We are very pleased to announce that our sister company Fleet Oil has hired Peter Moulding.

Peter brings with him a very established record of success in the Oil recruitment market.

Craig Phipps comments, “Peter is an exceptionally talented recruiter with an excellent history of success in this very competitive market. He is a key addition to the consulting team of the Fleet Group and we are very confident that Peter will drive Fleet Oil to become the go-to recruiter in the Oil Chemist and Scientific field”

Peter has developed an incredibly successful reputation as MD of Staff Hunt Ltd – a leading recruitment business based in the hart of Aberdeen’s Oil and Gas industry. He has been the leading recruiter for Production Chemists and Technical staff since the company’s inception.

Peter brings an incredible level enthusiasm and professionalism to his work and has developed an encyclopaedic knowledge of this industry!

We’re very pleased to learn that Paul Stanbridge has been selected to represent Scotland in the GBR Fencing 5 Nations event this coming weekend.  Paul has been fencing competitively for 7 years and this will be his first national cap. We’re all very excited for Paul and we hope he does us proud!

 

 

We are delighted to announce the formation of our new sister company, Fleet Oil. Fleet Oil specialises in Oil Recruitment for the North Sea, Scientific and Technical Sectors, with a particular focus on Oil Production staff.

This is an incredibly strong market place to develop in 2013, particularly the Oil Chemistry field. Fleet Oil diversifies Fleet Search’s established reputation within Financial Services within the Fleet Group of Companies.

“This is an excellent opportunity to expand Fleet’s Recruitment offering to the Market. I am confident that with the development of key staff and resources Fleet Oil will shortly become a leading Brand on the industry.

For more information please see www.Fleet-Oil.com

To keep up with Market Developments, Industry News, and Audit Opportunities within the FS sector, keep an eye on our e-content at…

• Twitter;
• “Audit Professionals Career Network – Financial Services” for all internal audit financial services information for the perm market.
• “Financial Services Contractors and Interim Managers” for the contract market
• …and of course our website

We’ve just released our Internal Audit Salary Survey and Market Report for Autumn 2012 aimed specifically at the financial services sector. With the changes going on in the Audit recruitment market this report makes interesting reading.

Internal Audit Salaries & Recruitment – London Financial Sector, Autumn 2012

[For a the full  survey follow:  Internal Audit Salary Survey and Market Report for Autumn 2012, otherwise the basic content can be found below.]

Contents

Market Overview

Vacancy Trends

Factors Affecting Career Moves

Salary Guide

Market Overview

“Significant increase in Audit vacancies”

Within the London Financial Services Internal Audit market the first half of 2012 has been reasonably buoyant, although the volume of vacancies decreased compared to the first half of 2011. Whilst corporate governance remains a relative safe haven, the uncertainty of the economic climate and increase in regulatory demands on banks and investment firms, still impinged on this market as the sector tried to control costs.

Overall the number of organisations making posts redundant decreased. However, we saw a number of houses implement a recruitment freeze early in the first half of the year. This was mainly due to changes in Audit leadership and department restructures associated with the change in management.

The second half of 2012 has already seen a significant increase in Audit vacancies compared to the same period in 2011 (although there was a noticeable slow down during the Olympic Games), with a particular requirement for more senior technically driven individuals with strong capital markets, regulatory and risk knowledge.

Vacancy Trends

“Markets Groups… seeing strong competition”

Capital Markets

As always, Sales and Trading Audit Groups are where we see the greatest competition for strong candidates. An interesting development has been with the number of banks bolstering or establishing Market Risk Audit functions. Compliance and Regulatory Audit continues to be buoyant while Commodities Audit has grown, which is not unexpected given the current state of global financial markets.

IT Audit

After seeing little activity in the first half of the year IT Audit has made a welcome return at the junior to mid level.

Asset Management & Private Wealth Management

Despite well publicised Funds going into administration, fraud cases concluding and a number of fund consolidations over the last few months, the number of Audit vacancies has remained steady since last year with a number of senior moves occurring during 2012.

Insurance

The challenge within general, life and Lloyd’s insurers continues to be regulatory change. The market has seen a number of senior moves, but key hires for auditors with strong operational knowledge have kept vacancies buoyant.

Retail and Corporate

The market continues to require strong junior level hires. Corporate banking has seen a recent increase in demand compared to last year. One of the bigger challenges for large retail groups has been the sell off and acquisition of branch offices while managing change programs as retail banks restructure assets and operations.

“Contract market… easing”

Contract

The ratio of contract versus perm roles has changed over the course of the year. Initially we saw a tightening of the Contractor market; however this appears to be easing as of this quarter.

Factors Affecting Career Moves

We have spoken to a number of individuals regarding motivations in relation to their career moves, and the results make for interesting reading.

The past year has seen some banks restrict promotions, salary increases and bonus pay outs while others have frozen these completely. The individuals we have spoken to expect this trend to continue into 2013. Perhaps unsurprisingly, we are seeing an increase in the number of candidates coming to market for the time of year.

“Salary uplifts of 15-20%”

 

Typically, compensation packages with hiring companies are reflecting this policy change. There is an increase in the core cash component either to base salary or base plus cash benefits. Traditionally uplifts of base cash compensation (including cash benefits) were around 10% and offers beyond 15% were considered to be a good uplift. In the current market we are seeing an increase in salaries of 15-20% as banks look to attract the best talent

 

From our discussions with those looking to make a career move, 58% cited lack of career progression as the top reason for making a change. Instability or concerns regarding role content or the company direction was cited by 28% as the reason for wanting a change and, finally, 14% were motivated chiefly by salary increase

 

Salary Guide**

Figures 2 & 3 show the results from our candidate surveys. We’ve included the original data sets under each graph as they include equivalent years of experience for each job title.

fig 2.

Internal Audit – Investment Banking

Job Title: Years Post Qualification Experience (PQE)*	Salary Range (£)
Analyst / Auditor: 0-1 years PQE	35 – 50000
Senior Auditor: 1-3 years PQE	50 – 65000
Assistant Vice President (AVP): 3-6 years PQE	65 – 80000
Vice President (VP): 6-8 years PQE	80 – 110000
Senior VP/Director (SVP): 8+ years PQE	100 – 135000
Executive Director (ED): 10+ years PQE	110 – 150000
Managing Director (MD): 15+ years PQE	130 – 170000

 

 

 

 

 

fig3.

IT Audit – Investment Banking

* Business Audit years are quoted in Post (Accountancy) Qualification Experience. IT Audit years quoted in Total Industry Experience.

**Please note that these surveys are based on mean values as there are instances where some salaries fall outside of the ranges. Please also bear in mind that different organisations have different compensation structures which were taken into account in gathering the data.

For a more detailed analysis please contact Craig Phipps or Paul Stanbridge on 0845 500 5253 or email us: [email protected]. or [email protected].

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To keep up with the latest market news follow our two new Linkedin networking groups (with the snappy titles):

• “Audit Professionals Career Network – Financial Services” for all internal audit financial services information for the perm market.
• “Financial Services Contractors and Interim Managers” for the contract market

 

LONDON

Fleet Search & Selection London
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EC1V 4PY
Main: 0845 500 5155
Mobile friendly: 0207 099 7180
Fax: 0845 527 1947
[email protected]

EDINBURGH
Fleet Search & Selection Edinburgh
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Carpet Lane
Bernard Street
Edinburgh
EH6 6SP
Main: 0845 500 5155
Mobile friendly: 0131 564 0050
Fax: 0845 527 1947
[email protected]