One of the largest economies in Asia, if not the entire globe, is that of Hong Kong. Those looking to improve in their field or relocate to a country with more favorable economic conditions on the other side of the globe have a lot to gain from the city and special administrative area of China. Nonetheless, despite the fact that it could seem frightening, mostly due to the language barrier, Hong Kong embraces English.
This can lessen the apprehension of moving to a place as strange as this extremely populated island jurisdiction. Are you curious? If so, you might wish to become familiar with some of Hong Kong’s highest-paying job prospects. From banking to technology, which is undoubtedly the most sought-after career for graduates, we have produced a list of the highest-paying occupations available today.
What is a high-paying job?
Any employment that provides a salary that is greater than the national average for the job is referred to be a high-paying job. Most industries provide high-paying positions, however many are found at the mid- or senior level of employment. This may imply that you need to have a few years of work experience before applying for some high-paying positions, making them opportunities to improve your career occasionally. In Hong Kong, a high-paying position generally brings well around $360,000 annually.
What is the state of employment in Hong Kong?
Although Hong Kong’s employment scene is continually changing, several notable developments have occurred recently. Since the cost of living is growing, the unemployment rate has been climbing and reaching 3.3% in 2019—the highest level since 2008.
Since more people telecommute or work as independent contractors, working from home has become an increasing trend. The high cost of living in Hong Kong and the rising number of people who are unable to obtain full-time employment are likely to be to blame for this trend.
Despite these difficulties, there are still plenty of chances for anyone prepared to seek. For instance, the growth of e-commerce and online enterprises has increased the demand for bright people with expertise in web development and digital marketing.
1. Chief Medical Officer
Hongkongers enjoy the world’s longest life expectancy, which is a result of the city’s highly developed healthcare sector. With one-third of its population expected to be over 65 by 2039, demand for high-quality healthcare is only expected to rise.
The COVID-19 epidemic has caused a renewed focus on public health, and Hong Kong is no exception. The efficient operation of healthcare institutions has taken precedence around the world. The Chief Medical Officer is responsible for this. This individual will likely be among the highest-paid professionals this year, earning an average yearly compensation of HK$3.5 million as a high-level administrator in a crucial role.
2. Digital banking director
The average yearly wage is HK$1.7 million ($217,200). Hong Kong is a financial and banking hub, thus there is always a need for directors of digital banking. Hong Kong is the ideal location for a career in banking and finance because it also draws many Chinese enterprises. A digital banking director’s duties often include implementing initiatives for others and seeing them through to completion.
Directors of digital banking should at the very least hold an MBA and a graduate degree in information technology or a closely connected field. Years of professional expertise are a huge plus. The person must be fluent in both Mandarin and English, as well as all of the fundamental Microsoft software.
3. Banking and Finance
The most coveted positions in the banking and finance sector include developing and putting into practice investment plans for customers. It could be for a group of people or an organization.
The analyst’s remuneration begins at HK$550,000, and as they acquire experience, they may advance to the manager, director, and ultimately executive director positions.
4. Executive Director
The importance of the banking and financial services industry to Hong Kong cannot be overstated. In enduring the epidemic and the city’s social upheaval over the previous few years, banks have demonstrated amazing resiliency.
As a result, the employment forecast in this sector is positive in 2022. An Executive Director may expect to earn an average annual compensation of HK$2.7 million, particularly if they specialize in sales and trading on international markets or private banking and wealth management.
5. Chief technology officer
Salary on average: HK$1.8 million ($230,000). Industrial and corporate enterprises are concentrated in Hong Kong. Chief technology officers (CTOs) are capable of carrying out a variety of tasks, such as developing and auditing project frameworks, examining needs and systems for framework design, and putting departmental quality control standards into practice.
Candidates for the position of chief technology officer should hold a bachelor’s degree in electronics, computer science, or information technology that has been recognized by the government. CTOs must have at least five years of work experience, ideally working with corporate blockchains, for the majority of senior-level roles. They also need to have solid programming skills and be familiar with cloud platforms. Another essential ability is communication.
6. Pharmaceutical – R&D Director
One of the highest-paying positions in the pharmaceutical industry in Hong Kong is the R&D director. They are tasked with organizing, planning, and managing all of a company’s pharmaceutical-related research and development. While a bachelor’s degree in a related field is required, certain employers will favor extra credentials.
7. Head of Human Resources
In addition to conventional banks, Hong Kong’s fintech industry is flourishing. With great excitement, its eight virtual banks were introduced. But, Hong Kong-based fintech businesses that deal with biometrics, blockchain and cryptocurrencies, insurance, and RegTech are also swiftly establishing themselves.
Several of them are actively hiring, therefore they require a Head of HR who is adept at luring in and keeping top tech talent. The upper end of the pay scale for a head of HR in financial services and fintech is HK$2 million per year.
8. Head of Digital
Pay: HK$1.8 million ($230,000 million) per year on average In many businesses and financial organizations, this is a prominent job. Implementing digital strategies throughout personal and wealth banking, commercial banking, and private banking to enhance business transactions, including investments, is a major responsibility of the head of digital.
The director of digital should launch fresh efforts to enhance the client experience with online banking services. Applicants must have a strong experience in electronics, computers, or a related field. Also, it helps to have prior experience working with and managing clients in the retail banking system. A thorough understanding of digital technology used in the financial industry is essential. Ultimately, a person needs to be a great manager.
9. Head of the Regional Insurance
Who is eligible for insurance coverage will be determined by the insurance underwriter. This is really accomplished by evaluating the background information provided by their customer and estimating the associated risk.
You need a bachelor’s degree in a related field, such as economics, accounting, business, finance, engineering, law, finance, management, statistics, etc., to work as an insurance underwriter. They can work in re-insurance, broking, non-life insurance, and life insurance. They are managers; first, they are regional managers, and then they can advance to the post of the regional head.
10. Chief Information Officer
A smart CIO understands new and developing technologies and is able to identify how they might support corporate objectives.
Owing to the COVID-19 epidemic, all industries had to immediately go digital in order to remain competitive. Hence, it should not be surprising that industries as diverse as manufacturing, banking, and property & construction, as well as consumer & retail, banking, and financial services, are ready to pay their CIOs between HK$2.4 million and HK$2.6 million annually.
11. Chief financial officers
The typical yearly wage is HK$2.7 million ($345,000). The regular reporting and administration of financial statements as well as increasing an organization’s operational effectiveness are crucial tasks performed by chief financial officers or CFOs. In order to maximize cost-effectiveness and maximum income, they create financial models based on the economic future. CFOs should have a bachelor’s degree in finance or accounting and significant experience working for a big business.
It is advantageous to have auditing and logistical experience. Achieving objectives and ensuring cost-effectiveness is crucial, and both Mandarin and English proficiency are requirements. Depending on the sector and size of a firm, CFO’s annual average compensation might change.
12. Head of Legal
Good attorneys will always be in demand. In-house lawyers in the Property & Construction industry, however, may expect to make an average of HK$3 million per year, which is greater than their colleagues in other sectors.
Despite a halt in development due to the epidemic, major public infrastructure projects are still moving forward in Hong Kong. It will continue to be the primary employer in the sector, thus lawyers with expertise in property and construction law will be in great demand.
13. Head of Compliance
Earnings on average: HK$3 million ($383,300). Every workplace must abide by all applicable municipal, state, and sectoral legislation. The compliance head undertakes routine workplace audits, updates manuals and procedures, trains personnel on compliance, and frequently reviews compliance and internal control rules. At least five years of experience with a recognized organization are required for the head of compliance. It is necessary to have a degree in business management, economics, or a similar subject. Skills in communication are also essential.