With a fresh study showing the number of people employed across Scotland’s finance sector has reached almost 157,000, recruiters are predicting further growth this year.
According to Core-Asset Consulting, an Edinburgh-based recruitment firm that specialises in the financial sector, last year saw a “surge” in marketing-related roles among asset managers and there was a “recognisable shift in companies being prepared and willing to pay above the market rate, especially for difficult-to-fill roles” elsewhere in the arena.
In the accountancy sector, Core-Asset also found an increase in salary expectations – especially among finance directors. “In 2015 it became unrealistic for companies to expect this level of skills and expertise for less than £100,000,” said John Docherty, the firm’s divisional director for accounting and finance.
“The days are gone when an employer could attract a candidate for as little as £75,000. Instead, finance directors will consider a move to London – whether permanently or commuting – than take a role in Scotland at such a rate.”
In the life and pensions sector, drawdown specialists are in favour thanks to the increased freedoms that customers have been given in relation to their pension savings, while the ever-changing regulatory landscape means experienced compliance professionals are also in demand.
Betsy Williamson, managing director of Core-Asset Consulting, said: “2015 was another encouraging year for the financial sector in Scotland.
“Recruitment activity pointed to signs – particularly among asset managers and third-party administrators – that companies are beginning to turn their attention to growth and the seeking out of new clients and in new territories.”
10 HIGHEST EXECUTIVE-LEVEL SALARIES IN THE FINANCE SECTOR
up to £170,000 – head of function, asset management front office
up to £150,000 – audit
up to £150,000 – managing director, asset servicing
up to £140,000 – client assets specialist
up to £125,000 – head of platform operations
up to £120,000 – head of legal
up to £120,000 – marketing director
up to £110,000 – decision support/finance business partner
up to £100,000+ – finance director
up to £90,000 – fund accountant
Source: Core-Asset Consulting salary guide 2016