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2018 Financial Services Front Office Salary Guide

Financial Services Front Office Salary Guide

14-02-2018
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The Tokyo front office salary guide includes salaries for front office professionals working in Financial Services, Asset Management and Corporate Banking.

Contents: Front Office Salaries in Financial Services | Front Office Salaries in Asset Management | Front Office Salaries in Corporate Banking

Front Office Salaries in Financial Services

  BASIC SALARIES (¥ MILLION PER ANNUM)
Role: Analyst Associate VP Director Managing Director
Fixed Income Sales 5 - 9 7 - 13 10 - 20 15 - 33 25 - 40
Fixed Income Trading 6 - 9 7 - 15 13 - 23 20 - 33 25 - 40
Equity Sales 6 - 8 7 - 13 10 - 22 15 - 33 25 - 40
Equity Trading 6 - 9 8 - 15 13 - 23 17 - 33 25 - 40
Equity Research 5 - 9 7 - 12 10 - 22 17 - 33 25 - 40
Derivative Structuring 6 - 9 10 - 13 13 - 22 18 - 32 25 - 40
FX / Commodities 6 - 9 7 - 13 12 - 20 18 - 30 25 - 35
IBD Coverage Banking 6 - 11 8 - 12 15 - 22 20 - 30 30 - 35
ECM / DCM 5 - 10 8 - 12 13 - 20 20 - 30 30 - 35
M&A Product Specialist 6 - 10 8 - 12 13 - 22 22 - 33 30 - 40
Structured Finance / Securitisation 5 - 9 7- 10 13 - 22 20 - 25 20 - 35
Private Equity 7 - 10 10 - 15 13 - 18 18 - 25 20 - 40
 

Commentary on Financial Services Front Office Roles and Remuneration in Tokyo for 2018

A volatile global economy as well as domestic economic trends affected hiring among Investment Banks. Many investment banks employed a cautious approach to their hiring strategies in 2017.

There was consistent hiring in investment banking ( mainly M&A ) and capital markets ( mainly DCM ). Sales & trading hiring was kept to replacements, upgrades as well as limited strategic growth hires.
 
Overall, compensation levels have remained relatively stable and we anticipate much the same in 2018. Stronger results in the second half of 2017 indicates a more optimistic job market for the year ahead.
 
Yoshiki Kumazawa
Senior Manager | Financial Services Front Office Recruitment

Front Office Salaries in Asset Management

  Basic Salaries (¥ Million Per Annum)
Role: Analyst /
Non-Officer
Associate /
AVP
VP /
Senior Manager
SVP /
Director
Director /
ED/MD
FRONT OFFICE
Toshin Sales (ITM Sales) 7 - 8.2 7.5 - 11 12 - 24 15 - 24 15 - 40
Institutional Sales
(pension & Financial Institutions)
7 - 9 7.8 - 11 11 - 22 15 - 28 15 - 40
Fund Manager 7 - 9 8 - 11 11 - 24 15 - 26 16 - 25
Research Analyst 7 - 9 8 - 12 10 - 18 12 - 18 18 - 26
MIDDLE OFFICE
Product Management
Sub-Delegated FM
6.5 - 7.5 7 - 10 11 - 15 12 - 18 18+
Product Development 7 - 8 8 - 11 12 - 16 14 - 16 17 - 36
Trader 7 - 8 7 - 10 11 - 15.5 12 - 18 14 - 18
 

Commentary on Financial Services Front Office in Asset Management Roles and Remuneration in Tokyo for 2018

Although the situation for the global economy was volatile in 2017 for various reasons, the overall stock market was very strong and many major institutional investors were open to alternative investment  products including private assets.  We saw an  increase in demand  for the following front office functions

  1. Mutual Fund sales (Third party distribution sales)
  2. Financial Institutions sales (major ones) as well as pension sales 
  3. Product Managers (Product Specialists) for alternative products as well as fixed income products

Tsuguo Kohno
Director | Asset Management, Private Banking 

Front Office Salaries in Corporate Banking

  BASIC SALARIES (¥ MILLION PER ANNUM)
Role: Analyst Associate VP Director Managing Director
Corporate Banking Relationship Managers 5 - 9 9 - 11 10 - 15 17 - 22 25 - 35
Transaction Banking (Cash Management & Trade Finance) 6 - 9 8 - 12 11 - 17 15 - 22 25 - 35
Structured & Project Finance 6 - 8 8 - 12 11 - 17 15 - 22 25 - 35
 

Commentary on Front Office in Corporate Banking in Tokyo for 2018

Demand in 2017  tended to focus on key areas such as corporate finance / hybrid banking , proactive cash/trade Solution sales, e-banking & fintech.The trend looks set to continue into 2018. 

The overarching trend in 2017 was the majority of the global banks have  progressively looked to  give up on the full fledged commercial banking banking model. The focus was  less on mid and long term financing products (e.g. ECA and Project Finance ) and shifted towards a more hybrid banking approach.  They have looked to prioritise both global markets, M&A advisory and DCM together with the standard loan products and transaction banking (Cash and Trade ) in a bid to create quicker revenue generating opportunities . 

 As a result banks have looked to bolster these functions and have hired in professionals with commercial banking, consulting , DCM / M&A and corporate finance backgrounds. The majority of the hiring has taken place at a  junior to mid-career level.

In transaction banking, US, ASEAN and European organisations have looked to hire both junior and senior level individuals to  strengthen their businesses in Cash Management, whilst enhancing both large corporate client coverage, as well as MNC.  For the trade finance business, the sector appears to be quite stable with little hiring activity, as many international players are reluctant to strengthen these divisions with the imminent introduction of the Basel IV regulations.

Natale Marco Cottitto
Manager | Corporate Banking & Financial Services
 

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