Despite media and political concerns in the US and Europe over bankers’ bonuses and salaries, the sector continues to dominate when it comes to monthly pay packets in the UAE, with bank traders and investment consultants earning up to AED100,000 (US$27,226) per month, according to a report released on Tuesday by recruitment consultant Morgan McKinley.
“Job opportunities are up across the board on 2010 and 2009 numbers but still 40 percent down on 2011 for the same time of year,” said Trefor Murphy, managing director UAE of recruitment firm Morgan McKinley. “Abu Dhabi in particular has witnessed an exponential rise in vacancies, although less heavily weighted in the public sector than at any point in the last five years,” he added.
Click here to see the top ten best paid jobs in the UAE
Regardless of the scandals and fines which have dogged Barclays, Standard Chartered, RBS and HSBC, bankers’ bank balances continue to remain in a healthy state.
While credit risk controllers started on a modest AED16,000 and could expect to rise to AED56,000, private bankers and traders started on around AED20-25,000 and rose to nearly AED100,000.
There is a lot of talent now on the market, the report said. However our clients want people who will bring in the business, whether it be corporate, investment or private banking and wealth management.
Looking forward, the compliance, risk and treasury sectors are the most in demand, while overall wage packets will only see modest salary increases for 2012.
In the accountancy sector, salaries were expected to rise by 6 percent in 2011, with analysts expecting a similar rise this year.
Chief financial officers were the top earners here but were still behind their banking colleagues and earned upwards of AED70,000.
In the technical sector, which includes engineering, logistics, construction and energy, competition for staff from China, India and South East Asia has had an impact and some Indian workers are already returning home for better prospects.
Despite this, 48 percent of UAE employees in this sector got an increase of more than 8 percent in their last review.
Sales, marketing and media have traditionally been lesser paid and salary levels rarely rise above the AED50,000 mark, except in the more lucrative advertising market.
The report found there has been a marked shift from relocating professionals outside of the region to focusing on existing talent though employees with digital experience are still in demand in the West.
Follow us on
