It is expected that a gradual decline in the number of hires across the middle and back office will continue in 2018 as banks seek to save costs and use IT automation to replace roles, according to the Salary Survey 2018.
However, as the back office becomes a more technically complex environment, the need for candidates with stronger IT and systems experience will drive up salaries.
Java continues to be a favoured language in the financial services world. However, because it has become such a necessary skill, there are plenty of candidates to choose from. As a result, if a Java developer wants to work in financial services, it is important that they have a good knowledge of financial markets and instruments.
At the same time Python is becoming more popular as a programming language for many roles, in demand from both buy-side and sell-side clients. Big data roles for example usually require Python developers. “To handle big data projects, employers are seeking programmers who have strong quantitative skills and programming expertise in Python and/or C++ to help with data manipulation and analysis,“ said John Mullally, Director, Financial Services, Robert Walters Hong Kong.
Strong demand for IT security talent driving salaries up
There is a strong demand for IT security talent in Hong Kong. In response to new regulatory requirements, most financial institutions in the territory are allocating more resources to their IT security divisions. This trend looks set to continue but the cost of employing such individuals will rise as there is a shortage of IT security talent in the local market, especially within financial services.
According to the report across tech & transformation the highest increments in salaries as candidates move roles, with increases of 20% for developers and IT security experts becoming the norm rather than the upper end of the range.
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