HONG KONG SALARY GUIDE 2015

 
HONG KONG SALARY GUIDE 2015
HONG KONG

SALARY
GUIDE

2015

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HONG KONG SALARY GUIDE 2015
morganmckinley.com.hk

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HONG KONG SALARY GUIDE 2015
MANAGING DIRECTOR’S
LETTER

    The hiring market in Hong Kong has remained                Most contract and temporary professionals (73%),
    buoyant in 2014. The most active specialist disciplines    who responded to the Morgan McKinley Salary Survey
    across the market include compliance and regulatory        2015, report that they have received an uplift in their
    roles, as well as Delta-One developers and project         salary or rate of pay. However, as with permanent
    managers/business analysts within the financial            employees, the majority of these increases are fairly
    services sector, and service delivery, data centre         moderate. According to Morgan McKinley, this shows
    operations and data network specialists in the             the companies’ ability to control salary increases in
    commercial sector.                                         the temporary and contract market. Many companies
                                                               are able to replace professionals quickly and with ease
    The following report provides an overview of the           if there is attrition in the temporary space.
    salary trends and expectations from the Hong Kong
    market for 2015. It also presents the results collected    I hope you enjoy reading the detailed report. If you
    from Morgan McKinley Salary Survey 2015 (page 40).         have any thoughts on current salary trends in
                                                               professional occupations in Hong Kong, we would be
    The majority of Hong Kong permanent and contract/          very interested to hear from you.
    temporary employees, who responded to the 2015
    Morgan McKinley Salary Survey, reported having
    received an increase in salary in the last twelve
    months. However, these salaries have varied
    dependent upon the sector, which is an indicator of
    certain segments in the market performing better
    than others.

    Average salary increases this year have been moderate
    for permanent employees, with most professionals
    (60%) saying they received an increment of between
    1-8 percent. This is indicative of companies still being
    under tight cost pressures particularly in the banking
    sector, for example. European banks have not
    performed as well as their American counterparts, and
    this has been reflected in bonus payments. Areas
    which have seen noteworthy uplifts in annual pay
    include audit, risk and compliance.

    The contract/temporary market has continued to
    grow across several sectors and Hong Kong
    professionals are starting to see the benefit in taking
    on these contract roles. For individuals who may have
    been out of the job market or for professionals looking
    to change career, these types of positions give
    individuals the opportunity to re-enter the workforce
    and obtain new skills, which may lead to permanent
    opportunities down the line. It is also a good entry
    point for overseas professionals looking to work in the
    Hong Kong market and gain experience. Demand for
    contract and temporary staff is expected to maintain
    its rise in popularity in 2015, as multinational
    organisations continue to face headcount constraints.
                                                                  RICHIE
                                                                  HOLLIDAY

                                                                  CHIEF OPERATIONS OFFICER - APAC
                                                                  Tel: +852 3907 3909 | rholliday@morganmckinley.com

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HONG KONG SALARY GUIDE 2015
CONTENTS

   BANKING & FINANCIAL SERVICES                  5    RISK & COMPLIANCE       37
        Asset Management                         6
        Operations                               7    SALARY SURVEY RESULTS   40
        Hedge Fund & Private Equity              9
        Investment Banking & Capital Markets     10
        Private Banking                          11

   FINANCE & ACCOUNTING                          12
        Commerce & Industry                      13
        Financial Services                       15

   HUMAN RESOURCES                               17
        Commerce & Industry                      18
        Financial Services                       20

   IT                                            22
        Commerce & Industry                      23
        Financial Services                       25

   INSURANCE                                     27

   OFFICE SUPPORT                                29
        Commerce & Industry                      30
        Financial Services                       31

   SALES & MARKETING                             32
        General Overview / PR / Communications   33
        Technology / Consumer Products / Wine    34
        Retail                                   35

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HONG KONG SALARY GUIDE 2015
BANKING &
FINANCIAL SERVICES

          TOP 3 MOST IN-DEMAND POSITIONS:

            1   Regulatory Operations

            2 Relationship Management within Private
              Banking

            3 Analyst and Associate with technical & linguistic
              skills within Investment Banking

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HONG KONG SALARY GUIDE 2015
BANKING &
FINANCIAL SERVICES

    ASSET MANAGEMENT
    PERMANENT

    Compared with the previous year, 2014 was a good
    year for the asset management industry. There was an
                                                                        MOVEMENT REMAINED HIGHEST FOR
    increase in hiring across front, middle and back office
    functions. Movement remained highest for sales and                  SALES AND MARKETING POSITIONS. DUE
    marketing position. Due to ongoing changes in                       TO ONGOING CHANGES IN REGULATORY
    regulatory activities, there has been growing demand                ACTIVITIES , THERE HAS BEEN GROWING
    for support roles such as product development,                      DEMAND FOR SUPPORTING ROLES SUCH
    compliance and operations.
                                                                        AS PRODUCT DEVELOPMENT,
    Replacement hires continue to dominate. However, as                 COMPLIANCE AND OPERATIONS.
    2015 begins, optimism remains high with a number of
    expansions and new headcount available. This will
    help create opportunities for new talent from other
    financial sectors to join the buy-side.

    Regarding salaries, employers continue to be                     However, employers remain highly competitive in
    constringent in new hires and modest with year-on-               terms of retention due to the limited pool of talent
    year salary increments for existing employees.                   within the industry.

    ASSET MANAGEMENT | PERMANENT (HKD per month)

                                                          ASSOCIATE /        VP / SR.          SVP /
       ROLE                              ANALYST                                                                   MD
                                                          AVP                MANAGER           DIRECTOR

       FUND MANAGER                  $45k - $55k       $55k - $70k        $70k - $95k       $120k - $200k      $250k+

       RESEARCH ANALYST              $30k - $45k       $45k - $60k        $63k - $83k       $92k - $150k       $180k+

       RETAIL / INSTITUTIONAL        $15k - $25k       $25k - $45k        $45k - $65k       $65k - $90k        $150k+
       MARKETING
       RFP WRITER / INVESTMENT       $20k - $30k       $30k - $45k        $50k - $70k       $70k - $100k       $100k+
       WRITER

       PERFORMANCE ANALYST           $12k - $20k       $20k - $35k        $35k - $45k       $45k - $70k        -

       RETAIL / INTERMEDIARY SALES   $20k - $35k       $35k - $50k        $50k - $85k       $80k - $120k       $150k+

       INSTITUTIONAL SALES           $25k - $35k       $35k - $60k        $60k - $92k       $92k - $170k       $200k+

       CLIENT RELATIONSHIP /         $17k - $25k       $25k - $45k        $45k - $70k       $70k - $100k       $100k+
       ACCOUNT MANAGEMENT

       EXECUTION TRADER / DEALER     $20k - $30k       $30k - $50k        $50k - $70k       $70k - $120k       $150k+

       PRODUCT DEVELOPMENT /         $20k - $30k       $30k - $50k        $50k - $70k       $70k - $120k       $100k+
       MANAGEMENT

       PRODUCT SPECIALIST            $30k - $45k       $45k - $65k        $65k - $92k       $95k - $150        $200k+

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HONG KONG SALARY GUIDE 2015
BANKING &
FINANCIAL SERVICES

    OPERATIONS                                                  2014 saw continued offshoring within the banking
    PERMANENT                                                   operations sector. Headcounts within the back office
                                                                and certain areas of middle office were repositioned in
    In 2015, we are expecting many companies to be              companies to low cost centres. However, 2014 still
    making slightly more positive announcements, with           saw a significant number of replacement hires being
    regards to bonuses, as compared with the previous           made. Professionals moving to other areas of financial
    couple of years. Within operations, this may signify        services such as the buy-side or leaving financial
    increases from negligible figures to 1-2 months’ salary.    services, altogether, left companies in need of highly
    However, it is still expected to be more positive. We       trained individuals.
    do not foresee big changes in base salaries. They are
    likely to remain around current levels, with minimal        Restructuring within operations saw middle
    increases, possibly in line with inflation. Therefore, we   management roles being replaced with more junior
    expect total compensation in operations to be slightly      hires. In some cases, there are examples of
    above 2014.                                                 management and/or strategic responsibilities being
                                                                delegated upwards and daily responsibilities being
    Any significant increases within this area would likely     delegated downwards. Therefore, we expect 2015 to
    be within the regulatory operations space. This niche       remain positive yet steady. Significant offshoring is
    area of operations is growing, and demand outweighs         not expected this year, as the majority of roles still
    supply, which makes salary increases probable. The          based in Hong Kong are considered strategically
    market will still be looking to pay around 15 percent       important to remain. This is based on communication
    increments on average to entice professionals to join.      lines, and the benefit of having direct contact (and the
                                                                ability to build strong relationships) with the front
                                                                office or with clients.

                                                                Professionals with a good understanding of trading
                                                                risk, as well as the processing side, are in growing
      ANY SIGNIFICANT INCREASES WITHIN                          demand. Companies are looking for energetic and
      THIS AREA WOULD LIKELY BE WITHIN                          adaptable people that have a strong knowledge of the
      THE REGULATORY OPERATIONS SPACE.                          trade life cycle, who are looking to gain more
      THIS NICHE AREA OF OPERATIONS IS                          exposure within the operations space.
      GROWING AND DEMAND
      OUTWEIGHS SUPPLY.

    OPERATIONS                                                    We expect this trend to continue in 2015, with a
    CONTRACT                                                      greater percentage of the workforce being
                                                                  contract hires rather than permanent.
    Contracting has continued to be a steady source of
    hiring throughout the market last year. In 2015, the
    majority of businesses in Hong Kong are looking to
    build on their flexible workforce, with hires being
    made across the operations space. Contracts are a
    good solution for maternity cover, short term
    projects and covering daily business operation.

    Experienced professionals that are able to deliver
    higher quality work and require less training are in
    demand, more so than the more junior hires seen on
    the permanent side.

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HONG KONG SALARY GUIDE 2015
BANKING &
FINANCIAL SERVICES

   OPERATIONS | PERMANENT & CONTRACT (HKD per month)

                                               ASSOCIATE /       VP / SR.       SVP /
      ROLE                       ANALYST                                                        MD
                                               AVP               MANAGER        DIRECTOR

      TRADE SUPPORT           $22K - $35K   $35k - $70k       $80k - $100k   $100k - $115k   $125k - $150k

      CLIENT SERVICES         $22k - $35k   $35k - $60k       $70k - $90k    $100k - $115k   $120k - $140k

      SETTLEMENTS             $18k - $28k   $30k - $45k       $55k - $80k    $70k - $80k     $90k - $120k

      DOCUMENTATION           $18k - $28k   $30k - $45k       $55k - $65k    $70k - $80k     $90k - $120k
      BUSINESS ANALYST /      $30k - $40k   $45k - $65k       $70k - $100k   $110k - $125k   $125k - $150k
      PROJECTS

      EQUITY FINANCE (PRIME                    ASSOCIATE/       VP / SR.        SVP /
                                 ANALYST                                                         MD
      BROKERAGE)                               AVP              MANAGER         DIRECTOR

      PRIME BROKERAGE /       $22k - $35k   $35k - $60k      $70k - $90k     $100k - $115k   $120k - $140k
      CLIENT SERVICES
      PRIME BROKERAGE /       $18k - $28k   $30k - $45k      $55k - $65k     $70k - $80k     $90k - $120k
      SETTLEMENTS

                                               ASSOCIATE/        VP / SR.        SVP /
      OTHER                      ANALYST                                                          MD
                                               AVP               MANAGER         DIRECTOR

      LOANS ADMINISTRATION    $15k - $22k   $22k - $35k      $40k - $60k     $60k - $75k      $75k - $90k

      STATIC DATA ANALYST     $15k - $22k   $22k - $35k      $40k - $60k     $60k - $80k      $80k - $100k
      CONTROL /               $22k - $35k   $35k - $60k      $70k - $90k     $100k - $115k    $125k - $150k
      RECONCILIATIONS
      ASSET SERVICING         $18k - $28k   $30k - $45k      $55k - $65k     $70k - $80k      $90k - $120k

      CASH MANAGEMENT         $20k - $30k   $30k - $50k      $55k - $70k     $70k - $90k      $90k - $120k

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HONG KONG SALARY GUIDE 2015
BANKING &
FINANCIAL SERVICES

    HEDGE FUND & PRIVATE EQUITY
    PERMANENT

    An increasing number of private equity funds to be
    domiciled in Hong Kong can be observed according to                 THERE IS APPROXIMATELY A GROWTH OF
    Hong Kong's 2013-2014 budget. Furthermore, the
    current offshore exemption regulation from the
                                                                        23 PERCENT ON THE TOTAL AUM OF THE
    government plans to amend and extend this number.                   HONG KONG-BASED FUNDS WHEN
    There is approximately a growth of 23 percent on the                COMPARED WITH THE PRECEDING YEAR.
    total AUM of the Hong Kong-based funds when
    compared with the previous year. At the same time,
    with the growing focus of venture capital investment
    in Greater China, the region has become the largest
    private equity centre in Asia while Hong Kong has                 With the continuous growth of digital marketing,
    developed strong expertise of investing in Asia in                hedge fund managers are more efficient in delivering
    2014.                                                             information and promoting the firm’s brand in the
                                                                      marketplace.
    Despite recent negativity across the hedge fund
    industry, including an increased level of fund closures,          In general, the industry is positive in regards to
    the total industry assets will reach a new all-time high          growth and hiring in this space and the market
    and is expected to rise by 7 percent in 2015.                     indicates that new job opportunities will continue in
                                                                      an upward trend.

   HEDGE FUND & PRIVATE EQUITY | PERMANENT (HKD per month)

                                                           ASSOCIATE/          VP / SR.           SVP /
       ROLE                          ANALYST                                                                        MD
                                                           AVP                 MANAGER            DIRECTOR

       FUND / PORTFOLIO          $45k - $60k            $55k - $70k         $70k - $100k      $120k - $200k      $250k+
       MANAGER
       INVESTMENT ANALYST        $30k - $48k            $48k - $70k         $70k - $120k      $110k - $150k      $150k+
       ECONOMIST /               $30k - $45k            $45k - $65k         $70k - $120k      $110k - $170k      $200k+
       INVESTMENT STRATEGIST
       PORTFOLIO                 $35k - $45k            $40k - $55k         $60k - $65k       $70k - $85k        $90k - $115k
       CONSTRUCTION
       TRADER                    $20k - $45k            $40k - $65k         $70k - $100k      $90k - $165k       $180k+

       INVESTOR RELATIONS        $25k - $35k            $35k - $50k         $65k - $100k      $92k - $170k       $200k+

       PRIVATE EQUITY            $35k - $50k            $50k - $80k         $65k - $100k      $90k - $130k       $110k - $210k

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HONG KONG SALARY GUIDE 2015
BANKING &
FINANCIAL SERVICES

    INVESTMENT BANKING &                                               Basic salaries amongst front office professionals have
    CAPITAL MARKETS                                                    remained largely unchanged since the global financial
    PERMANENT                                                          crisis, with overall compensation figures marginally
                                                                       down last year.
    Last year saw stability across investment banking
    headcount following two years of decline. We expect                On the markets side, we anticipate China A-share
    this trend to continue into 2015, as primary market                sales professionals, analysts and strategists will be in
    activity continues its momentum globally. In terms of              demand, due to the Shanghai-Hong Kong Stock
    positions, product and coverage teams have demand                  Connect. There will also be continued demand for H-
    for analysts and associates with the requisite                     share internet/mobile hardware and property analysts
    technical and linguistic skills. Furthermore, financial            and credit market analysts as the dim sum bond
    sponsor activity looks set to increase with demand for             market continues to mature.
    professionals with leveraged finance and private
    equity advisory experience.                                        Conversely, the luxury goods, gaming and natural
                                                                       resources sectors face significant headwinds in the
                                                                       first half of the year in Hong Kong and Mainland
                                                                       China. As a result, we expect less banking positions
      PRODUCT AND COVERAGE TEAMS HAVE                                  focusing on these sectors in the short term.
      DEMAND FOR ANALYSTS AND ASSOCIATES
      WITH THE REQUISITE TECHNICAL AND                                 Year on year, salaries are likely to increase modestly
      LINGUISTIC SKILLS.                                               for both primary and secondary market professionals.

   INVESTMENT BANKING & CAPITAL MARKETS | PERMANENT (HKD per month)

       ROLE                         CORPORATE FINANCE                       ROLE                              SALES AND TRADING

       ANALYST 1                 $40k - $60k                           Sales – Institutional – Analyst     $40k - $60k

       ANALYST 2                 $50k - $70k                           Sales – Institutional – Associate   $50k - $70k

       ANALYST 3                 $60k - $80k                           Sales – Institutional – VP          $130k - $160k

       ASSOCIATE 1               $70k - $100k                          Sales – Corporate – Analyst         $40k - $60k

       ASSOCIATE 2               $80k - $110k                          Sales – Corporate – Associate       $50k - $70k

       ASSOCIATE 3               $100k - $120k                         Sales – Corporate – VP              $130k - $160k

       VP                        $130k - $160k                         Trader – Analyst                    $40k - $60k

       DIRECTOR                  $160k - $225k                         Trader – Associate                  $80k - $120k

       MANAGING DIRECTOR         $225k+                                Trader – VP                         $130k - $160k

       EQUITY RESEARCH

       RESEARCH ASSOCIATE                                     $60k - $80k

       SENIOR RESEARCH ASSOCIATE                              $100k - $120k

       WRITING ANALYST                                        $130k - $180k

       SECTOR HEAD                                            $180k+

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BANKING &
FINANCIAL SERVICES

    PRIVATE BANKING
    PERMANENT

    Hiring activity for the private banking industry was
    very active across various functions in 2014. Positions
    that were most in demand include relationship                        POSITIONS THAT WERE MOST IN DEMAND
    manager, relationship manager support and                            INCLUDE RELATIONSHIP MANAGER,
    investment consultant at all levels. This demonstrates               RELATIONSHIP MANAGER SUPPORT AND
    that the majority of private banks remain keen to                    INVESTMENT CONSULTANT AT ALL LEVELS.
    expand their sales force in order to become the bank
    of choice for the growing number of high net worth
    (HNW) and ultra high net worth (UNHW) individuals
    across the region.

    However, banks frustrated over limited talent pools,               specialist. The job outlook of 2015 is positive, as banks
    have become increasingly open to hiring candidates                 seek to maintain the same level of hiring activity as
    from investment banking, asset management and                      2014, so as to be in line with future growth plans.
    corporate banking divisions.
                                                                       In terms of salary, we expect an average pay rise to be
    Other in-demand professionals include markets                      between 5-7 percent, reflecting the business needs to
    business manager, dealer, and client documentations                retain talent.

    PRIVATE BANKING | PERMANENT (HKD per month)

                                                              ASSOCIATE           VP / SR.              SVP /
       ROLE                              ANALYST                                                                            MD
                                                              / AVP               MANAGER               DIRECTOR

       PRIVATE BANKER                 $40k - $55k       $60k - $100k          $110k - $125k         $130k - $150k       $160k+

       FUND / PORTFOLIO MANAGER       $40k - $50k       $50k - $70k           $80k - $120k          $130k - $150k       $150k+
       INVESTMENT ADVISOR /           $35k - $50k       $60k - $80k           $100k - $120k         $125k - $150k       $150k+
       CONSULTANT
       PRODUCT SPECIALIST             $35k - $50k       $50k - $70k           $80k - $125k          $125k - $150k       $150k+

       TRADER / DEALER                $30k - $50k       $50k - $80k           $80k - $100k          $100k - $130k       $130k+

       BUSINESS MANAGEMENT            $35k - $45k       $50k - $80k           $80k - $120k          $130k - $150k       $150k+
       ASSISTANT RELATIONSHIP         $30k - $50k       -                     -                     -                   -
       MANAGER
       PRODUCT DEVELOPER /            $35k - $45k       $50k - $70k           $80k - $100k          $100k - $120k       $130k+
       MANAGEMENT

                                                                                                                                   11
FINANCE &
ACCOUNTING

        TOP 3 MOST IN-DEMAND POSITIONS:

         1   Financial Planning and Analysis (FP&A)

         2 Internal Control and Compliance

         3 Professionals with expertise in the Third Basel
           Accord, the Dodd-Frank Act, EMIR, HKMA and
           SFC regulations

                                                             12
FINANCE &
ACCOUNTING

   COMMERCE & INDUSTRY
   PERMANENT

   Hiring activities for finance and accounting
   professionals was stable in 2014, and we expect a
   positive growth in 2015. Replacement hiring will
                                                            REPLACEMENT HIRING WILL CONTINUE
   continue as the dominant trend. In order to control      AS THE DOMINANT TREND. IN ORDER TO
   costs, companies will be more cautious in approving      CONTROL COSTS, COMPANIES WILL BE
   new headcount.                                           MORE CAUTIOUS IN APPROVING NEW
                                                            HEADCOUNT.
   Financial planning and analysis (FP&A) professionals
   are still in great demand. Internal control and
   compliance professionals are also needed by
   multinational organisations to ensure compliance
   with group policies and local regulations.

   In 2015, average salary increases will be between 3-5
   percent, which is a reasonable rate across the Hong
   Kong market. The push factor for employees will
   always be better remuneration, career progression,
   regional exposure and travelling requirements.

   COMMERCE & INDUSTRY
   CONTRACT
   Demand for contract staff will continue as
   multinational organisations continue to experience
   headcount constraints. Often, temporary headcount
   can change to permanent once the headcount is
   approved. Additionally, due to the urgency of the
   role, contract positions are more flexible in terms of
   budget, making salaries slightly higher than those
   for permanent roles.

   There is significant demand for temporary and
   contract staff in the system implementation area.
   Maternity leave cover and extra workload due to
   shortage of headcount remain common reasons for
   the hiring of contract staff. This is a good way for
   unemployed professionals to re-enter the market. It
   is also a good entry point for overseas professionals
   looking to work in Hong Kong and gain experience.

                                                                                                 13
FINANCE &
ACCOUNTING

  FINANCE & ACCOUNTING | PERMANENT (HKD per month)

     ROLE                         ACCOUNTANT            SENIOR        MANAGER                 SENIOR MANAGER

     INTERNAL AUDIT               $25k - $35k           $36k - $50k   $50k - $80k             $80k - $100k
     TREASURY                     $25k - $35k           $36k - $45k   $46k - $70k             $70k - $100k
     TAX                          $20k - $30k           $30k - $45k   $46k - $80k             $80k - $120k
     COST ACCOUNTING              $20k - $30k           $31k - $45k   $45k+                   -
     MANAGEMENT ACCOUNTING        $20k - $30k           $31k - $45k   $45k+                   -
     FINANCIAL ACCOUNTING         $20k - $30k           $31k - $40k   $40k+                   -
     FINANCIAL ANALYST            $20k - $30k           $31k - $45k   $45k+                   -

     SENIOR FINANCE ROLE                 SME                                   MULTINATIONAL

     FP&A                                $38k - $55k                           $45k - $65k
     FINANCE MANAGER                     $35k - $55k                           $45k - $70k
     FINANCIAL CONTROL                   $40k - $55k                           $45k - $70k
     GROUP / REGIONAL FINANCIAL
                                         $45k - $80k                           $50k - $90k
     CONTROLLER
     FINANCE DIRECTOR                    $60k - $100k                          $80k - $140k

   FINANCE & ACCOUNTING | CONTRACT (HKD per month)

                                                                                                       SENIOR
     ROLE                         ACCOUNTANT            SENIOR                MANAGER                  MANAGER

     INTERNAL AUDIT               $25k - $40k           $36k - $50k           $50k - $80k              $80k - $150k
     TREASURY                     $20k - $40k           $36k - $50k           $50k - $80k              $80k - $120k
     TAX                          $25k - $40k           $36k - $50k           $50k - $85k              $80k - $120k
     COST ACCOUNTING              $20k - $35k           $31k - $45k           $40k+                    -
     MANAGEMENT ACCOUNTING        $20k - $35k           $31k - $45k           $40k+                    -
     FINANCIAL ACCOUNTING         $20k - $35k           $31k - $45k           $40k+                    -
     FINANCIAL ANALYST            $20k - $35k           $31k - $45k           $40k+                    -

     SENIOR FINANCE ROLE                 SME                                  MULTINATIONAL

     FP&A                                $38k - $55k                          $45k - $65k
     FINANCE MANAGER                     $35k - $55k                          $45k - $70k
     FINANCIAL CONTROL                   $40k - $55k                          $45k - $70k
     GROUP / REGIONAL FINANCIAL
                                         $45k - $80k                          $50k - $90k
     CONTROLLER
     FINANCE DIRECTOR                    $60k - $100k                         $80k - $140k

                                                                                                                      14
FINANCE &
ACCOUNTING

   FINANCIAL SERVICES
   PERMANENT

   This area has grown steadily over the past few years,
   and the trend will continue in 2015. However, salaries    PROFESSIONALS WITH AN EXPERTISE IN
   will remain relatively stable due to cost constraints     THE THIRD BASEL ACCORD, THE DODD-
   from banks.
                                                             FRANK ACT, EMIR, HKMA AND SFC
   While replacement hires will continue to account for      REGULATIONS WILL BE HIGHLY
   the bulk of activity, an area that is growing is          SOUGHT AFTER.
   regulatory reporting and regulatory change. As banks
   are increasingly regulated on their capital adequacy,
   stress testing and market liquidity risk, professionals
   with an expertise in the Third Basel Accord, the Dodd-
   Frank Act, EMIR, HKMA and SFC regulations will be
   highly sought after.

   As there is an increasing demand for these
   professionals, salaries can be expected to rise more
   significantly than that of professionals in other areas
   of finance.

   FINANCIAL SERVICES
   CONTRACT
   As headcount constraints remain at many banks,
   finance and accounting will have a continued
   demand for contract hiring. Contractors are a good
   solution for the roll out of a new project, maternity
   cover and extra workload at year-end closing.

   Professionals with a certified accountancy
   qualification or expertise and knowledge of financial
   reporting standards will be highly sought after. It is
   also a good way for unemployed candidates to re-
   enter the workforce.

                                                                                                  15
FINANCE &
ACCOUNTING

  FINANCE & ACCOUNTING | PERMANENT (HKD per month)

                                          ASSOCIATE /     VP / SR.            SVP /              SR.
     ROLE                ANALYST          AVP             MANAGER             DIRECTOR           DIRECTOR

     PRODUCT CONTROL     $24k - $38k      $35k - $75k     $50k - $100k        $100k - $125k      $125k+
     FINANCIAL CONTROL   $22k - $35k      $30k - $62k     $55k - $80k         $80k - $120k       $120k+
     VALUATIONS          $30k - $40k      $36k - $78k     $62k - $110k        $110k - $130k      $130k+
     MANAGEMENT
                         $23k - $39k      $35k - $65k     $70k - $95k         $95k - $125k       $125k+
     REPORTING
     FINANCIAL
                         $15k - $36k      $30k - $58k     $50k - $80k         $80k - $122k       $122k+
     REPORTING
     INTERNAL AUDIT      $20k - $33k      $30k - $64k     $60k - $85k         $85k - $130k       $130k+

  FINANCE & ACCOUNTING | CONTRACT (HKD per month)

                                       ASSOCIATE /      VP/ SR.          SVP/
     ROLE                ANALYST       AVP              MANAGER          DIRECTOR             SR. DIRECTOR

     PRODUCT CONTROL     $28k - $42k   $35k - $75k      $50k - $100k     $100k - $125k        $125k+
     FINANCIAL CONTROL   $25k - $38k   $30k - $62k      $55k - $80k      $80k - $120k         $120k+
     VALUATIONS          $35k - $44k   $38k - $75k      $62k - $110k     $110k - $130k        $130k+
     MANAGEMENT
                         $24k - $40k   $36k - $66k      $70k - $95k      $95k - $125k         $125k+
     REPORTING
     FINANCIAL
                         $20k - $37k   $31k - $59k      $50k - $80k      $80k - $122k         $122k+
     REPORTING

     INTERNAL AUDIT      $25k - $35k   $30k - $65k      $60k - $85k      $85k - $130k         $130k+

                                                                                                          16
HUMAN
RESOURCES

            TOP 3 MOST IN-DEMAND POSITIONS:

             1   Talent Engagement & Communications

             2 Employer Branding

             3 Talent Acquisition

                                                      17
HUMAN
RESOURCES

    COMMERCE & INDUSTRY
    PERMANENT

    Last year was stable for hiring across HR and this trend
    will continue in 2015. Learning and development
    professionals will continue to be in demand across all      THERE WILL BE DEMAND FOR
    industries.                                                 ORGANISATIONAL DEVELOPMENT
    Many businesses will continue to implement people
                                                                PROFESSIONALS WITHIN BUSINESSES
    development initiatives to save cost and retain talent.     THAT ARE MORE MATURE.
    There will be demand for organisational development
    professionals within businesses that are more mature
    to help evolve and develop the business internally. As
    many firms continue to shift towards a business
    partnering model, there will be newly created
    headcounts for professionals in this area.

    Hiring is set to increase within the retail and luxury
    sectors, particularly for companies that have Hong
    Kong as their regional hub. This will help increase
    market share across Mainland China. Employees are
    expecting a 3-5 percent salary increase internally and
    10-15 percent increase externally.

    COMMERCE & INDUSTRY
    CONTRACT

    Demand for contractors will continue at a steady pace
    in 2015, and will increase amongst Hong Kong regional
    headquartered companies that are looking to launch
    new initiatives.

    This demand will include fields within human resources
    information systems (HRIS) and change management.
    Many new American and European businesses are also
    looking to enter the Asia Pacific market and this will
    create demand for contract recruiters.

    These businesses are likely to go on a hiring drive to
    rapidly expand their business operations and catch up
    with their competitors. As contract headcounts are
    usually regarded as an expense, there is more flexibility
    in budgets for hiring contractors.

                                                                                                  18
HUMAN
RESOURCES

  HUMAN RESOURCES | PERMANENT (HKD per month)

     ROLE

     HR VP / HEAD                                           $120k+
     HR DIRECTOR                                            $76k - $120k
     SENIOR HR MANAGER                                      $60k - $76k
     HR MANAGER                                             $43k - $60k
     ASSISTANT HR MANAGER                                   $35k - $43k
     HR SENIOR OFFICER                                      $28 - $35k
     HR OFFICER / ASSISTANT                                 $16k - $28k
     TALENT ACQUISITION HEAD                                $76k+
     TALENT ACQUISITION MANAGER                             $43k - $76k
     TALENT ACQUSITION SPECIALIST                           $23k - $43k
     ORGANISATIONAL DEVELOPMENT HEAD                        $76k - $120k
     TALENT DEVELOPMENT / LEARNING & DEVELOPMENT DIRECTOR   $63k - $120k
     LEARNING & DEVELOPMENT TRAINING MANAGER                $43k - $63k
     LEARING & DEVELOPMENT ASSISTANT TRAINING MANAGER       $32k - $43k
     LEARNING & DEVELOPMENT SENIOR OFFICER                  $28k - $40k
     LEARNING & DEVELOPMENT OFFICER                         $16k - $28k
     COMPENSATION AND BENEFITS DIRECTOR                     $70k - $90k
     COMPENSATION AND BENEFITS MANAGER                      $40k - $70k
     COMPENSATION AND BENEFITS ASSISTANT MANAGER            $28k - $40k
     COMPENSATION AND BENEFITS SPECIALIST                   $21k - $28k

   HUMAN RESOURCES | CONTRACT (HKD per month)

      ROLE

      HR DIRECTOR / HEAD                                     $125k+
      HR MANAGER / HR BUSINESS PARTNER                       $66k - $125k
      ASSOCIATE / ASSISTANT HR MANAGER                       $32k - $54k
      HR OFFICER / ASSISTANT                                 $18k - $25k
      RECRUITMENT COORDINATOR                                $20k - $28k
      RECRUITMENT SPECIALIST                                 $35k - $70k
      LEARNING & DEVELOPMENT SPECIALIST                      $55k - $70k
      LEARNING & DEVELOPMENT OFFICER / COORDINATOR           $20k - $28k
      C&B/PAYROLL MANAGER                                    $40k - 75k
      C&B/PAYROLL SPECIALIST                                 $20k - $38k
      SHARED SERVICE / HR OPERATIONS MANAGER                 $45k - $80k

                                                                            19
HUMAN
RESOURCES

    FINANCIAL SERVICES
    PERMANENT

    In 2014, hiring was reasonably conservative across the
    banking sector and was formed mainly of replacement         LEARNING AND DEVELOPMENT AS WELL
    headcounts in bulge bracket firms. Other areas of new       AS TALENT MANAGEMENT
    headcount to support strategic expansion were in the
    private banks, asset management firms and businesses        PROFESSIONALS HAVE BEEN IN HIGH
    undergoing transformation at larger banks.                  DEMAND AND THIS IS EXPECTED TO
                                                                CONTINUE.
    Learning and development, as well as talent
    management professionals have been in high demand
    and this is expected to continue to help implement
    people development initiatives that save costs and
    retain talent.

    Salary increments within HR have been approximately
    5 percent but anywhere between 10-20 percent with
    external moves for strategic positions. Morgan
    McKinley expects hiring across all HR disciplines with a
    positive outlook within the financial services sector.

    FINANCIAL SERVICES
    CONTRACT
    Demand for HR contract positions has been seasonal,
    specifically in talent acquisition, and compensation and
    benefits positions. This is to support fluctuating
    workloads at specific times of the year. With continued
    budget and headcount constraint, the HR contract
    market continues to develop. We anticipate an increase
    in contract positions turning permanent in 2015, as
    professionals prove their value combined with stronger
    signs of business growth.

    In general, salaries across different HR contract
    positions have increased by 5 percent or will offer extra
    benefits.

                                                                                                   20
HUMAN
RESOURCES

  HUMAN RESOURCES | PERMANENT (HKD per month)

     ROLE

     HR DIRECTOR / HEAD                              $130k+
     HR MANAGER / HR BUSINESS PARTNER                $66k - $130k
     ASSOCIATE / ASSISTANT HR MANAGER                $32k - $54k
     HR OFFICER / ASSISTANT                          $18k - $25k
     TALENT ACQUISITION HEAD / DIRECTOR              $115k+
     TALENT ACQUISITION MANAGER                      $45k - $110k
     TALENT ACQUISITION SPECIALIST                   $30k - $45k
     TALENT ACQUISITION COORDINATOR                  $20k - $28k
     LEARNING & DEVELOPMENT HEAD                     $125k+
     TALENT DEVELOPMENT / ORGANISATIONAL
                                                     $108k+
     DEVELOPMENT DIRECTOR
     LEARNING & DEVELOPMENT SPECIALIST               $55k - $70k
     LEARNING & DEVELOPMENT OFFICER / COORDINATOR    $20k - $28k
     COMPENSATION AND BENEFITS HEAD                  $120k+
     COMPENSATION AND BENEFITS MANAGER               $40k - $80k
     PAYROLL MANAGER                                 $40k - $75k
     PAYROLL SPECIALIST                              $25k - $34k
     GLOBAL MOBILITY MANAGER                         $75k - $105k
     GLOBAL MOBILITY SPECIALIST                      $40k - $62k
     SHARED SERVICE / HR OPERATIONS MANAGER          $45k - $80k

   HUMAN RESOURCES | CONTRACT (HKD per month)

      ROLE

      HR DIRECTOR / HEAD                              $125k+
      HR MANAGER / HR BUSINESS PARTNER                $66k - $125k
      ASSOCIATE / ASSISTANT HR MANAGER                $32k - $54k
      HR OFFICER / ASSISTANT                          $18k - $25k
      RECRUITMENT COORDINATOR                         $20k - $28k
      RECRUITMENT SPECIALIST                          $35k - $70k
      LEARNING & DEVELOPMENT SPECIALIST               $55k - $70k
      LEARNING & DEVELOPMENT OFFICER / COORDINATOR    $20k - $28k
      C&B/PAYROLL MANAGER                             $40k - 75k
      C&B/PAYROLL SPECIALIST                          $20k - $38k
      SHARED SERVICE / HR OPERATIONS MANAGER          $45k - $80k

                                                                     21
IT

     TOP 3 MOST IN-DEMAND POSITIONS:

      1   E-commerce and Mobile Application
          Development

      2 Project and Change

      3 Information Security and IT Risk Management

                                                      22
IT

     COMMERCE & INDUSTRY
     PERMANENT

     2015 will prove challenging for certain areas. This can
     be attributed to Hong Kong’s current political
     environment and a decline across the retail sector in
                                                               SIGNIFICANT DEMAND FOR PROJECT
     2014. Whilst we expect continued growth in demand         AND CHANGE MANAGERS, FAMILIAR
     for e-commerce and mobile application development         WITH DIGITAL MARKETING, E-PAYMENT
     professionals, many traditional commerce enterprises      CHANNELS OR O2O DISTRIBUTION.
     will experience challenges in transforming and
     migrating to the next generation e-business models.
     This will lead to significant demand for project and
     change managers who are familiar with digital
     marketing, e-payment channels or O2O distribution.

     The trend for recruiting skillful mobile developers is
     expected to continue. However, relative to this job
     category, employers seem to have a tendency to hire
     professionals with strong ambition and less relevant
     experience. We attribute this trend to the scarcity of
     experienced individuals in the mobile development
     space.

     COMMERCE & INDUSTRY
     CONTRACT

     Due to increasing investment in technology
     advancement, the IT contract market will remain
     strong in 2015. As with the financial sector,
     corporations look to improve their technology
     infrastructure by hiring external consultancy and
     professional service providers. In order to ease the
     pressure of drastic growth in headcounts, contracting
     remains an ideal solution for many organisations.

     We expect an upward trend in salary for certain
     positions, including digital/UX (user experience), and
     designer/mobile/web developers. Traditional
     infrastructure specialists and project managers can
     expect a slight adjustment in salary of between 5-8
     percent.

                                                                                                   23
IT

     IT | PERMANENT (HKD per month)

                                                                                       SENIOR
         ROLE                             ANALYST        SENIOR         MANAGER
                                                                                       MANAGER

         PRE-SALES CONSULTANT             $25k - $30k    $30k - $35k    $40k - $50k    $55k - $65k
         ANALYST PROGRAMMER               $20k - $25k    $30k - $35k    $40k - $50k    $55k - $65k
         MOIBLE APPLICATION PROGRAMMER    $30k - $35k    $40k - $45k    $55k - $60k    $65k - $75k
         UNIX / WINDOWS SYSTEM
                                          $25k - $30k    $30k - $35k    $45k - $55k    $60k - $70k
         ADMINISTRATOR
         NETWORK / VOICE INFRASTRUCTURE   $20k - $25k    $35k - $45k    $50k - $60k    $60k - $70k
         DATA WAREHOUSING                 $20k - $30k    $35k - $40k    $45k - $55k    $60k - $65k
         PROJECT MANAGER                  $25k - $30k    $35k - $45k    $55k - $65k    $65k - $75k
         BUSINESS ANALYST                 $20k - $30k    $35k - $45k    $45k - $55k    $60k - $70k
         SERVICE DELIVERY                 $25k - $30k    $35k - $45k    $45k - $55k    $60k - $70k
         DESKTOP / APPLICATION SUPPORT    $20k - $25k    $30k - $35k    $40k - $50k    $55k - $65k
         IT MANAGER                       $25k - $35k    $40k - $45k    $50k - $55k    $65k - $75k
         TESTING / QA                     $20k - $30k    $30k - $35k    $40k - $50k    $55k - $65k
         DATA CENTER MANAGER              $20k - $30k    $30k - $35k    $40k - $50k    $55k - $65k

      IT | CONTRACT (HKD per month)

                                                                                        SENIOR
          ROLE                             ANALYST        SENIOR         MANAGER
                                                                                        MANAGER

          PRE-SALES CONSULTANT             $25k - $30k    $30k - $35k    $40k - $50k    $55k - $65k
          ANALYST PROGRAMMER               $20k - $25k    $35k - $45k    $45k - $55k    $55k - $65k
          MOIBLE APPLICATION PROGRAMMER    $25k - $35k    $40k - $45k    $55k - $65k    $65k - $75k
          UNIX/WINDOWS SYSTEM
                                           $20k - $25k    $35k - $45k    $45k - $55k    $55k - $65k
          ADMINISTRATOR
          NETWORK/VOICE INFRASTRUCTURE     $20k - $25k    $35k - $45k    $45k - $55k    $55k - $65k
          DATA WAREHOUSING                 $20k - $30k    $35k - $40k    $45k - $55k    $60k - $65k
          PROJECT MANAGER                  $25k - $30k    $35k - $45k    $45k - $55k    $65k - $75k
          BUSINESS ANALYST                 $20k - $30k    $30k - $35k    $45k - $55k    $60k - $65k
          SERVICE DELIVERY                 $20k - $30k    $30k - $35k    $40k - $50k    $60k - $65k
          DESKTOP/APPLICATION SUPPORT      $20k - $25k    $30k - $35k    $40k - $50k    $55k - $65k
          IT MANAGER                       $25k - $35k    $40k - $45k    $50k - $55k    $65k - $75k
          TESTING/QA                       $20k - $30k    $30k - $35k    $40k - $50k    $55k - $65k
          DATA CENTER MANAGER              $20k - $30k    $30k - $35k    $40k - $50k    $55k - $65k

                                                                                                      24
IT

     FINANCIAL SERVICES
     PERMANENT

     The outlook for 2015 remains challenging considering
     the macroeconomic environment. However, we
                                                               INVESTMENT BANKS AND FINANCIAL
     expect hiring to remain strong in certain areas. The
     compliance and regulatory environment will see a          INSTITUTIONS ARE EXPECTED TO PAY
     significant demand for professionals across               MORE ATTENTION AND RESOURCES TO
     information security and IT risk management in 2015.      BIG DATA ANALYST AND DIGITAL
     Application developers and senior management              STRATEGY PROFESSIONALS.
     professionals with experience in the implementation
     of Agile software will also be in high demand.

     Investment banks and financial institutions are
     expected to pay more attention and resources to big
     data analyst and digital strategy professionals. It is
     almost certain that data analysts will play a critical
     role across front to back office in the future. The
     outsourcing approach across development teams and
     infrastructure fields remains part of the cost-saving
     strategy, which indicates more career opportunities
     emerging at global solution providers.

     FINANCIAL SERVICES
     CONTRACT

     The contract market remains strong in the first half of
     2015. Limitations in IT headcounts will push banks to
     hire external consultants in project engagement as
     well as migrating internal applications to solution
     vendors, which also poses growing demand in
     secondment contractors.

     In the current global economic environment, we
     forecast the overall salary increase for financial
     services IT professionals to remain between 5-6
     percent. Demand is expected to increase for specific
     positions such as high frequency trading
     development, fixed income production management
     and UNIX engineers. As a result, professionals in these
     areas can expect potential salary adjustment.

                                                                                                  25
IT

     IT | PERMANENT (HKD per month)

                                                                                          DIRECTOR OR
         ROLE                              ANALYST       ASSOCIATE / AVP   VP
                                                                                          ABOVE

         DEVELOPER - FRONT OFFICE          $35k - $45k   $55k - $65k       $75k - $100k   $110k +
         DEVELOPER - MO/BO                 $25k - $35k   $40k - $55k       $65k - $85k    $100k+
         BUSINESS ANALYST - FRONT OFFICE   $35k - $40k   $55k - $65k       $75k - $100k   $110k+
         BUSINESS ANALYST - MO/BO          $25k - $35k   $40k - $55k       $65k - $75k    $100k+
         PROJECT MANAGER - FRONT OFFICE    $35k - $45k   $55k - $70k       $75k - $100k   $110k+
         PROJECT MANAGER - MO/BO           $30k - $40k   $45k - $55k       $65k - $80k    $100k+
         DESKTOP / TRADING
                                           $25k - $35k   $40k - $50k       $55k - $75k    $85k+
         FLOOR SUPPORT
         PRODUCTION SUPPORT –
                                           $35k - $45k   $55k - $65k       $75k - $100k   $110k+
         APPLICATION SUPPORT
         UNIX / WINDOWS SYSTEM ENGINEER    $30k - $40k   $50k - $60k       $65k - $85k    $100k+
         NETWORK / VOICE ENGINEER          $30k - $40k   $50k - $60k       $65k - $85k    $100k+
         DATABASE ADMINISTRATOR            $30K - $40K   $50k - $60k       $65k - $85k    $100k+
         INFORMATION SECURITY              $30k - $40k   $50k - $60k       $75k - $90k    $100k+
         MARKET DATA ANALYST               $35k - $45k   $55k - $65k       $75k - $90k    $100k+

      IT | CONTRACT (HKD per month)

                                                         ASSOCIATE /                        DIRECTOR OR
         ROLE                              ANALYST                         VP
                                                         AVP                                ABOVE

         DEVELOPER - FRONT OFFICE          $35k - $45k   $55k - $75k       $85k - $100k     $110k +
         DEVELOPER - MO/BO                 $25k - $35k   $50k - $60k       $65k - $85k      $100k+
         BUSINESS ANALYST - FRONT OFFICE   $35k - $45k   $55k - $75k       $85k - $100k     $110k+
         BUSINESS ANALYST - MO/BO          $25k - $35k   $50k - $60k       $65k - $80k      $100k+
         PROJECT MANAGER - FRONT OFFICE    $35k - $45k   $65k - $75k       $75k - $100k     $110k+
         PROJECT MANAGER - MO/BO           $30k - $40k   $50k - $60k       $65k - $80k      $100k+
         DESKTOP / TRADING
                                           $25k - $35k   $40k - $50k       $55k - $75k      $85k+
         FLOOR SUPPORT
         PRODUCTION SUPPORT –
                                           $35k - $45k   $60k - $70k       $75k - $95k      $100k+
         APPLICATION SUPPORT
         UNIX / WINDOWS
                                           $30k - $40k   $40k - $60k       $75k - $95k      $100k+
         SYSTEM ENGINEER
         NETWORK / VOICE ENGINEER          $25k - $35k   $40k - $60k       $75k - $95k      $100k+
         DATABASE ADMINISTRATOR            $25K - $35K   $40k - $60k       $65k - $85k      $85k+
         INFORMATION SECURITY              $35k - $45k   $60k - $70k       $75k - $95k      $100k+
         MARKET DATA ANALYST               $35k - $45k   $60k - $70k       $75k - $95k      $90k+

                                                                                                        26
INSURANCE

        TOP 3 MOST IN-DEMAND POSITIONS:

            1   Regional Marketing Communication and
                Distribution Management

            2 Product Development and Underwriting

            3 High Net Worth (HNW) market

                                                       27
INSURANCE

   INSURANCE
   PERMANENT
   The insurance industry expects the global economy to              IN-DEMAND PROFESSIONALS INCLUDE
   show conservative growth in 2015. The Asia Pacific’s
                                                                     THOSE WITH REGIONAL MARKETING
   (APAC) industrialised nations should continue to see
   solid growth this year and next.                                  COMMUNICATION AND DISTRIBUTION
                                                                     MANAGEMENT BACKGROUNDS.
   With 2015 headcount finalised, the majority of
   insurers in the APAC region have indicated there will
   be a hiring push but a conservative one.

   New regulations introduced by the Securities and               professionals include those with regional marketing
   Futures Commission (SFC), which aim to improve the             communication and distribution management
   transparency of investment linked assurance schemes            backgrounds. With new headcount and the promising
   (ILAS), have made it harder to sell and constrain              direction of the industry as a whole, 2015 should
   business development for life insurers. Therefore, the         prove to be another strong year.
   high net worth (HNW) market has become a key
   focus and there is strong demand for all types of              Salaries have not fluctuated significantly but clients
   professionals in this area, especially in product              have demonstrated a willingness to be more flexible
   development and underwriting.                                  in order to attract top calibre professionals from
                                                                  overseas. For internal reviews, professionals have
   In a mature market like Hong Kong, insurers are                reported salary increases in the 3-7 percent range.
   optimising their customer reach through a revamp of            However, on average, professionals changing
   their distribution and communication channels. This is         employers are still getting increases of between 10-18
   in order to reach new customers as household                   percent.
   incomes grow in developing markets. In-demand

  INSURANCE | PERMANENT (HKD per month)

                               ASST.                                     SR.
      ROLE                     MANAGER              MANAGER              MANAGER            DEPT. HEAD          EXECUTIVE

      ACTUARIAL                $36k - $55k          $46k - $75k          $65k - $90k        $110k+              $130k+
      ORM                      $36k - $46k          $50k - $70k          $75k - $90k        $120K+              $110k+
      COMPLIANCE               $32k - $44k          $48k - $65k          $55k - $85k        $100K+              $110k+
      DISTRIBUTION             $25k - $40k          $40k - $58k          $52k - $82k        $80k+               $95k+
      AUDIT                    $38k - $48k          $46k - $74k          $58k - $85k        $95k+               $100k+
      MARKETING                $25k - $40k          $35k - $60k          $55k - $75k        $75+                $95k+
      FINANCE                  $34k - $45k          $47k - $65k          $55k - $83k        $90k+               $110k+

                                                                                                                           28
OFFICE
SUPPORT

          TOP 3 MOST IN-DEMAND POSITIONS:

           1   Office Administration

           2 Secretarial

           3 Team Assistant

                                            29
OFFICE
SUPPORT

    COMMERCE & INDUSTRY
    PERMANENT

    Whilst luxury brands have slowed down hiring
    activities, we remain optimistic and predict strong        THE COMMERCE AND INDUSTRY SECTOR
    hiring during the first three quarters in 2015. As         HAS SEEN AN INCREASED REQUIREMENT
    opposed to financial services firms, the commerce and
    industry sector has seen an increased requirement for      FOR PROFESSIONALS WITH OFFICE
    professionals with office administration as well as        ADMINISTRATION AS WELL AS
    secretarial skills. There was also a slight increase in    SECRETARIAL SKILLS.
    salaries across different levels in 2014.

    COMMERCE & INDUSTRY                                       We foresee more roles within retail and property
    CONTRACT                                                  companies. Temporary team assistants for small
                                                              teams and general secretarial roles are predicted to be
    It is predicted that 2015 will see an upturn in
                                                              the main demand in the contract market, particularly
    temporary and contract roles, with more variety
                                                              for short term coverage positions.
    across all areas of the secretarial and business
    support market. Salaries for contract roles for 2015
    are unlikely to increase significantly, based on
    projected market conditions.

    OFFICE SUPPORT | PERMANENT (HKD per month)

       ROLE

       OFFICE MANAGER                                                             $25k - $50k
       EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT)                                 $35k - $45k
       PERSONAL ASSISTANT                                                         $25k - $45k
       TEAM SECRETARY                                                             $18k - $35k
       SENIOR ADMINISTRATOR                                                       $18k - $30k
       ADMINISTRATOR                                                              $15k - $30k
       JUNIOR ADMINISTRATOR                                                       $10k - $25k
       RECEPTIONIST                                                               $10k - $27k

   OFFICE SUPPORT | CONTRACT (HKD per month)

       ROLE

       OFFICE MANAGER                                                             $25k - $50k
       EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT)                                 $22k - $40k
       PERSONAL ASSISTANT                                                         $20k - $40k
       TEAM SECRETARY                                                             $18k - $35k
       SENIOR ADMINISTRATOR                                                       $18k - $30k
       ADMINISTRATOR                                                              $15k - $30k
       JUNIOR ADMINISTRATOR                                                       $10k - $25k
       RECEPTIONIST                                                               $10k - $27k

                                                                                                                        30
OFFICE
SUPPORT

    FINANCIAL SERVICES
    PERMANENT

    Salaries were consistent across office support
    throughout 2014 and will continue into 2015. There       THERE WAS STRONG DEMAND FOR TEAM
    was strong demand for team assistants whose team
                                                             ASSISTANTS WHOSE TEAM SIZES
    sizes expanded due to cost constraints. There was also
    an increase in demand for facilities management and      EXPANDED DUE TO COST CONSTRAINTS.
    general administration roles. However, there was less
    demand for one-to-one personal assistant/executive
    assistant support roles.

    FINANCIAL SERVICES                                       Salary for contract roles will likely remain the
    CONTRACT                                                 same for 2015.
    There was a significant increase in contract positions
    within the market across all levels, with the most
    noticeable rise seen in the second half of 2014.
    Therefore, secretarial and business support
    professionals need to be more flexible when looking
    for a new role with a majority of positions
    eventually converting to permanent headcount.

   OFFICE SUPPORT | PERMANENT (HKD per month)

       ROLE

       ADMINISTRATION MANAGER                                                 $35k - $65k
       EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT)                             $40k - $70k
       PERSONAL ASSISTANT                                                     $35k - $55k
       TRADING FLOOR SECRETARY                                                $22k - $42k
       TEAM SECRETARY                                                         $20k - $38k
       ADMINISTRATOR                                                          $18k - $35k
       JUNIOR ADMINISTRATOR                                                   $12k - $25k
       RECEPTIONIST                                                           $11k - $23k

   OFFICE SUPPORT | CONTRACT (HKD per month)

      ROLE

      OFFICE MANAGER                                                          $25k - $50k
      EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT)                              $22k - $40k
      PERSONAL ASSISTANT                                                      $20k - $40k
      TEAM SECRETARY                                                          $18k - $35k
      SENIOR ADMINISTRATOR                                                    $18k - $30k
      ADMINISTRATOR                                                           $15k - $30k
      JUNIOR ADMINISTRATOR                                                    $10k - $25k
      RECEPTIONIST                                                            $10k - $27k

                                                                                                                31
SALES &
MARKETING

            TOP 3 MOST IN-DEMAND POSITIONS:

             1   Digital Marketing & Social Media

             2 Technology Sales

             3 Account Managers - Agency

                                                    32
SALES &
MARKETING

   SALES & MARKETING
   PERMANENT

   In 2015, Hong Kong professionals can expect to see an         KEY MARKETING TRENDS FOR 2015 WILL
   average increase in salary of 5 percent, a slight             LIKELY RESULT IN COMPANIES ACROSS A
   increase on last year’s 4.5 percent. However, when
                                                                 RANGE OF INDUSTRIES STRENGTHENING
   inflation is factored in, it is likely that Hong Kong can
   expect to see some of the lowest pay rises across Asia        TEAMS FOCUSED ON LOYALTY
   (ECA International).                                          MARKETING, DIGITAL CUSTOMER
                                                                 RELATIONSHIP MANAGEMENT (CRM)
   Key marketing trends for 2015 will likely result in           AND CUSTOMER EXPERIENCE.
   companies across a range of industries strengthening
   teams focused on loyalty marketing, digital customer
   relationship management (CRM) and customer
   experience.
                                                               Marketing is rapidly becoming one of the most
   Regional chief marketing officers (CMOs) are likely to      technology dependent functions in business, and
   spend more on technology than their chief                   throughout 2014 there was increasing demand for
   information officer (CIO) counterparts, and they are        technology savvy marketers.
   becoming increasingly aware of the limitations that
   application management, security and compliance             The Asia Pacific market now fully understands the
   will place on their marketing agility.                      importance of digital marketing. However, countries,
                                                               such as Australia and Singapore, are way ahead of
   CIOs are likely to shift the focus to customer-facing       Hong Kong and Mainland China, which are still
   business technology, which will require IT and              struggling with a vast skill shortage gap. The digital
   marketing to meet in the middle with more coherent          space will continue to be a large growth area in 2015.
   and integrated customer experience initiatives.

   PUBLIC RELATIONS / COMMUNICATIONS
   Public relations will have a strong emphasis on             Events continue to see steady growth as more
   content creation in 2015. As social media continues         businesses encourage the need to drive more
   to evolve, businesses must increase their efforts in        corporate events to enhance their brand and
   multi-channel content marketing and develop                 business reputation.
   consistent and credible content on an ongoing basis.
   Digital marketing and visual content will become
   essential for any publicity campaign to gain
   popularity and effectiveness.

   Communications marketing will continue to thrive as
   transparency and compliance becomes more vital for
   any business both internally and externally. Over half
   of businesses plan to increase internal
   communication budgets by an average of 17 percent
   in 2015. As technology continues to advance, half of
   the devices on corporate networks will be mobile for
   improved efficiency and productivity.

                                                                                                                        33
SALES &
MARKETING

   TECHNOLOGY & MOBILE                                      CONSUMER PRODUCTS

   2014 was a tough year for retailers in Hong Kong.        Compared with other markets in Asia, the number of
   Reports show that the first half of 2014 saw high end    strategic brand marketing teams in Hong Kong
   purchases such as watches and jewelry, drop by 40        decreased in 2014. This trend is expected to continue
   percent. There were also decreases of 10-20 percent in   into 2015. The trend results in an oversupply of
   other retail areas, such as electronics.                 strategic brand managers searching for long term
                                                            strategic planning, new product development, and
   Hong Kong retailers also suffered during the             brand equity related marketing roles. Fast moving
   “Umbrella Revolution”, which saw Golden Week Sales       consumer goods (FMCG) companies in Hong Kong
   fall by up to 50 percent for major retailers. Smaller    also see the line between trade marketing and brand
   retailers have reported up to an 80 percent loss on      marketing disciplines becoming increasingly blurred,
   the previous year.                                       as brand managers find themselves executing pricing
                                                            and promotion policies rather than brand
   Fortunately, November and December of 2014 saw           development work.
   retail sales regaining momentum. However, the
   market remains cautious for 2015. Ecommerce will         Local market roles continue to overtake regional roles
   become a much bigger piece of the retail market.         in Hong Kong across all disciplines including brand
                                                            management, trade marketing and sales. However,
                                                            strategic regional roles continue to dominate major
                                                            players in the alcohol and tobacco industries.
     THE TREND RESULTS IN AN OVERSUPPLY
     OF STRATEGIC BRAND MANAGERS
     SEARCHING FOR LONG TERM STRATEGIC
     PLANNING, NEW PRODUCT
     DEVELOPMENTAND BRAND EQUITY
     RELATED MARKETING ROLES.

   WINE
   The wine industry remains as competitive as ever
   with many wine merchants, agents and distributors
   competing in a small space, due to favourable
   market conditions, including zero wine duties.
   Increasing prosperity in Mainland China and changes
   in lifestyle has seen demand for wine in Mainland
   China continue to increase.

   Hong Kong provides the perfect gateway to the
   mainland and in employment terms, this translates
   to rising demand for Mandarin speaking private sales
   account managers. Overall demand for talent across
   the wine industry is at an all-time high with
   merchants battling it out and paying inflated
   salaries to retain their top performers.

                                                                                                                     34
SALES &
MARKETING

   RETAIL                                                    Over 50 percent of Hong Kong shoppers feel more
                                                             confident when buying goods online. However,
   Mobile technology and innovation continues to be a        concerns remain regarding service and credibility.
   key trend for 2015, as an increasing number of people     Hong Kong’s ecommerce sector has been significantly
   swap their laptop and PCs for mobile devices and          easier to develop than Mainland China. This can be
   tablets. In order to stay competitive, companies need     attributed to less government restrictions upon the
   to have mobile versions of their standard website as      sector and greater exposure to websites, such as
   part of their digital marketing strategy.                 Google and Facebook.

   The 3D printing industry is likely to grow. In the last   As the ecommerce market expands, so does the
   couple of years leading 3D printing companies, like       technology market in retail. This can be witnessed in
   Stratasys, have opened regional hubs in Hong Kong. In     the current trend for wearable technology. Innovative
   2015, we expect demand to exist in customer               brands like Fitbit bring brands closer to their
   experience, customer advocacy and product                 consumers, enabling them to stay connected and
   innovation.                                               access vast amounts of data. This ultimately assists
                                                             their level of market insight. Luxury retailers in
                                                             particular are starting to invest in wearable
                                                             technology, aimed at tracking performance and
     THE 3D PRINTING INDUSTRY IS LIKELY TO
                                                             health in a smart and savvy manner.
     GROW. IN THE LAST COUPLE OF YEARS
     LEADING 3D PRINTING COMPANIES, LIKE
     STRATASYS, HAVE OPENED REGIONAL
     HUBS IN HONG KONG.

      AN VIX ERUDITI ELECTRAM. AN PUTANT
      CETERO PER. PORRO DOLORE NAM TE,
      QUANDO TANTAS APPAREAT EX VIS. IN

                                                                                                                     35
SALES &
MARKETING

  MARKETING | PERMANENT (HKD per month)

     ROLE                           ASSISTANT MANAGER    MANAGER             DIRECTOR

     MARKETING GENERALIST                 $23k - $33k         $33k - $60k         $60k - $70k+
     CRM / LOYALTY                        $23k - $33k         $33k - $58k         $58k - $80k+
     CONSUMER INSIGHTS                    $23k - $33k         $33k - $52k         $52k - $75k+
     BRAND / PRODUCT MARKETING            $27k - $35k         $33k - $52k         $52k - $85k+
     TRADE / CHANNEL MARKETING            $23k - $30k         $33k - $45k         $47k - $65k

  SALES | PERMANENT (HKD per month)

     ROLE                           ASSISTANT MANAGER    MANAGER             DIRECTOR

     ACCOUNT MANAGEMENT                   $23k - $30k         $33k - $50k          $50k - $70k+
     BUSINESS DEVELOPMENT                 $23k - $35k         $35k - $55k          $55k - $80k+
     GENERAL MANAGER                           -                   -              $100k - $150k
     MANAGING DIRECTOR                         -                   -              $120k - $180k

  PR/ COMMUNICATIONS/ EVENTS | PERMANENT (HKD per month)

      ROLE                          ASSISTANT MANAGER    MANAGER             DIRECTOR

      ACCOUNT MANAGEMENT (AGENCY)          $30k - $45k         $45k - $60k         $60k - $80k+
      EVENTS                               $15k - $35k         $35k - $55k         $55k - $80k+
      PUBLIC RELATIONS                     $20k - $35k         $35k - $55k         $55k - $80k+
      COMMUNICATIONS                       $15k - $30k         $30k - $50k        $50k - $100k+

  RETAIL | PERMANENT (HKD per month)

     ROLE                           ASSISTANT MANAGER    MANAGER             DIRECTOR

     RETAIL OPERATIONS                    $20k - $35k         $35k - $60k         $50k - $75k+
     MERCHANDISING                        $25k - $40k         $35k - $60k         $60k - $80k+
     VISUAL MERCHANDISING                 $25k - $35k         $30k - $50k         $50k - $75k+
     BUYING MANAGER                       $25k - $35k         $30k - $60k         $50k - $70k+

                                                                                                  36
RISK &
COMPLIANCE

         TOP 3 MOST IN-DEMAND POSITIONS:

             1   AML Compliance

             2 Credit Analysis

             3 Regulatory Compliance

                                           37
RISK &
COMPLIANCE

    RISK & COMPLIANCE
    PERMANENT

                                                                 BANKS ARE INCREASING EFFORTS TO
    Total compensation for risk, legal and compliance
    professionals for 2014 will be flat or down in               RETAIN THEIR RISK, LEGAL AND
    comparison with the previous year. Whilst 2014 was           COMPLIANCE STAFF. BONUSES AND
    very active, revenues at most banks decreased across         INTERNAL SALARY INCREMENTS FOR
    Asia. This will impact the bonus pool for risk, legal and    2014-2015 WILL BE HIGH ON THE
    compliance professionals.                                    AGENDA FOR DEPARTMENT HEADS
                                                                 AND REGIONAL HEADS.
    In 2014, average basic salary increases for lateral
    recruitment, particularly in compliance was 15-30
    percent. For risk and legal roles, the increment was
    10-20 percent. This trend is set to continue for 2015.

    Experts in the following areas can expect increases of       Following bonus payments between January and March
    more than 20-25 percent for lateral moves:                   (May for some Japanese and European Banks),
    regulatory compliance with strong Hong Kong Money            replacement headcounts will need to be filled as of
    Authority (HKMA) or SFC experience; product                  March and April.
    compliance (equities/fixed income, investment
    banking division); private banking compliance;               In 2015, we expect a higher volume of activity in
    financial crime compliance; and AML advisory                 recruitment at the end of the first quarter and
    (sanctions, anti-bribery and corruption (ABC)).              beginning of the second quarter.

    Banks are increasing efforts to retain their risk, legal
    and compliance staff. Bonuses and internal salary
    increments for 2014-2015 will be high on the agenda
    for department and regional heads.

    RISK & COMPLIANCE
    CONTRACT
                                                                 Basic salary increases for contract roles have been
    Hong Kong professionals are seeing more advantages           between 10-15 percent, and for some compliance roles
    in accepting contract roles. They see it as an               we have seen a 20 percent increment for 6-12 month
    opportunity to move into a role with either a different      contracts in 2014.
    job nature (i.e. operations to compliance or audit to
    risk management roles) or in a different industry (i.e.      We expect the trend for recruiting in Hong Kong’s
    professional services firm (law firm or Big 4) into a bank   contract market to remain unchanged in 2015.
    or commercial industry).

    However, it is still difficult to convince individuals to
    move from a permanent to contract role in Hong Kong.
    In general, there is not a strong appetite for contract
    roles. Professionals, especially in risk, legal and
    compliance tend to be quite conservative and prefer
    stability and long-term career development if they are
    to move from one role to another.

                                                                                                                     38
RISK &
COMPLIANCE

  RISK MANAGEMENT | PERMANENT & CONTRACT (HKD per month)

                                                  ASSOCIATE/        VP/ SR.                           SR.
     ROLE                       ANALYST                                              SVP/DIRECTOR
                                                  AVP               MANAGER                           DIRECTOR

     HEAD OF RISK               -                 -                 -                $133k - $160k    $170k+
     MARKET RISK MANAGEMENT     $30k - $40k       $40k - $60k       $70k - $110k     $120k - $160k    $150k+
     MARKET RISK REPORTING      $20k - $35k       $40k - $60k       $65k - $83k      $83k - $110k     $120k+
     QUANTITATIVE ANALYSIS      $35k - $50k       $50k - $70k       $75k - $120k     $120k - $150k    $150k+
     OPERATIONAL RISK           $20k - $30k       $40k - $65k       $70k - $108k     $108k - $150k    $160k+
     CREDIT RISK ANALYSIS       $30k - $40k       $40k - $65k       $70k - $108k     $110k - $160k    $160k+
     TRADED CREDIT              $30k - $40k       $40k - $65k       $70k - $110k     $110k - $150k    $160k+

  COMPLIANCE | PERMANENT & CONTRACT (HKD per month)

                                                  ASSOCIATE     VP /SR.                              SR.
    ROLE                            ANALYST                                        SVP/ DIRECTOR
                                                  / AVP         MANAGER                              DIRECTOR

    HEAD OF COMPLIANCE              -             -             -                  $125k - $170k     $170k+
    AML                             $25k - $40k   $40k - $70k   $70k - $100k       $108k - $133k     $135k+
    PRODUCT SPECIFIC ADVISORY       $25k - $45k   $45k - $70k   $70k - $110k       $120k - $150k     $160k+
    TRAINING & COMPETENCE           $20k - $30k   $30k - $40k   $60k - $90k        $100k - $130k     $130k+
    CONTROL ROOM / RESEARCH         $20k - $35k   $40k - $60k   $70k - $100k       $110k - $140k     $140k+
    MONITORING / SURVEILLANCE       $20k - $35k   $40k - $60k   $70k - $100k       $100k - $120k     $120k+
    TAX COMPLIANCE                  $25k - $35k   $40k - $60k   $60k - $100k       $100k - $120k     $120k+

                                                                                                                39
SALARY SURVEY
RESULTS

         Highlights:

           1   The majority (54%) of respondents are from the
               banking and financial services sector

           2 The vast majority (72.8%) of professionals have
             received a pay increment in the last year

           3 Most (79%) of the Hong Kong professionals who
             responded say they have received or are
             expecting to receive an annual bonus for 2014

                                                                40
SALARY SURVEY
RESULTS

    DEMOGRAPHICS
    Morgan McKinley surveyed professionals in Hong
    Kong for the Salary Survey in January 2015.                 JUST OVER ONE THIRD (34%) HAVE MORE
    Respondents are all professionals on the Morgan             THAN TEN YEARS OF EXPERIENCE IN THEIR
    McKinley database and from our website
                                                                CURRENT ROLE OR ONE THAT IS SIMILAR.
    morganmckinley.com.hk, who are engaged in a range
    of specialist sectors such as Financial Services,           PROFESSIONALS WITH 6-9 YEARS OF
    Technology, Retail/FMCG, Construction &                     EXPERIENCE ACCOUNT FOR 29 PERCENT,
    Engineering, Public Sector, Media, Pharmaceutical,          AND ALMOST ONE QUARTER (24%) HAVE
    Healthcare and Legal with the majority of                   BETWEEN 3-5 YEARS OF EXPERIENCE.
    respondents from the Banking and Financial Services
    sector (54%) followed by the Retail/FMCG sector
    (11%).

    Just over half (53%) of the 441 professionals surveyed
    are male, 41 percent are female, while the remainder       29 percent, and almost one quarter (24%) have
    (6%) prefer not to say. They range in age from 20-51+      between 3-5 years of experience. The remainder
    years with 8 percent in the 20-30 bracket, 67 percent      (12%) have 1-2 years of experience in their current or
    in the 31-40 bracket, 22 percent in the 41-50 bracket      a similar role.
    and 3 percent in the 51+ bracket.
                                                               The overwhelming majority (97.2%) of professionals
    Just over one third (34%) have more than ten years of      are engaged in a permanent role and the remainder
    experience in their current role or one that is similar.   (2.9%) are contract or temporary workers.
    Professionals with 6-9 years of experience account for

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