[newsense]

Hey everyone,

I have just been provisionally offered a job in Hong Kong working as a business analyst for a large international bank. The move is an internal transfer with my current company, although I currently work in middle office operations as opposed to a BA role.

Particulars of the position still have to be ironed out, so there has been no mention of salary as yet; all I know is that it will be a local contract, so is unlikely to include accomodation.

My question is, at what level should I be aiming my negotiations for a business analyst role? As it is a bit of a change in direction from my existing role, I don't really know what sort of salary I should be asking for. I have 2 1/2 years experience in operations and currently earn around GBP 45,000 before tax in my existing role, which equates to around 55k HKD per month as a direct comparison. Would this be a realistic salary, or should I expect more/less?

Negotiations are due to start within the next couple of weeks, so any advice would be much appreciated! I have been working towards moving to HK for the last two years, so money is not the overriding factor, although I would still like to realise my worth!

Many thanks in advance for your help!

[lionrock88]

Here's some information from our site about salary negotiations which you might find useful:

Negotiating Your Salary | Pinpoint Asia

There are many factors that come into play when determining someone’s salary including:

• your current salary and salary history,

• the company’s internal benchmarks,

• general “market rates,”

• the level of competition, and

• how much value the manager thinks you will add to the team.

In addition to the above, in my experience, if you're coming from the UK and you get a straight conversion on your gross GBP base salary (ie. your HKD55K/month), than you can consider that to be very good.

Some banks use "tax equalisation" as a starting point when determining your salary ie. they look at what you would be making on a net basis after factoring in the different tax rates.

In HK, if you are able to get your gross GBP base salary converted straight into Hong Kong dollars, you will be making much more on a net basis after taking into account HK's lower taxes, and after factoring the (slightly) lower cost of living in HK, you will be able to maintain, if not increase your standard of living.

Hope this helps in giving you a point of reference for your salary negotiations.

[beachball]

Originally Posted by newsense

I have just been provisionally offered a job in Hong Kong working as a business analyst for a large international bank.

Would need to know the following (at a minimum):

• whether that is in I-banking, capital markets, corporate banking, etc.
• if in I-banking/capital markets, whether it is BB firm, top-10, or a frim of lesser stature
• what year (i.e., first year BA, second year, etc.)

[newsense]

Hey guys,

Thanks for your reponses. Lionrock88, what you mentioned about tax equalisation, I thought that might be the case. Nevertheless, I think I will push for a straight FX, as it would be nice to appreciate the benefits of living in a country with lower tax rates! Thanks for the info, it was very helpful.

Beachball - the company is a top 10 investment bank. I assume by 'what year' you mean my personal experience? In which case, I guess I would be classed as 1st year, as I have never worked in a BA role before. Apologies if I have misunderstood the question.

Thanks again!

[beachball]

Originally Posted by newsense

Hey guys,

Thanks for your reponses. Lionrock88, what you mentioned about tax equalisation, I thought that might be the case. Nevertheless, I think I will push for a straight FX, as it would be nice to appreciate the benefits of living in a country with lower tax rates! Thanks for the info, it was very helpful.

Beachball - the company is a top 10 investment bank. I assume by 'what year' you mean my personal experience? In which case, I guess I would be classed as 1st year, as I have never worked in a BA role before. Apologies if I have misunderstood the question.

Thanks again!

That is what I meant. Still not clear whether you will be in one of the IBD coverage or execution groups, capital markets, or other.
In any event, HKD55k per month base sounds about right. Plus housing allowance (basically all juniors these days are on so called 'hybrid packages' which are just salary plus housing). Of course, year-end bonus is what it is all about in the business - and that could be zero or 2-3x your base salary...