2018 Accounting and Finance Salary Guide
Expected salary ranges for accounting and finance professionals in Shanghai, working in commercial businesses.
|Accounting & Finance | Basic Salary Per Month|
|Role||Junior Staff||Analyst/Supervisor||Manager||Senior Manager||Director / CFO|
|Regional Finance Director / CFO||*||*||*||*||¥120k+|
|Finance Director||*||*||*||*||¥70k - ¥120k|
|Group / Regional Financial Controller||*||*||*||¥50k - ¥70k||¥70k - ¥100k|
|Financial Controller||*||*||*||¥40k - ¥60k||¥60k - ¥80k|
|Finance Manager||*||*||¥25k - ¥35k||¥35k - ¥60k||*|
|Accounting/SSC||¥6k - ¥12k||¥12k - ¥18k||¥20k - ¥35k||¥35k - ¥55k||¥60k - ¥90k|
|FP & A||¥10k - ¥15k||¥12k - ¥ 20k||¥25k - ¥40k||¥40k - ¥65k||¥60k - ¥110k|
|Internal Audit||¥12k - ¥15k||¥15k - ¥25k||¥25k - ¥45k||¥45k - ¥65k||¥65k - ¥100k|
|Treasury||¥10k - ¥15k||¥15k - ¥25k||¥25k - ¥45k||¥45k - ¥65k||¥65k - ¥100k|
|Tax||¥10k - ¥15k||¥15k - ¥28k||¥28k - ¥50k||¥50k - ¥70k||¥70k - ¥110k|
|Cost Accounting||¥8k - ¥15k||¥15k - ¥23k||¥23k - ¥35k||¥35k - ¥50k||*|
*Role typically does not exist at this level
The job market for Finance and Accounting professionals encountered a complex and challenging environment due to the slowing growth of the economy and geopolitics in China.
Multinational companies are facing the challenges of labor cost saving not only because of the limited expansion potential but also tougher environment to obtain good profit.
Therefore, more and more multinational employers are likely to take a conservative approach towards hiring Finance and Accounting professionals. The hiring plan in supporting functions such as Finance and Accounting is restricted and they may choose to replace executive level strategic positions by senior or middle level professionals.
More severely, multinational companies are making more redundancies than ever due to more frequent merger & acquisitions as well as business restructuring.
A significant number of finance and accounting positions are continuously arising within local companies especially those companies that have ambitious plans to enter international markets or companies in booming industries like internet and e-commerce.
Domestic Chinese companies want to hire experienced finance professionals with well-trained technical, management and language skills who can set up strong teams, efficient processes and introduce advanced management methods and strategies as well as lead the business to expand the global footprint. Initially, they tend to hire them for senior level positions such as CFO/FD. Those who have IPO experience or international exposure are supremely valued on the market.
Commercial Finance, Taxation and Audit/Compliance related positions are frequently hired by these companies.
Less and less expatriate packages for Finance Accounting professionals would be offered by employers due to the cost saving sensitivity. Thus, 90% of candidates are now sourced within China and there is enough talent supply as some of them just returned from overseas with good language skills as well as international exposure.
The talent supply over demand in senior level Finance positions due to more candidates arose on the job market because of passive resignations caused by restructuring or redundancy.
Therefore, candidates tend to be less selective in terms of job title, location and the salary increment, more so for those who want to return to job market, which is lower than before.
Candidates are sensitive to job market conditions and those candidates who are in a job would be more conservative and passive on changing employers. They are more and more cautious in switching to the next positions, especially for some industries facing difficulties in the years to come.
They fear that they might inadvertently move to an organization that is facing even more challenging circumstances.
However, most candidates would still show interest to sectors such as e-commerce, education and entertainment, high tech, and healthcare as the economy gradually shifts from reliance on heavy industry and consumer goods towards the digital and service sectors.
Having said that, junior to middle level candidates who are committed to upskilling themselves and obtaining additional qualifications and skills will be particularly attractive to would-be employers. Junior and middle level high potential and ambitious Finance Accounting professionals with lower cost still have their market competitive edge.
Salary & Compensation Trends
Salaries for finance and accounting professionals in China are continuously on the rise for middle and junior level positions, with normal increases on an average of 5%-8%. However, due to the change of talent supply and demand, salaries for senior level finance and accounting professionals moderately increased on an average of 3%-5%.