JAPAN
SALARY
GUIDE
2015
1
morganmckinley.co.jp
2
MANAGING DIRECTOR’S
LETTER
The majority (60%) of permanent employees who
responded to the 2015 Morgan McKinley Salary
Survey, say they have received an increase in their
annual salary. However, most of these have been
relatively moderate uplifts of between 1-8 percent.
This is a result of companies continuing to be under
tight constraints when it comes to budgets and
headcount. However, in-demand professionals with
the right skills and experience can command larger
increases in salary.
Contract rates are steadily increasing as it becomes
ever more popular for companies to hire staff on this
basis. The majority (64%) of Japanese contract and
temporary workers, who responded to the 2015
Morgan McKinley Salary Survey, say their contract
rate or salary has increased in the last year.
I hope you enjoy reading the detailed report. If you
have any thoughts on current salary trends in
professional occupations in Japan, we would be very
interested to hear from you.
Most (77%) Japanese professionals in permanent
work surveyed have received or are expecting to
receive an annual bonus this year. However, any
increase in bonus payment remains relatively flat,
with the majority (58%) reporting bonus increases of
between 1-8 percent.
The contract market continues to grow across all
sectors in Japan, with more companies offering
contract roles and increasing numbers of
professionals being open to this arrangement.
Organisations continue to value the flexibility this
gives them to tackle short-term needs, and it is often
easier to gain headcount approval for contract staff
and temp-to-perm arrangements, which provide
both sides with the opportunity to see if the fit is
right. For professionals it can also provide flexibility,
varied work experience and network building.
LIONEL
KAIDATZIS
MANAGING DIRECTOR
Tel: +81 3 5403 7064 | [email protected]
3
CONTENTS
BANKING & FINANCIAL SERVICES
5
Front Office
6
Compliance
7
Finance, Audit & Risk
8
Operations and Project /
Change Management
FINANCE & ACCOUNTING
Finance & Accounting
9
10
11
IT
13
ASSET MANAGEMENT
17
HUMAN RESOURCES
19
SALARY SURVEY RESULTS
21
4
BANKING &
FINANCIAL SERVICES
5
BANKING &
FINANCIAL SERVICES
FRONT OFFICE
The majority of global investment banks and
commercial banks increased headcounts in 2014, as
political stability and a weaker Yen benefited Tokyo's
financial services sector.
Growth in equity sales and trading stabilised after a
significant upswing in 2013.
Whilst there was movement across equity businesses
following bonus payments, this was not at an
aggressive rate.
2014 was a year of careful and calculated expansion
for fixed income sales and trading.
There was notable hiring in senior Japanese
Government Bond sales areas.
The Investment Banking division (IBD) business
showed some encouraging growth signs, with
THE MAJORITY OF GLOBAL INVESTMENT
BANKS AND COMMERCIAL BANKS
INCREASED HEADCOUNTS IN 2014
moderate increases in analyst to associate
headcounts. The majority of professionals were hired
through the bank’s entry level group hiring programs.
There was robust hiring activity among global
corporate banks. Corporate banking relationship
managers and transaction bankers were areas with
the most demand.
Private equity had moderate growth, particularly in
associate level hiring.
FRONT OFFICE | PERMANENT (BASIC SALARIES, ¥ MILLION PER ANNUM)
ROLE:
ANALYST
ASSOCIATE
VP
DIRECTOR
MANAGING
DIRECTOR
FIXED INCOME SALES
¥6M - ¥9M
¥7M - ¥15M
¥14M - ¥23M
¥18M - ¥30M
¥25M - ¥45M
FIXED INCOME TRADING
¥6M - ¥9M
¥7M - ¥16M
¥15M - ¥23M
¥20M - ¥33M
¥25M - ¥45M
EQUITY SALES
¥5M - ¥8M
¥7M - ¥13M
¥13M - ¥22M
¥17M - ¥28M
¥25M - ¥35M
EQUITY TRADING
¥5M - ¥8M
¥7M - ¥14M
¥15M - ¥20M
¥18M - ¥30M
¥25M - ¥40M
EQUITY RESEARCH
¥5M - ¥8M
¥7M - ¥13M
¥13M - ¥20M
¥17M - ¥25M
¥25M - ¥45M
DERIVATIVE STRUCTURING
¥5M - ¥8M
¥7M - ¥13M
¥14M - ¥20M
¥17M - ¥32M
¥25M - ¥35M
FX / COMMODITIES
¥6M - ¥12M
¥8M - ¥18M
¥15M - ¥25M
¥20M - ¥30M
¥25M - ¥35M
IBD COVERAGE BANKING
¥5M - ¥11M
¥8M - ¥15M
¥18M - ¥22M
¥22M - ¥30M
¥30M - ¥35M
ECM / DCM
¥5M - ¥11M
¥8M - ¥15M
¥18M - ¥22M
¥22M - ¥30M
¥30M - ¥40M
M&A PRODUCT SPECIALIST
¥6M - ¥12M
¥9M - ¥18M
¥18M - ¥25M
¥25M - ¥32M
¥30M - ¥40M
STRUCTURED FINANCE /
SECURITISATION
¥5M - ¥9M
¥7M- ¥12M
¥12M - ¥16M
¥17M - ¥25M
¥22M - ¥35M
PRIVATE EQUITY
¥7M - ¥10M
¥9M - ¥15M
¥13M - ¥17M
¥18M - ¥25M
¥20M - ¥40M
CORPORATE BANKING
RELATIONSHIP MANAGERS
¥6M - ¥8M
¥9M - ¥11M
¥12M - ¥15M
¥15M - ¥20M
¥18M - ¥25M
TRANSACTION BANKING (CASH
MANAGEMENT & TRADE
FINANCE)
¥6M - ¥8M
¥9M - ¥11M
¥12M – ¥15M
¥15M - ¥20M
¥18M - ¥25M
STRUCTURED & PROJECT
FINANCE
¥6M - ¥8M
¥9M - ¥11M
¥12M - ¥15M
¥15M - ¥20M
¥18M - ¥25M
6
BANKING &
FINANCIAL SERVICES
COMPLIANCE
Tokyo’s compliance market was very active during
2014, with the majority of hires between associate
and vice president level. There has been less activity
at head of function and chief compliance officer
level. The contract market is stable, with most hires
in supporting administrative roles.
The lack of junior (newly qualified) talent in the
Japanese financial services sector means that
investment banks often need to turn to other
functions such as operations, front office and risk
management, or even look at candidates from the
Big Four in order to fill vacant posts. In some
instances, banks have had to look at relocating
compliance staff on secondments to Japan from
overseas offices.
Japan to hire more professionals across all areas of
central compliance, trade surveillance, control room
and compliance advisory. We expect this trend to
continue in 2015, with compliance professionals in
high demand.
Basic salaries at analyst to assistant vice president
level will continue to increase in 2015, and
compliance professionals at vice president level can
expect to command salary increases of 20 percent
and above.
TOKYO’S COMPLIANCE MARKET WAS VERY
ACTIVE DURING 2014, WITH THE
MAJORITY OF HIRES BETWEEN ASSOCIATE
AND VICE PRESIDENT LEVEL
A rise in trading related probes in recent months,
together with new legal and regulatory changes
highlights the need for investment banks in
COMPLIANCE | PERMANENT (BASIC SALARIES, ¥ MILLION PER ANNUM)
ANALYST /
NON-OFFICER
ASSOCIATE /
AVP / MANAGER
VP /
SENIOR
MANAGER
SVP /
DIRECTOR
DIRECTOR /
SENIOR
DIRECTOR
CORE / CENTRAL COMPLIANCE
¥6M - ¥8M
¥9M - ¥13M
¥14M - ¥18M
¥19M - ¥22M
¥22M+
TRADE SURVEILLANCE /
MONIROTING
¥6M - ¥8M
¥9M - ¥14M
¥15M - ¥18M
¥19M - ¥22M
¥22M+
CONTROL ROOM
¥7M - ¥9M
¥9M - ¥14M
¥15M - ¥18M
¥19M - ¥24M
¥25M+
-
¥12M - ¥16M
¥17M - ¥20M
¥22M+
¥25M+
ROLE:
COMPLIANCE
ADVISORY
7
BANKING &
FINANCIAL SERVICES
FINANCE, AUDIT & RISK
The internal audit function has also been a hot area
of recruitment for business auditors at associate and
manager levels. The candidate pool for auditors
possessing a strong investment banking business
sense remains narrow. Investment banks in Tokyo are
resorting to hiring financial and product accountants,
as well as developing talent internally.
The control functions within banking and financial
services continue to recruit actively. Aside from
financial accounting where most hires are
replacement hires, there has been significant hiring
in product control at select tier one banks that
maintain a team of 20 to 40 controllers onshore.
There is also a strong appetite from banks for junior
talent at analyst and associate level. These trends
create opportunities amongst a wide range of
accounting professionals that include; product
controllers, MBA graduates and Big Four
professionals.
Banks are also keen to attract junior financial
accountants, within asset management or insurance
companies, who are eager to develop a career in
product accounting.
THE INTENSIFICATION OF REGULATORY
REQUIREMENTS TO STRENGTHEN
BANKING CONTROLS HAS CREATED NEW
ROLES IN OPERATIONAL RISK
Within risk management, credit risk saw a limited
number of hires in 2014. Credit risk teams appear to
be very stable and experienced minimal turnover.
Operational risk, market risk and liquidity risk
continue to be very active. The intensification of
regulatory requirements to strengthen banking
controls has created new roles in operational risk.
Similarly, the implementation of Basel III has created
new roles in market liquidity risk.
Professionals working in finance, audit and risk - also
considered the banks’ first line of defence - will
continue to be in high demand, commanding basic
salary increases in 2015.
FINANCE, AUDIT & RISK | PERMANENT (BASIC SALARIES, ¥ MILLION PER ANNUM)
ANALYST /
NON-OFFICER
ASSOCIATE /
AVP / MANAGER
VP /
SENIOR
MANAGER
SVP /
DIRECTOR
DIRECTOR /
SENIOR
DIRECTOR
MANAGEMENT ACCOUNTING
¥6M - ¥7M
¥8M - ¥12M
¥13M - ¥15M
¥16M - ¥19M
¥20M+
FINANCIAL CONTROL
¥6M - ¥8M
¥8M - ¥13M
¥14M - ¥18M
¥19M - ¥22M
¥22M+
PRODUCT CONTROL
¥6M - ¥8M
¥9M - ¥13M
¥14M - ¥18M
¥19M - ¥22M
¥22M+
VALUATION CONTROL
¥6M - ¥8M
¥9M - ¥14M
¥15M - ¥18M
¥19M - ¥22M
¥22M+
TAX
¥5M - ¥7M
¥8M - ¥13M
¥14M - ¥18M
¥19M - ¥22M
¥22M+
IT AUDIT
¥6M - ¥8M
¥9M - ¥13M
¥14M - ¥18M
¥18M - ¥20M
¥20M+
INTERNAL AUDIT
¥6M - ¥8M
¥9M - ¥13M
¥14M - ¥18M
¥19M - ¥24M
¥24M+
OPERATIONAL RISK
¥6M - ¥8M
¥9M - ¥13M
¥14M - ¥18M
¥19M - ¥22M
¥22M+
CREDIT RISK
¥6M - ¥8M
¥9M - ¥13M
¥14M - ¥18M
¥19M - ¥22M
¥22M+
MARKET RISK
¥6M - ¥9M
¥10M - ¥14M
¥15M - ¥20M
¥20M - ¥25M
¥25M+
QUANTITATIVE RISK
¥8M - ¥10M
¥11M - ¥15M
¥16M - ¥20M
¥20M - ¥25M
¥25M+
ROLE:
FINANACE
AUDIT
RISK MANAGEMENT
8
BANKING &
FINANCIAL SERVICES
OPERATIONS AND PROJECT / CHANGE
MANAGEMENT
Tokyo experienced a very buoyant hiring market in
operations and project/change management in 2014.
There is a clear indication that the transfer of
production tasks is now complete, which allows
investment banks to keep very streamlined and
profitable operation functions.
In operations, the recruitment market continues to be
heavily driven by replacement hiring. This is mainly
due to candidate mobility across banking competitors
and within their current employment. A relatively
strong equities market has seen hot areas of
recruitment in operations continue to be confined to
cash equities trade processing roles. Other areas of
derivatives operations recruit very actively.
With the exception of banking technology, project
management office (PMO) teams have been scarce in
banking operations in recent years. However, the
increase of regulatory and market initiatives has
created new headcounts for business analysts and
project managers. These professionals are in high
demand in the area of risk control, where project
managers with line operations experience are called
to strengthen the controls of the bank. This trend is
set to continue in 2015.
Whilst bonuses in banking operations have
significantly decreased in recent years, operations and
project/change management professionals can expect
basic salary increases of up to 10-15 percent.
TOKYO EXPERIENCED A VERY BUOYANT
HIRING MARKET IN OPERATIONS AND
PROJECT/CHANGE MANAGEMENT
IN 2014
OPERATIONS AND PROJECT / CHANGE MANAGEMENT | PERMANENT
(BASIC SALARIES, ¥ MILLION PER ANNUM)
ANALYST /
NON-OFFICER
ASSOCIATE /
AVP / MANAGER
VP /
SENIOR
MANAGER
SVP /
DIRECTOR
DIRECTOR /
SENIOR
DIRECTOR
SETTLEMENTS
¥6M - ¥7.5M
¥8M - ¥11M
¥12M - ¥16M
¥17M - ¥19M
¥19M+
SHARED SERVICES
¥6M - ¥7.5M
¥8M - ¥11M
¥12M - ¥16M
¥17M - ¥19M
¥19M+
OPERATIONS RISK & CONTROLS
¥6M - ¥7.5M
¥8M - ¥12M
¥13M - ¥18M
¥18M - ¥22M
-
TRADE / SALES SUPPORT
¥6M - ¥8.5M
¥9M - ¥13M
¥14M - ¥18M
¥18M - ¥22M
¥22M+
¥7M - ¥9M
¥10M - ¥14M
¥14M - ¥16M
-
-
BUSINESS MANAGEMENT
-
¥9M - ¥13M
¥14M - ¥18M
¥18M - ¥22M
¥22M+
PROJECT MANAGER
-
¥10M - 14M
¥14M - ¥18M
¥18 - ¥22M
¥22M+
ROLE:
OPERATIONS
PROJECT/CHANGE MANAGEMENT
BUSINESS ANALYST
9
FINANCE &
ACCOUNTING
10
FINANCE &
ACCOUNTING
PERMANENT
Many of last year’s trends will continue into 2015,
however, there have been a few surprises.
Recruitment activity has remained buoyant
throughout the holiday period and into the New Year.
Traditionally, that activity increases as the first
quarter progresses. The majority is replacement hiring;
consolidation rather than expansion remains the
priority for most companies.
However, firms are keen to backfill open positions
with stronger profiles who can add value to the
business and have wider skill sets and a “business
partnering” mind-set.
It is no longer enough to crunch the numbers; new
hires must find ways to communicate effectively with
the business and find a way to translate strong
analysis of the numbers into practical business
suggestions for increasing profitability and keeping
costs down.
Technology continues to revolutionise finance. Clients
are moving from more manual systems to automated
enterprise resource planning (ERP) ones, SAP in
particular. As well as freeing up time to deal with
more strategic matters, these systems give more
clarity to overseas stakeholders and avoid
unnecessary duplication and human error.
Hiring is quite consistent across this sector, with
particular demand across retail, consumer, life science
(including medical devices and pharmaceutical), IT
software and energy companies.
Morgan McKinley expects salaries to remain flat for
the first half of 2015. Many jobseekers choose their
next company based on career path and content of
the role. Increasingly, professionals are moving at
parity or for a modest increase (5-10%) in base salary.
However, professionals with the right mix of
experience, qualifications and language skills, can still
command larger increases.
HIRING IS QUITE CONSISTENT ACROSS
THIS SECTOR, WITH PARTICULAR DEMAND
ACROSS RETAIL, CONSUMER, LIFE
SCIENCE, IT SOFTWARE AND ENERGY
COMPANIES
CONTRACT
The rise of contract recruitment was a persistent
theme in 2014 and Morgan McKinley expects this
trend to continue in 2015. More companies are
offering contract roles and an increasing number of
professionals are open to this arrangement.
Companies value the flexibility this gives them to
tackle short-terms needs. It is often easier for firms
to make the business case for headcount approval
for contract staff, and temp-to-perm arrangements
provide both sides with an opportunity to consider if
the fit is right. For professionals it provides flexibility
(for example, while they pursue a relevant
qualification), variety in their work experience,
network building, and can often give a much better
work-life balance.
Historically, the majority of contractors have been
either very junior and keen to get the experience
contract roles offer, or much older and perhaps close
to retirement, and finding it difficult to secure a
permanent role for this reason. This is no longer the
case.
Contract rates are moving steadily upwards as it
becomes increasingly popular to hire staff on this
basis.
There is demand for contract staff across all sectors,
and increasingly at a senior level. Some companies
that have struggled to close critical senior finance
positions have brought contractors in as an interim
measure.
11
FINANCE &
ACCOUNTING
ACCOUNTANCY & FINANCE | PERMANENT (BASIC SALARIES, ¥ MILLION PER ANNUM)
ROLE:
SMALL ORGANISATION
(UP TO 100 STAFF)
MEDIUM ORGANISATION
(100-500 STAFF)
LARGE ORGANISATION
(500+ STAFF)
CFO
¥14M - ¥18M
¥17M - ¥20M
¥21M+
-
¥14M - ¥17M
¥18M+
¥10M - ¥12M
¥12M - ¥14M
¥13M - ¥16M
-
¥9M - ¥12M
¥10M - ¥14M
¥6.5M - ¥7.5M
¥6.5M - ¥8M
¥6.5M - ¥10M
¥4M - ¥6M
¥5M - ¥7M
¥5M - ¥8M
JUNIOR FINANCIAL ANALYST
-
¥4M - ¥5.5M
¥4M - ¥5.5M
GENERAL ACCOUNTING MANAGER
-
¥8.5M - ¥11M
¥11M - ¥15M
SENIOR FINANCIAL ACCOUNTANT
-
¥5M - ¥7.5M
¥6M- ¥8.5M
¥4M - ¥6.5M
¥4M - ¥6M
¥5M - ¥7M
JUNIOR FINANCIAL ACCOUNTANT
-
¥4M - ¥5.5M
¥4M - ¥5.5M
HEAD OF INTERNAL AUDIT
-
-
¥12M - ¥15M
INTERNAL AUDIT MANAGER
-
¥8M - ¥11M
¥8M - ¥11M
INTERNAL AUDITOR
-
-
¥6 - ¥8M
TAX MANAGER
-
¥8M - ¥11M
¥12 - ¥15M
TAX ACCOUNTANT
-
¥4M - ¥6M
¥5M - ¥7M
TREASURY MANAGER
-
¥9M - ¥11M
¥10M - ¥13M
TREASURY ANALYST
-
¥5M - ¥7M
¥6M - ¥8M
COLLECTIONS / AR MANAGER
-
¥6M - ¥8M
¥6M - ¥8M
ACCOUNTS PAYABLE MANAGER
-
¥5M - ¥7M
¥6M - ¥8M
¥4M - ¥5M
¥4M - ¥5.5M
¥4M - ¥6M
-
¥5M - ¥7M
¥6M - ¥8M
FINANCE DIRECTOR
FINANCIAL CONTROLLER
FP&A MANAGER
SENIOR FINANCIAL ANALYST
FINANCIAL ANALYST
FINANCIAL ACCOUNTANT
ACCOUNTS PAYABLE / CREDIT / AR STAFF
COST ACCOUNTANT
12
IT
13
IT
Over the last few years there has been a trend within
the financial services industry, in particular insurance,
to undertake mid to large sized information
technology (IT) transformation projects. For many
foreign professionals who have found themselves
between roles of the financial services sector we
predict a slight increase in average salaries, where the
average minimumfollowing the financial crisis and
other downsizing initiatives, it has been the difference
between staying in or leaving Japan.
In 2015, we do not envisage significant change in
salaries within IT. However, outside salary for junior
infra and apps for Tokyo is still shy of 6 million JPY
and the average is around 7.5 million JPY, with a
maximum of just over 10 million. Senior executive
director level roles, which are scarce in Japan these
days , can range from 18 million upwards; down to an
entry level analyst role which ranges between 5-8
million. An associate to vice president position in
applications would range between 10-15 million; and
the equivalent on the infrastructure side potentially
coming in at 8-15 million depending on level and
experience.
In other areas of the financial services sector, the
tendency to outsource or offshore is still
commonplace. Companies are still looking to cut
costs by moving certain functions to centres such as
Manila and Bangalore and will probably continue to
do so into 2015. This can come at a cost though, with
disparate teams, communication issues and service
quality issues.
Positive financial results in certain sectors, together
with Abenomics and an improvement in the strength
of the Yen, has seen a cautious approach to building
up teams again in Japan. Firms continue to keep the
budgets and headcounts tight. However, companies
still need talent and the contract market continues to
be strong, with hiring in areas of ukeoi (independent
contract for a specific task), haken (temporary
staffing) and Keiyakushain (direct contract staff).
COMPANIES HAVE IDENTIFIED
TECHNOLOGY AS A KEY AREA OF
GROWTH THIS YEAR
Larger organisations are now utilising internal
mobility teams more than ever to ensure they are not
losing talent to competitors; giving employees
opportunities in other countries or teams.
Increasingly, internal recruiters are discouraged from
using agencies where possible. However, specialist
recruitment agencies are often required when helping
companies to find strong bilingual talent.
Pharmaceutical and fast moving consumer goods
(FMCG) companies (gaishikei) will continue to hire at
the same steady rates. With the majority of their
technology centralised in head offices outside Japan
we will likely see localisation, infrastructure, and
application project positions opening up. Senior roles
in all sectors will remain rare but with talent now
more confident in their job changes we may see some
back fills in various areas. Companies in these sectors
will also be looking to temporary staffing solutions to
accommodate these projects and initiatives where
applicable.
Companies have identified technology as a key area
of growth this year. However, those that have grown
IT last year will not be in such a rush to do so and
remain steady.
Small to large international firms setting up in Japan
will have both permanent and contract hiring needs.
This includes areas such as security, online payments,
networking and telecommunications.
The majority of ukeoi-based hiring is in areas where
finite IT projects are still in progress. For example, a
consultant is hired in the interim to fulfil part or all of
a particular project. This could involve a localization
project or a longer term project to upgrade the whole
of an infra or application solution for a major financial
firm. Haken hiring will continue to be utilised for
some of the more generic roles in IT, such as helpdesk
and desktop support.
14
IT
IT | COMMERCE & INDUSTRY (BASIC SALARIES, ¥ MILLION PER ANNUM)
ROLE:
INFRASTRUCTURE / NETWORK
INFRASTRUCTURE ENGINEER
¥8M - ¥12M
STORAGE/DATABASE ENGINEER
¥8M - ¥12M
NETWORK ENGINEER
¥5M - ¥12M
MANAGEMENT / CONSULTING
CIO / CTO
¥15M - ¥20M
PROJECT MANAGER
¥8M - ¥12M
SERVICE DELIVERY MANAGER
¥10M - ¥15M
SOLUTION ARCHITECT
¥8M - ¥15M
SAP / ERP / CRM CONSULTANT
¥8M - ¥12M
BUSINESS INTELLIGENCE
¥8M - ¥12M
BUSINESS ANALYST
¥6M - ¥10M
IT CONSULTANT
¥8M - ¥12M
DEVELOPMENT
SOFTWARE / APPLICATION ENGINEER
¥6M - ¥12M
ANDROID / IOS ENGINEER
¥5M - ¥8M
SEARCH ENGINE ENGINEER
¥5M - ¥8M
DATA MINING
¥5M - ¥8M
DEVELOPER / TECHNICAL SUPPORT
¥6M - ¥10M
RETAIL
IT MANAGER
¥10M - ¥15M
INFORMATION SYSTEM MANAGER
¥8M - ¥12M
POS/ STORE SYSTEM MANAGER
¥8M - ¥12M
CREATIVE PRODUCTION
GAME ENGINE DEVELOPER
¥4M - ¥8M
WEB MASTER
¥6M - ¥10M
WEB DESIGNER
¥4M - ¥8M
15
IT
IT | FINANCIAL SERVICES(BASIC SALARIES, ¥ MILLION PER ANNUM)
ROLE:
APPLICATIONS
DEVELOPER-VB,NET
¥8M - ¥12M
DEVELOPER-C#,C++,JAVA
¥8M - ¥14M
APPLICATIONS SUPPORT
¥9M - ¥17M
SENIOR DEVELOPER-C++/JAVA
¥14M - ¥20M
ALGORITHM/QUANT DEVELOPER
¥13M - ¥20M
SOFTWARE AND SOLUTION ARCHITECT
¥13M - ¥18M
HEAD OF DEVELOPMENT
¥20M - ¥34M
MANAGEMENT
IT RISK AND AUDIT
¥10M - ¥15M
IT RISK AND AUDIT- SENIOR
¥15M - ¥20M
BUSINESS ANALYST
¥10M - ¥19M
PROJECT MANAGER
¥12M - ¥19M
PROGRAMEE MANAGER
¥16M - ¥23M
IT MANAGER
¥12M - ¥18M
CIO
¥20M - ¥50M
INFRASTRUCTURE
DESKTOP / HELPDESK / TECHNICAL SUPPORT
¥6M - ¥8M
DESKTOP / HELPDESK / TECHNICAL SUPPORT-TEAM LEADER
¥8M - ¥12M
DESKTOP / HELPDESK / TECHNICAL SUPPORT-MANAGER
¥10M - ¥15M
NETWORK ENGINEER
¥8M - ¥17M
NETWORK TEAM LEADER
¥10M - ¥20M
WINTEL SYSTEMS ENGINEER
¥8M - ¥13M
SECURITY ANALYST
¥8M - ¥15M
SYSTEMS, STORAGE & SERVER ADMINISTRATOR
¥8M - ¥18M
DATABASE ADMINISTRATOR
¥11M - ¥15M
16
ASSET
MANAGEMENT
17
ASSET MANAGEMENT
PERMANENT
In 2014, hiring within asset management was very
active in both the back office and front office,
especially mutual fund sales/marketing and
institutional sales. This year, Morgan McKinley expects
to see an increase in the investment area, in particular
within Japanese asset management companies that
are looking to increase headcounts for long short
strategy analysts and fund managers.
There has been increased movement amongst
Japanese asset management professionals moving to
foreign asset management companies and also a
marked increase from banks and securities firms in
2014.
Morgan McKinley expects a steady job flow in 2015,
especially in the sales and marketing area, as well as
client services. Basic salary trends show a slight
increase in the following areas; mutual fund sales 7.2% increase, institutional sales - 8.1% increase,
compliance – 5.4% increase, and client services
(reporting, RFP) – 4.8% increase.
MORGAN MCKINLEY EXPECTS A STEADY
JOB FLOW IN 2015, ESPECIALLY IN THE
SALES AND MARKETING AREA, AS WELL AS
CLIENT SERVICES
ASSET MANAGEMENT | PERMANENT (BASIC SALARIES, ¥ MILLION PER ANNUM)
ANALYST /
NON-OFFICER
ASSOCIATE /
AVP
VP /
SENIOR MANAGER
SVP /
DIRECTOR
DIRECTOR /
ED/MD
¥4M - ¥5.5M
¥5.5M - ¥7.5M
-
-
-
FUND MANAGER
¥5.5M - ¥8.5M
¥6M - ¥12M
¥12M - ¥28M
¥15M - ¥18M
¥18M- ¥40M
RESEARCH ANALYST
¥5.5M - ¥7.0M
¥7.5M - ¥12M
¥11M - ¥22M
¥16M - ¥29M
¥17M+
PERFORMANCE ANALYST
¥5.5M - ¥7.5M
¥7.5M - ¥10M
¥10M - ¥14M
¥13M - ¥18M
¥15M+
PRODUCT
DEVELOPMENT /
MANAGEMENT
¥5.5M - ¥7.5M
¥7M - ¥11M
¥9.5M - ¥16M
¥14M - ¥21M
¥25M+
¥5M - ¥8M
¥8M - ¥12M
¥12M - ¥24M
¥16M - ¥26M
¥20M+
¥4.5M - ¥6M
¥6M - ¥8M
¥8M - ¥16M
¥11M - ¥18M
¥14M+
¥4.5M - ¥6.5M
¥6.5M - ¥11M
¥9M - ¥12M
¥12M - ¥19M
¥15M+
CLIENT REPORTING
¥4.5M - ¥6M
¥6M - ¥9M
¥8M - ¥14M
¥13M - ¥18M
¥14M+
FUND ACCOUNTING/
PENSION ACCOUNTING
¥4M - ¥5.5M
¥5.5M - ¥8.5M
¥8.5M - ¥14M
¥10M - ¥18M
¥13M+
TRADE OPERATIONS
¥4.5M - ¥5M
¥5M - ¥8.5M
¥7.5M - ¥12M
¥9M - ¥17M
¥13M+
COMPLIANCE
¥5.5M - ¥7.5M
¥7.5M - ¥11.5M
¥11.5M -¥19M
¥17M - ¥21M
¥21M+
PROJECT MANAGER /
BUSINESS ANALYST
¥4.5M - ¥6.5M
¥6.5M - ¥9M
¥9M - ¥13M
¥13M - ¥18M
-
RFP
¥5M - ¥6.5M
¥5.5M - ¥11M
¥7M - ¥15M
¥12M - ¥16M
¥15M+
MARKETING MATERIAL
¥5.5M - ¥7M
¥5M - ¥10M
¥8M - ¥14M
¥12M - ¥15M
¥15M+
ROLE:
FUND MANAGER'S
ASSISTANT
SALES & BUSINESS
DEVELOPMENT
EXECUTION TRADER
CLIENT SERVICES
18
HUMAN
RESOURCES
19
HUMAN
RESOURCES
PERMANENT
Many medium to large sized multinational
corporations (MNC) are focused on reorganisation
projects within human resources (HR), establishing
more specialist HR functions within learning and
development (L&D), compensation and benefits (C&B)
and talent acquisition. This requires support from
experienced HR operations professionals and HR
business partners.
IT/technology, pharmaceuticals/life sciences and retail
companies lead the way with regards to expanding HR
headcount. There has been strong demand for talented
bilingual HR business partners and experienced L&D/
training specialists. This looks set to continue in 2015.
Experienced professionals in this area can expect base
salaries in the region of 7-8 million at the lower end
and up to 12-14 million JPY at management level.
In-house recruiters at all levels of experience are
particularly in demand. Recruitment teams are
expanding to add full time support/coordinators and
specialists, as companies seek to maximise direct
sourcing and reduce costs. Junior level roles are starting
from 4.5 to 6/6.5 million JPY for individuals with two to
three years of experience. Mid-career professionals can
expect around 7 to 8.5 Million JPY base and 9 to 12
million plus for manager level, depending on industry/
size.
Japan remains a key market for investment for many
retail companies. As they continue to rapidly expand
JAPAN REMAINS A KEY MARKET FOR
INVESTMENT FOR MANY RETAIL
COMPANIES
their businesses throughout 2015, it is expected to put
pressure on securing experienced retail recruiting
specialists and retail training professionals. Any
movement in this market will continue to have a big
impact as the talent pool is very limited. Salary bands
within retail vary greatly depending on the size of the
business and the industry. Retail recruiting specialists
can expect competitive salaries in line with other
industries. Experienced retail training specialists could
experience increases of up to 10 percent or higher.
Demand in roles covering talent management is also
likely to increase, although firms may struggle to meet
expectations regarding candidate profiles in this area,
along with HR business partners. Banking and financial
services was very flat in 2014 with the possibility of
some retraction in 2015.
Outside of a small number of specialist positions such
as L&D, C&B, HR operations, most recruitment has
been focused on recruitment process outsourcing
(RPO) solutions and contract hiring. Firms continue to
manage very tight budgets but increases can be
expected as competition for top bilingual talent
remains strong.
HUMAN RESOURCES | PERMANENT (BASIC SALARIES, ¥ MILLION PER ANNUM)
ROLE:
HUMAN RESOURCES DIRECTOR
¥12M - ¥35M
HUMAN RESOURCES MANAGER
¥8M - ¥16M
HUMAN RESOURCES GENERALIST/HRBP
¥7M - ¥18M
COMPENSATION & BENEFITS MANAGER
¥9M - ¥18M
LEARNING & DEVELOPMENT MANAGER
¥8M - ¥16M
RECRUITMENT MANAGER
¥8M - ¥16M
PAYROLL MANAGER
¥7M - ¥9M
HUMAN RESOURCES JUNIOR GENERALIST
¥4.5M - ¥7M
COMPENSATION & BENEFITS SPECIALIST
¥6M - ¥9M
RECRUITMENT STAFF
¥4M - ¥10M
LEARNING & DEVELOPMENT SPECIALIST
¥6M - ¥9M
PAYROLL
HUMAN RESOURCES ADMINISTRATION
¥3.5M - ¥7M
¥4M - ¥6M
20
SALARY SURVEY
RESULTS
21
SALARY SURVEY
RESULTS
DEMOGRAPHICS
Morgan McKinley surveyed 132 professionals in Japan
for the Salary Survey in January 2015. Respondents are
all professionals on the Morgan McKinley database and
from our website morganmckinley.co.jp, who are
engaged in a range of specialist sectors such as Banking
& Financial Services (73%), Technology (26%), Retail/
FMCG (30%), Pharmaceutical (7%), Construction &
Engineering (5%), Public Sector (3%), Media (1%),
Healthcare (1%) and Legal (1%).
Approximately one quarter (26%) of the Japanese
professionals who responded have between 1-2 years of
experience in their current role or one that is similar. A
further 26 percent have 3-5 years of experience and just
over one fifth (21%) have 6-9 years of experience. The
remainder (26%) have over ten years of experience in
the current role or a similar role.
The majority (81%) of those surveyed are male, 16
percent are female and the remaining three percent
prefer not to say. They ranged in age from 20-51+years
with 20 percent in the 20-30 bracket, 34 percent in the
31-40 bracket, 28 percent in the 41-50 bracket and 18
percent in the 51+ the bracket.
The vast majority (89%) of those surveyed are
permanent employees and the remainder (11%) are
contract or temporary workers.
Has your salary increased in the last
twelve months (Permanent employees)?
Most (60%) of the professionals who answered say
their annual salary has increased in the last year. Over
one third (37%) say their salary has remained the
same and the remaining three percent say their salary
has decreased in the last twelve months.
Forty-four percent of respondents, who have received
a pay rise, say their salary increased by 1-4 percent.
Over one quarter (26%) say the increase was between
5-8 percent and 12 percent say they experienced a
salary increase of between 9-12 percent. Just under
one fifth (18%) of professionals say they experienced
an annual pay increment of more than 13 percent.
For those who received an annual salary increase,
most believe this is based upon meeting personal key
performance indicators (KPIs) (63%) and group or
company performance (56%). Just under one fifth
(19%) of respondents say annual pay increments can
be attributed to exceeding one’s own personal sales
target. Other reasons given for salary increases
include; change in employer, new job and promotion.
PLACE GRAPH
HERE
22
SALARY SURVEY
RESULTS
Have you received or are you expecting
an annual bonus from your employer for
2014 (Permanent employees)?
The majority (77%) of Japanese professionals who
responded say they have received or are expecting to
receive an annual bonus for 2014. Nine percent say
they have not received and are not expecting to
receive an annual bonus and the remainder (14%) say
they do not receive annual bonuses at all.
Forty-four percent of those who received a bonus for
2014 say it increased by 1-4 percent. Fourteen percent
say it increased by 5-8 percent and 12 percent say it
increased by 9-12 percent. Just under one third (30%)
say their annual bonus increased by more than 13
percent.
Meeting personal KPIs (41%) and group and company
performance (47%) are seen by the overwhelming
majority of respondents as reasons upon which
annual bonuses are based. Just 12 percent say
bonuses are based upon exceeding one’s own personal
sales target. Other reasons for bonus payments, listed
by respondents, include; an increase in base salary and
a fixed/guaranteed bonus.
Has your temporary or contract rate or
salary increased in the last 12 months?
The majority (64%) of Japanese contract and
temporary workers say their contract rate or salary
has increased in the last year. The remaining 36
percent say their salary or rate of pay has remained
the same.
Half (50%) of the temporary and contract employees
who did experience an increase say it was between
5-8 percent. One quarter (25%) say they experienced
a pay increment of 1-4 percent, 12 percent say the
increase was between 9-12 percent and the remainder
(13%) say they experienced an uplift in salary of more
than 13 percent.
For those contract and temporary workers who did
experience an uplift in pay, over one third (38%) say
this is due to group or company performance and 31%
say it is based upon meeting personal KPIs. The
remainder (8%) say rate or salary increases can be
attributed to exceeding one’s own personal sales
target. Other reasons cited by temporary and contract
employees include; a fixed/guaranteed salary increase
and a change in job.
PLACE GRAPH
HERE
23
SALARY SURVEY
RESULTS
As part of your remuneration, what are
the benefits in your current package?
Which remuneration benefits are most
important to you?
The majority of Japanese professionals who
responded receive a mobile phone (52%) and an
annual bonus scheme (62%) as part of their
remuneration package. Just under half (both 47%)
receive a laptop/computer and a pension/
superannuation scheme. Other benefits, which
Japanese professionals get as part of their current
package include; flexible working arrangements
(37%), share incentive/option scheme (28%), paid
study leave (8%), training (39%), private health/life
insurance (34%) and gym membership (9%). Fifteen
percent of respondents say they receive no extra
benefits as part of their remuneration package. Other
benefits noted by respondents are a housing plan,
meal allowance and language lessons.
The largest proportion (49%) of professionals who
responded say that annual bonus scheme is the most
important benefit for them. Just over one third (35%)
say flexible working arrangements are an important
benefit and one quarter (25%) say a pension/
superannuation scheme is important. Other benefits
seen as important to Japanese professionals include;
mobile phone (11%), laptop/computer (10%), share
incentive/option scheme (17%), paid study leave
(9%), training (12%), private health/life insurance
(14%), gym membership (5%) and a housing
allowance.
Do you think female employees in your
company are earning less than male
employees in the same role?
Less than half (45%) of the Japanese professionals
who responded say they do not think women are
earning less than men in the same role. Over one
quarter (27%) say they do think women earn less than
their male counterparts in the same role. The
remainder (28%) say they are undecided.
PLACE GRAPH
HERE
24
CONTACT US
Morgan McKinley
17th Floor Holland Hills Mori Tower
5-11-2 Toranomon, Minato-ku
Tokyo, Japan 105-0001
Tel: 81 3 5403 7073
Fax: 81 3 5403 0866
E: [email protected]
25
morganmckinley.co.jp
26