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Salary Trends & Market Intelligence: Banking & Finance Industry – Malaysia

Industry Insights For Employers
31 Jan 2022
Salary Trends & Market Intelligence: Banking & Finance Industry – Malaysia
LOOKING TO THE FUTURE

As we enter a new decade, we observe the ease with which it is to now carry out monetary transactions and seek ways to grow our wealth. Compared to the past where one has to physically make a trip down to the bank, technological advancements have now made it so that you can do everything from the comfort of your own home.

This shift in the Banking and Finance industry was a result of technology, innovation, and the desire to ease the processes of banking, making it accessible for all. While technology has already progressed by leaps and bounds in the past century, COVID-19 has forced the wheels of change to turn faster, integrating technology into every facet of our work and lives.

Just as technology has been instrumental to the changes of the Banking and Finance industry, we will see more hybrid roles as new facets of the industry are brought out, emphasised and improved through innovation. The importance of the transformation and implementation of digital tools, not only within Banking and Finance institutions but also for the products sold and the methods through which said products are sold, cannot be understated. If we don’t understand how digitisation has changed the Banking and Finance landscape, we will find ourselves struggling to keep up with those who do.

EMBRACING CHANGE

The transformation and implementation of digital tools and automation is the biggest change that the Banking and Finance industry has experienced and will continue to experience. This will lead to a need for creativity to push boundaries in order to stay competitive in the sector. Companies also are willing to put in extensive meeting hours and manpower to train and align employee expectations with the company goal.

More Banking and Finance institutes are also seeing an increase need to hire temporary and contract staff for groundwork and project enquiries. As such, temporary work and contracting is on the rise for better optimisation and allocation of resources.

The technological push, combined with COVID-19, has had ripple effects in the way that hiring is carried out. An increase in collaborations, and mergers and acquisitions between Banking and Finance institutions and other companies results in more complexity of roles and structure, but also opens doors to greater exploration. Hybrid roles, in which every function of a company has grown to encompass technology, see a rise in popularity and will only continue to be more prevalent in the Banking and Finance industry as traditional ways of work are expanded and improved upon.

Now with an abundance of digital platforms at one’s fingertips, Banking and Finance institutes can source for, interview, and hire globally. Similarly, job seekers can now look overseas for opportunities that may not have been so available a decade or two ago. To attract and retain proper talent, companies have to be creative in the way they hire people. Many Banking and Finance institutions manage to do this by organising Management Trainee Programs, attracting promising fresh graduates with the prospect of being able to learn from different mentors and departments. There has also been an increase in group, scenario-based, or ‘activity day’ interviews, which help companies understand a candidate’s thought processes and teamwork abilities more thoroughly.

Furthermore, while it is common for companies to prioritise hard skills as a requirement for hiring, it might be better to place the emphasis on transferrable skillsets instead, devoting time and resources to building technical skillsets from the ground up after an employee has joined the company. This ensures that incumbents have the right attitude and mindset to learn and grow, and might increase company loyalty as well once they see that their career growth is being taken care of.

CAREER CONSIDERATIONS
  • Dynamic company culture
  • Possibility of career advancement
  • Competitive remuneration and benefits package, with a base salary and bonus that suits their needs
  • Opportunity to learn new, transferrable skillsets
  • Remote work arrangements
  • Constant technological advancements made by company
WORK WITH A RECRUITER

Despite recent challenges, it is hard to deny that the job market is shifting to become one where job seekers now have a wealth of information and choices at their fingertips. Companies need to ensure that they stand out from competitors so as to attract the best talent.

A disciplined hiring process, as well as constant contact with other thought leaders, headhunters and prominent figures in the Human Resource field will help you stay abreast of trends in your industry. The past few years have taught us to embrace change, and we must continue to do so in order to build a team of highly skilled professionals who can work together to achieve organisational goals.

SALARY GUIDE – ACCOUNTING AND COMMERCE
Job Title Seniority Level Salary/ year
Shared Service Centre Team Lead 90,000 – 120,000
Assistant Manager 105,000 – 168,000
Manager 180,000 – 300,000
Head of Department 240,000 – 550,000
Support Role AR 30,000 – 54,000
AP 30,000 – 54,000
Credit Control 36,000 – 60,000
Commerce Accounting Senior Associate 60,000 – 120,000
A

ssistant Finance Manager

66,000 – 90,000
Finance Manager 96,000 – 168,000
Senior Finance Manager 144,000 – 210,000

 

 

AUDIT AND RISK COMPLIANCE
Job Title Seniority Level Salary/ year
Advisory Practice Consultant 36,000 – 48,000
Senior Consultant/ Assistant Manager 60,000 – 90,000
Manager 96,000 – 120,000
Senior Manager 120,000 – 180,000
Banking Risk Operations Analyst 48,000 – 72,000
Senior Associate 72,000 – 90,000
Assistant Vice President 108,000 – 180,000
Vice President 192,000 – 240,000

 

Job Title Seniority Level Salary/ year
Insurance Executive/ Senior Executive 48,000 – 72,000
Assistant Manager 78,000 – 96,000
Manager 96,000 – 144,000
Senior Manager 144,000 – 204,000
Corporate Finance, Mergers & Acquisitions Analyst 48,000 – 84,000
Senior Associate 84,000 – 120,000
Vice President 120,000 – 192,000
Director 192,000 – 384,000

 

FINANCIAL INSTITUTION
Job Title Seniority Level Salary/ year
Asset Management Junior Trader 48,000 – 108,000
Trader 120,000+
Sales 60,000 – 180,000
Head of Sales 180,000 – 360,000
Support Role Research Analyst 60,000 – 96,000
Senior Research Analyst 84,000 – 300,000
Assistant Fund Manager 300,000 – 540,000
Fund Manager 120,000 – 420,000
Private Equity Analyst 60,000 – 108,000
Associate 96,000 – 144,000
Vice President 120,000 – 192,000
Director 102,000 – 384,000
Job Title Seniority Level Salary/ year
Global Markets Junior Trader 90,000 – 150,000
Trader 150,000 – 276,000
Senior Trader 300,000 – 420,000
Desk Head 360,000 +
Commercial Banking Assistant Relationship Manager 60,000 – 96,000
Relationship Manager 90,000 – 156,000
Senior Relationship Manager 156,000 – 240,000
Team Head 240,000 – 480,000
SME Banking Assistant Relationship Manager 39,000 – 60,000
Relationship Manager 90,000 – 156,000
Senior Relationship Manager 156,000 – 240,000
Team Head 240,000 – 480,000
Job Title Seniority Level Salary/ year
Wealth Planning Wealth Manager 36,000 – 60,000
Senior Wealth Manager 60,000 – 144,000
Premier Banking Relationship Manager 54,000 – 150,000
Private Banking Client Services Officer 70,000 – 90,000
Private Banking Relationship Manager 84,000 – 144,000
Senior Private Banking Relationship Manager 144,000 – 216,000
Sales Manager 156,000 – 240,000
Load Administrator Officer 48,000 – 60,000
Associate 60,000 – 84,000
Assistant Vice President 84,000 – 144,000
Vice President 144,000 – 200,000
Branch Management Sub Branch Manager 84,000 – 108,000
Branch Manager 120,000 – 180,000
Regional/ District Manager 180,000 – 264,000
Job Title Seniority Level Salary/ year
Relationship Management Assistant Relationship Manager 48,000 – 72,000
Relationship Manager 66,000 – 96,000
Senior Relationship Manager 96,000 – 120,000
Sales Manager 120,000+
Mortgage Specialist 45,000 – 72,000
Senior Specialist 72,000 – 96,000
Team Head 96,000 – 120,000
Region Head 120,000 – 180,000
Banca and Investment Specialist 54,000 – 66,000
Senior Specialist 66,000 – 96,000
Team Head 96,000 – 144,000
Region Head 144,000 – 243,000

 

INSURANCE
Job Title Seniority Level Salary/ year
Banca Assurance Officer 36,000 – 54,000
Assistant Manager 60,000 – 84,000
Manager 90,000 – 144,000
Senior Manager 156,000 – 216,000
Underwriting Life Officer 36,000 – 48,000
Assistant Manager 60,000 – 80,000
Manager 84,000 – 180,000
Senior Manager 180,000 – 228,000
Underwriting General Officer 36,000 – 48,000
Assistant Manager 72,000 – 96,000
Manager 96,000 – 156,000
Senior Manager 144,000 – 240,000
Job Title Seniority Level Salary/ year
Claim Life Officer 33,000 – 48,000
Assistant Manager 54,000 – 78,000
Manager 70,000 – 132,000
Senior Manager 132,000 – 192,000
Claim General Officer 33,000 – 48,000
Assistant Manager 54,000 – 84,000
Manager 84,000 – 120,000
Senior Manager 120,000 – 180,000
Actuarial Analyst 60,000 – 90,000
Manager 84,000 – 168,000
Senior Manager 180,000 – 360,000
Department Head 300,000 – 480,000
Fresh Grads Technical field 36,000 – 48,000
Non-technical field 31,000 – 36,000

 

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