Balance Sheet

The Robert Walters salary survey

Vincent Bailey,
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Vincent Bailey, (2000) "The Robert Walters salary survey", Balance Sheet, Vol. 8 Issue: 1, pp.20-21, https://
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 REMUNERATION
The Robert Walters
salary survey
An exclusive survey of global risk management remuneration
dramatises the severe shortage of skilled professionals from which the
business is suffering. By Vincent Bailey of Robert Walters
Downloaded by UNIVERSITAS TRISAKTI, User Trisakti At 04:20 09 December 2018 (PT)
HE FINANCIAL MARKETS of
T today are unrecognisable from
even a few years ago. Many fac-
tors are behind this, but proba-
bly the most apparent is an
increasing global competition to provide
investors with ever more attractive rates
of return. In order to win business, insti-
tutions are devising ever more sophisticat-
ed forms of investment, designed to dispel
the traditional belief that greater rewards
only ensue from greater risks.
The complexity of these transactions
has an inherent risk that is difficult to
quantify and requires highly academic
professionals to understand and identify
the risk exposures akin to such products.
Moreover, in the wake of much consoli-
dation within the banking and financial
services sector, a number of skeletons in
the closet are only now being revealed.
All of these reasons, along with
recent and well-documented losses at the
‘I’m dying to go home and grab some sleep but we’re so short-staffed I daren’t
risk it.’
20 | BALANCE SHEET | VOL 8 NO 1
hands of rogue traders and the
unprecedented ventures into the world
of emerging markets, have urged senior
management to place increasing
emphasis on firms’ risk portfolios.
The main problem is that, until very
recently, risk management has been
widely regarded not as a specific
resource requirement but as a mere ‘add-
on’ service to product control depart-
ments in financial institutions. Only
now are these companies responding to
the need to establish stand-alone risk
management departments that operate
independently and autonomously, with
risk as their sole focus.
Recruiting for such departments,
however, is easier said than done. The
quality of individuals required to work
in risk management has risen in line
with market developments. Suitable can-
didates will have a strong mathematical
background: namely, A Level mathe-
matics, an MSc in a mathematical or
financial discipline and an in-depth
knowledge of the relevant software
packages and risk systems.
Unsurprisingly, such people are in
short supply and the salaries they can
command are rising. A newly qualified
candidate entering risk management
with the right academic background can
expect a starting package of £25K to
£35K per annum. A qualified risk man-
ager with five or more years’ experience
might be paid over £65K per annum.
Over the last year, we have seen a
marked increase in the number of insti-
tutions seeking to recruit for their risk
management groups. Their concerns
regard market and credit risk and, more
notably, operational risk. Some of these
companies have never specifically
focused on the latter before now. The
candidates required for such positions
must be highly skilled, thus a carefully
structured recruitment programme
needs to be implemented. ■
NB: When looking at the salaries oppo-
site, it is important to note that total
compensation will vary dramatically,
depending upon basic package and
discretionary bonus schemes. In addi-
tion, there is no defined upper limit for
salaries for over five years’ experience.
Vincent Bailey is
manager of the Risk
Management Division at
Robert Walters. He can
be contacted on +44
(0)171 379 3333 or via e-
mail on vincent.bailey
@robertwalters.com
 Global salary ranges for risk management (US$)
NEW YORK

LONDON
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HONG KONG

SINGAPORE

SYDNEY

VOL 8 NO 1 | BALANCE SHEET | 21