Better polish up your Cantonese. Hong Kong’s financial services sector is set to expand by 7,200 jobs in 2011, says executive search firm Kinsey Allen International.
In an article in the Wall Street Journal, they say China’s fast-growing economy coupled with a boost in fixed-income activity will make the city a hot spot for investment banking jobs and other financial candidates. The fixed-income side of the business apparently suits risk-averse, conservative Asian investors.
Total financial services employment is set to rise from 146,085 measured in 2003 to 195,919. The fact that Hong Kong has the world’s only offshore Chinese yuan bond market, and the rapid growth in yuan trade settlement, will lift the sector’s fortunes as well.
“Many banks and asset managers are taking advantage by bolstering their teams and hiring high-quality individuals to capitalize on this growing market,” according to Zak Allom, managing director of Kinsey Allen’s Asian operations.
A vice president with five or more years of experience in fixed income could pull in an annual salary of roughly $580,000, reports Kinsey Allen. The increased demand for fixed-income professionals could boost salary levels even higher by the end of the next year.
Do you know someone with Asian banking experience? Ever consider relocating to Hong Kong yourself, even temporarily? Add your comments below.