Published on 4th January 2018
In H2 2017, the majority part of the finance and accounting job market had been relatively stable with most of the open positions being replacement positions. 80% of our recruitment assignments had been to backfill an existing headcount, either due to attrition or promotion.
More jobs at the junior level
In the second half of 2017, more new roles have been created at the junior level. Hiring requirements have been focused on multi-faceted professionals who were skilled with not only finance knowledge but with administrative and clerical exposure.
Work-life balance has been a pull factor for job seekers
While businesses were heading towards a positive direction, and the performance of different sectors have been improving, job seekers continued to be cautious with potential opportunities in the second half of 2017. This sentiment had created a talent-short market and made it difficult for employers to attract suitable people. Besides the tangible aspects of switching jobs, such as career path and salary increment, there has been a continued emphasis on work-life balance.
Finance and accounting talent outlook for H1 2018
For the first half of 2018, we expect steady recruitment activities, and the surge of movements will be near the bonus pay-out periods.
The consensus around salary adjustment in 2018 is within the range of 3%-6%, which is a healthy benchmark compared to the past years. Overall business sentiment has been picking up and this would likely encourage more professionals to seek new opportunities in the market.
Increasing need for finance and audit professionals with data analytics skills
Since the beginning of 2017, there has been an increased need for finance and audit professionals with data analytics skills. Employers have been and will continue requiring potential hires to have additional exposure to advanced systems and business operations, those which could enhance work.
Stakeholder management ability is important
The proven ability to communicate and understand various stakeholders within the business can create an enormous competitive edge for job seekers. The recent deployment of business intelligence systems has been forging a niche for finance professionals with such skillsets. Individuals with exposure to a specialised software such as Tableau and to other data visualization tools will have a significant advantage.
To capture suitable talent in the market, it will be essential for companies to pre-determine the core skillsets of each role. Employers can benefit from effective branding and speedy recruitment processes, as well as by having a pipeline of talents for certain high-risk roles.
Finance & Accounting Services
Salary Report for H1 2018*
|Job title||Years of experience||Annual salary range (HK$)|
|Audit / Internal Control|
|Head of Audit||12+||1.2M+|
|Senior Audit Manager||8–12||720K–1M|
|Internal Audit Manager||5–8||540K–850K|
|Senior Internal Auditor/Internal Auditor||3–5||300K–520K|
|Regional Financial Controller||10–12||800K–1.2M|
|Finance / Accounting Manager||6–10||480K–660K|
|Accounts Payable / Accounts Receivable Accountant||Up to 8 years||144K–348K|
|Senior Management Accountant||6–8||450K–540K|
Financial Planning & Analysis
|Head of Financial Planning & Analysis||12+||900K–1.4M|
|Financial Planning & Analysis Manager||8–12||580K–840K|
|Senior Financial Analyst||6–8||480K–600K|
|Vice President / Head of Tax||12+||900K–1.6M|
|Head of Treasury||10+||800K–1.6M|
|Corporate Finance Director||12+||1.2M–1.8M|
|Corporate Finance Manager||8–12||600K–1M|
|Investor Relations Director||10–12||900K–1.4M|
|Investor Relations Manager||8–10||550K–850K|
*Notes about salary table:
- Titles and levels vary from organisation to organisation.
- The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
- 12-month base salaries are assumed.
- All other benefits and bonuses are in addition to these figures.
- Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.
- Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
- Healthcare policies are standard.
- Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15–20% of the base salary for senior executives.
by Justin Leung