Hong Kong: A Financial Professional’s Powerhouse

As one of the leading international financial centres, Hong Kong has long served as a key global gateway to the world's second largest economy. Accounting for 23.4% of the city's GDP and providing around 276,200 jobs alone in 2022, the financial services sector remains one of the city's most important economic pillars today, and will be so for the foreseeable future to come.

Recent studies affirm Hong Kong's unique advantages: Per a recent survey, the 2024 Financial Services Compensation Survey¹, every tier of the Hong Kong finance hierarchy enjoyed much better compensation than they did the previous year — junior ranks saw a 19% increase on average, while VPs commanded a monumental 60% increase in bonuses.

Hong Kong's Financial Sector Shines with 18%+ YoY Increase in Bonuses

According to the survey, while Hong Kong’s financial sector brims with key players in the world banking market, it has shown to have defied the faltering global economy.  The current state of the global financial job market is a mixed bag: The sell-side, namely banks and brokerage firms, has experienced a challenging year, while private equity firms, hedge funds, and traditional asset managers and other firms on the buy-side reported mixed performances. All in all, the average global bonus of financial professionals increased from US$131,942 to US$138,455, or by 4.9%, reflecting the ongoing uncertainty in the global market.

This posts a stark contrast to Hong Kong's financial sector, which has experienced a very strong year in terms of compensation, having recorded an 18%+ year-on-year increase in bonuses across the board. In fact, Hong Kong surpasses the average of the APAC job market in both compensation and the increase in bonuses in the past year:

	Average Salary (US$)	Average Bonus (US$)			Average Total Compensation (US$)
Rank	2023	2023	2022	Change	2023
APAC
Analyst	$75,000	$35,938	$32,813	+9.5%	$110,938
Associate	$104,213	$53,824	$50,305	+7.0%	$158,037
Vice President	$157,026	$55,167	$56,122	-1.7%	$212,193
Director	$254,048	$162,379	$167,750	-3.2%	$416,426
Managing Director	$425,000	$372,222	$333,333	+11.7%	$797,222
Hong Kong
Analyst & Associate	$107,422	$52,988	$44,574	+18.9%	$160,409
Vice President	$163,934	$72,131	$45,058	+60.1%	$236,066
Director	$268,889	$201,163	$137,712	+46.1%	$470,052
Managing Director	$475,000	$450,000	$350,000	+28.6%	$925,000

(Source: 2024 Financial Services Compensation Survey¹)

The 2024 Market Outlook and Salary Trends² tells a similar story. The report anticipates that while organisations in Hong Kong are likely to maintain a cautious approach to talent acquisition in 2024, the prevailing focus on optimising resources to enhance business performance and ensure sustained stability translates to high-quality job openings. Jobseekers can expect an increase in hiring expectations, with companies seeking talent with specific, in-demand skills and experience. For overseas talent, this shift in hiring strategy and heightened competitiveness present both new challenges and opportunities.

Hong Kong's Financial Sector Undergoes Transformation, Driving Demand for Fintech and ESG Specialists

Despite the indecisive global economy, Hong Kong’s financial sector is in the middle of an industry-wide transformation, driving demand for highly skilled specialists across areas of expertise. According to the  report, one of the biggest upswing in momentum is observed in fintech and digital banking, as companies strategically invest to expand their market share to capitalise on growing consumer confidence. Fintech, blockchain and cryptocurrency specialists can expect waves of career opportunities to arise in the city.

Constant progress is also being made in regard to ESG. Many organisations are establishing the groundwork for sustainable business practices; for instance, banks in Hong Kong have been proactive in strengthening their compliance and risk management capabilities to pave the way for opportunities in green financing, creating openings for compliance and sustainable finance specialists.

The report also mentions the expected recovery in family office, mutual fund and hedge fund hires, as the Hong Kong government offers various incentives and tax concessions to attract wealth from the Greater Bay Area, Southeast Asia and the Middle East. On the buy-side, fundraising talent and high-performing investment teams are in heightened demand as high interest rates have driven liquidity back into the banks.

Language proficiency is another area that worldwide talents can well have the edge over local competitors in. As companies look to the north for newfound opportunities in the Greater Bay Area, Mandarin proficiency often becomes a key hiring metric; the strong presence of multinational offices and the anglophone-dominant business environment mean proficient English speakers often have a soft advantage as well. Having command over multiple languages is an invaluable soft asset in the highly diverse city, and can set you apart from the rest of the candidates.

Online resources are abundant when it comes to job searching in Hong Kong. Visit our Hot Jobs section, or go to the Supporting Services section to connect with our online job searching platform partners to learn more.

Source

¹ efinancialcareer 2024 Financial Services Compensation Survey

² Randstad HKSAR’s 2024 Market Outlook and Salary Trends