Back to Blogs
Blog Img

Banking & Financial Services Market Insights H1 2018

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

Vice President

8–12

120K–200K

Head of Compliance

12+

216K–264K

Vice President

8–12

120K–200K

Management Reporting / Financial Planning & Analysis

Head of Management Reporting

12+

180K–240K

Vice President

8–12

150K–180K

Management Accountant

5–8

100K–150K

Product Control

Head of Product Control

12+

220K–280K

Vice President

8–12

150K–220K

Regulatory Reporting / Financial Accounting

Regional Financial Controller

12+

240K–360K

Vice President

8–12

150K–220K

Tax

Head of Tax

12+

250K–360K

Vice President

8–12

180K–250K

Operations & Risk

Head of Operations

12+

220K–300K

Vice President

8–12

150K–220K

Head of Middle & Back Office

12+

220K–280K

Vice President

8–12

150K–220K

Head of Credit Risk

12+

200K–250K

Vice President

8–12

150K–220K

Head of Market Risk

12+

220K–300K

Vice President

8–12

150K–220K

Business Change

Business Analyst

8–12

150K–220K

Project Manager

8–12

150K–220K

Program Manager

12+

240K–420K

Transformation Lead 

8–12

180K–300K

 

*Notes about salary table:

  1. Titles and levels vary from organisation to organisation.

  2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.

  3. 12-month base salaries are assumed.

  4. All other benefits and bonuses are in addition to these figures.

  5. 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.

  6. 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.

  7. Healthcare policies are standard.

  8. 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.

Latest Articles