Banking jobs in Dubai are opening

Banking jobs

Banker-bashing is slowly but surely fading away as global economy takes baby steps towards recovery. In tandem, investment banking jobs are opening up too, particularly in regional financial hub Dubai.

And while the broader banking industry is witnessing the addition of new job opportunities on a regular basis, new investment banking jobs are still not as common as they once used to be.

Nevertheless, while jobs are trailing up slowly, there isn’t much upward movement when it comes to salaries in the industry, reckon recruitment experts.

James Bennett, Global Managing Director of eFinancialCareers, a recruitment firm specializing in finance jobs, does not see any significant changes in salaries that may seem setting a trend nor is it much different from what’s been happening in the past one year or so. 

“I don’t think [there is much change in job openings and salaries] because there is so much movement in the Middle East market. UBS are relocating bankers between Dubai and London, RBS is replacing its chief executive in the region and Morgan Stanley is streamlining, so salaries going up significantly seems doubtful,” he told Emirates 24|7.

Other experts tend to agree with Bennett. Hasnain Qazi, Middle East Business Manager, Huxley Associates, does not see much happening in investment banking here.

“We still get very few vacancies in investment banking. Mostly, it is corporate banking, risk management and technology. However, I reckon few tangible openings and certainly no upward movements in remuneration within investment banking in the UAE,” he said.

Undoubtedly, big financial centres in the West may offer better salaries to those in the industry, but Dubai still has it holding when it comes to investment bankers.

Website states that salaries in places like New York City tend to be high. An investment banker’s salary in London could very well compete with those in NYC, but would entail a higher cost of living. However, those in the same role in Dubai could easily save up on their earnings – thanks to no taxes and generous housing stipends.

As the Dubai economy has begun showing marked signs of improvement of late, many bankers are now thinking of moving to the city on job assignments.

“On a positive note, the recent trend shows many international candidates are moving into the financial market of the UAE, which will result in salaries getting all the more competitive if we go by the law of demand.

“Having said that, our clients indicate that banking and financial institutions looking for a specific skill set within investment banking, for example, a compliance specialist might be willing to offer 5-6 per cent more than they would have given last year for the same position,” said Bennett.

Ash Athawale, Recruitment Manager at Reed Specialist Recruitment, believes that jobs are opening up particularly with large investment banks, which have operations in the country. “Salaries in the UAE and particularly in Dubai are becoming more competitive,” he says.

“In areas of investment banking, hiring managers and companies are looking for qualifications and taking calls based on investment decisions from the past. Investment banking jobs across front office and middle office are most active while back office hiring is still stable. We are seeing a number of opportunities with large investment banks who are now looking to grow after a few years of controlled growth,” he told this website.

Here are some key figures from Morgan McKinley’s latest salary survey

Investment Banking & Private Equity
Role	Analyst / 0-3 years	Asst. Vice-President / 3-5 years	Vice-President / 5-7 years	Director / 7-10 years	Managing Director / 10+ years
Mergers and Acquisitions / Equity Capital Markets	20,000-25,000	30,000-40,000	45,000-55,000	65,000-85,000	100,000-150,000+
Debt Capital Markets	20,000-25,000	30,000-40,000	45,000-55,000	65,000-85,000	100,000-150,000+
Structuring	20,000-25,000	30,000-40,000	45,000-55,000	60,000-70,000	75,000-95,000
Private Equity	20,000-30,000	30,000-40,000	45,000-55,000	65,000-85,000	100,000-150,000+
Researcher	20,000-30,000	30,000-40,000	40,000-50,000	50,000-65,000	70,000-95,000
*Data denotes gross salaries per month in AED

Wealth Management & Private Banking
Role	Assistant / 0-2 years	Manager / 2-5 years	Senior / 5-7 years	Unit Head / 7-10 years	Managing Director / 10+ years
Wealth Relationship Manager	15,000-20,000	20,000-25,000	25,000-35,000	38,000-55,000	55,000-85,000
Investment Advisor / Consultant	15,000-20,000	20,000-30,000	30,000-40,000	40,000-55,000	65,000-120,000
Product Specialist	15,000-20,000	20,000-30,000	30,000-45,000	45,000-55,000	55,000-75,000
Investment Analyst (Fund of Funds)	16,000-19,000	20,000-25,000	25,000-35,000	40,000-50,000	55,000-75,000
Investment Strategist / Economist	15,000-20,000	20,000-30,000	30,000-45,000	55,000-75,000	75,000-95,000
Trader / Dealer	19,000-22,000	24,000-40,000	41,000-60,000	65,000-75,000	76,000-100,000
Private Banker	18,000-24,000	25,000-40,000	45,000-65,000	65,000-85,000	85,000-120,000
Private Client Portfolio Manager	18,000-24,000	25,000-40,000	45,000-65,000	65,000-85,000	85,000-120,000
*Data denotes gross salaries per month in AED

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