USA Salary Survey 2011

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The US economy improved during 2010 with encouraging signs of recovery particularly evident in the first half of the year. However, the unemployment rate across the US has remained at around 9.5% for over 16 months; the longest period of high unemployment since recordkeeping began. Many companies in the US attempted to maintain productivity levels with minimal resources in 2010, and only approved hiring for business-critical roles. However, the US government announced additional measures to support the economy towards the end of 2010, including purchasing treasuries and keeping interest rates low. This action has resulted in cautious optimism for the employment market in 2011. We expect to see a rise in hiring activity during the second half of 2011 as the economic recovery gains traction. Global growth, technological advancement, new government initiatives and increasing consumer demand will lead to higher employment and economic prosperity. While inflation remains low and the hiring bias in favor of employers, we do not see any significant gains in overall compensation levels in 2011. USA COUNTRY OVERVIEW Robert Walters Global Salary Survey 2011

Transcript of USA Salary Survey 2011

Page 1: USA Salary Survey 2011

The US economy improved during 2010 with encouraging signs of recovery particularly evident in the first half of the year. However, the unemployment rate across the US has remained at around 9.5% for over 16 months; the longest period of high unemployment since recordkeeping began. Many companies in the US attempted to maintain productivity levels with minimal resources in 2010, and only approved hiring for business-critical roles.

However, the US government announced additional measures to support the economy towards the end of 2010, including purchasing treasuries and keeping interest rates low. This action has resulted in cautious optimism for the employment market in 2011.

We expect to see a rise in hiring activity during the second half of 2011 as the economic recovery gains traction. Global growth, technological advancement, new government initiatives and increasing consumer demand will lead to higher employment and economic prosperity. While inflation remains low and the hiring bias in favor of employers, we do not see any significant gains in overall compensation levels in 2011.

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ACCOUNTING�&�FINANCECOMMERCE�&�INDUSTRY

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Robert�Walters�Global�Salary�Survey�2011149

Our�commerce�division�recruits�permanentand�temporary�finance�and�accountingprofessionals�at�all�levels,�from�junioraccounting�assistants�through�to�financedirectors�and�chief�financial�officers.�Thedivision�consists�of�specialist�teams�focusingon�specific�industry�sectors�includingretail,�advertising,�media,�pharmaceutical,professional�services�and�manufacturing.Clients�include�Fortune�500�companies,subsidiaries�of�global�conglomerates�andpublicly-listed�companies,�in�addition�to�familyowned�and�operated�boutiques.

Market�OverviewWithin�the�majority�of�industry�sectors,�wewitnessed�substantial�change�and�a�reductionin�hiring�levels�for�qualified�accountants�inthe�first�quarter�of�2010.�The�technology�andtelecoms�sector�saw�a�severe�slowdown�and,as�a�result,�experienced�the�least�hiring�activity.The�retail�sector�was�the�only�exception�asconsumer�spending�remained�high�resultingin�proportionally�greater�opportunities�forcandidates.

As�2010�progressed�and�stock�prices�andbusiness�profits�started�to�rise,�demand�forcandidates�with�highly�technical�skill�setsincreased.�Businesses�were�forced�to�adjustafter�headcount�reductions�in�2009�and�manyrecruited�for�hybrid�positions�requiring�classicalaccounting�and�strategic�financial�backgroundexperience.�Companies�that�implementedhiring�freezes�during�2009�typically�receivedapproval�to�add�necessary�headcount�in�2010.

Due�to�new�compliance�and�regulatorystandards,�CPA-qualified�technicalaccountants�with�experience�in�financialreporting�were�in�demand.�However,�thevolume�of�internal�audit�and�complianceopportunities�within�large�corporatebusinesses�remained�consistent�as�companiessought�to�cut�costs�and�drive�profitability.Towards�the�end�of�the�year,�more�financialplanning-orientated�and�strategic�finance�roleswere�released�to�the�market�as�businessesbegan�to�recover�and�positioned�themselvesfor�future�growth.

A�number�of�organisations�adjusted�basesalaries�to�promote�internal�equality�and�asense�of�security�to�employees.�Bonuseswere�non-existent�within�commerce;�however,other�non-monetary�incentives�(such�as�extraholidays�and�title�promotions)�were�offered.Within�the�larger�private�and�publicly-listedbusinesses,�salary�grading�systems�were�putin�place�to�provide�transparency�for�existingstaff�in�their�annual�reviews�and�to�add�aconsistent�approach�when�making�job�offers.

Outlook�for�2011We�anticipate�hiring�levels�to�increasein�2011�given�the�uplift�in�recruitmentactivity�witnessed�towards�the�end�of�2010.Across�the�board�businesses�in�the�USwill�undergo�changes�around�financialreporting�and�control,�leading�to�demandfor�finance�and�accounting�talent.�With�theimpending�transition�of�US�GAAP�to�IFRSand�departments�looking�to�gain�groundsurrounding�the�implementation�of�morerobust�financial�systems,�there�will�also�bedemand�for�top�finance�and�accounting�talentto�assist�with�these�changes.

ROLE PERMANENTSALARY�PER�ANNUM�$US

2010 2011

Manager/Vice�President�of�Accounting�Policy/Research $175�-�250k $175�-�250kManager�-�International�Tax $175�-�250k $175�-�250kManager�-�Financial�Reporting $125�-�160k $125�-�160kManager�-�Strategic�Planning $110�-�165k $110�-�165kSenior�Tax�Accountant $80�-�125k $80�-�125kCash�Manager�-�Treasury $80�-�125k $80�-�125kSenior�Internal�Audit $80�-�120k $80�-�120kAccounting�Manager $80�-�110k $80�-�110kFinancial�Analyst $65�-�85k $65�-�85kAccounting�Supervisor $60�-�80k $60�-�80kAccountant $40�-�60k $40�-�60k

NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.

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Our�New�York�financial�services�accounting&�operations�team�specialises�in�recruitingaccounting,�finance�and�risk�managementand�operations�roles�on�a�permanent�basis.We�provide�recruitment�solutions�for�financialservices�institutions�operating�in�all�areas�ofbanking,�brokerage,�asset�management�andcapital�markets.

Market�OverviewWe�witnessed�increased�hiring�levels�in�2010due�to�economic�growth�and�a�return�inconsumer�confidence.�Most�hiring�took�placeat�the�associate�to�VP�level,�with�turnover�atthe�director/MD�level�relatively�low.�Candidateswith�knowledge�of�the�most�up-to-daterules�and�regulations�(whether�recent�FASannouncements�or�GAAP�requirements)�werehighly�sought-after.

With�a�continuing�focus�on�accuratefinancial�reporting,�candidates�with�internalcontrols/re-engineering/pricing�skill�setswere�in�demand�as�many�banks�looked�toimprove�their�infrastructure.�Candidates�withexceptional�business�analysis�skills�werealso�in�high�demand�as�firms�analysed�theiroperating�practices.

Hiring�levels�in�the�first�half�of�the�year�werestrong�as�boutique�banks�capitalised�on�thetop�talent�available�in�the�market,�recruitingcandidates�out�of�the�larger�banks,�which�inturn�created�more�opportunities�within�theseorganisations�as�they�sought�to�replace�staffwho�had�left.�As�more�firms�offshored�rolesto�cut�costs,�recruitment�within�some�nicheareas�decreased�leading�to�a�slowdown�inhiring�in�some�of�the�largest�banks.�Althoughcandidates�were�keen�to�move�in�2010,�theywere�highly�selective�as�a�small�element�ofuncertainty�remained�in�the�market.

Company�and�role�stability�outweighedcompensation�as�key�factors�for�candidateswhen�considering�a�career�move.�Candidates’salary�expectations�were�down�from�previous

bullish�years,�although�base�salary�rises�inthe�10-15%�range�were�more�commonlyrequested�to�compensate�for�the�lack�of�payincreases�in�2009.

Outlook�for�2011As�banks�hired�in�significant�volumes�in�2010,the�outlook�for�2011�is�mixed�as�many�firmsare�expected�to�focus�on�critical�hires�for�nicheareas�at�the�start�of�the�year.�Implementationof�new�banking�regulations,�such�as�theVolcker�Rule�and�Basel�III�will�affect�hiringpractices�across�the�financial�services�sector.The�need�for�candidates�with�strong�regulatoryunderstanding�will�be�essential�as�firmsseek�to�keep�pace�with�the�ever�changinglandscape.�We�do�not�anticipate�any�increasesin�bonuses�in�2011.

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ROLE PERMANENTSALARY�PER�ANNUM�$US

2010 2011

Accounting,�Control�&�AuditChief�Financial�Officer $250�-�450k $250�-�450kFinance�Director $150�-�350k $150�-�350kTaxation�Manager�-�Senior�Vice�President $160�-�200k $160�-�200kTaxation�Manager�-�Vice�President $110�-�140k $110�-�140kController�-�Senior�Vice�President $190�-�400k $190�-�400kController/Deputy�-�Vice�President $145�-�200k $145�-�200kAuditor�Chief�-�Senior�Vice�President $150�-�250k $150�-�250kAuditor�Chief�-�Vice�President $85�-�135k $85�-�135kFinancial�Analyst�-�Senior $85�-�150k $85�-�150k

Product�Control/Middle�OfficeHead�of�Product�Control $225�-�450k $225�-�450kProduct�Control/Pricing�Senior�Vice�President $175�-�285k $175�-�275kProduct�Control/Pricing�Vice�President $145�-�225k $145�-�225kProduct�Control/Pricing�Associate/Assistant�Vice�President $80�-�120k $80�-�120kHead�of�Middle�Office $250�-�425k $250�-�435kSenior�Vice�President�Middle�Office $175�-�275k $175�-�275kVice�President�Middle�Office $125�-�215k $125�-�215kAssociate/Assistant�Vice�President�Middle�Office $80�-�115k $80�-�115kVice�President�Project�Manager $135�-�175k $135�-�175kVice�President�Business�Analyst $135�-�160k $135�-�175k

OperationsChief�Operating�Officer,�Domestic�-�Senior�Vice�President $185�-�300k $185�-�300kInternational�Manager�-�Vice�President $110�-�150k $110�-�150kMoney�Market�Operations�Manager�-�Vice�President $100�-�125k $100�-�125kTreasury�Operations�Manager,�Capital�Markets�-�Vice�President $90�-�165k $90�-�165kLending/Credit�-�Department�Manager/Officer�-�Vice�President $80�-�165k $80�-�165kSVP,�VP�&�Associate,�Cross-Product�Settlements $55�-�150k $55�-�150kSVP,�VP�&�Associate,�Corporate�Actions,�Fixed�Income�&�Equity $60�-�130k $60�-�150kSVP,�VP,�Associate,�Foreign�Exchange�&�Money�Market�Core�Operations $55�-�150k $60�-�175kPrince�2,�Six�Sigma�Project�Management�&�Business�Analysis $150�-�250k $150�-�250k

NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.

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LEGAL�&�COMPLIANCE

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Our�legal�&�compliance�division�primarilyfocuses�on�the�attorney�and�complianceneeds�of�national�and�international�banks,investment�management�firms,�broker-dealers,law�firms�and�Fortune�500�companies.�Wefocus�on�mid�to�senior�level�in-house�counseland�compliance�officer�roles�and�cover�allareas�including�hedge�funds,�private�equity,capital�markets�and�investment�banking.

Market�OverviewMany�law�firms�and�financial�institutions�thatunderwent�internal�restructuring�during�theglobal�recession�began�rebuilding�their�teamsin�2010.�Key�professionals�who�remained�sawtheir�responsibilities�increase�as�market�activityrose�and�uncertainty�ensued�over�the�impactof�the�Dodd-Frank�Act.�As�a�result,�manycompanies�-�while�remaining�cautious�overbudget�-�recruited�attorneys�and�complianceofficers�with�certain�areas�of�expertise.�Sincecompanies�were�generally�operating�onlean�resources,�salaries�for�both�attorneysand�compliance�officers�did�not�return�topre-recession�levels.

Banking�&�Financial�ServicesIn�an�effort�to�cut�costs,�many�legaldepartments�expanded�to�handle�more�workin-house,�resulting�in�demand�for�in-housecounsels.�Attorneys�with�broad�corporatebackgrounds�and�specific�areas�of�expertise,such�as�debt�capital�markets�and�assetmanagement�were�in�demand.

Since�many�firms�bolstered�their�debt�andequities�divisions�in�2010,�there�was�renewedinterest�for�candidates�with�equity�andfixed�income�sales�and�trading�complianceexperience.�In�response�to�problems�facedby�financial�institutions�and�investmentbanks,�many�positions�were�created�in�theareas�of�anti-money�laundering,�surveillance,compliance�testing,�bank�regulatorycompliance�and�control�room.

Private�PracticeSeveral�practice�groups�at�law�firms�havethrived�as�a�result�of�the�recession.�Theseincluded�bankruptcy�and�restructuring,�labourand�employment�and�employee�benefits.�Asthe�search�for�clean�technology�and�renewableenergy�continued,�energy�and�environmentlaw�attorneys�who�advised�clients�on�projectdevelopment,�finance�and�contract�matterswere�sought-after.

Outlook�for�2011As�details�of�rules�stemming�from�theDodd-Frank�Act�and�its�effect�on�financialinstitution�operations�becomes�clearer,demand�for�both�attorneys�and�complianceofficers�is�expected�to�increase�in�early�2011during�the�regulatory�implementation�phase.Firms�that�will�be�most�impacted�includefinancial�services,�investment�advisors,broker-dealers,�hedge�funds�and�privateequity.

ComplianceFirms�are�strengthening�their�complianceprograms�to�prepare�for�the�flood�of�legislationexpected�to�come�their�way.�While�companiesare�still�focusing�on�cost-effective�strategies,many�-�particularly�in�the�alternative�investmentmanagement�industry�-�will�begin�to�hireexperienced�compliance�officers�to�preparefor�registration�with�the�Securities�ExchangeCommission�by�July�2011.

Compliance�officers�will�be�required�to�developpolicies�and�train�employees�to�ensurecompliance�with�federal�and�state�regulations.Candidates�with�a�legal�background�andregulatory�agency�experience�will�beparticularly�sought-after.�We�expect�salariesfor�compliance�officers�to�steadily�improveas�demand�for�these�candidates�increases�inanticipation�of�greater�financial�regulations.

LegalAs�the�country�continues�to�recover�from�therecession,�there�will�be�stricter�regulations,increased�investigations�and�greater�scrutinyprompted�by�government�regulators�againstfirms�from�a�variety�of�industries,�includingfinancial�services,�banks,�pharmaceuticaland�energy�companies.�With�the�Securitiesand�Exchange�Commission�and�CommodityFutures�Trading�Commission�gaining�moreenforcement�authority�under�the�Dodd-FrankAct,�white�collar�defence�attorneys�will�behighly�sought-after,�particularly�those�with�priorSEC�experience.

With�mergers�and�acquisition�activity�bouncingback,�there�will�be�demand�for�deal�attorneyswith�strong�M&A�experience.�Intellectualproperty�will�also�continue�to�grow�asbiotechnology�and�pharmaceutical�companiesseek�to�protect�their�most�valuable�assets.�Assalary�freezes�continue�in�most�law�firms,�legalsalaries�will�remain�at�2010�levels.�We�do�notanticipate�salary�freezes�to�be�lifted�until�theeconomy�has�improved.

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General�ComplianceManaging�Director/Global�Head $250�-�500k $260�-�525kHead�of�Compliance�-�Group/Unit $200�-�400k $210�-�420kCompliance�Director $175�-�250k $180�-�260kCompliance�Manager/Vice�President $125�-�160k $130�-�170kCompliance�Manager/Assistant�Vice�President $80�-�110k $85�-�115k

Investment�BankingDirector $175�-�250k $175�-�250kManager/Vice�President $125�-�160k $125�-�160kAnalyst/Assistant�Vice�President $80�-�110k $80�-�110k

Control�RoomDirector $175�-�250k $180�-�260kManager/Vice�President $125�-�160k $130�-�170kAnalyst $80�-�110k $85�-�115k

EquitiesDirector $175�-�250k $180�-�260kManager/Vice�President $125�-�175k $130�-�170kAnalyst/Assistant�Vice�President $80�-�110k $85�-�115k

Fixed�IncomeDirector $175�-�250k $180�-�260kManager/Vice�President $125�-�175k $130�-�170kAnalyst/Assistant�Vice�President $80�-�110k $85�-�115k

Anti-Money�LaunderingDirector $175�-�250k $180�-�260kManager/Vice�President $125�-�175k $130�-�170kAnalyst/Assistant�Vice�President $80�-�110k $85�-�115k

Asset�ManagementDirector $175�-�250k $175�-�250kManager/Vice�President $125�-�175k $125�-�175kAnalyst/Assistant�Vice�President $80�-�110k $80�-�110k

NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.

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Our�risk�&�quantitative�division�specialisesin�identifying�and�placing�market,�credit,operational�and�quantitative�analysts�fromanalyst�to�managing�director�level.�The�divisionfocuses�on�permanent�hiring�for�our�clients,which�include�banks,�asset�managers�andhedge�funds.

Market�OverviewWe�saw�hiring�demands�in�the�risk�andquantitative�space�increase�in�2010�comparedto�2009.�Banks�and�asset�managers�usedprofits�from�2009�trading�revenues�toincrease�the�size�of�their�risk�managementinfrastructure.�A�number�of�the�banks�thatimplemented�hiring�freezes�for�most�of�2009due�to�the�financial�crisis�were�finally�able�toadd�headcount�in�2010.

As�2010�progressed,�trading�revenues�atseveral�financial�institutions�were�far�below2009�levels�and�institutions�were�forced�toadjust�hiring�plans�as�trading�volumes�fell.In�spite�of�this,�we�saw�steady�growth�inthe�risk�and�quantitative�space�throughoutthe�second�half�of�the�year.�This�was�due�toadded�regulatory�requirements�as�well�as�anemphasis�on�portfolio�risk�analysis.

In-demand�skill�sets�in�2010�includedregulatory�and�economic�capital�roles�(due�tothe�increased�regulatory�requirements)�andproduct�risk�managers�(due�to�the�continuedscrutiny�of�the�risk�appetite�for�their�respectivetrading�areas).�In�addition,�financial�institutionand�hedge�fund�credit�risk�managers�weresought-after�to�meet�the�anticipated�newtrading�and�lending�requirements.

Many�banks�increased�base�salaries�in�2010while,�at�the�same�time,�reducing�bonus�levelsto�minimise�the�effects�of�bonuses�on�totalcompensation.�Total�compensation�levelsgenerally�either�remained�flat�or�declinedslightly�compared�to�2009.

Outlook�for�2011The�outlook�for�2011�is�a�mix�of�positivesentiment�and�some�uncertainty.�Banksand�asset�managers�are�looking�to�addkey�positions�for�2011�within�the�risk�andquantitative�space.�However,�with�newbanking�regulations�due�to�be�implemented,such�as�the�Volcker�Rule�and�Basel�III,there�is�uncertainty�as�to�how�this�will�affecthiring�needs.�Many�institutions�will�have�torestructure�their�risk�and�quantitative�groups�tokeep�up�with�the�ever�changing�landscape�offinancial�services.

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2010 2011Market�RiskManaging�Director $600k�-�1.5m $600k�-�1.5mDirector/Senior�Vice�President $300�-�600k $300�-�600kVice�President $175�-�300k $175�-�300kAssociate $100�-�175k $100�-�175kAnalyst $60�-�100k $60�-�100k

Credit�RiskManaging�Director $500k�-�1m $500k�-�1mDirector/Senior�Vice�President $250�-�500k $250�-�500kVice�President $175�-�275k $175�-�275kAssociate $100�-�175k $100�-�175kAnalyst $60�-�100k $60�-�100k

Operational�RiskManaging�Director $400�-�700k $400�-�700kDirector/Senior�Vice�President $250�-�400k $250�-�400kVice�President $125�-�250k $125�-�250kAssociate $90�-�125k $90�-�125kAnalyst $50�-�90k $50�-�90k

NB:�Figures�are�total�compensation�numbers�including�benefits/bonuses�unless�otherwise�specified.

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The�sales,�marketing�&�retail�division�in�NewYork�recruits�permanent,�contract�and�interimmanagement�roles�across�all�disciplines�withinconsumer�packaged�goods,�retail,�financialservices�and�commerce�sectors.�Our�teamis�divided�into�three�areas�of�specialisation:business�to�consumer�(B2C),�business�tobusiness�(B2B)�and�retail.

Market�Overview2010�has�been�a�successful�year�across�allindustry�sectors,�particularly�in�quarters�twoand�three.�A�number�of�organisations�beganto�see�tangible�revenue�increases�duringthis�period,�which�resulted�in�higher�levelsof�recruitment�compared�to�2009.�However,many�companies�took�a�cautious�approach�toincreasing�headcount,�focusing�on�specific�skillsets�and�business�critical�roles.

With�consumer�confidence�increasing,�theluxury�retail�sector�thrived,�with�new�storesopening�and�increased�sales�distributionacross�the�US.�We�consequently�saw�ahigh�demand�for�tenured�luxury�retail�storemanagers�and�general�managers.�Fortune500�companies�also�began�re-building�theirmarketing�and�consumer�insights�teams�withtop-tier�professionals.

There�was�a�slight�increase�in�base�salariesacross�the�market,�although�we�witnessedmany�candidates�willing�to�move�at�the�samesalary�level�for�the�right�career�opportunity.However,�many�organisations�adjustedsalaries�to�reflect�an�improved�job�market�afterstagnant�growth�over�the�past�two�years.

Outlook�for�2011With�a�successful�2010�and�an�ever�improvingeconomy,�we�are�optimistic�about�the�jobmarket�in�2011.�We�anticipate�that�Fortune500�and�multinational�companies�will�continueto�grow�their�sales�and�marketing�teamsas�consumer�confidence�returns�and�salesincrease.�Demand�will�continue�for�high-calibreretail�candidates�with�many�luxury�retailersposting�positive�2010�financial�results.�Weanticipate�a�continued�hiring�strength�inearly�2011�and�are�confident�this�will�remainthroughout�the�year.

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Robert�Walters�Global�Salary�Survey�2011 156

ROLE PERMANENTSALARY�PER�ANNUM�$US

2010 2011

Account�Manager�(3�-�5�yrs'�exp) $70�-�105k $70�-�100kAssistant�Product/Brand�Manager $75�-�95k $75�-�95kBusiness�Development�Manager�(4�-�5�yrs'�exp) $85�-�115k $85�-�115kCustomer�Insights�Manager $80�-�110k $80�-�115kEvents�Manager $55�-�90k $55�-�90kGeneral�Manager�(5+�yrs'�exp) $145�-�255k $150�-�255kMarketing�Communications�Manager�(4�-�5�yrs'�exp) $70�-�90k $80�-�100kMarketing�Director�(6+�yrs'�exp) $120�-�185k $120�-�190kMarketing�Manager�(4�-�5�yrs'�exp) $100�-�175k $100�-�160kMedia�Sales $45�-�80k $45�-�80kMerchandising�Staff $55�-�90k $55�-�100kOnline�Marketing�Manager�(5+�yrs'�exp) $90�-�135k $90�-�140kProduct/Brand�Manager�(4�-�5�yrs'�exp) $90�-�110k $90�-�110kPublic�Relations�Manager�(4�-�5�yrs'�exp) $75�-�120k $65�-�120kRelationship�Manager $75�-�115k $75�-�115kSales�&�Marketing�Director�(6+�yrs'�exp) $155�-�255k $155�-�255kSales�&�Marketing�Manager�(4�-�5�yrs'�exp) $95�-�155k $95�-�155kSales�Director $135�-�205k $135�-�210kSales�Manager�(4�-�5�yrs'�exp) $115�-�150k $110�-�150kSales/Market�Analyst $45�-�75k $45�-�75kSponsorship�&�Event�Manager $50�-�90k $50�-�90kStore�Manager $70�-�140k $70�-�140kTrade�Marketing�Manager $75�-�110k $75�-�110kVisual�Merchandising�Manager $65�-�110k $75�-�110kWeb�Producer�(5+�yrs'�exp) $70�-�100k $70�-�100k

NB:�Figures�are�basic�salaries�exclusive�of�benefits/bonuses�unless�otherwise�specified.