JCW EU Salary Guide 2022

Salary Guide
& Trends Report

Europe 2022
jcwresourcing.com
JCW / Europe Salary Guide 2022 Page 1

Like the majority of recruitment the highest success rates are often those who are most
firms, we were expecting a engaged in hiring processes (e.g. shorter, more fluid
huge uptick in hiring over 2021 processes; staying connected with candidates throughout;
and that certainly turned out more relationship building in interviews). It no longer just
to be a reality. Firms continued comes down to base pay, candidates are interested in
to hire in force as competition flexible working, personal development, benefits, company
for candidates sky-rocketed. values, ESG policies and more. In candidate driven markets
However, the majority of clients really must fight for talent.
companies really struggled
with attraction and retention We’ll likely see a real focus on organisations invested
in equal measure. The Great Resignation has shown heavily in staff training and development, and clear career
that employees are rethinking what’s important to them, progression to either retain or attract talent. Internal
and candidates are being far more selective about which mobility will be key to addressing the skill-gap and offering
opportunities they consider. candidates alternative progression.
As organisations adapted to deal with new ways of Finally, we expect to see a real global drive on Diversity
working, the changes brought about have been wholly & Inclusion. Many studies have now shown that having a
positive. Hybrid working has been embraced, and broadly diverse workforce often leads to increased performance
speaking our clients haven’t seen a drop in productivity. and profitability, and though the topic isn’t new, most firms
If anything, it’s increased. Employees now see a flexible haven’t achieved the right balance yet, particularly at the
working arrangement as paramount to any job opportunity, senior level. Over the medium-to-long term we expect to
and those who haven’t been able to offer something see a change in the candidate selection/screening process
competitive have found it difficult to attract talent. I’m to help promote this and remove unconscious bias.
certain this won’t be the final version of hybrid working, and
we’ll see it continue to evolve alongside technology.
John Newton
What this points to though, is a renewed focus on employee Chief Revenue Officer
wellbeing and experience, largely driven by a need to [email protected]
attract and retain top talent in an ever-shrinking market. +44 (0)20 3589 9300
Put simply, it’s no longer a “buyer’s market”. Competition
for candidates remains incredibly high, and firms with

Contents
Jobseeker trends 4 Data salaries 18
Market confidence - Salaries 6 Data salaries 19
Market confidence - Bonuses 7 Finance salaries 20
Hiring trends 8 Finance trends 21
Actuarial salaries 9 Legal salaries 22
Actuarial trends 10 Legal trends 23
Audit salaries 11 Risk & Quant salaries 24
Audit trends 12 Risk trends 25
Change & Transformation salaries 13 Tech & Security salaries 26
Change & Transformation trends 14 Tech & Security trends 27
Compliance & Financial Crime salaries 15 Diversity & Inclusion 28
Compliance & Financial Crime trends 17 About us 29
JCW / Europe Salary Guide 2022

2021 Page 3
Jobseeker trends
Perhaps it comes as little surprise that 54% of candidates aren’t happy with Q. What percentage of your salary is your bonus?
their renumeration packages. Jobseekers are more aware than ever that the
competition for talent is fierce, and and there are more tools than ever to help
them to draw comparisons to their peers' renumeration packages. The fact that
32% of candidates report that they receive no bonus should be a warning sign No bonus 1-10% of
for employers – to attract and retain the best candidates, employers should received base salary
consider putting these candidates on at least the lowest tier of bonus packages.
34% 11-20% of
Job mobility is high with 60% of candidates considering moving roles – a double 32%
base salary
edged sword for employers. Good news for hiring companies, who should look to
widen their search radius when looking for these candidates – as the majority of 24%
this 60% are willing to relocate for the right job. But these companies also need More than
21-25% of 25% of base
to bear in mind their retention strategies to keep their own employees engaged,
base salary salary
happy and not considering a move to a competitor.
6%
4%
54% are not satisfied with 60% of the candidates

their current remuneration are considering moving jobs
package within the next 6 months
Q. Are you satisfied with your Q. Are you considering moving Q. How far would you be willing to relocate for your next job?
overall renumeration package? jobs in the next 6 months?
38% wouldn't 38% would move

relocate countries
11% would move 13% would move

No No 38% 38%
40% a few hours from within the same
54%
current location country
Yes Yes
46% 60%
11% 13%

Market confidence - Hiring
47% of firms to increase hiring in 2022 Year-on-year comparison
Q. In 2022, how do you expect your hiring levels to change compared to 2021? Organisations across Europe appear to be
clearer on their hiring strategy than in 2021
– whether that’s an increase or decrease in
hiring activity, with less firms willing to keep
hiring at the same levels as the previous year.
22%
47% will increase Business hiring expectations

2021 vs 2022
31% will not change
31% 47%
22% will decrease
58%
47%
Key points 33%

31%
22%
— Hiring within the market has increased with businesses able to start planning for the future
once again, and strengthening their workforce to facilitate growth. 9%
— Optimism over improving economic health has accompanied a boost in planned hiring levels,
with 47% of businesses expecting an increase in hiring over the next year.
— With an increase in hiring this year, firms should bear in mind that this translates into heavy 2021 2022 2021 2022 2021 2022
competition for talent, and renumeration packages must reflect this competitiveness in order to
Increase Stay the same Decrease
attract top talent.

Market confidence - Salaries
71% of salaries set to increase in 2022 Year-on-year comparison
Q. How do you expect salaries across your business to change in 2022? A large shift in salary increases in 2022
compared to 2021 is a clear demonstration
of business confidence and a barometer for
health in the wider economy.
29% 71% will increase Salary level changes

2021 vs 2022
29% will not change
71% 84%
0% will decrease
71%
Key points 29%
— An overwhelmingly positive outlook, with no planned reduction in salaries reported – a sure nod 15%
to the end of pandemic-based cuts.
— Good news for jobseekers and employers alike, as 71% of organisations plan to increase 1%
salaries – a sign of healthy business growth. 0%
— With competition for candidates fierce in 2022, organisations may have to reconsider what they 2021 2022 2021 2022 2021 2022
are offering candidates outside of basic renumeration packages, i.e. culture and benefits, in
order to gain a competitive advantage.

Market confidence - Bonuses
97% of bonuses to increase or stay level in 2022 Year-on-year comparison
Q. In 2022, how do you expect bonuses to change? With the market as competitive as it is right
now, it’s not surprising that bonuses are
set to stay level or increase to attract and
retain talent.
21%
21% will increase Bonus plans
2021 vs 2022
76% will not change
3% will decrease 74%

76%
76%
Key points
21% 18%
— More and more firms are looking to use bonuses as a talent attraction tool again in 2022, with
97% of businesses set to stay at the same level or increase bonus packages.
8%
3%
— Fewer businesses are looking to reduce bonus payments in 2022 compared to 2021,
demonstrating a clear increase in market confidence.
— Organisations should consider levelling the playing field when it comes to bonuses in order 2021 2022 2021 2022 2021 2022
to attract talent - junior jobseekers are increasingly expecting a bonus as part of their
renumeration package

Hiring trends
Summary of hiring trends across financial services in Europe.
Top 5 benefits Top 5 reasons to move roles

Most requested benefits by jobseekers Key motivations when looking for a new role
1. Flexible/remote working 1. Flexible working
2. Learning and development opportunities

Salary increase
Average salary increase
when moving roles
11% 2. Increased remuneration
3. Generous annual leave 3. Culture
4. Private healthcare 4. New challenges
5. Stock/equity options 5. Interesting projects
Top 5 business priorities

Key areas of focus for business
1. Attracting and retaining talent

Time to hire
Typical length of
5 2. Diversity and inclusion Average bonus
12%
recruitment process weeks 3. Embedding new technologies
Average bonus as a
percentage of salary
from role brief to offer 4. Managing company culture
5. Mental health and wellbeing in the workplace

Actuarial salaries
Actuarial View Actuarial jobs
London (£) Rest of UK (£) Netherlands (€) Luxembourg (€) Switzerland (CHF) Germany (€) Belgium (€)
Low Avg High Low Avg High Low Avg High Low Avg High Low Avg High Low Avg High Low Avg High
Junior Actuary 35k 40k 50k 30k 34k 42k 41k 47k 64k 48k 55k 75k 75k 90k 105k 48k 55k 75k 42k 48k 66k
Actuary 45k 60k 80k 38k 51k 68k 51k 60k 68k 60k 70k 80k 100k 115k 125k 60k 70k 80k 53k 62k 70k
Actuarial Team Lead 80k 120k 180k 68k 102k 153k 68k 81k 98k 80k 95k 115k 130k 145k 175k 80k 95k 115k 70k 84k 101k
Senior Actuary 80k 100k 150k 68k 85k 127k 68k 77k 94k 80k 90k 110k 125k 140k 160k 80k 90k 110k 70k 79k 97k
Head of Acturial Office 130k 180k 250k 110k 153k 212k 98k 213k 300k 115k 250k 500k 160k 200k 300k 115k 250k 500k 101k 220k 440k
JCW / Europe Salary Guide 2022 Actuarial Audit Change & Transformation Compliance Data Finance Legal Risk Tech & Security Page 9
Actuarial trends
Actuarial
The hiring need in the actuarial field shows no signs of abating. Both
consultancies and insurance institutions are in need of both junior
mathematicians at the start of their career and experienced actuaries.
Top 3 most in-demand skill sets
Whilst insurance firms have hiring needs across topics, from life to non-life,
consultancies are focusing their hiring on new technologies and more technical 1. Inventory migration
disciplines. One of the biggest shifts in 2022 is the increased need for IFRS 17 2. DAV training
experience. Due to IFRS 17 hitting the market in 2023, insurance firms must
3. Risk modelling
hire experienced professionals to bring the projects into the line of work. Until
now, these topics have mostly been covered by external consultants.
Top 3 reasons for moving roles
1. New challenges
2. Interesting projects
3. Increased responsibilities
Top 3 most requested benefits

1. Flexible/remote working
3. General annual leave/PTO
5-10% 3-8 5-10% Top 3 business priorities

weeks 1. Attracting and retaining talent
2. Diversity and Inclusion

3. Integrating emerging skills
Salary increase Time to hire Bonus
Average salary increase Typical length of Average bonus as a
when moving roles recruitment process percentage of salary
from role brief to offer
Audit salaries
Audit View Audit jobs
Associate Auditor 40k 45k 55k 33k 35k 38k 37k 40k 43k 48k 55k 60k 80k 90k 100k 44k 46k 50k 36k 40k 45k
IT Auditor 40k 45k 55k 36k 41k 45k 41k 46k 51k 48k 54k 60k 80k 90k 100k 48k 54k 60k 40k 45k 47k
Senior Auditor 55k 65k 70k 42k 44k 48k 47k 52k 58k 60k 66k 72k 96k 110k 120k 55k 58k 63k 46k 49k 53k
Senior IT Auditor 55k 65k 70k 45k 50k 54k 51k 56k 61k 60k 66k 72k 100k 110k 120k 60k 66k 72k 47k 50k 58k
Audit Manager 70k 80k 90k 57k 61k 66k 63k 69k 74k 70k 75k 80k 125k 137k 148k 75k 81k 87k 60k 63k 69k
Audit IT Manager 70k 80k 90k 57k 61k 66k 64k 69k 74k 75k 81k 87k 125k 135k 145k 75k 81k 87k 60k 64k 69k
Senior Audit Manager 90k 120k 150k 64k 68k 70k 71k 77k 78k 84k 90k 108k 150k 165k 180k 84k 90k 92k 70k 75k 82k
Senior Audit IT Manager 90k 120k 150k 64k 73k 82k 71k 82k 92k 84k 96k 108k 140k 160k 180k 84k 96k 108k 74k 84k 95k
Head of Audit / Director 120k 150k 200k 79k 92k 102k 82k 89k 102k 102k 115k 132k 170k 200k 220k 97k 105k 120k 85k 92k 106k
Head of IT Audit 120k 150k 200k 77k 89k 100k 87k 99k 112k 102k 117k 132k 170k 195k 220k 102k 117k 132k 90k 103k 116k
Chief Auditor 180k 200k 300k 91k 114k 136k 102k 128k 153k 120k 150k 180k 200k 250k 300k 120k 150k 180k 106k 132k 158k
Chief IT Auditor 180k 200k 300k 91k 114k 136k 102k 128k 153k 120k 150k 180k 200k 250k 300k 120k 150k 180k 106k 132k 158k
Audit trends
Audit
The audit market had a turbulent year in 2021, not only because of the
pandemic, but also the lack of new competitors. The demand for external audit
within financial services is particularly high, especially in Switzerland, where
there is a high demand for German speaking candidates. Top 3 most in-demand skill sets
The internal audit market is somewhat more balanced with candidates 1. German speaking candidates
predominantly moving roles for a better work life balance, more flexibility in 2. Audit in financial services
their working hours, and a higher base salary.
3. Sanctions
Although the market is growing, the future for external audit looks bleak as
companies expect the backlog and lack of future successors to increase, and Top 3 reasons for moving roles
the amount of talent available for roles to continue to decrease.
1. Work/life balance
2. Career progression
3. Increased remuneration

1. Private healthcare
2. Childcare
3. Stock/equity options
12% 6-8 10-20% Top 3 business priorities

2. Embedding new technologies

Change & Transformation salaries
Change & Transformation View Change & Transformation jobs
PMO 39k 51k 64k 34k 45k 55k 40k 53k 65k 46k 60k 75k 71k 94k 116k 46k 60k 75k 40k 53k 66k
Scrum Master 49k 59k 68k 43k 51k 60k 50k 60k 70k 58k 69k 81k 89k 107k 125k 58k 69k 81k 51k 61k 71k
Business Analyst 49k 64k 78k 43k 55k 68k 50k 65k 80k 58k 75k 92k 89k 116k 143k 58k 75k 92k 51k 66k 81k
Agile Coach 49k 59k 68k 43k 51k 60k 50k 60k 70k 58k 69k 81k 89k 107k 125k 58k 69k 81k 51k 61k 71k
Project Manager 59k 78k 98k 51k 68k 85k 60k 80k 100k 69k 92k 115k 107k 143k 179k 69k 92k 115k 61k 81k 101k
Product Manager 59k 103k 147k 51k 89k 128k 60k 105k 150k 69k 121k 173k 107k 188k 268k 69k 121k 173k 61k 106k 152k
Change Manager 61k 79k 100k 52k 69k 87k 61k 82k 102k 70k 93k 117k 108k 145k 180k 70k 94k 117k 62k 80k 101k
Transformation Manager 78k 98k 117k 68k 85k 102k 80k 100k 120k 92k 115k 138k 143k 179k 214k 92k 115k 138k 81k 101k 121k
Change & Transformation Director 97k 138k 177k 86k 118k 152k 98k 135k 175k 112k 158k 204k 175k 240k 300k 110k 155k 200k 99k 137k 176k
Head of Transformation 98k 137k 176k 85k 119k 153k 100k 140k 180k 115k 161k 207k 179k 250k 322k 115k 161k 207k 101k 142k 182k
Programme Director 98k 122k 147k 85k 106k 128k 100k 125k 150k 110k 144k 173k 179k 223k 268k 110k 144k 173k 97k 127k 152k
Programme Manager 98k 117k 137k 85k 102k 119k 100k 120k 140k 115k 138k 161k 179k 214k 250k 115k 138k 161k 101k 121k 142k
Change & Transformation trends
Change & Transformation

2021 was a huge year for change management, with a mixture of new and
delayed projects all driving an increased demand for skilled PMs, BAs, and
PMOs. Agile environments are now the norm and change management
professionals have had to adapt to the challenge of engaging stakeholders Top 3 most in-demand skill sets
remotely whilst still meeting tight deadlines.
1. Agile methodologies
More requirements have been seen for digital transformation as businesses 2. Data analysis
continue to adapt to new technologies and ways of working. Upgrading
3. Product knowledge
storage systems from in-house to the Cloud is one area that has seen a huge
increase in demand in recent years, and businesses across all sectors and all
sizes, although usually larger companies, look to the benefits of Cloud storage. Top 3 reasons for moving roles
A trend that looks to continue indefinitely. 1. Culture
2. Flexible working

3. Generous annual leave/PTO
12% 2-4 12% Top 3 business priorities

weeks 1. Diversity and inclusion
2. Attracting and retaining talent

3. Environmental and social responsibility
Compliance & Financial Crime salaries
Compliance & Financial Crime View Compliance jobs
London (£) Rest of UK (£) Netherlands (€) Luxembourg (€)
Low Avg High Low Avg High Low Avg High Low Avg High
Fraud Officer/Analyst 40k 95k 150k 26k 74k 122k 38k 62k 85k 45k 73k 100k
Transaction Monitoring 45k 80k 120k 35k 65k 96k 38k 62k 85k 45k 73k 100k
KYC/AML Analyst 45k 80k 120k 30k 67k 104k 50k 65k 85k 45k 68k 90k
Anti Bribery & Corruption Officer 50k 88k 125k 44k 76k 109k 55k 45k 95k 55k 83k 110k
Sanctions Officer 50k 90k 130k 35k 74k 113k 57k 75k 100k 60k 85k 110k
Compliance officer (Regulatory Comp) 60k 88k 125k 44k 76k 109k 60k 85k 111k 70k 100k 130k
Compliance officer (Financial Crime) 60k 88k 125k 44k 76k 109k 60k 85k 111k 70k 100k 130k
Compliance Advisory 60k 90k 150k 44k 76k 109k 70k 90k 130k 70k 100k 130k
Compliance Monitoring 60k 90k 130k 44k 76k 109k 60k 85k 111k 70k 100k 130k
Money Laundering Reporting Officer 120k 220k 350k 120k 190k 260k 102k 162k 221k 120k 190k 270k
Chief Compliance Officer 150k 300k 420k 150k 225k 300k 128k 191k 255k 150k 225k 320k
*Remaining salaries on next page
Compliance & Financial Crime View Compliance jobs
Switzerland (CHF) Germany (€) Belgium (€) France (€)
Low Avg High Low Avg High Low Avg High Low Avg High
Fraud Officer/Analyst 63k 102k 140k 45k 73k 100k 50k 64k 88k 45k 56k 80k
Transaction Monitoring 63k 102k 140k 45k 73k 100k 45k 64k 88k 45k 55k 70k
KYC/AML Analyst 63k 95k 126k 45k 68k 90k 45k 60k 80k 45k 55k 70k
Anti Bribery & Corruption Officer 77k 116k 154k 55k 83k 110k 50k 73k 97k 55k 64k 85k
Sanctions Officer 84k 119k 154k 60k 85k 110k 53k 75k 97k 55k 66k 85k
Compliance officer (Regulatory Comp) 110k 130k 180k 70k 100k 130k 62k 88k 114k 65k 85k 110k
Compliance officer (Financial Crime) 98k 120k 175k 70k 100k 130k 62k 88k 114k 60k 77k 101k
Compliance Advisory 110k 130k 180k 70k 100k 130k 65k 88k 114k 65k 85k 110k
Compliance Monitoring 100k 130k 180k 70k 100k 130k 60k 88k 114k 54k 77k 101k
Money Laundering Reporting Officer 168k 266k 364k 120k 190k 260k 106k 167k 229k 100k 147k 201k
Chief Compliance Officer 230k 300k 420k 150k 225k 300k 132k 198k 264k 126k 174k 232k
Compliance & Financial Crime trends
Compliance & Financial Crime

The market trends that were identified for 2019 through to 2021 are continuing
in 2022 within the compliance and financial crime space. Functions such as
fraud, AML, anti-bribery, corruption, and sanctions are seeing unprecedented
demand with no signs of slowing down following changes brought about by the Top 3 most in-demand skill sets
global pandemic.
1. Fraud
Following Brexit, an influx of new players across Europe has created high 2. AML
pressure for the compliance and financial crime functions. This is highlighting a
3. Sanctions
shortage of fintech, payment or investment banking candidates. It has resulted
in a significant increase in basic salaries for these types of profiles to cope with
the competitiveness of the new players. In 2021, there was a large investment Top 3 reasons for moving roles
across the fintech, payments and cryptocurrency sectors, which is proving that 1. Flexible working
these new companies are making ground in terms of competing with and even
replacing traditional financial institutions.
3. Reduced travel requirements
In 2022, regulatory experts within sustainable finance are an emerging need,
most notably for the Big 4 and other service providers and consultancies. Most
of these resources currently work on a freelance bases and are rare profiles on Top 3 most requested benefits
the market.
3. Retail/Leisure vouchers and discounts
12% 4 10% Top 3 business priorities

2. Embedding new technologies

3. Upskilling employees
Data salaries
Data View Data jobs
Data Analyst 40k 66k 88k 33k 57k 76k 35k 60k 80k 40k 70k 92k 100k 120k 140k 42k 73k 96k 37k 63k 84k
Data Scientist 44k 77k 100k 38k 66k 85k 40k 70k 90k 46k 80k 103k 100k 125k 140k 48k 84k 108k 42k 73k 95k
Data Engineer 44k 77k 100k 38k 66k 85k 40k 70k 90k 46k 80k 103k 100k 125k 140k 48k 84k 108k 42k 73k 95k
Big Data Engineer 44k 77k 100k 38k 66k 85k 40k 70k 90k 46k 80k 103k 100k 115k 130k 48k 84k 108k 42k 73k 94k
Big Data Architect 44k 77k 100k 38k 66k 85k 40k 70k 90k 46k 80k 103k 100k 115k 130k 48k 84k 108k 42k 73k 94k
BI Specialist 55k 66k 93k 47k 57k 80k 50k 60k 85k 57k 69k 97k 100k 120k 140k 60k 72k 101k 53k 63k 88k
Machine Learning Scientist 55k 77k 100k 47k 66k 85k 50k 70k 90k 57k 80k 103k 110k 130k 145k 60k 84k 108k 52k 73k 94k
Machine Learning Engineer 55k 77k 100k 47k 66k 85k 50k 70k 90k 57k 80k 103k 110k 130k 145k 60k 84k 108k 52k 73k 94k
Cloud Architect 71k 88k 110k 61k 76k 95k 65k 80k 100k 75k 92k 115k 125k 140k 160k 78k 96k 120k 68k 84k 105k
Cloud Engineer 71k 91k 110k 61k 78k 95k 65k 83k 100k 75k 95k 115k 110k 130k 145k 78k 96k 120k 68k 87k 105k
Head of Data & Analytics 110k 165k 220k 95k 140k 190k 100k 150k 200k 115k 173k 230k 140k 160k 220k 120k 181k 241k 105k 157k 210k
Data salaries
Data
Over the past year the data, Cloud and DevOps markets have seen an
increased importance placed on Cloud technology skills, with businesses
moving from on-premises to Cloud-based storage, in turn increasing the
demand for candidates with experience in AWS, Azure, and GCP technologies. Top 3 most in-demand skill sets
We’ve also seen more demand for Cloud and DevOps engineers and architects
1. DevOps
as a result of a growth in the amount of data being used and businesses which
are requiring more and more space. 2. Cloud
3. Cyber security
More companies are calling for freelancers within this market, with cyber
security becoming a major area for prioritisation this year. This has resulted in
a rise in the number of consultancies to provide candidates to businesses who Top 3 reasons for moving roles
are unable to attract talent in-house. 1. Career progression
We have seen cyber security spend exceed 2 billion, with businesses 2. Increased remuneration
acknowledging they don’t have the resources they need if they were to become 3. Work/life balance
a victim of a cyber-attack. Due to heightened risk and a lack of resources,
there is an intensified demand for cyber security talent across Europe, but
particularly so in Switzerland. Top 3 most requested benefits

weeks 1. Embedding new technologies
2. Diversity and inclusion

Finance salaries
Finance View Finance jobs
Finance Assistant 35k 45k 55k 26k 34k 41k 32k 41k 50k 40k 52k 63k 70k 85k 100k 40k 52k 63k 32k 41k 50k
Accountant 35k 50k 60k 26k 38k 45k 32k 45k 54k 40k 58k 69k 90k 110k 120k 40k 58k 69k 32k 45k 54k
Treasury analyst 37k 54k 65k 28k 40k 49k 34k 48k 59k 43k 62k 75k 80k 95k 110k 43k 62k 75k 34k 48k 59k
Tax officer 43k 75k 100k 32k 56k 75k 39k 68k 90k 49k 86k 115k 90k 130k 150k 49k 86k 115k 39k 68k 90k
Financial Controller 50k 75k 95k 38k 56k 71k 45k 68k 86k 58k 86k 109k 120k 135k 160k 58k 86k 109k 45k 68k 86k
Regulatory reporting officer 54k 80k 110k 40k 60k 83k 48k 72k 99k 62k 92k 127k 100k 120k 140k 62k 92k 127k 48k 72k 99k
Financial Planning & Analysis (FP&A) 54k 86k 118k 40k 64k 88k 48k 77k 106k 62k 99k 135k 135k 150k 170k 62k 99k 135k 48k 77k 106k
Senior Accountant 55k 70k 85k 41k 53k 64k 50k 63k 77k 63k 81k 98k 120k 130k 150k 63k 81k 98k 50k 63k 77k
Finance Manager 60k 75k 90k 45k 56k 68k 54k 68k 81k 69k 86k 104k 120k 135k 160k 69k 86k 104k 54k 68k 81k
Treasury Manager 70k 86k 102k 52k 64k 76k 63k 77k 92k 80k 99k 117k 140k 150k 170k 80k 99k 117k 63k 77k 92k
Group Financial Controller 90k 125k 150k 68k 94k 113k 81k 113k 135k 104k 144k 173k 140k 150k 200k 104k 144k 173k 81k 113k 135k
Finance Director 107k 140k 190k 81k 137k 173k 96k 126k 171k 123k 161k 219k 150k 175k 220k 123k 161k 219k 96k 126k 171k
Head of Tax 107k 140k 180k 80k 105k 135k 96k 126k 162k 123k 161k 207k 150k 180k 300k 123k 161k 207k 96k 126k 162k
Head of Treasury 120k 147k 174k 90k 110k 131k 108k 133k 157k 139k 169k 200k 170k 200k 300k 139k 169k 200k 108k 133k 157k
Chief Financial Officer (CFO) 129k 236k 343k 162k 243k 207k 110k 150k 250k 130k 170k 275k 180k 220k 300k 148k 271k 394k 116k 212k 308k
Finance trends
Finance
Hiring activity across the majority of finance teams in Europe picked up
substantially in 2021, and 2022 shows no signs of slowing down.
With an increase in hiring activity in a 'post-pandemic' era, most financial Top 3 most in-demand skill sets
services organisations are investing heavily in the expansion of their finance
functions to meet demands. Most employers have adopted a hybrid-working 1. Tax compliance
model, which for the most part seems to be performing well. This has become 2. Regulatory reporting
a key part of any candidate’s decision-making process, and those who don’t
3. Fund accounting
offer it are struggling to attract talent in a highly competitive market.
We’re also seeing that the adoption of new technologies and analytics is simply Top 3 reasons for moving roles
adding to the need for more headcount rather than taking away from it – and
this will continue to drive hiring across employers. Furthermore, the increased
scrutiny of ESG policies will continue to increase demand for new skill sets, 2. Increased remuneration
especially in areas such as tax. 3. Flexible working
Finally, we can also see SMEs start to pivot away from their reliance on
consultancies and outsourcing models, opting to hire in-house talent with Top 3 most requested benefits
the goal of more transparent oversight and utilising finance in more of the
commercial process. 1. Flexible/remote working
2. Generous annual Leave/PTO
12% 4 10% Top 3 business priorities


3. Environmental and social responsibility
Legal salaries
Legal View Legal jobs
Junior Legal Counsel 37k 46k 56k 32k 40k 48k 37k 46k 56k 44k 55k 66k 80k 100k 120k 44k 55k 66k 38k 48k 58k
Paralegal 37k 46k 56k 32k 40k 48k 37k 46k 56k 44k 55k 66k 80k 100k 120k 44k 55k 66k 38k 48k 58k
Company Secretary 51k 60k 70k 44k 52k 61k 51k 60k 70k 60k 71k 82k 110k 130k 150k 60k 71k 82k 53k 62k 72k
Legal Counsel 55k 75k 84k 48k 65k 73k 55k 75k 84k 66k 82k 98k 130k 160k 180k 65k 88k 98k 57k 77k 86k
Senior Legal Counsel 81k 100k 150k 70k 77k 89k 81k 88k 102k 87k 104k 120k 160k 190k 220k 95k 104k 120k 84k 91k 106k
General Counsel/Head of Legal 102k 144k 186k 89k 125k 162k 102k 144k 186k 120k 169k 218k 220k 310k 400k 120k 169k 218k 106k 149k 192k
Legal trends
Legal
Local talent was in high demand in the legal sector across Europe over the
past year, seemingly bouncing back quite rapidly since a slump at the start of
pandemic. Cyber security continues to be a significant challenge in the law
industry in 2022, with many firms having outdated cyber security systems Top 3 most in-demand skill sets
which make them highly susceptible to cyber threat. Organisations remain
1. Language requirement
vulnerable as a result of managing large amounts of sensitive data and with
data breaches becoming even more prevalent. 2. Bar admission
3. Swiss regulatory experience
Digital transformation has resulted in new processes and workflows for
legal firms which are revolutionising the sector. With new technologies being
introduced daily, it’s making it difficult for firms to choose which technology Top 3 reasons for moving roles
best fits their needs. 1. New challenges
Another challenge is the growing necessity for lawyers to be multi-lingual. 2. Flexible working
This means candidates are consistently required to offer a fluency in English, 3. Increased remuneration
German and French – if not all three then certainly at least two of the three are
likely to be a requirement.
3. Private healthcare
10% 2 10-15% Top 3 business priorities

months 1. Attracting and retaining talent

3. Managing company culture
Risk & Quant salaries
Risk & Quant View Risk jobs
Credit Risk Analyst (AVP) 45k 63k 70k 38k 54k 60k 41k 57k 63k 52k 72k 81k 100k 120k 140k 52k 72k 81k 50k 60k 70k
Credit Analyst 45k 65k 90k 38k 55k 77k 41k 65k 85k 52k 75k 104k 100k 115k 130k 52k 75k 104k 45k 65k 80k
Operational Risk Analyst (AVP) 45k 60k 79k 38k 51k 67k 41k 54k 70k 52k 69k 80k 100k 120k 140k 52k 69k 91k 45k 55k 75k
Market Risk Analyst (AVP) 53k 68k 84k 45k 58k 71k 47k 61k 76k 60k 78k 85k 120k 140k 170k 60k 78k 97k 50k 65k 85k
Quant Developer 60k 100k 140k 51k 85k 119k 54k 90k 126k 69k 105k 135k 110k 130k 150k 69k 115k 161k 75k 95k 120k
Quant Analyst 63k 110k 165k 54k 94k 140k 57k 95k 130k 72k 115k 145k 100k 120k 140k 72k 127k 190k 70k 90k 120k
Credit Risk Manager (VP) 75k 95k 115k 64k 81k 98k 68k 86k 104k 86k 105k 120k 150k 180k 220k 86k 109k 132k 75k 90k 110k
Operational Risk Manager (VP) 85k 100k 120k 72k 85k 102k 77k 90k 108k 85k 95k 105k 120k 140k 160k 98k 115k 138k 75k 90k 110k
Market Risk Manager (VP) 95k 110k 125k 80k 94k 106k 85k 99k 113k 85k 100k 120k 160k 200k 250k 109k 127k 144k 90k 100k 110k
Head of Credit 100k 140k 189k 85k 119k 161k 100k 126k 170k 110k 145k 180k 140k 180k 240k 115k 161k 217k 100k 140k 180k
Head of Operational Risk (Director) 116k 170k 220k 98k 145k 187k 104k 153k 198k 100k 130k 160k 180k 210k 250k 133k 196k 253k 110k 160k 200k
Head of Risk 126k 179k 231k 107k 152k 196k 113k 150k 180k 120k 150k 200k 180k 220k 300k 145k 205k 266k 120k 180k 220k
Head of Credit Risk (Director) 126k 179k 231k 107k 152k 196k 113k 145k 170k 110k 140k 190k 180k 220k 280k 145k 205k 266k 115k 180k 215k
Head of Market Risk (Director) 137k 200k 263k 116k 170k 223k 123k 160k 236k 110k 130k 170k 200k 300k 350k 157k 229k 302k 110k 160k 210k
Chief Risk Officer 150k 275k 525k 128k 234k 446k 135k 248k 400k 140k 180k 350k 250k 300k 500k 173k 316k 604k 140k 300k 500k
Risk trends
Risk & Quant

In a global crisis, we always see an increased demand for risk professionals.
Uncertain times place extra emphasis upon mitigating risk factors and whilst
2021 was no different, it remains unlikely to change in 2022.
Top 3 most in-demand skill sets
The pandemic has seen a significant increase in lending and as a result many
institutions are looking to bulk out their credit risk functions to safeguard 1. Credit risk
themselves. Data science and data analytics profiles remain in high demand, 2. Operational risk
and candidates without a strong programming or technology-orientated
3. Cyber Risk
background are having to upskill.
The move to hybrid working models and changing technological environments Top 3 reasons for moving roles
have put a spotlight on operational risk & cyber security teams, and
organisations have invested heavily in expanding headcount to cope.
With most firms moving towards more ESG-friendly investment strategies
3. Flexible working
alongside the outcomes of COP26, we also expect to see a highly competitive
market for candidates with a strong background in ESG policy and climate
change risk. Top 3 most requested benefits


Tech & Security salaries
Tech & Security View Tech & Security jobs
Threat Intel 35k 65k 103k 30k 55k 90k 53k 79k 106k 60k 90k 120k 73k 109k 145k 60k 90k 121k 54k 81k 109k
DFIR Analyst 36k 60k 98k 28k 50k 85k 53k 75k 106k 60k 85k 120k 73k 103k 145k 60k 85k 120k 54k 77k 108k
Security Analyst 40k 60k 90k 28k 50k 85k 44k 66k 83k 50k 75k 95k 65k 89k 115k 50k 75k 94k 45k 68k 85k
Network Security 42k 65k 95k 32k 60k 88k 48k 70k 88k 55k 80k 100k 67k 97k 131k 55k 80k 100k 50k 72k 90k
Pen Tester 44k 75k 91k 30k 70k 81k 40k 75k 104k 45k 85k 120k 54k 103k 145k 45k 85k 118k 41k 77k 106k
Cloud Security Engineer 45k 70k 100k 30k 65k 94k 53k 75k 96k 60k 85k 110k 73k 103k 133k 60k 85k 109k 54k 77k 98k
IT Risk Analyst 45k 65k 102k 35k 60k 90k 53k 75k 100k 60k 85k 115k 73k 103k 139k 60k 85k 114k 54k 77k 103k
Security Engineer 46k 70k 101k 35k 60k 90k 48k 66k 88k 55k 75k 100k 67k 91k 121k 55k 75k 100k 50k 68k 90k
SOC Analyst 48k 60k 90k 25k 50k 79k 48k 62k 84k 55k 70k 95k 67k 85k 115k 55k 70k 95k 50k 63k 86k
GRC/Privacy Analyst 49k 65k 85k 35k 60k 80k 48k 66k 79k 55k 75k 90k 67k 91k 109k 55k 75k 90k 50k 68k 81k
Security Architecture 60k 80k 100k 40k 70k 90k 53k 70k 99k 60k 80k 110k 84k 115k 140k 60k 80k 112k 54k 72k 101k
Tech & Security trends
Tech & Security

The Tech & Security market is incredibly buoyant and has remained so even
whilst other sectors have struggled amidst the pandemic. Why? Because as
we move into an increasingly digital and interconnected world, with greater
importance and reliance on IT, businesses ultimately need to ensure that they Top 3 most in-demand skill sets
are protected against cyber-attacks.
1. Penetration testing
With every passing day, cyber attackers find equally bold and clandestine 2. Identity & access management
ways to breach security mechanisms. Therefore, proactive innovation by
3. Application security
cyber security experts is required to not only repel attacks, but also pre-empt
them. Security engineers, penetration testers, ethical hackers, application
security engineers and IAM consultants are all crucial to pre-empting and Top 3 reasons for moving roles
repelling these attacks, and therefore are seeing demand for their skills 1. Interesting projects
increase year after year.
Many organisations are now dedicating massive financial resource towards 3. Increased remuneration
cyber security. Switzerland, in many ways, is increasingly considered a hub
for cyber security on the world stage. It is no surprise that some of best
consultancies, cyber security firms and candidates with a wealth of highly Top 3 most requested benefits
technical knowledge are based there.
7% 4 10-15 % Top 3 business priorities


Diversity & Inclusion
Issues around diversity and inclusion are increasingly becoming a major factor for applicants. They want
to see that businesses are taking these issues seriously, and have clear and well-thought-out policies and
procedures to support a positive attitude and approach.
In our survey, 54% of candidates said that a clear diversity and hiring policy is important to their decision
about whether to accept a job from a particular organisation or not. We expect this to increase with each
survey we do – candidates are clear that they expect to compete for jobs in a fair environment so that they
can trust that they have been considered on the merit of their skills, experience and attitude.
How to promote diversity and inclusion

Even in 2022, there are hundreds of organisations that could be doing more to make sure they are not
discriminating when they recruit. And it’s easier to build fairness into your recruitment process than you
might think. We already help our clients manage these issues by putting processes in place such as:
— Providing anti-bias and unconscious bias training

— Supporting the development of pro-diversity job adverts
— Providing blind shortlists, so hirers only see qualifications, skills and experience
— Establishing internal councils to set diversity goals and targets, and to measure progress
54% of candidates
Building a better organisation
It’s been shown by many different pieces of research that the more diverse your workforce, the better your
said that a clear diversity organisation will be. It improves morale and productivity, widens your talent pool and demonstrates that you
are open to everyone. It also helps to make your organisation’s culture more rounded, bringing a range of
and hiring policy is important cultural and social experiences into the business and helps to engage all your people with the success of
the business.
in their decision whether to
accept a job from a particular Even better, a diverse workforce can improve retention. That means savings on recruitment and increasing
your brand reputation in the marketplace. So, by investing in becoming a genuinely diverse and inclusive
organisation or not. workplace, you can hire the best people and keep them for longer.

About us
JCW is a specialist supplier of search and interim solutions to financial services firms all over the
world. Founded in 2007, we recruit talent for multinational consultancies, blue chips and SMEs,
and have more than 100 consultants in 6 offices across Europe and North America.
As financial services recruitment specialists, we have an extensive network of skilled candidates,

from graduates to C-suite, and have the expertise to help you deliver projects, grow teams and
accelerate business growth. Whether you need a single employee or whole project team, we
deliver people capable of making an impact from day one.
Methodology
The salaries in this guide are taken from our database, which is updated daily allowing us to
collate hiring and salary data across from over 500,000 job holders and 18,500 companies.
The insights and trends have been gathered from conversations with business leaders in more
than 500 firms in January 2022.
JCW Group
JCW is part of JCW Group, a full-service talent provider delivering recruitment and
consulting solutions to businesses worldwide. Our brands are:
— JCW — Guideline
— Cybernetic Search — Xander Talent
— Catalyst Life Sciences — OutScout
These brands encompass recruitment and headhunting across financial services,

technology and life sciences, alongside consultancy, staff augmentation and recruit,
train, embed talent solutions.

Trusted by Talent
London Frankfurt Boston
55 Old Broad Street WeWork Geotheplatz 10th Floor
London Neue Rothofstraße 13-19 501 Boylston St.
EC2M 1RX 60313 Frankfurt am Main Boston, MA 02116
Baar Los Angeles New York Austin, TX

Oper46, Bockenheimer 1351 3rd St Promenade, 232 Madison Avenue Suite 225, Two Park Place,
Anlage 46, 60322 Suite 301, Santa Monica, Suite 1600, New York 4009 Banister Ln, Austin,
Frankfurt am Main CA, 90401 NY 10016 TX 78704
© Copyright JCW 2022. All rights reserved. jcwresourcing.com


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Salary Guide

& Trends Report

JCW / Europe Salary Guide 2022 Page 1

JCW / Europe Salary Guide 2022 Page 2

Jobseeker trends 4 Data salaries 18

Market confidence - Salaries 6 Data salaries 19

Market confidence - Bonuses 7 Finance salaries 20

Hiring trends 8 Finance trends 21

Actuarial salaries 9 Legal salaries 22

Actuarial trends 10 Legal trends 23

Audit salaries 11 Risk & Quant salaries 24

Audit trends 12 Risk trends 25

Change & Transformation salaries 13 Tech & Security salaries 26

Change & Transformation trends 14 Tech & Security trends 27

Compliance & Financial Crime salaries 15 Diversity & Inclusion 28

Compliance & Financial Crime trends 17 About us 29

JCW / Europe Salary Guide 2022

54% are not satisfied with 60% of the candidates

38% wouldn't 38% would move

11% would move 13% would move

JCW / Europe Salary Guide 2022 Page 4

47% will increase Business hiring expectations

22% will decrease

Key points 33%

JCW / Europe Salary Guide 2022 Page 5

29% 71% will increase Salary level changes

Key points 29%

JCW / Europe Salary Guide 2022 Page 6

3% will decrease 74%

JCW / Europe Salary Guide 2022 Page 7

Top 5 benefits Top 5 reasons to move roles

1. Flexible/remote working 1. Flexible working

2. Learning and development opportunities

3. Generous annual leave 3. Culture

4. Private healthcare 4. New challenges

5. Stock/equity options 5. Interesting projects

Top 5 business priorities

1. Attracting and retaining talent

5. Mental health and wellbeing in the workplace

JCW / Europe Salary Guide 2022 Page 8

Actuarial View Actuarial jobs

Top 3 most requested benefits

2. Learning and development opportunities

3. General annual leave/PTO

5-10% 3-8 5-10% Top 3 business priorities

2. Diversity and Inclusion

Audit View Audit jobs

Top 3 most requested benefits

12% 6-8 10-20% Top 3 business priorities

2. Embedding new technologies

3. Integrating emerging skills

Change & Transformation View Change & Transformation jobs

Change & Transformation

Top 3 most requested benefits

2. Learning and development opportunities

3. Generous annual leave/PTO

12% 2-4 12% Top 3 business priorities

2. Attracting and retaining talent

Compliance & Financial Crime View Compliance jobs