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2018 Financial Services Front Office Salary Guide

Written by Sandeep Mohanan
Jan 22, 2018
Submitted by Sandeep Mohanan on Mon, 01/22/2018 - 05:17

Hong Kong front office salaries in asset management, hedge funds, investment banking & capital markets, equity research, corporate, commercial and private banking.

Contents: Investment Banking & Capital Markets Salaries | Corporate Banking Salaries | Private Banking Salaries | Asset Management Salaries | Hedge Funds Salaries | Commentary on Front Office Salaries in 2018

Investment Banking & Capital Markets Salaries
Corporate Finance Salaries (HKD per month) Sales & Trading Salaries (HKD per month)
Analyst 1 30k - 70k Sales - Institutional - Analyst 40k - 60k
Analyst 2 40k - 80k Sales - Institutional - Associate 50k - 70k
Analyst 3 50k - 90k Sales - Institutional - VP 130k - 160k
Associate 1 60k - 115k Sales - Corporates - Analyst 40k - 60k
Associate 2 70k - 130k Sales - Corporates - Associate 50k - 70k
Associate 3 80k - 145k Sales - Corporates - VP 130k - 160k
VP 100k - 185k Trader - Analyst 40k - 60k
Director 150k - 225k Trader - Associate 80k - 120k
Managing Director 190k - 290k Trader - VP 130k - 160k
Equity Research Salaries (HKD per month)
Research Associate 50k - 120k Supervisory Analyst 100k - 180k
Research Vice President 120k - 180k Head of Product 150k - 200k
Research Director 150k - 230k * *
Research MD 180k+ * *

* Roles do not typically exist at these levels

Corporate Banking Salaries
Corporate Banking - Product Specialist Salaries
(HKD per month)
Project Finance Salaries Commodity & Trade Finance Salaries Structured Finance Salaries
Analyst 35k - 55k 35k - 55k 35k - 55k
Associate 60k - 70k 60k - 70k 60k - 70k
AVP 70k - 85k 70k - 85k 70k - 85k
VP 90k - 120k 90k - 120k 90k - 120k
SVP / Team Head / Director 130k+ 130k+ 130k+
Commercial Banking Relationship Management Salaries
(HKD per month)
Corporate Banking Relationship Management Salaries
(HKD per month)
Associate 20k - 30k Associate 30k - 40k
AVP 30k - 40k AVP 40k - 50k
VP 40k - 65k VP 50k - 80k
SVP / Team Head / Director 65k - 85k SVP / Team Head / Director 80k - 120k
Private Banking Salaries
(HKD per month)          
Role Associate Associate Director / VP Director Executive Director MD
Private Banker 50k - 60k 60k - 100k 110k - 125k 130k - 150k 160k+
Fund / Portfolio Manager 40k - 50k 50k - 80k 80k - 120k 130k - 150k 150k+
Investment Advisor / Consultant 35k - 50k 60k - 100k 100k - 120k 125k - 150k 150k+
Product Specialist 35k - 50k 50k - 70k 80k - 125k 125k - 150k 150k+
Trade / Dealer 30k - 50k 50k - 80k 80k - 100k 100k - 130k 130k+
Business Management 35k - 45k 50k - 80k 80k - 120k 130k - 150k 150k+
Assistant Relationship Manager 30k - 50k 50k - 80k * * *
Product Development / Management 35k - 45k 50k - 70k 80k - 100k 100k - 120k 130k+

* Roles do not typically exist at these levels

Asset Management Salaries
(HKD per month)          
Role Analyst Associate / AVP VP / Senior Manager SVP / Director MD
Fund Manager * * 70k - 95k 120k - 200k 250k+
Research Analyst 30k - 45k 45k - 60k 63k - 83k 92k - 150k 180k+
Retail / Institutional Marketing 15k - 25k 25k - 45k 45k - 65k 65k - 90k 150k+
RFP Writer / Investment Writer 20k - 30k 30k - 45k 50k - 70k 70k - 100k 100k+
Performance Analyst 20k - 30k 40k - 50k 50k - 85k 100k - 120k *
Retail / Intermediary Sales 25k - 50k 35k - 80k 60k - 120k 80k - 150k 150k+
Institutional Sales 25k - 50k 35k - 80k 60k - 150k 100k - 200k 200k+
Client Relationship /
Account Management
17k - 25k 25k - 45k 45k - 70k 70k - 100k 100k+
Execution Trader / Dealer 20k - 30k 30k - 50k 50k - 70k 70k - 120k 150k+
Product Development / Management 20k - 30k 30k - 50k 50k - 70k 70k - 150k 100k+
Product Specialist 30k - 45k 45k - 65k 65k - 92k 95k - 150k 200k+

* Roles do not typically exist at these levels

Hedge Funds Salaries
(HKD per month)          
Role Analyst AVP VP / Senior Manager SVP / Director Senior Director
Fund / Portfolio Manager * * 70k - 100k 120k - 200k 250k+
Investment Analyst 30k - 48k 48k - 70k 70k - 120k 110k - 150k 150k+
Economist / Investment Strategist 30k - 45k 45k - 65k 70k - 120k 110k - 170k 200k+
Portfolio Construction 35k - 45k 40k - 55k 60k - 65k 70k - 85k 90k - 115k
Trader 20k - 45k 40k - 65k 70k - 100k 90k - 165k 180k+
Investor Relations 25k - 35k 35k - 50k 65k - 100k 92k - 170k 200k+
Private Equity 35k - 60k 70k - 145k 130k - 185k 160k - 225k 110k - 210k
Commentary on Front Office Roles and Remuneration

2018 promises more growth in private banking than we have seen in recent years and looks likely to be a thriving market. Hong Kong wealth has been increasing with continued Chinese investments driving relationship manager (RM) hires in Hong Kong to manage the incoming trades. Indicative of growth in the sector is the shift towards geographic roles for China coverage, with managers covering regions like Guangdong in order to facilitate the establishment and strengthening of investment relationships in Shenzhen and Guangzhou. This expansion into the Greater China region can be seen across all the big players and some small players too. We therefore expect many roles for both senior and junior relationship managers with proven client knowledge gained within premium banking and corporate banking fields.

Salaries can depend on the relationships the RMs bring with them, but candidates can expect increments of 10 - 15% for junior roles and 15 - 20% for senior roles, for moves that can take around six months for completion.

Investment banking covering corporate finance, M&A, debt capital markets and equity capital markets within foreign banks are seeing a comeback with more hiring. Chinese clients with overseas investments are currently hiring candidates with cross border M&A experience, though it is expected that hiring may be quieter for Chinese banks next year as focus shifts to DCM and ECM hiring. 15% salary increments can be expected for moves.

Asset management suffered a bad year in 2016 with low fund performance. 2017 saw the market rebound and a comeback in hiring of sales forces in Hong Kong and China. Into 2018, both foreign and Chinese firms are currently looking at selective hiring for replacement or for specific talents and skills. Overall Hong Kong salaries are diversified, but candidates moving externally can expect 10-15% salary increments or up to 20% for senior hires and those with a strong background in analytics. Those moving from Chinese to foreign banks can expect up to 30% increments.

Corporate banking is set to be the hottest hiring area in Hong Kong due to exponential growth in China. China corporations have already started the process of hiring more RMs to facilitate investments, and all international and Chinese banks are in an aggressive hiring mode. The merging of investment and corporate banking with the aim of building retail corporate banking is set to create a growth engine for banks. With a need for 5 to 10 times the current corporate banking workforce, the focus throughout 2018 will be on talent acquisition. Junior RM candidates can expect 10-15% salary increments for external moves, while senior RMs can attain 15-20% salary increments.