"Professionals in all financial sectors are feeling the effects of the current economic downturn, and anti-money laundering and counter-terrorist financing is no different," said Gregory J. Calpakis, CAMS, Executive Director of ACAMS. "What we've seen in the past year is departmental downsizing, hiring freezes, and slashed budgets."
This year's survey showed salaries decreasing significantly at the top and bottom from the previous year's results. Entry-level salaries decreased 22 percent, and top-level salaries came down nearly 11 percent. However, experienced professionals in the top level still reported earnings well into the $300K and $400Ks.
"We don't believe this data undercuts in any way the importance of the AML/CFT industry. It's simply a reflection of the times," said Calpakis. "Regulatory pressures on banks and other financial institutions are certainly not easing up - I think we can safely say the jobs won't be going away."
Surprising exceptions - in 2008, it pays to be in the middle
There were some bright spots, however. The survey showed that salaries and overall compensation packages for mid-level resource managers actually increased this year, specifically in the investment banking, money services and retail banking industries.
These increased salaries for mid-level employees were seen in North America, the Caribbean, and Oceania (Australia/New Zealand). Last year, Caribbean AML professionals reported earnings on the lower end of the spectrum.
"In the AML/CFT field, salary levels are good indicators of regulatory trends. Salary increases in Australasia make perfect sense given the requirements and implementation deadlines of the AUSTRAC AML/CFT Act," said Calpakis. "Also, in the United States, money services businesses - MSBs - are facing stricter scrutiny of their AML programs. Money services is definitely an industry that will provide new job opportunities for qualified AML professionals in the next few years."
Strong response in Asia, Africa, Central America
"We were very pleased once again by the high rate of participation in this survey - especially in Asia, Africa, and South America," said John Byrne, chairperson of the ACAMS Advisory Board. "I think this is indicative of growing awareness of AML and its importance across the globe especially in areas where there may not have been much regulation in the past."
The survey showed an increased participation rate of nearly 3 percent in Asia, Africa, and Central America over the year before.
Certification, specialized training proves key to higher compensation
The survey indicated that the strongest tool for salary negotiation, bonuses, and raises is differentiation through specialized training and professional certification.
"Once again, the CAMS credential proved to be a major factor in higher salary and compensation. We saw that CAMS-certified professionals consistently out-earned their non-certified counterparts by 14 percent across all levels," said Calpakis. "And just like the results from last year, participants anticipated a 20 percent salary increase upon attainment of CAMS certification.
"This finding underscores our mission at ACAMS to help our members advance their career development through training. Evolving skills and continuing education are clearly vital to advancement in the AML/CFT field."
"If you are looking for a new job, entering the workforce, or are coming up on your annual review, you may now find fewer opportunities and greater competition. It is more important now than ever to stand out in the field, and CAMS certification is an effective way to do that."
Salary calculator
Using results tabulated from the survey, ACAMS has updated the online "salary calculator" for members, allowing users to compare their compensation levels with their peers across several input variables, including area of expertise, experience level, organization position, and geographic region. Designed for ACAMS members and survey respondents, the calculator provides AML/CFT professionals a working benchmark to determine what they are worth in the marketplace.
