True that IB pays more in HK than SG?
"Analysts make an average of US$92,149 a year in Hong Kong, compared with US$63,305 in Singapore, according to a BI report published Wednesday. The trend extends to associates, who make almost US$123,000, or 36% more than peers in Singapore, BI said, citing figures from recruiting firm Michael Page. Executive directors at investment banks earn about 13% more in Hong Kong."
for folks in SG/HK IBD,
- how true is this and what is the typical pay premium across seniority (post-tax and considering COL)
- what is the typical pay for BB/EB analysts and associates in both locations (think figures above are inaccurate and low compared to what i have heard from peers)
Based on the most helpful WSO content, it's important to note that compensation in investment banking can vary significantly by region, firm, and the specific market conditions at the time. The figures mentioned from Bloomberg highlight a general trend that Hong Kong (HK) might offer higher salaries than Singapore (SG) across various levels in investment banking. However, these figures can fluctuate and might not fully capture bonuses, which are a significant component of total compensation in investment banking.
For folks in SG/HK IBD, the actual pay can indeed differ from public reports due to various factors including but not limited to firm performance, individual performance, and specific deal flow in the region. Additionally, the cost of living (COL) and tax considerations play a crucial role in the net take-home pay and overall financial well-being of individuals working in these regions. Hong Kong generally has a higher cost of living than Singapore, which can offset some of the differences in gross pay.
Regarding the typical pay for Bulge Bracket (BB) and Elite Boutique (EB) analysts and associates in both locations, it's widely acknowledged in discussions on platforms like Wall Street Oasis that the compensation tends to be higher than the general market averages reported by recruiting firms or surveys. This is especially true for front-office roles in investment banking. The compensation packages often include a base salary, a performance-based bonus which can be substantial, and sometimes additional perks or allowances (e.g., housing in some cases).
While specific numbers can be hard to pin down due to the variability and confidentiality surrounding compensation packages, it's safe to say that investment banking professionals in both HK and SG are among the better-compensated individuals in the finance industry. The exact figures can vary year by year and depend on the factors mentioned above.
For the most accurate and up-to-date information, it's beneficial to network with industry insiders and refer to the latest compensation reports available on platforms dedicated to finance professionals, such as Wall Street Oasis. Networking and direct conversations can provide more nuanced insights into compensation trends and expectations in these regions.
Sources: Singapore pay higher than anywhere else?, Q&A: Investment Banking in Singapore, Southern Investment Banking pay vs NYC pay, Most Desirable Product/Coverage groups of BBs and EBs in Singapore?, 2020 Summer Analyst Program for Hong Kong/Singapore
True that HK bankers make more than their counterparts in SG, but numbers are wrong. Using one of the BBs as an example, AN1 in HK makes HK$1.1m (US$140k) while AN1 in SG makes S$155k (US$115k). That's about 20% higher, which sits about right given the differences in COL.
Del
Pretty sure all BBs and others including HSBC/Nomura are S$150-155k.
how do bonuses look like in SG across diff banks?
Ignore title
But basically shit. I gotten 3 months as an A1
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