SALARY SURVEY 2019 MIDDLE EAST & AFRICA WELCOME TO ROBERT WALTERS SPECIALIST PROFESSIONAL RECRUITMENT

“As a market-leading global recruitment group our purpose is clear - we power people and organisations to fulfil their unique potential – and that’s what we’ve been doing for over 33 years.

People are at the heart of everything we do from the job seeker, to the hiring manager, to those who bring them together. Our candidates and clients see us as a trusted advisor, helping them to fulfil career aspirations and build exceptional teams over the long-term.

We do this through our collaborative culture and non-commission model which ensures that candidate and client needs are front and centre.

Our candidates know that we’ll take the time to listen and advise them on the next step in their career. It’s these relationships that enable us to offer our clients the best talent on the market and that’s why they return to us again and again. We’re also experts in the disciplines we recruit for enabling us to provide insight into hiring and salary trends.

While our reach is global, we remain committed to providing our clients with local market insight. We look to hire the best local talent to ensure we can offer a deep ROBERT WALTERS, understanding of the local culture and market conditions. This sets us apart from CHIEF EXECUTIVE OFFICER the competition and helps us remain a trusted recruitment partner to the world’s leading businesses.”

Robert Walters CEO Robert Walters plc

OF OUR BUSINESS IS FOCUSED ON 69% PERMANENT RECRUITMENT, 31% ON CONTRACT GLOBAL REACH, LOCAL EXPERTISE

Locations we operate in

AUSTRALIA INDONESIA SOUTH AFRICA BELGIUM IRELAND SOUTH KOREA BRAZIL JAPAN SPAIN CANADA LUXEMBOURG SWITZERLAND CHILE MALAYSIA TAIWAN CHINA NETHERLANDS THAILAND FRANCE NEW ZEALAND UAE GERMANY PHILIPPINES UK PORTUGAL USA INDIA VIETNAM DOWNLOAD OUR SALARY SURVEY BOOKS To discover hiring and salary trends across the world, read our Global Trends on page 10 or download our books covering: • Australia & New Zealand • Japan • Brazil • Middle East & Africa • Canada • South Korea • Europe • United Kingdom

• Greater China & South East Asia Download your copy today by visiting www.robertwalters.com/salary-survey OUR SERVICE

In an increasingly complex global recruitment market, the WHAT MAKES US DIFFERENT? Robert Walters Group builds great teams for our clients by Bespoke, consultative service offering an end-to-end recruitment service, on a local, regional or global basis. 1. Commitment to quality OUR CORE DISCIPLINES INCLUDE: We focus on building long-term, high-quality relationships • Accounting & Finance with clients and candidates. We consult and advise, helping • Banking & Financial Services our candidates make the right career move. This builds trust and loyalty and ensures we continually have the industry’s • Engineering top talent for our clients. • Human Resources

• Legal 2. Specialists • Marketing We hire from industry to ensure our consultants are • Sales specialists in the disciplines they recruit for. They also • Secretarial & Support bring with them strong personal relationships and industry networks enabling them to find hard to reach talent with • Supply Chain & Procurement niche skill sets. • Technology Robert Walters has found I have found We had a dedicated team us some great people. Robert Walters to be from Robert Walters who They’re fast, friendly and professional, thorough provided consistency very well connected. and responsive. They’ve and a great level of I’ve worked with many introduced us to quality expertise in their relevant recruiters over the years candidates who closely disciplines. The team but the Robert Walters match our requirements clearly communicated the team are without doubt and as a result we have recruitment process to my favourite. made successful hires. us and provided sound advice around the market, Michael Acton Smith, Henry Loo, VP Data candidate experience and Co-founder & CEO, Management and expectations. Calm, USA Analytics, DBS Bank, Hong Kong Sam Reynolds, Senior HR Advisor, ARTC, Australia

3. No individual commission 5. Innovation culture We operate a team-based profit share system which, we We were the first recruiter to launch a recruitment process believe, sets us apart from the vast majority of our outsourcing business and we continue to lead the way with competitors as it ensures the interests of both the client and industry-first sponsorships and brand development such as our candidate remain our number one priority. There is also no sponsorship of the British and Irish Lions. ownership of candidates ensuring clients always see the best talent we have available. 6. Long-term business focus Our strategy is one of organic growth through international 4. Our people and culture expansion and discipline diversification. We invest in markets for We promote long-term, international careers helping us to retain the long-term and maintain our presence, even in tough times. our top people which provides continuity for our clients. We’re proud to say our senior management team is home-grown with 7. End-to-end recruitment service an average tenure of 17 years. We offer clients a true end-to-end recruitment service, from permanent, contract and interim recruitment through to recruitment process outsourcing. CONTENTS

INTRODUCTION AFRICA

Global Trends...... 10 SOUTH AFRICA Regional Trends...... 12 OVERVIEW...... 44 REGIONAL OVERVIEWS Accounting & Finance...... 48 Australia & New Zealand...... 14 Banking & Financial Services...... 49 Europe...... 16 Legal...... 51 Greater China...... 18 REST OF AFRICA Japan & South Korea...... 20 North America...... 22 OVERVIEW...... 52 South East Asia...... 24 Central & Southern Africa...... 57 United Kingdom...... 26 East Africa...... 58 North Africa...... 59 MIDDLE EAST West Africa...... 60 OVERVIEW...... 30 Accounting & Finance...... 36 Banking & Financial Services...... 37 Information Technology...... 39 Legal...... 40 Marketing & Retail...... 42 Sales...... 43 DOWNLOAD OUR SALARY SURVEYS

SALARY SURVEY 2019 AUSTRALIA & NEW ZEALAND SALARY SURVEY 2019 BRAZIL

SALARY SURVEY 2019 CANADA SALARY SURVEY 2019 EUROPE SALARY SURVEY 2019 GREATER CHINA & SOUTH EAST ASIA SALARY SURVEY 2019 JAPAN

SALARY SURVEY 2019 MIDDLE EAST & AFRICA SALARY SURVEY 2019

SOUTH KOREA SALARY SURVEY 2019 UNITED KINGDOM

DOWNLOAD OUR SALARY SURVEY BOOKS Drawing on our local knowledge and expertise across six continents we’ve produced a series of books covering: • Australia & New Zealand • Japan • Brazil • Middle East & Africa • Canada • South Korea • Europe • United Kingdom

• Greater China & South East Asia

Download your copy today by visiting www.robertwalters.com/salary-survey WELCOME TO THE 20TH EDITION OF THE GLOBAL SALARY SURVEY PROVIDING CREDIBLE INSIGHT INTO HIRING AND SALARY TRENDS WORLDWIDE.

8 Robert Walters Salary Survey 2019 Our Salary Survey is based on the ABOUT THE analysis of permanent, interim and SALARY SURVEY contract placements made across each of our geographies and recruitment Welcome to the 20th edition of the disciplines during 2018, and our Robert Walters annual Salary Survey. predictions for the year ahead.

As the first recruitment company to GET IN TOUCH produce a comprehensive overview of If you would like to find out more about global salaries and recruitment trends salaries and recruitment trends in across the world, we are pleased to your industry, call one of our specialist share the latest edition with you. consultants today. Contact details can be found at the back of this book.

ABOUT THE SALARY SURVEY 9 GLOBAL TRENDS

investment and hiring across all sectors programmes and hiring was up across as the business-friendly government the region. eased employment regulations. South East Asia experienced a buoyant Businesses in Belgium expanded and recruitment market in 2018, with rapid hiring in Germany and Ireland increased growth across Indonesia, Philippines, across multiple disciplines. In Spain, Thailand and Vietnam. This was driven we saw greater demand for bilingual by foreign direct investment and candidates, especially for accounting the continued entry of multinational and human resources roles. companies. In comparison, hiring in Singapore and Malaysia was modest The positive economic climate led and stable as companies sought fewer to a candidate driven market in the but better-skilled professionals. Netherlands, with candidate shortages especially acute at the junior to mid- In Japan, local and foreign companies level. Switzerland remained the outlier competed for bilingual candidates with with only minimal shifts in hiring international experience, putting pressure GILES DAUBENEY, DEPUTY volumes in 2018. on this already scarce talent pool. Overall CHIEF EXECUTIVE OFFICER the market remained candidate driven In the UK, employers faced candidate and this will continue in 2019. GLOBAL OVERVIEW shortages as professionals proved “Overall the global hiring market was reluctant to switch roles due to the Greater China experienced strong buoyant in 2018, with most markets uncertainty surrounding Brexit. The economic growth in 2018, boosting reporting an increase in hiring due technology industry continued to grow to positive economic conditions and and hire aggressively. employer confidence. Many markets continued to face candidate shortages, Across Africa, there was a surge in With talent shortages set to especially in relation to bilingual demand for returning professionals with continue in 2019, we advise professionals and those with specialist international experience as businesses companies to streamline their digital skills. sought to implement international best recruitment processes to avoid practice and support government Across Europe, the recruitment market nationalisation policies. Businesses in losing out on top talent. went from strength to strength in the Middle East also focused on hiring 2018. In France, we saw an increase in local talent in support of nationalisation

10 Robert Walters Salary Survey 2019 employer confidence and hiring activity region, there was widespread demand to avoid losing out on top talent. Hiring across the region. for risk, compliance and legal talent. managers should also clearly articulate the company’s mission, strategy and The Australia and New Zealand markets Regulatory pressure in the UK and values at interview stage to differentiate showed steady growth and modest Australia led to high demand for themselves from the competition. In salary increases in 2018, although compliance and risk professionals and addition, for scarce skill sets, employers pressure is growing for a long-awaited this is set to continue in 2019. are advised to hire ambitious, fast uptick in salaries in 2019. learners, even if they are not an exact fit In Germany and Ireland, we expect to for the job description. KEY TRENDS see even greater demand for regulatory Global shortage of digital skills professionals across risk, audit, Retaining staff will remain a top The global demand for digital and compliance and legal, as the UK is priority in 2019 so, on top of paying technology skill sets continued apace scheduled to exit the EU in 2019. competitive salaries, employers should and shows no sign of slowing in 2019. continue to invest in learning and Advice to employers development, benefits packages, In Australia, digital transformation With talent shortages set to continue flexible working and employer was prevalent across many industries in 2019, we advise companies to branding.” leading to sustained demand for streamline their recruitment processes development and digital specialists. Similarly, in South East Asia, digitalisation remained a key trend THE GLOBAL DEMAND with cyber security, big data and AI FOR DIGITAL AND specialists highly sought after. TECHNOLOGY SKILL SETS CONTINUED In San Francisco, blockchain and APACE AND SHOWS cryptocurrency were growth areas, and start-ups utilising machine learning NO SIGN OF SLOWING and AI continued to attract talent as IN 2019. candidates sought to be on the cutting edge of technological advancements. In Japan, roles related to data utilisation, AI development/deployment and infrastructure, rapidly increased across all industries.

Across Greater China, demand for top-tier talent experienced in high- tech and digital transformation projects outstripped supply. Candidate shortages were also a concern for the UK’s growing technology industry as businesses faced stiff competition for software developers and engineers.

Risk and compliance talent in high demand While hiring across the banking and financial services sector varied by

GreaterChina experienced strong economic growth in 2018, boosting employer confidence and hiring activity across the region. 11 REGIONAL TRENDS

With our presence spanning 29 locations across six continents our specialist teams offer in-depth knowledge of the sectors they recruit for. In this section our regional managing directors share their insights on hiring and salary trends in 2018 and their predictions for the year ahead.

Our regional overviews include:

• Australia & New Zealand • Europe • Greater China • Japan & South Korea • North America • South East Asia • United Kingdom THE GROUP’S INTERNATIONAL NETWORK OF OFFICES SPANS 29 LOCATIONS AND SIX CONTINENTS ENABLING US TO MEET THE DEMANDS OF CLIENTS AND CANDIDATES WHOSE NEEDS EXTEND BEYOND LOCAL MARKETS AUSTRALIA & NEW ZEALAND

INTRODUCTION INFRASTRUCTURE DRIVING “The Australia and New Zealand DEMAND Our presence in Australia & markets continued their trajectory of The skylines of most major cities New Zealand: steady growth in 2018, without ever in Australia and New Zealand are threatening to break out into all-out currently dotted with cranes, as national • booms. infrastructure projects continue. Civil • engineers and project managers will • Brisbane Salary growth has generally been be highly sought after in 2019 to help • Chatswood modest for the past three years and deliver new roads, railways, hospitals, • pressure is gradually building for a schools, stadiums and hotels. We possible uplift in wage levels in 2019. expect an increase in demand for • Parramatta ancillary roles too, such as architects, • Several industry sectors are interior designers and lawyers with • experiencing high demand for qualified relevant contract expertise. • Wellington talent in specialisms where there is limited supply. The most notable TECH POWERING GROWTH pressure points apply to specific roles in In the technology space, we will see cyber security professionals, who are infrastructure, technology, and banking demand for numerous IT specialists already in short supply. Organisations and financial services. continue unabated in 2019. High-profile from every industry and sector will security breaches and regulatory continue their digital transformations, scrutiny are increasing the value of leading to sustained demand for

14 Robert Walters Salary Survey 2019 development and digital specialists. recruitment market remained buoyant in Overall, heading into 2019, we believe Likewise business intelligence, 2018. As Australians head to the polling the Australian and New Zealand hiring automation and data management booths in 2019, employers will hope market remains in good shape. professionals will be sought to help that the next government does not put companies rebuild services and the brakes on hiring flexible workforces Many of the ingredients are in place for products around customer behaviour. to deal with short-term supply issues. a positive year and, after a few years of modest wage rises, pressure is FINANCE REGULATION As in Washington and , anti- gathering for a long-awaited uptick in TIGHTENS immigration rhetoric has reverberated salaries.” The banking and financial services along the corridors of power in sector in Australia felt the sting of Wellington and Canberra during 2018. James Nicholson media criticism and public discontent Managing Director during 2018, as revelations of Australia & New Zealand misconduct were laid bare by the Royal Commission. Consequently, the The skylines of most major regulatory crackdown will continue cities in Australia and New in 2019, with the number of risk Zealand are currently dotted and compliance roles substantially with cranes, as national outstripping supply. infrastructure projects continue. ADVICE FOR EMPLOYERS Given the shortage of local talent in many sectors, 2019 is shaping up to be a challenging year for hiring managers. Some employers fear their growth Part of the answer will lie in the power could be stifled by further restrictions of networks: knowing where the market upon hiring overseas talent. In 2019, is heading, who the talent is, where to we hope economic pragmatism will find them and how to secure them. prevail over populism.

The other essential part will be to think long-term: hiring and training graduates with the right aptitude, as well as upskilling existing personnel. For example, with new or emerging roles such as conduct risk managers there are very few experienced specialists in the market. Employers may need to respond by training existing personnel to identify and mitigate risk. POLITICAL OUTLOOK In New Zealand there was concern that the new government may dent business confidence, however the

15  EUROPE

2018 TRENDS for engineering and supply chain “The European recruitment market professionals was also high thanks to Our presence in Europe: went from strength to strength in large-scale investment in new plants • Belgium 2018. Overall hiring levels were high, and factories. As a consequence, HR, • France underpinned by a growing economy, legal and finance professionals were in • Germany increased investor confidence in high demand. • Ireland the eurozone and UK-based roles • Luxembourg transferring to the region due to The continued economic upturn in Brexit, all of which led to businesses the Netherlands led to an extremely • Netherlands aggressively hiring new talent. candidate driven market at all levels of • Portugal seniority, with shortages most apparent • Spain In France, the strong market conditions at the junior to mid-level. In an attempt • Switzerland of 2017 continued into 2018 with to attract talent early, high-potential companies actively recruiting across students were beginning to be offered the market. The economic climate contracts for finance and banking roles for bilingual candidates, especially for was reinforced by a business friendly whilst still at university. accountants and customer services government easing employment specialists. regulations. This bolstered confidence In Belgium, recruitment levels remained leading to investment across all sectors. high as businesses expanded in Hiring levels increased in Ireland In particular, the number of construction response to the positive economic resulting in high demand for candidates projects increased. The demand climate. There was also strong demand across multiple specialisms.

16 Robert Walters Salary Survey 2019 In response, businesses focused The biggest issue for the region will be driven, with hiring managers needing on reducing time to hire, improving keeping up with demand as candidate to move quickly and be more flexible in employer brand, staff retention and shortages are already present and are order to secure top talent. As pressure benefits packages whilst offering more expected to intensify over the next on talent pools continues to increase, remote and flexible working options. 12 months. employers will need to raise salaries of highly sought-after professionals in Switzerland saw minimal shifts in hiring In the Netherlands, hiring shortages will order to remain competitive. volumes in 2018 with only a couple of become more acute across all sectors pockets of increased activity. The luxury but will also move upward in seniority. In Ireland, the job market will remain sector had a more positive outlook in Within finance, the standardisation strong, with hiring continuing across comparison to 2017 and the financial of financial processes will decrease most sectors. Britain’s departure from services industry saw an increase in the demand for operational and the EU will lead to an extremely high corporate banking hiring from both local transactional professionals and increase demand for regulatory professionals and international companies. the demand for candidates with strong across the risk, compliance, legal and analytical capabilities. finance sectors, leading to a persistent Confidence in the German economy skills shortage. Securing and retaining continued to rise which led to significant The demand for new hires in France top talent will mean offering competitive hiring activity across a vast array of shows no sign of slowing down, but salaries, but employers will also need disciplines. In , banking and this must be considered within the to focus on promoting their brand and financial services hiring across risk, context of growing skills shortages company culture. audit, finance, compliance, legal and which will once again drive up salaries. regulation increased as roles were HR professionals are most likely to be In Spain, the employment market transferred from the UK due to Brexit. highly sought after, as in all sectors will continue to be buoyant as IT and Outside of financial services, we saw a companies are becoming acutely engineering businesses continue to hire continued trend for digitalisation both in aware of the need to retain employees, at great pace. We also expect to see marketing and technology. especially those at a senior level. more hiring activity across finance, legal and HR as many small businesses grow In 2018 Spain benefited from the In Belgium, we expect organisations and larger players try to defend their positive macroeconomic situation in to continue to expand and create market position.” Europe. Hiring was strongest in the new jobs. The demand for bilingual information technology, manufacturing, candidates will remain high, especially Antoine Morgaut energy and construction sectors where in the region. The Belgian CEO businesses focused on hiring engineers labour market will remain candidate Europe & South America and digital transformation specialists. English speaking professionals were highly sought after as companies strengthened their accounting and human resources functions. 2019 FORECAST Europe is expected to continue its strong economic growth in 2019, resulting in a favourable recruitment market with confidence remaining high among professionals and employers.

17  GREATER CHINA

“In 2018, we witnessed strong MAINLAND CHINA economic growth across the Greater Supported by various national initiatives Our presence in Greater China: China region and an overall optimistic such as Manufacturing 2025, Belt and outlook which drove an increase in Road and ‘Internet Plus’, Mainland • hiring activity. China’s outbound investment and • development of innovative technology • Technology is fundamentally changing maintained an upward trajectory in • Southern China the hiring landscape across the region 2018. Demand for top-tier talent in high- • Hong Kong as businesses seek to digitalise end technology such as virtual reality • and become more technologically (VR), AI, Internet of Things (IoT) and advanced. Hiring managers are machine learning dramatically exceeded competing to secure recruits from supply as businesses fought to attract a limited pool of candidates with individuals with relevant experience. both regionally and globally. As a experience in high-tech and digital result, many companies across a wide transformation projects. IT professionals Mainland China is now one of the range of industries have been seeking in several specialist areas, including AI, leading global investors in digital professionals who are both familiar business intelligence, cyber security, technologies and e-commerce. with global business and proficient in automation and analytics continued to Previously, China’s e-commerce English, putting the level of demand be in high demand throughout 2018. industry had a stronger domestic for bilingual talent at an all-time high, focus but we are now seeing in particular for those with international e-commerce businesses expanding experience.

18 Robert Walters Salary Survey 2019 At the same time, the Southern China TAIWAN LOOKING AHEAD region is now known as Mainland Taiwan continued to grow at a steady Professionals who thrive on change China’s open innovation centre and is pace as it has done over the past stand to gain the most in 2019, as home to technological leaders as well decade. The country also sustained organisations continue to embrace as many digital start-ups. The heavy strong export momentum in 2018 new ways of working, led by digital-first investment in data and research centres and there were signs of recovery in strategies. At the same time, digital has driven demand for talent, not only the retail sector. Job volumes grew technologies have already dramatically from other parts of Mainland China but considerably across multinational and impacted the culture around work and also other countries in Asia and across local companies in 2018. the evolution of “smart workplaces”. the world. Employers should consider adopting The Taiwan government is new digital technologies and platforms HONG KONG implementing a Green Energy Industries to create positive employee Hong Kong started 2018 with robust and Technological Innovation plan to experiences, helping to attract and economic growth and buoyant boost renewable energy development, retain employees, in particular recruitment levels, supported by solid leading to international wind power millennials. global demand for Hong Kong products turbine makers and installers setting and services, a rebound in visitor up regional operational headquarters Staff retention will continue to be a top numbers and a strong economy in in Taiwan. This is driving demand for priority for all organisations in 2019 Mainland China. At the same time, the HR, engineering and supply chain and we advise that, in addition to Guangdong-Hong Kong-Macao Bay professionals. paying competitive salaries, companies Area and the Belt and Road initiatives need to examine multiple factors, are encouraging strategic partnerships Despite a growing skills shortage, such as corporate culture, employer within the region and a flow of talent pay increases remained conservative branding, learning and development between Hong Kong and Mainland for professionals who stayed in the opportunities, career progression and China. same role. This can be attributed to international mobility in order to retain the stability and maturity of Taiwan’s the best talent.” Financial institutions and companies job market; professionals have grown across different industries sought to accustomed to this degree of wage Matthew Bennett actively increase headcount, with stagnation. Managing Director businesses often hiring for several Greater China positions at once, in contrast to the previous five years when simultaneous recruitment was only seen in niche areas.

There continued to be strong demand for professionals with the technical expertise to help companies implement digitalisation projects. Skill sets in highest demand included cloud computing, big data, DevOps, e-commerce, analytics, cyber security and fintech.

19  JAPAN & SOUTH KOREA

JAPAN such as autonomous driving and smart “In 2018, there was high and sustained supply chain. Our presence in Japan & South demand for bilingual professionals with Korea: international experience, as Japanese Whilst AI continued an upward trend, the companies sought to ‘go global’ demand for talent remained high in 2018 • bolstered by their confidence in the as companies sought various skill sets, • domestic economy. Foreign companies including professionals experienced in • with operations in Japan sought to building data-informed strategies and attract the same professionals, putting client liaison roles. pressure on this already scarce talent demand fall for clerical staff across some pool. Automation specialists were highly companies, particularly large financial sought after as many companies looked institutions. We saw the government’s vision for a to leverage cutting-edge technologies smart society, Society 5.0, begin to take such as Robotic Process Automation Elsewhere, we saw an uplift in demand shape as the number of roles related and machine learning to increase for sales and marketing staff in the to data utilisation, AI development/ efficiency and improve employees’ work- consumer goods and hospitality deployment and infrastructure, rapidly life balance. industries, as tourist numbers grew increased across all industries. As in the lead up to the 2020 Olympics. the country geared up to rollout 5G With automation giving employees more However, hospitality companies by 2020, we saw an increase in job time to focus on work with a direct struggled to hire bilingual specialists as openings related to IoT technologies impact on the bottom line, we saw demand increasingly outstripped supply.

20 Robert Walters Salary Survey 2019 The Integrated Resort Implementation conglomerates are making substantial started focusing on automation and Bill also came into force which will investments in creating new roles, smart factories as possible solutions to eventually result in large-scale hiring especially in the semiconductor and AI increased labour costs and the across the hospitality industry as sectors, which are considered the most consequent decline in profit margins. companies make plans to develop important components of the Fourth This led to a notable increase in hiring facilities such as casinos, hotels and Industrial Revolution. in these areas, resulting in a rise in exhibition centres. demand for professionals with expertise in AI and deep learning. We expect The sustained labour shortage will The sustained labour these trends to continue in 2019.” continue to drive a competitive job shortage will continue to market in 2019 giving jobseekers greater drive a competitive job Jeremy Sampson opportunities and leverage. market in 2019 giving Managing Director jobseekers greater Japan & Korea As a result, employers will need to excite opportunities and candidates with their company’s vision leverage. and growth potential as well as offer competitive compensation, learning and development opportunities and a clear A planned increase in the minimum career path to attract the best talent. wage and the implementation of the 52-hour work week began to affect We also advise companies to streamline businesses across the country in the their recruitment processes to avoid second half of 2018. As a result, we losing top talent to competitors with have seen a significant increase in quick interview and selection processes. demand for HR professionals with compensation and benefits experience SOUTH KOREA and we expect this to continue in 2019. Despite challenging conditions, such as the US-China trade war and the With the minimum wage set to rise by widening interest rate gap between over 10% in 2019, many companies South Korea and the US, foreign direct investment (FDI) reached a record high in 2018. This boost in FDI was driven by a boom in the semiconductor market, increased investment in the financial sector and eased geopolitical risks following the US-North Korea summit.

Domestic production and the number of jobs are expected to increase as large amounts of reported FDI have been made in the form of greenfield projects.

Keeping pace with the government’s job creation policy, South Korean

21  NORTH AMERICA

SAN FRANCISCO Salaries increased by around 5-7% in 2018 2018 and while it’s too early to predict if Our presence in North “Recruitment levels in the San Francisco it will continue to rise at the same pace America: Bay Area in 2018 were exceptionally in 2019, we certainly do not expect high, driven by business growth and a compensation levels to decline. • candidate short market. • New York 2019 • San Francisco Technical talent was in highest demand, Venture capital firms will continue to with senior software engineers extremely inject new capital into the early and • sought after. Experienced designers, growth stage start-up ecosystem in product marketers and HR/people 2019. operations professionals were in short As competition for top talent continues supply, while demand for finance and Whilst the number of vacancies in to escalate, companies should focus on business operations talent remained people operations was in sync with streamlining their recruitment processes. consistently high. the number of jobseekers in 2018, we Employee retention will remain a expect this to change in 2019 as more challenge for tech firms in the Blockchain and cryptocurrency companies look to hire for this function. San Francisco Bay Area as competing were growth sectors, and start-ups companies will continue their attempts utilising machine learning and artificial We anticipate that senior engineers, to lure staff away with lucrative intelligence continued to attract talent. especially engineering leaders, will compensation packages. Fintech, edtech, and healthtech were remain the most challenging candidates also active hiring sectors. to hire.

22 Robert Walters Salary Survey 2019 Mission-driven companies will have a only increased by about 2-5%. In 2018, in IFRS legislation. General counsel and better chance of attracting and retaining fringe benefits like flexible working hours, compliance managers looked to secure candidates, but no company is immune gym membership and free food have practice-trained lawyers with expertise in to the disruption of candidate churn. been embraced by many organisations, IIROC and SEC regulations, as Canadian however they may need to be more asset management firms continued to Overall, we expect a hiring boom in creative when trying to compensate and expand into the US. 2019, with unrelenting competition retain key staff in 2019. for top talent. Emerging technologies Inflation hit 3% in Canada and brought like blockchain, machine learning, We expect to see robust hiring levels in salary increases of just above that for and autonomous vehicles will keep the first half of 2019, driven by tax cuts most professionals. Those moving attracting candidates who want to be and increased government spending. jobs saw average salary increases of on the cutting edge of technological This will cause salaries to inch upwards 7-11%. Tax, internal audit and regulatory advancements. next year. However, potential increases compliance professionals saw increases in trade tariffs could destabilise financial closer to 11-15%. NEW YORK markets and lead to a fall in sales for 2018 major companies, resulting in hiring 2019 Record levels of low unemployment freezes or wage stagnation as we move In 2019, ‘Big 4’ trained CPAs 18-24 and a decade of economic growth into 2020. months out of practice will be in high in the US meant that competition for demand, due to their highly desirable qualified candidates continued, with TORONTO hybrid skill set of external audit plus candidates sometimes entertaining 2018 hands-on accounting experience, three or four job offers at a time. The An influx of start-up technology particularly at the controller/VP finance candidate shortage forced companies companies, the expansion of the level. to improve their efforts to retain talented real estate investment market and a workers, resulting in more flexible work continued focus on improving controls Lawyers with strong M&A deal environments and other benefits not and governance within large financial experience in burgeoning sectors like common a few years ago. institutions led to a buoyant recruitment pharmaceuticals, cannabis, IT and real market in Toronto. Professionals in estate, as well as compliance officers 2019 accounting and finance, as well as legal with dual Canadian and US regulatory Demand for compliance and legal and compliance, were in high demand. knowledge will also be in demand. professionals in banks, as well as risk management specialists in hedge funds Increasingly seen as the ‘Silicon Hiring managers will need to streamline and buy-side companies, will be high. Valley North’, demand for STEM interview processes to ensure they keep In technology, data science and cyber graduates with the ability to work in a millennial candidates, or they will risk security will continue to be key hiring start-up environment was high. When losing them to nimble start-ups that areas. recreational cannabis became legal in move at a rapid pace and often offer October 2018, companies in cannabis equity even for junior to mid-level staff.” Sales and marketing will continue to production and distribution grew rapidly drive hiring in commerce, primarily at and sought out any qualified candidates Simon Bromwell the junior to mid-level with businesses with professional experience in the Managing Director struggling to hire at these levels in 2019. sector. North America Hiring managers will need to maintain a sense of urgency in the recruitment Financial reporting accountants with process to secure top talent. large scale consolidations experience Despite the tight labour market and a were in demand, as firms grappled with decade of low unemployment, salaries tighter reporting deadlines and changes

23  SOUTH EAST ASIA

2018: A DYNAMIC GROWTH Hiring in Malaysia and Singapore was LANDSCAPE stable and modest in 2018 compared Our presence in South East Asia: “In 2018, hiring across South East to the other South East Asian markets. Asia was buoyant, with rapid growth In these more established markets, • Indonesia across the maturing economies and a companies sought fewer but better • Malaysia noticeable evolution in hiring needs in skilled professionals whose expertise • Philippines the more established markets. and experience could add significant • Singapore value. We expect this to continue in • Thailand Indonesia, Philippines, Thailand and 2019. • Vietnam Vietnam all showed strong levels of hiring as organisations sought to STRONGER INDUSTRIAL expand their teams to fuel continued PRESENCE growth. The continued entry of South East Asia’s role as an industrial This stimulated demand for multinational companies and foreign hub within Asia looks set to grow professionals with industrial experience direct investment were key drivers of due to a greater injection of foreign across a range of roles, including growth in these markets. We saw stiff investment into the region, particularly engineering, manufacturing, supply competition for skilled and experienced from China. In 2018, a number of new chain, sales and marketing, finance and talent in 2018, and we expect these entrants set up operations and existing human resources. markets to maintain their robust growth players expanded their footprint, momentum in 2019. bolstering confidence and hiring activity.

24 Robert Walters Salary Survey 2019 CONTINUED PUSH TOWARDS HIRING ADVICE To overcome skill shortages in certain DIGITAL Businesses in the region are placing sectors, companies should also expand Digitalisation remains a key trend more focus on employee retention by their pool of candidates and reach out influencing hiring across the region investing in training, offering benefits to local professionals residing overseas. and sustaining the high demand for IT such as flexible working arrangements Our ‘Return Home’ campaigns – talent. The growth of cyber security, big and providing attractive counter-offers Pulang Kampung (Indonesia), Balik data and artificial intelligence has driven for their top talent. As such, employers Bayan (Philippines), Balik Kampung the need for IT specialists in these niche looking to hire skilled professionals will (Singapore) and Come Home Phở areas. need to do more to secure the talent Good (Vietnam) – have helped they want. businesses in the region identify and The impact of digitalisation, however, hire overseas returning professionals reaches far beyond the technology with the necessary expertise, skill sets sector and we have seen significant and international experience. demand for professionals with relevant Businesses are looking to digital capabilities. This includes expand out of the country 2019: A POSITIVE OUTLOOK marketers with digital and e-commerce and this has driven demand There are several elections being expertise, supply chain and logistics for “glocal” talent, or local held across South East Asia in 2018 experts with knowledge in automation talent with international and 2019, and these typically have and machine learning and HR experience. some impact on recruitment activity. professionals with experience using the Assuming political stability, we expect latest HR technologies. the recruitment markets in South East Asia to maintain their dynamic growth AN EVOLUTION IN HIRING This includes providing a competitive in 2019.” NEEDS salary and benefits package, acting Across the region, we have seen an swiftly and maintaining good Toby Fowlston increased effort by companies to hire communication throughout the Managing Director local talent, in part due to government recruitment process. Most importantly, South East Asia policies and recommendations. At the it’s about showing genuine interest in a same time, businesses are looking to candidate’s future, and demonstrating expand outside of the country and this how he or she will be an integral part of has driven demand for “glocal” talent, or the organisation. local talent with international experience. For less mature markets, employers often sought professionals with experience working in more developed markets to lead growing teams.

Companies, particularly those in the more mature markets, are also looking to refine and optimise their recruitment processes and we have seen a larger number of companies moving to recruitment process outsourcing solutions.

25  UNITED KINGDOM

2018 TRENDS centres outside of London. , “Despite high demand for specialist Leeds and have been Our presence in the UK: and highly skilled mid-level and senior particularly successful in positioning professionals, employers had to contend themselves as regional ‘tech-hubs’, • Birmingham with a UK-wide candidate shortage attracting talent that would have • Bracknell across most disciplines. Uncertainty historically migrated to London. • Leeds around Brexit appeared to be creating • Liverpool a fear of ‘last in first out,’ which in turn The technology industry was one of • London meant candidates were less willing to the fastest-growing markets across the • Manchester move roles as swiftly as they had in whole of the UK and given the innovative previous years. and highly skilled nature of the industry • Milton Keynes there was an ongoing shortage of • St Albans The UK remained a ‘two-speed suitably qualified candidates. economy’ with London-based financial services firms experiencing slow growth The demand for software developers paying premiums for experienced due to Brexit-related concerns, while and engineers was especially high, lawyers across most skill sets. non-financial services companies leading to inflated salary expectations outside of London experienced much amongst candidates. The demand was in part due to a lack faster growth. This was partly due to the of lawyers at the 2-4 years PQE level. volume of large companies setting up Hiring across the legal sector became This was caused by a reduction in the secondary offices and shared service increasingly competitive leading to firms number of trainees being hired a few

26 Robert Walters Salary Survey 2019 years ago, coupled with the increase in is likely to continue. Technology aligned order to support areas of growth within European regulations, creating a spike companies and venture capital-backed the business. in demand for both in-house and private start-ups show no sign of slowing practice lawyers. In fact, a number of down, and the rate at which they Our recommendation to candidates who venture capital-backed start-ups hired continue to attract investors will be a are looking for a new role would be to their first legal counsel in 2018. big pull for candidates who are looking embrace digitalisation and innovation to to future-proof their careers. Hiring in ensure they remain current and relevant In commerce and industry, demand the technology sector will remain high to changing working practices. for finance professionals remained in areas such as Manchester, Leeds strong across the UK at all levels from and Birmingham with further expansion In-demand professions or specialist roles part-qualified accountants through expected in these regions. will continue to command premiums, to finance directors. As candidates but general salary inflation will be subject now understand their worth they are to, and defined by, the outcome of Brexit increasingly pushing for commercial or and other variable macroeconomic strategic roles rather than core reporting The outcome of Brexit will conditions.” positions. be the key determinant of hiring market conditions Chris Hickey Due to uncertainty around Brexit, in 2019, especially for the CEO banks and financial services firms financial services sector. UK, Middle East & Africa took a relatively cautious approach to recruitment characterised by replacement hiring. Compliance, risk and audit were exceptions, with We advise businesses facing candidate professionals in these areas highly shortages to be flexible and consider sought after due to pressure from hiring professionals with transferable regulators. skills. Companies should consider taking on candidates who are ambitious In comparison to the previous year we and fast learners, even if they are not saw salaries rise faster in 2018 but on an exact fit for the job description, in the whole increases were not significant unless professionals were working in a market short of qualified professionals, such as technology or compliance. 2019 The outcome of Brexit will be the key determinant of hiring market conditions in 2019, especially for the financial services sector. However, despite Brexit, there will be pockets of intense hiring activity within financial services driven by demand for skills such as compliance, risk and audit. We will also continue to see traditional finance functions hiring at all levels as general business growth

27  LOCAL TRENDS - MIDDLE EAST & AFRICA

In this section we delve deeper into the hiring and salary trends we expect to see across our local markets in 2019.

The locations covered are: ●● Middle East ●● South Africa ●● Central & Southern Africa ●● East Africa ●● North Africa ●● West Africa

Middle East

DUBAI

Middle East

2018 The Middle East experienced a positive year with a significant increase in hiring across the region compared to previous years.

Companies continued to focus on recruiting local talent as part of their nationalisation programmes across the region. This led to fewer relocations by international professionals and, in some cases, added to the departure of expats from the region.

An increase in hiring was seen across retail, sales, marketing and technology as businesses looked to expand. Many local and international financial services firms also expanded their teams, with growth in hiring highest in Kuwait City, Riyadh and .

Countries within the Gulf underwent extensive changes due to the introduction of VAT and while a rise in demand for tax specialists was predicted, in reality these requirements were outsourced to companies with experienced tax teams. Instead, demand for traditional accountants and analysts continued to dominate the market.

The UAE still serves as one of the most important regions in the Middle East for its contribution to the economy. The greatest demand was for junior-mid-level professionals, particularly for accountants, project managers and sales managers. Construction dispute lawyers were in highest demand as construction projects continued to be launched across Dubai and Saudi Arabia. Salaries remained steady in the UAE at the mid-junior level, whilst salaries at the senior end decreased due to the surplus of senior professionals.

Saudi Arabia went through a period of huge change, due to the implementation of the Saudi government’s 2030 visionary plan. Two years into this plan and we have already seen huge momentum in the recruitment market, with particular focus on the public- health sector. As part of this plan, a large part of the population was mobilised for work and for the first time in some regions and sectors, we saw women in the workplace. Companies continued to Kuwait remained busy, with a particularly buoyant job market within focus on recruiting local financial services. This is a bright corner of the Middle East and although talent as part of their it does not receive the same press coverage as its larger neighbours, nationalisation programmes from a recruitment point of view it has out-performed the region. across the region.

30 Robert Walters Salary Survey 2019 Middle East

2019 Multinationals will continue to open In 2019, demand will increase in their regional headquarters in the the Middle East for government UAE as this is the only truly expat- sector related roles – notably IT, friendly location for the region. This legal, finance, banking and HR. will bring further opportunities for Meanwhile, demand for legal all head office professionals. professionals is expected to remain steady across the Gulf. The job market in Saudi Arabia will continue to be busy for government roles; Digitalisation will be at the forefront in we expect the private sector to follow suit 2019, as companies look to optimise and recover in 2019. Sectors such as IT, performance, which will create an manufacturing, logistics, finance, banking atmosphere of excitement and activity. and education will be key benefactors.

In the UAE, the growing demand for The rush to hire good-quality Gulf nationals will continue to dominate the candidates will create increased market as many companies aim to candidate movement, especially in comply with Emiratisation legislation. Saudi Arabia. However, candidates As a result, local market knowledge need to be wary of too many moves too JASON GRUNDY, will be a key differentiator for all quickly on their CV, to avoid permanent MANAGING DIRECTOR, professionals across the region. damage to their career prospects. MIDDLE EAST

Middle East Job Index

UAE - Jobs up Multinationals will continue to 1 38% year-on year open their regional headquarters in the UAE, bringing further opportunities for all head office Saudi - Jobs up professionals. 2 111% year-on-year

2 1

*All statistics are drawn from Robert Walters industry research *For more detalied information on the Robert Walters Middle East Job Index please contact the Dubai office

Middle East 31 OVERVIEW

The oil and gas sector began hiring The Saudi government has again after a period of recovery and predicted a 7.4% increase in market slowdown since 2016. there total spend for 2019, which was a notable increase of temporary will likely increase companies’ fixed-term contracts for project finance confidence to hire. This, coupled roles. As with previous years, salaries with stringent Saudization remained relatively stable in 2018. policies, will mean that firms will look to reduce their expatriate Demand was high for candidates headcount in favour of locals who who could fill traditional roles, namely have international experience. finance managers, financial controllers Saudi national hiring has doubled and tax specialists. The 'Big 4' were in 2018 and we expect this actively recruiting for audit and tax trend will continue into 2019. roles across the GCC. Professionals with a background in tax were also The implementation of VAT highly sought after for in-house roles. in Bahrain in the beginning of 59% 2019 will undoubtedly increase OF PROFESSIONALS ARE OPEN In 2019, the positive UAE economy the number of tax manager TO A JOB OFFER WHEN NOT will accelerate the jobs market roles, with large companies and ACTIVELY LOOKING growth, primarily driven by the 'Big 4' all competing for recovering oil prices, the active similar types of candidates. trade and tourism environments and a pick-up in investment ACCOUNTING & FINANCE ahead of Expo 2020 in Dubai. 2018 was a steady year for finance recruitment in the UAE, defined by We expect that demand will be high Stringent Saudization policies will the number of expats who have for financial analysts, management mean that firms will look to reduce either left the UAE or have sent accountants, business controllers, expatriate headcounts in favour their families home. There was finance managers, chief accountants of locals who have international an increased demand for UAE and project accountants in 2019. We experience. nationals, in particular for niche will also see a number of roles being roles such as internal audit risk. created within compliance and risk.

32 Robert Walters Salary Survey 2019 BANKING & FINANCIAL and capital requirements. As a result As most industries have embarked SERVICES of this extra workload, we expect on a digital transformation The key focus in 2018 for the an increase the number of technical journey, candidates who have banking sector has been around finance roles in the first half of 2019. led or been part of large digital stress testing, which was reflected in projects will find opportunities recruitment trends and hiring levels. The Basel III amendments (also easier to come by, especially in referred to as Basel IV) to credit the banking and retail industry. We saw a renewed focus from and operational risk are likely to banks to assess the robustness and be implemented in the UAE. This Information security is a key effectiveness of their anti-money is expected to result in a reduction area of hiring as businesses are laundering and sanctions compliance in the capital adequacy ratios for maturing and starting to recognise programs. This is partly due to the most banks. The methodology the importance of having secure next Financial Action Task Force (FATF) to calculate the amended environments. Robotics, AI review that is due in the UAE in 2019. numbers will require adjustments and machine learning have an to systems as well as collection increasingly important role within Although most banks performed of additional data requirements, technology functions and candidates well in terms of governance, thus increasing recruitment needs with experience in these areas will training and assurance, there across the middle office. be highly sought after, especially was a shortfall in monitoring, with those from North America and three of the eight banks potentially While many salary groups across the Europe. At the junior end of the requiring some remedial work. industry sectors will remain steady, market, candidates with a strong initial indications are that we may see mix of interpersonal and technical With the International Financial modest increases in key corporate skills were consistently in demand. Reporting Standard (IFRS) that governance roles within the GCC came into effect on st1 January as demand outstrips supply. Strong commercially focused 2018, most banks were able to meet technology professionals with true the date of initial implementation. INFORMATION TECHNOLOGY business partnering experience However, more refined processes Technology functions within had salary increases of around 10- will have to be completed in 2019 organisations are playing a greater 15%. Senior roles within financial before IFRS 9 becomes business and more integral part in businesses' services continue to pay the most. as usual. The interdependency strategies in the Middle East. This between the IT, finance and risk is creating high levels of demand functions also highlights the need for for senior technology professionals a revised governance framework. who come with strong commercial experience, primarily from mature Banks in the UAE have many markets. Whilst the trend in other leasing arrangements that will fall specialisms has been to look for under the scope of the new IFRS talent within the region, many 47% 16 standard that comes into effect senior IT professionals in 2018 have on 1st January 2019. All elements of been brought in from international a bank, including branches, ATMs, locations. We expect to see IT infrastructure and outsourcing this trend continue in 2019. 47Of professionals would take on arrangements, will have to be assessed to evaluate the impact on a new role for a better salary their financial statements, operations

Middle East 33 In 2019, we expect demand for LEGAL From an in-house perspective, technology professionals to grow The private practice market in the energy and investments companies as the region further matures and UAE was challenging in 2018 as we were the most active. There was an embraces technology. Candidates saw some firms exit the market due air of confidence about the market from Europe, North America and to lack of profitability. It was a year due to large business mergers and East Asia are highly sought after of consolidation rather than growth, a stronger oil price. The in-house due to their advanced technology with the main recruitment activity move was attractive to private landscape. These candidates can due to natural attrition of lawyers practice lawyers who seek flexibility bring in best practices to the region. returning to their home countries. and a better work-life balance over a partnership opportunity. Hiring managers will need to offer Hiring managers had to contend market-related salary increases, with a skills shortage of common In 2018, private practice US firms with exceptions being made law qualified candidates who appeared to offer the highest salaries, across all areas for exceptional were already based in the UAE. followed closely by Magic Circle firms. candidates. In terms of career Due to the high cost and risk of In-house salaries varied significantly progression, there are highly relocating, law firms were much depending on the company. Major ambitious candidates looking more receptive to candidates international companies and household to work their way up; thus the already established in the region. brands are often providing good need for a clear career path is benefits packages and international becoming increasingly important There has been a high demand mobility alongside high salaries. for technology professionals. for dispute lawyers, particularly in Overall, salaries remained relatively construction, alongside candidates stagnant and have reduced at the who possess a corporate senior level due to the reduction and commercial skill set. of the historic 'expat package'.

In 2019, we expect another busy year with plenty of recruitment activity and movement, but no significant expansion of teams. As in previous years, we will see relatively high turnover rates with a number of opportunities opening up for candidates as a result. Sectors that will be hiring in 2019 will be energy (oil and gas), disputes and construction.

Dubai is being used more widely as a secondment/training seat rotation for law firms, giving international candidates an opportunity to 65% sample the Middle East before OF PROFESSIONALS LIVE IN THE moving, thus reducing the need MIDDLE EAST DUE TO CAREER for permanent recruitment. With OPPORTUNITIES Emiratisation in full flow, companies will be looking for UAE nationals. Historically, salaries have been remain competitive and attract top the key focus for lawyers when sales professionals from competitors. seeking a new role. Flexibility, career However, generic retailers had a tough progression and team culture will year due to the economic climate and begin to take precedence as a new as a result some salaries decreased. wave of millennials try to rid law firms of their old-fashioned methods In 2019, there will be an increasing of time sheets and billable hours. demand for specific operational skills across all marketing roles; MARKETING & RETAIL areas of growth will be within Despite a slow retail market across beauty cosmetics, FMCG and the Middle East, recruitment activity the food & beverage sector. remained high, with demand remaining constant for supply The e-commerce market will continue chain professionals and luxury to go from strength to strength retail specialists for malls. as online shopping becomes 39% embedded in the local culture. OF PROFESSIONALS WOULD In 2018, brands invested in their BE MOTIVATED BY CAREER loyalty programs and e-commerce In 2019, salaries should remain PROGRESSION TO TAKE ON A NEW structures, resulting in a spike the same with emphasis placed ROLE in demand for digital media on attractive commission specialists and CRM analysts. schemes for all sales roles. Candidates with a background have experience working in the in PR, communications and SALES private sector for global firms. traditional marketing were Sales recruitment has remained also highly sought after. steady in the UAE and has We expect that 2019 will be a been the most improved market slight improvement on 2018. Oil The second major retail recruitment within Saudi Arabia. Technology, prices are forecast to remain above trend saw demand increase for especially software, has been $70, which is the most important sales and client advisors with a relatively buoyant market economic factor in the Middle an extensive client portfolio and so far across the region. East. As such, demand for sales customer service experience. professionals in sectors such as Arabic and Mandarin speaking Hiring levels in the UAE remained technology will continue to grow sales professionals were highly steady. However the highest levels of whilst FMCG will remain stagnant. sought after in the luxury sector, in demand were in technology (software) addition to candidates with excellent and data/business intelligence. Salaries are expected to remain product and market knowledge. the same, with only a marginal Demand for sales managers and improvement to packages. In 2018, some of the larger luxury directors who are Saudi nationals Professionals will be swayed by brands increased salaries and boosted was highest, particularly those that opportunities that offer attractive commission schemes in order to who are Western-educated and uncapped OTE earnings.

Middle East 35 MIDDLE EAST ACCOUNTING & FINANCE

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI & NORTHERN GULF (USD) 2018 2019 2018 2019

Head of Department Group CFO 110k+ 110k+ 27k+ 27k+ Regional CFO/Regional Financial Director 70 - 110k 70 - 110k 18 - 25k 18 - 25k CFO 70 - 100k 70 - 100k 16 - 25k 16 - 25k Finance Director/Head of Finance 50 - 80k 80 - 80k 14 - 22k 14 - 22k Group Financial Controller 55 - 70k 55 - 70k 14 - 20k 14 - 20k FP&A Director/Head of FP&A 45 - 65k 45 - 65k 12 - 17k 12 - 17k Tax Director 55 - 70k 55 - 70k 12 - 19k 12 - 19k Treasury Director/Head of Treasury 65 - 85k 65 - 85k 16 - 25k 16 - 25k Head of Internal Audit 60 - 80k 60 - 80k 16 - 24k 16 - 24k

Management Financial Controller 40 - 50k 40 - 50k 10 - 14k 10 - 14k FP&A Manager 40 - 50k 40 - 50k 10 - 14k 10 - 14k Tax Manager 40 - 50k 40 - 50k 10 - 14k 10 - 14k Treasury Manager 35 - 45k 35 - 45k 10 - 12k 10 - 12k Internal Audit Manager 32 - 42k 32 - 42k 8 - 10k 8 - 10k Finance Manager 30 - 40k 30 - 40k 8 - 10k 8 - 10k VAT Manager 40 - 50k 40 - 50k 8 - 12k 8 - 12k

Mid-Management Senior FP&A/Financial Analyst 18 - 28k 18 - 28k 4 - 8k 4 - 8k Chief Accountant 20 - 25k 20 - 25k 5 - 7k 5 - 7k Credit Control Manager 20 - 25k 20 - 25k 6 - 8k 6 - 8k Management Accountant 18 - 25k 18 - 25k 5 - 7k 5 - 7k

Part-qualified/Newly-qualified FP&A/Finance Analyst 15 - 20k 15 - 20k 4 - 6k 4 - 6k Treasury Analyst 15 - 22k 15 - 22k 4 - 7k 4 - 7k Internal Auditor 15 - 25k 15 - 25k 4 - 7k 4 - 7k GL/AP-AR Accountant 10 - 18k 10 - 18k 3 - 5k 3 - 5k Credit Controller 15 - 20k 15 - 20k 3 - 5k 3 - 5k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

36 Robert Walters Salary Survey 2019 MIDDLE EAST BANKING & FINANCIAL SERVICES

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI (SAR) KUWAIT (KWD) 2018 2019 2018 2019 2018 2019 General Accounting Roles Chief Finance Officer 70 - 130k 80 - 150k 80 - 130k 80 - 130k 5.8 - 10k 5.8 - 10k Finance Director 45 - 65k 50 - 70k 60 - 80k 60 - 80k 4 - 5.8k 4 - 5.8k Financial Controller 45 - 65k 40 - 60k 50 - 70k 50 - 70k 3.3 - 5k 3.3 - 5k Financial Accountant (3 - 6 yrs’ exp) 35 - 60k 25 - 40k 30 - 35k 30 - 35k 2 - 3.3k 2 - 3.3k Financial Accountant (0 - 3 yrs’ exp) 25 - 30k 15 - 30k 20 - 25k 20 - 25k 1.2 - 2.5k 1.2 - 2.5k Internal Auditor 12 - 28k 15 - 30k 20 - 25k 20 - 25k 1.5 - 2.5k 1.5 - 2.5k Fund Accountant 18 - 30k 18 - 30k 20 - 30k 20 - 30k 1.5 - 2.5k 1.5 - 2.5k Compliance Chief Compliance Officer 70 - 120k 70 - 120k 70 - 130k 70 - 150k 5 - 8.5k 5 - 8.5k Compliance Manager 30 - 60k 40 - 65k 30 - 65k 40 - 80k 4 - 6k 4 - 6k Compliance Officer (3 - 6 yrs’ exp) 35 - 55k 35 - 50k 35 - 55k 35 - 55k 2.8 - 4.6k 2.8 - 4.6k Compliance Officer (0 - 3 yrs’ exp) 20 - 30k 20 - 35k 20 - 30k 20 - 30k 1.6 - 2.9k 1.6 - 2.9k AML/MLRO Manager 35 - 60k 35 - 60k 35 - 60k 35 - 60k 2.9 - 5k 2.9 - 5k KYC/On Boarding Officer 12 - 18k 12 - 22k 20 - 25k 20 - 25k 1.2 – 2k 1.2 - 2k Risk Chief Risk Officer 60 - 120k 60 - 120k 80 - 130k 100 - 150k 6 - 10k 6 - 10k Head of Risk 42 - 62k 42 - 62k 60 - 90k 60 - 90k 5 - 7k 5 - 7k Credit Risk Manager 32 - 52k 32 - 52k 35 - 55k 35 - 55k 2.5 - 4k 2.5 - 4k Market Risk Manager 32 - 52k 32 - 52k 35 - 55k 35 - 55k 2.1 - 2.5k 2.1 - 2.5k Head of Operational Risk 60 - 70k 60 - 70k 60 - 80k 60 - 80k 4.5 - 6k 4.5 - 6k Risk Analyst (ERM) 20 - 30k 20 - 30k 20 - 35k 20 - 35k 1.2 – 1.6k 1.2 - 1.6k Risk Analytics Manager 28 - 35k 28 - 35k 35 - 55k 35 - 55k 2.1 - 2.5k 2.1 - 2.5k Corporate Banking Head of Wholesale Banking 55 - 85k 55 - 85k 80 - 130k 100 - 150k 6 - 9k 6 - 9k Head of Trade Finance 55 - 85k 55 - 85k 70 - 100k 70 - 100k 4.5 - 7k 4.5 - 7k Head of Recovery & Collections 50 - 70k 50 - 70k 70 - 120k 70 - 120k 4 - 5.8k 4 - 5.8k Private Banking Head of Private Banking 80 - 130k 80 - 130k 80 - 130k 80 - 130k 6.6 - 9k 6.6 - 9k Director 65 - 100k 65 - 100k 65 - 100k 65 - 100k 5.4 - 7.5k 5.4 - 7.5k Vice President 35 - 50k 35 - 50k 40 - 70k 40 - 70k 3 - 4.2k 3 - 4.2k Investment Advisor 32 - 40k 32 - 40k 40 - 60k 40 - 60k 2.6 - 3.5k 2.6 - 3.5k NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

Middle East 37 MIDDLE EAST BANKING & FINANCIAL SERVICES

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI (SAR) KUWAIT (KWD) 2018 2019 2018 2019 2018 2019 Retail Banking Head of Retail Banking 80 - 130k 80 - 130k 80 - 130k 90 - 140k 6.6 - 10k 6.6 - 10k Head of Sales 60 - 100k 55 - 80k 60 - 100k 55 - 80k 4.4 - 6.6k 4.4 - 6.6k Head of Products 55 - 80k 55 - 80k 55 - 80k 55 - 80k 3.5 - 4.5k 3.5 - 4.5k Head of Marketing 60 - 90k 60 - 90k 60 - 90k 60 - 90k 5 - 8.5k 5 - 8.5k Treasury Head of Treasury 80 - 150k 80 - 150k 80 - 150k 90 - 150k 6.5 - 10k 6.5 - 10k Head of ALM 60 - 70k 60 - 70k 60 - 70k 60 - 75k 5 - 7k 5 - 7k Head of Treasury Sales 70 - 85k 70 - 85k 70 - 85k 70 - 85k 6 - 6.7k 6 - 6.7k Treasury Manager 25 - 35k 25 - 35k 25 - 35k 30 - 35k 2.1 - 3k 2.1 - 3k Human Resources Head of HR 75 - 120k 75 - 120k 70 - 120k 70 - 120k 6 - 9k 6 - 9k Deputy Head of HR 50 - 90k 50 - 90k 50 - 90k 50 - 90k 5 - 7k 5 - 7k Head of Compensation and Benefits 30 - 50k 30 - 50k 40 - 60k 40 - 60k 2.5 - 5k 2.5 - 5k HR Business Partner 15 - 25k 15 - 25k 30 - 50k 25 - 40k 1.5 - 3k 1.5 - 3k Head of Recruitment 45 - 70k 45 - 70k 55 - 70k 55 - 70k 3 - 5k 3 - 5k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

38 Robert Walters Salary Survey 2019 MIDDLE EAST INFORMATION TECHNOLOGY

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI (SAR) KUWAIT (KWD) 2018 2019 2018 2019 2018 2019

Programme Manager 40 - 65k 42 - 65k 34 - 55k 37 - 55k 3.5 - 5k 3.5 - 5k

Project Manager 25 - 45k 30 - 50k 21 - 40k 23 - 45k 2.5 - 4k 2.5 - 4k

Business Analyst 20 - 35k 26 - 41k 17 - 28k 17 - 28k 2 - 3.5k 2 - 3.5k

Group Chief Information Officer (CIO) 75 - 105k 80 - 115k 65 - 90k 75 - 100k 6.5 - 9.5k 6.5 - 9.5k

Chief Information Officer (CIO) 65 - 85k 70 - 95k 55 - 75k 65 - 90k 5.7 - 7.8k 5.7 - 7.8k

IT Director/Head of IT 50 - 75k 60 - 80k 40 - 60k 55 - 75k 4.8 - 6.5k 4.8 - 6.5k

Chief Information Security Officer (CISO) 70 - 100k 75 - 105k 75 - 100k 80 - 110k 5.5 - 7.5k 5.5 - 7.5k

Information Security Manager 30 - 45k 30 - 45k 26 - 40k 26 - 45k 2.2 - 3.2k 2.2 - 3.2k

Information Security Analyst 22 - 35k 22 - 35k 19 - 30 20 - 30k 1.5 - 2.4k 1.5 - 2.4k

Chief Digital Officer (CDO) 75 - 95k 80 - 100k 70 - 100k 80 - 110k 5.7 - 7.4k 5.7 - 7.4k

Head of Digital Transformation/Digital Director 55 - 75k 60 - 80k 50 - 70k 55 - 75k 4.9 - 5.9k 4.9 - 5.9k

IT Manager 25 - 45k 25 - 45k 20 - 35k 20 - 35k 2 - 3.5k 2 - 3.5k

Head of Data Analytics 40 - 65k 45 - 65k 35 - 60k 40 - 60k 3.5 - 5.1k 3.5 - 5.1k

Data Scientist 22 - 45k 25 - 45k 19 - 38k 20 - 40k 2 - 3.5k 2 - 3.5k

Data Analyst 17 - 25k 17 - 28k 14 - 21k 14 - 25k 1.5 - 2k 1.5 - 2k

Enterprise Architect 22 - 35k 25 - 40k 20 - 35k 25 - 40k 2 - 3.55k 2 - 3.5k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

Middle East 39 MIDDLE EAST LEGAL

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI & NORTHERN GULF (USD) 2018 2019 2018 2019 In-House Qualified/PQE level General Counsel 10+ years 70 - 95k 70 - 90k 22 - 32k 22 - 32k Senior Legal Counsel 7 - 10 years 55 - 70k 50 - 70k 22k 18 - 22k Legal Counsel 3 - 6 years 42 - 55k 40 - 50k 15 - 18k 15 - 18k Junior Legal Counsel 1 - 3 years 30 - 42k 30 - 40k 11 - 15k 11 - 15k Paralegal Senior Paralegal 5+ years 28 - 32k 25 - 30k 9 - 10k 9 - 10k Mid-level Paralegal 3 - 5 years 22 - 28k 22 - 25k 7 - 9k 7 - 9k Junior Paralegal 1 - 3 years 15 - 22k 15 - 22k 4 - 7k 4 - 7k Admin Legal Secretary 15 - 25k 15 - 25k 4 - 7k 4 - 7k

Private Practice UK Qualified/PQE level 10+ years 75 - 80k 75 - 80k 27 - 32k 27 - 33k 7 - 9 years 70 - 75k 70 - 75k 24 - 27k 23 - 27k 5 - 7 years 58 - 68k 55 - 70k 20 - 24k 19 - 23k 3 - 5 years 44 - 56k 40 - 55k 16 - 20k 16 - 19k 1 - 3 years 35 - 44k 32 - 40k 13 - 16k 12 - 16k NQ 30 - 35k 30 - 32k 11 - 13k 10 - 12k Paralegal 5+ years 30 - 35k 30 - 35k 9 - 11k 9 - 11k 3 - 5 years 25 - 30k 20 - 30k 7 - 9k 7 - 9k 1 - 3 years 15 - 24k 12 - 20k 4 - 7k 4 - 7k Admin Legal Secretary 15 - 25k 15 - 25k 4 - 7k 4 - 7k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

40 Robert Walters Salary Survey 2019 MIDDLE EAST LEGAL

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI & NORTHERN GULF (USD) 2018 2019 2018 2019 Private Practice US Qualified/PQE level 10+ years 85 - 100k 85 - 100k 27 - 34k 28 - 35k 7 - 9 years 70 - 85k 70 - 85k 24 - 27k 24 - 28k 5 - 7 years 62 - 70k 62 - 70k 20 - 24k 20 - 24k 3 - 5 years 45 - 60k 45 - 62k 17 - 20k 17 - 20k 1 - 3 years 38 - 45k 40 - 45k 13 - 17k 13 - 17k NQ 35 - 38k 38 - 40k 11 - 13k 11 - 13k Paralegal 5+ years 30 - 35k 30 - 35k 9 - 11k 9 - 11k 3 - 5 years 25 - 30k 25 - 30k 7 - 9k 7 - 9k 0 - 3 years 15 - 24k 15 - 24k 4 - 7k 4 - 7k Admin Legal Secretary 15 - 25k 15 - 25k 4 - 7k 4 - 7k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

Middle East 41 MIDDLE EAST MARKETING & RETAIL

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI & NORTHERN GULF (USD) 2018 2019 2018 2019 Marketing Head of Marketing/Marketing Director 60 - 85k 60 - 85k 16 - 24k 16 - 24k Head of Digital Marketing 45 - 80k 45 - 80k 10 - 20k 12 - 20k Digital Marketing Manager 30 - 40k 30 - 40k 30 - 40k 8 - 11k Digital Marketing Executive 18 - 22k 18 - 22k 17 - 20k 5 - 6k Trade Marketing Manager 35 - 45k 35 - 45k 8 - 12k 9 - 12k Marketing Manager 30 - 45k 30 - 45k 8 - 12k 8 - 12k PR/Events/Communication Manager 30 - 40k 30 - 40k 30 - 40k 8 - 11k CRM Manager 25 - 35k 25 - 35k 25 - 35k 7 - 10k CRM Business Analyst 17 - 22k 17 - 22k 15 - 20k 4 - 6k Social Media Manager 20 - 35k 20 - 35k 7 - 10k 6 - 10k Category Manager 25 - 32k 25 - 32k 25 - 35k 6 - 9k Brand Manager 25 - 30k 25 - 30k 6 - 8k 6 - 8k Product Manager 20 - 27k 20 - 27k 20 - 25k 5 - 7k Retail General Manager/Managing Director 70 - 100k 70 - 100k 75 - 105k 20 - 27k Head of Retail Operations 50 - 65k 50 - 65k 50 - 60k 13 - 17k Store Manager 30 - 40k 30 - 40k 8 - 11k 8 - 11k Assistant Store Manager 20 - 25k 20 - 25k 5 - 7k 5 - 7k Retail Operations Manager 30 - 35k 30 - 35k 30 - 35k 8 - 10k Area Manager 27 - 36k 27 - 36k 25 - 35k 6 - 9k Visual Merchandiser 15 - 22k 15 - 22k 15 - 20k 4 - 6k Buyer 22 - 28k 22 - 28k 20 - 25k 5 - 8k Sales Specialist 12 - 18k 12 - 18k 10 - 17k 10 - 17k HR HR Manager/HR Business Partner 35 - 45k 35 - 45k 35 - 45k 9 - 12k Talent Specialist/Acquisition 18 - 25k 18 - 25k 18 - 25k 5 - 7k Supply Chain/Logistics Supply Chain Manager 35 - 45k 35 - 45k 35 - 45k 9 - 12k Procurement Manager 35 - 45k 35 - 45k 30 - 45k 9 - 12k Inventory Manager 20 - 25k 20 - 25k 20 - 25k 5 - 6k Demand & Supply Planner 17 - 22k 17 - 22k 17 - 20k 4 - 6k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

42 Robert Walters Salary Survey 2019 MIDDLE EAST SALES

ROLE PERMANENT SALARY PER MONTH UAE (AED) SAUDI & NORTHERN GULF (USD) 2018 2019 2018 2019

Head of Sales 50 - 85k 50 - 90k 13 - 23k 14 - 24k

Corporate Account/Sales Director 35 - 45k 35 - 55k 9 - 12k 9 - 12k

Business Development Manager 25 - 35k 20 - 35k 7 - 9k 7 - 9k

Key Account/Sales Manager 20 - 35k 20 - 35k 5 - 9k 5 - 9k

Sales Executive 15 - 22k 15 - 22k 4 - 6k 4 - 6k

Senior Management

Regional General Manger 80 - 120k 80 - 120k 21 - 32k 22 - 32k

Managing Director 80 - 110k 80 - 110k 21 - 29k 21 - 30k

General Manager 65 - 90k 70 - 90k 17 - 24k 17 - 24k

Country Manager 55 - 75k 55 - 75k 15 - 20k 15 - 20k

NB: All salary packages are inclusive of basic salary, housing and transport and should be considered the monthly cash pay. This does not include medical insurance, flights home or bonus.

Middle East 43 South Africa

JOHANNESBURG

South Africa

2018 It was a challenging year for South Africa in 2018, due to ongoing political and economic challenges and the continuing decline of job creation in the private sector. Despite this, there was demand for professionals with technical skills within finance, audit, legal, compliance and risk.

The demand for employment equity candidates continued to influence hiring processes and this trend shows no sign of slowing.

Returning South Africans with international experience were also in high demand as businesses looked to adopt international best practices. Specifically, companies were looking for internationally minded professionals with strong business acumen and the ability to quickly be assimilated into the organisation as companies aimed to minimise the downtime often experienced during onboarding.

An increase in the disparity between employer requirements and the available pool of talent was evident, which highlighted the ongoing skills shortage across the country. As such, companies focused on improving retention levels by recruiting within the organisation – this tactic was very much based on promotion rather than salary inflation.

Returning South Africans with international experience were in high demand as businesses looked to adopt 78% international best practices. OF PROFESSIONALS IN SOUTH AFRICA ARE EXPECTING A SALARY INCREASE IN 2019

44 Robert Walters Salary Survey 2018 South Africa

2019 To meet workplace diversity and It will be another challenging year inclusion targets, employment equity for the South African economy in professionals will remain in high demand. 2019, as the pending election will bring about some level of uncertainty In order to secure ideal candidates, hiring leading foreign firms to take a cautious managers are advised to streamline approach to investing in the country. their recruitment process. Companies should also ensure they offer clearly We expect that organisations will take defined career paths and opportunities a careful approach to growth and to satisfy the needs of employees hiring strategies. Professionals with a seeking both reassurance and variety. combination of strong technical skills and industry experience will remain In regard to salary, top performers will sought after in the private sector. continue to be looked after and can expect a salary increase ranging between Most businesses will keep their 10-15%; other professionals can expect headcount lean, replacing only critical inflationary increases of around 7%. skills and functions. Organisations will also be alert to the potential for NIC SEPHTON-POULTNEY, absorbing new responsibilities into MANAGING DIRECTOR, existing employees’ roles as they aim SOUTH AFRICA to diversify employee skill sets.

1 Companies should ensure they offer clearly defined 47% career paths and opportunities to satisfy the needs of employees seeking both reassurance and variety.

47Of professionals seeking new employment want to 2 develop their skills

Johannesburg - Jobs Cape Town - Jobs 1 up 3% year-on-year 2 up 4% year-on-year

South Africa 45 OVERVIEW

as organisations use South BANKING Africa as a platform to launch Despite the market remaining sluggish into the rest of the continent. and global banking enforcing staff cuts, there was some movement The commerce sector saw two major in critical positions in 2018. trends: firstly, the continued demand for equity finance professionals with The banking industry became proven track records and tenure increasingly competitive as we saw and secondly, demand for finance the introduction of new players in the professionals with strong commercial market who sought to disrupt the knowledge and expertise. way traditional business is done, by using technology and data analytics. Regulatory demands that come with IFRS meant that demand As such, candidates who can was high for strong technical demonstrate value-add such as accountants but this was met with process optimisation, high-level 40% an acute candidate shortage. understanding of technology, OF PROFESSIONALS WHO systems expertise and stakeholder ACCEPT A COUNTER-OFFER Demand for top equity talent resulted engagement were highly sought after. OF ONLY A SALARY INCREASE in salary increases of 15-20% in SWITCH ROLES WITHIN A YEAR 2018. Specialists with high levels A tight economy and depreciating of technical financial competency, international investment slowed industry knowledge and expertise company growth and, in turn salaries ACCOUNTING & FINANCE in data, AI and BI were also across the board remained flat. Despite a slow market, accounting able to command premiums. However, increased demand for and finance recruitment activity top equity talent resulted in salary across the country has been Most notably, we will continue to increases of 15-20%, and, in some consistent with the previous year, see organisations veer away from cases, we saw new employees with IT, telecoms and FMCG sectors traditional finance roles and instead offered salary inflation of 12-15%. driving demand. Hiring levels for seek finance professionals with sector specialists improved in commercial awareness who are able In 2019, we will see similar trends areas such as renewable energy, to partner up with the business. continue throughout the year.

46 Robert Walters Salary Survey 2019 It is unlikely that South Africa will Mid-senior-level candidates with see much international investment four to six years' post-qualification or huge opportunity for business experience (PQE) and senior growth. We expect that the volume candidates with over 10 years' of jobs advertised will remain PQE were highly sought after. consistent, although demand for There was a need, especially within candidates with a track record private practice, for more junior of longevity and success will candidates with approximately become even more inflated. one to two years' PQE.

Boutique to medium-size We saw market-related salary businesses in the finance sector increases of 10-15% across all will continue to develop and industries. The international top-tier grow their teams. This will further firms set the standard in terms of increase competition for finance salaries, with the 'Big 7' following talent with technology expertise. suit to remain competitive. 55% OF PROFESSIONALS FEEL THEIR Demand for specialist skills and We expect the demand for ORGANISATION DOES NOT DO sector experience will continue candidates with mergers and ENOUGH TO REWARD HIGH to rise. As time and cost are at acquisitions, and banking and PERFORMANCE a premium, the need for ‘new finance experience to increase starters’ to hit the ground running in 2019, as mid-senior-level without a development runway candidates make the move from Market-related increases are likely is important to organisations. private practice to in-house. to be the norm in commerce and financial services, with LEGAL The drive for top-tier candidates exceptions being made for The South African legal market was in private practice will likely exceptional candidates. stable in 2018, with regular hires continue as a result. This will be being made across private practice particularly true for local firms, and in-house. Private practice was as top-tier candidates are drawn the most active, with many top- to international firms offering tier international and 'Big 7' local international brand exposure, law firms recruiting for various the potential for secondments teams and practice areas. Hiring overseas, higher salaries and levels were especially prominent more flexible working conditions. within transactional practice areas, followed by general commercial In 2019, we expect salaries to litigation and dispute resolution. increase in private practice, 85% with local firms attempting Within the financial services sector, to keep up with international there was an increased demand firms in order to retain and for professionals with banking hire top-tier professionals. and finance skill sets, as well as Of85 employers have been corporate commercial attorneys impacted by a shortage within the commerce sector. of EE candidates

South Africa 47 SOUTH AFRICA ACCOUNTING & FINANCE

ROLE PERMANENT SALARY PER ANNUM ZAR (R) 2018 2019

Qualified CA (SA) or CIMA

Finance Director (Large Firm) 1.5 - 3.0m 1.7 - 3.0m

Chief Financial Officer (JSE Top 200) 1.8 - 3.0m 2.0 - 3.2m

CFO/FD (SME) 1.2 - 1.8m 1.4 - 2.0m

Senior Finance Manager 800k - 1.0m 1.0 - 1.2m

Finance Manager 700k+ 700k+

Newly-qualified CA (SA) 575 - 650k 580 - 675k

CA (SA) (+6 years’ exp) 900k - 1.2m 900 - 1.2m

CA (SA) (+4 years’ exp) 850 - 950k 850 - 950k

CA (SA) (+2 years’ exp) 650 - 750k 680 - 780k

Audit Manager 600k - 1.0m 700 - 1.0m

Internal Auditor 380 - 600k 400 - 600k

Qualified CIMA (3 - 5 years’ exp) 650 - 850k 700 - 900k

Qualified CIMA (1 - 3 years’ exp) 450 - 650k 550 - 750k

Part-qualified CA (SA) or CIMA

Finance Manager 600 - 850k 650 - 850k

Articles (+4 years’ exp) 450 - 700k 600 - 750k

Articles (+2 years’ exp) 350 - 550k 400 - 550k

Bcom (+4 years’ exp) 300 - 550k 350 - 600k

Bcom (+2 years’ exp) 200 - 400k 250 - 400k

Taxation/Treasury

Group Tax Manager 1.0 - 2.0m 1.3 - 2.0m

Tax Manager 700k - 1.0m 700 - 1.0m

Tax Accountant 450 - 650k 600 - 750k

Group Treasury Manager 900k - 1.5m 1.2 - 1.5m

Treasury Accountant 450 - 650k 600 - 700k

NB: These figures are cost to company excluding bonuses.

48 Robert Walters Salary Survey 2019 SOUTH AFRICA BANKING & FINANCIAL SERVICES

ROLE PERMANENT SALARY PER ANNUM ZAR (R) 2018 2019

Investment Banking & Financial Services

Corporate Finance CA (3 - 5 years’ exp) 800k - 1.2m 800k - 1.2m

Corporate Finance CA (1 - 3 years’ exp) 600 - 800k 650 - 850k

Operations Manager - Global Markets 650 - 800k 650 - 850k

Product Controller (CA/CIMA + 2 - 5 years’ exp) 700 - 900k 700k - 1.0m

Product Controller (2 - 5 years’ part-qualified) 500 - 600k 500 - 700k

Private Banking Executive (3 years’ exp) 500 - 600k 500 - 600k

Research Analyst CA (1 - 2 years’ research + CFA exp) 650 - 800k 650 - 800k

Consultant/Advisory - PQ CA (1 - 3 years’ exp) 500 - 650k 500 - 700k

Consultant/Advisory - CA/CFA/MBA (3 - 4 years’ exp) 750k - 1.0m 750 - 900k

BSc/BCom Hons/BBusSC Graduates 300 – 430k 280 - 430k

CFA Level 111 Base +100k Base +100k

NB: These figures are cost to company excluding bonuses.

South Africa 49 SOUTH AFRICA BANKING & FINANCIAL SERVICES

ROLE PERMANENT SALARY PER ANNUM ZAR (R) 2018 2019

Accounting/Audit/Tax/Treasury

Qualified CA (4 - 5 years’ exp) 800k - 1.0m 850k - 1.0m

Qualified CA (1 - 3 years’ exp) 650 - 750k 650 - 800k

Newly-qualified CA (SA) 580 - 650k 580 - 675k

Management Accountant CIMA + Training (3 - 4 years’ exp) 600 - 750k 700 - 800k

Accountant - Hons Degree + Articles (PQ CA) 400 - 550k 380 - 450k

Business Unit CFO - Investment Banking 2.0m+ 1.8 - 2.5m

Business Unit CFO - Retail Banking 1.0 - 1.5m 1.2 - 1.7m

Business Unit CFO - Insurance 1.3 - 2.0m 1.3 - 2.0m

Quantitative Analyst/Financial Modelling (3 - 5 years’ exp) 700k - 1.0m 700 - 1.0m

Quantitative Analyst/Financial Modelling (1 - 3 years’ exp) 400 - 650k 450 - 650k

NB: These figures are cost to company excluding bonuses.

50 Robert Walters Salary Survey 2019 SOUTH AFRICA LEGAL

ROLE PERMANENT SALARY PER ANNUM ZAR (R) 2018 2019

In-house - Commerce & Industry

10+ years’ PQE 1.35m+ 1.4m+

6 - 10 years’ PQE 1.0 - 1.35m 900k - 1.4m

3 - 6 years’ PQE 700 - 980k 700 - 900k

1 - 3 years’ PQE 450 - 700k 500 - 700k

In-house - Financial Services

10+ years’ PQE 1.4m+ 1.35m+

6 - 10 years’ PQE 1.0 - 1.4m 950k - 1.35m

3 - 6 years’ PQE 720k - 1.0m 650 - 950k

1 - 3 years’ PQE 500 - 720k 450 - 650k

Private Practice

Director (10+ yrs’ PQE) 2.0m+ 2.0m+

Partner (7 - 10 yrs’ PQE) 1.1 - 1.4m 1.4 - 1.7m

Senior Associate (5 - 6 yrs’ PQE) 900k - 1.1m 800k - 1.4m

Associate (3 - 4 yrs’ PQE) 700 - 900k 720 - 800k

Associate (0 - 2 yrs’ PQE) 500 - 700k 560 - 720k

NB: These figures are cost to company excluding bonuses.

South Africa 51 Rest of Africa

Rest of Africa

2018 Africa is currently home to seven of the ten fastest growing economies in the world, fuelled by expansions in the mining and agriculture sectors and the development of ports, roads and other infrastructure. The rapid economic growth created substantial new business opportunities, resulting in an increase in hiring activity across key regions during the past 12 months.

2018 saw an increase in global competition to acquire top talent. However the drive for nationalisation in African countries became ever more evident. Expatriates remained in demand in order to help transfer skills to local talent.

East Africa remained the fastest-growing sub-region, with the aggregate GDP set to continue its positive momentum forward in 2019. This was helped by the rapid expansion of domestic markets and increased spending on infrastructure. Demand for local talent with emerging markets and start-up experience continued to be at the forefront of hiring needs.

West and North Africa, known for their energy and power limitations, saw an influx in resources allocated by governments to increase bio fuels, renewable energy and long-term sustainability of power infrastructure in countries such as Ghana, Nigeria and Ivory Coast. Diversification of the workforce was a key trend in these countries, along with professionals with international experience looking to return home.

Central and Southern African governments encouraged foreign investment in industries including agriculture, infrastructure, FMCG and manufacturing. A slight increase in hiring was seen within natural resources where international companies showed an interest in the mining sector in Botswana, Democratic Republic of the Congo and Zambia.

Many companies throughout the continent have realigned their business Companies throughout the strategies to focus on developing countries with stable economies and political continent realigned their structures such as Mauritius, Kenya, Mozambique, Zambia, Ghana, Ivory Coast business strategies to focus and Nigeria. on developing countries with stable economies and political structures.

52 Robert Walters Salary Survey 2019 Rest of Africa

2019 With Africa’s recruitment growth We expect employers in developing curve moving in an upward direction, countries across Africa to maintain a we expect to see international sense of measured confidence. Talent companies investing capital which acquisition and skills development, will result in the implementation of as well as the basic building blocks essential mitigation strategies. of infrastructure development, will continue to be at the forefront of Companies will continue to hire local hiring activity across the continent. talent, leading to a growing demand for skilled nationals with international Business and hiring activity will experience. This is likely to result in focus on East and West Africa a significant skills gap as companies with countries such as Kenya, compete for the same candidates. Mauritius, Ghana, Nigeria and Ivory In order to combat this, employers Coast driving industrialisation and will need to take an open-minded sustainable projects in power, water, approach to source professionals transport and communication. with transferable skills and the potential to expand their skill set. Demand for specialist skills NIC SEPHTON-POULTNEY, within operations, finance, sales, The effects of this will vary but hiring MANAGING DIRECTOR, engineering and technology will managers are advised to proactively SOUTH AFRICA continue to support growth. drive recruitment processes in order to secure top talent.

Companies will continue to hire local talent, leading to a growing demand for skilled 3 34% nationals with international experience.

2

34Of professionals want improved job security 1

Central & Southern East Africa - Jobs West Africa - Jobs 1 Africa - Jobs up 2 up 11% year-on- 3 up 9% year-on-year 14% year-on-year year Rest of Africa 53 OVERVIEW

With only 17 universities across largely driven by the region's primary Angola, the number of qualified industries' including coal, heavy junior candidates will be much lower metals, aluminium, fishing, agriculture than the economic potential of the and tourism. Engineering roles, country. As a result, there will be a including, electrical, mechanical, skills shortage in important sectors processing and instrumentation, were such as oil, gas, FMCG and finance. particularly in highest demand. This will lead to a continuing demand for international talent for managerial An increased focus on education roles, despite companies having a and higher-level learning by the preference towards local candidates. government has increased companies’ confidence to hire, as local talent Similarly, finance candidates were in becomes more educated and high demand across the DRC and qualified. We will see the focus on greater SADC region. Candidates education and training continuing who were commercially aware throughout 2019 as more companies 37% and able to partner with and help in Mozambique offer internship OF PROFESSIONALS WOULD grow the business were particularly programmes for new students. CHANGE ROLES FOR A sought after. To meet such demand, SALARY INCREASE expat packages were particularly EAST AFRICA competitive to attract necessary The East African market was one of skills and experience. The DRC has the best performing regions from the CENTRAL & SOUTHERN AFRICA a number of universities catering for continent in 2018. Across several key The demand for finance, sales and legal, engineering, medical, financial marketing professionals was high and economic disciplines; as such, in in 2018. Candidates who were 2019, we will see a qualified workforce commercially focussed with operational available at a very competitive rate. Expat packages were expertise were highly sought after. particularly competitive to However, salaries remained relatively Mozambique’s economic outlook attract necessary skills and low compared to the high cost of living, remains positive, and in 2018 the experience. primarily due to the current economic fiscal growth rate returned to 6-8% crisis driven by weak oil prices. per annum. The job market was

54 Robert Walters Salary Survey 2019 markets in the East African region, agricultural point of view. Demand we continued to see the business was high for financial controllers and environment improve by the variety of business development managers in strong finance disciplines. Demand the agricultural sector. Overall, there for critical skills and mid-senior was a 5-9% increase in salaries. level candidates was high and, as such, local candidates with Western In 2019, as the desire to hire locals education coupled with international increases, hiring managers in Kenya exposure were highly sought after. may struggle to find the right calibre Across East Africa, we saw average of candidates with necessary salary increases of around 6-10%. international exposure and experience.

In Zambia, due to greater investment, In Mauritius, the economy has the farming and agricultural industries historically depended on sugar, were hiring for critical roles in finance, tourism, textiles, financial services risk and compliance. The government's and clothing. However, in 2018 we 48% ‘2030 goal’ of building and developing saw sectors such as fish processing, OF PROFESSIONALS WOULD 8,000km of roads and improved city technology, hospitality and property BE MOTIVATED BY CAREER centres drove forward the infrastructure development grow in prominence. PROGRESSION TO TAKE ON A community and demand for developers. Candidates with offshore, international NEW ROLE However, salary increases in Zambia and Africa exposure, with multi- stagnated in 2018, with the average language skills in French and increase being at a marginal 6-8%. English were highly sought after. gradually eased and governments looked to rebuild their economies. In 2019, the region will still contend In 2019, we will continue to see the with skills gaps at the senior level of Mauritian government promote local Increasing population and urbanisation the market, so international hires, employment. Skills shortages will be felt were also factors driving many although costly, will still be a common in specialised and technical positions. of the construction projects in occurrence. Tourism will be a sector North Africa. As such, hiring levels to watch in 2019 as Zambia looks to NORTH AFRICA were high across infrastructure, build on its natural assets to become North Africa regained stability in 2018 residential and commercial properties, one of the prime destinations in Africa. after a difficult transition following hospitality and healthcare. This, in turn, will see more investment the Arab spring, reviving investor focused on local infrastructure in order confidence in several countries in the to maintain international standards. region. Recovering commodity prices provided much-needed fiscal space In Kenya, fintech companies grew for the countries in the region that in importance as the need was depend on commodities, particularly established to make financial services Algeria, Morocco, Egypt and Libya. available to more rural communities 37% through the integration of technology. The construction market in North There was also increased activity in Africa made big advances following a the relatively new sectors of renewable period of socio-economic instability. In and sustainable energy as companies 2018, new investment opportunities 37Of professionals would not saw the benefits of this from an opened as geopolitical tensions consider a counter-offer

Rest of Africa 55 Governments’ continued investment investment and business climate, In 2019, the FMCG sector will likely in the utilities sector, to address upgrading enterprises and reforming experience a decline in recruitment the constraints of the existing the state and its role in the economy. due to a lack of resources. powers systems, led to increased However we expect this will pick business confidence and jobs in the WEST AFRICA up in the second half of the year. infrastructure sector. In addition, The West African market was one Retention will be a key factor in various technological innovations of the slower performing regions 2019 and salaries are expected such as renewable power allowed the across the continent in 2018. This to increase by around 8-12%. sector to become more economical resulted in a steady decrease in and widespread in the region. recruitment activity across various Ghana has experienced phenomenal sectors. Demand for nationals economic growth over the last Investment in tourism and hospitality with international education and few decades, with the services allowed the North African job economy experience, looking to return home, sector proving to be the main to diversify, with countries such was high for mid-senior level roles. driver behind the success. The as Morocco and Tunisia being hot agriculture sector continued to spots for recruitment in this area. Finance, banking, engineering dominate the job market, with and sales professionals were in more than 50% of the Ghanaian The traditional development model in high demand across West Africa, population working in this industry. North Africa, based on exploitation of whilst candidates with skills in natural resources and export of finished sales, operations and finance The Ivory Coast Government and semi-finished products, no longer were also highly sought after. adopted a national 2020 appears able to create conditions development plan which should for sustained, high-level growth. In 2019, we will see an increase increase companies confidence in recruitment activity across oil to hire in 2019. Sectors where The structural transformation of and gas, mining and real estate we will see the most hiring North African countries requires sectors. As such, the demand activity will be agriculture, FMCG, implementing ambitious structural for engineers, operations and construction, financial services and reform packages, revamping education management level professionals new technologies – with fintech and training systems, improving the from various countries will be high. and telecoms driving demand.

56 Robert Walters Salary Survey 2019 CENTRAL & SOUTHERN AFRICA SALARIES

ROLE PERMANENT SALARY PER ANNUM USD ($) 2018 2019

Accounting & Finance

CFO 132 - 150k 135 - 159k

Financial Manager 100 - 132k 95 - 132k

Financial Controller 96 - 120k 96 - 120k

General Accountant 90 - 100k 85 - 100k

Senior Management

CEO 140 - 152k 148 - 158k

Country Manager 156 - 180k 166 - 192k

Managing Director 156 - 180k 160 - 189k

Operations Director 84 - 120k 87 - 125k

General Manager 120 - 150k 128 - 160k

Engineering/Supply Chain/Construction/Resources

Head of Projects & Delivery 135 - 200k 144 - 215k

Head of Supply Chain 90 - 96k 92 - 98k

Engineering Manager 120 - 135k 120 - 150k

Contracts Manager 88 - 121k 88 - 121k

Construction Manager 110 - 132k 130 - 145k

Sales & Marketing

Regional Head of Sales 132 - 156k 132 - 156k

Sales Director 96 - 120k 96 - 110k

Sales & Marketing Manager 60 - 72k 58 - 72k

Human Resources

HR Director 102 - 130k 102 - 130k

HR Manager 65 - 78k 65 - 80k

NB: Figures are net salaries exclusive of benefits/bonuses, and are based on both salaries of expatriates and local candidates.

Rest of Africa 57 EAST AFRICA SALARIES

ROLE PERMANENT SALARY PER ANNUM USD ($) 2018 2019

Accounting & Finance

CFO 130 - 150k 136 - 157k

Financial Director 120 - 150k 126 - 157k

Financial Manager 43 - 50k 45 - 52k

Financial Controller 70 - 110k 73 - 115k

General Accountant 15 - 30k 20 - 31k

Senior Management

CEO 120 - 180k 126 - 189k

Country Manager 100 - 150k 105 - 157k

Managing Director 120 - 200k 126 - 210k

Operations Director 110 - 125k 115 - 131k

General Manager 70 - 93k 73 - 97k

Engineering/Supply Chain/Construction/Resources

Head of Projects & Delivery 115 - 135k 121 - 142k

Head of Supply Chain 80 - 95k 84 - 100k

Engineering Manager 75 - 95k 78 - 100k

Sales & Marketing

Business Development Manager 55 - 73k 57 - 76k

Business Development Executive 24 - 45k 25 - 47k

Regional Head of Sales 77 - 85k 81 - 89k

Sales & Marketing Director 135 - 150k 142 - 157k

Human Resources

HR Director 120 - 185k 126 - 194k

HR Manager 50 - 64k 52 - 67k

NB: Figures are net salaries exclusive of benefits/bonuses, and are based on both salaries of expatriates and local candidates.

58 Robert Walters Salary Survey 2019 NORTH AFRICA SALARIES

ROLE PERMANENT SALARY PER ANNUM USD ($) 2018 2019

Accounting & Finance

CFO 110 - 135k 115 - 141k

Financial Controller 45 - 69k 47 - 71k

Senior Management

Country Manager 110 - 135k 115 - 141k

General Manager 80 - 98k 84 - 102k

Engineering/Supply Chain/Construction/Resources

Engineering Manager 110 - 135k 115 - 141k

Sales & Marketing

Regional Head of Sales 110 - 128k 115 - 134k

Human Resources

HR Director 70 - 92k 73 - 96k

HR Manager 53 - 62k 55 - 65k

NB: Figures are net salaries exclusive of benefits/bonuses, and are based on both salaries of expatriates and local candidates.

Rest of Africa 59 WEST AFRICA SALARIES

ROLE PERMANENT SALARY PER ANNUM USD ($) 2018 2019

Accounting & Finance

CFO 150 - 190k 165 - 209k

Financial Director 115 - 165k 126 - 181k

Financial Manager 73 - 95k 80 - 104k

Financial Controller 65 - 95k 71 - 104k

General Accountant 15 - 30k 16 - 33k

Senior Management

CEO 180 - 200k 198 - 220k

Country Manager 93 - 120k 102 - 132k

Managing Director 110 - 150k 121 - 165k

General Manager 90 - 120k 99 - 132k

Engineering/Supply Chain/Construction/Resources

Engineering Manager 120 - 135k 132 - 148k

Contracts Manager 88 - 110k 96 - 121k

Construction Manager 145 - 170k 159 - 187k

Sales & Marketing

Regional Head of Sales 73 - 100k 80 - 110k

Sales & Marketing Manager 40 - 50k 44 - 55k

Territory Sales Manager 35 - 45k 38 - 49k

Human Resources

HR Director 99 - 137k 109 - 150k

HR Manager 75 - 98k 82 - 107k

Information Technology

Head of Information Management 124 - 140k 130 - 147k

IT Manager 40 - 78k 42 - 82k

NB: Figures are net salaries exclusive of benefits/bonuses, and are based on both salaries of expatriates and local candidates.

60 Robert Walters Salary Survey 2019

CONTACT US MIDDLE EAST & AFRICA REST OF WORLD

SOUTH AFRICA AUSTRALIA MELBOURNE Level 41 JOHANNESBURG ADELAIDE 385 Bourke Street Melbourne 15th Floor Level 20 VIC 3000 GreenPark Corner 25 Grenfell Street Australia Cnr West Road South and Adelaide t: +61 (0) 3 8628 2100 Lower Road SA 5000 Morningside, Sandton Australia PARRAMATTA Johannesburg t: +61 (0) 8 8216 3500 Level 6 2196 10 Smith Street South Africa BRISBANE Parramatta t: +27 (0) 11 881 2400 Level 27 NSW 2150 Waterfront Place Australia UAE 1 Eagle Street t: +61 (0) 2 8836 3600 Brisbane QLD 4000 PERTH DUBAI Australia Level 10 Unit No. 1008 t: +61 (0) 7 3032 2222 109 St Georges Terrace 10th floor Burj Daman Perth DIFC CHATSWOOD WA 6000 Dubai Australia Level 15 P.O. Box 506851 t: +61 (0) 8 9266 0900 67 Albert Avenue UAE Chatswood t: +971 4 8180 100 NSW 2067 SYDNEY Australia Level 53 t: +61 (0) 2 8423 1000 Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Australia t: +61 (0) 2 8289 3100 BELGIUM GHENT BRAZIL FRANCE WALTERS PEOPLE Axxess Business Park - SÃO PAULO ROBERT WALTERS Building C Rua do Rócio ROBERT WALTERS Antwerp Gate 1 Guldensporenpark 25 350, 4º andar 63 quai Charles de Gaulle Uitbreidingstraat 2-8 B-9820 Merelbeke Vila Olímpia 2ème étage 2600 Antwerp Belgium São Paulo 69006 Lyon Belgium t: +32 (0) 9 210 57 40 04552-000 France t: +32 (0) 3 202 79 00 Brazil t: +33 4 72 44 04 18 GROOT- t: +55 (11) 2655 0888 WALTERS PEOPLE BIJGAARDEN WALTERS PEOPLE 94 quai Charles de Gaulle t: +32 (0) 3 202 79 10 WALTERS PEOPLE CANADA West End - Building C Rez-de-chaussée 69006 Lyon BRUSSELS Noordkustlaan 16c TORONTO France ROBERT WALTERS B-1702 Groot-Bijgaarden 145 King Street West t: +33 4 72 69 77 15 Avenue Louise 326 Belgium Suite 720 10th Floor t: +32 (0) 2 609 79 00 Toronto B-1050 Brussels ON M5H 1J8 Belgium ZAVENTEM Canada ROBERT WALTERS 25 rue Balzac t: +32 (0) 2 511 66 88 WALTERS PEOPLE t: +1 416 998 9649 Leuvensesteenweg 555 2ème étage WALTERS PEOPLE Entrance 3 CHILE 75008 Paris Finance B-1930 Zaventem France t: +32 (0) 2 542 40 40 Belgium SANTIAGO t: +33 1 40 67 88 00 Avda Isidora Goyenechea Business Support Finance 2915 piso 3 WALTERS PEOPLE t: +32 (0) 2 627 75 10 t: +32 (0) 2 613 08 00 Las Condes 251 boulevard Pereire Santiago de Chile 6ème étage 75017 Paris Business Support t: +562 2402 4901 t: +32 (0) 2 613 08 88 France t: +33 1 40 76 05 05 CONTACT US REST OF WORLD

SAINT-QUENTIN IRELAND LUXEMBOURG WALTERS PEOPLE Neuer Wall 50 41 avenue du Centre 4. Stock LUXEMBOURG 5ème étage 20354 Hamburg Level 3 681, rue de Neudorf 78180 Montigny-le- Germany Custom House Plaza 2 L-2220 Luxembourg Bretonneux t: +49 (0) 40 8221 86 160 IFSC Luxembourg France Dublin 1 t: +352 2647 8585 t: +33 1 30 48 21 80 HONG KONG Ireland t: +353 (0) 1 633 4111 MAINLAND CHINA HONG KONG 56 - 58 rue d’Alsace 20th Floor Nexxus Building JAPAN BEIJING Lorraine 41 Connaught Road Central Room 1524, 15/F, NCI Tower 3ème étage Central OSAKA 12A Jianguomenwai Ave 31000 Toulouse Hong Kong Pias Tower 15th Floor Chaoyang District France t: +852 2103 5300 3-19-3 Toyosaki Kita-ku, Beijing 100022 t: +33 6 60 57 82 66 Osaka-shi China INDONESIA Osaka t: + 86 10 8523 3026 GERMANY 531-0072 t: +81 (0) 6 4560 3100 SHANGHAI DÜSSELDORF World Trade Centre 1 36th Floor, Tower 2, Jing An Koenigsalle 76-78 11th Floor, Jl. Jend. TOKYO Kerry Centre 40212 Düsseldorf Sudirman Shibuya Minami Tokyu 1539 West Nanjing Road Germany Kav. 29-31 Building 14th Floor Jing An District t: +49 (0) 211 30180 000 Jakarta 3-12-18 Shibuya, Shanghai 200040 12920 Shibuya-ku China FRANKFURT Indonesia Tokyo t: +86 21 5153 5888 Main Tower t: +62 (21) 2965 1500 150-0002 22nd Floor t: +81 (0) 3 4570 1500 Neue Mainzer Str 52-58 60311 Frankfurt am Main Germany t: +49 (0) 69 9203 840 000 PHILIPPINES Level 3, Tower 1 1-08-3A ROBERT WALTERS Kerry Plaza Menara IJM Land Millenniumtoren No.1 Zhong Xin Si Road 1, Lebuh Tunku Kudin 3 Weena 690, 29th floor 37/F Philamlife Tower Futian District 11700 Gelugor 3012 CN Rotterdam 8767 Paseo De Roxas Shenzhen 518048 Penang Netherlands Makati City 1226 China t: +604 609 0500 t: +31 (0) 10 799 8090 Philippines t: +86 755 3304 0350 t: +63 2 816 4972 NETHERLANDS WALTERS PEOPLE SUZHOU t: +31 (0) 10 752 7200 PORTUGAL Room 1906, Block A Building #58, Suzhou Centre ROBERT WALTERS NEW ZEALAND Suzhou Industrial Park WTC, Tower H 3rd Floor Av. Liberdade, 110 Lisbon Suzhou 215021 Zuidplein 28 AUCKLAND 1269-046 Jiangsu Province 1077 XV Amsterdam Level 9 Portugal China Netherlands 22 Fanshawe Street t: +351 211 221 971 t: +86 512 6873 5888 t: +31 (0) 20 644 4655 Auckland New Zealand t: +64 (0) 9 374 7300 SINGAPORE MALAYSIA WALTERS PEOPLE t: +31 (0) 20 796 9040 SINGAPORE WELLINGTON Level 15 6 Battery Road Level 24, Menara 3 Petronas 2 Hunter Street 22nd Floor Persiaran KLCC ROBERT WALTERS Wellington Singapore 049909 Kuala Lumpur 50088 Begijnenhof 4-6 New Zealand t: +65 6228 0200 Malaysia 5611 EL Eindhoven t: +64 (0) 4 471 9700 t: +603 2380 8700 Netherlands t: +31 (0) 40 7999 910

WALTERS PEOPLE t: +31 (0) 40 799 9912 CONTACT US REST OF WORLD

SOUTH KOREA SWITZERLAND THAILAND LEEDS The Pinnacle SEOUL 17th Floor 21F, East Center, Center 1 Rue de la Cité 1 Q House Lumpini, 67 Albion Street Building 1204 Genève 12th Floor, Unit 1201 Leeds 26 Eulji-ro 5gil, Switzerland 1 South Sathorn Road LS1 5AA Jung-gu, Seoul 04539 t: +41(0) 22 561 84 77 Thungmahamek, Sathorn United Kingdom South Korea Bangkok 10120 t: +44(0) 113 360 0090 t: +82 (0)2 6454 7000 Thailand Claridenstrasse 41 t: +66 (0) 2 344 4800 LIVERPOOL SPAIN CH-8002 Zurich 3rd Floor Switzerland UNITED KINGDOM No.1 Mann Island t: +41(0) 44 809 35 00 Liverpool L3 1BP ROBERT WALTERS BIRMINGHAM Passeig de Gràcia nº 55-57 TAIWAN 9th Floor United Kingdom 3ª planta 11 Brindley Place t: +44 (0) 113 360 0099 08007 Barcelona TAIPEI Birmingham Spain Room F, 10th Floor B1 2LP LONDON t: +34 93 216 30 00 No. 1 Songzhi Road United Kingdom 11 Slingsby Place Xin-yi District t: +44 (0) 121 281 5000 St Martin’s Courtyard WALTERS PEOPLE Taipei London t: +34 93 216 30 00 Taiwan BRACKNELL WC2E 9AB t: +886 2 8758 0700 The Lightbox United Kingdom Willoughby Road t: +44 (0) 20 7379 3333 ROBERT WALTERS Bracknell Paseo de Recoletos nº 7-9 RG12 8FB MANCHESTER 6ª planta United Kingdom 9th Floor 28004 Madrid t: +44 (0) 134 423 3280 3 Hardman Street Spain Manchester t: +34 91 309 79 88 M3 3HF United Kingdom t: +44 (0) 161 214 7400 WALTERS PEOPLE t: +34 91 309 79 88 MILTON KEYNES UNITED STATES VIETNAM Altius House North Fourth Street LOS ANGELES Milton Keynes 1925 Century Park E Unit 1, Level 9, Buckinghamshire Suite 1700 The Metropolitan MK9 1NE Los Angeles 235 Dong Khoi Street United Kingdom CA 90067 District 1 t: +44 (0) 1908 04 4000 USA Ho Chi Minh City t: +1 424 204 8725 Vietnam ST ALBANS t: +84 28 3520 7900 1st Floor, NEW YORK 4 Beaconsfield Road 7 Times Square St Albans Suite 4301 AL1 3RD New York United Kingdom NY 10036 t: +44 (0)1727 617 010 USA t: +1 212 704 9900

SAN FRANCISCO 575 Market Street #2950 San Francisco CA 94105 USA t: +1 415 549 2000 Robert Walters Group operations worldwide are fully carbon balanced through the World Land Trust Carbon Balanced Programme and The Woodland Trust. AUSTRALIA BELGIUM BRAZIL CANADA CHILE CHINA FRANCE GERMANY HONG KONG INDIA INDONESIA IRELAND JAPAN LUXEMBOURG MALAYSIA NETHERLANDS NEW ZEALAND PHILIPPINES PORTUGAL SINGAPORE SOUTH AFRICA SOUTH KOREA SPAIN SWITZERLAND TAIWAN THAILAND UAE UK USA VIETNAM www.robertwalters.com