Amid a global downturn, the mainstays of Scottish financial services – back and middle office functions – are still booming.

While investment banks globally might be wielding the axe more than Jack Nicholson in The Shining, financial firms in Scotland are still suffering from a talent drought in investment operations and fund accounting, and salaries are heading northwards.

The latest salary survey by recruiters Robert Walters predicts an increase in pay of 6% in these areas this year, but some recruiters believe this might even be a conservative estimation.

Steve Shields, manager financial services at recruiters Badenoch & Clark, says: “A major client of ours has said it’s kicking off a whole re-structuring project and thinks it’s going to take all year to fill the positions. They realise the right people are thin on the ground, and they’re really upping the ante with salaries for these people.”

What’s more, the latest Bank of Scotland Labour Market Report reveals a cooling jobs market north of the border generally, but things are still sizzling in accounting and finance.

Martin Ellis, chief economist at the bank, says: “Demand for labour remains firm in a number of sectors, most notably for accounting and financial staff.”

Richard Park, country manager for Scotland at recruiters Martin Ward Anderson, adds: “Scotland’s still perceived as a relatively low-cost area for financial firms to house certain functions. The influx means there’s very much an ongoing supply and demand issue, but this could soon change due to improved internal training.”

Operations: what are you worth?

Market risk analyst: £37-58k

Senior fund accountant: £29-40k

Static data specialist: £26-40k

Treasury analyst: £26-38k

Junior fund accountant: £23-30k

Corporate actions: £21-42k

Pricing analyst: £21-27k

Fund administration: £19-25k

Valuations: £19-27k

Reconciliations: £17-27k

Settlements: £16-23k

Source: Robert Walters