Decoding London Salaries: Are You Being Compensated Fairly?
Navigating the world of compensation in London’s corporate and investment banking sectors can be a bit of a minefield, especially when you’re trying to determine if your salary aligns with industry standards. A glance at the salary ranges offered by Barclay Simpson for Internal Audit positions may shed some light. Here’s a breakdown:
Salary Ranges for Internal Audit Roles:
- Manager: £75,000 – £100,000
- Senior Manager: £90,000 – £130,000
Barclay Simpson’s 2022 guide suggests that a Manager typically brings over 7 years of experience, while a Senior Manager should have at least a decade under their belt. However, the guide doesn’t dive into the specifics of what these roles entail.
I currently have about 8.5 years of experience in the Audit field, including three years in external audit with a Big Four firm and the remaining years in internal audit within financial services. Presently, I earn £90,000 a year at the AVP level in a bank. My role involves taking the lead on small audits, yet I haven’t held a position where I was responsible for managing the entire audit process.
While the salary figures align relatively well with experience levels, the job titles appear to be somewhat misleading. If I decide to switch jobs, it’s uncertain if I would secure a similar salary elsewhere.
I’d love to hear your insights and experiences. Are these salary ranges reflective of your experience in the industry? Do you think job titles accurately reflect the roles and responsibilities? Share your thoughts in the comments!
One response
Your question touches on an important aspect of career progression and compensation within the field of internal Audit, especially in the competitive environment of Corporate and Investment Banking in London. Based on the information you’ve shared, your compensation seems aligned with the general salary band for your level of experience, but the job titles and responsibilities you’ve described suggest there might indeed be some inconsistencies relative to industry norms.
Understanding Titles and Responsibilities: Titles like “Manager” and “Senior Manager” can vary significantly between organizations, especially across different sectors and regions. In many financial institutions, the “Manager” title typically involves not only managing Audit engagements but also leading teams, strategic planning, and having significant interaction with senior stakeholders. Given your description of your current role and responsibilities, it seems you might be operating slightly below the expected responsibilities for a “Manager” in the guide you referenced.
Market Dynamics: The financial services sector in London is competitive, and salary ranges can be influenced by several factors beyond just years of experience. The size of the institution, its location, financial market trends, and your specific skill set all play a role. With your varied background in both Big 4 external Audit and financial services internal audit, you possess a strong and diverse skill set that is valuable.
Considering a Move: If you are contemplating a job change, it’s crucial to evaluate not just the salary but also the title, responsibilities, growth opportunities, and the organization’s culture and stability. Given your current compensation (£90k), you would likely be competitive for roles that might offer similar or slightly higher salaries, especially if they align better with your career aspirations and offer additional responsibilities.
Negotiation and Career Insight: When exploring new opportunities, clear negotiation on job titles and roles will be crucial. Make sure that any new role aligns with a step forward in both responsibility and pay. It can help to discuss with potential employers how your experience aligns with their expectations for leadership and strategic contributions at the “Manager” level.
Professional Development: To enhance your marketability, focus on refining skills that are highly valued in internal audit, such as data analytics, risk management expertise, and regulatory knowledge. Certifications like the CIA or CRMA can also strengthen your profile.
Engaging with colleagues within your network or a recruitment consultant specializing in financial services can provide further insights into current trends and expectations. This feedback can help in understanding your current standing within the market and what to expect in future roles.