SALARY

BENCHMARK
2023 LUXEMBOURG

Part of PageGroup
www.michaelpage.lu
CONTENTS
INTRODUCTION.....................................................3

OUR SENIOR EXPERTS / NOS EXPERTS SENIORS........4

BANKING.. ............................................................5

INSURANCE..........................................................6

ENGINEERING & MANUFACTURING. . .........................7

FINANCE & TAX. . ...................................................8

HUMAN RESOURCES..............................................9

OFFICE & MANAGEMENT SUPPORT........................ 10

SALES & MARKETING. . ......................................... 11

Introduction
3

Michael Page talks to thousands of job seekers and companies on an annual basis. We use their feedback as foundation
for qualitative approach to recruit the best qualified professionals for our clients. In this Salary Benchmark* overview we
share some key insights on salary ranges for specific disciplines, within various sectors and differentiated by region.
This data is derived from candidate and client interviews during the year and supplemented by insights from our discipline-
level expert consultants at Michael Page. Would you like to obtain more tailored information about salary and benefits for
your organisation? Don’t hesitate to get in touch with us through your regular Michael Page contact or via our website:
www.michaelpage.lu

* This Salary Benchmark has been created Indexes excluded.

Michael Page s’entretient chaque année avec des milliers de chercheurs d’emploi et d’employeurs. Les informations qu’ils
nous fournissent constituent la base de la démarche qualitative de Michael Page dans le recrutement des professionnels
les plus qualifiés pour nos clients. Dans ce baromètre des salaires*, nous partageons quelques informations clés sur les
échelles salariales pour des disciplines qui nous couvrons, dans divers secteurs et différenciés par expérience ou région.
Ces données sont basées sur nos entretiens avec des candidats et des clients et complétées par les connaissances de
nos consultants, experts dans différentes disciplines. Souhaitez-vous obtenir des informations plus personnalisées sur le
salaire et les avantages sociaux de votre organisation ? N’hésitez pas à nous contacter via votre contact régulier Michael
Page ou via notre site internet: www.michaelpage.lu

* Ce Baromètre des salaires a été créé Index exclus.

Our Senior Experts / Nos Experts Seniors
4

Michael Page is leader in recruitment in Luxembourg since 2007. We are a team of 15 experienced and expert Consultants,
all coming from the Industry we recruit for. We specialise in the following activities: Banking and Financial Services,
Insurance, Finance, Tax, Legal, HR, Sales & Marketing and Business/Management Support (Administrative roles). Below
an overview of our Senior Experts. https://www.michaelpage.lu/en/about-us/our-team

Michael Page est leader du recrutement permanent au Luxembourg depuis 2007. Nous sommes une équipe de 15
Consultants expérimentés et experts, tous issus de l’industrie pour laquelle nous recrutons. Nous sommes spécialisés
dans les activités suivantes : Banque et Services Financiers, Assurance, Finance, Fiscalité, Juridique, RH, Ventes &
Marketing et Business / Management Support (rôles administratifs). Ci-dessous un aperçu de nos Experts Seniors.
https://www.michaelpage.lu/qui-sommes-nous/notre-équipe

Maxime Durant Andrea Bravo Guillaume Cristini Marianne Bruneel

Senior Director Senior Associate Senior Associate Senior Associate
Head of Michael Page Finance Finance Finance
Luxembourg & Tax & Tax & Tax

Ibrahima Thiam Aurélie Abarnou Helix Raphael Cohen Noura Barghane

Senior Consultant Executive Associate Executive Associate Executive Associate
Finance Banking, Insurance Banking, Insurance Banking, Insurance
& Tax & Financial Services & Financial Services & Financial Services

Mounia El Hail Bastien Galhaut Carole Krauser Bourquin Tiziano Cordella

Associate Consultant Associate Associate
Sales Sales Office and Office
& Marketing & Marketing Management Support & Management Support
Salaries Banking
5

SALARIES ACCORDING TO PROFESSIONAL EXPERIENCE

Average fixed salary in €

1-3 years 55.000

3-5 years 75.000

5-8 years 90.000

8-10 years 110.000

> 10+ years 130.000

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

BACK OFFICE

Accountant € 60.000 € 80.000 € 100.000 up to 10%

Finance Manager € 90.000 € 110.000 € 130.000 up to 25%

(Financial) Controller € 65.000 € 90.000 € 110.000 up to 15%

Financial Analyst € 65.000 € 90.000 € 110.000 up to 15%

MIDDLE OFFICE

Project Manager € 70.000 € 90.000 € 110.000 up to 25%

Auditor € 70.000 € 90.000 € 130.000 up to 25%

AML KYC Officer € 60.000 € 90.000 - up to 15%

MLRO - € 100.000 € 130.000 up to 30%

Compliance Officer € 75.000 € 110.000 € 140.000 up to 30%

Conducting officer Compliance - € 120.000 € 150.000 up to 40%

Conducting officer Portfolio Management - € 120.000 € 150.000 up to 40%

Conducting Officer Risk Management - € 110.000 € 140.000 up to 40%

Head of Compliance € 80.000 € 130.000 € 160.000 up to 40%

Head of Risk Management € 80.000 € 130.000 € 160.000 up to 40%

Company Secretary € 55.000 € 75.000 € 90.000 up to 10%

Paralegal € 55.000 € 75.000 € 90.000 up to 20%

Legal Counsel € 65.000 € 90.000 € 130.000 up to 30%

FRONT OFFICE

Private Sales € 60.000 € 80.000 € 110.000 up to 50%

Private Banker € 60.000 € 85.000 € 120.000 up to 50%

Investment Director - - € 130.000 up to 50%

Portfolio Manager € 65.000 € 90.000 € 140.000 up to 50%

Business Developer € 60.000 € 80.000 € 110.000 up to 50%

Salaries Insurance
6

SALARIES ACCORDING TO PROFESSIONAL EXPERIENCE

Average fixed salary in €

1-3 years 55.000

3-5 years 75.000

5-8 years 90.000

8-10 years 110.000

> 10+ years 130.000

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

BACK OFFICE

Accountant € 60.000 € 80.000 € 100.000 up to 10%

Finance Manager € 90.000 € 110.000 € 130.000 up to 25%

(Financial) Controller € 65.000 € 80.000 € 110.000 up to 15%

Financial Analyst € 65.000 € 80.000 € 110.000 up to 15%

MIDDLE OFFICE

Project Manager € 70.000 € 90.000 € 110.000 up to 25%

Auditor € 70.000 € 90.000 € 130.000 up to 25%

AML KYC Officer € 60.000 € 90.000 - up to 15%

MLRO - € 100.000 € 130.000 up to 30%

Compliance Officer € 75.000 € 110.000 € 140.000 up to 30%

Head of Compliance / Chief Compliance Officer € 110.000 € 130.000 € 160.000 up to 40%

Head of Risk Management / Chief Risk Officer € 110.000 € 130.000 € 160.000 up to 40%

Underwriter € 65.000 € 80.000 € 120.000 up to 30%

FRONT OFFICE

Relationship Manager € 60.000 € 80.000 € 110.000 up to 20%

Wealth Planner € 60.000 € 85.000 € 120.000 up to 50%

Client Service Officer € 45.000 € 65.000 € 80.000 up to 10%

Portfolio Manager € 65.000 € 90.000 € 140.000 up to 50%

Business Developer € 60.000 € 80.000 € 110.000 up to 50%

Salaries Engineering & Manufacturing
7

SALARIES ACCORDING TO PROFESSIONAL EXPERIENCE

Average fixed salary in €

1-3 years 50.000

3-5 years 55.000

5-8 years 65.000

8-10 years 70.000

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

Site/Plant Manager - - € 135.000 +10-20% bonus+ benefits

Maintenance Engineer € 50.000 € 70.000 € 80.000 -

Production Manager - € 70.000 € 80.000 -

Project Manager € 50.000 € 60.000 € 65.000 -

Buyer € 45.000 € 60.000 € 70.000 -

HSE(Q) Manager - € 70.000 € 80.000 -

Plant Manager / Director - - € 120.000 -

Quality Engineer € 50.000 € 70.000 € 75.000 -

Regulatory Manager - € 70.000 € 85.000 -

Supply Chain Manager/Procurement Manager - € 75.000 € 90.000 bonus+ car+ benefits

MD (industrial sector) € 75.000 € 200.000 bonus+ car+ benefits

Salaries Finance & Tax
8

SALARIES ACCORDING TO PROFESSIONAL EXPERIENCE

Average fixed salary in €

1-3 years 50.000

3-5 years 60.000

5-8 years 80.000

8-10 years 100.000

> 10+ years 120.000

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

FUND SECTOR
CFO - - € 160.000 up to 50%
Accounting / Finance Manager - € 110.000 € 130.000 up to 50%
Fund Controller € 80.000 € 100.000 € 120.000 up to 50%
Corporate Finance Manager (M&A) - € 120.000 € 150.000 up to 50%
Accountant € 60.000 € 80.000 € 90.000 up to 30%
Financial Analyst Fund Sector € 70.000 € 90.000 € 120.000 up to 50%
Internal/External Audit € 70.000 € 90.000 € 110.000 up to 30%
Treasurer € 65.000 € 85.000 € 100.000 up to 30%
Tax (Director/Manager) - € 110.000 € 130.000 up to 50%

SERVICE PROVIDERS
Accounting / Finance Manager - € 100.000 € 130.000 average 15%
Accountant € 60.000 € 75.000 € 85.000 average 15%
Internal/External Audit € 65.000 € 80.000 € 90.000 average 15%
Tax (Director/Manager/Controller) € 45.000 € 65.000 € 85.000 average 15%

OPCO
CFO - - € 150.000 average 20%
Accounting / Finance Manager - € 100.000 € 120.000 average 20%
Industrial / Corporate Controller € 75.000 € 100.000 € 120.000 average 20%
Accountant € 50.000 € 65.000 € 75.000 average 20%
Financial Analyst Fund Sector € 65.000 € 75.000 € 95.000 average 20%
Internal Audit € 70.000 € 90.000 € 110.000 average 20%
Treasurer € 60.000 € 90.000 € 110.000 average 20%
Tax (Director/Manager) - € 100.000 € 110.000 average 20%
Salaries Human Resources
9

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

HR Director - € 90.000 € 120.000 20%

HR Manager - € 70.000 € 100.000 15%

HR Generalist / Business Partner € 55.000 € 70.000 € 90.000 15%

Compensation & Benefits € 45.000 € 55.000 € 70.000 10%

Learning & Training € 40.000 € 55.000 € 70.000 10%

Recruitment € 40.000 € 50.000 € 60.000 20%

HR Project Manager € 50.000 € 70.000 € 90.000 10%

SALARIES BY COMPANY SIZE

Average number of employees percentage variation

Small company Mid size company Big company

0 > 50 50 – 250 > 250
-10% Similar +10%

SALARIES BY SECTORS
Average salary percentage variation

Engineering &
Business service Finance services FMCG
Manufacturing
Similar +20% Similar -10%

Healthcare & Transportation

Public sector Retail IT/Telco
Life Sciences & Logistics
+10% -15% +10% -15% +10%
Salaries Office & Management Support
10

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

Personal Assistant (C-Level) - € 70.000 € 95.000 -

Personal Assistant € 50.000 € 60.000 € 70.000 -

Executive Assistant (C-Level) € 45.000 € 60.000 € 70.000 -

Executive Assistant / Team Assistant € 36.000 € 45.000 € 55.000 -

Office Manager € 40.000 € 55.000 € 70.000 -

Receptionist € 36.000 € 40.000 € 45.000 -

Team Assistant € 36.000 € 45.000 € 55.000 -

HR Administrative Assistant € 42.000 € 50.000 € 65.000 -

SALARIES BY SECTORS
Average salary percentage variation

Transportation
Business service Finance services FMCG
& Logistics
Similar Similar -5 to 10% -5 to 10%
Salaries Sales & Marketing
11

SALARIES ACCORDING TO PROFESSIONAL EXPERIENCE

Average fixed salary in €

1-3 years 42.000

3-5 years 50.000

5-8 years 55.000

8-10 years 60.000

> 10+ years 80.000

SALARIES
JOB TITLES 3-5 YEARS 5-10 YEARS + 10 YEARS SALARY INCL. BONUS

Sales Support / Inside Sales € 45.000 € 60.000 € 70.000 10-15%

Business Developer € 50.000 € 65.000 € 80.000 20%
(Key) Account Manager € 50.000 € 65.000 € 80.000 20%
Technical Sales € 55.000 € 70.000 € 90.000 20%
Sales Manager € 60.000 € 70.000 € 90.000 30%
Sales Director - € 80.000 € 115.000 30%
Communication & Marketing Coordinator € 45.000 € 55.000 € 65.000 5%
Community Manager € 45.000 € 55.000 € 65.000 5%
Product / Brand Manager € 45.000 € 60.000 € 75.000 5%
Digital Marketing Manager € 50.000 € 65.000 € 80.000 20%
Marketing Manager € 50.000 € 70.000 € 85.000 20%
Marketing Director - € 90.000 € 120.000 20%

SALARIES BY COMPANY SIZE

Average number of employees percentage variation

Small company (0 > 50) Mid size company (50 – 250) Big company (> 250)
-25% Similar +25%

SALARIES BY SECTORS
Average fixed salary in €

Business Finance Engineering & Healthcare & Transportation

FMCG Retail IT/Telco
service services Manufacturing Life Sciences & Logistics
-10% Similar -10% Similar -10% +15% -10% +10%