Doctors, lawyers, bankers get highest salaries in UAE

Doctors, corporate lawyers, and investment bankers get the "highest average salaries" in the United Arab Emirates (UAE), home to nearly 640,000 Filipinos. In a report of Emirates 24|7 on Tuesday, Suhail Masri, vice president for sales of Middle Eastern job site Bayt.com, said while people in the three professions receive the highest salaties in the UAE, "salaries vary to large extents for any given specific role." He explained that salaries "depend on a professional’s career level, type of experience and level of expertise as well as on company size, company performance, general company pay practices and industry.”  A separate report of Emirates 24|7 cited the annual salaries for certain job positions in the UAE:

• investment bankers: from $200,000 to $400,000 (P8.6 million to P17.1 million) yearly depending on seniority, with bonuses ranging between $1 million to $3 million (P42.7 million to P128.2 million);

• head of wholesale banking: around $400,000 (or P17.1 million) yearly, with a bonus ranging between 100 to 200 percent;

• chief internal auditor and chief information officer: around $300,000 (or P12.8 million) yearly, and

• head general counsel:  $330,000 (or P14.1 million) annually, plus a 30-percent bonus;

• head of an architectural firm and print media house: $280,000 (or P11.9 million) yearly plus 30-percent bonus, and

• experienced human resources manager: up to $200,000 (or P8.6 million).

The report did not indicate the salary of doctors. Investment bankers "most highly paid" In the report, Konstantina Sakellariou of executive search firm Stanton Chase explained that successful investment bankers are the most highly paid because "all other positions seem lower compared to them."  Sakellariou said “IT professionals at top level" are also well paid but it depends on the company they are working for and their field of specialization. She likewise noted that there was a high demand for lawyers because companies are always in need of legal expertise. “[They] will have to pay handsomely to attract the needed seniority and expertise. In most cases, experienced lawyers are partners in a firm, which gives them additional advantages than just being employees,” she said. Lower compensation than expected Meanwhile, another report by Emirates 24|7  cited that six out of 10 respondents in a recent survey conducted in the UAE said their current compensation was lower compared to other companies in the same industry.  Four out of 10 respondents also claimed that they did not receive a salary increase in the last 12 months.  The report also said 85 percent of the respondents believe that the cost of living in UAE increased in the last 12 months. - with Kimberly Jane Tan, VVP, GMA News