The risk management job market in Hong Kong remains comparatively buoyant, fulled by risk professionals moving between banks about every two years. Banks are also adding new headcount, particularly in operational risk.
But if you work in the function, how do you know whether your Hong Kong risk salary is still competitive?
We’ve averaged out Hong Kong salary surveys from five recruitment agencies across credit, market and operational risk to produce the table below, which shows base pay from analyst to director level.
If you want your Hong Kong risk salary to rise rapidly in the near future, work in operational risk. Pay increases for people changing companies average between 20% and 25%, say recruiters.
“Operational risk is experiencing the most upward pay pressure in Hong Kong because of new regulatory requirements around reporting, trade capturing and cyber security, which are creating a lot of new jobs in this area,” says Clara Shing, manager of financial services risk and products at recruiters Robert Walters in Hong Kong.
“In operational risk ensuring that risk frameworks meet regulatory changes is a priority for many smaller banks,” adds Jack Leung, a business director at recruitment agency Hays in Hong Kong. “But demand is still high at the large banks too, so pay is being pushed up as small firms try to attract candidates from bigger competitors.”
By contrast, market risk job seekers are receiving pay increases of 'only' 10% to 15%. Demand for candidates in Hong Kong has peaked, says Shing. “They’re getting lower increments as trading activities have been scaled back, so there’s limited new headcount in market risk.”
In credit risk you can expect a 15% to 20% pay rise if you move to a new bank. “Credit risk has seen a steady flow of openings throughout the year in Hong Kong,” says Leung. “But it’s still an employer-driven job market. Banks are willing to take their time when recruiting and are offering more conventional increments."
Most banks in Hong Kong pay bonuses of between 25% and 30% of salary at all seniority levels, adds Leung.
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