Companies in Hong Kong Paying Top Dollar for Graduates to Provide Banking and Finance Services

Hong Kong, 30 October 2014 – According to Jobs DB Hong Kong Limited (“jobsDB”), companies offer the highest salaries to fresh graduates* who perform job functions in banking and finance, professional services (compliance, consultancy and legal services) and information technology positions in Hong Kong, Singapore and Thailand. Apart from these three functions, education and building & construction jobs also rank at the top five in Hong Kong.

jobsDB conducted an online survey across a variety of industries with regard to the pay standards of different job functions. A total of 23 main categories* of job functions are included in this survey ranging from accounting, admin and HR, banking and finance to beauty care and health, hospitality and F&B etc. The survey findings are based on the comparison of the median salary of the fresh graduates in those posts.

To attract and retain top talent from the universities, the banking and finance related jobs are relying on good salary packages to sweeten the deal. Dr. Andy Wong, Assistant Dean (Undergraduate Studies) of The Chinese University of Hong Kong Business School, said, “The banking and finance posts are undoubtedly the most stable and reliable source of quality jobs. Good salaries, structured career path and perceived social prestige in association with bankers are all key factors that attract fresh graduates.” 

Employers are on the look-out for graduates with these capabilities who have a combination of technical expertise and interpersonal skills having a clear edge over their peers. Dr. Wong added, “A combination of hard knowledge and soft skills is always a winning package. Having a good mathematical mind, high proficiency in English and interpersonal skills are also essential. What’s more important is a positive attitude to learn and grow. Only those who humble themselves and work hard to constantly deliver can fully realize their potential.”

Other than Hong Kong, the survey also investigated other Asian countries including Singapore, Thailand, Indonesia and the Philippines. The findings suggest that employees in the merchandising, administration and human resources, and hospitality and F&B posts consistently rank at the bottom five in most of the surveyed countries. These are also the same functions that have shown an increase quarter on quarter. The salary trajectory of these functions will increase dramatically by an average of 67% once the graduates gain more than three years of experience.

Mr. Justin Yiu, General Manager of Jobs DB Hong Kong Limited, commented, “The difference between the talent supply and demand is one of the key reasons behind the salary gap of fresh graduates. The supply of certain job functions is relatively higher in the market, which will eventually result in a relatively low pay standard. On the contrary, some job functions requiring professional qualifications are relatively short in supply, resulting in higher pay standards.”

“However”, Yiu added, “salary standards should not be the only factor to consider in job hunting. The graduates should also consider one’s personal interest, strength and core competence for career development.”

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The top five and bottom five-paying functions in Hong Kong, Singapore, Thailand, Indonesia and the Philippines are listed below:

 

Hong Kong

Singapore

Thailand

Indonesia

The Philippines

Top Five

Banking/

Finance

(e.g. analyst, corporate banking, dealing & trading etc.)

Professional Services

 

Professional Services

Professional Services

Information Technology (IT)

Professional Services

(e.g. business analysis, company secretary, legal & compliance etc.)

Property

(e.g. property consultancy, property management etc.)

Banking / Finance

Information Technology (IT)

Medical Services

Education

(e.g. teacher, tutor/instructor etc.)

Information Technology (IT)

 

Medical Services

(e.g. nursing, pharmaceutical, therapist)

Property

Public / Civil

Building & Construction

(e.g. architectural services, civil/ structural etc.)

Building & Construction

 

Insurance

(e.g. actuarial, claims officer, underwriter etc.)

Public / Civil

(e.g. civil services, social services etc.)

Telecomm

Information Technology (IT)

(e.g. application specialist, DBA, software development, testing/ QA etc.)

Banking/

Finance

 

Information Technology (IT)

Telecomm

(e.g. GSM engineering, system administration, switching engineering etc.)

Insurance

Bottom Five

Merchandising & Purchasing

(e.g. electronics, fabrics, furniture etc.)

Beauty Care / Health

(e.g. beautician, nutritionist, therapist etc.)

Merchandising & Purchasing

Merchandising & Purchasing

Education

Accounting

(e.g. accountant, audit, credit control etc.)

Manufacturing

(e.g. garment/textile, jewelry, printing etc.)

Hospitality/

F&B

Admin & HR

Accounting

Hospitality/

F&B

(e.g. hospitality/ hotel services, integrated resort/casino, tourism/travel agency etc.)

Transportation & Logistics

 

Accounting

Transportation & Logistics

Admin & HR

Admin & HR

(e.g. administration/operation manager, clerical/ admin staff, HR supporting staff etc.)

Admin & HR

 

Admin & HR

Hospitality/

F&B

Merchandising & Purchasing

Transportation & Logistics

(e.g. aviation services, freight forwarding, inventory/warehousing etc.)

Hospitality/

F&B

 

Transportation & Logistics

Beauty Care / Health

Transportation & Logistics

 

-ends-

* fresh graduates: classified as those with less than two years of experience.
* main categories: one main category of job functions can include a number of different types of work. For example, under the category “accounting”, there are 11 sub types namely accountant, accounting clerk/ supervisor, audit, chief accountant, consulting, credit control, finance/ accounting manager, financial analyst, financial controller, taxation and treasurer. For full list of job functions, please refer to the appendix.