2016 Banking & Financial Services Salary Guide

Alan Li January 28, 2016 5 mins read

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.

Alan Li's picture
Operations Director | Financial Services, Industrial & Life Science Recruitment
ali@morganmckinley.com