Cooper Fitch Dubai

Blog

December 17, 2018

KSA Salary Guide 2019 - Banking & Financial Services

“We expect the number of women in the workforce to increase by up to 15% in 2019 as part of Vision 2030.”

KSA Salary Guide 2019 - Banking & Financial Services
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai
Cooper Fitch Dubai

The Saudi economy which contracted by 0.9 per cent in 2017 is expected to grow by up to 3.5 per cent in 2019. Saudi is the best-performing economy in the GCC.

The boards of Saudi British Bank (Sabb) and Alawwal bank approved a merger agreement between the two lenders to create an entity worth $5 billion. This was the first banking merger in the Kingdom for 20 years.  Consolidation of the banking market has taken place, but overall the economy is looking positive. The merging of banks is all a part of achieving Vision 2030 where the objectives encompass ensuring the formation of an advanced capital market, enabling the financial institutions to support the private sector growth as well as promote and enable financial planning amongst Nationals.  Saudi Arabia is the best-performing economy in the Gulf, and this will continue into 2019.

International investment banks and asset management firms enter the Saudi market.

Investors are now interested in the Saudi economy as positive reforms are taking place coupled with the fact that the government is investing hugely in the private sector. Record budget expenditure along with recovering oil prices will drive credit demand in 2019. International firms are more confident about the Saudi market and doing business in the Kingdom. We have already witnessed global asset management players and investments banks setting up under the CMA regulator to expand their business across the Middle East market.  The economic situation is positive at the moment, and we expect 2019 to be an even more productive year for Saudi Arabia. 

Vision 2030 will drive the number of female employees in the sector.

The unemployment rate is dropping as more opportunities become available for Saudi nationals in the banking and financial services sector. The salaries are expected to increase by 4.5 per cent. Major UAE banking players such as Emirates NBD and First Abu Dhabi Bank are expanding their presence in the Kingdom. We have also noticed that female participation in the workplace in 2018 has increased dramatically. For the first time in the country’s history, a woman was appointed the top position within a large Saudi bank.

Saudi Arabia is heading the list of the most digitised nations. 

Saudi Arabia has emerged as the top digital banking market in the Middle East and Africa (MENA) with more than 75 per cent of banking customers in the Kingdom using online or mobile apps. The Kingdom has become one of the world’s most digitally advanced countries, and banks are leading their transformation with real-time digital solutions to meet their customers’ needs.

 

ROLES

TITLE

MIN

MAX

ASSET

Chief Executive Officer

80,000

120,000+

MANAGEMENT

Chief Investment Officer (mid to senior)

75,000

100,000+

 

Chief Investment Officer (junior)

65,000

80,000

 

Head of Asset Management

60,000

80,000

 

Head of Investor Relations

50,000

65,000

 

VP - Placements

26,000

34,000

 

Fund/Portfolio Manager

25,000

35,000

 

VP - Asset Class Specialist

28,000

40,000

 

Investment Senior Associate

25,000

32,000

 

Investment Associate

20,000

26,000

 

Investment Analyst

15,000

22,000

FINANCE &

Chief Operating Officer (COO)

72,000

92,000

OPERATIONS

Chief Finance Officer (CFO)

66,000

88,000

 

Finance Director

51,000

68,000

 

Financial Controller

24,000

37,000

 

Financial Reporting and Regulation

26,000

33,000

 

Operation Manager

26,000

32,000

 

Head of MIS (Management Information Systems) & Reporting

41,000

51,000

 

Finance Manager

28,000

35,000

 

Treasury Manager

29,000

36,000

 

Financial Accountant

19,000

27,000

 

Head of Fund Admin / Head of Accounting

47,000

58,000

 

Fund Accountant Qualified

21,000

29,000

 

Head of Custody

42,000

50,000

 

Head of Internal Audit

45,000

55,000

 

Internal Audit Manager

34,000

39,000

 

 

ROLES

TITLE

MIN

MAX

INVESTMENT &

Chief Investment Officer

90,000

100,000

PRIVATE BANKING

Managing Director

66,000

75,000

 

Director

50,000

62,000

 

Vice President

38,000

45,000

 

Assistant Vice President

28,000

35,000

 

Market Head / Head of Private Banking

70,000

83,000

 

Team Leader

58,000

65,000

 

Senior Director

50,000

56,000

 

Director

42,000

46,000

 

Associate Director

33,000

40,000

 

Relationship Manager

20,000

25,000

RETAIL &

Assistant Relationship Manager

20,000

28,000

CORPORATE

Relationship Manager

28,000

40,000

 

Relationship Director

42,000

60,000

 

Head of Corporate Banking

63,000

78,000

 

Head of Wholesale Banking

63,500

77,500

 

Head of Collections & Recovery

45,500

50,000

 

Head of Retail Banking

55,000

65,000

 

Head of Branches

38,000

45,000

 

Head of Assets/ Liabilities

50,000

62,000

 

Head of Alternate Channels

50,000

60,000

 

 

ROLES

TITLE

MIN

MAX

RISK

Chief Risk Officer

68,000

88,000

 

Head of Credit Risk

51,000

67,000

 

Credit Risk Manager

26,000

38,000

 

Credit Risk Analyst

13,000

19,000

 

Credit Risk Policies Head

44,000

57,000

 

Credit Risk Policies VP

40,000

48,000

 

Credit Risk Portfolio Analyst

13,000

18,000

 

Head of Collections and Recovery

46,000

57,000

 

Head of Risk Analytics

46,000

53,000

 

Risk Analytics Manager

24,000

35,000

 

Risk Analytics Officer

14,000

21,000

 

Operational Risk Head

46,000

53,000

 

Operational Risk Manager

26,000

34,000

 

Operational Risk Analyst

13,000

16,000

 

Market Risk Head

48,000

55,000

 

Market Risk Manager

28,000

37,000

 

Market Risk Analyst

16,000

21,000

 

Enterprise Risk Manager

24,000

32,000

ROLES

TITLE

MIN

MAX

HR

Head of HR

40,000

54,000

 

HR Manager

28,000

34,000

 

HR officer

15,000

22,000

 

Compensation and Benefits Manager

24,000

31,000

 

Learning and Development Manager

23,000

30,000

ADMINISTRATION

Office Manager

16,000

21,000

 

Executive Assistant

15,000

20,000

 

Personal Assistant

10,000

14,000

MARKETING

Head of Marketing

32,000

41,000

CORPORATE

Marketing Manager

25,000

30,000

 

Social Media Manager

23,000

27,000

 

Brand Manager

21,000

23,000

 

Communications Executive

16,000

20,000

LEGAL

Head of Legal

77,000

88,000

 

Senior Legal Counsel

48,000

56,000

 

Legal Manager

43,000

53,000

 

Paralegal

14,000

22,000

 

Legal Assistant

12,000

17,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monthly salaries in Saudi Riyals (SAR). 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

Thank you for your enquiry. A member of our team will be in touch with you shortly.