Financial Services & Banking - Jobs and Recruitment Agency€¦ · Skills in demand include equity derivatives and market risk analysis, and rates and FX valuation. Private banking

Financial Services & Banking

Sector OverviewGlobal Banking & Specialist Markets

� Mainland Chinese firms continue to increase their presence in Hong Kong as the region is often seen as an international gateway to global markets, investors, and cross-border mergers and acquisitions.

� Compensation at mainland Chinese firms appears to be catching up with global banks as the former competes for top talent.

� A number of the global bulge bracket banks had hired significantly in 2015 for investment banking roles. However for some, their deal flows have not matched this growth in headcount. This could possibly cause an uncertain start to 2016 as some firms look to cut costs.

� Large fines levied on a number of major global banks are forcing more senior leaders to cut riskier, costly and capital-intensive businesses. We expect front office sales and trading teams to be further reduced in 2016 as more firms exit the business.

� Last year saw the decline of cash equities commissions and this development may further squeeze out mid-tier equities businesses this year. A number of these firms have since shrunk their headcount or pulled out of the market.

� Global markets sales and trading teams have had steady growth in headcount due to the continued client-led demand for treasury products.

Asset Management

� More Chinese asset management companies have been setting up off-shore offices in Hong Kong. In many cases, the fund distribution is performed via the quota system (QDII) to invest on-shore Chinese Renminbi (RMB) into off-shore assets. As a result, companies are looking for portfolio managers, risk, finance and operations candidates in the Hong Kong market.

� Reporting, risk and control are becoming increasingly important. Hence, finance candidates with solid asset management experience in corporate accounting, fund accounting and investment valuation are highly sought-after. Due to the continuing business focus on mainland China, Mandarin skills are also essential.

� Western-based fund companies are increasing the pace at which new China-focused funds in Hong Kong are being launched and are hiring some of the surplus talent in the market following the closure of smaller fund houses. Candidates with fund launch, Securities & Futures Commission (SFC) licensing and fund operation experience, especially those with RMB funds investing through the quota (RQFII) system, are in high demand.

� Global asset management firms are once again investing in the sales and distribution of funds as more investors are now willing to invest using spare capital. Quota products (RQFII and QDII) and alternative investments are of particular interest to investors seeking to diversify their holdings.

� A number of distressed debt and special situation-investing firms have been set up to capitalise on the value found in mainland China's volatile economic situation. Current firms have also added headcount.

� Asset management companies are strengthening their compliance teams by adding more headcount and additional layers of control. Candidates who have experience in dealing with SFC regulators are typically in high demand.

� Across the asset management sector, there are wide differences among total compensation packages offered. This difference depends on whether the fund parent is based internationally, in mainland China or Hong Kong. In particular, we have noticed some Chinese asset management companies adopt a lower base and higher target-based bonus approach to compensation packages.

� Salaries for fund administration roles are generally lower than those in asset management.

� Chinese asset managers tend to have lower basic salaries but may receive higher bonuses.

� Bonuses are higher across roles in alternative funds as opposed to traditional funds.

Insurance

� We have seen a strong preference for senior Big Four candidates when it comes to finance roles. There is also a strong demand for regional and Hong Kong financial reporting candidates as a number of our clients are upskilling or expanding their teams.

� Finance projects and system automation teams are also active in hiring.There has been a strong demand for strong business analyst/project managers from investment banks or asset management firms.

� Compliance continues to be a busy area with a number of candidates moving from the banks into insurance companies as they recognise the appeal of a more stable platform and improved work-life balance.

Specialism Overview Compliance

� With the Hong Kong's SFC and Hong Kong Monetary Authority (HKMA) placing tighter control on all financial institutions, the demand for compliance staff at all levels continues. It is fair to say that the demand has outweighed supply and thus many of our clients are prepared to pay over the market rate for quality compliance candidates. Salary increases during job changes can reach up to 40%.

� The compliance market has been very fluid, partly because of the high salary increases. Many candidates now find it easier to switch jobs within their first 18 months compared with previous years, where shorter stints would typically have been appraised negatively. Anti-money laundering (AML) and Financial Crime Compliance (FCC) have been the biggest areas of demand. Often, smaller institutions prefer candidates who have general compliance experience as these employees have a greater breadth of exposure, but AML will still form a part of the job requirement.

Internal Audit

� Global markets and private banking audit teams at European and US banks have increased headcount, albeit slightly.

� Work-life balance, flexibility and travel opportunities (mainly for junior executives) are key factors for retention.

� The average salary increment is about 20% for candidates moving between banks.

� International banks are looking for overseas candidates who want to relocate to Hong Kong.

� While candidates with product knowledge and risk management awareness are valued, some hiring managers are also considering non-audit candidates (i.e. those from another business function).

� There has been more demand in the last six months for candidates at the vice-president level across the investment banks looking for individuals with strong capital markets experience.

� Candidates have moved from the areas of risk management (market, credit and operational), compliance, product control and front office into audit functions and this trend will continue in 2016.

Discipline Insights Financial Services & Banking

Specialism Overview Risk

� Hiring activity for market risk candidates has been significantly higher at top-tier investment banks and Chinese market players.

� Bonuses have been steady at most banks. Assistant vice-presidents and vice-presidents typically receive 2-4 months bonuses and those at local and mainland Chinese banks may receive up to six months. Top performing vice-presidents moving between banks may expect a 20-25% pay increase.

� Skills in demand include equity derivatives and market risk analysis, and rates and FX valuation. Private banking analysts and candidates who are able to write Chinese language credit proposals are also in demand.

� Hot jobs for 2016 include: market/liquidity risk and credit analyst positions at mainland Chinese banks as well as rates market risk, equity derivatives and market risk roles at US banks.

Finance

� More Chinese asset management companies moving to Hong Kong are looking for financial directors.

� The most active hiring sector in finance last year was regulatory reporting. Many banks are working on automating the HKMA reporting process to improve accuracy and efficiency. Hence, candidates with strong experience in HKMA reporting and system automation projects were and, very likely, will be highly sought-after.

� The trend to off-shore finance and product control functions to lower-cost locations such as the Philippines and India continues. Hence, hiring in areas such as management reporting and product control is slower, with only replacement roles available.

� Equities product controllers were highly sought-after and companies were often willing to offer an attractive increment between 25-30%. There was also a strong demand for planning and analysis candidates at the vice-president level.

� We have seen hiring pick up for corporate treasury and funding roles in many global investment banks. More banks are looking to add such professionals in Hong Kong to support their Asia businesses instead of centralising these functions in their overseas headquarters.

� Top performing candidates with classic profiles — Big Four-trained, with at least three years of experience at investment banks — typically receive a 15-20% increment in their next move.

Operations

� Most private banks are expanding their headcount in both relationship management and client servicing roles, especially in mainland China and Taiwan. Candidates with over five years of client servicing experience in established private banks, with good English and Mandarin language skills are in high demand.

� Within investment banking operations, there is a demand for candidates in the equity derivatives trade support function. Associate-level candidates with solid knowledge in exotic products are highly sought-after.

� Know Your Customer (KYC) is still an area that investment and private banks are prioritising. In particular, we have seen increasing demand for client onboarding roles at corporate investment banks.

� In general, available roles in foreign banks are mostly replacement positions, while many Chinese banks and securities firms are still hiring aggressively. Candidates moving between companies may receive salary increases of 15-20%.

Contracting

� Contracting is becoming an increasingly popular option for our clients as temporary assignments can help to counter either cost management challenges or headcount issues.

� Chinese firms — and some European companies — typically have the highest levels of growth. Despite the slowing down of the Chinese economy, the China market is still strong and developing. Europe’s market is recovering and we are starting to see new headcount opening in European banks, at least for businesses in the Asia Pacific market.

� Back office roles, such as operations within banks, have the least growth in terms of new permanent headcount. Many back office functions have been outsourced to other countries such as Singapore and India. However, this move also means that there are contracting opportunities available in Hong Kong, allowing candidates with less experience to enter the field.

Discipline Insights Financial Services & Banking

Please note:

1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e., cash), excluding bonus/incentives unless stated otherwise. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

Salary Tables Financial Services & Banking

Experience2016 Salary 2016 Bonus 2016 Bonus 2016 Bonus

HK$’000 Low (%) Medium (%) High (%)

Analyst 1–3 years 240-480 5 15 30

Associate/Assistant Vice-President 3–6 years 500-750 5 15 30

Vice-President 6–10 years 750-1,000 5 15 30

Senior Vice-President/Director 10+ years 1,000-1,500 5 15 40

Country Chief Financial Officer 12+ years 1,500+ 5 20 50

Regional Chief Financial Officer 15+ years 2,000+ 5 25 60



Analyst 1–3 years 240-500 5 15 25



Executive Director 10+ years 1,200-1,500 5 15 40

Managing Director/Head 15+ years 1,500+ 5 25 60



Analyst 1–3 years 240-500 5 15 25





Finance

Financial Control – Investment Banking

Management Reporting/FP&A

Regulatory Finance

Please note:





Analyst 1–3 years 300-500 5 15 25




Manging Director/Head 15+ years 1,600 10 25 60



Analyst 1–3 years 300-500 5 15 25




Manging Director/Head 15+ years 1,600 10 20 60



Analyst 1–3 years 300-600 5 10 25





Finance

Product Control

Valuations

Tax

Please note:





Analyst 1–3 years 300-600 5 10 25







Analyst 1–3 years 200-450 0 15 25




Head 15+ years 1,400+ 5 20 50



Analyst 1–3 years 180-300 5 10 25

Associate/Assistant Manager 3–5 years 300-500 5 10 30

Manager 5–7 years 500-800 5 10 30

Senior Manager 7–10 years 800-1,200 5 15 50

Director/Head 10+ years 1,200+ 5 15 50

Finance

Treasury

Project Accounting

Fund Accounting - Investment Management

Please note:





Analyst 1–3 years 180-300 5 10 25


Manager 5–7 years 600-800 5 10 30


Director 10+ years 1,000-1,800 10 30 50

Country Chief Financial Officer 12+ years 1,800-2,500 10 30 50




Analyst 1–3 years 240-480 5 15 30

Assistant Manager 3–5 years 500-750 5 15 30

Manager 5–7 years 750-1,000 5 15 30


Financial Controller 10+ years 1,000+ 10 20 40

Country Chief Financial Officer 12+ years 1,200+ 10 20 50


Finance

Corporate Accounting - Investment Management

Financial Control – Insurance

Please note:



Internal Audit

Investment Banking



Analyst 1–3 years 300-420 5 15 25




Managing Director/Head 15+ years 1,900 40 40 50



Analyst 1–3 years 320-400 0 10 30


Manager 5–7 years 650-1,000 10 25 60

Senior Manager 7–10 years 1,000-1,400 10 25 60

Director/Head of Audit 10+ years 1,400+ 10 25 60



Auditor 1–3 years 320-400 5 10 25


Manager 5–7 years 650-1,000 10 25 40


Director/Head of Audit 10+ years 1,400+ 20 25 50

Investment Management

Insurance

Please note:



Risk Management

Operational Risk



Analyst 1–3 years 240-480 5 15 25







Analyst 1–3 years 240-480 5 15 30







Analyst 1–3 years 240-480 5 15 30





Market Risk

Credit Risk

Please note:



Risk Management

Compliance

Quantitative Analysis

Investment Banking

Investment Management



Analyst 1–3 years 250-480 10 15 30







Analyst 1–3 years 300-500 5 15 30







Analyst 1–3 years 320-450 0 15 30


Manager 5–7 years 700-1,100 10 25 60



Please note:



Compliance

Operations

Insurance

Settlements and Corporate Actions



Assistant 1–3 years 300-500 5 15 30


Manager 5–7 years 950-1,400 10 20 40





Analyst 1–3 years 180-300 5 10 25


Vice-President 8–12 years 600-840 5 15 30

Executive Director 12+ years 840-1,200 5 15 30




Analyst 1–3 years 300-500 10 20 30


Vice-President 6–10 years 1,000-1,600 10 20 40



Anti Money Laundering

Please note:



Operations

Trade and Sales Support



Analyst 1–3 years 300-450 5 10 25







Analyst 1–3 years 180-340 5 10 25







Analyst 1–3 years 300-450 5 10 25





Client Services & Onboarding

Project Operations

Please note:



Operations

Operations- Investment Management



Analyst 1-3 years 300-450 0 15 30

Associate/Assistant Manager 3-5 years 450-840 0 15 30

Manager 5-7 years 840-1,300 10 25 50

Senior Manager 7-10 years 1,300-1,600 10 25 60


Global Markets – Front Office Banking & Financial Markets

Corporate Finance

Equity Research



Analyst 1–3 years 300-720 5 25 50

Associate 3–6 years 720-1,500 20 35 100


Director 10+ years 1,550-2,700 35 50 150

Managing Director 15+ years 2,300+ 35 50 100+



Research Associate 1–3 years 480-850 15 25 70

Senior Research Associate 3–5 years 600-960 15 35 70

Writing Analyst 5–7 years 840-1,800 20 40 75+

Sector Head 7+ years 2,000+ 35 50 100+

Please note:





Analyst 1–3 years 420-720 20 30 50

Associate 3–6 years 720-1,400 15 50 75

Vice-President 6–10 years 1,400-2,170 25 50 75+

Director 10+ years 1,550-2,700 25 50 75+




Analyst 1–3 years 300-500 5 12 25

Associate 3–6 years 450-850 8 25 50


Director 7–12 years 1,600-2,200 35 50 70

Managing Director 12+ years 1,900+ 35 50 75



Analyst 1–3 years 300-700 10 20 30

Associate 3–6 years 700-1,200 10 25 50


Director 7–12 years 1,600-2,200 35 50 70



Sales & Trading

Corporate Banking Relationship Manager

Structured and Project Finance

Please note:




Transaction Banking and Trade & Commodity Finance



Analyst 1–3 years 300-500 5 12 25

Associate 3–6 years 450-850 8 25 50


Director 7–12 years 1,600-2,200 35 50 70


Global Markets – Sector, Investment Management

Investment Research (Equity and Fixed Income)

Portfolio and Fund Management



Analyst 1–3 years 300-700 5 12 25

Associate 3–6 years 700-1,200 15 25 50


Director 10+ years 1,600-2,500 25 50 100





Director 10+ years 1,400-2,500 25 50 100


Please note:



Global Markets – Sector, Investment Management

Institutional and Retail Fund Sales & Distribution



Analyst 1–3 years 336-550 5 12 20

Associate 3–6 years 620-1,000 15 35 50


Director 10+ years 1,300-2,000 25 50 75




Private Banking Assistant 1–8 years 300-660 15 25 50

Assistant Private Banker 3–8 years 600-1,000 15 35 50

Junior Private Banker 5–10 years 1,000-1,950 15 50 100

Director 10+ years 1,600-2,500 25 50 100




Analyst 1–3 years 420-720 20 30 50

Associate 3–6 years 720-1,500 25 50 100


Director 10+ years 1,500-2,700 35 65 100+


Private Banking

Private Equity

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Financial Services & Banking - Jobs and Recruitment Agency€¦ · Skills in demand include equity derivatives and market risk analysis, and rates and FX valuation. Private banking