2016 Banking & Financial Services Salary Guide
The 2016 banking and financial services salary guide covers expected basic salaries for professionals working in accounting and finance, asset management, banking operations, insurance, corporate and retail banking, private equity and risk management within the sector.
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Commentary on Banking and Financial Services Salaries
ACCOUNTING & FINANCE - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | ASSOCIATE / NON-OFFICER | ASSOCIATE / AVP / MANAGER | VP / SENIOR MANAGER | SVP / DIRECTOR | DIRECTOR / SENIOR DIRECTOR |
INTERNAL AUDIT | ¥ 15k - 20k | ¥ 20k - 40k | ¥ 40k - 65k | ¥ 65k - 90k | ¥ 100k+ |
FINANCIAL CONTROL / REPORTING | ¥ 20k - 25k | ¥ 25k - 40k | ¥ 40k - 60k | ¥ 60k - 80k | ¥ 85k+ |
ASSET MANAGEMENT - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | ASSOCIATE / NON-OFFICER | ASSOCIATE / AVP / MANAGER | VP / SENIOR MANAGER | SVP / DIRECTOR | DIRECTOR / SENIOR DIRECTOR |
RESEARCH ANALYST | ¥ 15k - 20k | ¥ 20k - 40k | ¥ 40k - 65k | ¥ 65k - 90k | ¥ 100k+ |
EQUITY ANALYST | ¥ 15k - ¥ 25k | ¥ 25k - 40k | ¥ 40k - 60k | ¥ 60k - 80k | ¥ 90k+ |
FUND / PORTFOLIO MANAGER | ¥ 18k - ¥ 30k | ¥ 25k - 40k | ¥ 30k - 60k | ¥ 60k - 90k | ¥ 100k+ |
BANKING OPERATIONS - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | ASSOCIATE / NON-OFFICER | ASSOCIATE / AVP / MANAGER | VP / SENIOR MANAGER | SVP / DIRECTOR | DIRECTOR / SENIOR DIRECTOR |
SETTLEMENTS | ¥ 8k - 15k | ¥ 15k - 35k | ¥ 35k - 45k | ¥ 45k - 60k | - |
DOCUMENTATION | ¥ 8k - 15k | ¥ 15k - 35k | ¥ 35k - 45k | ¥ 45k - 60k | - |
TREASURY OPERATIONS | ¥ 8k - 15k | ¥ 15k - 35k | ¥ 35k - 45k | ¥ 45k - 60k | ¥ 60k - 100k |
TRADE OPERATIONS / LOAN OPERATIONS | ¥ 8k - 15k | ¥ 15k - 35k | ¥ 35k - 45k | ¥ 45k - 60k | ¥ 60k - 100k |
INSURANCE - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | MANAGER | SENIOR MANAGER | DIRECTOR | ||
BD / ACCOUNT MANAGEMENT | ¥ 15k - 30k | ¥ 30k - 50k | ¥ 50k - 70k | ||
UNDERWRITING | ¥ 15k - 30k | ¥ 30k - 50k | ¥ 50k - 70k | ||
ACTUARY | ¥ 15k - 25k | ¥ 25k - 50k | ¥ 50k - 80k | ||
CLAIMS | ¥ 10k - 20k | ¥ 20k - 35k | ¥ 35k - 65k |
CORPORATE & RETAIL BANKING - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | ASSOCIATE / NON-OFFICER | ASSOCIATE / AVP / MANAGER | VP / SENIOR MANAGER | SVP / DIRECTOR | |
WEALTH MANAGEMENT SALES | ¥ 10k - 20k | ¥ 20k - 35k | ¥ 35k - 50k | ¥ 40k+ | |
PRODUCT MANAGEMENT / MARKETING | ¥ 10k - 20k | ¥ 20k - 35k | ¥ 35k - 50k | ¥ 50k+ | |
CASH MANAGEMENT (SALES) | ¥ 15k - 25k | ¥ 25k - 35k | ¥ 35k - 65k | ¥ 65k - 90k | |
CORPORATE RELATIONSHIP MANAGER | ¥ 15k - 25k | ¥ 25k - 35k | ¥ 35k - 65k | ¥ 65k - 90k | |
TRADE FINANCE (SALES) | ¥ 15k - 25k | ¥ 25k - 40k | ¥ 40k - 75k | ¥ 75k - 95k |
PRIVATE EQUITY - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | ANALYST | ASSOCIATE | AVP / VP | DIRECTOR | MANAGING DIRECTOR |
RESEARCH ANALYST | ¥15k - 25k | ¥25k - 40k | ¥40k - 60k | ¥60k - 90k | ¥90k+ |
PRIVATE EQUITY - INVESTMENT TEAM | ¥15k - 40k | ¥40k - 70k | ¥50k - 80k | ¥80k - 100k | ¥100k+ |
INVESTMENT BANKING (FRONT OFFICE) | ¥15k - 40k | ¥40k - 70k | ¥60k - 80k | ¥80k - 100k | ¥100k+ |
CORPORATE FINANCE MERGERS & ACQUISITIONS | ¥15k - 25k | ¥25k - 40k | ¥40k - 75k | ¥80k+ | ¥100k+ |
RISK MANAGEMENT - FINANCIAL SERVICES | BASIC SALARY (PER MONTH) | |||||
ROLE | ASSOCIATE / AVP / MANAGER | VP / SENIOR MANAGER | SVP / DIRECTOR | DIRECTOR / SENIOR DIRECTOR | |
MARKET RISK | ¥ 25k - 40k | ¥ 50k - 80k | ¥ 80k - 110k | ¥ 110k+ | |
CREDIT RISK | ¥ 25k - 35k | ¥ 45k - 65k | ¥ 65k - 90k | ¥ 90k - 120k | |
OPERATIONAL RISK | ¥ 20k - 30k | ¥ 40k - 55k | ¥ 60k - 80k | ¥ 85k - 120k | |
COMPLIANCE | ¥ 25k - 40k | ¥ 45k - 65k | ¥ 65k - 90k | ¥ 90k - 120k | |
LEGAL | ¥ 25k - 40k | ¥ 45k - 60k | ¥ 60k - 85k | ¥ 85k - 120k |
Commentary on Banking and Financial Services Salaries
The global economic slowdown and interest rate liberalisation has affected the profit margin of most foreign banks. This has resulted in a restructuring of their businesses. The vast majority of banks have implemented cost-reduction strategies in terms of centralising their teams and headcounts in their back office functions; some even outsourcing these functions offshore and moving their headcounts out of China.
Demand exists for mid-level professionals, as there continues to be a lack of talent at this crucial level.
Over the last 12 months, compliance professionals have also been highly sought-after. Chinese regulators continue to transform industry regulations and have been increasing expectations with regards to corporate governance, risk and fraud. This has been an extremely challenging exercise for most financial institutions in China.
China’s banking sector has a healthy balance of male/female professionals. However, whilst female workers dominate the back and middle office functions, there are more male professionals in front office. This trend continues and is not expected to change significantly in the next few years. An increasing number of women are occupying senior management positions within the banks.
Chinese professionals with fluency in both Mandarin Chinese and English are in high demand. Companies in China, whether multinational or local, are developing their respective markets and require workers with local experience, both from a regulatory and products/service point of view. Professionals from overseas without Chinese language skills are either on expatriate assignments or management trainees on rotation within an organisation.
The majority of regional roles remain in Hong Kong or Singapore. However, there is a trend which sees some multinationals relocating regional headquarters to Shanghai. This provides employees with greater opportunities for international exposure across the Asia Pacific region.
In 2016, pressure on salary and bonuses remains high, as professionals continue to have ambitious expectations on their increments. However, with the markets shifting and becoming more conservative, there is some caution and this will be reflected in a more conservative approach from employers towards increments (6-8%) and bonuses. China remains the right market for career advancement and for talented and ambitious individuals there are still ample opportunities to progress their careers and take on more challenges.