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SALARY SURVEY 2013 - Robert Walters Singapore

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TAIPEITAIPEIBANKING&FINANCIALSERVICESTAIPEIBANKING&FINANCIALSERVICESBANKING&FINANCIALSERVICES<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong>403Ourbanking&financialservicesdivisionspecialisesinplacingexperiencedprofessionalswithinfinancialservicessectorscoveringaspectrumoffront,middleandbackofficeroleswithinfirmssuchasbanks,assetmanagementcompaniesandsecuritiescompanies.Keyroleswerecruitforincludesalesandrelationshipmanagement,operations,governance,compliance,legalandfinancialaccounting.MarketOverviewHiringactivitywasdownfromlastyearwithinbanksandfinancialservicesasemployersremainedwaryoftheglobalmarketuncertainty,especiallywiththeEurozonecrisis.Employerswereconservativeandveryselectiveaboutwhotheyrecruited,withtheinterviewprocesstakinglongerthanusual.However,recruitmentlevelsremainedrelativelyhighintheconsumerandretailbankingsectors.Thiswasduetobanksexpandingtheirmarketshareinamovetocapturethegrowingconsumerwealth.Withinfrontoffice,rolesbeinghiredforweremostlyrevenue-generatingpositionssuchassalesmanagersandrelationshipmanagers.Professionalswithstrongsalestrackrecordsandawidenetworkofclientswerehighlysought-afterasaresult.Anumberoffinancialinstitutionshiredseniormanagerswithstrongleadershipskillswhowereabletotransformtheirbusinessesintoamoreprominentplayerinanincreasinglycompetitiveenvironment.Fornewerfirmsenteringthemarket,employerssoughtprofessionalswithstart-upexperience.Withinthemiddleandbackofficespace,employerswerekeentorecruitlegalandcomplianceprofessionals,especiallythosewithrelevantindustrybackgroundssuchasassetmanagementandconsumerbanking.Inthesecondhalfoftheyear,withthebankstryingtoexpandtheirwealthmanagementandretailbusinesses,wesawafocusonhiringsalesmanagers,relationshipmanagers,wealthmanagersandconsumermanagers.Someassetmanagementcompaniesexpandedtheirsalesteams,particularlywithinthechannelsalesspace.Thiswasinlinewithcapturingtheincreasingconsumerwealthandsellingtoindividualcustomers.Inaddition,newcompaniesattemptingtobreakintothemarketledtoasubsequenthiringofkeypositionssuchasinternalauditors,legalandcomplianceprofessionalstomeetregulatoryrequirements.Seniorandexperiencedprofessionalsweremorecautiousaboutchangingjobsinviewofanuncertainmarket,whilejuniorlevelemployeesweremorewillingtomove,particularlytoforeigncompanies,forbettercareeradvancementopportunitiesorinternationalexposure.Mostprofessionalsreceivedsalaryincreasesaveragingaround3-5%,withrelationshipmanagersreceivingthehighestpayrisesfortheirrevenue-generatingability.Incrementsweretypically10-20%formostcandidateslookingtochangejobs.However,forcriticalpositionssuchasseniorsales,productmanagement,legalandcomplianceroles,professionalsweregettingupto30%ormorefortheirnicheskillsiftheychosetomove.Outlookfor<strong>2013</strong>Whileweexpectbothemployersandprofessionalstoremaincautiousaboutrecruitingormovingjobsinlightofthecontinuedeconomicuncertainty,recruitmentactivityislikelytoremainsteadyforrelationshipmanagersandwealthmanagersintheconsumerbankingsegment.Bankswillattempttogainalargermarketsharebyexpandingtheirbranchnetworkandassetmanagementcompanieswilltryandstrengthentheirchannelsalesteams,leadingtothegenerationofmorejobopportunities.Generalsalarylevelsareexpectedtoriseminimallyyear-on-year,similarto2012.However,relationshipmanagersmayreceivehighersalariesasbanksaimtoincreasetheirrevenue.Forexample,arelationshipmanagerspecialisingincorporatebankingwithfivetoeightyears'experienceislikelytoreceiveNT900k-1.2min<strong>2013</strong>,upfromNT840k-1.2min2012.Relationshipmanagersspecialisinginretailandtransactionbankingcouldalsoreceiveasalaryrise,especiallyiftheyachievetheirsalestargets.Candidatesmovingintoanewrolewillpotentiallyseeincrementsaveragingbetween10-15%.

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