Cooper Fitch Dubai

Blog

December 17, 2018

UAE Salary Guide 2019 - Banking & Financial Services

“The price of oil in the last three years has affected the government and private sector spending, which resulted in fewer job opportunities.”

Banking & Financial Services UAE Salary Guide 2019
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai

Further talks of bank merger and acquisitions will cause an increase in talent supply available in the market in 2019.

The banking job market remained relatively flat in 2018 in the United Arab Emirates compared to the 2012-2015 period, however, marginally better than the previous 2 years. We did see replacement hiring dominate the year while we have witnessed an increase in demand for FinTech specialists, relationship managers, sales, cybercrime, risk and of course nationalisation hiring. Technology within banking such as; data warehousing and cloud-based servers are in high demand. Looking ahead to 2019, the ongoing talks of banks merging in Abu Dhabi will see a spike in candidates on the market amid predicted redundancies. Q1 and Q2 of 2019 will be challenging for jobs seekers, but we forecast a more stable job market in the second half of 2019.  Emiratisation hiring has always been at the heart of recruitment among locally based banks. In Q4 we witnessed a surge in demand of UAE national hires in line with Central Bank expectations.

The average oil price reached $71 in 2018, in comparison to $52 in 2017, which is helping to build confidence within banks.

The price of oil over the past three years has been on average $47 per barrel. This has affected government spending, which resulted in fewer job opportunities. Oil prices have now rebounded reaching a year high of $83.27 and an average of $71. This has already had a positive knock-on effect in hiring plans within the second half of 2018 and into 2019.

Job stability is rated higher than salary and work-life balance in deciding factors for new career opportunities.

The private and investment banking sectors are in need of high-calibre revenue-generating professionals with a proven track record. There is still a preference for opportunities in the public sector as opposed to the private sector for UAE nationals. Professionals in the banking sector now rate job stability over salary and work-life balance as job priority factors which is a sure indicator of the uncertainty in the market this year.

Hiring trends

The average hiring process is between 6-8 weeks in the UAE which is causing hiring managers to lose out on talent due to the extended length of the interview process. Banks have become cautious and selective regarding finding the right talent.

UAE economy expected to grow 4.2% in 2019.

The UAE Governor of the Central bank has reported that the UAE economy is expected to grow 4.2% in 2019 due to higher oil prices and a stronger non-oil sector. The IMF has predicted a 3.7% growth in 2019.

 

ROLES

TITLE

MIN

MAX

ASSET

Chief Executive Officer

80,000

120,000+

MANAGEMENT

Chief Investment Officer (mid to senior)

70,000

100,000+

 

Chief Investment Officer (junior)

65,000

80,000

 

Head of Asset Management

50,000

70,000

 

Head of Investor Relations

45,000

58,000

 

VP - Placements

35,000

45,000

 

Fund/Portfolio Manager

40,000

55,000

 

VP - Asset Class Specialist

35,000

50,000

 

Investment Senior Associate

32,000

40,000

 

Investment Associate

23,000

30,000

 

Investment Analyst

15,000

22,000

FINANCE &

Chief Operating Officer (COO)

96,000

114,000

OPERATIONS

Chief Finance Officer (CFO)

88,000

108,000

 

Finance Director

61,000

73,000

 

Financial Controller

38,000

46,000

 

Financial Reporting and Regulation

36,000

42,000

 

Operation Manager

29,500

36,000

 

Head of MIS (Management Information Systems) & Reporting

47,000

61,000

 

Finance Manager

29,000

41,000

 

Treasury Manager

33,000

42000

 

Financial Accountant

19,000

26,000

 

Head of Fund Admin / Head of Accounting

54,000

60,000

 

Fund Accountant Qualified

24,000

35,000

 

Head of Custody

43,000

56,000

 

Head of Internal Audit

51,000

67,000

 

Internal Audit Manager

35,000

44,000

 

ROLES

TITLE

MIN

MAX

INVESTMENT &

Chief Investment Officer

110,000

150,000

PRIVATE BANKING

Head of Investment Banking

80,000

110,000

 

Director

60,000

80,500

 

Vice President

45,000

60,000

 

Relationship Manager

40,000

50,000

 

Market Head / Head of Private Banking

100,000

125,000

 

Team Leader

68,000

79,000

 

Senior Director

62,000

70,000

 

Director

40,000

54,000

 

Associate Director

33,000

40,000

 

Relationship Manager

26,000

32,000

RETAIL &

Assistant Relationship Manager

22,000

30,000

CORPORATE

Relationship Manager

30,000

45,000

 

Relationship Director

45,000

60,000

 

Head of Corporate Banking

60,000

75,000

 

Head of Wholesale Banking

63,500

77,500

 

Head of Collections & Recovery

45,500

50,000

 

Head of Retail Banking

63,000

72,000

 

Head of Branches

38,000

48,000

 

Head of Assets/ Liabilities

50,000

62,000

 

Head of Alternate Channels

50,000

60,000

 

ROLES

TITLE

MIN

MAX

RISK

Chief Risk Officer

73,000

91,000

 

Head of Credit Risk

55,000

71,000

 

Credit Risk Manager

30,000

42,000

 

Credit Risk Analyst

16,000

22,000

 

Credit Risk Policies Head

50,000

62,000

 

Credit Risk Policies VP

48,000

56,000

 

Credit Risk Portfolio Analyst

15,000

20,000

 

Head of Collections and Recovery

55,000

68,000

 

Head of Risk Analytics

51,000

58,000

 

Risk Analytics Manager

27,000

38,000

 

Risk Analytics Officer

16,000

23,000

 

Operational Risk Head

54,000

62,000

 

Operational Risk Manager

34,000

42,000

 

Operational Risk Analyst

15,000

18,000

 

Market Risk Head

56,000

64,000

 

Market Risk Manager

31,000

40,000

 

Market Risk Analyst

18,000

22,000

 

Enterprise Risk Manager

28,000

35,000

 

ROLES

TITLE

MIN

MAX

HR

Head of HR

45,000

58,000

 

HR Manager

32,000

36,000

 

HR officer

18,000

24,000

 

Compensation and Benefits Manager

32,000

37,000

 

Learning and Development Manager

29,000

39,000

ADMINISTRATION

Office Manager

20,000

25,000

 

Executive Assistant

18,000

23,000

 

Personal Assistant

14,000

19,000

MARKETING

Head of Marketing

38,000

44,000

CORPORATE

Marketing Manager

28,000

34,000

 

Social Media Manager

27,000

33,000

 

Brand Manager

24,000

29,000

 

Communications Executive

22,000

24,000

 

LEGAL

TITLE

MIN

MAX

 

Head of Legal

89,000

115,000

 

Senior Legal Counsel

55,000

72,000

 

Legal Manager

48,000

59,000

 

Paralegal

18,000

27,000

 

Legal Assistant

14,000

19,000

Monthly salaries in UAE Dirhams (AED). Salaries provided are exclusive of any bonus, guaranteed or otherwise. 

Please click here to view the full salary guide for this sector.

Alan Hynes By Alan Hynes

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