2016 Finance & Accounting Salary Guide

David Yung 18.01.2016

Chartered Public Accountant and Association of Chartered Certified Accountants qualifications are essential. Chartered Institution of Management Accountants, Chartered Financial Analyst and Six Sigma qualifications are also valued.

Commerce & Industry

Competition amongst professionals remains strong, as employers have higher expectations on skillsets and qualifications. Chartered Public Accountant and Association of Chartered Certified Accountants qualifications are essential. Chartered Institution of Management Accountants, Chartered Financial Analyst and Six Sigma qualifications are also valued. The global economy has affected the market; however, the mood is quite optimistic going in to 2016. 

There has been a decrease in hiring for senior finance positions, and the majority of demand has been at the middle management level. Many multinational corporations are relocating senior finance positions away from Hong Kong to places such as Shanghai and Singapore. 

There is a good gender balance across accounting and finance within commerce and industry (C&I), and increasing numbers of women are occupying senior positions. However, the majority of hires are locals, as Chinese language skills and regional market knowledge are essential. 

There are opportunities for Hong Kong professionals to take up international roles; however, it is not the norm. Some companies do look for local talent that they can train up and then relocate overseas to take up financial controller positions. 

The majority of hiring within C&I accounting and finance has been for permanent positions. Contract roles are mainly for maternity leave coverage or for companies that do not have headcount for a permanent role but still require extra manpower to ease the workload. Hong Kong professionals tend to be conservative in their approach to contract roles and prefer the stability of a permanent position. 

In 2016, internal salary increments are expected to be between 3%-5%, in line with inflation. For external moves, salary increases should be around 10%-15%.

Role: Accountant Senior Manager Sr. Manager
BASIC SALARIES (HK$ PER MONTH)
Internal Audit $25k - $35k $35k - $50k $50k - $70k $70k - $100k
Treasury $20k - $35k $35k - $45k $45k - $70k $70k - $100k
Tax $20k - $35k $35k - $45k $45k - $80k $80k - $100k
Cost Accounting $20k - $30k $30k - $45k $45k - $60k $60k - $75k
Management Accounting $20k - $35k $35k - $45k $45k - $60k $60k - $80k
Financial Accounting $15k - $25k $25k - $35k $35k - $55k $55k - $75k
Financial Analyst $20k - $35k $35k - $45k $45k - $65k $65k - $85k
Finance Manager - - $45k - $65k $65k - $85k
Financial Controller - - $55k - $85k $85k - $100k
Finance Director - - $65k - $100k $80k - $120k
Chief Financial Officer - - - $90k - $150k+

 

Financial Services

New regulatory requirements continue to affect the Hong Kong market, and professionals with the necessary regulatory knowledge and experience are highly sought-after.

Overall, there is a good gender balance in banking finance. There tends to be more females in financial reporting, as the steady nature of these roles often works well for women who have young children and want a better work/life balance. Whilst men dominate senior positions, this is changing, and we are seeing more women heading up teams. 

There is an abundance of local talent in Hong Kong, and most companies prefer to hire locals due to cost. However, in areas such as fixed income, where there is a shortage of professionals, companies will recruit from overseas. 

There is not much international mobility for Hong Kong’s banking finance professionals, especially at the junior level. However, multinational firms can offer opportunities for international relocation.  

The majority of roles in banking and finance are permanent. However, the number of contract positions has increased, and many banks prefer to hire people on a contract-to-permanent basis. There is the mentality of ‘try before you buy’. Whilst Hong Kong professionals typically prefer the stability of a permanent job, this mentality is shifting and they are more open to contract roles than ever before. 

For some contract positions banks will pay a premium to attract the right professionals. Often banks will pay a higher salary for contractors, as they typically receive fewer benefits, such as healthcare and annual leave.

Internal salary increments will be between 4-8%, and for external moves approximately 15%. However, professionals that are significantly underpaid may see an increment of more than 20% to get them the market rate. 

Traditionally, local banks have had lower salaries, but increasingly, they are trying to compete with the international banks.

Permanent

Role: Analyst Associate/AVP VP Director
BASIC SALARIES (HK$ PER MONTH)
Product Control $28k - $45k $45k - $75k $90 - $115k 130K+
Financial Control $25k - $38k $45k - $70k $75k - $100k 120K+
Valuations $30k - $40k $40k - $75k $80k - $110k 120K+
Management Reporting $25k - $42k $40k - $65k $70k - $95k 110K+
Financial Reporting $25k - $45k $45k - $65k $75k - $100k 110K+
Internal Audit $24k - $40k $45k - $75k $90k - $120k 135K+

Contract

Role: Analyst Associate/AVP VP Director
BASIC SALARIES (HK$ PER MONTH)
Product Control $28k - $42k $45k - $75k $70k - $110k 120K+
Financial Control $25k - $38k $45k - $70k $55k - $80k 100K+
Valuations $30k - $40k $40k - $75k $62k - $110k 120K+
Management Reporting $25k - $40k $40k - $65k $70k - $95k 100K+
Financial Reporting $25k - $45k $45k - $60k $70k - $90k 100K+
Internal Audit $24k - $40k $45k - $75k $70k - $110k 125K+
David Yung's picture
Senior Manager | Accounting & Finance Recruitment
dyung@morganmckinley.com.hk

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