Expected salary ranges in 2019 for Banking professionals in Shanghai.
Contents:
Corporate & Retail Banking | Global Markets | Risk Management | Legal & Compliance | Finance & Accounting | Operations | IT | Insurance
Commentary on Banking Roles and Remuneration in Shanghai for 2019
Basic Salary Per Month (¥)
Banking & Financial Services
|
| Banking Salaries (Per Month) |
| CORPORATE & RETAIL BANKING |
| Corporate Relationship Manager |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
40,000 |
| VP / Senior Manager |
40,000 |
70,000 |
| SVP / Director |
70,000 |
100,000 |
| Managing Director |
120,000 |
- |
| |
| FIG Realtionship Manager |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
40,000 |
| VP / Senior Manager |
40,000 |
70,000 |
| SVP / Director |
70,000 |
100,000 |
| Managing Director |
120,000 |
- |
| |
| Transaction Service Sales |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
40,000 |
| VP / Senior Manager |
40,000 |
70,000 |
| SVP / Director |
70,000 |
100,000 |
| Managing Director |
110,000 |
- |
| |
| Structured Solutions Sales |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
40,000 |
| VP / Senior Manager |
40,000 |
70,000 |
| SVP / Director |
70,000 |
100,000 |
| Managing Director |
110,000 |
- |
| |
| GLOBAL MARKETS |
| Corporate Sales Global Markets |
| |
Low |
High |
| |
| Corporate Sales Global Markets (Associate / Non - Officer) |
10,000 |
20,000 |
| Corporate Sales Global Markets (Associate / AVP / Manager) |
20,000 |
50,000 |
| Corporate Sales Global Markets (VP / Senior Manager) |
50,000 |
80,000 |
| Corporate Sales Global Markets (SVP / Director) |
80,000 |
110,000 |
| Corporate Sales Global Markets (Managing Director) |
110,000 |
- |
| |
| FI Sales Global Markets |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
50,000 |
| VP / Senior Manager |
50,000 |
80,000 |
| SVP / Director |
80,000 |
110,000 |
| Managing Director |
110,000 |
- |
| |
| Dealer Treasury |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
15,000 |
| Associate / AVP / Manager |
15,000 |
30,000 |
| VP / Senior Manager |
30,000 |
50,000 |
| SVP / Director |
50,000 |
80,000 |
| Managing Director |
80,000 |
- |
| |
| Trader FX/Bond/Derivatives |
| |
Low |
High |
| |
| SVP / Director |
60,000 |
90,000 |
| Managing Director |
100,000 |
|
| |
| RISK MANAGEMENT |
| Market Risk |
| |
Low |
High |
| |
| Associate / AVP / Manager |
25,000 |
40,000 |
| VP / Senior Manager |
40,000 |
80,000 |
| SVP / Director |
80,000 |
110,000 |
| Director / Senior Director |
110,000 |
- |
| |
| Credit Risk |
| |
Low |
High |
| |
| Associate / AVP / Manager |
25,000 |
40,000 |
| VP / Senior Manager |
40,000 |
65,000 |
| SVP / Director |
65,000 |
90,000 |
| Director / Senior Director |
90,000 |
120,000 |
| |
| Operational Risk |
| |
Low |
High |
| |
| Associate / AVP / Manager |
25,000 |
35,000 |
| VP / Senior Manager |
35,000 |
55,000 |
| SVP / Director |
55,000 |
85,000 |
| Director / Senior Director |
85,000 |
120,000 |
| |
| Internal Audit |
| |
Low |
High |
| |
| Associate / AVP / Manager |
20,000 |
40,000 |
| VP / Senior Manager |
40,000 |
65,000 |
| SVP / Director |
65,000 |
90,000 |
| Director / Senior Director |
100,000 |
- |
| |
| LEGAL & COMPLIANCE |
| Compliance |
| |
Low |
High |
| |
| Associate / AVP / Manager |
25,000 |
45,000 |
| VP / Senior Manager |
45,000 |
65,000 |
| SVP / Director |
65,000 |
90,000 |
| Director / Senior Director |
90,000 |
120,000 |
| |
| Legal |
| |
Low |
High |
| |
| Associate / AVP / Manager |
25,000 |
45,000 |
| VP / Senior Manager |
45,000 |
60,000 |
| SVP / Director |
60,000 |
85,000 |
| Director / Senior Director |
85,000 |
120,000 |
| |
| FINANCE & ACCOUNTING |
| Financial Control / Reporting |
| |
Low |
High |
| |
| Associate / NON - OFFICER |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
40,000 |
| VP / Senior Manager |
40,000 |
60,000 |
| SVP / Director |
60,000 |
80,000 |
| Director / Senior Director |
85,000 |
|
| |
| Business Finance |
| |
Low |
High |
| |
| Business Finance (Associate / NON - OFFICER) |
15,000 |
25,000 |
| Business Finance (Associate / AVP / Manager) |
25,000 |
40,000 |
| Business Finance (VP / Senior Manager) |
40,000 |
65,000 |
| Business Finance (SVP / Director) |
65,000 |
90,000 |
| Business Finance (Director / Senior Director) |
100,000 |
|
| |
| Tax |
| |
Low |
High |
| |
| Associate / NON - OFFICER |
15,000 |
25,000 |
| Associate / AVP / Manager |
25,000 |
40,000 |
| VP / Senior Manager |
40,000 |
60,000 |
| SVP / Director |
60,000 |
80,000 |
| Director / Senior Director |
85,000 |
|
| |
| OPERATIONS |
| Trade Operations |
| |
Low |
High |
| |
| Associate / Non - Officer |
8,000 |
15,000 |
| Associate / AVP / Manager |
15,000 |
35,000 |
| VP / Senior Manager |
35,000 |
50,000 |
| SVP / Director |
50,000 |
65,000 |
| Director / Senior Director |
65,000 |
|
| |
| Loan Operations |
| |
Low |
High |
| |
| Associate / Non - Officer |
8,000 |
15,000 |
| Associate / AVP / Manager |
15,000 |
35,000 |
| VP / Senior Manager |
35,000 |
50,000 |
| SVP / Director |
50,000 |
65,000 |
| Director / Senior Director |
65,000 |
|
| |
| Treasury Operations |
| |
Low |
High |
| |
| Associate / Non - Officer |
10,000 |
20,000 |
| Associate / AVP / Manager |
20,000 |
35,000 |
| VP / Senior Manager |
35,000 |
55,000 |
| SVP / Director |
55,000 |
75,000 |
| Director / Senior Director |
75,000 |
|
| |
| Cash Operations |
| |
Low |
High |
| |
| Associate / Non - Officer |
8,000 |
15,000 |
| Associate / AVP / Manager |
15,000 |
35,000 |
| VP / Senior Manager |
35,000 |
50,000 |
| SVP / Director |
50,000 |
65,000 |
| Director / Senior Director |
65,000 |
|
| |
| IT |
| Infrastructure |
| |
Low |
High |
| |
| Analyst |
10,000 |
15,000 |
| Associate |
15,000 |
30,000 |
| VP |
30,000 |
45,000 |
| SVP |
45,000 |
60,000 |
| Director |
60,000 |
90,000 |
| |
| Application |
| |
Low |
High |
| |
| Analyst |
10,000 |
15,000 |
| Associate |
15,000 |
35,000 |
| VP |
35,000 |
50,000 |
| SVP |
50,000 |
80,000 |
| Director |
80,000 |
|
| |
| Project Manager / Business Analyst |
| |
Low |
High |
| |
| Associate |
15,000 |
30,000 |
| VP |
30,000 |
45,000 |
| SVP |
45,000 |
60,000 |
| Director |
60,000 |
90,000 |
| |
| Information Security & IT Risk |
| |
Low |
High |
| |
| Associate |
15,000 |
35,000 |
| VP |
35,000 |
50,000 |
| SVP |
50,000 |
80,000 |
| Director |
80,000 |
|
| |
| INSURANCE |
| BD / Account Management |
| |
Low |
High |
| |
| Manager |
20,000 |
30,000 |
| Senior Manager |
30,000 |
50,000 |
| Director |
50,000 |
70,000 |
| |
| Underwriting |
| |
Low |
High |
| |
| Manager |
20,000 |
40,000 |
| Senior Manager |
40,000 |
60,000 |
| Director |
60,000 |
80,000 |
| |
| Actuary |
| |
Low |
High |
| |
| Manager |
15,000 |
25,000 |
| Senior Manager |
25,000 |
50,000 |
| Director |
50,000 |
80,000 |
| |
| Claims |
| |
Low |
High |
| |
| Manager |
15,000 |
20,000 |
| Senior Manager |
20,000 |
35,000 |
| Director |
35,000 |
65,000 |
| |
| Compliance |
| |
Low |
High |
| |
| Manager |
20,000 |
30,000 |
| Senior Manager |
30,000 |
60,000 |
| Director |
60,000 |
80,000 |
| |
2018 Trends in Banking and Transactions Recruitment in Greater China
Compared with 2017, the banking sector experienced few dramatic changes in 2018. Overall, there was a tightening of regulations, a shift to an even more Chinese client focus and a tough economic climate which saw many businesses struggle to generate a profit.
For banking and transaction services, we saw an increasing volume of PRC desk coverage banking in 2018. Similarly, many banks moved their coverage banking away from the client-side division towards industry, with food and agriculture, transportation, infrastructure, and energy the main sectors of focus. As a result, banks were increasingly looking for talent with industry-focused banking experiences and abundant PRC client resources.
Throughout 2018 we saw an increase in hiring in trade finance compared to the previous year as well as growth in Global Markets roles due to an increasing number of client transactions.Compliance and risk control roles, including credit analysts, were strongly sought out by foreign banks as these institutions strive to implement strong regulatory compliance and move their focus from multinational companies towards Chinese clients.
With banks undertaking digital transformation projects, hiring in IT functions was more prevalent in 2018. Foreign banks, in particular, are improving their digital banking capabilities and in the coming year, we expect the demand for IT talent – from project managers to business analysts – to maintain its current upward trajectory and recover from the talent attritions to non-banking financial institutions.
For job seekers, it was a tougher year for senior front-office executives including relationship managers, senior bankers and those in product sales. Many of these talents found their previous coverage restructured or rendered obsolete a result of China’s economic slowdown.However, mid to senior-level executives with a Chinese client focus remained in high demand.
With the market presenting some challenges for job seekers, the overall mentality for candidates was to be more conservative when jumping ship and to take into consideration a bank’s commitment to the China market. Excluding senior management, salary increments remained healthy. Job movers were unlikely to consider an offer with a pay rise below 20-25 percent of their current salary. Sign-on bonuses, tax planning, supplementary housing and pension, medical insurance and tax refund programmes were all being used to entice talent in 2018.
In-demand Roles, Skills and qualifications for Banking and Transactions Professionals
Compliance professionals were some of the most frequently sought out talent in 2018 as banks strived to ensure they implemented solid risk control structures. Increased regulatory burdens are driving demand for anti-money laundering talent, particularly as firms step up their efforts to build the right processes and tools to support growing demand and strengthen anti-money laundering efforts in light of recent penalties. China client coverage and RMs were frequently requested and there was a spike in demand for talent with the ability to win business from large Chinese corporations. As a high-profit generating function, foreign banks continued to beef up Global Markets functions and leverage their home advantage to gain large profits with a relatively small team. In 2018 we did see some senior candidates making lateral moves with no increase in salary.Overall merit pay increases remained steady year-on-year at around 5-8 per cent.
Workplace Trends Impacting Banking and Transactions Professionals in Mainland China
Similar to last year, market stability remained a hot topic in 2018 and regulation and compliance across ethics, conducts and operational risk drove bank headcount. As regulations in Greater China continue to evolve, the demand for talent will continue to increase in all financial institution sectors. We saw foreign banks affiliated with the Belt and Road Initiative, aimed at recreating and modernising ancient Silk Road trade routes, have applications granted at a faster rate with less stringent requirements. This trend may continue into 2019 due to the fallout from the China-US trade war as China seeks to diversify its trade activities. We are steadily seeing large locally incorporated banks develop their online and digital banking capabilities. At many banks, these digital transformation efforts are still in their infancy or preparation stage in part due to the complexity of regulations in China. More banks are hiring business analysts and project managers in anticipation of the digital evolution.
What Does the Future Hold for Banking and Transaction Professionals? Predictions for 2019 and Beyond
We anticipate the war for talent to become more intense in 2019 as the most sought-after professionals remain in short supply. Traditional sectors such as those dealing with MNC clients and loan and trade functions are unlikely to be in high demand, and some professionals in these sectors may experience low job security or find their roles becoming obsolete. Payment technology and the potential of blockchain remains a hot topic in the market. While some banks make preparations in light of these technological innovations, those that do remain in the minority. Advice for clients and hiring managers is to remain flexible in regards to the years of experience demanded of a candidate. Given that the most in-demand talent may not be readily available on the market, organisations may have to think outside the box in regards to their recruitment efforts. While it will remain a job-seekers market, advice for candidates is to be open-minded in towards a role and its responsibilities in order to open up opportunities for their development.
