Taiwan Salary Survey & Guide 2016
Taiwan Salary Survey & Guide 2016
www.aquissearch.com
INTRODUCTION Aquis Search is pleased to present our annual 2016 Salary Survey & Guide for the Taiwanese recruitment market in corporate governance. This survey provides an overview of current compensation levels and offers insight into how we see the market shaping up over the coming year. Our information has been researched and collated with the help of our clients and candidates in addition to our working knowledge of the market. As with all surveys these represent mainstream views, and we recognise there will be individual situations that fall outside of the data published. This survey is therefore a guide to the general movement in the sectors we recruit in. Please contact us for further information.
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
2
Market Overview Taiwan remains a buoyant recruitment market for corporate governance roles. We are seeing a steady rise in demand for quality candidates, but witnessing a shortfall of skills required as the candidate pool is not developing the necessary skillsets fast enough to keep pace with demand.
Financial Services Generally the financial services sector has been steady and we have seen a significant increase in recruitment for risk, compliance and audit roles, in particular senior hiring in legal and compliance functions. Local Taiwanese regulatory changes and the continued tightening of international regulatory legislation, have continued to create demand for compliance and AML professionals. Salary increases were around 18 - 22% in 2015 and are expected to rise in 2016. The shortage of manager level talent means salaries will be more competitive and it is likely that professionals who move externally will receive multiple job offers, further increasing pressure on salaries. In order to secure the best talent in a competitive market hiring managers will need to focus on a broader range of benefits and career opportunities, rather than solely relying on company reputation. We anticipate roles in compliance and KYC for project or change management positions will be a growth area. In internal audit companies want professionals with ‘’Big 4” experience and with knowledge of international finance, particularly those capable of engaging with stakeholders.
FRONT OFFICE
ANNUAL SALARY RANGES (TWD) 1- 4 YEARS
5 -8 YEARS
10+ YEARS
Realtionship Manager Corporate Banking
750K - 800K
850K - 1.2M
1.2M - 1.65M
Relationship Manager Financial Services
800K - 850K
800K - 1.3M
1.3M - 2.0M
Relationship Manager Retail Banking
600K- 700K
700K - 1.1M
1.1M - 1.5M
Transaction Banking Sales
750K - 800K
800K - 1.2M
1.3M - 2.0M
Treasury Sales
900K - 1.0M
1.0M - 1.4M
1.3M - 2.1M
ANNUAL SALARY RANGES (TWD) MIDDLE OFFICE
1- 4 YEARS
5 -8 YEARS
10+ YEARS
Risk
750K - 800K
800K -1.1M
1.5M+
Product Manager/ Profile Manager
700K - 750K
900K -1.2M
1.5M+
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
3
ANNUAL SALARY RANGES (TWD) BACK OFFICE
1- 4 YEARS
5 -8 YEARS
10+ YEARS
Legal
750K - 800K
750K - 1.2M
1.2M - 1.5M
Compliance
800K - 850K
880K - 1.5M
1.6M - 2.3M
AML/ Financial Crime Compliance
600K - 700K
650K - 1.4M
1.5M - 2.5M
KYC/ CDD/ Operation Risk
800K - 900K
900K - 1.2M
1.3M - 2.5M
Internal Audit
550K - 650K
700K - 1.3M
1.2M - 1.8M
Operations
550K - 600K
700K - 800K
1.0M - 1.3M
Client Service
550K - 650K
600K - 1.0M
1.1M - 1.5M
ASSET MANAGEMENT
ANNUAL SALARY RANGES (TWD) 1- 4 YEARS
5 -8 YEARS
10+ YEARS
Legal
900K - 1.0M
1.0M - 1.5M
1.5M - 2.0M
Compliance
1.0M - 1.1M
1.3M - 2.0M
1.8M - 2.5M
AML / Financial Crime Compliance
1.0M - 1.2M
1.3M - 1.85M
1.8M - 2.2M
KYC / CDD / Operation Risk
1.0M - 1.1M
1.2M - 1.5M
1.5M - 2.0M
Internal Audit
900K - 1.0M
1.1M -1.3M
1.2M - 1.6M
Operations
800K - 950K
900K - 1.2M
1.2M - 1.8M
Client Service
800K - 900K
1.0M -1.1M
1.1M - 1.4M
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
4
Commerce Early indications show many accounting teams within the commerce sector are struggling with changing economic conditions in the first quarter of 2016. Reduced recruitment budgets have meant that hiring managers resorted to fixed term and temporary contractor roles over permanent positons. This enables teams to maintain their capabilities and to hire more quickly while using their budgets in a flexible way. Hiring will focus mainly on replacement roles in most commerce sectors. The priority for business in 2016 will be to hire professionals with international experience who can manage complex projects and act as trusted business partners. In particular, companies will seek candidates with strong technical management and communication skills. Finance professionals with project management experience will be in strong demand. Audit professionals with a global mindset will also be high on the recruitment agenda. Hiring managers will need to pay a premium for quality talent, and should minimise delays in the recruitment process where possible as candidates are look elsewhere if they don’t receive offers quickly. We are likely to see salary increases of 10-15% across the board for movers in 2016.
ANNUAL SALARY RANGES (TWD) COMMERCE FINANCE
HI-TECH & MANUFACTURING
FMCG & RETAIL
PHARMACEUTICAL
CFO
2.7M - 3.3M
2.5M - 3.0M
2.7M - 3.5M
Finance Director
2.2M - 2.5M
2.0M - 2.5M
2.2M - 2.8M
Controller
2.0M - 2.5M
2.0M - 2.2M
2.0M - 2.5M
Finance Manager
1.4M - 1.6M
1.2M - 1.5M
1.2M - 1.5M
Accounting Manager
1.1M - 1.5M
1.1M - 1.5M
1.1M - 1.5M
Tax Manager
1.1M - 1.6M
1.1M - 1.3M
1.1M - 1.6M
Audit Manager
900K - 1.1M
800K - 1.1M
900K - 1.2M
Reporting Manager
900K - 1.25M
900K - 1.25M
900K - 1.25M
Controlling Manager
1.1M - 1.3M
1.1M - 1.3M
1.3M - 1.6M
Accountant
700K -1.0M
700K -1.0M
700K -1.0M
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
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CONTACTS Betty Wu Associate Director Legal, Risk & Compliance, Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Betty is an Associate Director based in Taipei, specialising in the recruitment of corporate governance professionals into the financial services and commerce markets. She has successfully closed assignments in legal, compliance, internal auditor, risk and finance and accounting. Betty has over a decade of work experience initially within the human resources function in the banking sector before moving into recruitment. She has worked across the financial services markets including banking, securities and asset management markets. She has also worked extensively across other industries including FMCG, retail, pharmaceutical and technology placing finance and accounting professionals at all levels. Betty has a Bachelor’s degree in Political Science and a Bachelor’s degree in Japanese and Literature from Soochow University, Taipei. Betty is CFA and Senior Brokerage Licensed. She speaks fluent English, Japanese and Mandarin.
Max Lin Senior Consultant Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Max is a Senior Consultant responsible for finance, accounting, tax and audit roles, based in Taipei. Max specialises in recruiting mid to senior level finance professionals in various industries including banking, retail, FMCG, pharmaceutical, and numerous Taiwan listed companies. Previously, Max worked with an international recruiting firm as a consultant in finance, where he developed extensive networks and successfully delivered staff for roles including financial analyst, auditor, senior accountant, accounting manager, head of finance and chief financial officer. Max has a Bachelor’s degree in Public Administration from Tamkang University, Taipei. He also completed courses at Winona State University, Minnesota, USA. He speaks Mandarin and English.
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
6
CONTACTS Roy Lee Senior Consultant Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Roy is a Senior Consultant based in Taipei recruiting professionals across front, middle and back office roles in the financial services industry and has strong connections within the asset management, banking and securities markets. Specific functions include product management, investment, treasury, legal & compliance, internal audit, and FP&A and tax accountants. In addition he recruits middle and back office roles including audit and accounting roles across other industries including healthcare, technology and pharmaceutical. Roy previously worked for a leading banking search firm where he managed a team of recruiters. Whilst working with US and European clients based in the region he built up strong relationships with country heads and key resourcing professionals within many of Taiwan’s leading employers. Roy has a Bachelor’s degree from Fu-Jen Catholic University and is a native Mandarin and fluent English speaker.
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
7
About Aquis Search Aquis Search is a regional leader for Corporate Governance and Control functions recruitment covering roles in finance, human resources & corporate services, legal, risk and compliance. We operate from offices in Beijing, Hong Kong, Shanghai, Singapore and Mumbai handling search assignments in numerous Asian countries. Our clients are members of a global network of prestigious financial institutions, leading UK & US law firms and many of the largest companies within the Fortune 500. Professional integrity is thekey value on which our client relationships are built and the majority of our business is the result of personal referral. This is testament to the high level of professionalism for which we areknown.
For further information please contact Aquis Search below or to email [email protected]
Beijing Room 68, China Life – West, 5/F, China Life Tower, No.16 Chaowai Street, Chaoyang district, Beijing 100020 +86 10 5356 9256
Delhi Suite 422, Level 4, Rectangle 1, Commercial Complex D-4, Saket, New Delhi-110017, India +91 11 4553 8909
Hongkong 19/F,kailey Tower, 16 Stanley Street, Central, Hongkong +852 2537 0333
Mumbai 1012, Level 1, Regus Bandrakurla Complex, Trade Center, Bandra, Mumbai - 400051 +91 22 4005 8384
Shanghai Unit B21, 22/F, Tower 3, Jing Ankerry Centre, 1228 Middle Yan’an Road, Shanghai, China 200040 +86 21 3319 1977
Singapore 11/F Straits Trading Building, 9 Battery Road, Singapore 049910 +65 3157 9393
Taipei 8F., No.367, Fuxing N. Rd., Songshan Dist, Taipei City 105 Taiwan +886 2 7732 5778
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
8
www.aquissearch.com
INTRODUCTION Aquis Search is pleased to present our annual 2016 Salary Survey & Guide for the Taiwanese recruitment market in corporate governance. This survey provides an overview of current compensation levels and offers insight into how we see the market shaping up over the coming year. Our information has been researched and collated with the help of our clients and candidates in addition to our working knowledge of the market. As with all surveys these represent mainstream views, and we recognise there will be individual situations that fall outside of the data published. This survey is therefore a guide to the general movement in the sectors we recruit in. Please contact us for further information.
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
2
Market Overview Taiwan remains a buoyant recruitment market for corporate governance roles. We are seeing a steady rise in demand for quality candidates, but witnessing a shortfall of skills required as the candidate pool is not developing the necessary skillsets fast enough to keep pace with demand.
Financial Services Generally the financial services sector has been steady and we have seen a significant increase in recruitment for risk, compliance and audit roles, in particular senior hiring in legal and compliance functions. Local Taiwanese regulatory changes and the continued tightening of international regulatory legislation, have continued to create demand for compliance and AML professionals. Salary increases were around 18 - 22% in 2015 and are expected to rise in 2016. The shortage of manager level talent means salaries will be more competitive and it is likely that professionals who move externally will receive multiple job offers, further increasing pressure on salaries. In order to secure the best talent in a competitive market hiring managers will need to focus on a broader range of benefits and career opportunities, rather than solely relying on company reputation. We anticipate roles in compliance and KYC for project or change management positions will be a growth area. In internal audit companies want professionals with ‘’Big 4” experience and with knowledge of international finance, particularly those capable of engaging with stakeholders.
FRONT OFFICE
ANNUAL SALARY RANGES (TWD) 1- 4 YEARS
5 -8 YEARS
10+ YEARS
Realtionship Manager Corporate Banking
750K - 800K
850K - 1.2M
1.2M - 1.65M
Relationship Manager Financial Services
800K - 850K
800K - 1.3M
1.3M - 2.0M
Relationship Manager Retail Banking
600K- 700K
700K - 1.1M
1.1M - 1.5M
Transaction Banking Sales
750K - 800K
800K - 1.2M
1.3M - 2.0M
Treasury Sales
900K - 1.0M
1.0M - 1.4M
1.3M - 2.1M
ANNUAL SALARY RANGES (TWD) MIDDLE OFFICE
1- 4 YEARS
5 -8 YEARS
10+ YEARS
Risk
750K - 800K
800K -1.1M
1.5M+
Product Manager/ Profile Manager
700K - 750K
900K -1.2M
1.5M+
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
3
ANNUAL SALARY RANGES (TWD) BACK OFFICE
1- 4 YEARS
5 -8 YEARS
10+ YEARS
Legal
750K - 800K
750K - 1.2M
1.2M - 1.5M
Compliance
800K - 850K
880K - 1.5M
1.6M - 2.3M
AML/ Financial Crime Compliance
600K - 700K
650K - 1.4M
1.5M - 2.5M
KYC/ CDD/ Operation Risk
800K - 900K
900K - 1.2M
1.3M - 2.5M
Internal Audit
550K - 650K
700K - 1.3M
1.2M - 1.8M
Operations
550K - 600K
700K - 800K
1.0M - 1.3M
Client Service
550K - 650K
600K - 1.0M
1.1M - 1.5M
ASSET MANAGEMENT
ANNUAL SALARY RANGES (TWD) 1- 4 YEARS
5 -8 YEARS
10+ YEARS
Legal
900K - 1.0M
1.0M - 1.5M
1.5M - 2.0M
Compliance
1.0M - 1.1M
1.3M - 2.0M
1.8M - 2.5M
AML / Financial Crime Compliance
1.0M - 1.2M
1.3M - 1.85M
1.8M - 2.2M
KYC / CDD / Operation Risk
1.0M - 1.1M
1.2M - 1.5M
1.5M - 2.0M
Internal Audit
900K - 1.0M
1.1M -1.3M
1.2M - 1.6M
Operations
800K - 950K
900K - 1.2M
1.2M - 1.8M
Client Service
800K - 900K
1.0M -1.1M
1.1M - 1.4M
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
4
Commerce Early indications show many accounting teams within the commerce sector are struggling with changing economic conditions in the first quarter of 2016. Reduced recruitment budgets have meant that hiring managers resorted to fixed term and temporary contractor roles over permanent positons. This enables teams to maintain their capabilities and to hire more quickly while using their budgets in a flexible way. Hiring will focus mainly on replacement roles in most commerce sectors. The priority for business in 2016 will be to hire professionals with international experience who can manage complex projects and act as trusted business partners. In particular, companies will seek candidates with strong technical management and communication skills. Finance professionals with project management experience will be in strong demand. Audit professionals with a global mindset will also be high on the recruitment agenda. Hiring managers will need to pay a premium for quality talent, and should minimise delays in the recruitment process where possible as candidates are look elsewhere if they don’t receive offers quickly. We are likely to see salary increases of 10-15% across the board for movers in 2016.
ANNUAL SALARY RANGES (TWD) COMMERCE FINANCE
HI-TECH & MANUFACTURING
FMCG & RETAIL
PHARMACEUTICAL
CFO
2.7M - 3.3M
2.5M - 3.0M
2.7M - 3.5M
Finance Director
2.2M - 2.5M
2.0M - 2.5M
2.2M - 2.8M
Controller
2.0M - 2.5M
2.0M - 2.2M
2.0M - 2.5M
Finance Manager
1.4M - 1.6M
1.2M - 1.5M
1.2M - 1.5M
Accounting Manager
1.1M - 1.5M
1.1M - 1.5M
1.1M - 1.5M
Tax Manager
1.1M - 1.6M
1.1M - 1.3M
1.1M - 1.6M
Audit Manager
900K - 1.1M
800K - 1.1M
900K - 1.2M
Reporting Manager
900K - 1.25M
900K - 1.25M
900K - 1.25M
Controlling Manager
1.1M - 1.3M
1.1M - 1.3M
1.3M - 1.6M
Accountant
700K -1.0M
700K -1.0M
700K -1.0M
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
5
CONTACTS Betty Wu Associate Director Legal, Risk & Compliance, Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Betty is an Associate Director based in Taipei, specialising in the recruitment of corporate governance professionals into the financial services and commerce markets. She has successfully closed assignments in legal, compliance, internal auditor, risk and finance and accounting. Betty has over a decade of work experience initially within the human resources function in the banking sector before moving into recruitment. She has worked across the financial services markets including banking, securities and asset management markets. She has also worked extensively across other industries including FMCG, retail, pharmaceutical and technology placing finance and accounting professionals at all levels. Betty has a Bachelor’s degree in Political Science and a Bachelor’s degree in Japanese and Literature from Soochow University, Taipei. Betty is CFA and Senior Brokerage Licensed. She speaks fluent English, Japanese and Mandarin.
Max Lin Senior Consultant Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Max is a Senior Consultant responsible for finance, accounting, tax and audit roles, based in Taipei. Max specialises in recruiting mid to senior level finance professionals in various industries including banking, retail, FMCG, pharmaceutical, and numerous Taiwan listed companies. Previously, Max worked with an international recruiting firm as a consultant in finance, where he developed extensive networks and successfully delivered staff for roles including financial analyst, auditor, senior accountant, accounting manager, head of finance and chief financial officer. Max has a Bachelor’s degree in Public Administration from Tamkang University, Taipei. He also completed courses at Winona State University, Minnesota, USA. He speaks Mandarin and English.
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
6
CONTACTS Roy Lee Senior Consultant Finance & Accounting Taiwan, Asia Pacific [email protected] +886 2 7732 5778 Roy is a Senior Consultant based in Taipei recruiting professionals across front, middle and back office roles in the financial services industry and has strong connections within the asset management, banking and securities markets. Specific functions include product management, investment, treasury, legal & compliance, internal audit, and FP&A and tax accountants. In addition he recruits middle and back office roles including audit and accounting roles across other industries including healthcare, technology and pharmaceutical. Roy previously worked for a leading banking search firm where he managed a team of recruiters. Whilst working with US and European clients based in the region he built up strong relationships with country heads and key resourcing professionals within many of Taiwan’s leading employers. Roy has a Bachelor’s degree from Fu-Jen Catholic University and is a native Mandarin and fluent English speaker.
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
7
About Aquis Search Aquis Search is a regional leader for Corporate Governance and Control functions recruitment covering roles in finance, human resources & corporate services, legal, risk and compliance. We operate from offices in Beijing, Hong Kong, Shanghai, Singapore and Mumbai handling search assignments in numerous Asian countries. Our clients are members of a global network of prestigious financial institutions, leading UK & US law firms and many of the largest companies within the Fortune 500. Professional integrity is thekey value on which our client relationships are built and the majority of our business is the result of personal referral. This is testament to the high level of professionalism for which we areknown.
For further information please contact Aquis Search below or to email [email protected]
Beijing Room 68, China Life – West, 5/F, China Life Tower, No.16 Chaowai Street, Chaoyang district, Beijing 100020 +86 10 5356 9256
Delhi Suite 422, Level 4, Rectangle 1, Commercial Complex D-4, Saket, New Delhi-110017, India +91 11 4553 8909
Hongkong 19/F,kailey Tower, 16 Stanley Street, Central, Hongkong +852 2537 0333
Mumbai 1012, Level 1, Regus Bandrakurla Complex, Trade Center, Bandra, Mumbai - 400051 +91 22 4005 8384
Shanghai Unit B21, 22/F, Tower 3, Jing Ankerry Centre, 1228 Middle Yan’an Road, Shanghai, China 200040 +86 21 3319 1977
Singapore 11/F Straits Trading Building, 9 Battery Road, Singapore 049910 +65 3157 9393
Taipei 8F., No.367, Fuxing N. Rd., Songshan Dist, Taipei City 105 Taiwan +886 2 7732 5778
www.aquissearch.com
Taiwan Salary Survey & Guide 2016
8
