Singapore - Banking & Financial Services Salary Survey 2012

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Banking & Financial Services Salary Survey 2012

Banking & Financial Services Salary Survey 2012

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  • 1. Banking & Finance Salary Survey 2012 Singapore taylorroot.com
  • 2. Banking & Finance Salary Survey 2012-SingaporeLegal banking & financial services market overviewIn the first half of 2011 recruitment activity levels remained robust with consistent hiring witnessed across the banking andfinancial services sector, following the buoyancy of 2010. The European sovereign debt issue began to cause uncertaintywithin the Asian market late in the second quarter of the year and recruitment activity in the banking sector fell considerablywith a more considered approach to hiring. In the wider financial services sector however, the general demand for lawyersremained constant throughout 2011.Since early 2012 we have seen a restrained increase in the level of recruitment activity following a solid first quarter whenlookimg at company earnings and the continued growth of the South East Asia economies. However, this positive data istempered with the continued fears over the eurozone crisis and the downgraded growth forecast for the Chinese economy. Aconservative approach to recruitment for the remainder of 2012 is highly likely and any escalation in the eurozone crisis couldlead to a hiring freeze for all but Asian headquartered banking and financial services organisations.Staff retention continues to be a key concern for hiring managers due to the uncertainty of receiving replacement headcount.Although redundancies in Singapore have not been widespread there is still continued cost pressure on in-house legaldepartments. This focus on reducing or maintaining internal and external legal costs will undoubtedly impact legal providers.taylorroot.comtaylorroot.com.sg
  • 3. Banking & Finance Salary Survey 2012-SingaporeSupply & demandThere are a broad number of skill sets in demand within the Demand for lawyers with custody and treasury experiencebanking sector and the majority of roles are replacement is high, particularly with many institutions placing anrather than additional hires. As investment banks in emphasis on flow transactions, resulting in higher salariesSingapore continue to provide a more sophisticated offering, and competition for experienced candidates. Althoughthe requirements for candidates to have specalised product many private banks and wealth managers continue to haveknowledge, and often secondment experience and language aggressive growth plans to support the increasing wealth inskills, has increased. These additional requirements are likely Asia, the hiring of wealth management lawyers has greatlyto remain until there is a significant growth in the recruitment reduced over the past 12 months.market. Our investment banking clients have largely targetedapplicants from international law firms based in Singapore Within the financial services sector, scarce skill sets in fundsand the top Singaporean firms although due to the scarcity of and investment management have resulted in employersspecialised skills, applicants from Hong Kong and international paying a premium. Lawyers with strong regulatory experiencereturnees have also been in demand. The general demand are also particularly valued, which has been the result offor fixed income / commodities derivative lawyers seen the heightened regulatory pressure on banking and financialin 2010, and early 2011 has ceased although there is a institutions.shortage of candidates locally in this market. Demand forISDA professionals has continued to be buoyant and there is Across the general banking and financial sector there isa lack of supply for experienced professionals at the mid to demand for support lawyers in areas such as IT/IP, datasenior negotiator level with many institutions having to fill protection, employment, and general shared services roles.roles with Hong Kong and London candidiates. Also, generally there is an over supply of capital markets and project finance lawyers looking to make the move in-One of the biggest issues for candidates has been the lack of house in Singapore. Many of these candidates have highsenior roles within the investment banks especially at Director private practice salaries and there is a limited number of jobslevel. This is due to proactive succession planning and internal with equivalent salary. Many are however willing to take apromotion of mid-level lawyers. Corporate and commercial considerable drop in salary to move in-house.banks continue to seek candidates with strong technicalknowledge. Traditionally, candidates for this market have Overall, more and more lawyers are willing to considering acome from the top Singaporean law firms with banks offering move in-house and competition for available roles is high.an improved work/life balance and a broader remit of work.There is intense competition for good Singaporean lawyerswho may consider moving in-house from international lawfirms who are offering attractive packages and internationalexperience.Hayden GordineManagertaylorroot.com
  • 4. Banking & Finance Salary Survey 2012-SingaporeRemunerationTotal remuneration in the banking sector has remained stagnant or slightly declined overall. Bonuses were generally lesscompared to previous years across the banking industry. A key issue is managing expectations, and while some lawyers weredissatisfied with the size and structure of their bonuses, this dissipated when it become apparent that bonuses were downacross the market. There was a lacklustre post-bonus hiring period as lawyers did not see the benefit in moving, combinedwith limited opportunities.Remuneration within the financial services sector has also remained largely static, including bonuses. This conservativeapproach towards pay increments and bonuses is largely a result of the various european debt issues witnessed in 2011, andlooks set to persist for the immediate future.SalariesDerivatives / Commodities / Structured ProductsLevel / Experience (years) Annual salary S$ Bonus0–2 95,000 – 120,000 1 – 3 months3–5 150,000 – 250,000 1 – 3 months6–8 250,000 – 325,000 1 – 4 months9 –11 260,000 – 400,000 3 – 4 months12+ 400,000+ 3 - 5+ monthsCapital Markets (Debt & Equity)Level / Experience (years) Annual salary S$ Bonus0–2 95,000 – 120,000 1 – 2 months3–5 150,000 – 235,000 1 – 2 months6–8 250,000 – 325,000 1 – 4 months9 –11 260,000 – 375,000 3 – 4 months12+ 400,000+ 3 – 5+ monthsGeneral Banking / APLMALevel / Experience (years) Annual salary S$ Bonus0–2 65,000 – 120,000 1 – 2 months3–5 120,000 – 180,000 1 – 4 months6–8 180,000 – 300,000 2 – 5 months9 –11 200,000 – 310,000 3 – 6 months12+ 325,000+ 3 - 6+ monthsPrivate Banking / Wealth ManagementLevel / Experience (years) Annual salary S$ Bonus0–2 80,000 – 120,000 2 – 4 months3–5 100,000 – 180,000 2 – 6 months6–8 140,000 – 240,000 2 – 6 months9 –11 175,000 – 280,000 2 – 6 months12+ 300,000+ 5+ monthstaylorroot.com
  • 5. Banking & Finance Salary Survey 2012-SingaporeISDALevel / Experience (years) Annual salary S$ Bonus0-2 30,000 – 80,000 0 – 2 months3-5 70,000 – 130,000 1 – 3 months6-8 120,000 – 200,000 2 – 4 months9 - 11 190,000 – 280,000 3 – 6 months12+ 300,000+ 5+ monthsFinancial Services / RegulatoryLevel / Experience (years) Annual salary S$ Bonus0-2 50,000 – 85,000 0 – 2 months3-5 70,000 – 135,000 1 – 3 months6-8 125,000 – 200,000 1 – 4 months9 - 11 170,000 – 300,000 3 – 4 months12+ 300,000+ 5+ monthsInsuranceLevel / Experience (years) Annual salary S$ Bonus0-2 50,000 – 80,000 0 – 2 months3-5 75,000 – 125,000 0 – 2 months6-8 110,000 – 200,000 1 – 4 months9 - 11 170,000 – 300,000 2 – 4 months12+ 300,000+ 4+ monthsFunds / Asset Management / Investment ManagementLevel / Experience (years) Annual salary S$ Bonus0-2 50,000 – 80,000 0 – 2 months3-5 70,000 – 140,000 1 – 3 months6-8 115,000 – 215,000 2 – 4 months9 - 11 180,000 – 310,000 3 – 6 months12+ 300,000+ 5+ monthsPrivate EquityLevel / Experience (years) Annual salary S$ Bonus0-2 50,000 – 80,000 0 – 2 months3-5 70,000 – 150,000 1 – 3 months6-8 120,000 – 225,000 2 – 4 months9 - 11 190,000 – 325,000 3 – 6 months12+ 300,000+ 5+ monthstaylorroot.com
  • 6. Compliance Banking & Finance Salary Survey 2012-SingaporeCompliance market overviewWith global businesses continuing to expand their operations in the Asia Pacific region, Singapore has emerged as the commontarget location; contributing to the demand for compliance professionals. Equally, there has been growth in the number oforganisations who are establishing their compliance functions in Singapore from scratch, thereby increasing the demand forstandalone-type compliance roles.The impact of the increased regulatory regime with the advent of newly introduced legislation, such as the UK Anti-BriberyAct, has helped to keep demand robust within the commerce and industry sectors.In terms of remuneration, the slight upward pressure on base salaries is unsurprising. The recruitment trend to date hasfavoured experienced hires who can hit the ground running, more so than fresh graduates who could be trained and developed.Premiums are also afforded for compliance professionals who are either qualified lawyers or come equipped with legalexperience.Talent retention has also become a more focused goal of employers. Employees are increasingly being counter-offered by theirexisting employers as they attempt their exit.Jeremy PohConsultanttaylorroot.com
  • 7. Compliance Banking & Finance Salary Survey 2012-SingaporeCommerce & IndustryLevel / Experience (years) Annual salary S$ Bonus0-2 35,000 – 62,000 0 – 2 months3-5 54,000 – 120,000 1 – 2 months6-8 74,000 – 175,000 2 – 3 months9 - 11 170,000 – 280,000 4 – 6 months12+ 270,000+ 5+ monthsFunds / Asset Management / Investment ManagementLevel / Experience (years) Annual salary S$ Bonus0-2 38,000 – 60,000 0 – 2 months3-5 59,000 – 130,000 2 – 3 months6-8 80,000 – 190,000 4 – 6 months9 - 11 180,000 – 350,000 4 – 8 months12+ 300,000 5+ monthsInvestment BankingLevel / Experience (years) Annual salary S$ Bonus0-2 45,000 – 80,000 1 – 2 months3-5 70,000 – 150,000 2 – 3 months6-8 138,000 – 200,000 4 – 6 months9 - 11 185,000 – 285,000 4 – 8 months12+ 275,000+ 6+ monthsWealth Management / Private BankingLevel / Experience (years) Annual salary S$ Bonus0-2 45,000 – 85,000 1 – 2 months3-5 80,000 – 170,000 2 – 3 months6-8 155,000 – 230,000 4 – 6 months9 - 11 200,000 – 310,000 4 – 6 months12+ 300,000+ 6+ monthstaylorroot.com
  • 8. ContactFor more information on living and working on Singapore or if you are interested in relocating to thearea please contact:Jeremy PohT: +65 6420 0500E: jeremypoh@taylorroot.comEstablished in the 1980s, Taylor Root is now widely recognised as being one of the world’s leading legalrecruiters. Operating out of offices in the UK, Dubai, Asia and Australia, we are ideally placed to assist lawfirms, banks and companies with their legal recruitment on an international basis. Taylor Root has a strongtrack record in the recruitment of: Heads of legal and legal advisers; law firm associates and partners;contract/locum lawyers; paralegals; company secretaries and compliance professionals.Taylor Root is a member of The SR Group. The SR Group is a specialist recruitment consultancy dedicatedto raising standards in the business environments that we serve. The sectors we cover include tax, legal,human resources, marketing and executive search, dealing with a substantial number of the world’s leadingprofessional partnerships, multi-national corporations and international banking groups as well as small tomedium sized developing organisations. London Dubai Hong Kong 95 Queen Victoria Street Suite 614, Liberty House DIFC 1918 Hutchinson House London EC4V 4HN PO Box 506739 10 Harcourt Road , Central, Hong Kong T: +44 (0)20 7415 2828 T: +9714 448 7770 T: +852 2973 6333 Singapore Melbourne Sydney Level 21 Prudential Tower Suite 4.02 Level 12, 25 Bligh Street 30 Cecil Street 520 Collins Street Sydney Singapore 049712 Melbourne, VIC 3000 NSW 2000 T: +65 6420 0500 T: +61 (0)3 8610 8400 T: +61 (0)2 9236 9000 Taylor Root is a member of The SR Group taylorroot.com