The only seven Hong Kong banking jobs where analysts get pay rises

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Pay rises

Are you about to graduate in Hong Kong and are you wanting to go into a banking job function in which junior salaries are rising, not stagnating? You choices are limited.

We looked through the recent Hong Kong salary survey from recruiters Robert Walters to find out how 2017 base salaries (averaged out between low and high pay marks) compare with 2016 ones for people with up to four years’ experience (i.e. analysts).

Of the 23 (non-technology) banking jobs surveyed at this level, only seven registered any year-on-year pay rise.

However, three front-office functions – ECM, DCM and M&A – make the cut. China investment banking revenue hit a record high of $8.8bn in 2016, up 26% from the previous year, according to Dealogic.

The large salaries rises in ECM and DCM (19% and 17% respectively) were largely driven by Chinese banks stepping up their junior hiring in Hong Kong, says headhunters. Led by CITIC Securities, China Securities and CICC, mainland firms take all the top-10 positions for 2016 China investment banking revenue.

Western banks in Hong Kong, though, have still maintained their graduate hiring numbers and have not reduced junior compensation. Recent redundancies have targeted senior roles.

You will enjoy healthy pay rises during your analyst-level years in a client onboarding job. A shortage of candidates and continued hiring on the back of an increasing regulatory burden and are pushing up junior pay in the function.

Change management roles have been in demand for about two years in Hong Kong as global banks such as HSBC and Standard Chartered restructure their local operations. While it’s difficult to get a change management job as a graduate, you can expect good salary increases (currently 14%) in your first few years.

As we reported in February, banks in Hong Kong continue to grow their internal audit teams. Young auditors can enjoy salary rises of 5% on average, according to our year-on-year salary survey comparison.

Image credit: baona, Getty

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