If you’re thinking of looking for a new banking job in Hong Kong in early 2019, it’s first worth considering whether your efforts will be worthwhile. If there are a lot of other people searching for work in your field, now may not be the best time to enter the job market.
To help you decide whether to job hunt or not, we compared the amount of Hong Kong-based vacancies on our site with the number of local CVs on our database across the same 18 finance job functions. We restricted the resumes to those updated within the past year, indicating that they belong to people actually interested in finding new jobs.
The results, shown in the chart below, aren’t perfect. For example, they refer to expansive job sectors rather than narrow ones (‘equities’ includes roles in research, sales and trading). But they are broadly indicative of supply and demand in the Hong Kong job market right now.
What are the easiest banking jobs to get in Hong Kong?
If you’re in one of the sectors towards the top of the chart, your job search could be fairly straightforward because you will, in theory, face the least competition from other candidates. If you’re at the bottom, you might want to stick in your current position.
Risk management professionals will have the ‘easiest’ time finding a new job in Hong Kong – there are just two Hong Kong-based candidates on our database for every available local vacancy on eFinancialCareers. As we’ve previously reported, demand in risk has stayed strong (especially in conduct and operational risk), even as hiring in compliance has slumped over the past two years in Hong Kong.
Among front-office-dominated sectors, the job market in private banking remains buoyant. Private banks in Hong Kong are struggling to hire enough relationship managers to serve the increasing numbers of millionaires and billionaires in Greater China. It’s not only the likes of UBS, Credit Suisse and HSBC that are recruiting; boutiques such as LGT, VP Bank, EFG, and Safra Sarasin are regularly trying to poach RMs. Our chart shows that there are only three CVs for every private banking vacancy.
The bottom of our list demonstrates the impact of recent redundancies in banking, which have reduced vacancies and increased the number of unemployed candidates. Commodities and FX – two sectors particularly affected by job losses at global banks – have high ratios of 9 and 19 respectively.
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Image credit: Martin Barraud, Getty