Compliance jobs have been in demand in Hong Kong for several years as banks (HSBC and Standard Chartered chief among them) staff up to help tackle a growing global and local regulatory burden.
As a result, compliance professionals in the city are often able to move banks with comparative ease – and pick up large pay rises.
But if you work in the function, how do you know whether your Hong Kong compliance salary is still competitive?
We’ve averaged out Hong Kong compliance salary surveys from six recruitment agencies across five compliance functions to produce the table below, which shows base pay from analyst to director level.
If you’re looking to specialise in an area of Hong Kong compliance likely to get you a large salary rises, try financial crime.
“Candidates in this space are now getting 20% to 30% salary uplifts when changing jobs,” says Winnie Leung, director of regional compliance at Pure Search in Hong Kong. “This is due to large demand in the market and the talent pool in Hong Kong being relatively small. Banks, asset managers and consulting firms are all targeting the same pool, so employers need to pay a premium.”
Within financial crime, project managers are particularly sought after. “For banks to react in time to regulatory changes, they need to put action plans in place and set timelines to complete the changes, which creates project management jobs,” says Leung.
She adds: “Big banks in Hong Kong like HSBC, J.P. Morgan and Standard Chartered have compliance project teams of up to 50 people specialising in implementing these changes. And when demand goes up, their salaries go up.”
Large banks are also luring Hong Kong compliance candidates by boosting their bonuses. In contrast to the front office, bonus have been rising in Hong Kong in recent years. Directors and MDs can now earn bonuses equivalent to 50% of their base salaries, as the table below (which applies across all compliance functions) shows.
Related articles:
This is what your investment banking salary and bonus should be in Hong KongHow do your Hong Kong investment banking salary and bonus measure up against the market average?
Eight ways to spot that you’ve been ‘oversold’ an Asian banking jobHere’s how to find out during an interview whether the vacancy you’re applying for is as good as it appears on the job description.
This Hong Kong investment banker can help you get your next jobMost investment bankers are focused on career advancement – their own. But Sherjan Husainie, a Hong Kong-based Canadian banker, takes a different approach.
Image credit: alice-photo, iStock, Thinkstock