An increase in the number of Undertakings for Collective Investment (UCI) in Luxembourg and continuing growth within the funds industry were the core drivers of recruitment activity in 2014. Salaries increased and an additional mandated increase is expected in the third quarter of 2015. These have been the main findings of Robert Walters’ annual Salary Survey that gives an overview of market and salary developments worldwide, which was published today.
With new legislation relating to ‘traceable money’, the most in-demand candidates were those with legal, risk and compliance backgrounds. Although a number of redundancies among some banking and investment firms, we saw an increase in jobs overall. Several hundred professionals were hired by holding companies and the country continued to open its borders to skilled foreign professionals.
Luxembourg highlights from the survey:
Banking and financial services
Overall, the banking sector continued to be the main driver of growth and the principal source of employment. With a 15% increase in the total number of assets under management in Luxembourg, qualified staff were in demand and we expect this trend will continue as more professionals will be needed to administer and maintain these assets and calculate their value.
Commerce and industry
Hiring levels and salaries remained fairly static in 2014. We saw some IT companies moving out of the country in anticipation of new legislation which, as of 2015, will bring an end to the advantageous VAT rates linked to doing business in Luxembourg. Companies within commerce and industry struggled to source talented professionals specialising in finance, economics, law and accounting, primarily because those skilled in these disciplines are mainly focused on the financial services sector.
Legal, tax, risk and compliance
Many financial institutions in Luxembourg are making significant changes in response to regulatory action and global anti-money-laundering regulations, which quickly changed AML from a standalone function under compliance to an increasingly complex and overarching function cutting across legal, tax, risk and operations and drove demand in 2014 for professionals in these fields of expertise. Skilled legal specialists able to liaise with the Luxembourg regulator (CSSF) were particularly high on hiring manager’s priority lists. As a result, professionals in this area can expect to be paid substantially more in gross salary than their counterparts in surrounding countries.
About the Robert Walters Global Salary Survey
Now in its 17th year, the Robert Walters Global Salary Survey provides an in-depth analysis of salaries earned around the world by both permanent and contract workers across a wide range of sectors: banking, accounting & finance, legal, compliance, IT and commerce & industry. It also provides an insight into recruitment trends in these areas.
For more information, please contact:
Sofie Slagmulders, Marketing Executive
Tel: +32 (0) 2 535 08 66