morgan mckinley hong kong salary survey 2012
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CONTENTS.
MANAGING DIRECTOR’S LETTER 2
FINANCIAL SERVICES 3
ACCOUNTING & FINANCE 4
ASSET MANAGEMENT 5
BANKING OPERATIONS 6
HEDGE FUNDS & PRIVATE EQUITY 7
HUMAN RESOURCES 8
INFORMATION TECHNOLOGY 9
INSURANCE 10
INVESTMENT BANKING & CAPITAL MARKETS 11
LEGAL, TAX & COMPLIANCE 12
PRIVATE BANKING 13
RISK MANAGEMENT 14
COMMERCE & INDUSTRY 15
ACCOUNTING & FINANCE 16
HUMAN RESOURCES 17
INFORMATION TECHNOLOGY &
TELECOMMUNICATIONS 18
SALES & MARKETING 19
UNDERSTANDING THIS GUIDE 21
TALK TO US 22
CLICK ON THE HYPERLINKS TO GO TO PAGE
1
Following a period of robust economic recovery in
2010, both financial services and commerce &
industry hiring markets in Hong Kong continued to
demonstrate growth in the first half of 2011. The
continued positive outlook and growth of mainland
China and other emerging markets in the region
boosted demand for professionals across a broad
range of specialist areas.
Unfortunately H2 2011 was a very different story,
with the effects of the US debt-ceiling crisis and
turbulence in the eurozone significantly impacting
Hong Kong’s recruitment market. Companies
focused on cost management, hiring activity
decreased and in certain areas (particularly
investment banking) redundancies were
announced.
Commerce & industry remained relatively buoyant,
particularly the retail and luxury goods markets.
However, hiring processes slowed somewhat at the
end of 2011 as global financial uncertainty
impacted a broader range of industries, from
manufacturing to property and construction.
Despite the challenging economic climate we
remain cautiously optimistic about the hiring market
for 2012. There are early signs that an increased
number of opportunities will be available within
sales & marketing, insurance and private banking.
Within financial services, we anticipate that in Q2
there will be turnover as a result of reduced bonus
pools and that this will stimulate hiring activity. It is
worth noting that the majority of financial
institutions expect minimal growth in headcount,
but growth all the same.
We have accumulated the sector knowledge and
expertise of our consultants to deliver the Morgan
McKinley Hong Kong Salary Guide 2012. It
provides a general guide to current compensation
and hiring trends across Hong Kong’s professional
markets.
Indications are that salaries within commerce &
industry increased by approximately 7% year-on-
year in 2011. Within areas of sales & marketing,
accounting & finance and IT security there have
been uplifts in excess of this figure. Bonuses have
remained relatively stable as cost reductions are
still at the forefront of CFO and CEOs’ minds.
Financial services salaries are predicted to remain
relatively stable across the board in 2012 but with
considerably diminished bonus pools
(approximately 25% less than paid out in
2010/11). However, compensation packages for
professionals with specialist skill sets such as risk
management, compliance, Solvency II and
actuarial remain attractive, as there is fierce
competition for top talent within these areas.
We hope you find this guide informative and we
welcome any feedback you may have. For more
specific salary or hiring information, please contact
our specialist consultants or myself directly.
Nick Lambe
Managing Director | Hong Kong
T: +852 3907 3931
E: nlambe@morganmckinley.com.hk
Welcome to
Morgan McKinley’s
Hong Kong Salary
Guide 2012
MANAGING
DIRECTOR’S
LETTER.
2
FINANCIAL SERVICES.
SALARY GUIDE
3
Role: Analyst /
Non-Officer
Associate /
AVP / Manager
VP /
Senior Manager
SVP /
Director
Director /
Senior Director
Product Control $25k - $35k $35k - $75k $75k - $100k $100k - $125k $125k+
Financial Control $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+
Valuations $28k - $38k $38k - $78k $78k - $105k $105k - $130k $130k+
Management Reporting $25k - $35k $35k - $60k $60k - $85k $85k - $125k $125k+
Financial Reporting $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+
Internal Audit $28k - $34k $34k - $58k $58k - $100k $100k - $130k $130k+
The financial services jobs market for
accounting and finance professionals was
quite stable throughout 2011, with certain
areas offering more opportunities than
others.
Product control and valuations specialists
were in high demand earlier in the year,
mainly within the area of equities, as the
preference for qualified accounting
professionals increased.
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
ACCOUNTING & FINANCE
4
There has been a rise in demand for
auditors, with many banks and other
financial institutions adding headcount to
existing audit teams or creating new teams
to incorporate hybrid functions.
An interesting trend that has emerged is the
surge in contracting vacancies, mainly
within financial control, financial reporting
and regulatory reporting.
Whilst hiring activity will be slow in Q1 of
2012, it is anticipated the market will
bounce back, although it will become more
competitive. Despite certain areas being
relatively dormant, others such as audit and
strategic analysis will continue to expand in
2012. It is expected that candidates within
these areas that are hiring will be
compensated with increments ranging from
15-20%.
There was considerable movement at all
levels within most asset management firms
in the first half of 2011. Employers were
relatively generous in terms of total
compensation for new hires and remained
market competitive for retentions.
At the start of Q3 2011, there was a
substantial decrease in demand, especially
in the middle and back office areas. Front
Role: Analyst /
Non-Officer
Associate /
AVP / Manager
VP /
Senior Manager
SVP /
Director
Managing
Director
Fund Manager $42k - $53k $47k - $68k $68k - $92k $105k - $138k $200k+
Research Analyst $36k - $42k $42k - $63k $63k - $83k $92k - $125k $125k+
Retail / Institutional Marketing $15k - $25k $25k - $45k $45k - $65k $65k - $83k $120k+
RFP Writer / Investment Writer $20k - $35k $35k - $50k $50k - $70k $70k - $100k $100k+
Performance Analyst $12k - $20k $20k - $35k $35k - $45k $45k - $70k -
Retail/ Intermediary / Distribution Sales $25k - $35k $35k - $50k $50k - $80k $80k - $120k $150k+
Institutional Sales $25k - $35k $35k - $50k $50k - $92k $92k - $150k $180k+
Client Relationship / Account Management $17k - $25k $25k - $45k $45k - $70k $70k - $100k $100k+
Execution Trader / Dealer $20k - $30k $30k - $50k $50k - $70k $70k - $120k $150k+
Product Development / Management $20k - $30k $30k - $50k $50k - $70k $70k - $100k $100k+
Fund Manager’s Assistant $15k - $25k $25k - $45k $45k - $65k $65k - $80k -
office openings for sales, marketing and
client servicing professionals were limited,
with hiring managers focused mainly on
critical replacement hires.
A dramatic increase in hiring activity is not
predicted for 2012. Professionals in this
area are cautious to make a move due to
financial market uncertainty as is the case
across the sector. Those who decide to
make a move are keen to secure a larger
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
ASSET MANAGEMENT
5
increment to offset the risk of being last to
join and first to be out. The European debt
crisis will continue to have a huge impact
on hiring trends over at least the first three
quarters of the year.
At the start of 2011 there was huge demand
for experienced banking operations
professionals across all asset classes. The
key areas of hiring activity were trade/sales
support and client on-boarding. Towards
the end of 2011, hiring within operations
slowed significantly due to uncertainty and
decline in global financial markets. It is
Role: Analyst /
Non-Officer
Associate /
AVP / Manager
VP /
Senior Manager
SVP /
Director
Director /
Senior Director
Trade Support $20k - $30k $30k - $60k $70k - $90k $100k+ $130k+
Client Services $20k - $30k $30k - $55k $65k - $85k $90k+ $120k+
Settlements $15k - $25k $25k - $35k $50k - $65k $70k+ $100k+
Documentation $20k - $28k $28k - $40k $50k - $75k $75k+ $100k+
Business Analyst / Projects $25k - $30k $30k - $60k $60k - $90k $90k+ $120k+
EQUITY FINANCE (PRIME BROKERAGE)
Prime Brokerage / Client Services $25k - $35k $35k - $55k $60k - $80k $90k+ $120k+
Prime Brokerage / Settlements $20k - $30k $30k - $40k $50k - $65k $70k+ $100k+
OTHER
Loans Administration $12k - $20k $20k - $40k $45k - $60k $60k+ $75k+
Static Data Analyst $15k - $20k $20k - $35k $45k - $60k $60k+ $85k+
Control / Reconciliations $18k - $25k $25k - $40k $40k - $55k $70k+ $85k+
Asset Servicing (Corporate Actions & Dividends) $18k - $25k $25k - $35k $50k - $65k $75k+ $85k+
Cash Management $15k - $25k $25k - $35k $35k - $65k $70k+ $85k+
anticipated that this will continue in 2012
with hiring likely to be considerably slower
compared to the past two years. The
majority of recruitment will focus on
replacement rather than growth hires. We
have seen significant offshoring over recent
years and the ongoing emphasis on cost
management should see this continue
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
BANKING OPERATIONS
6
in certain areas. However, trade support,
sales support, client services and client on-
boarding should remain key areas for hiring
within Hong Kong over the next 12 months.
Salary levels in 2011 increased around 4-
8% across most functional levels internally,
with professionals moving externally seeing
a 15-20% increase on base.
In 2010, the market in Hong Kong
rebounded quickly and many people were
optimistic about the outlook for 2011.
Indeed the first half of 2011 was steady and
hiring activity was stable. However, in
August 2011 the market started to decline,
dropping further in November due to the
eurozone crisis. The hedge fund industry
was deeply impacted and had one of its
worst years in the past two decades. Many
of the smaller funds faced redemption and
Role: Analyst Associate /
AVP
VP /
Senior Manager
SVP /
Director
Director /
Senior Director
Fund / Portfolio Manager $430k - $500k $500k - $700k $750k - $1m $990k - $1.25m $1.3m+
Portfolio Management / Investment Specialist $430k - $520k $520k - $740k $800k - $930k $930k - $1.1m $1.1m - $1.4m
Investment Analyst $370k - $490k $490k - $680k $800k - $930k $980k - $1.2m $1.35m - $1.6m
Economist / Investment Strategist $350k - $450k $460k - $620k $650k - $860k $800k - $1m $1.1m - $1.5m
Portfolio Construction $390k - $510k $500k - $680k $735k - $800k $850k - $1m $1.1m - $1.4m
Trader $310k - $450k $450k - $620k $680k - $870k $870k - $1.1m $1.1m - $1.4m
Product Development $430k - $480k $490k - $620k $680k - $870k $930k - $1.2m $1.1m - $1.3m
Sales / Business Development $310k - $370k $390k - $560k $620k - $870k $800k - $1.25m $1.5m+
Private Equity – Investment Team $400k - $580k $600k - $980k $800k - $1.2m $1.1m - $1.4m $1.3m - $2.5m
unfortunately, some had to close down or
exit Hong Kong. Hedge fund managers are
maintaining a conservative approach to
hiring and taking time to observe the
situation before making recruitment moves.
With regard to private equity, the impact
from the economic downturn has not been
as direct. Although the market is declining,
deals are not getting any cheaper to invest
in and it has been difficult for private equity
funds to raise money for investments.
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
HEDGE FUNDS & PRIVATE EQUITY
7
Therefore most private equity firms are also
adopting a cautious approach to hiring.
Most are ensuring they can raise more
funds before hiring new people into their
teams.
Many funds are ‘bearish’ and salary levels
for 2012 is predicted to be similar to 2011.
For large funds, increments may still be
offered to candidates, but for smaller or
start up funds, the focus will be on
performance bonuses and not base salary.
FINANCIAL SERVICES.
HUMAN RESOURCES
In the first half of 2011 there was strong demand for
professionals across all areas of HR, particularly HR
business partners and recruitment specialists.
Recruitment activity remained steady in Q3 2011, although
there was increased emphasis on replacement roles rather
than additional headcount. The market became very
cautious in Q4 2011 but remained reasonably active.
Headcount restrictions are still in effect and many
companies are looking to mobilise their global workforce to
reallocate talent where it is most needed. Talent retention
and succession planning are still key areas of concern, so
demand is high for professionals with experience in talent
management, organisational development and learning &
development.
It is predicted that there will be steady levels of hiring activity
for 2012 with salaries to remain stable with relatively
conservative bonus payouts. Many employers will proceed
cautiously however, key performers will continue to receive
competitive packages as talent retention remains a strong
focus in the financial services sector.
BASIC SALARIES (HK$ PER MONTH)
Role:
HR Director / Head $125k+
HR Manager / HR Business Partner $66k - $125k
Associate / Assistant HR Manager $32k - $54k
HR Officer / Assistant $18k - $25k
Recruitment Head / Director $108k
Recruitment Specialist $35k - $70k
Recruitment Coordinator $20k - $28k
Learning & Development Head $125k+
Talent Development / Organisational Development Director $108k+
Learning & Development Specialist $55k - $70k
Learning & Development Officer / Coordinator $20k - $28k
Compensation and Benefits Head $100k - $125k
Compensation and Benefits Manager $40k - $80k
Payroll Manager $42k - $75k
Payroll Specialist $25k - $34k
Global Mobility Manager $74k - 105k
Global Mobility Specialist $40k - $62k
Shared Service / HR Operations Manager $45k - $108k
8
After a strong rebound from 2010, it was an
eventful year for IT recruitment in 2011.
Demand grew steadily in front office
development, product management and
project management in the first half of
2011, with turbulence in the markets
amplified by the eurozone crisis and the
weakening US economy. Technical
developers also remain highly sought after,
especially for front office roles.
There was however, diminishing demand
for project managers and business analysts
as various projects were discontinued.
Role: Analyst /
Non-Officer
Associate /
AVP / Manager
VP /
Senior Manager SVP / Director
Director /
Executive
Director
Business Analyst / Specialist $25k - $40k $40k - $55k $60k - $75k $75k+ $110k+
Application Developer
– Front Office / Middle Office $30k - $40k $40k - $55k $60k - $75k $75k+ $100k+
Project Manager / Change Manager $30k - $35k $35k - $50k $50k - $70k $80k+ $100k+
Production Support / Technical Support $25k - $30k $40k - $55k $60k - $75k $80k+ $100k+
Information Security / IT Audit $25k - $35k $40k - $55k $60k - $75k $80k+ $100k+
Infrastructure Specialist $25k - $35k $35k - $45k $50k - $70k $75k+ $90k+
It will be a challenging year for IT
recruitment in 2012, with many banks and
financial institutions adopting a more
conservative approach to hiring.
Demand for contract IT professionals will
be substantially high however, especially in
the fields of Wintel, UNIX administration,
DBA and network / storage.
Hiring in expected to pick up in Q2/Q3
2012, with replacement hires predicted to
provide the majority of new IT job
opportunities within financial services.
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
INFORMATION TECHNOLOGY
9
Skilled developers with strong domain
business knowledge will remain the most
sought after specialists in the market.
Information security in both application and
infrastructure will be another demanding
area, given a shortage of experienced
professionals.
Given the challenging environment in the
last two quarters of 2011, salaries are likely
to increase in 2012 for the banking
technology field by 3–5%.
Role: Assistant
Manager Manager Senior Manager
Department
Head
Actuarial $48K - $63k $46k - $70k $62k - $78k $110k+
Claims $37k - $52k $52k - $74k $61k - $82k $70k+
Underwriting $35k - $47k $40k - $52k $44k - $69k $70k+
Distribution $26k - $37k $32k - $57k $50k - $78k $68k+
Audit $38k - $52k $42k - $74k $58k - $85k $74k+
Finance $34k - $45k $40k - $55k $50k - $83k $83k+
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
INSURANCE
10
The majority of insurance houses in Hong
Kong recorded positive results in the first
three quarters of 2011, prior to a slowdown
in Q4. Asia is still seen as a growth region
for insurance and does not seem to be as
sensitive to global economic turmoil as
other sectors within financial services.
The trend is continuing for internal controls
focused hiring as organisations strengthen
their compliance, internal audit and risk
functions (e.g. ERM & Solvency II).
Experienced life actuaries (qualified) and
life underwriters also continue to be in
demand.
Due to the shortage of experienced
insurance specialists, many employers are
now widening their global networks and
looking outside of Asia for key talent. In
some cases, firms are more open to
considering professionals without direct
insurance experience.
Other areas of demand include strategic
planning and channel distribution. Currently,
many professionals are showing
reservations to move jobs before bonuses
are paid at the end of Q1 2012. Some
employers are offering attractive sign-on
bonuses and packages in order to attract
the right professionals.
FINANCIAL SERVICES.
INVESTMENT BANKING & CAPITAL MARKETS
Following an extremely active job market in
2010, investment banking & capital markets
saw fewer front office professionals moving
jobs in early 2011. This was due to ‘churn’
from the previous year, and increasing
uncertainty surrounding the global
economy. Since then, the economic outlook
has deteriorated and most global
investment banks in Hong Kong scaled
back headcount in H2 2011.
BASIC SALARIES (HK$ PER MONTH)
Role:
CORPORATE FINANCE
Analyst 1 $40k - $60k
Analyst 2 $50k - $65k
Analyst 3 $60k - $75k
Associate 1 $70k - $80k
Associate 2 $80k - $95k
Associate 3 $100k - $120k
VP $130k - $160k
Director $160k - $180k
Managing Director $200k+
EQUITY RESEARCH
Research Associate $60k - $80k
Senior Research Associate $80k - $100k
Writing Analyst $160k - $180k
Sector Head $160k+
11
These factors have put significant
downward pressure on compensation.
Basic salaries in these top firms have
shown little increase since the start of 2011
and with prevailing market conditions, it is
unlikely that they will increase significantly
in Q1 2012. Moreover, with bonus pools
depleted in those firms which have
announced 2011 results so far, total
compensation for 2011 already looks to be
down ‘across the street’.
Top international firms continue to operate
on a broadly level playing field in terms of
basic salary at junior levels, and will pay
more than local firms. However there is
evidence that Chinese banks are adjusting
their compensation structures to become
more competitive and attract experienced
talent from their international peers.
Role:
SALES & TRADING
Sales – Institutional – Analyst $40k - $60k
Sales – Institutional – Associate $50k - $70k
Sales – Institutional – VP $100k - $125k
Sales – Corporates – Analyst $40k - $60k
Sales – Corporates – Associate $50k - $70k
Sales – Corporates – VP $100k - $125k
Trader – Analyst $40k - $60k
Trader – Associate $80k - $120k
Trader – VP $130k - $160k
Role:
Analyst /
Non-Officer
Associate /
AVP / Manager
VP /
Senior Manager
SVP /
Director
Director /
Senior Director
Head of Compliance - - - $125k - $170k $170k+
AML $25k - $40k $40k - $55k $55k - $80k $90k - $130k $130k+
Product Specific Advisory $35k - $45k $50k - $70k $70k - $110k $120k - $150k $160k+
Training & Competence $20k - $30k $30k - $40k $60k - $90k $100k - $130k $130k+
Control Room / Research $20k - $35k $35k - $60k $60k - $100k $110k - $140k $140k+
Monitoring / Surveillance $20k - $30k $30k - $50k $60k - $90k $90k - $120k $120k+
Tax Compliance $25k - $35k $30k - $45k $50k - $65k $75k - $105k $110k+
Tax Advisory $25k - $45k $45k - $70k $70k - $100k $100k - $120k $130k+
Tax Product Specific Advisory - $45k - $65k $70k - $110k $110k - $130k $140k+
Banking Lawyer $70k - $80k $80k - $100k $90k - $130k $140k - $170k $180k+
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
LEGAL, TAX & COMPLIANCE
12
Compliance continues to be one of the most
in demand areas within banking. With
continued focus on regulatory requirements
and reporting, professionals with expertise
and experience in this area were in fairly
high demand in 2011.
The areas that saw considerable movement
across the market were product advisory,
private banking and AML compliance.
This trend should continue throughout 2012
as organisations enhance their internal
controls and continue to foster close
working relationships with local and regional
regulators. Furthermore, the introduction of
new legislation will also increase demand
for professionals within affected areas.
Salaries have increased gradually over the
years, especially in areas with a limited pool
of talent. However, this growth is expected
to slow down in 2012 due to cost-cutting at
banks.
Legal recruitment in the transactional and
ISDA space tends to be dictated by trading
volumes and market activity. Considering
the slowdown in global markets, we do not
expect such high demand as previous
years.
Tax recruitment has remained fairly stable
over the years, the same is expected for
2012 where the majority will be replacement
hires.
Private bankers are still sought after in
Asia. The majority of players in the industry
have announced expansion plans and key
hires in the region, despite the current
depressed market. In 2011 the market was
very active and most firms were recruiting
in a broad range of functions from business
assurance, strategy and investment
advisory, to risk and compliance.
Role: Analyst Associate /
AVP / Manager
VP /
Senior Manager
SVP /
Director / Senior
Director
Executive
Director /
Managing
Director
Private Banker $38k - $52k $52k - $70k $70k - $85k $85k - $120k $130k+
Fund / Portfolio Manager $30k - $33k $33k - $46k $46k - $75k $75k - $120k $125k+
Investment Advisor / Consultant $25k - $35k $35k - $46k $50k - $75k $83k - $100k $120k+
Product Specialist $25k - $33k $33k - $50k $50k - $75k $80k - $100k $120k+
Trade / Dealer $30k - $33k $33k - $40k $40k - $75k - -
Business Management $30k - $33k $35k - $46k $50k - $63k $63k - $85k $85k+
Assistant Relationship Manager $25k - $30k $32k - $42k $42k - $55k - -
Product Development / Management $30k - $35k $35k - $45k $45k - $70k $80k - $100k $100k+
It is predicted that 2012 will not be as active
for private banking as 2011 and that hiring
activity will decrease slightly. It is likely that
the majority of recruitment early in the year
will be replacement hires following bonus
payments in February and March.
However, the banks will continue to work to
improve their platforms and client offerings,
and will strive to retain key talent.
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
PRIVATE BANKING
13
Salaries within private banking are on a
moderate rising trend and we have seen up
to 15-20% increases in salary offers. It is
anticipated that this growth will continue as
Asia becomes an increasingly important
player in global private banking.
Role:
Analyst /
Non-Officer
Associate /
AVP / Manager
VP /
Senior Manager
SVP /
Director
Director /
Senior Director
Market Risk Management $30k - $40k $40k - $50k $50k - $110k $120k - $160k $150k+
Market Risk Reporting $20k - $35k $30k - $40k $45k - $60k $80k - $110k $120k+
Quantitative Analysis $40k - $50k $50k - $55k $60k - $90k $100k - $150k $150k+
Operational Risk $20k - $30k $30k - $40k $45k - $70k $80k - $120k $120k+
Credit Risk Analysis $30k - $40k $40k - $50k $50k - $90k $100k - $130k $150k+
Traded Credit $30k - $40k $45k - $55k $60k - $110k $110k - $150k $150k+
BASIC SALARIES (HK$ PER MONTH)
FINANCIAL SERVICES.
RISK MANAGEMENT
14
Overall, there was generally consistent
levels of hiring across risk management in
2011. Demand for credit risk professionals
mainly stemmed from the Greater China
region, and as such professionals with
Mandarin skills were required.
However, it was also clear that as
companies overall business strategies
moved towards an emphasis on cost cutting
as well as process and operational losses,
demand for operational risk expertise rose.
The first quarter of 2011 saw high demand
for experienced market risk management
professionals at VP and director level.
There was a particular focus on strong
product experience and proven decision
making ability, however this decreased
significantly later on in the year as bonuses
started coming into play and banks were
reluctant to recruit if required to ‘buy-out’ the
candidates’ bonus.
There will be continued emphasis on risk
management in 2012, however due to
changes in financial markets and the
business models of banking organisations,
hiring for new teams or business areas will
be very limited, and most of the focus will be
on strengthening current risk frameworks.
Salary levels are generally in line with
previous years and we do not anticipate
significant salary growth in 2012 due to the
general market outlook.
COMMERCE & INDUSTRY.
SALARY GUIDE
15
There was renewed economic confidence
at the start of 2011 which resulted in
buoyant recruitment in accounting & finance
within commerce & industry. Economic
uncertainty in the latter stages of the year
impacted the financial services industry
more significantly but did also affect
commercial businesses.
Role: Officer /
Accountant Senior Manager Senior Manager
Director /
CFO
Internal Audit $24k - $36k $37k – $44k $45k - $84k $85k - $150k $150k+
Treasury $26k - $36k $37k - $44k $45k - $99k $100k - $170k $170k+
Tax $33k - $44k $34k - $54k $55k - $124k $125k+ $140k+
Cost Accounting $24k - $35k $36k – $42k $43k - $46k $48k - $60k -
Management Accounting $22k - $32k $23k - $39k $40k+ - -
Financial Accounting $25k - $37k $38k - $45k $46k+ - -
Financial Analyst $20k - $29k $30k - $37k $38k+ - -
SENIOR FINANCE SME Multinational
FP&A $38k - $54k $48k - $68k
Finance Manager $33k - $54k $45k - $55k
Financial Control $53k - $70k $65k - $85k
Group / Regional Financial Controller $65k - $80k $85k - $120k
Finance Director $80k - $110k $100k - $125k
Regional Finance Director $90k - $100k $125k+
BASIC SALARIES (HK$ PER MONTH)
COMMERCE & INDUSTRY.
ACCOUNTING & FINANCE
16
Companies became more cautious with
regard to recruitment in Q4 2011; a number
put new employment on hold and/or froze
replacement hires. Despite these turbulent
market conditions, some organisations are
continuing to hire staff for critical positions
although some of the most talented
professionals are less inclined to change
jobs in these uncertain times.
Salary levels have remained at a similar
level to last year with increases in basic
salaries likely to be typically 2-3%.
COMMERCE & INDUSTRY.
HUMAN RESOURCES
BASIC SALARIES (HK$ PER MONTH)
17
There was a steady level of recruitment in all areas of HR
within commercial businesses throughout 2011 and this
looks set to continue in 2012. Top performing HR business
partners are highly sought after, as are specialists in the
areas of learning & development, talent management and
compensation & benefits.
With Asia continuing to be a key market globally, companies
in growth mode look to HR to play a strategic role in
business expansion in the region. For this reason, there is
demand for senior HR professionals who possess a
combination of hands-on HR operational experience and the
ability to work as a strategic partner with business leaders.
With many firms continuing to grow in China, Mandarin and
experience of PRC is also highly desirable.
Overall salaries have not changed significantly and
individuals are receiving between 3-7% increments on their
total compensation package. Therefore remuneration has
been a common motivator for professionals to move jobs.
Whilst key performers continue to be rewarded at 10–20%
more on their total compensation package.
Role:
HR Director / Head $100k+
HR Manager / HR Business Partner $38k - $100k
HR Associate / Assistant HR Manager $28k - $35k
HR Officer / Assistant $16k - $25k
Recruitment Head / Director $58k - $86k
Recruitment Specialist $45k - $58k
Learning & Development Head $72k - $100k
Talent Development / Organisational Development Director $58k - $100k
Learning & Development Training Manager $30k - $58k
Learning & Development Officer $20k - $28k
Compensation and Benefits Director $66k - $90k
Compensation and Benefits Manager $40k - $64k
Compensation and Benefits Specialist $25k - $32k
The information technology & telecommunication (IT & T)
employment markets held firm in 2011, with minimal job
losses. Although turbulence in the global economy has
impacted Hong Kong to a certain extent, there was steady
business growth in the retail, telecommunication and luxury
brand sectors.
There is evidence that hiring activity within the IT industry is
set to rise in 2012. More than any other field, professionals
within IT must keep up with the latest trends and
technologies. One of the significant factors affecting salaries
within IT is certifications, however, hands-on experience and
particular skill sets are still desirable.
Infrastructure support, storage, networking and information
security continue to be the most in-demand skill sets across
different industries. These core technology functions
significantly impact business continuity assessment,
performance analysis and data loss prevention, as well as
ongoing business development schemes.
Comprehensive e-business solutions and mobile technology
will continue to be innovative trends in 2012. This will create
demand for professionals, not only within IT & T but also
marketing, transport logistics and architecture.
Role:
Pre-sales Consultant $38k - $67k
Microsoft Programmer $35k - $54k
Non-Microsoft Programmer $35k - $54k
ERP Functional Consultant $42k - $67k
System Administrator $38k - $58k
Infrastructure / Networking $30k - $50k
QA Testing $35k - $58k
Data warehousing $38k - $63k
Project Manager $42k - $83k
Business Analyst $42k - $75k
Mainframe and Mid-range Programming $25k - $42k
Service Delivery $42k - $75k
Telecommunication $42k - $75k
Channel Sales $50k - $100k
Marketing Product Management $50k - $100k
BASIC SALARIES (HK$ PER MONTH)
COMMERCE & INDUSTRY.
INFORMATION TECHNOLOGY & TELECOMMUNICATION
18
COMMERCE & INDUSTRY.
SALES & MARKETING
Overall, 2011 was a steady year for hiring within the field of
sales & marketing. Consumer driven sectors such as the
retail and luxury industries recruited for sales, marketing &
retail professionals throughout the year, across all levels of
experience.
Digital marketing and e-commerce were growth areas in
2011 as companies started to embrace alternative marketing
channels to connect with their customers and explore
alternative revenue streams. Throughout the year
commercial businesses also actively sought sales and
business development staff to prepare for anticipated
business growth.
There was a slowdown in hiring activity in Q3 and Q4 2011
as companies adopted more conservative approaches to
headcount planning. However, sentiment remained mostly
positive overall for sales & marketing recruitment within
commerce & industry throughout 2011.
BASIC SALARIES (HK$ PER MONTH)
Role:
SALES & RETAIL
Trade Marketing Manager $30k - $50k
Key Account Manager $30k - $50k
Channel Manager $30k - $50k
Retail Manager $30k - $60k
Retail Director $60k - $90k
Sales & Marketing Director $60k - $100k
Merchandising Manager $30k - $50k
Merchandising Director $50k - $80k
Sales Manager $35k - $50k
Sales Director $50k - $80k
General Manager $80k - $120k
Managing Director $100k - $150k
19
COMMERCE & INDUSTRY.
SALES & MARKETING
BASIC SALARIES (HK$ PER MONTH)
Role:
MARKETING
Marketing Manager $30k - $50k
Marketing Director $50k - $80k
Online / Digital Marketing Manager $30k - $60k
Online / Digital Marketing Director $60k - $80k
CRM Manager $30K - 50K
CRM Director $50k - $80k
PUBLIC RELATIONS / CORPORATE COMMUNICATIONS
Event Manager $30k - $50k
PR Manager $30k - $50k
PR Director $50k - $80k
Internal / Corporate Communications Manager $30k - $50k
Internal / Corporate Communications Director $50k - $100k
20
In 2011, many companies looked to develop either a retail or
sourcing footprint in Hong Kong and this looks likely to
continue in 2012.
Digital and e-commerce marketing specialists remain in high
demand and companies have shown a willingness to attract
digital marketing talent from around the globe.
It is anticipated that hiring will be moderate within the IT & T,
industrial, media and professional services sectors as
organisations will still be mindful of the economic uncertainty
stemming from Europe and the US. The majority of
recruitment is likely to be replacement hiring, with only some
allowances for headcount growth.
Commercial businesses in Hong Kong were reasonably
resilient throughout 2011 and the overall outlook for sales
and marketing hiring (which are by and large, revenue-
generating roles) remains positive for 2012.
As demand for sales and marketing talent remains strong, it
is forecasted that for high performers salary increases are
likely to be in the vicinity of 5-10%.
Visit www.morganmckinley.com.hk for more information
SALARY GUIDE | HONG KONG 2012.
UNDERSTANDING THIS GUIDE
METHODOLOGY:
The salary information provided in this guide has
been compiled by dedicated researchers across
Morgan McKinley’s financial services and
commerce & industry divisions. Our researchers
are in regular contact with both employers and
candidates across these sectors in Hong Kong.
STRUCTURE OF SALARY TABLES:
We acknowledge that different organisations
have different corporate structures. For ease of
use, this document includes corporate titles
typically used in financial services and
commercial businesses to classify approximate
salary ranges.
SALARY DATA:
The salary ranges in this guide are indications of
what individuals with similar experience might
expect to earn in new roles in 2012. This salary
data is based on placements made during the
last six months, as well as the specialist
knowledge of Morgan McKinley’s consultants.
Salaries listed cover basic salaries only and do not
include bonus payments or benefits. This is due to
the variety of ways in which organisations manage
employee pay and reward.
Please note, the information presented in this
document should be used as a general guide only.
Where number of years’ experience is mentioned, it
is only to give an approximate framework in which to
gauge what a typical professional is likely to earn
with the level of experience shown.
In order to match candidates to the right career
opportunities, Morgan McKinley assesses
individuals on all their skills and abilities when
deciding on their suitability for roles.
FURTHER INFORMATION:
For more specific salary or hiring information, please
visit www.morganmckinley.com.hk or contact your
Morgan McKinley consultant directly.
© 2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction
of this material is strictly prohibited. 21
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