2013 China FS SalaryGuide (en)

7/28/2019 2013 China FS SalaryGuide (en)

1/14

SALARY GUIDE I FINANCIAL SERVICES I CHINA 2013


2/14

CONTENTS.

MANAGING DIRECTORS LETTER 2

FINANCIAL SERVICES 3ACCOUNTING & FINANCE 4ASSET MANAGEMENT 5

BANKING OPERATIONS 6INSURANCE 7CORPORATE & RETAIL BANKING 8PRIVATE EQUITY 9RISK MANAGEMENT 10FINANCIAL LEASING 11

UNDERSTANDING THIS GUIDE 12

TALK TO US 13

CLICK ON THE HYPERLINKS TO GO TO PAGE

1

1


3/14

2

2012 was a very eventful year for manycountries. China was no exception as itwitnessed the pivotal handover of powerin the ruling political party.

The Eurozone crisis, QE3 (a third round of quantitative easing) and various economicand political events continue to plague us in

2012. Overall 2012 was a good year, in linewith our predictions in 2011. As someindustries dipped while others surged,many continued the wait, watch and seeapproach of 2011.

The banking and financial industry continuesalong the same trend. Hiring was generallycautious, with the exception of those bankswhich just received their licences this year.

The bulk of hiring in banks continues to bewithin the retail and commercial bankingareas, especially in tier 2 and tier 3 cities.

This includes roles such as relationshipmanagers, credit analysts, branch managersand others. Candidate attraction is a constantchallenge in non-tier 1 cities, as bankscontinue to develop their branch networksacross the country.

Hiring for roles in supporting functions

slowed down significantly in 2012 as banksconducted an on-going assessment of theirtalent needs. Private equity and investmentmanagement companies, especially realestate, also took the spotlight in relationto hiring.

China continues to be challenged byhigh turnover rates, as junior to mid levelemployees change jobs for higher salariesand to move up the corporate ladder. Talentretention and attraction is, once again, the toppriority for many companies in Chinaas we move into 2013.

Vivian NgManaging Director

T: +86 (21) 5108 [email protected]

Welcome toMorgan McKinleysFinancial ServicesIndustry SalaryGuide China 2013

MANAGINGDIRECTORSLETTER.


4/14

SALARY GUIDE.

FINANCIAL SERVICES

3


5/14

FINANCIAL SERVICES.ACCOUNTING & FINANCE

4

Role: Analy st /Non-Officer Associ ate /

AVP / Manager VP /

Senior Manager SVP /

Director Director /

Senior Director

Internal Audit 15k - 20k 20k - 35k 30k - 45k 40k - 60k 60k+

Financial Control / Reporting 20k - 25k 25k - 35k 35k - 50k 50k - 70k 70k+

Management Reporting 12k - 20k 20k - 25k 25k - 40k 35k - 60k 60k

BASIC SALARIES (PER MONTH)

Most financial institutions have increasedthe workload of their employees due toheadcount freezes during the globaleconomic recession. Hiring activity sloweddown even for replacement roles. Lookingback to 2012, hiring demand for traditional

accountants and accounting managers hasremained stable throughout the year forboth expansion and internal turnover.

This trend will continue in 2013. Mostforeign banks in China prefer to hireprofessionals with a good knowledge of local regulations and a strong connectionwith Chinese regulators. More and moreprofessionals are looking for a stable

working environment, rather than justa salary increase, when making acareer move.

Average salaries are expected toincrease by 15-25% in 2013. Individualswith expertise in areas such as financialcontrol and reporting can expect a higherincrease of up to 30%.


6/14

FINANCIAL SERVICES.ASSET MANAGEMENT

5


FINANCIAL SERVICES.ASSET MANAGEMENT

decreasing rapidly and the teams insecurities are becoming smaller.

In the asset management sector, skilledprofessionals with relevant local experienceand global exposure are still in shortsupply. We predict a 20-25% increase inbase salaries in 2013.

Most asset management firms witnessedfavorable market conditions in China in2012. They are growing more and moremature and diversified in investment,especially some large local securities.Due to poor performance of capital

markets, many professionals from asset

management firms entered into some newareas like corporate finance and M&A.

Thus, professionals with a solid backgroundin corporate finance or portfoliomanagement and a strong local networkare in huge demand. Meanwhile, the

demand for research/equity analysts is


AVP / Manager VP /


Director Director /

Senior Director

Research Analyst 14k - 20k 20k - 35k 30k - 40k 45k - 80k 80k - 100k

Equity Analyst 15k - 30k 25k - 40k 50k - 80k 80k - 100k 100k+

Portfolio Manager ---- 30k - 50k 50k - 80k 90k - 100k 100k+

Retail Institutional Marketing 15k - 30k 30k - 50k 50k - 60k 60k - 70k 70k - 100k

Retail Distrib ution Sales 15k - 30k 30k - 50k 50k - 70k 70k - 100k 100k+

Client Relationship / Account Management 15k - 30k 30k - 50k 50k - 60k 60k - 80k 80k - 100k


7/14

FINANCIAL SERVICES.BANKING OPERATIONS

6


Most banks have achieved considerablegrowth over the past few years in China butthis growth slowed down in 2012 becauseof the global economic recession. As aresult, hiring in the banking operationssector has been influenced and has alsoslowed down.

Employers are more willing to come up withbetter talent development and performancetracking schemes to retain their mostvaluable employees.

Most banks are meticulous in dealing withtheir hiring plans. Regardless the usual rateof turnover, quite a number of foreign banksare not hiring and nor do they want toincrease headcount.

Another trend is that banks are offering

contract roles to hire junior operationalspecialists in order to cut costs. This ismore apparent with roles like treasurysettlement, loan operations and tradeservices. Under such circumstances,

candidates are more willing to accept onlyslight payment increases or even amountssimilar to their current package whenconsidering a job change.

However, professionals in product financesuch as cash management and

commodities are still in good demand.Individuals who choose to move can expectan increase of around 20-30% on averagein 2013.

Role: Analyst /Non-Officer Associ ate /

AVP / Manager VP /


Director Director /

Senior Director

Settlements 9k - 11k 11k - 15k 14k - 24k ---- ----

Documentation 10k - 15k 13k - 25k 15k - 30k ---- ----

Treasury Operations 9k - 12k 12k - 25k 18k - 35k 30k - 50k 50k - 100kTrade Operations / Loan Operations 8k - 15k 10k - 20k 18k - 35k 35k - 50k ----


8/14

FINANCIAL SERVICES.INSURANCE

7


Despite the global recession, we can stillsee the continued growth in major financialmarkets in Asia. In China, both foreignand domestic insurers are running theirbusinesses in a more innovative andflexible way by reshaping the products,

streamlining and optimising structure, andimproving performance managementsystems.

Since the second half of 2012, carinsurance premiums have increased, asregulations have been loosened. Domesticinsurance companies are still dominatingthe market. Statistics showed that theoutlook for Chinas property and casualty

insurance was quite stable. Thus, hiring inrelevant sectors looks promising for 2013.

Life insurance premiums will increase by upto 3% in the years to come. The demandfor talent for other insurance sectors isexpected to increase at a much higherlevel, compared with the life insurancesector.

We are expecting a 20-40% salary increasein the insurance industry in 2013.

Role: Manager Senior Manager Director

BD/Account Management 10k - 20k 20k - 40k 40k - 70k

Underwriting 10k - 20k 20k - 40k 40k - 65k

Actuary15k - 25k 25k - 50k 50k - 80k

Broking 15k - 25k 20k - 45k 40k - 70k

Claims 10k - 15k 15k - 30k 30k - 50k

Supporting Functions (Marketing, Compliance, etc. ) 10k - 20k 20k - 45k 40k - 75k


9/14

FINANCIAL SERVICES.CORPORATE & RETAIL BANKING

8


professionals with a good knowledge of local market and client resources in SOEs(state-owned enterprises) and MNCs(multinational corporations).

There wont be significant salary increasesin the corporate and retail banking sector in

2013. However, energetic, junior front officeprofessionals can expect somewhere in theregion of a 15% salary increase whenmoving jobs.

Foreign banks are reorganising theirstructures and core business in order tosurvive in this new economic climate andare not fully optimistic about futureeconomic matters after the launch of QE3in the USA.

Hiring in Asia is stabilising and we will seethis increase in the future. Talent retentionhas become more and more important foremployers, especially when it comes to

Most foreign banks chose to delay theirexpansion plans or even freeze theirheadcount in the middle and front office in2012, especially during the midpoint of theyear. This was followed by a furtherslowdown in hiring in Q4.

The financial crisis has influenced thebusiness of corporate and retail banks inChina, as well as banks in other regionsoutside China.

Role:CONSUMER BANKING

Analy st /Non-Officer

Associ ate / AVP / Manager

VP /Senior Manager

SVP /Director

Personal Banking 10k - 15k 15k - 30k 30k 50k+

Wealth Management Sales 5k - 10k 10k - 20k 20k - 40k 40k+

Produc t Management / Marketing 10k - 20k 20k - 35k 35k - 50k 50k+

CORPORATE BANKING ---- ---- ---- ----

Cash Management (Product Management) /Marketing 15k - 25k 25k - 35k 35k - 50k 50k - 60k

Cash Management (Sales) 15k - 25k 25k - 35k 35k - 55k 55k - 70k

Corporate Relationship Manager 15k - 25k 25k - 35k 35k - 55k 55k - 70k

Trade Finance (Product Management) / Marketing 15k - 25k 25k - 40k 40k - 60k 60k - 75k

Trade Finance (Sales) 15k - 25k 25k - 40k 40k - 55k 55k - 65k


10/14

FINANCIAL SERVICES.PRIVATE EQUITY

9


Recruitment in this sector will remain activein 2013 because there are still many globalfunds which have been entered into Chinasmarkets, in spite of economic uncertainty.

Generally speaking, salaries in the privateequity market will maintain the same as

2012 although some professionals withsignificant experience can secure morethan 30% increments on their currentpay levels.

The global slump in investment bankingrevenues has greatly influenced hiring inChina and it is no longer a safe port forinvestment professionals. At the same time,the private equity (PE) sector is booming,with more hiring in China. Most PE firmshave at least one or two new openings.However, activities slowed down in 2012compared with the last two years.Landing a job isnt easy and the hiringprocess is arduous.

PE interviews are often lengthy, involvingcase studies, presentations, modellingtests, and meetings with each partner; thiswas even more so in 2012. Employers aremore cautious about choosing the rightcandidates since the capital market seemscooler than it has been. Requirements forcandidates are much higher than before.Local operation experience and M&Aexperience are becoming more importantin this area.

Role: Analyst Associate AVP / VP Director ManagingDirector

Private Equity 15k - 30k 30k - 50k 50k - 80k 70k - 100k 120k - 200k

Investment Banking (Front Office) 20k - 50k 40k - 70k 60k - 80k 80k - 100k 120k+

Leverage Finance ---- 30k - 50k 50k - 80k 80k+ ----

Asset Management 12k - 25k 20k - 40k 30k - 50k 50k - 80k 80k+

Hedge Fund (Investment) 15k - 30k 30k - 50k 50k - 70k 70k - 100k 100k+

Corporate Finance Mergers & Acquisitio ns 12k - 25k 25k - 40k 40k - 60k 60k - 100k 100k+


11/14

FINANCIAL SERVICES.RISK MANAGEMENT

10


Salaries at junior levels will maintain thestatus quo in 2013, with increases of approximately 20% while at the seniorlevel there will be more significantincrements since there are not enoughcandidates to satisfy the current and

anticipated demand .

In 2012 regulators and banks placedadditional focus on risk monitoring andinternal control. However, hiring activitywas fairly flat due to the uncertainty of theglobal economy, particularly in the bankingindustry.

With scrutiny from Chinese regulatorybodies intensifying and banks implementingnew global risk management strategies,

there was an increase in demand foroperational risk and complianceprofessionals in 2012 from financialinstitutions like asset management,leasing and private equity companies.

The demand for market risk professionalswill be consistent and steady in 2013.


AVP / Manager VP /


Director Director /

Senior Director

Market Risk 15k - 30k 25k - 40k 50k - 80k 75k - 110k ----

Operational Risk 15k - 30k 25k - 35k 30k - 50k 60k - 80k ----Credit Risk 15k - 25k 25k - 35k 45k - 65k 60k - 80k 75k - 120k

Compliance 15k - 30k 25k - 40k 45k - 65k 60k - 80k 85k - 100k

Legal 15k - 30k 25k - 40k 45k - 60k 55k - 80k 85k - 150k


12/14

11


FINANCIAL SERVICES.FINANCIAL LEASING

China has released its 12 th Five YearDevelopment Plan, stating that the financialleasing industry will be further developed inthe next five years. The Ministry of Commerce (MOFCOM) and the NationalDevelopment and Reform Commission arenow revising regulations accordingly to

support it.Recruitment activity in the financial leasingsector remained active in 2012. Morefinancial leasing firms have been set up

and many well-known firms also expandedbusiness into the leasing area. However, inthe second half of 2012, hiring in financialleasing slowed down due to globaluncertainty and commercial bankingregulations.

Financial leasing professionals withinternational exposure, global insights andsolid local experience are highly sought-after, which is reflected more in mid-seniorlevel positions. Industry knowledge andfinancial services operations skills havealso become increasingly important.

Hiring in China is more active comparedwith elsewhere in the financial leasingmarkets and its a good sign to see thatthere are more financial leasing firms andprofessionals considering a move to China.

The level of hiring activity in this sector willremain the same in 2013 and we foresee

salaries rising by around 20% in thefinancial leasing industry over thenext year.


AVP / Manager VP /


Director Director /

Senior Director

Account Management 15k - 20k 20k - 30k 30k - 40k 40k - 50k 50k+

Project Management 15k - 20k 20k - 35k 35k - 45k 45k - 55k 55k+Credit and Risk 15k - 18k 18k - 22k 22k - 35k 35k - 45k 45k+

Treasury Management 8k - 10k 10k - 20k 20k - 30k 30k - 40k 40k+

Legal and Compliance 10k - 12k 12k - 15k 15k - 35k 35k - 55k 55k+


13/14

Visit www.morganmckinley.com.cn for more information

SALARY GUIDE | FINANCIAL SERVICES | CHINA 2013.UNDERSTANDING THIS GUIDE

METHODOLOGY:

The salary information provided in this guide hasbeen compiled by dedicated researchers across

Morgan McKinleys Financial Services division.Our researchers are in regular contact with bothemployers and professionals across the financialservices sector in China.

SALARY DATA:

The salary ranges in this guide are indications of what individuals with similar experience might

expect to earn in new roles in 2013. This salarydata is based on placements made during thelast six months of 2012, as well as the specialistknowledge of Morgan McKinleys consultants.

Please note, the information presented in thisdocument should be used as a general guide only.

Where number of years experience is mentioned, itis only to give an approximate framework in which togauge what a typical professional is likely to earnwith the level of experience shown.

In order to match professionals to the right careeropportunity for them, Morgan McKinley assessesindividuals on all their skills and abilities whendeciding on their suitability for roles with our clients.

FURTHER INFORMATION:

For more specific salary or hiring information, pleasevisit www.morganmckinley.com.cn or contact yourMorgan McKinley consultant directly.

2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproductionof this material is strictly prohibited. 12
http://www.morganmckinley.com.cn/http://www.morganmckinley.com.cn/


14/14

The worlds leadingemployers and successful

local businesses must bedoing something right. Webelieve we know what that is.

[email protected]+86 21 5108 1200

Aust [email protected]+61 (0)2 8986 3100

Dubai

[email protected]+971 (0)4 329 7770

[email protected]+33 (0)1 53 4327 59

Hong [email protected]+852 3907 3907

WE ARE MORGAN McKINLEY. TALK TO US.

[email protected]+353 (0)1 4321555

Japan [email protected]+813 5403 7073

Singapore

[email protected]+65 6557 4655

United [email protected]+44 (0)20 7092 0000

13
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

Documents

2013 China FS SalaryGuide (en)