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Bulge are supposed to have global pay schemes but 2 people have told me the monthly salary in IBD is 15-18K HK.
Hence 2-2.5K USD per month. But I find it hard to believe.
BBs pay IBD analysts/associates on a global pay-scheme. I interned in JPM HK over the summer and was paid 40k HKD per month (approx. 5k USD). In addition, accommodation for our 10-week stint is fully provided for (they housed all the summer interns in a 4-star hotel at the Mid-Levels area). Either your friends are pulling a fast one on you, or they do not work in the IBD dept in HK (at least not in a BB).
I'm pretty sure the numbers are deceiving and for non-BB firms because 15-18K is paid to low ranked officer level jobs at say MNC's for admin or controller departments.
Thanks for the insight!
i think market rate is around 40k HKD per month for ibd
That's about $5,110 USD....LAME!!!! Well not so lame if you consider the fact that your income tax rate's like 10% instead of 40%.
15-18k? That sounds low. I was told that Jr. i-bankers, those without experience start out somewhere close to HKD 25k a month in a smaller i-bk firm.
Some banks give like $2000 USD a month for housing to analysts. Is it really that much more than NYC?
holymonkey,
The market rate is $40k HKD per month. Due to the HKD/USD 7.8 peg, that gives you $5,128 USD per month. If you multiply that number by 12, that gives you a $61,536. That's pretty much the same on-going salary for US BB's, with rounding error.
Keep in mind that $40k HKD per month is just the base, not including the bonus.
anyone knows rough range of housing stipend in hk for first years analysts? also does nyc give that at all?
I would love to know the housing stipend in HK as well.
Is all the bb bank give out housing stipend on top of the base salary? or some of them have higher base, say $50K HKD, factoring in housing cost?
Also, do banks offer better compensation for analyst with master degree?
for those who interned/worked in HK, you speak any asian languages at all? I wish I had tried for an SA intern position in HK, that wouldve been a great experience.
Well how much bonus do the Hong Kong analysts usually get?
What I'm saying is that the fact that $40k hkd is only $5128 in usd is really lame, not the pay. It's quite good for someone straight out of college.
if it's 5000usd per mth x 12 = 60k usd per year. how is that lame? i thought that's eqv of what you get in the states? plus you get housing stipend.
The exchange rate is lame
holymonkey,
Do you know anything about international finance man? What exactly is a "lame" exchange rate? HKD/USD is PEGGED to 7.8. There's no FX risk here.
Global pay scheme means your salary and bonus are comparable across the globe, in case you didn't catch that.
Hmmmmm......maybe you didn't notice but that was my opinion. Nothing else. I simply opined that the fact that the HKD/USD rate is lame. Move on, nothing to see here.
So on what basis do you call it "lame" exactly? And when did your opinions become a fact?
ok typo.....the fact that the hkd/usd rate is like 7.8 is lame. okay let's move on now....nothing to see here.
So somehow 7.8 is lame but another number is not?
Incredible....
Ok...new idea. How bout we stop dwelling on the fact that I said the hkd/usd rate is lame?
Good idea. Carry on...nothing to see here.
the HK packages are fucking amazing. Normal US BB base, +~9k relocation, +~27k housing stipend, +~5k analyst cash allowance, +bonus. It works out to a ton more than my friends in NY make. Asia banking is where its at people.
For a first year analyst? Are you kidding me? They are looking for upper level management (who are unwilling to go since pay is less and it's on a whole different continent), not first year analysts that they can replace with the growing number of jobless graduates in China/HK. They speak the language, know their stuff, and, above all else, are in it to stay for the long run.
It is HIGHLY unlikely that banks will shell out 40k RMB for a fucking analyst. Check the job listings. They don't even pay associates with 4 years experience in that much.
dude we are talking about hk, why the heck do they pay rmb in hk?! it's 40k hkd, ib101 - attention to details man..
Wow, holymonkey, you are hilariously stupid. Thanks.
And albatrosslee, you are not too smart either. What "job listings" are you checking here that list the salary? The BBs absolutely pay NYC base + signing + bonus PLUS a housing stipend. They do not usually hire China/HK graduates but prefer China/HK people who have studied abroad in London or in the US. They DO hire for analyst positions in the statellite offices (e.g. Taipei, Shanghai, etc.) locally, and the pay is generally in line with local pay.
albatrosslee, the numbers I quoted are in USD, and yes, they are for 1st year analysts.
Banks pay the same in Asia (for expats and foreigners at least), plus housing stipend and exchange rate differences. BBs don't typically hire graduates from China or Hong Kong. No offense, but natives usually have poor spoken English, which makes it difficult for them to communicate with management (your bosses in Asia are still mostly Caucasian males).
From what I heard, the number is much lower for Asian natives who graduated from US/UK but do not have US/UK citizenship. So maybe they do pay locals at a much lower rate.
good pay in asia lol
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