A new salary survey points to high pay for risk and compliance workers in Sydney, compared to Hong Kong and Singapore.
The annual salary survey from recruitment firm Robert Walters underscores the relatively high pay received by financial services staff working in Sydney.
Sydney-based credit analysts earn an average of US$81k (A$110k), and senior compliance staff in the country are on US$88.5k or more. Not bad, considering housing costs in Australia remain relatively low and Bondi Beach is a short drive from the financial district.
By comparison, at US$37k, average salaries for Singaporean credit risk analysts with more than five years’ experience are just 52% of comparable credit risk salaries in Hong Kong, according to the survey. Similarly, after five years Singapore’s financial services compliance specialists earn salaries of US$46.2k, equivalent to only 64% of compliance salaries in Hong Kong.
Robert Walters, chief executive of the eponymous recruiter, says Singapore salaries are unlikely to catch up with pay in Hong Kong. “The cost of living is a lot less in Singapore,” he says. “And it’s generally seen as a much more pleasant place to live – families are prepared to accept lower pay in order to live there.”