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BANKING & FINANCIAL SERVICES SALARY GUIDE | UAE 2014

CONTENTS
MANAGING DIRECTORS LETTER

BANKING & FINANCIAL SERVICES

INVESTMENT BANKING & PRIVATE EQUITY

ASSET MANAGEMENT

CORPORATE & RETAIL BANKING

RISK & COMPLIANCE

FINANCE & OPERATIONS

GLOBAL MARKETS & TREASURY

10

UNDERSTANDING THIS GUIDE

11

TALK TO US

12

MANAGING
DIRECTORS
LETTER.

Welcome to Morgan
McKinleys UAE Salary
Guide 2014.

This guide provides insights into salary trends in key


disciplines and professional communities within the
Gulf Cooperation Council (GCC) region, based on
what we have observed over the past year, together
with a compilation of hard facts and figures on gross
salaries.

Morgan McKinleys UAE operation is focused on


sourcing talent for mid-management and senior roles
for Banking & Financial Services, Accountancy &
Finance, Energy, Sales & Marketing ,Supply Chain,
Manufacturing, Construction, and Office Support
throughout the GCC.
The GCC is one of the most economically dynamic
regions in the world, with the UAE leading the way
across the Gulf region and this is very much reflected
in the buoyancy of the recruitment market and the
resultant hiring trends.
In our last report we reported that reverberations from
the Eurozone crisis led to a subdued recruitment drive
among UAE-based multinationals in 2012 but
commented that there were signs of returning
confidence. We predicted an upward trend.

Dubai, with the other Emirates, is the employment hub for the
region, with rising levels of demand for consumer goods driving
demand for more Sales & Marketing and Supply Chain
professionals across the Gulf region. Rising levels of demand
within both the green and traditional energy sectors also mean
a growth in opportunities for Power Generation professionals.
Inward and local investment in sectors such as FMCG,
packaging and chemicals is creating demand for Manufacturing
professionals, especially those with knowledge of techniques
such as Six Sigma, as well as Accountants.
With many new projects announced recently, there is a
significant demand for professionals in the Construction and Oil
& Gas industries, with Iraq particularly short of oil industry
specialists.
With the three main credit ratings agencies improving their
ratings, the high level of business activity and improvements in
balance sheets and liquidity, confidence is high in the Banking
& Financial Services sector.
In 2014 we expect to see an increase of 8% to 10% in the
number of job opportunities across all industry sectors and
salaries rising in the range 6% to 8%. Less easy to predict is
the change in the cost of living over the coming years, although
it is safe to say that in many countries the only way is up,
putting pressure on employers and presenting candidates with
some tough choices. However, Morgan McKinley will as ever
be well placed to advise on important issues such as local
accommodation and schooling.
We hope you find the insights presented in this report
interesting and useful, and welcome any feedback.
Trefor Murphy
Managing Director | UAE

Results from 2013 have vindicated this positive


outlook.

T: +971 (0)4 352 2506

The UAE returned to growth in 2013 and this growth


looks certain to accelerate in 2014, with a renewed
focus on the infrastructure, tourism and construction
sectors, especially in light of the news that Dubai will
host Expo 2020.

Morgan McKinley has spent the past 16 years recruiting


mid to senior professionals in the GCC market.

tmurphy@morganmckinley.ae

BANKING & FINANCIAL


SERVICES
INVESTMENT BANKING & PRIVATE EQUITY | ASSET MANAGEMENT |
CORPORATE & RETAIL BANKING | RISK & COMPLIANCE | WEALTH
MANAGEMENT & PRIVATE BANKING

BANKING & FINANCIAL SERVICES

HIRING TRENDS

THE MARKET

SALARY & COMPENSATION TRENDS

2013 was an interesting year as far as


hiring trends are concerned. Although
there have been significant growth
indicators, many banks have been
focused on corporate governance, with
large players aiming to protect
themselves against heavy fines from
regulators. There continues to be a need
to improve enterprise risk management,
internal controls and reporting and we
expect this trend to continue throughout
2014.

Foreign funds are flooding back to the


UAEs stock markets, with inflows more
than trebling so far this year, as
positive Expo 2020 sentiment fuels
overseas interest.

2014 basic salaries are set to increase


between by around 6-8% with most
institutions recognising an increase in
living costs fuelled mainly by rising rents,
and with the market conditions improving
banks are keen to retain their best talent.

The growth in global Islamic finance also


looks set to continue, with global Islamic
commercial banking assets forecast to
exceed $2 trillion by 2014, according to
the World Islamic Economic Forum
(WIEF).
WIEF said the strong growth in Islamic
finance over the past decade had been
driven by innovations in the number and
range of Islamic financial products
available across the Middle East, Europe
and Asia, while increased interest in
Shariah-compliant banking would also
support this growth.

Foreign institutional investors have


bought US$718.9 million worth of UAE
shares, up from $202.97m in the same
period last year.
2013 has been a recovery year; Dubais
bid for the Expo 2020 has played a big
role in the optimism in the market.
The MSCI in June announced it will
upgrade the UAE, and its three bourses,
to an emerging market in May 2014. The
index compiler, whose indexes are
tracked by investors with about $7 trillion
in assets, previously classified the
country as a frontier market.
The Abu Dhabi Securities
Exchange General Index has risen
45.6% so far this year, while the Dubai
Financial Market General Index has
surged 78.1% in the same period,
Bloomberg data shows.

Overall 2014 will see an increase in


hiring and jobs created in the region and
this will also have the effect of increasing
salaries.
Banks are flush with liquidity post-crisis
and have been eager to lend. This has
created a demand for corporate bankers
who have a strong network, with a
specific focus on areas such as project
finance, structured and trade finance.
2013 also saw some high profile hires
with Shayne Nelson starting as the new
CEO at Emirates NBD from Standard
Chartered Bank and Alex Thursday
coming to NBAD as CEO from ANZ
Bank. This should bring in a new era for
both banks and we have already seen
some changes take hold. These are
ones to watch in 2014!

It added that Islamic banking assets in


the Gulf Cooperation Council (GCC)
region are expected to surpass $130
billion by end of the year.
4

BANKING & FINANCIAL SERVICES


INVESTMENT BANKING & PRIVATE EQUITY

GROSS SALARIES (AED PER MONTH)


0-3 years
experience

3-5 years
experience

5-8 years
experience

8+ years

Analyst

18,000 - 25,000

25,000 - 35,000

Associate

35,000 - 50,000

Corporate Finance Manager

45,000 - 55,000

55,000 - 65,000

65,000 - 75,000

75,000 +

Corporate Finance Director

65,000 - 75,000

75,000 - 85,000

85,000 - 95,000

95,000 - 110,000

Head of Corporate Finance

85,000 - 95,000

95,000 - 110,000

110,000 - 130,000

130,000 - 150,000

Director of Debt Capital Markets

75,000 - 85,000

85,000 - 95,000

95,000 - 110,000

110,000 - 130,000

Head of Debt Capital Markets

85,000 - 95,000

95,000 - 110,000

110,000 - 130,000

130,000 - 150,000

Director of Equity Capital Markets

75,000 - 85,000

85,000 - 95,000

95,000 - 110,000

110,000 - 130,000

Head of Equity Capital Markets

85,000 - 95,000

95,000 - 110,000

110,000 - 130,000

130,000 - 150,000

Principal Private Equity

85,000 - 95,000

95,000 - 110,000

110,000 - 130,000

130,000 - 150,000

Role:

BANKING & FINANCIAL SERVICES


ASSET MANAGEMENT

GROSS SALARIES (AED PER MONTH)


0-3 years
experience

3-5 years
experience

5-8 years
experience

8+ years

Fund Manager

40,000 - 50,000

50,000 - 60,000

60,000 - 75,000

70,000 +

Asset / Portfolio Manager

40,000 - 50,000

50,000 - 60,000

60,000 - 75,000

70,000 +

Fund / Portfolio Managers Assistant

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 40,000 +

Performance Analyst

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 40,000 +

Trade Support

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 +

Derivatives Analyst

15,000 - 20,000

20,000 - 25,000

25,000 - 30,000

35,000 +

Middle Office Analyst

15,000 - 20,000

20,000 - 25,000

25,000 - 30,000

35,000 +

Back Office Analyst

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 +

Role:

BANKING & FINANCIAL SERVICES


CORPORATE & RETAIL BANKING

GROSS SALARIES (AED PER MONTH)


0-3 years
experience

3-5 years
experience

5-8 years
experience

8+ years

Relationship Manager

20,000 - 25,000

25,000 - 30,000

30,000 +

Relationship Director

35,000 - 40,000

45,000 - 50,000

55, 000 - 60,000

60,000 +

Head of Corporate Banking

65,000 - 75,000

75,000 - 85,000

85,000 - 95,000

95,000 +

Head of Wholesale Banking

80,000 - 90,000

90,000 110,000

110,000 - 140,000

140, 000 +

Head of Restructuring and Remedial

65,000 - 75,000

75,000 - 85,000

85,000 - 90,000

90,000 +

Head of Collections & Recovery

50,000 - 55,000

55, 000 - 60,000

65,000 - 70,000

70,000 +

Head of GTB

60,000 - 70,000

70,000 - 80,000

80,000 - 90,000

90,000 +

Product Management

40,000 - 50,000

50,000 - 60,000

60,000 - 65,000

65,000 +

Head of Retail Banking

75,000 - 85,000

85,000 - 95,000

95,000 - 110,000

110,000 +

Head of Branches

45,000 - 55,000

55,000 - 65,000

65,000 - 75,000

75,000 +

Head of Assets/ Liabilities

45,000 - 55,000

55,000 - 65,000

65,000 - 75,000

75,000 +

Head of Direct Sales

50,000 - 60,000

60,000 - 70,000

70,000 - 80,000

80,000 +

Head of Alternate Channels

50,000 - 60,000

60,000 - 70,000

70,000 - 80,000

80,000 +

Head of Performance Management

50,000 - 60,000

60,000 - 70,000

70,000 - 80,000

80,000 +

Role:

BANKING & FINANCIAL SERVICES


RISK & COMPLIANCE
GROSS SALARIES (AED PER MONTH)
0-3 years
experience

3-5 years
experience

5-8 years
experience

8+ years

Head of Compliance

60,000 - 80,000

70,000 - 90,000

75,000 - 95,000

80,000 - 140,000

Compliance Manager

28,000 - 36,000

36,000 - 45,000

38,000 - 48,000

48,000 - 65,000

Compliance Officer

14,000 - 20,000

18,000 - 28,000

28,000 - 35,000

35,000 - 50,000

Head of Credit Risk

55,000 - 70,000

60,000 - 70,000

70,000 - 80,000

80,000 - 90,000

Credit Risk Manager

30,000 - 40,000

40,000 - 48,000

48,000 - 55,000

55,000 - 65,000

Credit Risk Officer

14,000 - 19,000

20 ,000- 28,000

28,000 - 34,000

35,000- 45,000

Head of Market Risk

55,000 - 70,000

65 ,000- 75,000

75,000 - 85,000

85,000 - 120,000

Market Risk Manager

35,000 - 48,000

48,000 - 55,000

55,000 - 65,000

65,000- 70,000

Market Risk Officer

14,000 - 20,000

20,000 - 25,000

26,000 - 30,000

30,000 - 38,000

Head of Quantitative Risk

50,000 - 60,000

60,000 - 65,000

65,000 - 70,000

70,000 - 90,000

Quantitative Risk Manager

30,000 - 38,000

38,000 - 45,000

45,000 - 50,000

50,000 - 60,000

Quantitative Officer

14,000 - 18,000

18,000 - 22,000

22,000 - 26,000

26,000- 30,000

Head of Risk Analytics

45,000 - 50,000

50,000 - 55,000

60,000 - 65,000

65,000 - 75,000

Risk Analytics Manager

22,000 - 28,000

28,000 - 32,000

32,000 - 35,000

35,000 - 45,000

Risk Analytics Officer

12,000 - 15,000

15,000 - 18,000

18,000 - 22,000

22,000 - 25,000

Head of Enterprise Risk Management (ERM)

40,000 - 50,000

50,000 - 60,000

60 ,000- 70,000

70,000 - 95,000

Enterprise Risk Management (ERM) Manager

22,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 40,000

Enterprise Risk Management (ERM) Officer

12,000 - 15,000

15,000 - 17,000

17,000 - 20,000

20,000 - 22,000

Role:

BANKING & FINANCIAL SERVICES.


FINANCE & OPERATIONS

GROSS SALARIES (AED PER MONTH)


0-3 years
experience

3-5 years
experience

5-8 years
experience

8+ years

75,000 - 85,000

85,000 - 95,000

95,000 - 110,000

110,000 +

95,000 - 100,000

100,000 - 110,000

110,000 - 130,000

130,000 +

Head of Finance

65,000 - 75,000

75,000 - 85,000

85,000 - 95,000

95,000 +

Head of MIS (Management Information Systems)& Reporting

45,000 - 55,000

55,000 - 65,000

65,000 - 75,000

75,000 +

Management Accountant

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 - 35,000

Regulatory Reporting

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 - 35,000

Financial Accountant

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 - 35,000

Business Analyst / Business Manager

15,000 - 20,000

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

Product Controller

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 45,000

Head of Product Control

55,000 - 65,000

65,000 - 75,000

75,000 - 85,000

85,000 +

Fund Accountant Qualified

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 45,000

Head of Fund Admin / Head of Accounting

55,000 - 65,000

65,000 - 75,000

75,000 - 85,000

85,000 +

Head of Custody

55,000 - 65,000

65,000 - 75,000

75,000 - 85,000

85,000 +

Head of Internal Audit

55,000 - 65,000

65,000 - 75,000

75,000 - 85,000

85,000 +

Internal Audit Manager

20,000 - 25,000

25,000 - 35,000

35,000 - 45,000

45,000 - 55,000

Role:
Chief Operating Officer (COO) of Finance & Operations
Chief Finance Officer (CFO) of Finance & Operations

BANKING & FINANCIAL SERVICES


GLOBAL MARKETS & TREASURY

GROSS SALARIES (AED PER MONTH)


0-3 years
experience

3-5 years
experience

5-8 years
experience

8+ years

Head of Treasury & Global Markets

85,000 - 95,000

95,000 - 110,000

110,000 - 120,000

120,000 +

Chief Dealer

65,000 - 75,000

75,000 - 85,000

85,000 - 95,000

95,000 +

Senior Dealer

35,000 - 45,000

45,000 - 55,000

55,000 - 65,000

65,000 +

Junior Dealer

15,000 - 20,000

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

Head of FX / Equity / FI / IR

65,000 - 75,000

75,000 - 85,000

85,000 - 95,000

95,000 +

FX Sales

15,000 - 20,000

20,000 - 30,000

30,000 - 40,000

40,000 - 50,000 +

Equity Sales

15,000 - 20,000

20,000 - 30,000

30,000 - 40,000

40,000 - 50,000 +

Fixed Income Sales

15,000 - 20,000

20,000 - 30,000

30,000 - 40,000

Structurer/ Derivatives

15,000 - 20,000

20,000 - 30,000

30,000 - 40,000

40,000 - 55,000

Research Analyst

15,000 - 20,000

20,000 - 30,000

20,000 - 40,000

40,000 - 55,000

Head of Research

55,000 - 65,000

65,000 - 75,000

75,000 - 85,000

85,000 +

Role:

10

SALARY GUIDE | UAE 2014


UNDERSTANDING THIS GUIDE

METHODOLOGY:
The salary information provided in this guide has
been compiled by dedicated researchers across
Morgan McKinleys banking & financial services
division. Our researchers are in regular contact
with both employers and candidates across these
sectors in the UAE.

Please note, the information presented in this


document should be used as a general guide only.
Where number of years experience is mentioned, it
is only to give an approximate framework in which to
gauge what a typical professional is likely to earn
with the level of experience shown.

SALARY DATA:

In order to match candidates to the right career


opportunity for them, Morgan McKinley assesses
individuals on all their skills and abilities when
deciding on their suitability for roles with our clients.

The salary ranges in this guide are indications of


what individuals with similar experience might
expect to earn in new roles in 2014. This salary
data is based on placements made during the
last six months, as well as the specialist
knowledge of Morgan McKinleys consultants.

Finally, the gross salary is quoted which is defined


as the total gross salary paid each month not
including bonus payments, guaranteed or otherwise.
FURTHER INFORMATION:
For more specific salary or hiring information, please
visit www.morganmckinley.ae or contact your
Morgan McKinley consultant directly.

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Visit www.morganmckinley.ae for more information

2014 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction
of this material is strictly prohibited.

11

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