USA Salary Survey 2011
USA Salary Survey 2011
USA Salary Survey 2011
country overview
2010 with encouraging signs of activity during the second half
recovery particularly evident in of 2011 as the economic recovery
the first half of the year. However, gains traction. Global growth,
the unemployment rate across the technological advancement,
US has remained at around 9.5% new government initiatives and
for over 16 months; the longest increasing consumer demand
period of high unemployment will lead to higher employment
since recordkeeping began. Many and economic prosperity. While
companies in the US attempted inflation remains low and the
to maintain productivity levels hiring bias in favor of employers,
with minimal resources in 2010, we do not see any significant
and only approved hiring for gains in overall compensation
business-critical roles. levels in 2011.
USA
ACCOUNTING�&�FINANCE
COMMERCE�&�INDUSTRY
Our�commerce�division�recruits�permanent As�2010�progressed�and�stock�prices�and A�number�of�organisations�adjusted�base
and�temporary�finance�and�accounting business�profits�started�to�rise,�demand�for salaries�to�promote�internal�equality�and�a
professionals�at�all�levels,�from�junior candidates�with�highly�technical�skill�sets sense�of�security�to�employees.�Bonuses
accounting�assistants�through�to�finance increased.�Businesses�were�forced�to�adjust were�non-existent�within�commerce;�however,
directors�and�chief�financial�officers.�The after�headcount�reductions�in�2009�and�many other�non-monetary�incentives�(such�as�extra
division�consists�of�specialist�teams�focusing recruited�for�hybrid�positions�requiring�classical holidays�and�title�promotions)�were�offered.
on�specific�industry�sectors�including accounting�and�strategic�financial�background Within�the�larger�private�and�publicly-listed
ACCOUNTING�&�FINANCE�-�COMMERCE�&�INDUSTRY
ACCOUNTING�&�FINANCE�-�COMMERCE�&�INDUSTRY
retail,�advertising,�media,�pharmaceutical, experience.�Companies�that�implemented businesses,�salary�grading�systems�were�put
professional�services�and�manufacturing. hiring�freezes�during�2009�typically�received in�place�to�provide�transparency�for�existing
Clients�include�Fortune�500�companies, approval�to�add�necessary�headcount�in�2010. staff�in�their�annual�reviews�and�to�add�a
subsidiaries�of�global�conglomerates�and consistent�approach�when�making�job�offers.
publicly-listed�companies,�in�addition�to�family Due�to�new�compliance�and�regulatory
owned�and�operated�boutiques. standards,�CPA-qualified�technical Outlook�for�2011
accountants�with�experience�in�financial We�anticipate�hiring�levels�to�increase
Market�Overview reporting�were�in�demand.�However,�the in�2011�given�the�uplift�in�recruitment
Within�the�majority�of�industry�sectors,�we volume�of�internal�audit�and�compliance activity�witnessed�towards�the�end�of�2010.
witnessed�substantial�change�and�a�reduction opportunities�within�large�corporate Across�the�board�businesses�in�the�US
in�hiring�levels�for�qualified�accountants�in businesses�remained�consistent�as�companies will�undergo�changes�around�financial
the�first�quarter�of�2010.�The�technology�and sought�to�cut�costs�and�drive�profitability. reporting�and�control,�leading�to�demand
telecoms�sector�saw�a�severe�slowdown�and, Towards�the�end�of�the�year,�more�financial for�finance�and�accounting�talent.�With�the
as�a�result,�experienced�the�least�hiring�activity. planning-orientated�and�strategic�finance�roles impending�transition�of�US�GAAP�to�IFRS
The�retail�sector�was�the�only�exception�as were�released�to�the�market�as�businesses and�departments�looking�to�gain�ground
consumer�spending�remained�high�resulting began�to�recover�and�positioned�themselves surrounding�the�implementation�of�more
in�proportionally�greater�opportunities�for for�future�growth. robust�financial�systems,�there�will�also�be
candidates. demand�for�top�finance�and�accounting�talent
to�assist�with�these�changes.
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2010 2011
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
149 Robert�Walters�Global�Salary�Survey�2011
USA
USA
USA
FINANCIAL�SERVICES�ACCOUNTING�AND�OPERATIONS
Our�New�York�financial�services�accounting bullish�years,�although�base�salary�rises�in
&�operations�team�specialises�in�recruiting the�10-15%�range�were�more�commonly
accounting,�finance�and�risk�management requested�to�compensate�for�the�lack�of�pay
and�operations�roles�on�a�permanent�basis. increases�in�2009.
We�provide�recruitment�solutions�for�financial
services�institutions�operating�in�all�areas�of Outlook�for�2011
banking,�brokerage,�asset�management�and As�banks�hired�in�significant�volumes�in�2010,
FINANCIAL�SERVICES�ACCOUNTING�AND�OPERATIONS
FINANCIAL�SERVICES�ACCOUNTING�AND�OPERATIONS
capital�markets. the�outlook�for�2011�is�mixed�as�many�firms
are�expected�to�focus�on�critical�hires�for�niche
Market�Overview areas�at�the�start�of�the�year.�Implementation
We�witnessed�increased�hiring�levels�in�2010 of�new�banking�regulations,�such�as�the
due�to�economic�growth�and�a�return�in Volcker�Rule�and�Basel�III�will�affect�hiring
consumer�confidence.�Most�hiring�took�place practices�across�the�financial�services�sector.
at�the�associate�to�VP�level,�with�turnover�at The�need�for�candidates�with�strong�regulatory
the�director/MD�level�relatively�low.�Candidates understanding�will�be�essential�as�firms
with�knowledge�of�the�most�up-to-date seek�to�keep�pace�with�the�ever�changing
rules�and�regulations�(whether�recent�FAS landscape.�We�do�not�anticipate�any�increases
announcements�or�GAAP�requirements)�were in�bonuses�in�2011.
highly�sought-after.
With�a�continuing�focus�on�accurate
financial�reporting,�candidates�with�internal
controls/re-engineering/pricing�skill�sets
were�in�demand�as�many�banks�looked�to
improve�their�infrastructure.�Candidates�with
exceptional�business�analysis�skills�were
also�in�high�demand�as�firms�analysed�their
operating�practices.
Hiring�levels�in�the�first�half�of�the�year�were
strong�as�boutique�banks�capitalised�on�the
top�talent�available�in�the�market,�recruiting
candidates�out�of�the�larger�banks,�which�in
turn�created�more�opportunities�within�these
organisations�as�they�sought�to�replace�staff
who�had�left.�As�more�firms�offshored�roles
to�cut�costs,�recruitment�within�some�niche
areas�decreased�leading�to�a�slowdown�in
hiring�in�some�of�the�largest�banks.�Although
candidates�were�keen�to�move�in�2010,�they
were�highly�selective�as�a�small�element�of
uncertainty�remained�in�the�market.
Company�and�role�stability�outweighed
compensation�as�key�factors�for�candidates
when�considering�a�career�move.�Candidates’
salary�expectations�were�down�from�previous
Robert�Walters�Global�Salary�Survey�2011 150
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USA
USA
FINANCIAL�SERVICES�ACCOUNTING�AND�OPERATIONS
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2010 2011
FINANCIAL�SERVICES�ACCOUNTING�AND�OPERATIONS
FINANCIAL�SERVICES�ACCOUNTING�AND�OPERATIONS
Accounting,�Control�&�Audit
Chief�Financial�Officer $250�-�450k $250�-�450k
Finance�Director $150�-�350k $150�-�350k
Taxation�Manager�-�Senior�Vice�President $160�-�200k $160�-�200k
Taxation�Manager�-�Vice�President $110�-�140k $110�-�140k
Controller�-�Senior�Vice�President $190�-�400k $190�-�400k
Controller/Deputy�-�Vice�President $145�-�200k $145�-�200k
Auditor�Chief�-�Senior�Vice�President $150�-�250k $150�-�250k
Auditor�Chief�-�Vice�President $85�-�135k $85�-�135k
Financial�Analyst�-�Senior $85�-�150k $85�-�150k
Product�Control/Middle�Office
Head�of�Product�Control $225�-�450k $225�-�450k
Product�Control/Pricing�Senior�Vice�President $175�-�285k $175�-�275k
Product�Control/Pricing�Vice�President $145�-�225k $145�-�225k
Product�Control/Pricing�Associate/Assistant�Vice�President $80�-�120k $80�-�120k
Head�of�Middle�Office $250�-�425k $250�-�435k
Senior�Vice�President�Middle�Office $175�-�275k $175�-�275k
Vice�President�Middle�Office $125�-�215k $125�-�215k
Associate/Assistant�Vice�President�Middle�Office $80�-�115k $80�-�115k
Vice�President�Project�Manager $135�-�175k $135�-�175k
Vice�President�Business�Analyst $135�-�160k $135�-�175k
Operations
Chief�Operating�Officer,�Domestic�-�Senior�Vice�President $185�-�300k $185�-�300k
International�Manager�-�Vice�President $110�-�150k $110�-�150k
Money�Market�Operations�Manager�-�Vice�President $100�-�125k $100�-�125k
Treasury�Operations�Manager,�Capital�Markets�-�Vice�President $90�-�165k $90�-�165k
Lending/Credit�-�Department�Manager/Officer�-�Vice�President $80�-�165k $80�-�165k
SVP,�VP�&�Associate,�Cross-Product�Settlements $55�-�150k $55�-�150k
SVP,�VP�&�Associate,�Corporate�Actions,�Fixed�Income�&�Equity $60�-�130k $60�-�150k
SVP,�VP,�Associate,�Foreign�Exchange�&�Money�Market�Core�Operations $55�-�150k $60�-�175k
Prince�2,�Six�Sigma�Project�Management�&�Business�Analysis $150�-�250k $150�-�250k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
151 Robert�Walters�Global�Salary�Survey�2011
USA
USA
USA
LEGAL�&�COMPLIANCE
LEGAL�&�COMPLIANCE
areas�including�hedge�funds,�private�equity, law�attorneys�who�advised�clients�on�project and�energy�companies.�With�the�Securities
capital�markets�and�investment�banking. development,�finance�and�contract�matters and�Exchange�Commission�and�Commodity
were�sought-after. Futures�Trading�Commission�gaining�more
Market�Overview enforcement�authority�under�the�Dodd-Frank
Many�law�firms�and�financial�institutions�that Outlook�for�2011 Act,�white�collar�defence�attorneys�will�be
underwent�internal�restructuring�during�the As�details�of�rules�stemming�from�the highly�sought-after,�particularly�those�with�prior
global�recession�began�rebuilding�their�teams Dodd-Frank�Act�and�its�effect�on�financial SEC�experience.
in�2010.�Key�professionals�who�remained�saw institution�operations�becomes�clearer,
their�responsibilities�increase�as�market�activity demand�for�both�attorneys�and�compliance With�mergers�and�acquisition�activity�bouncing
rose�and�uncertainty�ensued�over�the�impact officers�is�expected�to�increase�in�early�2011 back,�there�will�be�demand�for�deal�attorneys
of�the�Dodd-Frank�Act.�As�a�result,�many during�the�regulatory�implementation�phase. with�strong�M&A�experience.�Intellectual
companies�-�while�remaining�cautious�over Firms�that�will�be�most�impacted�include property�will�also�continue�to�grow�as
budget�-�recruited�attorneys�and�compliance financial�services,�investment�advisors, biotechnology�and�pharmaceutical�companies
officers�with�certain�areas�of�expertise.�Since broker-dealers,�hedge�funds�and�private seek�to�protect�their�most�valuable�assets.�As
companies�were�generally�operating�on equity. salary�freezes�continue�in�most�law�firms,�legal
lean�resources,�salaries�for�both�attorneys salaries�will�remain�at�2010�levels.�We�do�not
and�compliance�officers�did�not�return�to Compliance anticipate�salary�freezes�to�be�lifted�until�the
pre-recession�levels. Firms�are�strengthening�their�compliance economy�has�improved.
programs�to�prepare�for�the�flood�of�legislation
Banking�&�Financial�Services expected�to�come�their�way.�While�companies
In�an�effort�to�cut�costs,�many�legal are�still�focusing�on�cost-effective�strategies,
departments�expanded�to�handle�more�work many�-�particularly�in�the�alternative�investment
in-house,�resulting�in�demand�for�in-house management�industry�-�will�begin�to�hire
counsels.�Attorneys�with�broad�corporate experienced�compliance�officers�to�prepare
backgrounds�and�specific�areas�of�expertise, for�registration�with�the�Securities�Exchange
such�as�debt�capital�markets�and�asset Commission�by�July�2011.
management�were�in�demand.
Compliance�officers�will�be�required�to�develop
Since�many�firms�bolstered�their�debt�and policies�and�train�employees�to�ensure
equities�divisions�in�2010,�there�was�renewed compliance�with�federal�and�state�regulations.
interest�for�candidates�with�equity�and Candidates�with�a�legal�background�and
fixed�income�sales�and�trading�compliance regulatory�agency�experience�will�be
experience.�In�response�to�problems�faced particularly�sought-after.�We�expect�salaries
by�financial�institutions�and�investment for�compliance�officers�to�steadily�improve
banks,�many�positions�were�created�in�the as�demand�for�these�candidates�increases�in
areas�of�anti-money�laundering,�surveillance, anticipation�of�greater�financial�regulations.
compliance�testing,�bank�regulatory
compliance�and�control�room.
Robert�Walters�Global�Salary�Survey�2011 152
USA
USA
USA
LEGAL�&�COMPLIANCE
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2010 2011
LEGAL�&�COMPLIANCE
LEGAL�&�COMPLIANCE
General�Compliance
Managing�Director/Global�Head $250�-�500k $260�-�525k
Head�of�Compliance�-�Group/Unit $200�-�400k $210�-�420k
Compliance�Director $175�-�250k $180�-�260k
Compliance�Manager/Vice�President $125�-�160k $130�-�170k
Compliance�Manager/Assistant�Vice�President $80�-�110k $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 $175�-�250k $180�-�260k
Manager/Vice�President $125�-�160k $130�-�170k
Analyst $80�-�110k $85�-�115k
Equities
Director $175�-�250k $180�-�260k
Manager/Vice�President $125�-�175k $130�-�170k
Analyst/Assistant�Vice�President $80�-�110k $85�-�115k
Fixed�Income
Director $175�-�250k $180�-�260k
Manager/Vice�President $125�-�175k $130�-�170k
Analyst/Assistant�Vice�President $80�-�110k $85�-�115k
Anti-Money�Laundering
Director $175�-�250k $180�-�260k
Manager/Vice�President $125�-�175k $130�-�170k
Analyst/Assistant�Vice�President $80�-�110k $85�-�115k
Asset�Management
Director $175�-�250k $175�-�250k
Manager/Vice�President $125�-�175k $125�-�175k
Analyst/Assistant�Vice�President $80�-�110k $80�-�110k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
153 Robert�Walters�Global�Salary�Survey�2011
USA
USA
USA
RISK�&�QUANT
RISK�&�QUANT
added�regulatory�requirements�as�well�as�an Outlook�for�2011
Market�Overview emphasis�on�portfolio�risk�analysis. The�outlook�for�2011�is�a�mix�of�positive
We�saw�hiring�demands�in�the�risk�and sentiment�and�some�uncertainty.�Banks
quantitative�space�increase�in�2010�compared In-demand�skill�sets�in�2010�included and�asset�managers�are�looking�to�add
to�2009.�Banks�and�asset�managers�used regulatory�and�economic�capital�roles�(due�to key�positions�for�2011�within�the�risk�and
profits�from�2009�trading�revenues�to the�increased�regulatory�requirements)�and quantitative�space.�However,�with�new
increase�the�size�of�their�risk�management product�risk�managers�(due�to�the�continued banking�regulations�due�to�be�implemented,
infrastructure.�A�number�of�the�banks�that scrutiny�of�the�risk�appetite�for�their�respective such�as�the�Volcker�Rule�and�Basel�III,
implemented�hiring�freezes�for�most�of�2009 trading�areas).�In�addition,�financial�institution there�is�uncertainty�as�to�how�this�will�affect
due�to�the�financial�crisis�were�finally�able�to and�hedge�fund�credit�risk�managers�were hiring�needs.�Many�institutions�will�have�to
add�headcount�in�2010. sought-after�to�meet�the�anticipated�new restructure�their�risk�and�quantitative�groups�to
trading�and�lending�requirements. keep�up�with�the�ever�changing�landscape�of
financial�services.
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2010 2011
Market�Risk
Managing�Director $600k�-�1.5m $600k�-�1.5m
Director/Senior�Vice�President $300�-�600k $300�-�600k
Vice�President $175�-�300k $175�-�300k
Associate $100�-�175k $100�-�175k
Analyst $60�-�100k $60�-�100k
Credit�Risk
Managing�Director $500k�-�1m $500k�-�1m
Director/Senior�Vice�President $250�-�500k $250�-�500k
Vice�President $175�-�275k $175�-�275k
Associate $100�-�175k $100�-�175k
Analyst $60�-�100k $60�-�100k
Operational�Risk
Managing�Director $400�-�700k $400�-�700k
Director/Senior�Vice�President $250�-�400k $250�-�400k
Vice�President $125�-�250k $125�-�250k
Associate $90�-�125k $90�-�125k
Analyst $50�-�90k $50�-�90k
NB:�Figures�are�total�compensation�numbers�including�benefits/bonuses�unless�otherwise�specified.
Robert�Walters�Global�Salary�Survey�2011 154
USA
USA
USA
SALES,�MARKETING�&�RETAIL
The�sales,�marketing�&�retail�division�in�New Outlook�for�2011
York�recruits�permanent,�contract�and�interim With�a�successful�2010�and�an�ever�improving
management�roles�across�all�disciplines�within economy,�we�are�optimistic�about�the�job
consumer�packaged�goods,�retail,�financial market�in�2011.�We�anticipate�that�Fortune
services�and�commerce�sectors.�Our�team 500�and�multinational�companies�will�continue
is�divided�into�three�areas�of�specialisation: to�grow�their�sales�and�marketing�teams
business�to�consumer�(B2C),�business�to as�consumer�confidence�returns�and�sales
SALES,�MARKETING�&�RETAIL
SALES,�MARKETING�&�RETAIL
business�(B2B)�and�retail. increase.�Demand�will�continue�for�high-calibre
retail�candidates�with�many�luxury�retailers
Market�Overview posting�positive�2010�financial�results.�We
2010�has�been�a�successful�year�across�all anticipate�a�continued�hiring�strength�in
industry�sectors,�particularly�in�quarters�two early�2011�and�are�confident�this�will�remain
and�three.�A�number�of�organisations�began throughout�the�year.
to�see�tangible�revenue�increases�during
this�period,�which�resulted�in�higher�levels
of�recruitment�compared�to�2009.�However,
many�companies�took�a�cautious�approach�to
increasing�headcount,�focusing�on�specific�skill
sets�and�business�critical�roles.
With�consumer�confidence�increasing,�the
luxury�retail�sector�thrived,�with�new�stores
opening�and�increased�sales�distribution
across�the�US.�We�consequently�saw�a
high�demand�for�tenured�luxury�retail�store
managers�and�general�managers.�Fortune
500�companies�also�began�re-building�their
marketing�and�consumer�insights�teams�with
top-tier�professionals.
There�was�a�slight�increase�in�base�salaries
across�the�market,�although�we�witnessed
many�candidates�willing�to�move�at�the�same
salary�level�for�the�right�career�opportunity.
However,�many�organisations�adjusted
salaries�to�reflect�an�improved�job�market�after
stagnant�growth�over�the�past�two�years.
155 Robert�Walters�Global�Salary�Survey�2011
USA
USA
USA
SALES,�MARKETING�&�RETAIL
ROLE PERMANENT
SALARY�PER�ANNUM�$US
2010 2011
SALES,�MARKETING�&�RETAIL
SALES,�MARKETING�&�RETAIL
Account�Manager�(3�-�5�yrs'�exp) $70�-�105k $70�-�100k
Assistant�Product/Brand�Manager $75�-�95k $75�-�95k
Business�Development�Manager�(4�-�5�yrs'�exp) $85�-�115k $85�-�115k
Customer�Insights�Manager $80�-�110k $80�-�115k
Events�Manager $55�-�90k $55�-�90k
General�Manager�(5+�yrs'�exp) $145�-�255k $150�-�255k
Marketing�Communications�Manager�(4�-�5�yrs'�exp) $70�-�90k $80�-�100k
Marketing�Director�(6+�yrs'�exp) $120�-�185k $120�-�190k
Marketing�Manager�(4�-�5�yrs'�exp) $100�-�175k $100�-�160k
Media�Sales $45�-�80k $45�-�80k
Merchandising�Staff $55�-�90k $55�-�100k
Online�Marketing�Manager�(5+�yrs'�exp) $90�-�135k $90�-�140k
Product/Brand�Manager�(4�-�5�yrs'�exp) $90�-�110k $90�-�110k
Public�Relations�Manager�(4�-�5�yrs'�exp) $75�-�120k $65�-�120k
Relationship�Manager $75�-�115k $75�-�115k
Sales�&�Marketing�Director�(6+�yrs'�exp) $155�-�255k $155�-�255k
Sales�&�Marketing�Manager�(4�-�5�yrs'�exp) $95�-�155k $95�-�155k
Sales�Director $135�-�205k $135�-�210k
Sales�Manager�(4�-�5�yrs'�exp) $115�-�150k $110�-�150k
Sales/Market�Analyst $45�-�75k $45�-�75k
Sponsorship�&�Event�Manager $50�-�90k $50�-�90k
Store�Manager $70�-�140k $70�-�140k
Trade�Marketing�Manager $75�-�110k $75�-�110k
Visual�Merchandising�Manager $65�-�110k $75�-�110k
Web�Producer�(5+�yrs'�exp) $70�-�100k $70�-�100k
NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.
Robert�Walters�Global�Salary�Survey�2011 156