Big salary swings will be restricted to disciplines with a skill set or language shortage, said McKinley. (Getty)
Banking professionals pocket some of the highest salaries in the UAE, according to a report from recruitment consultant Morgan McKinley.
The salary data focused on mid-management level upwards within four specialist divisions: banking and financial services; accountancy & finance; technical; sales, marketing and support.
Banking and financial services
Currently, a private banker in the country earns between Dhs25,000 to Dhs85,000 per month based on seniority, while a trader/dealer pockets a monthly salary of between Dhs20,000 up to Dhs100,000 per month.
In the last year, international banks have recalled teams of bankers away from Dubai, leaving a much smaller team of regional managers in place.
“Recruitment for Q1 and Q2 2012 has been relatively modest,” said the report. “Job seekers that are trilingual and those that possess excellent relationships are more in demand.”
While middle and back office areas within financial institutions are seeing modest salary increases, compliance, risk and treasury professionals are all in demand and will command premium increases, added Morgan McKinley.
Accountancy and finance
A chief financial officer makes a monthly salary of between Dhs50,000 to Dhs70,000+, while an internal audit manager earns between Dhs25,000 and Dhs40,000+ per month based on experience.
Prominent sectors for finance professionals in the past year have included oil and gas, professional services, social media and technology, with a large percentage of hires geared towards the mid-level market, said the report.
“The demand for talent is still high especially amongst multinationals, but the need to ‘sell yourself’ is still something that job seekers need to address,” the report added.
Salaries were expected to rise by six per cent in 2011, with analysts and CFO’s expecting increments at around the same level for 2012.
Bonuses have also steadily improved from the tougher times of 2009/2010, with more investment and confidence filtering it’s way into the market, added Morgan McKinley.
Within the technical sector, the managing director/CEO of a multinational company commands between Dhs75,000 and Dhs95,000 per month, while a construction director pockets a monthly income varying from Dhs50,000 to Dh80,000.
Oil and gas, power and heavy industry is proving to be especially buoyant in 2012 and is driving recruitment across the board within the Middle East, said the report.
“Leading organisations have reported better results in this region than expected. Amidst the credit crisis, many strategic tools like outsourcing and global sourcing gained more importance in the context of restructuring organisations,” it added.
However, general living costs in the UAE have started to increase and this can act as a major deterrent for overseas professionals looking to relocate, said McKinley.
Expatriate packages in recent months no longer include generous perks such as fully paid accommodation and company vehicles.
Also, with countries like India requiring more talent and offering greater salaries, many Indian nationals are returning home for better prospects, said the report.
“This underlines the necessity for companies to provide innovation and flexibility in salaries, remuneration packages and the work environment,” it added.