2018 Financial Services Front Office Salary Guide

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.