Hong Kong Compliance Salary Survey 2017
Hong Kong Compliance Salary Survey 2017
www.aquissearch.com
Introduction The Aquis Search Hong Kong Compliance Salary Survey 2017 details salary information and recruiting trends in the regions and business sectors we cover. Our information has been researched and collated with the help of our clients and candidates and from our working knowledge of the marketplace. Aquis Search consultants have extensive expertise in their practice area and the information reported is based on telephone interviews with hiring managers, HR professionals and in-house recruiters as well as data extracted from our own extensive database and internal research resources. As with all reports that detail salary information and trends, we represent the mainstream view and we recognise there will be individual situations that fall outside the data published. This survey is therefore a guide to general movement in the sector. Please contact us for further information or for clarification on any of the compensation trends detailed in this report.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
2
Compliance Market Overview It has been a dynamic and fast evolving year so far in the compliance recruitment market compared with previous years. There has remained a persistent demand for AML and regulatory talent in the financial services sector, which was expected. However, the challenges have been finding suitably skilled professionals to fulfil immediate demands resulting from the influx of Chinese firms flooding the market creating a competitive hiring environment. Chinese firms are currently attracting top tier talent with innovative products and high bonus pools. There is also the opportunity to gain experience and knowledge of Chinese regulations, making these firms a very attractive proposition for candidates with the right language skills. Many buy side firms are hiring compliance individuals with exposure to China because of the new WFOE license and joint venture establishments. Over the past few months, corporate and retail banks have hired a range of due diligence, AML/KYC and HKMA compliance focused individuals, mostly on a replacement basis. Private Banking is an increasingly competitive sector due to the increasing costs related to compliance, with regulators paying much greater attention to enforcing the rules than in the past and also with the rise of robo advisors which make use of algorithms to provide investment advice without the need for human involvement. As a result, the larger private banks have acquired the Asian private banking operations of the smaller ones as they can leverage sufficient economies of scale to manage the increased costs. Asset management, private equity and hedge funds remain attractive firms to job seekers, as they offer perceived stability and a less bureaucratic culture. Investment banking hiring activity has been at a low level over the past 18 months, with more focus on replacement hiring and little in the way of newly created roles becoming available. However, wholesale banking, commercial and corporate banking continues to grow.
With the commencement of “Managers-In-Charge of Core Functions” (MICs) across the eight core functions of a licensed corporation by the Securities and Future Commission, it will become more difficult for licensed corporations to recruit for functions including compliance and anti-money laundering and counter-terrorist financing as senior individuals will be held accountable for misconduct that falls within their area of responsibility. We expect Chinese institutions will continue to expand in Hong Kong and will step up recruitment in order to cope with the business growth in the next 6 to 12 months. This is in contrast to the downsizing of many global bulge brackets banks. From a candidate perspective, the general level of caution in the finance world has instilled a certain level of wariness into back office professionals, making them consider a wide range of factors when contemplating a move. Expected salary rises for a move remain around the 15-20% range. Some candidates have made lateral moves for a lower level salary rise, in some cases under 10%, because of push factors or fear of redundancy that make them more concerned with job security over incremental salary rises.
Outlook Over the coming months we are expecting an influx of hybrid roles such as governance and regulatory affairs, combining business management experience alongside compliance knowledge to strengthen infrastructure and consolidate knowledge. Clients will likely compete for suitable candidates who have already been exposed to this kind of company structure and culture, and salary levels will remain buoyant as a result.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
3
Salary Scales Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
300K to 360K
420K to 560K
600K to 900K
1.2M to 1.8M
2.0M to 2.3M
IBD / Research Compliance
300K to 360K
420K to 560K
600K to 900K
1.0M to 1.6M
2.2M to 2.3M
Monitoring & Surveillance
240K to 300K
360K to 480K
500K to 800K
1.0M to 1.4M
1.6M to 2.0M
Control Room Compliance
300K to 360K
420K to 560K
600K to 900K
1.2M to 1.8M
2.0M to 2.3M
Registration & Licensing
180K to 240K
300K to 360K
420K to 720K
900K to 1.3M
1.5M to 1.6M
Regulatory Affairs
180K to 240K
300K to 360K
420K to 720K
900K to 1.3M
1.8M to 2.3M
AML Advisory
300K to 360K
420K to 560K
600K to 900K
1.0M to 1.8M
2.2M to 2.5M
AML Transaction Monitoring
180K to 240K
300K to 360K
420K to 720K
900K to 1.3M
1.6M to 1.8M
Compliance Monitoring/ Testing
180K to 240K
300K to 360K
420K to 700K
900K to 1.3M
1.5M to 2.0M
Retail & Corporate Banking
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Regulatory Compliance
240K to 300K
360K to 540K
540K to 780K
800K to 1.3M
1.5M to 2.0M
AML Compliance
300K to 360K
420K to 540K
540K to 840K
900K to 1.3M
1.6M to 2.0M
Compliance Monitoring & Testing
180K to 240K
300K to 360K
420K to 780K
800K to 1.2M
1.3M to 1.5M
Private Banking & Wealth Management
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Regulatory Compliance
300K to 360K
420K to 600K
750K to 900K
1.4M to 1.8M
2.0M to 2.5M
AML Compliance
200K to 300K
350K to 420K
600K to 750K
1.0M to 1.2M
1.6M to 2.2M
Investment Suitability
N/A
400K to 550K
600K to 800K
1.2M to 1.6M
1.8M to 2.0M
Asset Management
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Business Compliance
240K to 300K
360K to 600K
700K to 850K
1.2M to 1.5M
1.8M to 2.2M
Investment Compliance
240K to 300K
380K to 600K
700K to 850K
1.2M to 1.5M
1.6M to 1.8M
Insurance
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
General Compliance
200K to 240K
360K to 480K
520K to 700K
800K to 1.1M
1.2M to 1.6M
Consultancy Firms
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Regulatory and Risk
260K to 350K
400K to 500K
560K to 800K
840K to 1.0M
1.1M to 1.5M
Investment Banking Global Markets Compliance (FICC/Equities)
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
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Contacts James Hickman Managing Partner Corporate Governance & Controls Singapore, Asia Pacific +65 3157 9393 [email protected] James is Co-Founder, Managing Partner and is responsible for the ongoing development of the firm. He has more than fifteen years of human resources experience and has worked with leading professional and financial services sector companies as well as numerous Fortune 500 multinationals. James has extensive market knowledge and experience recruiting senior roles in legal, risk, compliance and financial services. Born in Hong Kong, James holds a Master’s degree in Chinese Politics, Economics and Law from the University of Sydney and a Bachelor’s (Hons) degree in Chinese History of Art and Archaeology from the School of Oriental and African Studies, the University of London. He has also attended BPP Law School in London, the East China University of Politics and Law in Shanghai and has industry qualifications in Human Resources & Training from the University of Hong Kong. James is an MOM registered EA, registration number: R1113864.
Gina Hui Director Risk & Compliance Hong Kong, Asia Pacific +852 2537 0333 [email protected] Gina is the Associate Director of the Risk & Compliance Financial Services team, based in Hong Kong. Gina specialises in the recruitment of compliance professionals in functions covering AML and KYC specialists, advisory compliance for equities, fixed income, corporate finance and control room, investment compliance, core compliance, regulatory affairs & licensing and credit, market & operational risk. She has particularly strong networks in investment banking, asset management, consultancy and consumer banking. Gina has five years of executive search experience. Prior to her recruitment career she worked for a number of years in accounting with internationally recognised firms in HK. Gina has a Bachelor’s degree in Accounting & Finance from the University of Hong Kong. She speaks English, Cantonese and Mandarin.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
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Contacts Bharisha Mirpuri Senior Consultant Risk & Compliance Hong Kong, Asia Pacific +852 2537 0333 [email protected] Bharisha is a Senior Consultant in the Risk & Compliance team, based in Hong Kong. She is responsible for hiring risk & compliance professionals across all levels for a myriad of buy and sell side financial service organizations in North Asia. She focuses on a spectrum of roles including financial crime, KYC, advisory compliance (products & control room) alongside central compliance (regulatory & testing) alongside credit, market, business & investment and operational risk. She began as a researcher at Aquis Search forming strong networks and relationships with both candidates and clients within the industry. Her expertise lies within asset management, private banking and investment risk. Bharisha has a Bachelor’s degree in Psychology & International Studies from Monash University, Australia. She is fluent in English and Hindi, and speaks conversational French and Cantonese.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
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About Aquis Search Aquis Search is a leading regional executive search firm specialising in legal, compliance and corporate governance sectors across Asia. We offer clients executive search, research & advisory, search & selection and contract & payroll services. Our clients are members of a global network of prestigious financial institutions, leading UK and US law firms, regional market leaders and Fortune 500 organisations. Clients’ recruitment briefs are successfully met by our team of experienced, multilingual consultants. Professional integrity is the key value on which our client relationships are built and the majority of our business is from personal referral. This is a testament to the high level of professionalism for which we are known. Aquis Search was established in Hong Kong in 2009. Today we operate offices in Beijing, Delhi, Hong Kong, London, Mumbai, Shanghai, Singapore and Taipei.
For further information please contact Aquis Search below or 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 4986 8545 Hong Kong 19/F, Kailey Tower, 16 Stanley Street, Central, Hong Kong +852 2537 0333 London Room 210 – 2nd floor, 1-2 Broadgate, London, Greater London EC2M 2QS, UK +44 203 375 8028 Mumbai 315, 3rd Floor, C-Wing, 215 Atrium, Andheri-Kurla Road, Andheri (East), Mumbai 400059 +91 22 6786 6700 Shanghai Room 15, 42/F, No.1717 Wheelock Square, Nanjing West Road, Shanghai 200040, China +86 21 2605 2153 Singapore 11/F Straits Trading Building, 9 Battery Road, Singapore 049910 +65 3157 9393 Taipei 37F Taipei 101 Tower, No.7, Sec. 5 Xinyi Road, Taipei 11049, Taiwan +886 2 7732 5778
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
7
www.aquissearch.com
Introduction The Aquis Search Hong Kong Compliance Salary Survey 2017 details salary information and recruiting trends in the regions and business sectors we cover. Our information has been researched and collated with the help of our clients and candidates and from our working knowledge of the marketplace. Aquis Search consultants have extensive expertise in their practice area and the information reported is based on telephone interviews with hiring managers, HR professionals and in-house recruiters as well as data extracted from our own extensive database and internal research resources. As with all reports that detail salary information and trends, we represent the mainstream view and we recognise there will be individual situations that fall outside the data published. This survey is therefore a guide to general movement in the sector. Please contact us for further information or for clarification on any of the compensation trends detailed in this report.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
2
Compliance Market Overview It has been a dynamic and fast evolving year so far in the compliance recruitment market compared with previous years. There has remained a persistent demand for AML and regulatory talent in the financial services sector, which was expected. However, the challenges have been finding suitably skilled professionals to fulfil immediate demands resulting from the influx of Chinese firms flooding the market creating a competitive hiring environment. Chinese firms are currently attracting top tier talent with innovative products and high bonus pools. There is also the opportunity to gain experience and knowledge of Chinese regulations, making these firms a very attractive proposition for candidates with the right language skills. Many buy side firms are hiring compliance individuals with exposure to China because of the new WFOE license and joint venture establishments. Over the past few months, corporate and retail banks have hired a range of due diligence, AML/KYC and HKMA compliance focused individuals, mostly on a replacement basis. Private Banking is an increasingly competitive sector due to the increasing costs related to compliance, with regulators paying much greater attention to enforcing the rules than in the past and also with the rise of robo advisors which make use of algorithms to provide investment advice without the need for human involvement. As a result, the larger private banks have acquired the Asian private banking operations of the smaller ones as they can leverage sufficient economies of scale to manage the increased costs. Asset management, private equity and hedge funds remain attractive firms to job seekers, as they offer perceived stability and a less bureaucratic culture. Investment banking hiring activity has been at a low level over the past 18 months, with more focus on replacement hiring and little in the way of newly created roles becoming available. However, wholesale banking, commercial and corporate banking continues to grow.
With the commencement of “Managers-In-Charge of Core Functions” (MICs) across the eight core functions of a licensed corporation by the Securities and Future Commission, it will become more difficult for licensed corporations to recruit for functions including compliance and anti-money laundering and counter-terrorist financing as senior individuals will be held accountable for misconduct that falls within their area of responsibility. We expect Chinese institutions will continue to expand in Hong Kong and will step up recruitment in order to cope with the business growth in the next 6 to 12 months. This is in contrast to the downsizing of many global bulge brackets banks. From a candidate perspective, the general level of caution in the finance world has instilled a certain level of wariness into back office professionals, making them consider a wide range of factors when contemplating a move. Expected salary rises for a move remain around the 15-20% range. Some candidates have made lateral moves for a lower level salary rise, in some cases under 10%, because of push factors or fear of redundancy that make them more concerned with job security over incremental salary rises.
Outlook Over the coming months we are expecting an influx of hybrid roles such as governance and regulatory affairs, combining business management experience alongside compliance knowledge to strengthen infrastructure and consolidate knowledge. Clients will likely compete for suitable candidates who have already been exposed to this kind of company structure and culture, and salary levels will remain buoyant as a result.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
3
Salary Scales Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
300K to 360K
420K to 560K
600K to 900K
1.2M to 1.8M
2.0M to 2.3M
IBD / Research Compliance
300K to 360K
420K to 560K
600K to 900K
1.0M to 1.6M
2.2M to 2.3M
Monitoring & Surveillance
240K to 300K
360K to 480K
500K to 800K
1.0M to 1.4M
1.6M to 2.0M
Control Room Compliance
300K to 360K
420K to 560K
600K to 900K
1.2M to 1.8M
2.0M to 2.3M
Registration & Licensing
180K to 240K
300K to 360K
420K to 720K
900K to 1.3M
1.5M to 1.6M
Regulatory Affairs
180K to 240K
300K to 360K
420K to 720K
900K to 1.3M
1.8M to 2.3M
AML Advisory
300K to 360K
420K to 560K
600K to 900K
1.0M to 1.8M
2.2M to 2.5M
AML Transaction Monitoring
180K to 240K
300K to 360K
420K to 720K
900K to 1.3M
1.6M to 1.8M
Compliance Monitoring/ Testing
180K to 240K
300K to 360K
420K to 700K
900K to 1.3M
1.5M to 2.0M
Retail & Corporate Banking
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Regulatory Compliance
240K to 300K
360K to 540K
540K to 780K
800K to 1.3M
1.5M to 2.0M
AML Compliance
300K to 360K
420K to 540K
540K to 840K
900K to 1.3M
1.6M to 2.0M
Compliance Monitoring & Testing
180K to 240K
300K to 360K
420K to 780K
800K to 1.2M
1.3M to 1.5M
Private Banking & Wealth Management
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Regulatory Compliance
300K to 360K
420K to 600K
750K to 900K
1.4M to 1.8M
2.0M to 2.5M
AML Compliance
200K to 300K
350K to 420K
600K to 750K
1.0M to 1.2M
1.6M to 2.2M
Investment Suitability
N/A
400K to 550K
600K to 800K
1.2M to 1.6M
1.8M to 2.0M
Asset Management
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Business Compliance
240K to 300K
360K to 600K
700K to 850K
1.2M to 1.5M
1.8M to 2.2M
Investment Compliance
240K to 300K
380K to 600K
700K to 850K
1.2M to 1.5M
1.6M to 1.8M
Insurance
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
General Compliance
200K to 240K
360K to 480K
520K to 700K
800K to 1.1M
1.2M to 1.6M
Consultancy Firms
Analyst (1-2 Years)
Associate (3-6 Years)
AVP (6-9 Years)
VP/D (10-14 Years)
ED (15+Years)
Regulatory and Risk
260K to 350K
400K to 500K
560K to 800K
840K to 1.0M
1.1M to 1.5M
Investment Banking Global Markets Compliance (FICC/Equities)
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
4
Contacts James Hickman Managing Partner Corporate Governance & Controls Singapore, Asia Pacific +65 3157 9393 [email protected] James is Co-Founder, Managing Partner and is responsible for the ongoing development of the firm. He has more than fifteen years of human resources experience and has worked with leading professional and financial services sector companies as well as numerous Fortune 500 multinationals. James has extensive market knowledge and experience recruiting senior roles in legal, risk, compliance and financial services. Born in Hong Kong, James holds a Master’s degree in Chinese Politics, Economics and Law from the University of Sydney and a Bachelor’s (Hons) degree in Chinese History of Art and Archaeology from the School of Oriental and African Studies, the University of London. He has also attended BPP Law School in London, the East China University of Politics and Law in Shanghai and has industry qualifications in Human Resources & Training from the University of Hong Kong. James is an MOM registered EA, registration number: R1113864.
Gina Hui Director Risk & Compliance Hong Kong, Asia Pacific +852 2537 0333 [email protected] Gina is the Associate Director of the Risk & Compliance Financial Services team, based in Hong Kong. Gina specialises in the recruitment of compliance professionals in functions covering AML and KYC specialists, advisory compliance for equities, fixed income, corporate finance and control room, investment compliance, core compliance, regulatory affairs & licensing and credit, market & operational risk. She has particularly strong networks in investment banking, asset management, consultancy and consumer banking. Gina has five years of executive search experience. Prior to her recruitment career she worked for a number of years in accounting with internationally recognised firms in HK. Gina has a Bachelor’s degree in Accounting & Finance from the University of Hong Kong. She speaks English, Cantonese and Mandarin.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
5
Contacts Bharisha Mirpuri Senior Consultant Risk & Compliance Hong Kong, Asia Pacific +852 2537 0333 [email protected] Bharisha is a Senior Consultant in the Risk & Compliance team, based in Hong Kong. She is responsible for hiring risk & compliance professionals across all levels for a myriad of buy and sell side financial service organizations in North Asia. She focuses on a spectrum of roles including financial crime, KYC, advisory compliance (products & control room) alongside central compliance (regulatory & testing) alongside credit, market, business & investment and operational risk. She began as a researcher at Aquis Search forming strong networks and relationships with both candidates and clients within the industry. Her expertise lies within asset management, private banking and investment risk. Bharisha has a Bachelor’s degree in Psychology & International Studies from Monash University, Australia. She is fluent in English and Hindi, and speaks conversational French and Cantonese.
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
6
About Aquis Search Aquis Search is a leading regional executive search firm specialising in legal, compliance and corporate governance sectors across Asia. We offer clients executive search, research & advisory, search & selection and contract & payroll services. Our clients are members of a global network of prestigious financial institutions, leading UK and US law firms, regional market leaders and Fortune 500 organisations. Clients’ recruitment briefs are successfully met by our team of experienced, multilingual consultants. Professional integrity is the key value on which our client relationships are built and the majority of our business is from personal referral. This is a testament to the high level of professionalism for which we are known. Aquis Search was established in Hong Kong in 2009. Today we operate offices in Beijing, Delhi, Hong Kong, London, Mumbai, Shanghai, Singapore and Taipei.
For further information please contact Aquis Search below or 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 4986 8545 Hong Kong 19/F, Kailey Tower, 16 Stanley Street, Central, Hong Kong +852 2537 0333 London Room 210 – 2nd floor, 1-2 Broadgate, London, Greater London EC2M 2QS, UK +44 203 375 8028 Mumbai 315, 3rd Floor, C-Wing, 215 Atrium, Andheri-Kurla Road, Andheri (East), Mumbai 400059 +91 22 6786 6700 Shanghai Room 15, 42/F, No.1717 Wheelock Square, Nanjing West Road, Shanghai 200040, China +86 21 2605 2153 Singapore 11/F Straits Trading Building, 9 Battery Road, Singapore 049910 +65 3157 9393 Taipei 37F Taipei 101 Tower, No.7, Sec. 5 Xinyi Road, Taipei 11049, Taiwan +886 2 7732 5778
www.aquissearch.com
Hong Kong Compliance Salary Survey 2017
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