Thinking of moving to Asia ? Hong Kong or Singapore – which pays best for investment bankers in 2014 ?
- Asia is making a push for senior banking talent with a strongly incentivised pay structures Hong Kong pays better in terms of average base salary at all levels from junior Analyst to Managing Director, with the biggest gap at the lower levels (54% for Analyst and 43% for Associate)
- In terms of average total compensation, including bonus, Hong Kong also comes out top at all levels except Director. Again the difference is largest at Analyst (54%) and Associate (68%) levels but even MD’s can earn 37% more in Hong Kong
- Both Hong Kong and Singapore have low personal income tax rates by international standards and are unaffected by the recent EU bonus cap rules so this may be an added incentive to move.
Robert Benson, CEO, Emolument.com said, 'The lure of the Asia has been a key factor during the recent financial crisis as bankers in Europe and North America have looked East to seek out better career opportunities. Both Hong Kong and Singapore look like attractive propositions but it is interesting to note that remuneration can be significantly different in each centre. Something to bear in mind when considering that ex-pat offer'.