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USA Salary Survey 2012
USA Salary Survey 2012
USA Salary Survey 2012
USA
remained relatively stagnant that when recruitment activity
in 2011, with the unemployment did increase during the second
rate around 9% for the majority quarter, it was apparent that many
of the year. Although the year high quality candidates were
began slowly in terms of more receptive to switching
recruitment, we experienced jobs than at any point for several
increased levels of activity in years. This clearly demonstrated
quarter two. However, increased just how quickly the recruitment
uncertainty in the market led to market can recover with a
reduced hiring levels and limited favourable change in economic
salary growth during the second conditions.
half of the year. Many companies
were reluctant to create new In terms of an outlook, we remain
positions and the majority of optimistic that business spending
roles released to the market and hiring will increase in 2012
were predominantly replacement and that job volumes will also rise.
hires for critical positions. However, this anticipated slight
improvement in labour market
conditions is unlikely to impact
salary levels initially and we
expect these to remain stable
for the foreseeable future.
NEW�YORK
ACCOUNTING�&�FINANCE
COMMERCE�&�INDUSTRY
Our�commerce�division�recruits�permanent As�a�result�of�low�interest�rates�and�favourable growth,�which�in�turn�resulted�in�high�demand
accounting�and�finance�professionals. exchange�rates,�we�witnessed�a�number�of for�internal�audit�and�SOX�compliance
We�focus�on�a�wide�range�of�financial European�and�Asia�Pacific�based�businesses professionals.
professionals�from�junior�accountants�to invest�in�the�United�States�as�they�moved�to
finance�directors,�controllers�and�chief increase�market�share�and�expand�their�global Salaries�remained�steady�in�2011�as
financial�officers.�Our�team�consists�of presence.�This�led�to�increased�hiring�as�these businesses�were�reluctant�to�increase
specialist�recruitment�professionals�who businesses�began�to�develop�their�corporate compensation�levels�in�an�uncertain�market.
ACCOUNTING�&�FINANCE�-�COMMERCE�&�INDUSTRY
ACCOUNTING�&�FINANCE�-�COMMERCE�&�INDUSTRY
focus�on�various�industry�sectors�including: infrastructure�in�the�US.
retail,�consumer�packaged�goods,�media, Outlook�for�2012
advertising,�pharmaceutical�and�manufacturing Although�hiring�activity�varied�across We�anticipate�a�slight�increase�in�hiring
companies.�Our�client�base�consists�of industry�sectors�in�2011,�employers�typically levels�in�2012�as�businesses�begin�to�drive
publicly�traded�blue-chip�Fortune�500 concentrated�on�making�strategic�hires�with strategic�growth�initiatives�and�the�demand�for
companies,�leading�global�corporations industry�experience�and�technical�expertise. technical�accounting�and�audit�professionals
and�their�subsidiaries,�as�well�as�small�and will�continue.�As�businesses�seek�to�grow�in
medium-sized�enterprises�and�boutique�firms. We�also�saw�a�resurgence�in�specialist�finance a�challenging�economy,�we�predict�a�slight
and�accounting�roles,�after�businesses�had increase�in�demand�for�strategic�finance
Market�Overview recruited�for�hybrid�roles�in�2010�because�of professionals�to�assist�with�the�planning
Despite�an�uncertain�economy�and�a headcount�restrictions. and�facilitation�of�this�growth,�but�little�to�no
challenging�business�climate,�we�saw�pockets change�in�salaries�for�the�year.
of�activity�in�the�recruitment�market�in�2011.�In The�demand�for�CPA-qualified�accountants
particular,�the�wholsesale,�retail�and�consumer and�strategic�finance�professionals�was�strong
products�sector�was�relatively�unaffected�and as�companies�positioned�themselves�for�future
we�saw�strong�hiring�demand�from�businesses growth.�Organisations�focused�on�internal
in�these�areas. controls�and�processes�to�underpin�this
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2011 2012
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
157 Robert�Walters�Global�Salary�Survey�2012
NEW�YORK
NEW�YORK
NEW�YORK
ACCOUNTING�&�FINANCE
BANKING�&�FINANCIAL�SERVICES
Our�banking�&�financial�services�team Many�institutions�sought�to�fill�roles�internally talent�decreased,�resulting�in�only�marginal
specialises�in�placing�candidates�in before�considering�an�external�hire. salary�increases.�Redundancies�and
accounting,�finance�and�risk�management Compensation�structures�offered�to�new�hires restructuring�in�many�financial�services�firms
roles�on�a�permanent�basis.�We�provide was�based�on�the�candidate’s�technical�fit led�to�a�saturation�of�available�qualified
recruitment�solutions�for�financial�services and�long-term�prospects�rather�than�existing candidates�on�the�market,�further�stagnating
institutions�operating�in�all�areas�of�banking, market�rates. hiring�activity�and�salaries.
brokerage,�asset�management�and�capital
ACCOUNTING�&�FINANCE�-�BANKING�&�FINANCIAL�SERVICES
ACCOUNTING�&�FINANCE�-�BANKING�&�FINANCIAL�SERVICES
markets. We�saw�only�minor�changes�in�middle�office Outlook�for�2012
salaries�during�2011�as�hiring�in�this�area We�do�not�anticipate�seeing�hiring�activity
Market�Overview was�minimal.�Base�salary�adjustments for�senior�middle�office�roles�in�2012�until
Salaries�in�the�banking�and�financial�services took�place�in�2010�when�most�of�the confidence�is�regained�in�the�financial�sector.
sector�remained�steady�in�2011.�This�was bulge-bracket�firms�sought�to�offset�the�lower Overall�salaries�are�likely�to�remain�consistent
a�result�of�decreased�revenues�in�financial than�expected�bonus�pools.�With�many�firms with�2011�levels.
services�firms,�a�lack�of�candidate�movement offshoring�several�middle�office�roles�(such�as
and�the�increased�offshoring�of�positions�to reconciliations,�settlement�and�documentation)
various�locations�in�Asia�and�India. to�lower�cost�centre�areas,�the�demand�for
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2011 2012
Accounting,�Control�&�Audit
Chief�Financial�Officer $250�-�450k $235�-�425k
Finance�Director $150�-�350k $140�-�325k
Taxation�Manager�-�Senior�Vice�President $160�-�200k $155�-�185k
Taxation�Manager�-�Pricing�Vice�President $110�-�140k $105�-�135k
Controller�-�Senior�Vice�President $190�-�400k $180�-�350k
Controller/Deputy�-�Vice�President $145�-�200k $135�-�175k
Auditor�Chief�-�Senior�Vice�President $150�-�250k $140�-�225k
Auditor�Chief�-�Vice�President $85�-�135k $85�-�135k
Financial�Analyst�-�Senior $85�-�150k $75�-�140k
Product�Control/Middle�Office
Head�of�Product�Control $225�-�450k $200�-�350k
Product�Control/Pricing�Senior�Vice�President $175�-�275k $175�-�275k
Product�Control/Pricing�Vice�President $145�-�225k $125�-�200k
Product�Control/Pricing�Associate/Assistant�Vice�President $80�-�120k $75�-�120k
Head�of�Middle�Office $250�-�435k $250�-�350k
Senior�Vice�President�Middle�Office $175�-�275k $175�-�275k
Vice�President�Middle�Office $125�-�215k $115�-�175k
Associate/Assistant�Vice�President�Middle�Office $80�-�115k $75�-�110k
Vice�President�Project�Manager $135�-�175k $125�-�175k
Vice�President�Business�Analyst $135�-�175k $125�-�165k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
Robert�Walters�Global�Salary�Survey�2012 158
NEW�YORK
NEW�YORK
NEW�YORK
BANKING�OPERATIONS
BANKING�OPERATIONS
States;�however,�we�saw�a�number�of�buy�side business�analysts.
Market�Overview firms�take�advantage�of�the�unusual�number
We�witnessed�a�slow�start�to�2011�as�many of�quality�candidates�available�in�the�market
of�the�larger�organisations�shifted�their�focus towards�the�end�of�quarter�three.
towards�offshoring�and�nearshoring�the
majority�of�their�core�operational�functions Project�and�change�professionals�remained
to�Asia�and�remote�US�locations�in�2010. in�demand�throughout�the�year�as�companies
The�end�of�quarter�two�saw�an�increase�in continued�to�review�cost-saving�initiatives
demand�for�both�project�management�and for�2012.�Salaries�for�typical�trade�support
change�management�professionals�at�several and�settlement�hires�remained�consistent
bulge-bracket�firms. throughout�the�year.
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2011 2012
Operations
Chief�Operating�Officer,�Domestic�-�Senior�Vice�President $185�-�300k $165�-�280k
Money�Market�Operations�Manager�-�Vice�President $100�-�125k $100�-�125k
Treasury�Operations�Manager,�Capital�Markets�-�Vice�President $90�-�165k $110�-�140k
Lending/Credit�-�Department�Manager/Officer�-�Vice�President $80�-�165k $100�-�150k
SVP,�VP�&�Associate,�Cross-Product�Settlements $55�-�150k $65�-�150k
SVP,�VP�&�Associate,�Corporate�Actions,�Fixed�Income�&�Equity $60�-�150k $70�-�150k
SVP,�VP,�Associate,�Foreign�Exchange�&�Money�Market�Core�Operations $60�-�175k $60�-�150k
Prince�2,�Six�Sigma�Project�Management�&�Business�Analysis $150�-�250k $120�-�250k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
159 Robert�Walters�Global�Salary�Survey�2012
NEW�YORK
NEW�YORK
NEW�YORK
LEGAL�&�COMPLIANCE
LEGAL�&�COMPLIANCE
Many�firms�looked�to�add�mid-level to�reduce�external�counsel�costs.�Law�firms
Market�Overview associates.�This�was�especially�apparent�in will�look�to�hire�attorneys�who�add�value�to
Legal�-�Financial�Services corporate/transactional�law,�litigation�and practices�remaining�in�demand�by�clients.
We�saw�an�increase�in�the�hiring�of�in-house bankruptcy.�Intellectual�property�attorneys
attorneys�and�paralegals�in�2011�as with�hard�science�backgrounds�were�highly Salaries�stagnated�within�most�law�firms�and
organisations�expanded�their�legal�teams sought-after.�Regulatory�practice�continued�to for�the�majority�of�in-house�legal�officers.
grow�to�meet�increased�hedge�fund�demand We�do�not�anticipate�significant�changes�in
The�increasingly�competitive�partnership�track for�Securities�and�Exchange�Commission either�base�earnings�or�overall�remuneration
at�law�firms�ensured�that�attorneys�remained (SEC)�registration. packages�until�the�economy�improves.
receptive�to�in-house�roles.�Corporate�and
finance�attorneys�were�the�most�sought-after, Compliance Compliance
with�a�small�increase�in�demand�for�litigation Financial�institutions�placed�significant The�demand�for�compliance�officers�will
specialists.�With�Dodd-Frank�regulations emphasis�on�their�compliance�programmes remain�high�as�regulations�under�the
pending,�there�was�significant�demand�for as�a�result�of�the�Dodd-Frank�Act.�Financial Dodd-Frank�Act�are�introduced.�As�financial
specialists�in�the�United�States,�specifically�in reforms�elevated�the�importance�of institutions�are�operating�under�lean�resources,
the�New�York�area. compliance�officers�within�an�organisation�and significant�increases�in�the�salaries�of
they�became�an�integral�part�of�the�decision compliance�officers�are�unlikely.
We�witnessed�a�shortage�of�highly�skilled making�process�as�a�result.
lawyers�-�Dodd-Frank�experts�in�particular Compliance�officers�with�experience�in�OTC
were�challenging�to�source.�This�led�to�top Hedge�funds�hired�dedicated�compliance derivatives�will�be�in�demand,�as�will�those
candidates�receiving�multiple�offers�and officers�to�register�their�firms�as�investment with�experience�responding�to�regulatory
employers�needed�to�construct�competitive advisers,�administer�the�compliance inquiries.�Hedge�funds�will�continue�to�hire
packages�in�order�to�secure�the�best�talent programme�and�prepare�for�SEC�audits. compliance�officers�to�meet�the�March�2012
on�the�market.�Outside�of�the�specialist�areas Financial�institutions�grew�their�anti-money registration�deadlines�set�by�the�SEC.
in�demand,�attorneys�generally�experienced laundering�divisions�as�a�result�of�the
salary�decreases�when�transitioning�in-house. increased�enforcement�of�the�Foreign
Corruption�Practices�Act.�To�prevent
Legal�-�Private�Practice manipulative�and�rogue�behaviour,�surveillance
Private�practice�hiring�continued�to�recover compliance�officers�were�hired�to�monitor
after�two�years�of�decline,�which�led�to�intense trading�activities.
competition�for�the�best�talent.�Candidates
who�possessed�sought-after�skill�sets�received Derivatives�subject�matter�experts�were�highly
multiple�offers.�As�a�result,�law�firms�sought�to sought-after�as�banks�prepared�for�registration
retain�top�talent�by�paying�“spring�bonuses” as�swap�dealers.�Investment�banks�continued
designed�to�supplement�the�lean�bonuses to�hire�compliance�officers�with�expertise�in
paid�out�in�2010. equities,�fixed�income�and�bank�regulations,
while�consent�orders�brought�by�various
While�the�private�practice�market�continued federal�agencies�increased�the�demand�for
to�improve�as�a�whole,�some�firms�recovered compliance�officers�supporting�the�mortgage
quicker�than�others.�Firms�that�had�reduced industry.
Robert�Walters�Global�Salary�Survey�2012 160
NEW�YORK
NEW�YORK
NEW�YORK
LEGAL�&�COMPLIANCE
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2011 2012
LEGAL�&�COMPLIANCE
LEGAL�&�COMPLIANCE
General�Compliance
Managing�Director/Global�Head $260�-�525k $260�-�525k
Head�of�Compliance�-�Group/Unit $210�-�420k $210�-�420k
Compliance�Director $180�-�260k $180�-�260k
Compliance�Manager/Vice�President $130�-�170k $130�-�170k
Compliance�Manager/Assistant�Vice�President $85�-�115k $85�-�115k
Investment�Banking
Director $175�-�250k $175�-�250k
Manager/Vice�President $125�-�160k $125�-�160k
Analyst/Assistant�Vice�President $80�-�110k $80�-�110k
Control�Room
Director $180�-�260k $180�-�260k
Manager/Vice�President $130�-�170k $130�-�170k
Analyst $85�-�115k $85�-�115k
Equities
Director $180�-�260k $180�-�260k
Manager/Vice�President $130�-�170k $130�-�170k
Analyst/Assistant�Vice�President $85�-�115k $85�-�115k
Fixed�Income
Director $180�-�260k $180�-�260k
Manager/Vice�President $130�-�170k $130�-�170k
Analyst/Assistant�Vice�President $85�-�115k $85�-�115k
Anti-Money�Laundering
Director $180�-�260k $180�-�260k
Manager/Vice�President $130�-�170k $130�-�170k
Analyst/Assistant�Vice�President $85�-�115k $85�-�115k
Asset�Management
Director $175�-�250k $175�-�250k
Manager/Vice�President $125�-�175k $125�-�175k
Analyst/Assistant�Vice�President $80�-�110k $80�-�110k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
161 Robert�Walters�Global�Salary�Survey�2012
NEW�YORK
NEW�YORK
NEW�YORK
RISK�MANAGEMENT�&�QUANTITATIVE�ANALYTICS
Our�risk�management�&�quantitative�division Outlook�for�2012
specialises�in�identifying�and�placing�market, The�outlook�for�2012�is�uncertain�and�there
credit,�operational�and�quantitative�risk is�speculation�in�the�US�that�many�banks�will
professionals�from�associate�to�managing scale�back�their�trading�operations.�The�new
director�level.�The�team�focuses�on�permanent regulations�being�imposed�by�Dodd-Frank
hiring�for�organisations�including�investment will�make�it�increasingly�difficult�to�post�large
banks,�broker�dealers,�asset�managers�and gains�in�trading.�With�interest�rates�at�their
RISK�MANAGEMENT�&�QUANTITATIVE�ANALYTICS
RISK�MANAGEMENT�&�QUANTITATIVE�ANALYTICS
hedge�funds. lowest,�banks�are�also�finding�it�challenging
to�increase�revenue.�Although�there�will
Market�Overview be�pockets�of�recruitment�in�the�risk�and
2011�saw�steady�hiring�activity�in�the quantitative�area,�hiring�levels�overall�are�likely
risk�and�quantitative�space.�While�many to�fluctuate�throughout�the�year.
of�the�bulge-bracket�firms�implemented
redundancies�in�quarters�two�and�three,
a�number�of�smaller�banks�hired�risk
management�professionals�during�this
period.�Due�to�a�decrease�in�proprietary
trading�revenues,�many�firms�looked�to�fill
risk�positions�internally�before�considering�an
external�hire.
As�pressure�mounted�from�federal�regulators,
firms�were�forced�to�add�staff�to�cope�with
new�regulations,�such�as�Dodd-Frank,
Basel,�and�the�Volcker�Rule.�Banks�hired�for
regulatory�positions�across�market,�credit�and
quantitative�risk.�The�quantitative�function
proved�increasingly�important�as�some
banks�built�specific�teams�to�handle�the�high
volume�of�model�reviews�needed�for�the�new
regulations�in�this�areas.
Despite�salaries�increasing�in�2010�as�banks
attempted�to�make�their�employees�less
dependent�on�bonuses,�this�trend�did�not
continue�in�2011�and�base�salaries�remained
flat.�Banking�bonus�levels�in�2011�were
20-30%�lower�than�previously�and�a�number
of�hedge�funds�also�reduced�bonuses.
Robert�Walters�Global�Salary�Survey�2012 162
NEW�YORK
NEW�YORK
NEW�YORK
RISK�MANAGEMENT�&�QUANTITATIVE�ANALYTICS
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2011 2012
RISK�MANAGEMENT�&�QUANTITATIVE�ANALYTICS
RISK�MANAGEMENT�&�QUANTITATIVE�ANALYTICS
Market�Risk
Managing�Director $600k�-�1.5m $500k�-�1.25m
Director/Senior�Vice�President $300�-�600k $250�-�500k
Vice�President $175�-�300k $175�-�250k
Associate $100�-�175k $100�-�150k
Analyst $60�-�100k $60�-�100k
Credit�Risk
Managing�Director $500k�-�1m $400�-�900k
Director/Senior�Vice�President $250�-�500k $225�-�400k
Vice�President $175�-�275k $150�-�225k
Associate $100�-�175k $100�-�150k
Analyst $60�-�100k $60�-�100k
Quantitative�Risk
Managing�Director $600k�-�1.25m $500k�-�1m
Director/Senior�Vice�President $300�-�500k $300�-�500k
Vice�President $175�-�300k $175�-�300k
Associate $100�-�175k $100�-�175k
Analyst $80�-�100k $80�-�100k
Operational�Risk
Managing�Director $400�-�700k $350�-�650k
Director/Senior�Vice�President $250�-�400k $250�-�350k
Vice�President $125�-�250k $125�-�250k
Associate $90�-�125k $80�-�125k
Analyst $50�-�90k $50�-�80k
NB:�Figures�are�total�compensation�numbers�including�benefits/bonuses�unless�otherwise�specified.
163 Robert�Walters�Global�Salary�Survey�2012
NEW�YORK
NEW�YORK
NEW�YORK
SALES,�MARKETING�&�RETAIL
The�sales,�marketing�&�retail�division�in�New Despite�salary�increases�being�more�prominent
York�recruits�permanent�management�roles in�2011�than�2010,�many�talented�candidates
across�all�disciplines�within�retail,�cosmetics placed�career�progression�ahead�of�increased
and�consumer�packaged�goods.�Our�team remuneration�when�moving�roles.
is�divided�into�three�areas�of�specialisation:
business�to�consumer�(B2C),�business�to Outlook�for�2012
business�(B2B)�and�luxury�retail. With�a�strong�finish�for�2011,�we�are�optimistic
SALES,�MARKETING�&�RETAIL
SALES,�MARKETING�&�RETAIL
about�the�recruitment�market�in�2012.�We
Market�Overview anticipate�continued�steady�growth�of�hiring
The�luxury�and�cosmetics�retail�market across�all�sectors,�with�businesses�particulary
improved�in�2011.�Hiring�levels�across�all focusing�on�customer�service�and�marketing
sectors�were�highest�in�quarter�two�as strategies.
companies�formalised�their�investment�in�new
talent�following�a�strong�2010.
Due�to�increased�product�movement�through
stores,�we�witnessed�an�increase�in�retail
merchandise�planning�roles�created�to
specifically�track�certain�categories.�While
the�average�salary�for�this�type�of�role�is
traditionally�on�the�lower�end�of�the�retail
spectrum,�the�new�positions�led�to�growth
opportunities�in�senior�merchandising�and
planning�roles.
Additionally,�there�was�strong�demand�for
digital�marketers�and�e-commerce�specialists
as�retailers�looked�to�grow�in�this�area.
As�new�stores�opened�in�smaller�luxury
product�markets,�demand�increased�for�strong
store�management�teams.�This�development
also�led�to�businesses�strengthening�customer
service�strategies,�with�customer�relationship
management�(CRM)�and�database�marketing
candidates�in�particular�demand.
We�saw�a�steady�increase�in�hiring�across�the
consumer,�finance�and�commerce�sectors�as
Fortune�500�companies�continued�to�increase
headcount�in�their�business�development,
consumer�insights�and�marketing�teams.
Although�the�industry�remained�cautious�on
spending�due�to�the�global�financial�crisis,�the
recruitment�of�high-calibre�employees�was�still
a�priority�for�many�organisations.
Robert�Walters�Global�Salary�Survey�2012 164
NEW�YORK
NEW�YORK
NEW�YORK
SALES,�MARKETING�&�RETAIL
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2011 2012
SALES,�MARKETING�&�RETAIL
SALES,�MARKETING�&�RETAIL
Account�Manager�(3�-�5�yrs'�exp) $70�-�100k $75�-�100k
Assistant�Product/Brand�Manager $75�-�95k $75�-�95k
Business�Development�Manager�(4�-�5�yrs'�exp) $85�-�115k $80�-�120k
Customer�Insights�Manager $80�-�115k $85�-�120k
Events�Manager $55�-�90k $65�-�100k
General�Manager�(5+�yrs'�exp) $150�-�255k $125�-�225k
Marketing�Communications�Manager�(4�-�5�yrs'�exp) $80�-�100k $80�-�100k
Marketing�Director�(6+�yrs'�exp) $120�-�190k $125�-�200k
Marketing�Manager�(4�-�5�yrs'�exp) $100�-�160k $95�-�145k
Media�Sales $45�-�80k $50�-�85k
Merchandising�Staff $55�-�100k $60�-�120k
Online�Marketing�Manager�(5+�yrs'�exp) $90�-�140k $85�-�120k
Product/Brand�Manager�(4�-�5�yrs'�exp) $90�-�110k $90�-�120k
Public�Relations�Manager�(4�-�5�yrs'�exp) $65�-�120k $75�-�120k
Relationship�Manager $75�-�115k $70�-�110k
Sales�&�Marketing�Director�(6+�yrs'�exp) $155�-�255k $150�-�250k
Sales�&�Marketing�Manager�(4�-�5�yrs'�exp) $95�-�155k $95�-�125k
Sales�Director $135�-�210k $130�-�200k
Sales�Manager�(4�-�5�yrs'�exp) $110�-�150k $95�-�135k
Sales/Market�Analyst $45�-�75k $50�-�80k
Sponsorship�&�Event�Manager $50�-�90k $55�-�100k
Store�Manager $70�-�140k $75�-�140k
Trade�Marketing�Manager $75�-�110k $75�-�120k
Visual�Merchandising�Manager $75�-�110k $70�-�110k
Web�Producer�(5+�yrs'�exp) $70�-�100k $70�-�100k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
165 Robert�Walters�Global�Salary�Survey�2012