For the banking and financial services industry in Malaysia, 2017 has been an active year when it comes to hiring.
Malaysia continued to emerge as a regional financial hub
As the country continued emerging as a regional and global hub for banking processes, the demand for high calibre banking professionals continued to increase.
One of the biggest challenges that organisations were facing was on finding talent with regional or global functional experience locally, given that often these were new functions to Malaysia. This could mean that global searches were undertaken to find talent who could bring the required experience to Malaysia and in turn train a local workforce for sustainability in the long term.
Governance and business transformation roles were in demand
In the second half of 2017, we have witnessed significant talent demand across compliance testing and assurance as well as internal audit and risk management.
Professionals with strong project and process improvement experience across the middle and back office operations were also in demand.
Increased demand for wealth management talent
In H2 2017, wealth management has also been a particular hotspot which has led to the increasing demand for Relationship Managers. Given the increasing wealth across Southeast Asia, this is unlikely to abate anytime soon.
Efficiency and cost reduction have been a focus
As with other industries, banking and financial services have been looking into ways to increase efficiencies and to reduce cost, leading to a focus on automation and robotics. Professionals with proven experience in automation and robotics have been in high demand.
Talent outlook for banking and financial services in 2018
As we go into 2018, we expect the trends we saw in 2017 to continue.
With its relatively low operating costs, quality of local talent and the infrastructure to continue its growth as a regional and global hub, Malaysia is well-positioned for the year ahead.
The biggest challenge remains on the search for talent to meet requirements of new functions that are being onshored to Malaysia. This will lead to demand for senior and strategic professionals, as well as those with the in-depth technical knowledge to plug resource gaps in the short term.
Banking & Financial Services
Salary Report for H1 2018*
|Job title||Years of experience||Annual salary range (RM$)|
|Audit / Internal control|
|Head of Audit / Operational Risk||12+||216K–300K|
|Head of Compliance||12+||216K–264K|
|Management Reporting / Financial Planning & Analysis|
|Head of Management Reporting||12+||180K–240K|
|Head of Product Control||12+||220K–280K|
|Regulatory Reporting / Financial Accounting|
|Regional Financial Controller||12+||240K–360K|
|Head of Tax||12+||250K–360K|
|Operations & Risk|
|Head of Operations||12+||220K–300K|
|Head of Middle & Back Office||12+||220K–280K|
|Head of Credit Risk||12+||200K–250K|
|Head of Market Risk||12+||220K–300K|
*Notes about salary table:
- Titles and levels vary from organisation to organisation.
- The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
- 12-month base salaries are assumed.
- All other benefits and bonuses are in addition to these figures.
- Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.
- Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
- Healthcare policies are standard.
- Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15– 20% of the base salary for senior executives.
by Siew Yong Bong