morgan mckinley hong kong salary survey 2012

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: [email protected]

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


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


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.


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.


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.


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+


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.


Role:

CORPORATE FINANCE

Analyst 1 $40k - $60k



Associate 1 $70k - $80k



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+


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.


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+


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+



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%.


HUMAN RESOURCES


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



INFORMATION TECHNOLOGY & TELECOMMUNICATION

18


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.


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


SALES & MARKETING


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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