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Market Intel: Credit Risk Modellers / Quants

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 experienceGradingBase Salary (London)  Base Salary    (Regional)
15+Managing Director£150k – £200k  £130k +
10 – 15 yearsDirector£120k – £150k  £100k – £130k
7 – 10 yearsVP£90k – £110k  £80k – £100k
5 – 7 yearsAVP£75k – £90k  £65k – £80k
3 – 5 yearsSenior Analyst£60k – £75k  £55k – £65k
1 – 3 yearsAnalyst£45k – £60k  £40k – £50k
0 – 1 yearsGraduate£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

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