Salaries and recruiting trends in Banking & Financial Services in 2024

Salaries and recruiting trends in Banking & Financial Services in 2024

15/01/2024 – In 2024, the Banking & Financial Services environment will remain challenging and marked by substantial changes, particularly concerning digital transformation and legal requirements. The current Robert Walters Salary Study 2024 delineates the salary developments in this sector and provides an outlook on the labour market in the coming year.

Current developments in banking & financial services recruiting for 2024

1. Focus on digitalisation and AI

Intensified efforts to drive digitalisation and increase the use of artificial intelligence are leading to rising demand for experts in these domains.

2. New requirements in the insurance sector

Owing to legal stipulations such as IFRS 17, a new standard for insurance contracts set to be applied from January 2023, new departments are emerging in the insurance sector. This opens up opportunities for specialists with expertise in insurance law and management.

3. Challenges for tax profiles

There is an increasing shortage of tax specialists at the operational level. Companies are, therefore, seeking for qualified tax experts who can and wish to take on operational responsibility.

Strategies for future-orientated personnel management

In an environment where competition for qualified applicants is intense, certain strategies in future-orientated personnel management play an important role.

1. Waiver of German language skills in certain areas

Dispensing with German language skills in certain cases can be advantageous to broaden the talent pool. Especially in areas such as risk management, compliance and IT, where international standards prevail, knowledge of English is often sufficient. This also applies to positions in investment banking, capital markets, consulting and auditing, where English is the working language.

2. Efficient recruitment processes and exit interviews

In the Banking & Financial Services sector, fast and efficient recruitment processes are crucial to attract talented professionals in areas such as risk management, compliance and financial analysis. At the same time, exit interviews provide valuable insights into areas for improvement and help to increase employee engagement and satisfaction.

3. Flexibility in working hours and workplace design

Given the rapid changes in the financial sector and increasing digitalisation, applicants appreciate flexibility in working hours and workplace design. Flexible working models, such as home office options and variable working hours, are particularly attractive for professionals in areas such as financial analysis, portfolio management and digital financial services.

If you are also looking for suitable professionals in the Banking & Financial Services sector, please send us your job description and we will contact you as soon as possible.

Prospects for applicants in the financial services environment

Numerous opportunities and possibilities remain open to applicants in the financial services environment. It is particularly advantageous for talented individuals who can demonstrate a clear and well-thought-out career path, as frequent job changes tend to be frowned upon by employers. In addition, certificates and further training, such as the Chartered Financial Analyst (CFA) in investment management or further training as an accountant or actuary, continue to be viewed favourably.

To increase your chances of success when applying, it is advisable to strategically optimise the timing of your application: Consider factors such as the payment of bonuses and the end of the financial year at your target company. These periods can often present favourable opportunities, as companies often create new positions or fill vacant positions at these times.

Salary trends in the financial sector 2024

Salaries in Banking & Financial Services are already high, but moderate increases are expected. According to Robert Walter's salary survey, 66% of companies will pay a salary increase in 2024. Specialists from the consulting and auditing sector will see significant salary increases. Professionals with around 3 years of professional experience are already earning impressive salaries of €85,000 and more.

Demand for certain specialist profiles is also particularly high, which is also reflected in the salary data from the Robert Walters salary survey. Experts in Risk Management or Risk Controlling can expect a salary increase of 5.6%, while roles in Regulatory Reporting can expect a 10% salary increase.

If you are interested in further exciting market and salary developments, you can access our latest salary survey here.