AML PROFESSION
Who made more in 2008?
–Survey says…
T
his year, in the midst of the current
financial crisis, the employment
and compensation landscape has
changed for the anti-money laundering/
combating the financing of terrorism
(AML/CFT) field. There’s no doubt about
it, professionals in all financial sectors are
feeling the effects of the current economic
downturn—AML is no different. In some
cases, departments are downsizing; others
have implemented hiring freezes. Budgets
are being slashed.
The 2008 ACAMS AML/CFT Compensation Survey reflects these turbulent times.
Last year, the inaugural ACAMS AML/
CFT Compensation Survey—the first of
its kind for the AML/CFT industry—
produced some surprising data. Namely,
senior European anti-money laundering
executives earn significantly more than
their counterparts in the U.S. and abroad;
government job compensation is generally on par with private sector salaries
and CAMS-certified AML professionals
consistently out-earned their noncertified counterparts.
The 2007 findings showed high demand
for skilled AML professionals. Staff costs
represented up to two-thirds of total
compliance budgets. Compensation rates
all over the globe were high for those
with more experience on the job—well
into the US$300,000–US$400,000 range
for the upper levels, even in traditionally
lower-paying regions such as Central and
South America.
This year, salaries have decreased across
the board in nearly all industries, levels
and regions of the world. Here’s the breakdown as compared to 2007, taking into
account all industries, regions, numbers of
employees and asset size.
Surprising exceptions: In 2008, it pays to be
in the middle
Not everyone is seeing a salary decrease,
however. Interestingly enough, salaries
Compared to 2007
Looking ahead
What does this mean for job outlook
and security for AML/CFT professionals
in the next few years? It may be too early
to tell, but the truth of the matter is that
banks and other financial institutions will
always be regulated. That said, compliance
Compared to 2007
Money Services
Retail Banking
Salary Median
+2.7%
+3.9%
+3.9%
Total Compensation Median
+2.8%
+3.4%
+2.7%
department heads will ultimately face
pressure to cut costs while still being held
responsible for meeting growing compliance requirements. As budgets decrease,
compliance departments will be charged
to do more with less. Adding more employees will likely not be an option.
What to do in the meantime – advice for
entry- mid- and top-level professionals
Most will agree that now may not be the
best time to search for a job in the financial industry. The unemployment rate is
up to a little more than six percent and is
likely to rise. For entry-level AML/CFT
professionals just entering or re-entering
the workforce, the key to advancement
and salary negotiation is differentiation—
standing out from the pack through specialized training and certification. There
will undoubtedly be fewer jobs and more
people vying for them.
|
Mid Level
Top Level
-21.8%
Salary Median
Starting salaries for entry-level jobs may
not be comparable to what they were last
year, but this year’s survey results showed
that CAMS-certified professionals consistently out-earned their noncertified counterparts by 14%—across all levels. CAMS
certification is a great way to jump-start a
new career.
For those in the middle, certification
and training are keys to gear up for inevitable resource and budget cuts, as mid-level
Investment Banking
Entry Level
Total Compensation Median
24 acams today
and overall compensation packages for
mid-level resource managers increased
this year, specifically in the investment
banking, money services and retail banking industries.
These increased salaries for mid-level
employees can be found in North America,
the Caribbean and Oceania (Australia/
New Zealand). Last year, Caribbean AML
professionals reported earnings on the
lower end of the spectrum.
-1.4%
-10.7%
-23%
-3.9%
-11.6%
November / December 2008
employees may be expected to take on new
roles to account for hiring freezes. This is
why the salaries of mid-level AML/CFT
professionals have increased this year.
Mid-level professionals must show they
have a full grasp of the latest (and constantly changing) regulatory requirements
and can understand the complexity of compliance across a full spectrum of financial
products, services and jurisdictions.
Top-level professionals will be on the
hook for ensuring their compliance departments are running at full capacity with
possibly fewer employees and resources.
They should make a point to allocate a
portion of the budget for regular training
and certification of their subordinates for
maximum return on their in