to
the USA
RELOCATION
Never more so has relocation been a hot topic within the finance
community. As a result, our non-London businesses have
continued to offer great opportunities to their local markets,
benefiting from a sizable relocation of resources and highly
talented candidates from the South East to the West, North
East, North West and Ireland. International opportunities are
also becoming more appealing, with candidates’ top motivation
being a better quality of life and the second being a desire to
experience a new culture. Interestingly, and despite the lucrative
options being advertised overseas, only 48% said that money
would be the main reason for moving, which was the fourth
most important reason.
The USA was the most popular destination for a new working
life (chosen by 42%) maybe as a result of its resurgent markets
coming into 2013. The golden beaches of Australia appealed
to 33% of our respondents, followed by the well-documented
and high profile allure of Asia, with Singapore at 33% and Hong
Kong at 32%.
But with talk of bonuses being capped, corporate and personal
taxes being too high and our climate being as unpredictable
as our economy, is now the time to spread our wings? Not
according to the 29% of our respondents who wouldn’t
relocate, primarily because of having settled where they are.

7. KEY FINDINGS Demographics
RESPONDENT PROFILE
Gender
2,016
Social networks actively
used by respondents
67%
respondents took part
in this year’s survey
67%
33%
LinkedIn 66%
of respondents
were male and 33% female
Facebook 59%
Age
Twitter 17%
Less than 25 years 7%
Other 7%
26 to 30 years 23%
31 to 35 years 21%
None 15%
Respondents could choose more than
one answer
36 to 40 years 15%
41 to 50 years 22%
More than 50 years
12%
<25 26-30 31-35 36-40 41-49 >50
years
Work location
11%
59%
Greater
London
12%
64%
Midlands
3%
Yorkshire &
Humberside
5%
South
East
7%
3%
11%
12%
9%
4%
Other
North
West
KEY
Permanent
Contract

8. 2-5
years
UK
years
CURRENT EMPLOYMENT
Which of the following best
describes your qualification
status?
How are you currently employed?
10+
years
2-5
6-10
years
years
10+
years
10+ years’ PQE 36%
10+
2-5
6-10
years
years
5 to 10 years’ PQE
18%
10+
years
10+
2-5
6-10
2 to 5 years’ PQE 21%
years
years
2-5
10+
years
Newly qualified 9%
years
2-5
6-10
10+
years
6-10
years
years
10+
Permanent or fixed
term contract 78%
Unemployed 2%
years
Part qualified 11%
10+
10+
years
Qualified by experience
or not qualified 5%
10+
2-5
6-10
Interim or contractor
20%
years
years
Satisfaction with current
role
10+
years
10+
Pe
r
73%
ent
an
m
73% of respondents would
recommend their employer
of respondents
are unemployed
ent
an
m
Pe
r
Only 2%
ent
an
m
Pe
r
Satisfied 44%
Neither satisfied nor
dissatisfied 26%
Dissatisfied 30%
44% of respondents
are satisfied in their current role

9. Banking
& Financial
Services
28%
43%
Commerce
& Industry
Telecoms and Technology
Retail and Clothing
Property and Construction
FMCG and Pharmaceuticals
Other
Engineering and Manufacturing
Energy and Natural Resources
Business Services
Advertising, PR, Media and Publishing
Other
Retail Banking
Investment Management
Investment Banking
Insurance
Change Management
Capital Markets
KEY FINDINGS Demographics
SECTOR REPRESENTATION
Which of the following best describes the area/sector you currently work in?

10. Management
Consultancy
Public
Practice
11%
10%
Other
Taxation
Corporate Finance
Audit and Assurance
UK
Other
Unemployed
6%
2%

11. KEY FINDINGS Market Perspective
ECONOMIC PROSPECTS
Compared with the last 12
months, how confident do
you feel about the economic
prospects facing your
company?
Top 5 expectations for your business in the next 12 months
Business process/policy change 41%
Salary freeze 36%
Budget cuts 35%
Recruitment freeze 34%
More confident 20%
Profitability of business 33%
As confident 52%
Respondents could choose more than one answer from a choice of 14
Less confident 28%
JOB SECURITY
Only 20%
of respondents feel
more confident about the
economic prospects facing
their company compared
with the last 12 months
Expectations for personal
salary and job security in
the next 12 months
How would you rate your
current job security?
64%
64%
Secure 78%
Insecure 22%
64%
Salary freeze 20%
64%
Salary reduction 3%
64%
Shorter working week
2%
Redundancy 1%
64%
Other 14%
Respondents could choose more
than one answer

12. UK
HEADCOUNT
What is the size of your
department?
How has the number of
staff in your team changed
in the past 12 months?
61%
of respondents selected
business growth or expansion
as the main reason for an
increase in staff
34%
Remained
the 34%
same
34%
Remained
the same
Increased 33%
Remained
1 to 5 employees 23%
the same
Decreased 28%
6 to 10 employees
21%
Not sure 5%
11 to 15 employees
12%
16 to 20 employees
8%
More than 20
employees 36%
What is your employer’s
recruitment strategy?
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
36% of respondents have more than
20 employees in their department
Short term (0-6 months
ahead) 31%
Medium term (6-12
months ahead) 18%
Long term (1-2 years)
18%
Non-existent 10%
Not sure 23%
33%
of respondents have seen an
increase in the size of their
team in the last 12 months

13. KEY FINDINGS Career Insight
EXPERIENCE
Length of time in the
accountancy, finance or
advisory profession
0 to 3 years 9%
Length in current role
1 to 2 years 24%
11 to 15 years 18%
7-10
years
Less than 1 year 41%
7 to 10 years 21%
More than
20 years
4 to 6 years 19%
2 to 3 years 15%
16 to 20 years 9%
3 to 5 years 12%
More than 20 years
21%
5 to 10 years 6%
Not applicable 3%
<1
1-2
2-3 3-5 5-10 >10
years
More than 10 years 2%
41% of respondents have been in their
current role for less than a year
55%of
respondents
chose taking
on more
responsibility as
the main reason
for an increase in
working hours
HOURS WORKED
Average hours worked per
week
How has the number of hours changed in the last 12 months?
Increased 34%
Remained the same
53%
Decreased 13%

14. UK
RELOCATION
Places respondents would consider relocating to in the next 2 years
2%
4
USA 42%
USA 42%
Singapore 23%
Singapore 23%
South Africa 10%
South Africa 10%
Australia 33%
Australia 33%
Hong Kong 22%
Hong Kong 22%
Malaysia 9%
Malaysia 9%
Mainland Europe 28%
Mainland Europe 28%
UAE 19%
UAE 19%
China 8%
China 8%
Within the UK 28%
Within the UK 28%
New Zealand 18%
New Zealand 18%
India 7%
India 7%
Canada 24%
Canada 24%
Ireland 12%
Ireland 12%
Other 3%
Other 3%
Respondents could choose more than one country from choice of 14
Respondents could choose more than one country from a a choice of 14
29% of respondents
would not relocate
Top 5 reasons for
respondents wanting to
relocate
Improved quality of life
61%
Different culture 54%
New career opportunity
52%
Better employment
opportunities 49%
Improved salary
48%
Respondents could choose more
than one reason from a choice of nine
Improved
quality of life
is the main reason for
respondents wanting
to relocate

15. MOVING ON
How do you rate the importance of the following
sources when seeking a new role?
57
%
50
39
%
38
34
29
%
33 33
%
19
%
15
36% of respondents
%
%
20
11
%
%
%
7%
3%
anticipate changing roles
in the next 12 months
Top 5 reasons for leaving
last role
Career development
33%
New challenge/more
interesting work 29%
Higher salary 26%
End of contract
18%
Redundancy 16%
Respondents could choose up to
three reasons
%
38% of respondents
took up to 3 months to
find their current role

16. 33
KEY
Importance
Vital
50
%
Very important
43
38
Quite important
%
39
%
%
36
%
%
Not important
57
%
%
30
50
%
43
39
%
38
34
57
29
%
33 33
%
%
39
%
%
36
%
%
30
%
Source
%
%
19
18
%
22
%
20
19
%
50
%
15
%
11
57
3%
%
29
34
%
33 33
%
%
50
%
20
39
29
9%
3
%
%
11
33 33
%
20
3
43
%
36
%
2%
19
50
3%
30
10
39
%
%
18
%
22
39
3
%
%
%
%
%
9%
%
30
Online job boards/
advertising
18
%
%
7%
%
%
%
11
9%
%
National press
38
7
15
%
43
36 2%
% %
%
57
%
10
%
%
%
%
%
38
%
19
15
34
%
%
%
%
%
10
7%
22
18
%
%
%
39
10
%
%
%
22
%
9%
%
43
2%
3
%
%
39
%
38
34
%
29
2%
3%
33 33
%
36
%
20
%
30
%
19
%
18
%
%
15
%
50
7%
10
%
33 33
%
36
%
20
30
19
%
%
11
%
7%
10
4
2%3%
3
%
39
3
39
%
%
36
%
%
33 33
19
%
18
%
%
7%
Trade press
%
22
%
%
%
15
%
30
%
20
%
%
%
38
34
Recruitment
consultancies/
headhunters
9%
%
%
%
22
18
%
15
%
50
%
11
%
%
%
29
39
%
34
29
57
3%
%
38
%
%
9%
243%
%
%
22
%
%
3%
39
%
Social networking
%
%
57
11
39
%
10
3%
9%
%
2%
3%
Word of mouth/
personal referrals/
internal contact
How did you find your current position?
Recruitment consultancy
or headhunter 47%
Internal promotion
5%
Online advertising 13%
Print advertising 2%
Professional network or
personal contact 13%
Other 2%
Direct approach
9%
Not currently employed
9%

17. KEY FINDINGS Salaries & Benefits
REMUNERATION
When was your last pay review?
Less than 6 months
ago 33%
6 to 12 months ago
35%
More than 12 months
ago 12%
68% of respondents
have had a pay review in the
last 12 months
Not applicable 20%
What was the outcome of your last pay review?
33%
of
respondents perceive a
5 to 10% salary increase
as acceptable if they were
to move roles
Pay increase 68%
Pay remained the
same 31%
Asked to take a pay
cut 1%
Satisfaction with current remuneration
t
rac
nt
ent
an
m
ent
an
m
Pe
r
ent
an
m
Pe
r
ent
an
m
respondents
Pe
r
Pe
r
ent
an
m
44%
of permanent
Pe
r
Pe
r
ent
an
m
respondents are
satisfied with their
current remuneration
compared with
ent
an
m
53% of contract
Co
Pe
r
Satisfied 44%
Satisfied 53%
Neither satisfied nor
dissatisfied 26%
Neither satisfied nor
dissatisfied 27%
Dissatisfied 30%
Dissatisfied 20%

18. UK
BENEFITS
25 days
holiday
or more
is the most
desired
benefit
56%
56% of respondents were
satisfied with their benefits
Top 5 benefits currently
received
25 days holiday or
more 78%
Company pension
scheme 64%
1-9%
of salary
Benefits considered most
and least important when
considering a new role
25 days
holiday or more
Annual bonus
scheme
Good
company pension
Private
healthcare
Insurance*
Private healthcare 54%
Sabbatical
Annual bonus scheme
48%
Mortgage relief
Insurance (PMI/death
in service/life insurance)
48%
Respondents could select all benefits
that applied
Season ticket
loan
Daily
subsidised meals
Childcare
vouchers
*PMI/death in service/life insurance
Respondents rated a selection of 20
benefits in order of importance
BONUS
Did you receive a bonus in
2012?
44%
44% of respondents were
satisfied with their bonus
As a percentage of your
basic salary, what was your
bonus in 2012?
Yes 47%
1-9%
of salary
34%
of respondents received the
same bonus in 2012 as 2011
1 to 9% of salary 41%
10 to 19% of salary
32%
20 to 29% of salary
15%
No, not entitled to
receive one 38%
30 to 49% of salary
5%
No, not awarded one
15%
40 to 90% of salary
4%
More than 90% of
salary 3%

19. KEY FINDINGS Salaries & Benefits
BONUS
A comparison of bonuses received across sectors*
100
80
60
40
20
0
Banking and Financial Services
Commerce and Industry
Management Consultancy
Public Practice
KEY
1 to 9% of salary
30 to 39% of salary
50 to 79% of salary
10 to 19% of salary
40 to 49% of salary
More than 80% of
salary
20 to 29% of salary
*Bonuses received as a percentage of salary

20. Banking &
Capital Markets
Alastair Paterson
Manager
+44 20 7321 6107
financialservices.uk@markssattin.com
John Quach
Manager
FINANCIAL SERVICES
FINANCIAL SERVICES
LONDON
LONDON

21. LONDON
FINANCIAL SERVICES
BANKING & CAPITAL MARKETS Market Market Perspective
Perspective
The big trends of 2012
There was stronger demand across financial reporting and
control. Most banks and capital market businesses responded
to the market by investing heavily in compliance, controls and
governance. Larger retail and investment banks moved towards
temporary headcount, reflecting general market uncertainty and
the need to provide critical mass around programmes related
to structural or regulatory changes. Many candidates were also
drawn from the permanent to the temporary market given the
financial upside and opportunity to broaden their technical and
commercial knowledge.
Last year we noticed that
employers were committed to
retaining the best talent within
their respective organisations
and this will no doubt continue
in 2013
Outlook for 2013
Banks will continue to scrutinise recruitment needs and costs
throughout 2013. Vacancies will be offered initially to current
employees through internal redeployment and when they are
offered to external candidates, competition will be as fierce as
2012. Last year we noticed that employers were committed
to retaining the best talent within their respective organisations
and this will no doubt continue in 2013.
It’s likely that 2013 will remain static in terms of overall growth,
albeit with a likely increase in permanent headcount sign off.
Several larger organisations are held together in some sections
of finance and middle office by a large temporary employee
pool, due to sign off challenges in 2012. Although the banking
and capital markets sector is still somewhat fragile, many
employers have entered the new year with a more positive
and upbeat attitude and commitment to pushing through with
recruitment plans.
We predict a strong demand across the SME banking market
and particularly within corporate banking and retail financial
services companies.
ECONOMIC PROSPECTS
Compared with the last
12 months, how confident
do you feel about the
economic prospects
facing your company?
Top 5 expectations for your business in the next 12 months
Recruitment freeze 45%
Salary freeze 43%
Budget cuts 42%
Greater focus on regulatory issues 39%
Business process/policy change 38%
More confident 19%
Respondents could choose more than one answer from a choice of 14
As confident 57%
Less confident 24%

22. How would you rate your
current job security?
Expectations for personal
salary and job security in
the next 12 months
Uncertain market conditions are to a certain extent becoming
the norm in financial services. As we slowly see sections
of the banking sector emerge post-financial crisis, we
are certain that many will avoid large scale recruitment
drives and instead look to upskill existing teams.
Individuals who have demonstrated continual career
advancement over the past three to five years will be looked
at favourably as many career trajectories have slowed due to
fewer opportunities. Candidates who are able to demonstrate
a clear track record of success will be in demand in 2013.
Secure 65%
Insecure 35%
Salary freeze 30%
Redundancy 5%
Salary reduction 1%
Over the past 12 months we have seen a major push towards
utilising internal recruitment teams, for example RPOs, to fill
any outstanding vacancies. Although this is likely to continue
for more BAU roles, there will be a strong need to utilise
external resources to fill more specialist and senior vacancies.
Shorter working week
1%
Other 8%
Respondents could choose more
than one answer
HEADCOUNT
How has the number of
staff in your team changed
in the past 12 months?
67%
of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
What is your employer’s
recruitment strategy?
Medium term (6-12
months ahead) 16%
Remained the same
30%
Long term (1-2 years)
17%
Increased 29%
Not sure 4%
Short term (0-6 months
ahead) 34%
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Non-existent 11%
Not sure 22%
FINANCIAL SERVICES
Reactions to uncertain
market conditions
JOB SECURITY
LONDON
LONDON

23. Supply and demand
Accountants will always be in demand; however the volume
of roles and specific requirements makes it a challenging
environment for candidates in the current market. Financial
control is where we have seen the biggest demand, especially
those who have demonstrable experience of balance sheet
substantiation. Likewise, candidates who are currently involved
in BAU projects have seen their stock rise as the banks
undertake less radical change programmes, favouring process
re-engineering or continuous improvement over group wide
transformation.
As the investment banks have scaled down or offshored a lot
of their product control functions over the past three years, we
have received mixed messages as to when or even if this will
return to the levels seen previously. When speaking to a number
of candidates and clients within product control, the areas likely
to see an increase in demand will be treasury or commodities.
Commercial financial business partners who have both cost
and revenue experience will be in demand. Tying in with
this, we have seen an increase in roles focused on business
performance. The ability to create a story based on results is
a hard skill to master, however banks are keen to have a more
granular view of their divisional performance on a more frequent
basis.
EXPERIENCE
Length of time in the
accountancy, finance or
advisory profession
Length in current role
70%
30%
LONDON
FINANCIAL SERVICES
BANKING & CAPITAL MARKETS Career Insight
7 - 10
years
0 to 3 years 13%
<1
1-2
2-3 3-5 5-10 >10
years
4 to 6 years 23%
Less than 1 year 45%
7 to 10 years 24%
1 to 2 years 21%
11 to 15 years 23%
2 to 3 years 21%
16 to 20 years 6%
3 to 5 years 7%
21 to 25 years 5%
5 to 10 years 5%
More than 25 years
6%
More than 10 years 1%
HOURS WORKED
Market growth
Average hours worked per
week
FINREP covers consolidated and sub-consolidated financial
reporting for supervisory purposes based on IAS/IFRS as
endorsed by the European Union. Whilst many of our clients
have acknowledged they will try and cover the workload
internally, with the new set of data requirements, greater
transparency within the data, new reporting templates and
language combined with the increased time and frequency
of reporting, we anticipate a demand for contractors to help
adopt this new regulation.
52%
of respondents chose
taking on more
responsibility as the
main reason for the
increase in working
hours
How has the number of
hours changed in the last
12 months?
Increased 39%
Remained the same
52%
Decreased 9%
With the Banking Reform Bill being introduced into the House
of Commons in February, it will be interesting to see how the
banks cope with separating their every day banking activities
from more volatile investment banking trades. The government
is proposing strict measures to electrify the ring fences and
this will undoubtedly place a greater emphasis on governance,
audit and regulatory hiring. These areas have been in high
demand particularly over the past three years and there
appears to be no slow down in candidates who have these
specialist skills.

24. Why candidates are
making a move
Top 5 places respondents
would consider relocating to
in the next two years
Top 5 reasons for
respondents wanting to
relocate
Candidates are looking for more than just a higher salary, and
are seeking an employer that will offer an opportunity for career
progression, as well as an attractive benefits package.
We are finding that candidates are actually moving to lower paid
roles if the positions present more opportunities – something
employers are taking notice of and restructuring their benefits
packages accordingly to attract top tier talent.
Australia 36%
Improved quality of life
61%
Hong Kong 34%
Better employment
opportunities 55%
The flexibility to work one day a week from home seems to be
a more common option in the workplace, and a very attractive
one to candidates.
Mainland Europe 31%
Within the UK 27%
Respondents could choose more
than one country from a choice of 14
Improved salary 53%
New career
opportunities 52%
Different culture 46%
Respondents could choose more
than one reason from a choice of nine
21%relocate
of respondents
would not
MOVING ON
Top 5 reasons for leaving
last role
Career development
38%
Higher salary 33%
New challenge/more
interesting work 28%
End of contract 18%
Better work-life
balance 13%
Respondents could choose up to
three reasons
37% ofinrespondents months
anticipate
changing roles the next 12
Taking the next step in
your career
STAND OUT FROM THE CROWD
A CV is your first opportunity to sell yourself, so it is essential
your experience, skills and achievements are highlighted clearly
and concisely.
BE PREPARED AND INTERESTED
For any interview, preparation is paramount. Make sure you
know what is on your CV and that you have researched the
company in detail. Showing a real interest in your prospective
employer’s business will make a positive impression on your
interviewer.
FINANCIAL SERVICES
RELOCATION
LONDON
LONDON

25. LONDON
FINANCIAL SERVICES
BANKING & CAPITAL MARKETS Salaries & Benefits
Spotlight on salaries
and bonuses
Salaries have remained relatively flat and bonuses are
expected to be roughly on a par with 2012 levels. A notable
observation has been people’s perception of bonuses and
the way these are viewed as part of total compensation.
Expectations are certainly lower than they were and the
general consensus is that most banks are paying out some
form of bonus and the grass is not necessarily greener.
REMUNERATION
When was your last pay review?
Satisfaction with current remuneration
Pe
r
Co
6 to 12 months ago
41%
t
rac
nt
ent
an
m
Less than 6 months
ago 24%
ent
an
m
Pe
r
ent
an
m
Pe
r
More than 12 months
ago 14%
ent
an
m
Pe
r
ent
an
m
Pe
r
Not applicable 21%
ent
an
m
Pe
r
ent
an
m
Pe
r
Satisfied 35%
Neither satisfied nor
dissatisfied 29%
64%
of respondents
received a salary increase in
their last pay review
Dissatisfied 23%
of respondents
perceive a 16 to 20% salary
increase as acceptable if
they were to move roles
Core Finance | ACA
Job title
Neither satisfied nor
dissatisfied 31%
Dissatisfied 36%
27%
Satisfied 46%
Salary range
Hourly rate
2012
2013
2012
2013
Accounts Assistant
£22,000-£28,000
£22,000-£28,000
£12-£17
£12-£17
ACCA/CIMA Fundamental/
Operations
£24,000-£30,000
£24,000-£30,000
£13-£17
£13-£17
ACCA/CIMA Managerial/
Professional
£30,000-£35,000
£30,000-£35,000
£15-£22
£15-£22
ACCA/CIMA Finalist/Strategic
£35,000-£42,000
£35,000-£42,000
£17-£24
£17-£24

26. Job title
Salary range
Daily rate
2012
2013
2012
2013
Newly Qualified (non Big 4)
£40,000-£45,000
£40,000-£48,000
£225-£275
£225-£275
Newly Qualified (Big 4)
£45,000-£50,000
£45,000-£55,000
£250-£275
£250-£275
1-3 years’ PQE
£50,000-£60,000
£50,000-£60,000
£275-£350
£275-£350
3-5 years’ PQE
£60,000-£70,000
£60,000-£70,000
£350-£400
£350-£400
5-8 years’ PQE
£75,000-£85,000
£75,000-£85,000
£400-£550
£400-£550
£85,000-£100,000+
£85,000-£100,000+
£550-£750
£550-£750
8-10 years’+ PQE
Core Finance | ACCA/ACMA
Job title
Salary range
Daily rate
2012
2013
2012
2013
Newly Qualified
£40,000-£45,000
£40,000-£45,000
£225-£275
£250-£300
1-3 years’ PQE
£45,000-£52,000
£45,000-£52,000
£275-£350
£275-£350
3-5 years’ PQE
£55,000-£65,000
£55,000-£65,000
£350-£400
£350-£400
5-8 years’ PQE
£70,000-£80,000
£70,000-£80,000
£400-£550
£400-£550
£80,000-£100,000+
£80,000-£100,000+
£550-£750
£550-£750
8-10 years’+ PQE
Product Control
Job title
Salary range
Daily rate
2012
2013
2012
2013
Newly Qualified
£45,000-£55,000
£50,000-£60,000
£250-£275
£250-£275
Manager (Assistant Vice President
or equivalent)
£65,000-£75,000
£60,000-£75,000
£400-£450
£400-£450
Senior Manager (Vice President or
equivalent)
£75,000-£100,000
£75,000-£100,000
£450-£600
£450-£600
£90,000-£120,000+
£90,000-£120,000+
£600-£800
£600-£800
Head of Product Control
Regulatory Reporting
Job title
Salary range
Daily rate
2012
2013
2012
2013
Newly Qualified
£45,000-£50,000
£45,000-£50,000
£250-£275
£250-£275
Senior Accountant
£50,000-£60,000
£50,000-£60,000
£275-£400
£275-£400
Manager (Assistant Vice President
or equivalent)
£60,000-£70,000
£60,000-£70,000
£400-£450
£400-£450
Senior Manager (Vice President or
equivalent)
£70,000-£80,000
£70,000-£80,000
£450-£550
£450-£550
£80,000-£100,000+
£80,000-£100,000+
£550-£750
£550-£750
Head of Regulatory Reporting
FINANCIAL SERVICES
Core Finance | ACA
LONDON
LONDON

27. LONDON
FINANCIAL SERVICES
BANKING & CAPITAL MARKETS Salaries & Benefits
BENEFITS
Attracting top talent
INTERVIEW REPUTATION IS KEY
As competition to secure the best talent continues to
increase, employers need to place more emphasis
on the interview experience. Making sure a candidate
receives detailed feedback is imperative to an employer’s
reputation. It is also essential that in an interview, the
interviewer shows a genuine enthusiasm so the candidate
doesn’t feel like they are just part of a process.
BE TRANSPARENT
In the interview process you need to be clear with
prospective employees about the company’s
vision as well as their potential role in the business,
to effectively sell the job opportunity.
Top 5 benefits currently
received
25 days holiday or
more 37%
Annual bonus scheme
33%
Private healthcare 27%
Benefits considered most
and least important when
considering a new role
25 days
holiday or more
Annual
bonus scheme
Private
healthcare
Discretionary
bonus scheme
Good company
pension scheme
Discretionary bonus
scheme 27%
Daily
subsidised meals
Company pension
scheme 20%
Season
ticket loan
Respondents could select all benefits
that applied
Sabbatical
Car or car
allowance
Childcare
vouchers
55% of respondents were
satisfied with their benefits
Respondents rated a selection of 20
benefits in order of importance
BONUS
As a percentage of your
basic salary, what was your
bonus in 2012?
Did you receive a bonus in
2012?
45% of respondents were
dissatisfied with their bonus
38%
Yes 52%
No, not awarded one
13%
No, not entitled to
receive one 35%
of respondents
received the
same amount of
bonus in 2012
and 2011
1 to 9% of salary 33%
10 to 19% of salary
26%
20 to 29% of salary
13%
1 - 9%
of salary
30 to 39% of salary
5%
40 to 49% of salary
6%
50 to 99% of salary
11%
More than 100% of
salary 6%

28. Change
Management
Matthew Wilcox
Director
+44 20 7747 9730
financialservices.uk@markssattin.com
Callum Small
Senior Consultant
FINANCIAL SERVICES
FINANCIAL SERVICES
LONDON
LONDON

29. LONDON
FINANCIAL SERVICES
CHANGE MANAGEMENT Market Perspective
The big trends of 2012
Outlook for 2013
Over the last couple of years, there has been a reorganisation
of numerous large scale projects within banking, spanning
finance, risk and regulatory. Throughout 2012, many companies
reassessed their priorities resulting in structural changes,
cost management initiatives and increased hiring into specific
projects. There was a steady demand for regulatory and risk
projects, though not quite reaching the recruitment levels of a
few years ago when many of these projects were initiated.
2013 has seen a rise in recruitment following a quiet end
to 2012. New budgets and resource plans have resulted in
managers being able to achieve quicker sign off on roles.
Managers continued to strengthen teams with high calibre
contractors if the desired skills and experience criteria were
met, internally or externally. Specific areas in demand were
similar to 2011 – liquidity, Basel III, Dodd-Frank, COREP,
IFRS, anti-money laundering and FATCA (Foreign Accounts
Tax Compliance Act). In addition to those areas, there was
a marked increase in Lean teams across the wider financial
services sector, as organisations were looking to improve the
efficiency of processes. People with prior experience on Lean
projects, and those with Six-Sigma certifications will have seen
an increase in relevant opportunities.
The demand on risk and regulatory projects continues, with new
government legislation either already released or pending. One
specific regulatory area which will expand is financial reporting
(FINREP), part of the CRD4 requirement for a standardised
EU-wide framework for reporting. Aiming to implement this
by January 2014, banks and investment firms are already
beginning to build dedicated project teams for new financial
reporting processes.
Customer-focused projects within commercial banking have
been another growth area for some clients, as banks aim to
improve their service and address previous mis-selling.
Companies will continue to fill roles internally and make the
most of their contractors, reallocating resources to new projects
where possible. Certain banks have large scale programmes
drawing to a close and candidates have successfully moved
onto new projects. This will continue for certain roles, as
managers are placing as much importance on understanding
internal processes, structures and systems as they are
specialist knowledge. Some niche areas across finance, risk
and regulatory require specialist knowledge from external
candidates, as these roles are less likely to be sourced internally.
ECONOMIC PROSPECTS
Compared with the last
12 months, how confident
do you feel about the
economic prospects facing
your company?
Top 5 expectations for your business in the next 12 months
Salary freeze 58%
Budget cuts 53%
Business process/
policy change 42%
More confident 21%
As confident 49%
Less confident 30%
Job cuts 39%
Greater focus on
regulatory issues 33%
Respondents could choose more than one answer from a choice of 14

30. How would you rate your
current job security?
Expectations for personal
salary and job security in
the next 12 months
Market conditions have made the recruitment process more
complicated as organisations have been encouraging hiring
managers to recruit internally before going out to market. When
recruiting externally, getting sign off for roles has become
more difficult and the interview process more prolonged.
Overall there have been fewer roles in the market and a
slightly more drawn-out process. Process aside, employers
have in some cases utilised the uncertain conditions to
acquire new staff. A key factor for contractors that might not
have been the case a few years ago is longevity of the role.
If an employer can offer stability, particularly the case with
projects that have deadlines set by government or external
bodies, then this can prove highly attractive to candidates
in the current market. We are however seeing three month
contracts becoming the norm across many large banks as
achieving sign off for longer contracts is proving difficult.
Secure 53%
Insecure 47%
Salary increase 37%
Redundancy 9%
Salary reduction 3%
Shorter working week
3%
Other 10%
Respondents could choose more
than one answer
HEADCOUNT
How has the number of
staff in your team changed
in the past 12 months?
54%
of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
What is your employer’s
recruitment strategy?
Short term (0-6 months
ahead) 43%
Medium term (6-12
months ahead) 13%
Remained the same
24%
Long term (1-2 years)
9%
Increased 24%
Not sure 8%
66%
of
respondents have more
than 20 employees in
their team
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Non-existent 9%
Not sure 26%
FINANCIAL SERVICES
Reactions to uncertain
market conditions
JOB SECURITY
LONDON
LONDON

31. LONDON
FINANCIAL SERVICES
CHANGE MANAGEMENT Career Insight
EXPERIENCE
Supply and demand
Cost reduction is still a top priority for organisations across
the industry, resulting in high demand for project management
offices to track /budget and support project managers.
Length in current role
57%
>20
years
43
There has been an increased demand for market intelligence
business analysts and project managers, as senior
management rely on their data to make informed decisions.
Length of time in the
accountancy, finance or
advisory profession
%
Regulatory reform and new regulatory rules continue to
reshape the banking landscape, prompting organisations to
change systems and processes across their organisation.
0 to 3 years 4%
Demand for business analysts with systems skills continues
to rise, while strong process business analysts will also have
several options as businesses look to secure their services.
<1
1-2
2-3 3-5 5-10 >10
years
Less than 1 year 46%
7 to 10 years 16%
1 to 2 years 19%
11 to 15 years 22%
2 to 3 years 12%
16 to 20 years 10%
3 to 5 years 8%
More than 20 years
31%
5 to 10 years 10%
Not applicable 3%
New legislation around the clearing process for OTC
derivatives has resulted in the initiation of a number of large
scale programmes; hence the demand for SMEs and project
resource with Dodd-Frank experience has grown significantly.
4 to 6 years 14%
More than 10 years 5%
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last
12 months?
Market growth
Naturally the areas of growth predominately lie within areas
where mandatory work has to be addressed, anti-money
laundering, product mis-selling, risk systems, Basel III, liquidity
and tax projects have all seen rates rise along with demand.
63%
of respondents chose
taking on more
responsibility as the
main reason for the
increase in working
hours
Increased 28%
Remained the same
58%
Decreased 14%
Other areas where bank activity has been slowing, for
example equities, have not seen the same results. With
hiring managers initially tasked to search internally, the
increase in vacancies hasn’t always translated to an
increase in available roles for external candidates.

32. Taking the next step in
your career
Top 5 places respondents
would consider relocating
to in the next two years
Top 5 reasons for
respondents wanting to
relocate
GET UP TO SPEED WITH TECHNOLOGY
More organisations are combining their change teams so they
are more blended in terms of skill sets. As most change projects
are reliant on technology, make sure you are up to speed and
technically able with as many major systems as you can be.
GET AS MUCH EXPOSURE TO REGULATORY AS POSSIBLE
If you haven’t worked within regulatory before, it is an obvious
place where you can enjoy a more buoyant market place if
job security is important to you. Gain exposure to regulatory
projects or look to try and move internally once you are in an
organisation.
Australia 26%
Singapore 26%
Improved quality of life
60%
Mainland Europe 24%
New career opportunity
60%
Hong Kong 23%
TRY OUT CONTRACTING
If you are permanent within the change market you are probably
experiencing a more static job market, but going contracting
can open up a variety of other options not previously available
to you. It comes with obvious risks surrounding job security,
but handing in your notice and going contracting could broaden
your skill set and career opportunities.
Respondents could choose more
than one country from a choice of 14
Higher salary 30%
Career development
28%
End of contract 25%
New challenge/more
interesting work 22%
Redundancy 17%
Respondents could choose up to
three reasons
Improved salary 57%
Better employment
opportunities 43%
Respondents could choose more
than one reason from a choice of nine
42%relocate
of respondents
would not
MOVING ON
Top 5 reasons for leaving
last role
Different culture 60%
46%
of respondents
anticipate changing
roles in the next 12
months
FINANCIAL SERVICES
RELOCATION
LONDON
LONDON

33. LONDON
FINANCIAL SERVICES
CHANGE MANAGEMENT Salaries & Benefits
Spotlight on salaries
For the most part salaries have remained similar to the
previous year. Some organisations implemented cost cutting
initiatives at the end of 2011 that resulted in a 10% to 15%
rate reduction for some people. Rates in some areas such as
product control change, where demand hasn’t been as high,
are still operating closer to these reduced rates. For areas
where demand is higher such as credit risk and regulatory
change, rates have maintained at their previous levels. Salaries
during 2012 varied depending on the organisations; some
employers have strict rate cards in place whilst others can
be flexible depending on the experience of the individual.
For the most part salaries
have remained similar to the
previous year
REMUNERATION
When was your last pay
review?
Satisfaction with current remuneration
Co
2012
Pe
r
ent
an
m
Pe
r
ent
an
m
Less than 6 months
ago 29%
Pe
r
ent
an
m
of respondents’
pay remained the same in
their last pay review
Pe
r
ent
an
m
48%
ent
an
m
Pe
r
ent
an
m
Pe
r
t
rac
nt
2011
ent
an
m
Pe
r
Satisfied 42%
Not applicable 18%
26%
of respondents
perceive a 6 to 10% salary
increase as acceptable if
they were to move roles and
a further
perceive a 16 to 20%
increase to be
acceptable
Neither satisfied nor
dissatisfied 23%
Dissatisfied 34%
More than 12 months
ago 21%
Satisfied 50%
Neither satisfied nor
dissatisfied 24%
6 to12 months ago
32%
Dissatisfied 27%

34. Job title
Salary range
2012
2013
Assistant Vice President
£55,000-£65,000
£55,000-£65,000
Senior Assistant Vice President
£65,000-£75,000
£65,000-£75,000
Vice President
£75,000-£90,000
£75,000-£90,000
Senior Vice President
£90,000-£110,000
£90,000-£110,000
Director
£110,000-£160,000
£110,000-£160,000
Project & Change Management | Contract
Job title
Daily rate
2012
2013
Business Analyst
£400-£500
£400-£500
Senior Business Analyst
£500-£700
£500-£600
Project Manager
£550-£800
£500-£750
Programme Manager
£700-£1000
£700-£900
Programme Director
£1000+
£800-£1100
For areas where demand is higher
such as credit risk and regulatory
change, rates have maintained at
their previous levels
FINANCIAL SERVICES
Project & Change Management | Permanent
LONDON
LONDON

35. LONDON
FINANCIAL SERVICES
CHANGE MANAGEMENT Salaries & Benefits
BENEFITS
Top 5 benefits currently
received?
Attracting top talent
VALUE ALL EMPLOYEES EQUALLY
Change contractors need to be treated as a valuable
resource. Organisations should make sure they make
their contract population feel just as valued as permanent
employees, especially within change management as
predominantly these professionals are contractors.
KEEP YOUR REPUTATION INTACT
Many contractors are well networked and word of
mouth can spread quickly about an organisation
and a particular project. Some projects get a bad
reputation and lose out on top candidates.
HAVE A CLEAR AND QUICK INTERVIEW PROCESS
Don’t give high calibre professionals the
time to take up other opportunities.
Benefits considered most
and least important when
considering a new role
25 days holiday or
more 76%
Company pension
scheme 63%
Flexible working 49%
Private healthcare 46%
Insurance (PMI/death
in service/life insurance)
41%
Respondents could select all benefits
that applied
25 days
holiday or more
Annual
bonus scheme
Flexible
working
Good company
pension scheme
Private
healthcare
Car or car
allowance
Mortgage relief
Season ticket
loan
Daily
subsidised meals
Childcare
vouchers
44% of respondents were
satisfied with their benefits
Respondents rated a selection of 20
benefits in order of importance
BONUS
As a percentage of your basic
salary, what was your bonus
in 2012?
Did you receive a bonus in
2012?
53% of respondents were
satisfied with their bonus
53%
Yes 31%
No, not awarded one
11%
No, not entitled to
receive one 58%
of respondents
received the
same bonus in
2012 as 2011
1 - 9%
of salary
1 to 9% of salary 37%
10 to 19% of salary
32%
20 to 29% of salary
5%
30 to 39% of salary
21%
40 to 49% of salary
5%
More than 50% of
salary 0%

36. Front Office
+44 20 7850 7452
financialservices.uk@markssattin.com
Harry Fox
Consultant
FINANCIAL SERVICES
FINANCIAL SERVICES
LONDON
LONDON

37. LONDON
FINANCIAL SERVICES
FRONT OFFICE Market Perspective
The big trends of 2012
During the first quarter of 2012, there was reasonable demand
across mergers and acquisitions (M&A), especially within
technology, media, telecommunications and consumer markets.
Since mid-2012, the market has been static and flat, partly
due to uncertainty and the continuing eurozone crisis. Firms
have made hires but only if they can attract those sought after
professionals who are able to add immediate value to the
bottom line.
The investment banking
world is still very much in a
hiring freeze and job trimming
state of mind and is likely to
continue cutting jobs for at
least the next 12 to 18 months
Outlook for 2013
The first half of 2013 is likely to see a demand for analysts and
associates across boutiques, small to medium-sized banks
and capital markets firms. The investment banking world is still
very much in a hiring freeze and job trimming state of mind and
is likely to continue cutting jobs for at least the next 12 to 18
months.
We have already seen mergers and acquisitions pick up in
2013, especially in the USA. With strong activity data and
confidence within large consumers, M&A is driving in a direction
not seen since 2005. The increase from last year is 122%, with
a total value of $159.5 billion.
Europe will see a moderate upsurge, which we expect to have
an impact on the London market in quarter two of 2013.
ECONOMIC PROSPECTS
Compared with the last
12 months, how confident
do you feel about the
economic prospects
facing your company?
Top 5 expectations for your business in the next 12 months
Salary freeze 43%
Recruitment freeze 40%
Business process/policy change 40%
Greater focus on regulatory
issues 30%
Salary increases 28%
More confident 28%
Profitability of business 28%
Respondents could choose more than one answer from a choice of 14
As confident 48%
Less confident 24%

38. Demand for exceptional professionals remains at the top
of the agenda and the bar is as high as ever. With a large
supply of jobseekers in the market, employers have been
able to hold out to hire the best of the bunch. Across most
boutiques and small to medium-sized firms, there has been
increasing pressure to source people directly and tap into
personal networks when a clear and definitive need arises. In
common with other sectors and industries, processes have
been slow and elongated but with a noticeable decrease in
speculative meetings compared with the previous few years.
How would you rate your
current job security?
Secure 71%
Insecure 29%
Expectations for personal
salary and job security in
the next 12 months
Salary freeze 36%
Redundancy 5%
Shorter working week
2%
Salary reduction 0%
Other 3%
Respondents could choose more
than one answer
HEADCOUNT
How has the number of
staff in your team changed
in the past 12 months?
64%
of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
What is your employer’s
recruitment strategy?
Not sure 5%
Short term (0-6 months
ahead) 27%
Medium term (6-12
months ahead) 19%
Decreased 35%
Remained the same
17%
35%
of
respondents have more
than 20 employees in
their team
Long term (1-2 years)
21%
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Non-existent 6%
Not sure 27%
FINANCIAL SERVICES
Reactions to uncertain
market conditions
JOB SECURITY
LONDON
LONDON

39. EXPERIENCE
Skills in demand
Most of the front office hiring activity is still within small
boutique and independent investment banks as opposed
to the larger bulge brackets. Professionals with full endto-end deal experience are currently most in demand.
Employers are more likely to meet and hire people who
have completed a full deal and have the experience of
seeing a transaction through from start to finish.
The market is in need of a huge injection of confidence
and positivity but fundamentally growth will be led
by the larger bulge brackets which are still a year
away from being in a hiring position again.
Length of time in the
accountancy, finance or
advisory profession
Length in current role
75%
25%
LONDON
FINANCIAL SERVICES
FRONT OFFICE Career Insight
7-10
years
0 to 3 years 14%
<1
1-2
2-3 3-5 5-10 >10
years
4 to 6 years 28%
Less than 1 year 31%
7 to 10 years 29%
1 to 2 years 27%
11 to 15 years 17%
2 to 3 years 24%
16 to 20 years 3%
3 to 5 years 9%
More than 20 years
6%
5 to 10 years 9%
Not applicable 3%
More than 10 years 0%
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last
12 months
Supply and demand
50%
of respondents chose
taking on more
responsibility as the
main reason for the
increase in working
hours
Increased 36%
Remained the same
55%
Decreased 9%
As you would expect, there is a huge demand for
analysts and associates in the oil, gas, mining and
resources market. Strong financial institutions groups (FIG)
professionals will still continue to be sought after. The
bulk of demand is for those people able to hit the ground
running and immediately bring in networks and deals.

40. Taking the next step in
your career
BE COMMERCIALLY PREPARED
Conduct plenty of research before an interview and be able to
talk about recent deals and how the market might be affecting
that particular company. Showing you are completely immersed
in your markets helps display your commercial acumen and will
increase the likelihood of progressing to the next stage.
KNOW YOUR RECRUITER
When dealing with recruitment firms, keep the number of
agencies you are working with down to a minimum. Ensure you
understand their processes and practices so that your details
are kept confidential and are not sent anywhere without your
permission.
STICK TO WHAT YOU WANT
Be clear about what you want from your next move and stick to
your guns. There are roles out there but don’t take something
for the sake of it.
Top 5 places respondents
would consider relocating
to in the next two years
Within the UK 36%
Top 5 reasons for
respondents wanting to
relocate
Improved quality of life
71%
Improved salary 61%
Hong Kong 34%
Singapore 29%
New career opportunity
53%
Mainland Europe 27%
Better employment
opportunities 53%
Different culture 49%
Australia 27%
Respondents could choose more
than one country from a choice of 14
Respondents could choose more
than one reason from a choice of nine
24%relocate
of respondents
would not
MOVING ON
Top 5 reasons for leaving
last role
New challenge/more
interesting work 40%
Career development
37%
Higher salary 31%
Better work-life
balance 15%
Better bonus potential
14%
Respondents could choose up to
three reasons
31% ofinrespondents months
anticipate
changing roles the next 12
Why candidates are
making a move
Most candidates want to move to gain better end-to-end deal
experience. Many front office professionals would prefer to
work in teams where they can develop their client facing skills
alongside better originators and deal winners.
Smaller organisations can take advantage of the lack of deal
exposure in larger institutions by offering roles that give greater
exposure to a transaction.
FINANCIAL SERVICES
RELOCATION
LONDON
LONDON

41. LONDON
FINANCIAL SERVICES
FRONT OFFICE Salaries & Benefits
Spotlight on salaries and
bonuses
Over the past 12 months salaries have remained static, but
bonus payouts and expectations have been at an all-time
low, creating a market of two contrasting halves: one half
who feel under-compensated and another half who want to
sit tight and wait out the storm. As with other industries and
sectors, top tier professionals will continue to command a
premium and will only move for exceptional opportunities.
REMUNERATION
When was your last pay
review?
Satisfaction with current remuneration
Co
ent
an
m
t
rac
nt
Pe
r
ent
an
m
Pe
r
ent
an
m
Pe
r
of respondents
received a pay increase in
their last pay review
Pe
r
ent
an
m
67%
ent
an
m
Less than 6 months
ago 31%
Pe
r
Pe
r
ent
an
m
ent
an
m
Pe
r
Not applicable 17%
25%
of respondents
perceive a 16 to 20% salary
increase as acceptable if
they were to move roles
Satisfied 100%
Neither satisfied nor
dissatisfied 0%
Dissatisfied 34%
More than 12 months
ago 10%
Satisfied 34%
Neither satisfied nor
dissatisfied 32%
6 to 12 months ago
42%
Dissatisfied 0%

42. LONDON
LONDON
FINANCIAL SERVICES
Front Office
Job title
2012
2013
Salary range
Average bonus
Salary range
Average bonus
Intern/Junior Analyst
£30,000-£40,000
Nominal
£30,000-£40,000
Nominal
Executive/Analyst
£45,000-£60,000
10-30%
£45,000-£60,000
10-30%
Manager/Associate
£60,000-£80,000
20-40%
£60,000-£80,000
20-40%
Associate Director/Vice President
£80,000-£120,000
30-60%
£80,000-£120,000
30-60%
£120,000-£170,000+
60-100%+
£120,000-£170,000+
60-100%+
Director
Over the past 12 months salaries have
remained static, but bonus payouts
and expectations have been at an
all-time low, creating a market of two
contrasting halves

43. LONDON
FINANCIAL SERVICES
FRONT OFFICE Salaries & Benefits
BENEFITS
Top 5 benefits currently
received
Attracting top talent
RUN A CONCISE AND EFFICIENT RECRUITMENT
PROCESS
Invest time into planning the interview schedule and make
sure all stakeholders are bought into the hire, agreeing the
role’s key selling points. Jobseekers are continually put
off by organisations that send inconsistent and incoherent
messages. Several offers were turned down by candidates
last year due to long and drawn-out hiring processes
where the message became distorted and unclear.
CONSOLIDATE INTERVIEWS INTO AS
FEW MEETINGS AS POSSIBLE
The best candidates will always be in demand and the
sooner you complete your hiring process the better
chance you stand of beating off the competition.
BE CLEAR ABOUT WHAT YOUR
PROPOSITION IS TO CANDIDATES
Many people still believe having a role and intention to
hire is enough, but it isn’t. Know what a career at your
company looks like including the benefits and opportunities,
and clearly communicate this at the interview.
25 days holiday or
more 75%
Company pension
scheme 53%
Mobile phone/
Blackberry/PDA 51%
Annual bonus scheme
51%
Insurance (PMI/
death in service/life
insurance) 44%
Respondents could select all benefits
that applied
Benefits considered most
and least important when
considering a new role
25 days
holiday or more
Discretionary
bonus scheme
Annual bonus
scheme
Mobile phone/
Blackberry/PDA
Private
healthcare
Mortgage relief
Car or car
allowance
Season ticket
loan
Less than
25 days holiday
Daily
subsidised meals
42% of respondents were
satisfied with their benefits
Respondents rated a selection of 20
benefits in order of importance
BONUS
As a percentage of your basic
salary, what was your bonus
in 2012?
Did you receive a bonus in
2012?
36% of respondents were
satisfied with their bonus
44%
Yes 61%
No, not awarded one
23%
No, not entitled to
receive one 16%
of respondents
received a higher
bonus in 2012
than in 2011
1 - 9%
of salary
1 to 9% of salary 22%
10 to 19% of salary
20%
20 to 29% of salary
14%
30 to 49% of salary
11%
50 to 89% of salary
14%
90 to 100% of salary
11%
More than 100% of
salary 8%

44. Insurance
David Harvey
Manager
+44 20 7747 9765
financialservices.uk@markssattin.com
Victoria Martin
Senior Consultant
FINANCIAL SERVICES
FINANCIAL SERVICES
LONDON
LONDON

45. LONDON
FINANCIAL SERVICES
INSURANCE Market Perspective
The big trends of 2012
There were fewer natural disasters than in 2011 and so
insurers returned to profitability which helped to restore market
confidence.
Attracting the best talent was fiercely competitive across the
entire sector with employers vying for top candidates and some
firms struggling to retain key talent.
Due to hiring managers looking to up skill their business areas,
we saw a greater demand for newly qualified accountants from
practice as the year progressed.
Benefits and staff wellbeing will need to be of
the utmost importance
and a high priority for
current employers
Outlook for 2013
2013 should see organisations continue to dominate the
headlines as a result of mergers and acquisitions, as well as
consolidation. This will ensure the need for financial integration
specialists and replacement hires for those that inevitably
seek pastures new as a result. It’s likely we’ll also see an
increase for senior level hires, financial analysts and those with
commercial and strategic skills to support businesses seeking
to restructure, divest or grow.
Demand across Lloyd’s syndicates will continue and we expect
there to be less of a focus on Solvency II. There is also likely to
be continued mergers and acquisitions activity across broker
firms as large players in the market continue to grow through
calculated acquisitions. This will then create new work around
integration of the business.
A large number of organisations have already highlighted their
plans for expansion this year in all areas of their business,
including support functions. This mirrors the candidate market
where a sense of confidence and optimism is returning.
As market confidence steadily returns, we predict even greater
difficulty in employers retaining staff that have been hard
pressed by poor market conditions. Restored confidence will
lead to an uptake in vacancies and candidates looking for
pastures new, therefore benefits and staff well-being will need
to be a high priority for employers.
ECONOMIC PROSPECTS
Compared with the last
12 months, how confident
do you feel about the
economic prospects
facing your company?
Top 5 expectations for your business in the next 12 months
Greater focus on regulatory issues 37%
Recruitment freeze 34%
Budget cuts 34%
Profitability of business 32%
Business process/policy change 27%
Job cuts 27%
Salary freeze 27%
More confident 26%
Respondents could choose more than one answer from a choice of 14
As confident 45%
Less confident 29%

46. Despite growing confidence many employers have largely been
cautious. We are finding businesses are taking longer to make
hiring decisions and so are often missing out on candidates.
Salaries offered have often been lower than necessary, so
companies offering attractive overall compensation have been
more successful in securing the top talent. Employers who have
been covering natural attrition by reassigning leavers’ duties
within the existing team rather than replacing people when
they leave, are now cautiously looking at expanding again.
How would you rate your
current job security?
Secure 72%
Insecure 28%
Throughout 2013 we expect to
see an increase in senior level
hiring, business partnering and
financial analyst roles
Expectations for personal
salary and job security in
the next 12 months
Salary freeze 28%
Redundancy 3%
Salary reduction 2%
Shorter working week
0%
Other 6%
Respondents could choose more
than one answer
HEADCOUNT
How has the number of
staff in your team changed
in the past 12 months?
60%
of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
What is your employer’s
recruitment strategy?
Short term (0-6 months
ahead) 43%
Medium term (6-12
months ahead) 24%
Remained the same
29%
Long term (1-2 years)
1%
Decreased 20%
Not sure 6%
39%
of
respondents have more
than 20 employees in
their team
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Non-existent 1%
Not sure 31%
FINANCIAL SERVICES
Reactions to uncertain
market conditions
JOB SECURITY
LONDON
LONDON

47. EXPERIENCE
Skills in demand
Larger general and London market insurers have started
hiring quite extensively, from technical accounting
roles through to more analytical business partnering
positions. We are expecting growth to continue into
2013 with the insurance sector as a whole faring better
than other industries across financial services.
Technical insurance knowledge is currently in high demand.
Hiring managers are increasingly requiring candidates to
have a firm understanding of the underwriting function
of the business in a bid to provide strength of industry
knowledge within their finance teams. In addition to this,
qualifications and academic achievements are increasingly
being scrutinised to ensure that new hires are high calibre.
Candidates who have qualified in practice and have up
to two years’ industry experience are in high demand as
their profiles show a strong academic background as well
as a good foundation of insurance industry knowledge.
Length of time in the
accountancy, finance or
advisory profession
Length in current role
68%
32%
LONDON
FINANCIAL SERVICES
INSURANCE Career Insight
7 - 10
years
0 to 3 years 6%
<1
1-2
2-3 3-5 5-10 >10
years
4 to 6 years 14%
Less than 1 year 52%
7 to 10 years 28%
1 to 2 years 22%
11 to 15 years 11%
2 to 3 years 11%
16 to 20 years 14%
3 to 5 years 9%
21 to 25 years 9%
5 to 10 years 1%
More than 25 years
18%
More than 10 years 5%
HOURS WORKED
Average hours worked per
week
How has the number of
hours changed in the last
12 months?
Supply and demand
48%
of respondents chose
taking on more
responsibility as the
main reason for the
increase in working
hours
Increased 37%
Remained the same
55%
Decreased 8%
There are fewer syndicate accountants in the active
market but we have seen more senior hires. There is also
a lack of Big 4 qualified ACAs and CAs with insurance
experience wanting to take on core accounting/reporting
roles. Our advice to hiring managers is to push out into
the top 20 to 30 firms when seeking to replace or bring
in new skills in the 0 to 2 years post qualified bracket.

48. Taking the next step in
your career
Top 5 places respondents
would consider relocating
to in the next two years
Top 5 reasons for
respondents wanting to
relocate
BE FLEXIBLE IN YOUR APPROACH
Don’t rule something out just based on a job specification.
Be prepared to research the role and meet with the employer
before dismissal.
DON’T OVERPRICE YOURSELF
Seek a salary that is in line with your experience and skills.
HAVE A CLEAR IDEA ABOUT WHAT YOU WANT
And don’t be afraid to let recruiters know it.
COMMIT TO MAKING THE MOVE
Invest time to thoroughly prepare for interviews, researching
your prospective employer’s business and preparing for
potential questions you may be asked.
Singapore 30%
Australia 29%
Within the UK 27%
Canada 25%
Respondents could choose more
than one country from a choice of 14
Different culture 63%
Improved quality of life
60%
Improved salary 57%
New career
opportunities 54%
Better employment
opportunities 54%
Respondents could choose more
than one reason from a choice of nine
33%relocate
of respondents
would not
MOVING ON
Top 5 reasons for leaving
last role
Career development
32%
New challenge/more
interesting work 30%
Higher salary 29%
End of contract 23%
Better work-life
balance 15%
Respondents could choose up to
three reasons
46%
of respondents
anticipate changing
roles in the next 12
months
FINANCIAL SERVICES
RELOCATION
LONDON
LONDON

49. LONDON
FINANCIAL SERVICES
INSURANCE Salaries & Benefits
Spotlight on salaries
There is specific demand for professionals with direct insurance
industry experience and with a real shortage of quality and
active talent on the market, this ensures a premium on
expected salaries.
There has also been an increase in salary expectations for
newly qualified accountants moving into reporting roles in the
insurance sector, reflecting the shortage of candidates looking
at this level.
Candidates with strong technical backgrounds, who are
keen on exploring the sector but perhaps do not have direct
insurance experience (e.g. auditors from commerce and
industry or banking professionals) can also expect a solid
remuneration.
Syndicate accountants continue to command a high premium
due to the decline in numbers of those professionals who
remain in the industry.
REMUNERATION
When was your last pay
review?
Satisfaction with current remuneration
of respondents
received a salary increase in
their last pay review
Pe
r
ent
an
m
80%
ent
an
m
Pe
r
Pe
r
ent
an
m
ent
an
m
Pe
r
Less than 6 months
ago 30%
Pe
r
ent
an
m
ent
an
m
Pe
r
Co
t
rac
nt
ent
an
m
Pe
r
Satisfied 80%
Neither satisfied nor
dissatisfied 13%
Dissatisfied 22%
More than 12 months
ago 4%
Satisfied 58%
Neither satisfied nor
dissatisfied 20%
6 to12 months ago
43%
Dissatisfied 7%
Not applicable 23%
36%
of respondents
perceive a 5 to 10% salary
increase as acceptable if
they were to move roles
Some candidates are
dissatisfied with remuneration
packages and are using
this as an excuse to move
organisations

50. Salary range
Job title
Daily rate
2012
2013
2012
2013
Newly Qualified
£40,000-£45,000
£45,000-£50,000
£250-£300
£250-£300
Senior Accountant | 1-3 years’
PQE
£45,000-£52,000
£50,000-£60,000
£300-£350
£300-£350
Finance Manager | 3-5 years’ PQE
£55,000-£65,000
£60,000-£70,000
£350-£400
£350-£400
Senior Finance Manager, 5-8
years’ PQE
£65,000-£75,000
£70,000-£85,000
£400-£450
£400-£450
Syndicate Accounting
Job title
Salary range
Daily rate
2012
2013
2012
2013
Syndicate Accountant
£45,000-£55,000
£45,000-£55,000
£250-£300
£250-£300
Senior Syndicate Accountant
£55,000-£65,000
£55,000-£65,000
£300-£350
£300-£350
Syndicate Accounting Manager
£65,000-£75,000
£65,000-£75,000
£350-£400
£350-£400
Head of Syndicate Accounting
£75,000-£100,000+
£75,000-£100,000+
£400-£450
£400-£450
Part Qualified
Salary range
Job title
Hourly rate
2012
2013
2012
2013
Accounts Assistant
£22,000-£28,000
£22,000-£28,000
£12-£17
£12-£17
ACCA/CIMA Fundamental/
Operations
£24,000-£30,000
£24,000-£30,000
£13-£17
£13-£17
ACCA/CIMA Managerial/
Professional
£30,000-£35,000
£30,000-£35,000
£15-£22
£15-£22
ACCA/CIMA Finalist/Strategic
£35,000-£42,000
£35,000-£42,000
£17-£24
£17-£24
Newly qualified accountants moving into
reporting roles in the insurance sector are
typically looking for £50,000 to £55,000,
which is far higher than the market average
FINANCIAL SERVICES
Core Finance
LONDON
LONDON

51. LONDON
FINANCIAL SERVICES
INSURANCE Salaries & Benefits
BENEFITS
Attracting top talent
IF YOU LIKE SOMEONE MOVE QUICKLY
That perfect candidate you wanted might not be available by
the time you decide. Don’t risk another firm beating you to
your ideal candidate!
PAY THE RIGHT SALARY BASED ON GUIDANCE
The market isn’t as flat as it was and people won’t necessarily
move for the same basic salary or a token increase.
KNOW WHAT YOU’RE LOOKING FOR
We can advise and guide you through the process but it is
important to have a clearly defined brief so that you make the
right decision.
SELL YOUR OPPORTUNITY
Sell your brand and its position within the insurance market.
Make sure candidates understand the technical insurance
exposure that the role can offer, which is essential to become
a finance specialist within this field in the current market.
Top 5 benefits currently
received?
25 days holiday or
more 80%
Company pension
scheme 75%
Insurance (PMI/death
in service/life insurance)
75%
Private healthcare 65%
Annual bonus scheme
59%
Respondents could select all benefits
that applied
Benefits considered most
and least important when
considering a new role
25 days
holiday or more
Company
pension scheme
Annual bonus
scheme
Insurance*
Private
healthcare
Leisure
facilities
Sabbatical
Mortgage relief
Childcare
vouchers
Daily
subsidised meals
MAKE TIME FOR HIRING
Momentum is key to being successful in your hiring strategy
as the market improves.
* PMI/death in service/life insurance
45% of respondents were
satisfied with their benefits
Respondents rated a selection of 20
benefits in order of importance
BONUS
As a percentage of your
basic salary, what was your
bonus in 2012?
Did you receive a bonus in
2012?
30 to 39% of salary
18%
10 - 19%
of salary
Yes 54%
No, not awarded one
10%
No, not entitled to
receive one 36%
of respondents
received a higher
bonus in 2012
than in 2011
10 to 19% of salary
38%
20 to 29% of salary
18%
47% of respondents were
satisfied with their bonus
38%
1 to 9% of salary 14%
40 to 49% of salary
3%
50 to 69% of salary
6%
More than 70% of
salary 3%

52. Investment
Management
Glen Roberts
Associate Director
+44 20 7321 5788
financialservices.uk@markssattin.com
David Harvey
Manager
FINANCIAL SERVICES
FINANCIAL SERVICES
LONDON
LONDON

53. LONDON
FINANCIAL SERVICES
INVESTMENT MANAGEMENT Market Perspective
The big trends of 2012
Despite some positive movements within the alternative
investment sector in early 2012, a challenging fund raising
environment had a negative impact on recruitment. Firms
struggling to raise new funds generally had to put any
recruitment plans aside and on the whole, the market
remained relatively flat.
Larger investment management organisations did make a
number of key structural changes which were largely linked to
the shifting regulatory landscape. This resulted in an increase
in the number of jobs offered, particularly in governance,
financial control and compliance.
Growth is likely to be sporadic
across the sector as a whole,
with private equity and boutique
managers being likely places
where additional headcount is
brought on board
Outlook for 2013
Over this year we expect the market to mirror the second half of
2012. Asset managers are likely to remain reasonably consistent
in terms of their appetite for new hires. Initial indicators from
private equity and real estate firms have been positive, and
whilst the environment remains challenging the majority have
been upbeat around fundraising prospects with the expectation
that commitments will be shored up in early 2013.
We expect to see a small increase in roles across the board
as new funds come to market and existing funds either start
growing or winding down. Candidate flow is likely to remain high
albeit with a shortage of top tier people looking. Growth is likely
to be sporadic across the sector as a whole, with private equity
and boutique managers being likely places where additional
headcount is brought on board.
ECONOMIC PROSPECTS
Compared with the last
12 months, how confident
do you feel about the
economic prospects
facing your company?
Top 5 expectations for your business in the next 12 months
Greater focus on regulatory issues 36%
Salary increase 33%
Profitability of business 33%
Business process/policy change 28%
Salary freeze 25%
Recruitment increase 25%
More confident 26%
Respondents could choose more than one answer from a choice of 14
As confident 55%
Less confident 19%

54. There has been an increase in the number of candidates
taken on as short term contractors with a view to becoming
permanent. This gives businesses the flexibility they require
and allows them to get around potential headcount or
sign off issues. New fund launches and smaller firms or
startups are reluctant to bring finance in-house in favour
of outsourcing to a third party provider. In general this has
led to a slow and frustrating recruitment process for all as
employers have held out for the very best talent available.
How would you rate your
current job security?
Secure 76%
Insecure 24%
Expectations for personal
salary and job security in
the next 12 months
Salary freeze 31%
Redundancy 7%
Shorter working week
1%
Salary reduction 1%
Other 8%
Respondents could choose more
than one answer
HEADCOUNT
How has the number of
staff in your team changed
in the past 12 months?
63%
of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
What is your employer’s
recruitment strategy?
Short term (0-6 months
ahead) 26%
Medium term (6-12
months ahead) 21%
Long term (1-2 years)
23%
Remained the same
31%
Non-existent 2%
Decreased 24%
Not sure 8%
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Not sure 28%
FINANCIAL SERVICES
Reactions to uncertain
market conditions
JOB SECURITY
LONDON
LONDON

55. EXPERIENCE
Skills in demand
Permanent and contract fund accountants with one to three
years’ post qualified experience are always more challenging
to source. There has been a clear increase in roles at this
level, as well as new roles generated by a mixture of attrition,
growth and the continual flow of roles being in-housed or
outsourced. However, bright candidates with a combination
of corporate and fund accounting experience in the four to
five years post qualified bracket have been in short supply.
Business partners and financial analysts with a
detailed understanding of investment management
products have also been in demand as many asset
managers have looked to up skill and/or increase their
Financial Planning and Analysis (FP&A) function.
Length of time in the
accountancy, finance or
advisory profession
Length in current role
73%
27%
LONDON
FINANCIAL SERVICES
INVESTMENT MANAGEMENT Career Insight
4-6
years
0 to 3 years 14%
<1
1-2
2-3 3-5 5-10 >10
years
4 to 6 years 29%
Less than 1 year 43%
7 to 10 years 21%
1 to 2 years 24%
11 to 15 years 17%
2 to 3 years 16%
16 to 20 years 5%
3 to 5 years 11%
More than 20 years
8%
5 to 10 years 6%
Not applicable 6%
More than 10 years 0%
HOURS WORKED
Average hours worked per
week
65%
of respondents chose
taking on more
responsibility as the
main reason for the
increase in working
hours
How has the number of
hours changed in the last
12 months?
Increased 39%
Remained the same
51%
Decreased 10%
Supply and demand
There has been a noticeable increase in the volume of newly
qualified chartered accountants looking to make the move
into core accounting and finance roles. Many also come with
relevant audit or accounts preparation experience across fund
management clients and are happy to take on a hands-on
role. Experienced contract fund accountants with exposure to
traditional funds, private equity, property or hedge funds are
still the most in demand.
Strong professionals are still in demand and are likely to be
given incentives to remain in roles.

56. Taking the next step in
your career
Top 5 places respondents
would consider relocating
to in the next two years
Top 5 reasons for
respondents wanting to
relocate
BE REALISTIC AND OPEN TO IDEAS
Applying for anything and everything is not the right approach
and could lead to you going backwards in your career. Make
sure you have a clear idea of what you want and stick to it.
DON’T TAKE A JOB SPECIFICATION AT FACE VALUE
The only real insight into the full extent of the role is a meeting.
This also applies for the culture and size of a company.
BE PATIENT
If you are serious about moving, be patient! The market is still
reasonably fragile and so processes can be slow and frustrating
for all.
Australia 36%
Singapore 34%
Improved quality of life
67%
Different culture 61%
Hong Kong 33%
New career opportunity
60%
Mainland Europe 30%
Better employment
opportunities 54%
Respondents could choose more
than one country from a choice of 14
Improved salary 47%
Respondents could choose more
than one reason from a choice of nine
20%relocate
of respondents
would not
MOVING ON
Top 5 reasons for leaving
last role
Career development
38%
New challenge/more
interesting work 36%
Higher salary 29%
End of contract 15%
Redundancy 13%
Respondents could choose up to
three reasons
31% ofinrespondents months
anticipate
changing roles the next 12
Why candidates are
making a move
Understandably, careers are likely to have been stalled
in the current market; if another business can offer progression
and/or development it will spark interest amongst candidates.
Many firms have opted to freeze salaries and reduce
bonuses over the past three to four years, and at the same
time people have seen their purchasing power fall. A better
package will tempt many candidates to look at other firms.
Job security is also a huge factor. If a candidate feels their
job is at risk in the next 12 months then it is highly likely they
will already be considering options. If a prospective employer
is seen as a ‘safe’ place it will be an attractive option.
FINANCIAL SERVICES
RELOCATION
LONDON
LONDON

57. LONDON
FINANCIAL SERVICES
INVESTMENT MANAGEMENT Salaries & Benefits
Spotlight on salaries
and bonuses
Businesses have still
had to pay a premium to
attract the best talent in
the market
Over the past 12 months the average salary for candidates
has remained fairly static. However, businesses have still had
to pay a premium to attract the best talent in the market and
offer incentives for them to move. As the market has picked up,
employers have become increasingly aware that their salary and
bonus levels have to be in line with the market rate, to avoid
losing current and prospective employees to the competition.
REMUNERATION
When was your last pay
review?
Satisfaction with current remuneration
Co
ent
an
m
t
rac
nt
Pe
r
ent
an
m
Pe
r
ent
an
m
Pe
r
of respondents
received a pay increase in
their last pay review
Pe
r
ent
an
m
70%
ent
an
m
Less than 6 months
ago 29%
Pe
r
Pe
r
ent
an
m
ent
an
m
Pe
r
Not applicable 29%
29%
of respondents
perceive a 5 to 10% salary
increase as acceptable if
they were to move roles.
Satisfied 66%
Neither satisfied nor
dissatisfied 17%
Dissatisfied 30%
More than 12 months
ago 10%
Satisfied 42%
Neither satisfied nor
dissatisfied 28%
6 to 12 months ago
32%
Dissatisfied 17%

58. Job title
Salary range
Daily rate
2012
2013
2012
2013
Newly Qualified
£40,000-£45,000
£40,000-£47,000
£250-£275
£250-£300
Newly Qualified | Big 4
£40,000-£50,000
£45,000-£50,000
£250-£275
£250-£275
Senior Accountant | 1-3 years’
PQE
£45,000-£52,000
£45,000-£55,000
£300-£350
£300-£350
Finance Manager | 3-5 years’ PQE
£55,000-£65,000
£55,000-£65,000
£350-£400
£350-£400
Senior Finance Manager | 5-8
years’ PQE
£65,000-£75,000
£65,000-£75,000
£400-£450
£400-£450
Fund Accounting
Job title
Salary range
Daily rate
2012
2013
2012
2013
Part Qualified Fund Accountant
£30,000-£42,000
£30,000-£42,000
£225-£250
£225-£250
Fund Accountant | Newly
Qualified
£40,000-£45,000
£40,000-£45,000
£250-£275
£250-£275
Fund Accountant | 1-3 years
£45,000-£65,000
£45,000-£65,000
£250-£300
£250-£325
Senior Fund Accountant | 2-5
years
£55,000-£80,000
£55,000-£80,000
£300-£350
£350-£375
Fund Controller
£65,000-£75,000
£65,000-£75,000
£350-400
£350-£400
Manager (Assistant Vice President
or equivalent)
£55,000-£65,000
£55,000-£65,000
£300-375
£300-£375
Senior Manager (Vice President or
equivalent)
£65,000-£75,000
£65,000-£75,000
£350-400
£350-£400
Head of Fund Accounting
£75,000-£100,000
£75,000-£100,000
£400-500
£400-£500
Part Qualified
Job title
Salary range
Hourly rate
2012
2013
2012
2013
Accounts Assistant
£22,000-£28,000
£22,000-£28,000
£12-£17
£12-£17
ACCA/CIMA Fundamental/
Operations
£24,000-£30,000
£24,000-£30,000
£13-£17
£13-£17
ACCA/CIMA Managerial/
Professional
£30,000-£35,000
£30,000-£35,000
£15-£22
£15-£22
ACCA/CIMA Finalist/Strategic
£35,000-£42,000
£35,000-£42,000
£17-£24
£17-£24
FINANCIAL SERVICES
Core Finance
LONDON
LONDON

59. LONDON
FINANCIAL SERVICES
INVESTMENT MANAGEMENT Salaries & Benefits
BENEFITS
Top 5 benefits currently
received
Attracting top talent
BE EFFICIENT
Move quickly on good candidates and have an efficient
recruitment process in place to ensure you are one step
ahead of the competition. On face value, we are still operating
in a ‘candidate rich’ market but firms are still missing out
on their preferred candidate due to a lack of urgency.
BE FAIR AND FLEXIBLE
Paying market rate and having a degree of flexibility around the
type of person you hire are essential things to bear in mind.
OFFER CLEAR PROGRESSION
Career development is a major pull for candidates in the
current market as they look to broaden their experience
when moving roles. Having a transparent career path
focused on developing the skills of a prospective employee
will give you the edge in securing their services.
25 days holiday or
more 79%
Private healthcare 65%
Company pension
scheme 56%
Insurance (PMI/
death in service/life
insurance) 56%
Annual bonus scheme
46%
Respondents could select all benefits
that applied
SELL YOUR BUSINESS
The best candidates are often well looked after by their current
employer and need to be educated on the advantages of
moving. This process starts with your recruitment consultant
and must be continued by you.
Benefits considered most
and least important when
considering a new role
25 days
holiday or more
Good company
pension scheme
Annual bonus
scheme
Private
healthcare
Discretionary
bonus scheme
Season ticket
loan
Sabbatical
Car or car
allowance
Mortgage
relief
Childcare
vouchers
62% of respondents were
satisfied with their benefits
Respondents rated a selection of 20
benefits in order of importance
BONUS
As a percentage of your basic
salary, what was your bonus
in 2012?
Did you receive a bonus in
2012?
Yes 59%
No, not awarded one
10%
No, not entitled to
receive one 31%
of respondents
received a higher
bonus in 2012
than in 2011
10 to 19% of salary
31%
20 to 29% of salary
20%
49% of respondents were
satisfied with their bonus
54%
1 to 9% of salary 23%
30 to 49% of salary
13%
10 - 19%
of salary
50 to 89% of salary
3%
90 to 100% of salary
5%
More than 100% of
salary 5%

60. Senior Finance
+44 20 7747 9765
financialservices.uk@markssattin.com
Glen Roberts
Associate Director
FINANCIAL SERVICES
FINANCIAL SERVICES
LONDON
LONDON

61. LONDON
FINANCIAL SERVICES
SENIOR FINANCE Market Perspective
The big trends of 2012
The volume of roles available remained consistent with 2011
and the market continued to be stagnant. The majority of new
roles came about due to restructures or attrition rather than
growth.
Overall there was an increase in candidates but a clear
decrease in the top percentile of the market looking for
work. We also noted a significant increase in senior finance
executives being open to new roles and keen to passively see
what was out there.
Employers continued to drag out the recruitment process,
as they were unwilling to compromise on requirements and
instead wanted to hold out for the ideal person.
There was an increase in redundant candidates coming into
the interim market and a general increase in the amount
of interim work, but not enough to satisfy the number of
displaced and immediately available permanent candidates,
as well as the normal population of interim contractors.
Overall there was an
increase in candidates but
a clear decrease in top tier
talent looking for work
Outlook for 2013
There will be little change and the market is likely to remain fairly
static. There will always be a reasonable flow of senior finance
vacancies and for 2013 this is likely to continue.
We expect there to be movement at the ‘second in charge’
level. Group finance controllers, heads of finance, deputy
finance directors and divisional finance directors are careerminded and ambitious professionals, who are unwilling to wait
around for the markets to improve and will seek quicker routes
to the number one job.
There is a strong likelihood that the number of top tier
candidates will continue to shrink as more and more businesses
set out clearer business plans and strategies for growth that tie
people in.
ECONOMIC PROSPECTS
Compared with the last
12 months, how confident
do you feel about the
economic prospects
facing your company?
Top 5 expectations for your business in the next 12 months
Business process/policy change 54%
Budget cuts 41%
Salary freeze 36%
Recruitment freeze 35%
Profitability of business 35%
More confident 20%
Respondents could choose more than one answer from a choice of 14
As confident 50%
Less confident 30%

62. Expectations for personal
salary and job security in
the next 12 months
How would you rate your
current job security?
Companies are taking longer to make hiring decisions,
over-interviewing at initial rounds, not planning out
the process as fully as they should, and involving a
larger group of internal stakeholders than normal.
There is less ‘fishing’ than there was in 2009 to 2011, which
is a positive sign. Chief executive officers and managing
directors are no longer keen to have exploratory coffees
with everyone and anyone who comes their way. We’re
increasingly finding that key senior decision makers will only
really meet people if they have a role in mind and can see
where a person can add immediate value, in which case
they’ll be willing to free up room to a create a role for them.
52%
52%
52%
Salary freeze 35%
Secure 67%
52%
Redundancy 6%
Insecure 33%
Shorter working week
1%
52%
Salary reduction 1%
There is a tendency to hire interim professionals for an
initial three to six month period in cases where the process
has been dragging. Not only does this fill the gap and buy
more time for the permanent process to complete, but it
can often result in a successful interim to permanent hire.
52%
Other 8%
Respondents could choose more
than one answer
HEADCOUNT
How has the number of
staff in your team changed
in the past 12 months?
52%
of respondents selected
business growth or
expansion as the main
reason for an increase
in staff
42%
What is your employer’s
recruitment strategy?
Remained
the 42%
same
Medium term (6-12
months ahead) 17%
Long term (1-2 years)
12%
Remained
42%
the same
Increased 30%
Remained
the same
Decreased 25%
Not sure 3%
Short term (0-6 months
ahead) 49%
Non-existent 19%
of respondents
selected
headcount reductions as the
main reason for a decrease
in staff
Not sure 8%
FINANCIAL SERVICES
Reactions to uncertain
market conditions
JOB SECURITY
LONDON
LONDON

63. EXPERIENCE
Supply and demand
There is still a large supply of senior finance individuals who
have quite linear experience in relatively straightforward
reporting roles, have jumped around too much or been
forced into the market and taken too much time off.
There has also been an increase in chief financial officers and
finance directors at the £120,000 to £200,000 bracket willing
to move and sacrifice equity for a more rewarding longer
term opportunity. Reasons are mainly the desire for fresh
challenges, lack of growth or an unclear business model that
is difficult to buy into.
Length of time in the
accountancy, finance or
advisory profession
Length in current role
77%
23
%
LONDON
FINANCIAL SERVICES
SENIOR FINANCE Career Insight
11-15
years
0 to 3 years 1%
However, there is a clear shortage of hands-on controllers or
heads of finance that have covered everything, in particular
regulatory reporting, governance and risk. This shortage is
particularly acute at the £80,000 to £120,000 level, where
there are very few candidates with the technical skills and
experience to immediately step in and operationally run a
finance team.
<1
1-2
2-3 3-5 5-10 >10
years
taking on more
responsibility as the
main reason for the
increase in working
hours
1 to 2 years 19%
11 to 15 years 27%
2 to 3 years 16%
3 to 5 years 15%
5 to 10 years 8%
More than 25 years
23%
49%
of respondents chose
7 to 10 years 8%
21 to 25 years 18%
Average hours worked per
week
Less than 1 year 38%
16 to 20 years 19%
HOURS WORKED
4 to 6 years 4%
More than 10 years 4%
Skills in demand
How has the number of
hours changed in the last
12 months?
Increased 33%
Remained the same
55%
Decreased 12%
At face value, there has only been very incremental growth and
only the occasional role (say one in every four assignments)
created as a result of growth or mergers and acquisitions
activity. On the banking side, there has been growth in
regulatory and governance, where we’ve seen a few newly
created ‘head of’ titles. There has also been some movement
across the small to medium-sized banks and capital market
companies, where there has been an increase in attrition.
In fund management, there has been a slight increase
in new senior finance roles, but almost all are as a
result of the normal cycle of people switching jobs.
Insurance has seen probably the biggest increase in senior
level hires. This is more so at chief financial officer or group
level, and across medium to large-sized insurers, particularly
the Lloyds market and some of the FTSE 250 players.

64. Taking the next step in
your career
Top 5 places respondents
would consider relocating
to in the next two years
Top 5 reasons for
respondents wanting to
relocate
DON’T SETTLE FOR SECOND BEST
Be clear about what you want and go out there and get it.
USE A VARIETY OF METHODS TO FIND OUT
WHAT’S OUT THERE
Your own network (every senior professional you’ve worked a
late night for who owes you a coffee), LinkedIn, contingent and
search firms, networking events, alumni associations etc. With
the market still relatively static, you need to cast the net wider to
find your next opportunity.
DON’T OVER ANALYSE PROCESSES WHEN
THINGS GO QUIET
With the market relatively slow, interview timelines, feedback
and time to hire are dragging out, so patience is more of a virtue
than ever.
Improved quality of life
68%
Australia 32%
Mainland Europe 27%
Different culture 56%
Within the UK 24%
New career opportunity
47%
Singapore 21%
Better employment
opportunities 47%
Respondents could choose more
than one country from a choice of 14
Improved salary 45%
Respondents could choose more
than one reason from a choice of nine
39%relocate
of respondents
would not
MOVING ON
Top 5 reasons for leaving
last role
New challenge/more
interesting work 34%
Career development
33%
Higher salary 22%
Redundancy 21%
End of contract 15%
Respondents could choose up to
three reasons
36% ofinrespondents months
anticipate
changing roles the next 12
How can you capitalise on
candidates moving on?
Sell the dream… The opportunity is there for organisations to
capitalise on new candidates coming onto the market. Any chief
executive officer, managing director, chief operating officer, chief
finance officer who is able to clearly articulate their strategy and
vision for the next few years buys themselves instant credibility
amongst a large proportion of senior finance executives who are
tired of incoherent messages.
FINANCIAL SERVICES
RELOCATION
LONDON
LONDON