Market Intel: Credit Risk Modellers / Quants
Date: January 2024
Sector: Retail / Consumer / Asset Finance / Corporate Banking
Key areas considered: Credit Risk Modelling, Model Validation, Model Governance
Salary guide:
| Amount of experience | Grading | Base Salary (London) | Base Salary (Regional) |
| 15+ | Managing Director | £150k – £200k | £130k + |
| 10 – 15 years | Director | £120k – £150k | £100k – £130k |
| 7 – 10 years | VP | £90k – £110k | £80k – £100k |
| 5 – 7 years | AVP | £75k – £90k | £65k – £80k |
| 3 – 5 years | Senior Analyst | £60k – £75k | £55k – £65k |
| 1 – 3 years | Analyst | £45k – £60k | £40k – £50k |
| 0 – 1 years | Graduate | £40k – £45k | £35k – £40k |
Market intel
- Change is afoot within this space, given the reduction of staff within the likes of Barclays and Metrobank
- Early signs for 2024 is that more candidates are beginning to search for roles (which is a positive development from 2023)
- Regulatory rules / scrutiny has been increased and we have seen IRB applications rejected
- Candidate availability remains tight and pools of talent are heavily regional (e.g. Manchester, Glasgow, London – with remote & hybrid working, talent is harder to relocate geographically)
- Sponsorship rules post-Brexit have put a real strain on this talent pool (i.e. Historically, strong candidates have come to the UK from all over the world)
- Cost cutting in firms has seen Big 4 Consulting firms ‘roll off’ projects leaving a skills gap
- Hybrid and Remote working are now very typical within this space
- Salary differential between London and regional is now quite closely aligned compared with other areas
- IRB experience can still command a slight premium, given this experience is in higher demand
For more information about finding a new position, or if you are looking to hire, please get in touch with us at contact@theriskpartners.com
