Financial Services In China 2013: How Much Are They Going To Pay You?
Morgan McKinley 2013 Salary Report - Financial Services
(From Silu.com): Salary-wise in 2013 there will definitely be gold medal winners - insurance and asset management; runners-up - financial leasing, private equity, risk management, accounting and finance, and 'also rans' - corporate & retail banking and banking operations. Here's Silu's summary of the report...
Booming: Insurance + Asset Management
Reasons: regulations loosening up and market conditions becoming more favorable.
Results: products being more diversified, performance management being reformed, and ultimately - more jobs with better pay.
Recruitment opps:
*Insurance - non-life insurance are where the hot roles are with 20%-40% salary increase expected; top-paying role - Portfolio Managing Director (RMB 100K+ per month).
*Asset Management - it's true that research/analyst/securities teams are shrinking, but worry not, they are moving on to corporate finance and M&A; 20-25% salary bump expected; top-paying role - Actuarial Director (RMB 50K-80K per month).
Stable: Accounting + Finance + Risk Management
Reasons: regulatory burden should make for more opps, but economy is unstable, so they cancel each other out in terms of hiring.
Results: employer reluctance when it comes to signing off on new recruits.
Recruitment opps:
*Accounting and Finance - knowledge of local regulations and connections with regulators highly sought after. 15-20% salary increase on average while 30% for financial control and reporting people; highest salary goes to Financial Control/Reporting Director (RMB 70K+ per month).
*Risk management- asset management, leasing and PE firms want more risk professionals; salaries for junior-level professionals not changing much but senior level should see 20% growth; highest salary goes to Legal Director (RMB 85K-150K per month).
Booming sector, tough job market: Private Equity + Financial Leasing
Reasons: China's twelfth Five-year Development Plan is favoring this area - it specifically states that the financial leasing industry will be further developed and the Ministry of Commerce and the National Development and Reform Commission are revising regulations accordingly to support it; meanwhile, investment banking not doing well - giving more opportunities to PE.
Results: booming - and supposedly hiring, but the hiring actually slowed down in the second half of 2012 due to global economic uncertainty and capital market cooling down.
Recruitment opps:
*PE - lengthy interviews as usual, requirements being higher - asking for experience in local operations and M&A; salaries to remain the same in general; highest salary goes to PE Managing Director (RMB 120K-200K+ per month).
*Financial Leasing - mid--to-senior-level needs both global and local experience - tough one, hiring slowed down lately but still a 20% salary increase expected; highest salary goes to Project Management/Legal Compliance Director (RMB 55K+ per month).
Unstable sector, bleak job market: Corporate + Retail Banking + Banking Operations
Reasons: global economic recession affects everyone, but to make things worse for banks here, China doesn't have strong policies designed to support them int eh way they are doing for other sectors e.g. insurance, financial leasing, etc.
Results: business slowing down and headcount being frozen; focus on talent retention.
Recruitment opps:
*Corporate & Retail Banking - middle and front-office not hiring, but it's a different story if you have client resources in SOEs (state-owned enterprises] and MNCs - they want you; no big salary bump expected in general except for junior front-office professionals - a 15% increase expected; highest salary goes to Trade Finance/Marketing Director (RMB 60K-75K per month).
*Banking Operations - foreign banks not hiring, junior operational bankers wanted - to cut costs; product management functions are doing ok; highest salary winner: Treasury Operations Director (RMB 50K-100K per month).
(From Silu.com): Salary-wise in 2013 there will definitely be gold medal winners - insurance and asset management; runners-up - financial leasing, private equity, risk management, accounting and finance, and 'also rans' - corporate & retail banking and banking operations. Here's Silu's summary of the report...
Booming: Insurance + Asset Management
Reasons: regulations loosening up and market conditions becoming more favorable.
Results: products being more diversified, performance management being reformed, and ultimately - more jobs with better pay.
Recruitment opps:
*Insurance - non-life insurance are where the hot roles are with 20%-40% salary increase expected; top-paying role - Portfolio Managing Director (RMB 100K+ per month).
*Asset Management - it's true that research/analyst/securities teams are shrinking, but worry not, they are moving on to corporate finance and M&A; 20-25% salary bump expected; top-paying role - Actuarial Director (RMB 50K-80K per month).
Stable: Accounting + Finance + Risk Management
Reasons: regulatory burden should make for more opps, but economy is unstable, so they cancel each other out in terms of hiring.
Results: employer reluctance when it comes to signing off on new recruits.
Recruitment opps:
*Accounting and Finance - knowledge of local regulations and connections with regulators highly sought after. 15-20% salary increase on average while 30% for financial control and reporting people; highest salary goes to Financial Control/Reporting Director (RMB 70K+ per month).
*Risk management- asset management, leasing and PE firms want more risk professionals; salaries for junior-level professionals not changing much but senior level should see 20% growth; highest salary goes to Legal Director (RMB 85K-150K per month).
Booming sector, tough job market: Private Equity + Financial Leasing
Reasons: China's twelfth Five-year Development Plan is favoring this area - it specifically states that the financial leasing industry will be further developed and the Ministry of Commerce and the National Development and Reform Commission are revising regulations accordingly to support it; meanwhile, investment banking not doing well - giving more opportunities to PE.
Results: booming - and supposedly hiring, but the hiring actually slowed down in the second half of 2012 due to global economic uncertainty and capital market cooling down.
Recruitment opps:
*PE - lengthy interviews as usual, requirements being higher - asking for experience in local operations and M&A; salaries to remain the same in general; highest salary goes to PE Managing Director (RMB 120K-200K+ per month).
*Financial Leasing - mid--to-senior-level needs both global and local experience - tough one, hiring slowed down lately but still a 20% salary increase expected; highest salary goes to Project Management/Legal Compliance Director (RMB 55K+ per month).
Unstable sector, bleak job market: Corporate + Retail Banking + Banking Operations
Reasons: global economic recession affects everyone, but to make things worse for banks here, China doesn't have strong policies designed to support them int eh way they are doing for other sectors e.g. insurance, financial leasing, etc.
Results: business slowing down and headcount being frozen; focus on talent retention.
Recruitment opps:
*Corporate & Retail Banking - middle and front-office not hiring, but it's a different story if you have client resources in SOEs (state-owned enterprises] and MNCs - they want you; no big salary bump expected in general except for junior front-office professionals - a 15% increase expected; highest salary goes to Trade Finance/Marketing Director (RMB 60K-75K per month).
*Banking Operations - foreign banks not hiring, junior operational bankers wanted - to cut costs; product management functions are doing ok; highest salary winner: Treasury Operations Director (RMB 50K-100K per month).
No comments:
Post a Comment