BR FS Candidate Salary Survey 2013 FrontOff

Specialists in nancial services recruitment
www.michaelpage.co.uk/nancialservices
Front Ofce Banking, Markets & Asset Management
FINANCIAL
SERVICES
SALARY
SURVEY 2013
Introduction 03
Corporate banking 04
Syndications 04
Leveraged nance 05
High yield origination and execution 05
M&A/equity capital markets/equity research and sales 06
Restructuring (workout/advisory) 07
Project nance 08
Export nance 08
Structured trade and commodity nance (STCF) 09
Vanilla trade nance 09
Debt capital markets 10
Structured nance/securitisation origination, structuring, execution 10
Fixed income 11
Credit analysis 12
Credit research 12
Credit/debt funds 13
Distressed debt 14
Equities buyside 14
Strategy and fund research 15
Private equity 16
Contents
Michael Page Financial Services Salary Survey 2013 Front Ofce Banking, Markets & Asset Management
3
I started last years commentary for the Financial Services
Salary Survey with these words: As we go into 2012
the opinion of many is that the Eurozone crisis has come
close to paralysing many nancial institutions in terms of
forcing hiring freezes and redundancies. In many cases
this is true, but this is not the complete picture. You will
be unsurprised to read that we saw this theme continue
into 2012 and, as things stand at the moment, the start of
2013 will look like this for many of us; the large European
banks are cutting costs (headcount) in many areas. Sector
teams, and some country coverage teams at bigger banks
have been deemed non-core and cut substantially, and
those in the eye of the storm, i.e. Portuguese, Greek &
Spanish banks, are retrenching and drastically reducing
their London presence altogether.
Many people are drawing parallels comparing the post-
Lehmans 2009 with 2012, but the big difference this
year has been that whilst many institutions are negatively
impacted, many others are much better placed and
have made the decision to take advantage of perceived
opportunities in the market.
This means selective hiring of the strongest candidates in
the market. Last year we saw M&A boutiques hiring senior
bulge bracket bankers and this year we have seen a similar
pattern with mid and small cap players recruiting senior
equity analysts to broaden their coverage of key sectors. In
the debt space we have seen a number of debt funds and
micro nance outts set up to take advantage of the lack
of commercial lending (particularly to SMEs) being carried
out by the UK clearers. On the bond side we have seen
a number of boutique investment banks hire to support
their UK corporate bond businesses that shows no sign
of slowing down. At this stage the wall of debt, including
that from the CLOs, maturing in 2013 is yet to have a clear
solution, although the High Yield market is increasingly
being looked at to provide the answer. This certainly has
ramications for private equity, with renancing via the
bond market being talked about as a solution for them,
however whether this proves to be a reality remains to be
seen. So far we are only seeing the boutiques hire into
the debt space. The conundrum of high-rebased salaries
verses bonus remains with many institutions not certain
they have the right balance and some even considering
making a U-turn to reduce salaries in exchange for higher
bonus potential. Many believe that the 2013 bonus round
will be one of the worse on record, however, there remains
the fundamental truth that outstanding revenue generators
will continue to be well rewarded. We have seen this
evidenced by the numerous placements we have completed
this year that have included a sign on/guaranteed bonus.
Looking forward to 2013 we expect to see funds continue
to hire on a selective basis. Having seen many analysts
and associates come out of investment banks in 2012
across M&A, DCM and leveraged nance (as they did in
2008/2009) there is the strong chance (as happened
in 2010) that in 2013 these teams will nd themselves
too lean and have to re-hire, providing, of course, that
transaction volume increases.
At the senior end of the market, directors/MDs who are
genuine rainmakers continue to demand high premiums.
Across the board whilst many candidates are staying put
and keeping their heads down, increasingly, we are seeing
a growing recognition that staying put in a team is not, in
fact, a safe option at all, since the best teams want the
best people who have been active in the market completing
transactions; the moral then, is that if your team/bank is
not open for business, it can be career suicide if you stay
too long. We saw this in the hiring bounce 2010/2011
when were asked only to source those who had been in
active teams.
Introduction
For more information, please contact Andrew Breach:
t: 020 7645 1437
e: andrewbreach@michaelpage.com
w: www.michaelpage.co.uk/nancial-services
whilst many institutions

are negatively impacted, many
others are much better placed
and have made the decision
to take advantage of perceived
opportunities in the market.
we are seeing a growing

recognition that staying put in a
team is not, in fact, a safe option
at all.
4
Corporate banking
The banks have continued to maintain their
sector focused corporate banking relationship
managers. The effect of this has been less
movement than we have seen in other front
ofce disciplines over the past four years.
There remains a demand for strong candidates
who combine good sector knowledge with a
comprehensive network of clients. Cash and
liquidity management areas have also been busy
for banks of all sizes. On the nancial institutions/
non-bank nancial Institutions side there remains
a shortage of strong candidates in the market
and a high demand at all levels. Salary/bonus
levels in these areas remain at the top of
the brackets.
Corporate banking
Role Basic salary range () Bonus (%age)
Graduate/analyst 35,000-55,000 20-50
Senior analyst/executive 45,000-65,000 20-50
Associate/manager 55,000-75,000 30-70
VP/AD 65,000-90,000 30-100
Director 90,000-150,000 80-150
MD 140,000-250,000 100-250
For more information, please contact Tara Bagley:
t: 020 7645 1434
e: tarabagley@michaelpage.com
There remains a demand for

strong candidates who combine
good sector knowledge with
a comprehensive network
of clients.
Banks seek candidates

with strong institutional
fund contacts.
Syndications
Role Experience Salary () Bonus (%age)
Analyst 1-3 years 40,000-60,000 30-100
Associate 3-5 years 60,000-90,000 50-150
VP/AD 90,000-120,000 50-150
Director 120,000-200,000 50-200
MD 150,000-400,000 50-300
We have seen very little syndications recruitment
in 2012, mainly due to deal ow being down
considerably. Many of the larger banks have very
full teams and there is an expectation of some
cuts as we go into 2013.
One exception is sales, where we have seen
hiring in a number of the corporate banks and
they continue to sell down assets on their balance
sheets. The focus of these roles is leveraged
nance, corporate, project nance, ABS, etc.
Banks seek candidates with strong institutional
fund contacts as they are the principal purchasers
of these.
Syndications
5
Deal ow for larger transactions has been low this year and
mid market transactions have been down as well. As a
result we have seen very limited hiring in leveraged nance
origination and execution in 2012. Some of the investment
banks have downsized and there is an expectation of
shrinkage of the corporate banks leveraged teams as we
head into 2013.
Some corporate banks leveraged teams have selectively
hired this year, however most recruitment has been
replacement hiring rather than growth. There are a few
exceptions, in particular corporate banks who are trying
to diversify their portfolios away from real estate into mid-
market leveraged nance.
Bonuses paid this year were down 30-50% on those paid in
2011 and the expectation for bonuses paid in early 2013 is
for similar or lower numbers.
There has been some recruitment in high yield this year,
although it is still below expectations.
There is some belief that high yield will form a large part
of the renancing solution for the 2013 wall of debt,
hence we expect to see more hiring in the new year.
Salaries are generally higher than pure leveraged nance
teams and bonus % are quite similar.
Leveraged nance
High yield origination and execution
t: 020 7645 1434
Leveraged nance
Title/years of experience Basic salary range () Bonus (%age)
Analyst 1-3 years 40,000-60,000 20-70%
Associate 3-5 years 60,000-90,000 30-100%
VP/AD 90,000-120,000 30-120%
Director 120,000-200,000 50-120%
MD 150,000-400,000 50-300%
High yield origination
Title/years of experience Basic salary range () Bonus (%age)
Analyst 1-3 years 40,000-60,000 20-70%
Associate 3-5 years 65,000-100,000 30-100%
VP/AD 85,000-130,000 30-120%
Director 120,000-220,000 50-120%
MD 200,000-400,000 50-300%
6
Hiring activity in M&A has been slower this year
than last, with most larger banks going through
downsizing exercises. The majority of hiring has
been done by smaller and medium size boutiques
who have had the opportunity to pick up talent
and market share from their larger competitors.
Firms who focus on the mid-market and work
with privately owned companies are optimistic
about next year and are talking about plans to
hire in the new year. Sector experience that has
been in demand includes technology and retail,
and from a regional point of view there was
demand for Nordic and German specialists.
European ECM hiring has once again been quiet
and there is little change from last year. Many
teams are now very small, and should market
condence improve we expect there to be some
demand next year.
M&A/equity capital markets
Mergers and acquisitions/ Equity capital markets
Role/years of experience Basic salary range () Bonus (%age)
Analyst 1-3 years 40,000-65,000 20-60%
Associate 60,000-110,000 30-100%
VP 2-3 years/AD 90,000-140,000 50-150%
Director 120,000-200,000+ 100-300%
MD 150,000-300,000+ 150-400%
For more information, please contact Kathryn Pride:
t: 020 7645 1429
e: kathrynpride@michaelpage.com
Across the sell-side bonuses were down for
2011 on 2010 by around 30% on average,
and expectations for 2012 bonus pools were
pessimistic at the half-year point. With some
banks reporting boosts in revenues, and further
cost-saving exercises taking place at most
institutions, this sentiment is starting to sway a
little to the more positive side.
European ECM hiring has once again been quiet
and there is little change from last year. Many
teams are now very small, and should market
condence improve we expect there to be some
demand next year.
Sell side research at the bulge brackets has seen
a net downsizing, with smaller, mid-market
focused banks becoming attractive employers for
established analysts.
In sales, we have seen no change from 2011 in
terms of compensation, although there have been
substantial changes in headcount in 2012.
Equity research and sales
Equity research
Analyst 1-3 years' 40,000-60,000 20-50%
Associate 3-5 years' 60,000-90,000 30-80%
VP/AD 80,000-130,000 30-100%
Director 120,000-200,000 50-250%
MD 150,000-300,000 100-250%
Equity sales
Analyst 1-3 years' 40,000-70,000 20-60%
Associate 3-5 years' 60,000-90,000 30-100%
VP/AD 80,000-120,000 30-150%
Director 120,000-200,000 50-200%
MD 150,000-350,000 100-300%
7
We have seen some recruitment in restructuring
teams this year, however it has been much lower
than 2010 and 2011.
Some of the banks and investment managers
have hired selectively, with a strong preference
for candidates with accountancy qualications
and signicant restructuring experience. Bank
workout teams did very little hiring in the rst half
of the year (aside from a couple of notable senior
hires), but have now started to be much more
active in searching for talent. Irish banks continue
to experience a lot of churn in their real estate
restructuring teams, hence have hired regularly in
2012. As we go into 2013 there is an expectation
that some of the larger restructuring teams and
non-core functions in banks will shrink as they
continue to sell off assets.
Hiring at the advisory rms has been relatively
at this year, as most teams have had concerns
about future deal ow. At the larger houses
resources have been moved from M&A teams to
assist on specic mandates, and occasionally this
has been on a permanent basis, thus external
hiring has been very low overall. Candidates with
operational restructuring/turnaround experience
and strong modelling skills have been the most
sought after, and demand is concentrated on
the analyst to junior director level. With some of
the Big 4 rms downsizing their teams, there are
some very good candidates on the market.
Restructuring (workout)
Restructuring
Restructuring (advisory)
t: 020 7645 1429
Restructuring (workout)
Analyst 35,000-50,000 20-60%
Associate 50,000-80,000 30-100%
VP/AD 80,000-120,000 30-150%
Director 120,000-200,000 50-200%
MD 150,000-350,000 100-300%
Restructuring (advisory)
Analyst 40,000-60,000 20-70%
Associate 60,000-100,000 30-80%
VP/AD 85,000-130,000 30-100%
Director 125,000-220,000 50-120%
MD 200,000-400,000 50-300%
8
Project nance hiring has picked up in 2012 and
there has been upward pressure on PF teams to
increase salaries, even after re-basing has taken
place if they are to attract the top talent. There
are instances of disappointing bonuses for 2012,
particularly at Bulge Bracket Investment Banks,
however, top performers have continued to
receive good bonus numbers; over the last 12-18
months substantial re-basing of base salaries
has occurred, however, this is not universal or
uniform across the banks. With capital constraints
common, many lending banks are becoming
increasingly advisory focused and candidates
with that background have been very much
in demand, across all levels; some specialist
advisory boutiques have been a particular target
for candidates at Associate level. Despite the
market we anticipate continued demand in 2013,
across Infrastructure, power, oil and gas, as well
as the renewables, waste and PFI sectors (the
last being very much in the public eye in terms of
what the product will look like going forward).
Project nance
Role/Experience Basic salary range () Bonus (%age)
Analyst 1-3 years 40,000-65,000 30-70%
Associate 3-5 years 60,000-90,000 30-100%
VP/AD 80,000-130,000 50-120%
Director 120,000-220,000 50-200%
MD 150,000-350,000 100-300%
Role/Experience Basic salary range () Bonus (%age)
Analyst 1-3 years 40,000-65,000 20-70%
Associate 3-5 years 60,000-90,000 20-100%
VP/AD 85,000-130,000 50-120%
Director 120,000-220,000 50-200%
MD 150,000-300,000 100-300%
t: 020 7645 1437
Export nance
The credit crunch has been rather a renaissance
period for export nance and across 2011/2012
we have seen hiring across the sector from
corporates, banks and the ECAs themselves.
Candidates with languages are in high demand
and, logically, short supply, especially below
director level. Most banks have re-based in
export nance and although there is still an
element of export nance being the poor relation
to project nance (in terms of compensation),
most directors in export nance are now paid a
base between 150k and 200k.
Project nance hiring has

picked up in 2012.
we have seen hiring across the

sector from corporates, banks and
the ECAs themselves.
9
Structured trade and commodity nance
(STCF)
Vanilla trade nance
STCF has continued to be one of the few growth
areas across the complete spectrum of banking;
at the IB end of the market we have seen the
likes of JP Morgan, BAML and Citi build their
teams including some high prole senior names.
At the other end of the spectrum, many of the
London branches/subsidiaries of international
banks have returned to the market and boosted
their teams. As we go into 2013 a number of the
Middle Eastern banks have also started to look at
increasing headcount.
The Global Transaction Services (GTS) areas of
many of the large UK/US banks have expanded
as they look to focus on trade nance as a core
business to replace the lost income from their
newly declared non-core businesses (Equities
etc). Whilst many of the lifers at these institutions
remain very poorly paid, there has been upward
pressure due to this expansion and the best
candidates in this market are closing the gap
with their historically better paid colleagues in the
STF area.
t: 020 7645 1437
Structured trade and commodity nance (STCF)
Analyst 40,000-65,000 30-70%
Associate 60,000-90,000 30-100%
VP/AD 80,000-120,000 50-120%
Director 120,000-220,000 50-200%
MD 175,000-350,000 100-300%
Vanilla trade nance
Analyst 45,000-70,000 20-70%
Associate 75,000-110,000 50-100%
VP/AD 90,000-130,000 50-150%
Director 150,000-200,000 100-300%
MD 200,000-400,000 50-300%
10
The debt capital markets are more resilient than
other asset classes, due to the ongoing corporate
demand for renancing existing bonds.
Although we have seen many of the investment
banks trimming headcount in DCM, throughout
2012, there has been a trend towards bonds
away from loans. Corporate bonds, in particular,
have seen a major resurgence and we are told
that 2013 this will only increase; investment
banking boutiques have added headcount in
2012 and will continue to do so in 2013. The
retail sector is a star in this space.
The Italian and Spanish banks that hired last
year in DCM FIG have stopped hiring; there
are instances of them now cutting back. The
Sovereign DCM space has been quiet from a
hiring point of view, and the hires that have been
made have been at the junior end. Emerging
markets is in a very different situation to where it
was some time ago whilst some banks see this
function as key to their revenue generation, most
large franchises are now looking to downsize
dramatically, devolving coverage responsibility
to product teams rather than relationship
specic teams we have seen many candidates
coming out of these teams in 2012. In terms of
compensation, whilst many successful teams
have maintained bonus levels for their key staff,
we have denitely seen a lowering of the bands
and there will be some 0%s paid this year. At the
top end the upper quartile has reduced, but the
best people in the best institutions are still well
paid.
Debt capital markets
Debt capital markets
Analyst 40,000-60,000 0-50%
Associate 65,000-100,000 30-100%
VP/AD 90,000-160,000 50-150%
Director 140,000-250,000 100-350%
t: 020 7645 1437
New deal ow has been low this year for
mortgage backed securitisation teams (CMBS
and RMBS), however the teams have remained
fully staffed to deal with the 2013 maturity wall.
We are faced with a continuing lack in of liquidity
in the market, hence they will be very busy
in 2013 to deal with difcult renancing and
restructuring situations. US banks have shown
interest in growing teams in London to focus
on European and emerging markets structured
transactions, however there has been little actual
hiring in 2012. There is some expectation that
these hires will come to fruition in 2013.
Corporate securitisation seems to be an area of
interest, in particular emerging markets deals in
Turkey and Russia. Some teams have been shut
down this year and as a result others have grown
marginally to take market share. We have seen
a small increase in base salaries in 2012 and
bonuses were relatively similar to those paid
in 2011.
Structured nance/securitisation
origination, structuring, execution
Structured nance/securitisation origination, structuring, execution
Analyst 40,000-60,000 20-70%
Associate 70,000-115,000 50-100%
VP/AD 85,000-135,000 70-150%
Director 130,000-220,000 100-200%
MD 150,000-350,000 100-300%
We have seen a small increase

in base salaries in 2012.
11
FICC had a difcult time in H2 2011 with many
IBs reducing headcount, so although we did not
see a spike in hiring in 2012, those shops that
were open for business (or who have set up to
take advantage of the gap left by the IBs) have
taken the opportunity to upgrade their teams with
the strong candidates on the market.
Fixed income
Research/strategy
VP/AD 120,000-175,000 100-150
Director 150,000-250,000 100-200
MD 200,000-400,000 100-300
Sales
VP/AD 120,000-175,000 100-300
Director 150,000-250,000 100-400
MD 200,000-400,000 100-400
t: 020 7645 1437
Trading
VP/AD 90,000-160,000 100-300
Director 150,000-260,000 100-400
MD 180,000-400,000 100-400+
Structuring
VP/AD 120,000-175,000 100-200
Director 140,000-250,000 100-350
MD 200,000-400,000 100-400
those shops that were open

for business have taken the
opportunity to upgrade
their teams.
12
There remains a steady demand for strong credit
analysts at all levels going into 2013. The biggest
demand remains in FI (Financial Institutions) /
NBFI (Non Bank Financial Institutions) roles and
strong candidates at VP and above have moved
for strong increases and 100%+ bonuses. Aside
from the FI/NBFI arena, the busiest areas have
been specialist sectors including commodities/
structured trade nance and sovereign credit
where the higher salaries have been paid and the
strongest candidates have been in high demand.
There has been a strong demand for credit
research analysts in 2012 both on the buy side
and rating agencies. The main focus areas this
year have been nancial institutions (banks and
insurance), infrastructure and utilities. Salary
levels at SVP plus level are now pushing 150k+.
On the buy side bonus levels, in particular,
increasingly depend on how research is used and
those making trading recommendations have the
ability to make multiples at a senior level.
Credit analysis
Credit research
Credit analysis
VP/AD 70,000-130,000 25-100
Director 85,000-200,000 30-150
MD 100,000-300,000 100-250
Credit research
VP/AD 70,000-130,000 50-150
Director 100,000-200,000 50-250
MD 150,000-400,000 100-400
t: 020 7645 1437
There remains a steady

demand for strong credit analysts
at all levels going into 2013.
Salary levels at SVP plus level

are now pushing 150k+.
13
Leveraged nance/high yield
Analyst 1-3 years 45,000-60,000 50-100
Associate 3-5 years 60,000-85,000 50-150
VP/AD 85,000-120,000 70-150
Director 120,000-150,000 100-250
MD 150,000-250,000 150-250
Infrastructure debt
Analyst 1-3 years 40,000-60,000 20-70
Associate 3-5 years 60,000-70,000 30-100
VP/AD 75,000-90,000 30-120
Director 90,000-120,000 50-150
MD 130,000-200,000 50-300
Investment grade
Analyst 1-3 years 40,000-60,000 20-50
Associate 3-5 years 60,000-70,000 20-70
VP/AD 75,000-90,000 30-100
Director 90,000-120,000 50-200
MD 130,000-200,000 100-200
Structured credit (ABS)
Analyst 1-3 years 40,000-60,000 20-50
Associate 3-5 years 60,000-70,000 20-70
VP/AD 75,000-100,000 30-100
Director 90,000-120,000 50-200
MD 130,000-200,000 100-400
We have seen some hiring in 2012, however
most have been replacement hires. Clients are
very particular about candidate proles and many
of the investment banking sell-side candidates
have moved for lower bonuses and without
guarantees. Candidates are prepared to take
a hit for a better work/life balance and more
stable work environment. As we continue to see
consolidation of leveraged funds, redundancy is
becoming more common.
Salaries and bonuses in leveraged nance
and high yield funds have been relatively static
between 2010 and 2012, which is contrary to
what weve seen in investment and corporate
banking leveraged nance origination teams
where base salaries went up considerably and
bonuses down.
Again, there has been very little growth and most
hires have been replacements.
Candidates are generally moving for similar
salaries and without guarantees.
We have seen limited recruitment in this area
and salaries have been quite static. As banks
become less able to commit balance sheet to
infrastructure projects we expect to see a growth
in the number of funds able to provide debt for
infrastructure projects.
We have seen limited recruitment in this area and
salaries/bonuses have been quite static.
Credit/debt funds
leveraged and high yield
Investment grade
Infrastructure debt
Structured credit (ABS)
t: 020 7645 1434
14
Earlier in 2012 we saw some notable senior
moves in this space, and we also saw some
businesses hiring into sourcing roles. From
September onwards weve seen teams looking
to expand their analytical capability at a junior
level to cope with increased investment
opportunity. With the considerable issues in the
Eurozone there appears to be a reasonable level
of condence that this is not just another false
dawn for the European distressed market. We
anticipate activity in the rst 6 months of 2013
during the bonus window.
Distressed debt
t: 020 7645 1437
Structured nance/securitisation origination, structuring, execution
Analyst 40,000-70,000 30-100
Associate 65,000-100,000 50-120
VP/AD 80,000-200,000 50-250
Director/portfolio manager 100,000-180,000 100-300
MD/portfolio manager 120,000-300,000 150-300
With the considerable issues in

the Eurozone there appears to be a
reasonable level of condence.
Throughout the rst half of 2012, discussion

regarding hiring in the asset management
industry within London was dominated by the
topic of the European crisis. The recent measures
taken by the ECB seem to have calmed the
sector somewhat, which has led to a slight
bounce in hiring activity in Q3. Nonetheless,
this activity is conned to a small number of
real money investors with hiring activity focused
around a narrow range of roles (infrastructure,
mid-cap).
Across the whole market there are a couple of
themes that have remained consistent over the
past year to 18 months: fundraising is difcult
and there is a clear divide between those who
can and those who are struggling; the regulatory
environment is making innovation difcult and
this is delaying activity; whilst immigration/
sponsorship contracts (in many countries, not
just the UK), candidates conversely become more
willing to relocate to historically less desirable
locations than London.
Equities buyside
Equities - buyside
Analyst 1-3 years 35,000-60,000 20-60
Analyst 4-7 years 55,000-90,000 30-100
Senior analyst 7 years+ 100,000-180,000 80-200
Head of research 150,000-250,000 100-300
Portfolio manager 70,000-125,000 50-150
Senior PM 125,000-250,000 100-300
Infrastructure equity
Analyst 1-3 years 40,000-60,000 20-60
Analyst 4-7 years 60,000-100,000 30-100
Senior Analyst 7 years+ 100,000-150,000 50-150
Portfolio Manager 125,000-250,000 100-200
The recent measures taken by

the ECB seem to have calmed the
sector somewhat.
15
There has been sporadic demand for economists
throughout 2012 so far, in a similar pattern to
2010 and 2011. There has been a preference
for candidates with exposure to multiple asset
classes.
Junior candidates remain comparatively difcult
to source and clients remain interested in those
coming from Treasury, Bank of England and
FSA as well as other public sector bodies and
corporates.
The interest of fund-of-funds and fund advisory
businesses in hiring strong fund analysts that we
saw last year began to tail off during Q1 2012,
but we have seen a increase once again towards
the end of Q3 and we expect to see this continue
during the early part of next year.
Current mandates see clients looking for
coverage of larger US and European funds, as
opposed to the more EM coverage that they were
looking for last year.
Macroeconomic research and global strategy
Multimanager and fund research
t: 020 7645 1429
Equities
Analyst 1-3 years 35,000-60,000 20-60
Analyst 4-7 years 60,000-100,000 30-100
CIO/head of strategy 125,000-250,000 100-300
Infrastructure equity
Analyst 1-3 years 35,000-55,000 20-40
Analyst 4-7 years 55,000-90,000 30-70
CIO 120,000-200,000 50-200
Strategy and fund research
16
Activity across the sector has remained quite
at this year. In the traditional PE space, the
mid market funds have done more hiring, whilst
the bigger business have further diversied by
building out business in the debt space that
compliment their existing portfolios.
It is expected that renancing of existing
investments (as investments reach their debt
maturity) will lead to there being a similarly at
market next year from a hiring perspective,
although some funds may wish to increase their
internal expertise on debt structuring by hiring
leveraged nance or high yield bankers.
We expect clients to continue to employ
candidates who can help drive operational
improvement in portfolio companies.
t: 020 7645 1429
Private equity
Analyst 1-3 years 65,000-90,000 20-80
Senior analyst 3-5 years 70,000-110,000 50-120
VP/AD 100,000-150,000 80-200
Principal 150,000-250,000 100-400
Private equity
We expect clients to continue

to employ candidates who can help
drive operational improvement in
portfolio companies.
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Specialists in nancial services recruitment

whilst many institutions

we are seeing a growing

There remains a demand for

Banks seek candidates

Project nance hiring has

we have seen hiring across the

We have seen a small increase

those shops that were open

There remains a steady

Salary levels at SVP plus level

With the considerable issues in

Throughout the rst half of 2012, discussion

The recent measures taken by

We expect clients to continue

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