IRISH FINANCIAL SERVICES SALARIES
BANKING-IFSC-INSURANCE-PENSIONS

The salary survey detail below was prepared by the Dublin office of the international recruitment firm Joslin Rowe.

Hudson Ireland also has financial salary information.

Mercer, Nov 2006: Irish Financial Services Salary Survey 2006: In senior management and professional levels, men are paid more than women by 18% and 17% respectively

Financial Services
In the last twelve months the number of accountancy vacancies has continued to increase across all sectors from commerce and industry through to financial services. This upsurge, has resulted in strong opportunities for career progression for active job seekers. Salaries have enjoyed a knock on effect, especially at the newly qualified level, where remuneration packages have pushed towards the B50,000 mark from a previous range of B40- B45,000. However, bonuses have remained at similar levels to the last few years. Another effect of the recruitment boom/candidate shortage has been the increased interest of financial services clients in job seekers from the commerce and industry sector, especially those with expert financial accounting and management accounting experience. This would appear to be a wise recruitment move since all the indicators show that the number of accountancy positions will remain high for the next 12 months.

Accountancy & Finance
  Range € Typical € Bonus €
Financial Services  
Trainee Accountant 20-24,000 22,000 10%
Part Qualifed Accountant 1-2 yrs exp 24-28,000 27,000 10%
Part Qualifed Accountant 2-3 yrs exp 28-35,000 32,000 10%
Newly Qualified Financial Accountant 40-50,000 48,000 15-20%
Newly Qualified Management Accountant 40-50,000 45,000 15-20%
Senior Financial Accountant 50-65,000 60,000 15-20%
System/Project Accountant 45-65,000 60,000 15-20%
Treasury Accountant 45-65,000 65,000 15-20%
Financial Analyst 1-2 yrs exp 40-50,000 45,000 15-20%
Senior Financial Analyst 50-65,000 60,000 15-20%
Internal Auditor 45-60,000 50,000 15-20%
Internal Audit Manager 55-75,000 65,000 20-30%
Payroll Administrator 18-26,000 22,000 10%
Payroll Manager 28-35,000 32,000 10-15%
Credit Controller 18-35,000 28,000 10-15%
Credit Control Manager 33-45,000 40,000 10-15%

Banking & Global Custody - Dublin
Remuneration packages across the banking sector have increased due to the candidate shortages which continue to dog this marketplace. Entry level salaries have risen by B2,000 from B20,000 whilst benefit provisions have also increased across the board. Banking professionals with settlements experience remain most in demand at all levels from administrators to supervisors and managers. Custody recruitment has also seen a marked increase over a number of months and candidates with 2-5 years of experience have been highly sought after. Many companies are trying to ease the large skills gap through graduate recruitment and tailored in-house training schemes.

Banking & Global Custody
  Range € Typical € Bonus €
Treasury  
Cash Management Administrator 1 yrs exp 22-24,000 23,000 0-5%
Cash Management Administrator 1-2 yrs exp 23-25,000 24,000 0-5%
Senior Administrator 1-2 yrs exp 24-27,000 25,000 0-5%
Senior Administrator 2-3 yrs exp 25-30,000 27,000 5-10%
Supervisor 3-4 yrs exp 30-45,000 38,000 5-15%
Manager 4-5 yrs exp 45-60,000 53,000 20%+
Head of Treasury 5 yrs+ exp 65,000+ N/A 20%+
Dealer up to 3 yrs exp 25-50,000 40,000 20%+
Senior Dealer 3-5 yrs exp 50-70,000 65,000 20%+
Senior Dealer 5-10 yrs exp 70-150,000 125,000 20%+
Director 10 yrs+ exp 150,000+ N/A 20%+
Middle Office
Middle Office Administrator up to 1 yrs exp 22-24,000 23,000 0-5%
Middle Office Administrator 1-2 yrs exp 23-25,000 24,000 0-5%
Middle Office Administrator 3-4 yrs exp 25-35,000 30,000 0-5%
Settlements Administrator up to 1 yrs exp 22-24,000 23,000 0-5%
Settlements Administrator 1-2 yrs exp 24-28,000 26,000 0-5%
Senior Administrator 2-3 yrs exp 28-32,000 30,000 5-10%
Supervisor 3-6 yrs exp 30-45,000 38,000 5-15%
Manager 5-7 yrs exp 45-55,000 50,000 20%+
Manager 7 yrs+ exp 60,000+ N/A 20%+
Director 10 yrs+ exp 80,000+ N/A 20%+
International Banking      
Payments Administrator up to 1 yrs exp 22-24,000 23,000 0-5%
Payments Administrator up to 1 yrs exp 23-27,000 25,000 0-5%
Payments Supervisor 3-5 yrs exp 25-35,000 30,000 5-10%
Payments Supervisor 5 yrs+ exp 35-45,000 40,000 5-10%
Letters of Credit up to 1 yrs exp 20-24,000 22,000 5-10%
Letters of Credit 1-3 yrs exp 22-26,000 24,000 5-10%
Letters of Credit 3-5 yrs exp 25-35,000 30,000 20%+
Manager 5-7 yrs exp 35-70,000 55,000 20%+
Custody
Administrator up to 1 yrs exp 22-24,000 23,000 0-5%
Administrator 1-3 yrs exp 23-30,000 26,000 0-5%
Senior Administrator 25-35,000 30,000 5-10%
Supervisor 30-40,000 35,000 5-15%
Manager 5-7 yrs+ exp 40-65,000 55,000 20%+
Director 7 yrs+ exp 65,000+ N/A 20%+

Compliance & Legal - Dublin
The introduction of the Irish Financial Services Regulatory Authority (IFRSA) has started to make its presence felt, with recruitment levels showing a definite increase. However, growth in this area is still within its infancy and interestingly there is a more significant increase in insurance than banking. The big issue within this sector remains the lack of professionals with experience. This is an area where the skill sets will have to grow to match the available vacancies. Mid management compliance professionals remain the hardest to source, especially at the B40,000 to B55,000 mark. Salaries are rising slowly but the increments remain quite small.

Compliance & Legal
  Range € Typical € Bonus €
Compliance  
Compliance Administrator up to 2 yrs exp 20-25,000 24,000 5-10%
Compliance Administrator 2-3 yrs exp 25-30,000 28,000 5-10%
Compliance Officer 3-5 yrs exp 35-55,000 50,000 10-15%
Compliance Manager 5-7 yrs exp 50-80,000 65,000 10-20%
Head of Compliance 7 yrs exp 80,000+ N/A Open
Legal Council/Solicitor Open N/A Open

Corporate Banking - Dublin
After last year’s relatively depressed market conditions the corporate banking sector is once again on the up. Confidence has returned to the sector and recruitment is increasing. There is a real need for corporate banking professionals with strong credit skills and private wealth banking knowledge, however, there is a significant skills shortage that even the rising salaries has done little to remedy.

Corporate Banking
  Range € Typical € Bonus €
Corporate Banking  
Credit/Loans Administration 2 yrs+ 22-30,000 27,000 5-10%
Credit Analyst 35-60,000 50,000 10-15%
Relationship Manager 50-100,000 70,000 15-20%
Risk Manager 50-90,000 75,000 15-20%
Private Wealth Manager 55,000+ N/A Open
Private Wealth Administrator 27-35,000 30,000 5-15%

Hedge Funds
Hedge fund companies remain an extremely popular choice with candidates - especially fund administration professionals. In fact Joslin Rowe research, conducted on candidates receiving multiple job offers, shows that almost 90% will opt for a hedge fund position over an investment management role. This has a lot to do with the willingness of many hedge funds to actively target those with a mutual funds background and offer training on the relevant products. The sheer volumes of recruitment within this burgeoning industry have necessitated a dedicated focus towards graduate hires in order to ease the inevitable candidate shortfall. For experienced candidates, the outlook is exceptionally strong with most high calibre funds professionals able to take their pick of the jobs. An increase in salaries is also apparent.

Hedge Funds
  Range € Typical € Bonus €
Hedge Funds  
Operations Manager 100,000+ N/A Open
Trade Administration 25-35,000 33,000 20%
Fund Administration 25-65,000 50,000 20%
Fund Analyst 30-55,000 45,000 20%
Performance Analyst 35-55,000 45,000 20%
Market Risk Analyst 30-60,000 50,000 20%
Senior Market Risk Analyst 60-80,000 70,000 Open
Quantitative Analyst 35-50,000 45,000 20%
Senior Quantitative Analyst 60-80,000 70,000 Open
Sales Executive 60-100,000+ 90,000 20%
Client Services 55,000+ N/A 20%
Compliance Officer 35-55,000 50,000 20%
Compliance Manager 50-70,000 65,000 20%
Execution Trader 25-40,000 35,000  

Insurance - Domestic Market
Over the last twelve months skilled compliance professionals have been highly sought after by the Dublin insurance sector. Salaries within this area have been driven to an all time high by a massive shortage of suitable candidates and many firms have adopted a “hire on skills rather than hire for the available position” approach. In other words, the top candidates have been snapped up and the original vacancy moulded around their experience level. There has also been a strong demand from brokers for account handlers and account executives which has pushed salaries upwards. Elsewhere recruitment levels have remained consistent across the domestic underwriting and claims market.

Insurance Domestic Market
  Range € Typical € Bonus €
Domestic Underwriting      
Underwriting Assistant 0-2 yrs exp 18-22,000 20,000 N/A
Underwriting Assistant 2-5 yrs exp 20-26,000 23,000 2-7%
Underwriter 0-2 yrs exp 23-27,000 24,000 N/A
Underwriter 2-5 yrs exp 27-40,000 32,000 2-7%
Underwriter 5 yrs+ 40-50,000 45,000 2-10%
Development Underwriter 0-2 yrs exp 40-45,000 45,000 2-10%
Development Underwriter 2-5 yrs exp 45-55,000 50,000 5-15%
Development Underwriter 5 yrs+ 55-65,000 55,000 5-15%
Senior Underwriter 0-2 yrs exp 45-50,000 45,000 5-10%
Senior Underwriter 2-5 yrs exp 50-60,000 50,000 5-10%
Senior Underwriter 5 yrs+ 60-70,000 65,000 5-10%
Manager 0-2 yrs exp 55-59,000 55,000 5-15%
Manager 2-5 yrs exp 60-65,000 60,000 5-15%
Manager 5 yrs+ 65-80,000 70,000 10-20%
Claims  
Claims Handler 0-2 yrs exp 20-24,000 22,000 N/A
Claims Handler 2-5 yrs exp 24-35,000 29,000 2-5%
Senior Claims 0-2 yrs exp 30-35,000 32,000 2-7%
Senior Claims 2-5 yrs exp 35-45,000 40,000 2-7%
Assistant Manager 35-50,000 45,000 5-10%
Manager 45-65,000 55,000 10-20%
Loss Adjusting 0-2 yrs exp 25-30,000 30,000 10-15%
Loss Adjusting 2-5 yrs exp 30-45,000 40,000 10-15%
Loss Adjusting 5 yrs+ 45-60,000 50,000 10-15%
Broking  
Account Handler/Broker 0-2 yrs exp 21-25,000 23,000 3-8%
Account Handler/Broker 2-5 yrs exp 25-35,000 32,000 3-8%
Account Handler/Broker 5 yrs+ 35-40,000 38,000 3-8%
Account Executive 0-2 yrs exp 40-45,000 44,000 3-10%
Account Executive 2-5 yrs exp 45-55,000 48,000 3-10%
Account Executive 5 yrs+ 55-65,000 58,000 3-10%
Business Development Executive 0-2 yrs exp 35-45,000 35,000 3-10%
Business Development Executive 2-5 yrs exp 45-60,000 45,000 3-10%
Business Development Executive 5 yrs+ 60,000+ N/A 3-10%
Personal Lines 0-2 yrs exp 18-25,000 23,000 2-5%
Personal Lines 2-5 yrs exp 25-30,000 28,000 2-5%
Personal Lines 5 yrs+ 30-35,000 32,000 2-5%
Personal Lines Manager0-2 yrs exp 30-40,000 38,000 5-10%
Personal Lines Manager 2-5 yrs exp 40-45,000 45,000 5-10%
Personal Lines Manager 5 yrs+ 50-55,000 50,000 5-10%
Claims Broking 0-2 yrs exp 20-25,000 23,000 5-10%
Claims Broking 2-5 yrs exp 25-35,000 29,000 5-10%
Claims Broking 5 yrs+ 35-45,000 38,000 5-10%

Insurance - IFSC
The demand for staff across all sectors has remained strong now for a number of years within the Insurance sector. There are no signs of this changing. Whilst the number of Underwriting companies has not seen a significant rise, the types of roles they are now looking to fill has increased, Compliance being one such example. We are seeing an increase in the number of new companies within the Captive sector. These tend to be specialist Captives that are being used by a wide variety of Financial Institutions. Accountants remain in very high demand, however the Industry is not attracting as many newly qualifieds as the Banking sector. Casualty, Financial Lines and Captive Executives still remain the most sought after and jobs are still being created for people who can add value to a business. Two other areas where we are seeing a steady demand for personnel are Senior Claims and Part-Time General Managers. The regulator is influencing this we believe. Companies appear very positive about market conditions and are expecting to continue to grow their operations here. Despite the overall skill shortage, many believe it is getting a little easier each year. This we believe is down to the additional people that join the industry thus increasing the number of people within the market and the growing levels of expertise.

Insurance IFSC
  Range € Typical € Bonus €
IFSC  
Reinsurance Underwriter 0-2 yrs exp 24-35,000 30,000 5-10%
Reinsurance Underwriter 2-5 yrs exp 40-65,000 60,000 10-15%
Reinsurance Underwriter 5 yrs+ 65-100,000 N/A 15-25%
Senior Reinsurance Underwriter 100-180,000 N/A Open
Reinsurance Executive 0-2 yrs exp 24-35,000 30,000 5-10%
Reinsurance Executive 2-5 yrs exp 35-50,000 45,000 10-15%
Reinsurance Executive 5 yrs+ 45-65,000 55,000 15-20%
Captive Executive 0-2 yrs exp 24-35,000 30,000 5-10%
Captive Executive 2-5 yrs exp 35-60,000 50,000 10-15%
Senior Captive Executive 5 yrs+ 65-85,000 70,000 15-20%
Captive Manager/General Manager 90-140,000 110,000 Open
Qualified Accountant 3 yrs+ 60-80,000 70,000 15-25%
Compliance Manager 50-80,000 65,000 15-25%
Claims Manager 65-85,000 75,000 15-25%

Investment Management
The last six months have been characterised by the enormous demand for fund administration and fund accounting professionals. Indeed, the inevitable shortfall of candidates has resulted in companies hiring graduates and training them up into the roles in-house. There has also been a real increase in the number of shareholder services and transfer agency vacancies available in the marketplace compared to job volume records from early 2005. Job seekers with the right skill sets have generally found themselves with multiple job offers at the end of the recruitment process within this area. Investment management firms are, however, trying to compete with the hedge funds industry for talent and if they are to succeed salaries will need to rise to match hedge fund levels.
 

Investment Management
  Range € Typical € Bonus €
Fund Administration  
Administrator up to 1 yrs exp 23-28,000 26,000 5-15%
Administrator 1-2 yrs exp 27-35,000 32,000 5-15%
Senior Administrator 2-3 yrs exp 30-38,000 35,000 5-15%
Supervisor 3-5 yrs exp 38-50,000 46,000 5-15%
Manager 5-7 yrs exp 50-70,000 65,000 20%+
Manager 7 yrs+ exp 70,000+ N/A 20%+
Fund Accountant  
Administrator up to 1 yrs exp 23-26,000 25,000 5-15%
Administrator 1-2 yrs exp 26-30,000 29,000 5-15%
Senior Administrator 2-3 yrs exp 28-35,000 33,000 5-15%
Senior Administrator 3-5 yrs exp 35-42,000 40,000 5-15%
Supervisor 5-7 yrs exp 40-60,000 55,000 5-15%
Manager 7 yrs+ exp 60-75,000 70,000 20%+
Director 10 yrs+ exp 75-120,000+ 110,000 20%+
Data Management  
Administrator up to 1 yrs exp 22-24,000 24,000 5-15%
Administrator 1-2 yrs exp 23-26,000 26,000 5-15%
Administrator 2-3 yrs exp 25-28,000 27,000 5-15%
Senior Administrator 28-33,000 32,000 5-15%
Supervisor 33-45,000 42,000 5-15%
Manager 40-60,000 55,000 20%+
Senior Manager/Director 10 yrs+ exp 60-80,000 75,000 20%+
Transfer Agency    
Administrator up to 1 yrs exp 22-25,000 24,000 5-15%
Administrator 1-3 yrs exp 24-30,000 28,000 5-15%
Senior Administrator 2-3 yrs exp 26-33,000 31,000 5-15%
Supervisor 3-5 yrs exp 30-45,000 40,000 5-15%
Manager 5-7 yrs exp 45-70,000 60,000 20%+
Director 7 yrs+ exp 70,000+ N/A 20%+
Trustee      
Administrator up to 1 yrs exp 22-24,000 24,000 5-15%
Administrator 1-3 yrs exp 23-30,000 28,000 5-15%
Senior Administrator 3-5 yrs exp 30-45,000 40,000 5-15%
Manager 5-7 yrs+ exp 45-70,000 55,000 20%+
Director 7 yrs+ exp 70,000+ N/A 20%+
Custody      
Administrator up to 1 yrs exp 22-24,000 24,000 5-15%
Administrator 1-3 yrs exp 23-30,000 28,000 5-15%
Senior Administrator 25-35,000 31,000 5-15%
Supervisor 3-5 yrs exp 30-40,000 36,000 5-15%
Manager 5-7 yrs+ exp 40-65,000 55,000 20%+
Director 7 yrs+ exp 65,000+ N/A 20%+

Life & Pensions
Recruitment within the life and employee benefits market in Ireland has remained extremely busy, especially across Pensions, Mortgages and Compliance positions. Group Pension professionals and Life Underwriters have been highly sought after and as a consequence some Life Underwriters, especially those with the ACII qualification and 3 years plus experience, have seen their salaries increase by between 25% and 30%. Part qualified actuaries with a few year’s experience have also seen their salaries escalate as companies move to retain these valuable employees. Looking forward to the next six months a rise in recruitment levels across the Pensions environment is inevitable as companies Group Pension schemes and Group PRSA schemes continue to expand - a knock on effect on salaries in this area should also be expected.

Life & Pensions
  Range € Typical € Bonus €
Customer Services  
Life Administrator 20-30,000 24,000 3.5% - 9%
Senior Administrator 28-40,000 32,000 3.5% - 9%
Technical Services 32-40,000 36,000 3.5% - 9%
Team Leader 30-45,000 40,000 3.5% - 9%
Claims Administrator 20-35,000 28,000 3.5% - 9%
Customer Service/Operations Manager 55-75,000 65,000 Open
Call Centre Consultant 20-28,000 25,000 3.5% - 9%
Business Specialist 35-47,000 41,000 3.5% - 9%
Customer Services/Client Services Team Member 20-30,000 26,000 3.5% - 9%
Pensions  
Pension Administrator 20-30,000 25,000 3.5% - 9%
Pensions/Employee Benefits Consultant 40-70,000 50,000 3.5% - 9%
Pensions Manager 50-70,000 60,000 3.5% - 9%
Senior Pensions Administrator 30-40,000 34,500 3.5% - 9%
Underwriting      
Life Underwriter 30-60,000 38,000 3.5% - 9%
Initial Underwriter 25-35,000 29,000 3.5% - 9%
Domestic Underwriting  
Underwriter 35-55,000 45,000 3.5% - 9%
Mortgages      
Mortgage Administrator 20-30,000 25,000 3.5% - 9%
Mortgage Underwriter 25-35,000 32,500 3.5% - 9%
Mortgage Sales Consultant 23-34,000 27,500 Open
Compliance      
Compliance Officer 30-60,000 45,000 3.5% - 9%
Compliance Manager 55-75,000 60,000 3.5% - 9%
Sales      
Sales Support 25-35,000 29,000 3.5% - 9%
Sales Consultant 26-45,000 30,000 Open
Actuarial      
Actuary (part qualified) 35-50,000 40,000 3.5% - 9%
Actuary (qualified) Open N/A 3.5% - 9%
Actuary Student 20-30,000 25,000 3.5% - 9%
Accountancy      
Accounts Assistant 20-28,000 24,000 3.5% - 9%
Accountant (part qualified) 25-35,000 32,000 3.5% - 9%
Accountant (qualified) 45,000+ N/A 3.5% - 9%

Stockbroking
Against a strong back office and securities lending environment demand for stockbroking professionals has increased significantly on early 2005 levels and looks set to continue for the remainder of the year and into 2006. Candidates with reconciliations and settlements experience are highly sought after, especially at the second jobber level or those with two to three years experience. As a consequence salaries have generally increased across the board although graduate remuneration packages have remained at 2004 rates.
 

Stockbroking
  Range € Typical € Bonus €
Stockbroking  
Settlements Administrator up to 1 yrs exp 22-25,000 24,000 8-15%
Settlements Administrator 1-3 yrs exp 25-30,000 28,000 8-15%
Manager 2-5 yrs exp 40-55,000 50,000 8-15%
Private Client Dealer 50,000+ N/A 8-15%
Portfolio Manager 3 yrs+ 50,000+ N/A 8-15%
Listing Executive 0-2 yrs exp 27-40,000 35,000 8-15%
Listing Executive 2 yrs+ 40,000+ N/A 8-15%
Reconciliations Administrator 0-2 yrs exp 20-25,000 24,000 8-15%
Reconciliations Administrator 2-5 yrs exp 25-35,000 30,000 8-15%

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