Morgan McKinley Hong Kong Salary Survey 2012

CONTENTS.
CLICK ON THE HYPERLINKS TO GO TO PAGE

MANAGING DIRECTOR’S LETTER 2 COMMERCE & INDUSTRY 15
ACCOUNTING & FINANCE 16
FINANCIAL SERVICES 3 HUMAN RESOURCES 17
ACCOUNTING & FINANCE 4 INFORMATION TECHNOLOGY &
ASSET MANAGEMENT 5 TELECOMMUNICATIONS 18
BANKING OPERATIONS 6 SALES & MARKETING 19
HEDGE FUNDS & PRIVATE EQUITY 7
HUMAN RESOURCES 8 UNDERSTANDING THIS GUIDE 21
INFORMATION TECHNOLOGY 9
INSURANCE 10 TALK TO US 22
INVESTMENT BANKING & CAPITAL MARKETS 11
LEGAL, TAX & COMPLIANCE 12
PRIVATE BANKING 13
RISK MANAGEMENT 14

1

MANAGING Within financial services, we anticipate that in Q2
there will be turnover as a result of reduced bonus
pools and that this will stimulate hiring activity. It is
DIRECTOR’S worth noting that the majority of financial
institutions expect minimal growth in headcount,

LETTER. Welcome to
Morgan McKinley’s
but growth all the same.

We have accumulated the sector knowledge and
Hong Kong Salary expertise of our consultants to deliver the Morgan
Guide 2012 McKinley Hong Kong Salary Guide 2012. It
provides a general guide to current compensation
Following a period of robust economic recovery in and hiring trends across Hong Kong’s professional
2010, both financial services and commerce & markets.
industry hiring markets in Hong Kong continued to
demonstrate growth in the first half of 2011. The Indications are that salaries within commerce &
continued positive outlook and growth of mainland industry increased by approximately 7% year-on-
China and other emerging markets in the region year in 2011. Within areas of sales & marketing,
boosted demand for professionals across a broad accounting & finance and IT security there have
range of specialist areas. been uplifts in excess of this figure. Bonuses have
remained relatively stable as cost reductions are
Unfortunately H2 2011 was a very different story, still at the forefront of CFO and CEOs’ minds.
with the effects of the US debt-ceiling crisis and
turbulence in the eurozone significantly impacting Financial services salaries are predicted to remain
Hong Kong’s recruitment market. Companies relatively stable across the board in 2012 but with
focused on cost management, hiring activity considerably diminished bonus pools
decreased and in certain areas (particularly (approximately 25% less than paid out in
investment banking) redundancies were 2010/11). However, compensation packages for
announced. professionals with specialist skill sets such as risk
management, compliance, Solvency II and
Commerce & industry remained relatively buoyant, actuarial remain attractive, as there is fierce
particularly the retail and luxury goods markets. competition for top talent within these areas.
However, hiring processes slowed somewhat at the
end of 2011 as global financial uncertainty We hope you find this guide informative and we
impacted a broader range of industries, from welcome any feedback you may have. For more
manufacturing to property and construction. specific salary or hiring information, please contact
our specialist consultants or myself directly.
Despite the challenging economic climate we
remain cautiously optimistic about the hiring market Nick Lambe
for 2012. There are early signs that an increased Managing Director | Hong Kong
number of opportunities will be available within T: +852 3907 3931
sales & marketing, insurance and private banking. E: nlambe@morganmckinley.com.hk

2

FINANCIAL SERVICES.
SALARY GUIDE

3

FINANCIAL SERVICES.
ACCOUNTING & FINANCE
The financial services jobs market for There has been a rise in demand for Whilst hiring activity will be slow in Q1 of
accounting and finance professionals was auditors, with many banks and other 2012, it is anticipated the market will
quite stable throughout 2011, with certain financial institutions adding headcount to bounce back, although it will become more
areas offering more opportunities than existing audit teams or creating new teams competitive. Despite certain areas being
others. to incorporate hybrid functions. relatively dormant, others such as audit and
strategic analysis will continue to expand in
Product control and valuations specialists An interesting trend that has emerged is the
2012. It is expected that candidates within
were in high demand earlier in the year, surge in contracting vacancies, mainly
these areas that are hiring will be
mainly within the area of equities, as the within financial control, financial reporting
compensated with increments ranging from
preference for qualified accounting and regulatory reporting.
15-20%.
professionals increased.

BASIC SALARIES (HK$ PER MONTH)

Analyst / Associate / VP / SVP / Director /
Role:
Non-Officer AVP / Manager Senior Manager Director Senior Director

Product Control $25k - $35k $35k - $75k $75k - $100k $100k - $125k $125k+

Financial Control $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+

Valuations $28k - $38k $38k - $78k $78k - $105k $105k - $130k $130k+

Management Reporting $25k - $35k $35k - $60k $60k - $85k $85k - $125k $125k+

Financial Reporting $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+

Internal Audit $28k - $34k $34k - $58k $58k - $100k $100k - $130k $130k+

4

FINANCIAL SERVICES.
ASSET MANAGEMENT
There was considerable movement at all office openings for sales, marketing and increment to offset the risk of being last to
levels within most asset management firms client servicing professionals were limited, join and first to be out. The European debt
in the first half of 2011. Employers were with hiring managers focused mainly on crisis will continue to have a huge impact
relatively generous in terms of total critical replacement hires. on hiring trends over at least the first three
compensation for new hires and remained quarters of the year.
A dramatic increase in hiring activity is not
market competitive for retentions.
predicted for 2012. Professionals in this
At the start of Q3 2011, there was a area are cautious to make a move due to
substantial decrease in demand, especially financial market uncertainty as is the case
in the middle and back office areas. Front across the sector. Those who decide to
make a move are keen to secure a larger


Analyst / Associate / VP / SVP / Managing
Role:
Non-Officer AVP / Manager Senior Manager Director Director

Fund Manager $42k - $53k $47k - $68k $68k - $92k $105k - $138k $200k+

Research Analyst $36k - $42k $42k - $63k $63k - $83k $92k - $125k $125k+

Retail / Institutional Marketing $15k - $25k $25k - $45k $45k - $65k $65k - $83k $120k+

RFP Writer / Investment Writer $20k - $35k $35k - $50k $50k - $70k $70k - $100k $100k+

Performance Analyst $12k - $20k $20k - $35k $35k - $45k $45k - $70k -

Retail/ Intermediary / Distribution Sales $25k - $35k $35k - $50k $50k - $80k $80k - $120k $150k+

Institutional Sales $25k - $35k $35k - $50k $50k - $92k $92k - $150k $180k+

Client Relationship / Account Management $17k - $25k $25k - $45k $45k - $70k $70k - $100k $100k+

Execution Trader / Dealer $20k - $30k $30k - $50k $50k - $70k $70k - $120k $150k+

Product Development / Management $20k - $30k $30k - $50k $50k - $70k $70k - $100k $100k+

Fund Manager’s Assistant $15k - $25k $25k - $45k $45k - $65k $65k - $80k - 5

FINANCIAL SERVICES.
BANKING OPERATIONS
At the start of 2011 there was huge demand anticipated that this will continue in 2012 in certain areas. However, trade support,
for experienced banking operations with hiring likely to be considerably slower sales support, client services and client on-
professionals across all asset classes. The compared to the past two years. The boarding should remain key areas for hiring
key areas of hiring activity were trade/sales majority of recruitment will focus on within Hong Kong over the next 12 months.
support and client on-boarding. Towards replacement rather than growth hires. We
Salary levels in 2011 increased around 4-
the end of 2011, hiring within operations have seen significant offshoring over recent
8% across most functional levels internally,
slowed significantly due to uncertainty and years and the ongoing emphasis on cost
with professionals moving externally seeing
decline in global financial markets. It is management should see this continue
a 15-20% increase on base.


Role:
Non-Officer AVP / Manager Senior Manager Director Senior Director

Trade Support $20k - $30k $30k - $60k $70k - $90k $100k+ $130k+

Client Services $20k - $30k $30k - $55k $65k - $85k $90k+ $120k+

Settlements $15k - $25k $25k - $35k $50k - $65k $70k+ $100k+

Documentation $20k - $28k $28k - $40k $50k - $75k $75k+ $100k+

Business Analyst / Projects $25k - $30k $30k - $60k $60k - $90k $90k+ $120k+

EQUITY FINANCE (PRIME BROKERAGE)

Prime Brokerage / Client Services $25k - $35k $35k - $55k $60k - $80k $90k+ $120k+

Prime Brokerage / Settlements $20k - $30k $30k - $40k $50k - $65k $70k+ $100k+

OTHER

Loans Administration $12k - $20k $20k - $40k $45k - $60k $60k+ $75k+

Static Data Analyst $15k - $20k $20k - $35k $45k - $60k $60k+ $85k+

Control / Reconciliations $18k - $25k $25k - $40k $40k - $55k $70k+ $85k+

Asset Servicing (Corporate Actions & Dividends) $18k - $25k $25k - $35k $50k - $65k $75k+ $85k+
6
Cash Management $15k - $25k $25k - $35k $35k - $65k $70k+ $85k+

FINANCIAL SERVICES.
HEDGE FUNDS & PRIVATE EQUITY
In 2010, the market in Hong Kong unfortunately, some had to close down or Therefore most private equity firms are also
rebounded quickly and many people were exit Hong Kong. Hedge fund managers are adopting a cautious approach to hiring.
optimistic about the outlook for 2011. maintaining a conservative approach to Most are ensuring they can raise more
Indeed the first half of 2011 was steady and hiring and taking time to observe the funds before hiring new people into their
hiring activity was stable. However, in situation before making recruitment moves. teams.
August 2011 the market started to decline,
With regard to private equity, the impact Many funds are ‘bearish’ and salary levels
dropping further in November due to the
from the economic downturn has not been for 2012 is predicted to be similar to 2011.
eurozone crisis. The hedge fund industry
as direct. Although the market is declining, For large funds, increments may still be
was deeply impacted and had one of its
deals are not getting any cheaper to invest offered to candidates, but for smaller or
worst years in the past two decades. Many
in and it has been difficult for private equity start up funds, the focus will be on
of the smaller funds faced redemption and
funds to raise money for investments. performance bonuses and not base salary.


Associate / VP / SVP / Director /
Role: Analyst
AVP Senior Manager Director Senior Director

Fund / Portfolio Manager $35k - $40k $40k - $60k $65k - $85k $85k - $105k $110k+

Portfolio Management / Investment Specialist $35k - $45k $45k - $60k $65k - $80k $80k - $90k $90k - $115k

Investment Analyst $30k - $40k $40k - $55k $65k - $80k $80k - $100k $115k - $135k

Economist / Investment Strategist $30k - $40k $40k - $50k $55k - $70k $65k - $80k $90k - $125k

Portfolio Construction $35k - $45k $40k - $55k $60k - $65k $70k - $85k $90k - $115k

Trader $25k - $40k $40k - $50k $55k - $75k $75k - $90k $90k - $115k

Product Development $35k - $40k $40k - $50k $55k - $70k $80k - $100k $90k - $110k

Sales / Business Development $25k - $30k $35k - $45k $50k - $70k $65k - $105k $125k+

Private Equity – Investment Team $35k - $50k $50k - $80k $65k - $100k $90k - $115k $110k - $210k 7

FINANCIAL SERVICES.
HUMAN RESOURCES
In the first half of 2011 there was strong demand for
professionals across all areas of HR, particularly HR BASIC SALARIES (HK$ PER MONTH)
business partners and recruitment specialists.
Role:
Recruitment activity remained steady in Q3 2011, although
there was increased emphasis on replacement roles rather HR Director / Head $125k+
than additional headcount. The market became very
HR Manager / HR Business Partner $66k - $125k
cautious in Q4 2011 but remained reasonably active.
Associate / Assistant HR Manager $32k - $54k
Headcount restrictions are still in effect and many
companies are looking to mobilise their global workforce to HR Officer / Assistant $18k - $25k
reallocate talent where it is most needed. Talent retention Recruitment Head / Director $108k
and succession planning are still key areas of concern, so
demand is high for professionals with experience in talent Recruitment Specialist $35k - $70k

management, organisational development and learning & Recruitment Coordinator $20k - $28k
development.
Learning & Development Head $125k+
It is predicted that there will be steady levels of hiring activity
Talent Development / Organisational Development Director $108k+
for 2012 with salaries to remain stable with relatively
conservative bonus payouts. Many employers will proceed Learning & Development Specialist $55k - $70k
cautiously however, key performers will continue to receive Learning & Development Officer / Coordinator $20k - $28k
competitive packages as talent retention remains a strong
focus in the financial services sector. Compensation and Benefits Head $100k - $125k

Compensation and Benefits Manager $40k - $80k

Payroll Manager $42k - $75k

Payroll Specialist $25k - $34k

Global Mobility Manager $74k - 105k

Global Mobility Specialist $40k - $62k

Shared Service / HR Operations Manager $45k - $108k

8

FINANCIAL SERVICES.
INFORMATION TECHNOLOGY
After a strong rebound from 2010, it was an It will be a challenging year for IT Skilled developers with strong domain
eventful year for IT recruitment in 2011. recruitment in 2012, with many banks and business knowledge will remain the most
Demand grew steadily in front office financial institutions adopting a more sought after specialists in the market.
development, product management and conservative approach to hiring.
Information security in both application and
project management in the first half of
Demand for contract IT professionals will infrastructure will be another demanding
2011, with turbulence in the markets
be substantially high however, especially in area, given a shortage of experienced
amplified by the eurozone crisis and the
the fields of Wintel, UNIX administration, professionals.
weakening US economy. Technical
DBA and network / storage.
developers also remain highly sought after, Given the challenging environment in the
especially for front office roles. Hiring in expected to pick up in Q2/Q3 last two quarters of 2011, salaries are likely
2012, with replacement hires predicted to to increase in 2012 for the banking
There was however, diminishing demand
provide the majority of new IT job technology field by 3–5%.
for project managers and business analysts
opportunities within financial services.
as various projects were discontinued.


Director /
Analyst / Associate / VP /
Role: SVP / Director Executive
Non-Officer AVP / Manager Senior Manager
Director

Business Analyst / Specialist $25k - $40k $40k - $55k $60k - $75k $75k+ $110k+

Application Developer
$30k - $40k $40k - $55k $60k - $75k $75k+ $100k+
– Front Office / Middle Office

Project Manager / Change Manager $30k - $35k $35k - $50k $50k - $70k $80k+ $100k+

Production Support / Technical Support $25k - $30k $40k - $55k $60k - $75k $80k+ $100k+

Information Security / IT Audit $25k - $35k $40k - $55k $60k - $75k $80k+ $100k+

Infrastructure Specialist $25k - $35k $35k - $45k $50k - $70k $75k+ $90k+

9

FINANCIAL SERVICES.
INSURANCE
The majority of insurance houses in Hong Experienced life actuaries (qualified) and Other areas of demand include strategic
Kong recorded positive results in the first life underwriters also continue to be in planning and channel distribution. Currently,
three quarters of 2011, prior to a slowdown demand. many professionals are showing
in Q4. Asia is still seen as a growth region reservations to move jobs before bonuses
Due to the shortage of experienced
for insurance and does not seem to be as are paid at the end of Q1 2012. Some
insurance specialists, many employers are
sensitive to global economic turmoil as employers are offering attractive sign-on
now widening their global networks and
other sectors within financial services. bonuses and packages in order to attract
looking outside of Asia for key talent. In
the right professionals.
The trend is continuing for internal controls some cases, firms are more open to
focused hiring as organisations strengthen considering professionals without direct
their compliance, internal audit and risk insurance experience.
functions (e.g. ERM & Solvency II).


Assistant Department
Role: Manager Senior Manager
Manager Head

Actuarial $48K - $63k $46k - $70k $62k - $78k $110k+

Claims $37k - $52k $52k - $74k $61k - $82k $70k+

Underwriting $35k - $47k $40k - $52k $44k - $69k $70k+

Distribution $26k - $37k $32k - $57k $50k - $78k $68k+

Audit $38k - $52k $42k - $74k $58k - $85k $74k+

Finance $34k - $45k $40k - $55k $50k - $83k $83k+

10

FINANCIAL SERVICES.
INVESTMENT BANKING & CAPITAL MARKETS
Following an extremely active job market in These factors have put significant down ‘across the street’.
2010, investment banking & capital markets downward pressure on compensation.
saw fewer front office professionals moving Basic salaries in these top firms have Top international firms continue to operate
jobs in early 2011. This was due to ‘churn’ shown little increase since the start of 2011 on a broadly level playing field in terms of
from the previous year, and increasing and with prevailing market conditions, it is basic salary at junior levels, and will pay
uncertainty surrounding the global unlikely that they will increase significantly more than local firms. However there is
economy. Since then, the economic outlook in Q1 2012. Moreover, with bonus pools evidence that Chinese banks are adjusting
has deteriorated and most global depleted in those firms which have their compensation structures to become
investment banks in Hong Kong scaled announced 2011 results so far, total more competitive and attract experienced
back headcount in H2 2011. compensation for 2011 already looks to be talent from their international peers.


Role: Role:
CORPORATE FINANCE SALES & TRADING

Analyst 1 $40k - $60k Sales – Institutional – Analyst $40k - $60k
Analyst 2 $50k - $65k Sales – Institutional – Associate $50k - $70k

Analyst 3 $60k - $75k Sales – Institutional – VP $100k - $125k

Associate 1 $70k - $80k Sales – Corporates – Analyst $40k - $60k

Associate 2 $80k - $95k Sales – Corporates – Associate $50k - $70k
Associate 3 $100k - $120k Sales – Corporates – VP $100k - $125k

VP $130k - $160k Trader – Analyst $40k - $60k

Director $160k - $180k Trader – Associate $80k - $120k

Managing Director $200k+ Trader – VP $130k - $160k

EQUITY RESEARCH

Research Associate $60k - $80k
Senior Research Associate $80k - $100k
Writing Analyst $160k - $180k
11
Sector Head $160k+

FINANCIAL SERVICES.
LEGAL, TAX & COMPLIANCE
Compliance continues to be one of the most as organisations enhance their internal Legal recruitment in the transactional and
in demand areas within banking. With controls and continue to foster close ISDA space tends to be dictated by trading
continued focus on regulatory requirements working relationships with local and regional volumes and market activity. Considering
and reporting, professionals with expertise regulators. Furthermore, the introduction of the slowdown in global markets, we do not
and experience in this area were in fairly new legislation will also increase demand expect such high demand as previous
high demand in 2011. for professionals within affected areas. years.

The areas that saw considerable movement Salaries have increased gradually over the Tax recruitment has remained fairly stable
across the market were product advisory, years, especially in areas with a limited pool over the years, the same is expected for
private banking and AML compliance. of talent. However, this growth is expected 2012 where the majority will be replacement
to slow down in 2012 due to cost-cutting at hires.
This trend should continue throughout 2012
banks.


Role: Non-Officer AVP / Manager Senior Manager Director Senior Director

Head of Compliance - - - $125k - $170k $170k+

AML $25k - $40k $40k - $55k $55k - $80k $90k - $130k $130k+

Product Specific Advisory $35k - $45k $50k - $70k $70k - $110k $120k - $150k $160k+

Training & Competence $20k - $30k $30k - $40k $60k - $90k $100k - $130k $130k+

Control Room / Research $20k - $35k $35k - $60k $60k - $100k $110k - $140k $140k+

Monitoring / Surveillance $20k - $30k $30k - $50k $60k - $90k $90k - $120k $120k+

Tax Compliance $25k - $35k $30k - $45k $50k - $65k $75k - $105k $110k+

Tax Advisory $25k - $45k $45k - $70k $70k - $100k $100k - $120k $130k+

Tax Product Specific Advisory - $45k - $65k $70k - $110k $110k - $130k $140k+

Banking Lawyer $70k - $80k $80k - $100k $90k - $130k $140k - $170k $180k+
12

FINANCIAL SERVICES.
PRIVATE BANKING
Private bankers are still sought after in It is predicted that 2012 will not be as active Salaries within private banking are on a
Asia. The majority of players in the industry for private banking as 2011 and that hiring moderate rising trend and we have seen up
have announced expansion plans and key activity will decrease slightly. It is likely that to 15-20% increases in salary offers. It is
hires in the region, despite the current the majority of recruitment early in the year anticipated that this growth will continue as
depressed market. In 2011 the market was will be replacement hires following bonus Asia becomes an increasingly important
very active and most firms were recruiting payments in February and March. player in global private banking.
in a broad range of functions from business However, the banks will continue to work to
assurance, strategy and investment improve their platforms and client offerings,
advisory, to risk and compliance. and will strive to retain key talent.


Executive
SVP /
Associate / VP / Director /
Role: Analyst Director / Senior
AVP / Manager Senior Manager Managing
Director
Director

Private Banker $38k - $52k $52k - $70k $70k - $85k $85k - $120k $130k+

Fund / Portfolio Manager $30k - $33k $33k - $46k $46k - $75k $75k - $120k $125k+

Investment Advisor / Consultant $25k - $35k $35k - $46k $50k - $75k $83k - $100k $120k+

Product Specialist $25k - $33k $33k - $50k $50k - $75k $80k - $100k $120k+

Trade / Dealer $30k - $33k $33k - $40k $40k - $75k - -

Business Management $30k - $33k $35k - $46k $50k - $63k $63k - $85k $85k+

Assistant Relationship Manager $25k - $30k $32k - $42k $42k - $55k - -

Product Development / Management $30k - $35k $35k - $45k $45k - $70k $80k - $100k $100k+

13

FINANCIAL SERVICES.
RISK MANAGEMENT
Overall, there was generally consistent The first quarter of 2011 saw high demand business models of banking organisations,
levels of hiring across risk management in for experienced market risk management hiring for new teams or business areas will
2011. Demand for credit risk professionals professionals at VP and director level. be very limited, and most of the focus will be
mainly stemmed from the Greater China There was a particular focus on strong on strengthening current risk frameworks.
region, and as such professionals with product experience and proven decision
Salary levels are generally in line with
Mandarin skills were required. making ability, however this decreased
previous years and we do not anticipate
significantly later on in the year as bonuses
However, it was also clear that as significant salary growth in 2012 due to the
started coming into play and banks were
companies overall business strategies general market outlook.
reluctant to recruit if required to ‘buy-out’ the
moved towards an emphasis on cost cutting
candidates’ bonus.
as well as process and operational losses,
demand for operational risk expertise rose. There will be continued emphasis on risk
management in 2012, however due to
changes in financial markets and the


Role: Non-Officer AVP / Manager Senior Manager Director Senior Director

Market Risk Management $30k - $40k $40k - $50k $50k - $110k $120k - $160k $150k+

Market Risk Reporting $20k - $35k $30k - $40k $45k - $60k $80k - $110k $120k+

Quantitative Analysis $40k - $50k $50k - $55k $60k - $90k $100k - $150k $150k+

Operational Risk $20k - $30k $30k - $40k $45k - $70k $80k - $120k $120k+

Credit Risk Analysis $30k - $40k $40k - $50k $50k - $90k $100k - $130k $150k+

Traded Credit $30k - $40k $45k - $55k $60k - $110k $110k - $150k $150k+

14

COMMERCE & INDUSTRY.
SALARY GUIDE

15

ACCOUNTING & FINANCE
There was renewed economic confidence Companies became more cautious with jobs in these uncertain times.
at the start of 2011 which resulted in regard to recruitment in Q4 2011; a number
Salary levels have remained at a similar
buoyant recruitment in accounting & finance put new employment on hold and/or froze
level to last year with increases in basic
within commerce & industry. Economic replacement hires. Despite these turbulent
salaries likely to be typically 2-3%.
uncertainty in the latter stages of the year market conditions, some organisations are
impacted the financial services industry continuing to hire staff for critical positions
more significantly but did also affect although some of the most talented
commercial businesses. professionals are less inclined to change


Officer / Director /
Role: Senior Manager Senior Manager
Accountant CFO

Internal Audit $24k - $36k $37k – $44k $45k - $84k $85k - $150k $150k+

Treasury $26k - $36k $37k - $44k $45k - $99k $100k - $170k $170k+

Tax $33k - $44k $34k - $54k $55k - $124k $125k+ $140k+

Cost Accounting $24k - $35k $36k – $42k $43k - $46k $48k - $60k -

Management Accounting $22k - $32k $23k - $39k $40k+ - -

Financial Accounting $25k - $37k $38k - $45k $46k+ - -

Financial Analyst $20k - $29k $30k - $37k $38k+ - -

SME Multinational
SENIOR FINANCE

FP&A $38k - $54k $48k - $68k

Finance Manager $33k - $54k $45k - $55k

Financial Control $53k - $70k $65k - $85k

Group / Regional Financial Controller $65k - $80k $85k - $120k

Finance Director $80k - $110k $100k - $125k
16
Regional Finance Director $90k - $100k $125k+

HUMAN RESOURCES
There was a steady level of recruitment in all areas of HR
within commercial businesses throughout 2011 and this BASIC SALARIES (HK$ PER MONTH)
looks set to continue in 2012. Top performing HR business
partners are highly sought after, as are specialists in the
areas of learning & development, talent management and Role:
compensation & benefits.
HR Director / Head $100k+
With Asia continuing to be a key market globally, companies
in growth mode look to HR to play a strategic role in HR Manager / HR Business Partner $38k - $100k
business expansion in the region. For this reason, there is HR Associate / Assistant HR Manager $28k - $35k
demand for senior HR professionals who possess a
combination of hands-on HR operational experience and the HR Officer / Assistant $16k - $25k
ability to work as a strategic partner with business leaders.
With many firms continuing to grow in China, Mandarin and Recruitment Head / Director $58k - $86k
experience of PRC is also highly desirable.
Recruitment Specialist $45k - $58k

Overall salaries have not changed significantly and Learning & Development Head $72k - $100k
individuals are receiving between 3-7% increments on their
total compensation package. Therefore remuneration has Talent Development / Organisational Development Director $58k - $100k
been a common motivator for professionals to move jobs.
Learning & Development Training Manager $30k - $58k
Whilst key performers continue to be rewarded at 10–20%
more on their total compensation package. Learning & Development Officer $20k - $28k

Compensation and Benefits Director $66k - $90k

Compensation and Benefits Manager $40k - $64k

Compensation and Benefits Specialist $25k - $32k

17

INFORMATION TECHNOLOGY & TELECOMMUNICATION
The information technology & telecommunication (IT & T)
employment markets held firm in 2011, with minimal job BASIC SALARIES (HK$ PER MONTH)
losses. Although turbulence in the global economy has
impacted Hong Kong to a certain extent, there was steady Role:
business growth in the retail, telecommunication and luxury
Pre-sales Consultant $38k - $67k
brand sectors.
Microsoft Programmer $35k - $54k
There is evidence that hiring activity within the IT industry is
set to rise in 2012. More than any other field, professionals Non-Microsoft Programmer $35k - $54k
within IT must keep up with the latest trends and
ERP Functional Consultant $42k - $67k
technologies. One of the significant factors affecting salaries
within IT is certifications, however, hands-on experience and System Administrator $38k - $58k
particular skill sets are still desirable. Infrastructure / Networking $30k - $50k
Infrastructure support, storage, networking and information QA Testing $35k - $58k
security continue to be the most in-demand skill sets across
Data warehousing $38k - $63k
different industries. These core technology functions
significantly impact business continuity assessment, Project Manager $42k - $83k
performance analysis and data loss prevention, as well as
Business Analyst $42k - $75k
ongoing business development schemes.
Mainframe and Mid-range Programming $25k - $42k
Comprehensive e-business solutions and mobile technology
will continue to be innovative trends in 2012. This will create Service Delivery $42k - $75k
demand for professionals, not only within IT & T but also Telecommunication $42k - $75k
marketing, transport logistics and architecture.
Channel Sales $50k - $100k

Marketing Product Management $50k - $100k

18

SALES & MARKETING

Overall, 2011 was a steady year for hiring within the field of BASIC SALARIES (HK$ PER MONTH)
sales & marketing. Consumer driven sectors such as the
retail and luxury industries recruited for sales, marketing & Role:
retail professionals throughout the year, across all levels of SALES & RETAIL
experience.
Trade Marketing Manager $30k - $50k
Digital marketing and e-commerce were growth areas in
Key Account Manager $30k - $50k
2011 as companies started to embrace alternative marketing
channels to connect with their customers and explore Channel Manager $30k - $50k
alternative revenue streams. Throughout the year Retail Manager $30k - $60k
commercial businesses also actively sought sales and
Retail Director $60k - $90k
business development staff to prepare for anticipated
business growth. Sales & Marketing Director $60k - $100k

There was a slowdown in hiring activity in Q3 and Q4 2011 Merchandising Manager $30k - $50k
as companies adopted more conservative approaches to
Merchandising Director $50k - $80k
headcount planning. However, sentiment remained mostly
positive overall for sales & marketing recruitment within Sales Manager $35k - $50k
commerce & industry throughout 2011. Sales Director $50k - $80k

General Manager $80k - $120k

Managing Director $100k - $150k

19

SALES & MARKETING
In 2011, many companies looked to develop either a retail or
sourcing footprint in Hong Kong and this looks likely to BASIC SALARIES (HK$ PER MONTH)
continue in 2012.

Digital and e-commerce marketing specialists remain in high Role:
demand and companies have shown a willingness to attract MARKETING
digital marketing talent from around the globe. Marketing Manager $30k - $50k

It is anticipated that hiring will be moderate within the IT & T, Marketing Director $50k - $80k
industrial, media and professional services sectors as
Online / Digital Marketing Manager $30k - $60k
organisations will still be mindful of the economic uncertainty
stemming from Europe and the US. The majority of Online / Digital Marketing Director $60k - $80k
recruitment is likely to be replacement hiring, with only some CRM Manager $30K - 50K
allowances for headcount growth.
CRM Director $50k - $80k
Commercial businesses in Hong Kong were reasonably
resilient throughout 2011 and the overall outlook for sales PUBLIC RELATIONS / CORPORATE COMMUNICATIONS

and marketing hiring (which are by and large, revenue- Event Manager $30k - $50k
generating roles) remains positive for 2012.
PR Manager $30k - $50k
As demand for sales and marketing talent remains strong, it
PR Director $50k - $80k
is forecasted that for high performers salary increases are
likely to be in the vicinity of 5-10%. Internal / Corporate Communications Manager $30k - $50k

Internal / Corporate Communications Director $50k - $100k

20

SALARY GUIDE | HONG KONG 2012.
UNDERSTANDING THIS GUIDE

METHODOLOGY:

The salary information provided in this guide has Salaries listed cover basic salaries only and do not
been compiled by dedicated researchers across include bonus payments or benefits. This is due to
Morgan McKinley’s financial services and the variety of ways in which organisations manage
commerce & industry divisions. Our researchers employee pay and reward.
are in regular contact with both employers and
candidates across these sectors in Hong Kong. Please note, the information presented in this
document should be used as a general guide only.
STRUCTURE OF SALARY TABLES: Where number of years’ experience is mentioned, it
is only to give an approximate framework in which to
We acknowledge that different organisations gauge what a typical professional is likely to earn
have different corporate structures. For ease of with the level of experience shown.
use, this document includes corporate titles
typically used in financial services and In order to match candidates to the right career
commercial businesses to classify approximate opportunities, Morgan McKinley assesses
salary ranges. individuals on all their skills and abilities when
deciding on their suitability for roles.
SALARY DATA:
FURTHER INFORMATION:
The salary ranges in this guide are indications of
what individuals with similar experience might For more specific salary or hiring information, please
expect to earn in new roles in 2012. This salary visit www.morganmckinley.com.hk or contact your
data is based on placements made during the Morgan McKinley consultant directly.
last six months, as well as the specialist
knowledge of Morgan McKinley’s consultants.

© 2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproduction
Visit www.morganmckinley.com.hk for more information of this material is strictly prohibited.
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Morgan McKinley Hong Kong Salary Survey 2012

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