Compliance jobs have been in demand in Hong Kong for several years as banks – HSBC and Standard Chartered chief among them – hired more staff to help tackle a growing global and local regulatory burden.
Over the last 12 month, however, vacancy levels have started to fall, say recruiters. Banks are investing more in regulatory technology and are finally reaching their required headcounts in compliance.
Still, compliance professionals in Hong Kong can move jobs with comparative ease in 2017 – and pick up large pay rises. Banks may not be expanding in the function, but they continue to hire new compliance employees to replace people who leave.
If you work in compliance, how do you know whether your Hong Kong salary remains competitive?
We’ve averaged out the latest Hong Kong salary surveys from five recruitment agencies across four compliance functions to produce the first 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 provide a large salary, try anti-money laundering. The function is the best paid from VP-level onwards and AML candidates are also enjoying the largest salary rises.
“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.”
Compliance bonuses have also been rising in Hong Kong in recent years. Directors can now earn bonuses equivalent to 50% of their base salaries, as the second table below (which applies across all compliance functions) shows.
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