What finance and accounting staff really earn at Hong Kong banks in 2017

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Accounting salaries Hong Kong

If you’re a banking sector accountant in Hong Kong looking for a new job or promotion, it’s useful to know what sort of salary you should be aiming for.

We’ve reviewed 2017 pay surveys from three recruitment agencies in Hong Kong across six key accounting functions within global investment banks: financial control, internal audit, management reporting, product control, regulatory reporting, and tax.

We’ve then averaged out the numbers to produce the salary table below, which covers five seniority ranks from analyst to director.

Of the six accounting-related jobs, internal audit is the best to work in if you want a high senior salary across all levels. VPs earn HK$1,388k (US$178k) a year on average and directors take home HK$1,620k (US$208k).

The internal audit function is still experiencing strong hiring coupled with skill shortages, Sharad Chawla, former APAC head of audit for J.P. Morgan, told us earlier this year.

“A lot of banks are expanding their audit teams to include more subject-matter experts – experienced internal auditors or professionals from other business units with specific expertise in a certain product,” says Paula King, chief operating officer, Hong Kong, at recruiters Ambition. “Salary increments for changing jobs in audit in Hong Kong are typically 18% to 30%.”

Average regulatory reporting salaries are comparatively low at the senior end, but the gap may be bridged over the next few years.

King says 15% to 25% increases are already on offer if you move banks. “Most of the banks are increasing headcount to their HKMA regulatory reporting teams to support the tightening reporting requirements,” she adds.

Image credit: South_agency, Getty

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