Salary Survey Report. Accounting January Office and Administration April Banking and Finance October 2005

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1 2005 Salary Survey Report January 2005 Office and Administration April 2005 Sales and Marketing July 2005 Banking and Finance October 2005

2 Manpower Inc. is a world leader in the employment services industry, offering customers a continuum of services to meet their needs throughout the employment and business cycle. The company specializes in permanent, temporary and contract recruitment; employee assessment; training; career transition and organizational consulting services. Manpower's worldwide network of 4,300 offices in 67 countries and territories enables the company to meet the needs of its 400,000 customers per year, including small and medium size enterprises in all industry sectors, as well as the world's largest multinational corporations. In Asia Pacific, Manpower works through a network of over 200 offices in 12 countries including Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan and Thailand. Fortune's Most Admired Companies Manpower Inc. is ranked 176 in the US 2002 Fortune 500 list and was also named America's Most Admired staffing company in 2003 and The company was rated number one in its industry across all eight criteria, including: quality of products and services; innovativeness; quality of management; employee talent; social responsibility; financial soundness; longterm investment value; and use of corporate assets. The focus of Manpower's work is on raising productivity through improved quality, efficiency and cost-reduction, enabling customers to concentrate on their core business activities. In addition to the Manpower brand, the company operates under the brand names of Right Management Consultants, Jefferson Wells, Elan and Brook Street. More information on Manpower Inc. is available at For further information regarding this survey, please do not hesitate to contact: Mr. Trevor Sunderland Manager, Permanent and Executive Selection Services, Manpower Hong Kong Tel: Ms. Tracy Lau and Finance Consultant, Permanent and Executive Selection Services, Manpower Hong Kong Tel:

3 INTRODUCTION Manpower Hong Kong combines global experience with local expertise to provide executive selection, permanent, temporary and contracting staffing services. Elan CountryTECH Selection, a division of Manpower Services (Hong Kong) Limited, provides executive selection, permanent and contracting staffing services in information technology and telecommunications. Manpower is committed to providing accurate and reliable recruitment-related knowledge and identified a need to inform employers of salary ranges in a number of professional roles. This Report is the first of four to be published in 2005, and will be followed by Office and Administration, Sales and Marketing and Banking and Finance. It is Manpower's intention that employers consider this report as an accurate benchmark when determining the salaries of new employees in This would need to be used in conjunction with other economic barometers such as the cost-of-living increases and inflation. The information contained in this report does not reflect the overall ability, productivity, or total hours of work of the respondents. While the individual data contained in this report does provide an approximate range of accounting salaries for 2004, it is intended as a guide only. METHODOLOGY Manpower Permanent and Executive Selection Services compiled base salary data from 1st January to 31st December 2004 from various sources. A minimum sample number of 30 salaries within each professional level were used to provide a representative salary range. The figures indicated in this report encompass base monthly salary in Hong Kong dollars. They do not take into consideration guaranteed Chinese New Year (thirteenth month payment), extraordinary bonuses (profit sharing and stock grants), unusual or one-time unrepresentative amounts, overtime and/or housing allowances. This data was provided by Hong Kong-based accounting professionals and non-professionals. Information was qualified if respondents: Were employed in full-time work at the time of the reporting; Had worked for at least twelve (12) months prior to reporting; and Were stationed in Hong Kong for the minimum period allowable under the current Hong Kong tax regime. Beyond their initial reporting, no further attempt was made to verify the accuracy or representation of the responses. 1

4 OPINION Hong Kong has a complete range of professional services, generating approximately 2.5% of Hong Kong's gross domestic product, many of which are among the uppermost income earners. This category includes legal, accounting, auditing, bookkeeping, architectural, surveying, engineering, business management, and various types of consultancy businesses - including recruitment. The number of establishments and persons engaged in these businesses in 2004 increased almost 30% over During the same period, the total number of registered professionals grew substantially, with accountants increasing at the fastest rate of 15%. The majority of respondents to Manpower's Survey was quite confident of Hong Kong's continued economic recovery and reported that their employers have now completed restructuring. Accordingly, a significant number of responding accountants (75%) are reporting their employers are now planning to increase their headcount. Issues Facing Accountants in 2005 China will inevitably be the key dynamic for accountants in 2005 as the Chinese economy continues to strengthen, having achieved growth of 9.5% in the third quarter of This will clearly pose challenges for Hong Kong accountants engaged in China activities. Some challenges will include: in China, business operations, Determining best practice for funding investments and operating capital Understanding bankruptcy laws with a view to acquiring or restructuring Remaining abreast of the latest income tax reporting and compliance procedures and dealing with tax controversies, Determining best practice for minimizing customs and VAT charges in importing goods and equipment into China, Understanding how transfer pricing rules in China affect foreign companies and their ability to repatriate funds, and Understanding GAAP and IFRS accounting rules for companies operating in China. In brief, in the year to come, Hong Kong accountants will be facing an "above average" employment environment. 2

5 Chief Financial Officer - CFO Directs the overall financial plans and accounting practices of an organization. Oversees treasury, accounting, budget, tax and audit activities of the organization and subsidiaries. Oversees financial and accounting system controls and standards and ensures timely financial and statistical reports for management and/or Board use. This is the top finance and accounting position for the organization. Requires CPA or equivalent and 10 years relevant experience. Number surveyed: 30 $125,000 $98,000 $85,000 Finance Director Manages all finance and accounting functions in Hong Kong, generally with regional responsibilities. Enhances internal control procedures, implements and executes management decisions. Liaises with bankers, auditors and tax authorities. May engage in company secretarial work. Requires a bachelor's degree or above in accounting and over 8 years of relevant experience. Number surveyed: 40 $72,000 $58,000 $38,000 3

6 Controller Directs budget and cost controls, financial analysis, accounting practices and reports. Analyzes and interprets financial data and recommends changes to improve systems and financial performance. This may be the top-level financial professional in a mid-size company (reporting to the Managing Director), or they would report to the CFO in a very large company. Supervises qualified and non-qualified accounting staff. Requires CPA or equivalent and 7 years relevant experience. Number surveyed: 47 $54,000 $46,000 $40,000 Finance Manager Oversees all finance and accounting responsibilities for Hong Kong, and possibly, China. Manages budgets, forecasts, financial/costing analysis and prepares financial and management reports. Monitors inventory, cash flow and treasury matters. Liaises with external counterparts including bankers, lawyers and regulators. Manages a small team. Requires a bachelor's degree in accounting and at least 3 years of relevant experience with an audit background preferred. Number surveyed: 60 $54,000 $44,000 $35,000 4

7 Manager Manages accounting functions and preparation of reports and statistics detailing financial results. Establishes and maintains accounting practices to ensure accurate and reliable data necessary for business operations. May specialize in one or more functional accounting areas such as accounts receivable, accounts payable, payroll and budget. Supervises professional and/or clerical accounting employees. Typically requires a bachelor's degree in accounting or business and 5-8 years relevant experience. Number surveyed: 60 $31,000 $28,300 $25,000 Supervisor Supervises accounting functions and preparation of reports and statistics detailing financial results.coordinates schedules, activities and reports with other departments. Establishes and maintains operating procedures. May specialize in one or more functional areas such as accounts receivable, accounts payable, payroll and budget. Supervises non-qualified clerical and accounting employees. Typically requires a bachelor's degree in accounting or business and 1 year relevant experience or a total of 6 years accounting experience. Number surveyed: 48 $28,000 $23,000 $20,000 5

8 Accountant - Senior Establishes, interprets and analyzes complex accounting records of financial statements. These may include general accounting, costing or budget data. Examines, analyzes and interprets accounting records for management. Requires a bachelor's degree in accounting or business or equivalent experience and 5 or more years experience. Number surveyed: 66 $25,000 $20,000 $18,000 Accountant - Intermediate Prepares and maintains accounting records which may include general accounting, costing, or budget data. Examines, analyzes and interprets accounting records for the purpose of giving advice or preparing statements. May act as lead to lower level employees. Requires a bachelor's degree in accounting or business and 2-4 years relevant accounting experience. Number surveyed: 65 $17,000 $14,700 $11,000 6

9 Accountant - Entry Maintains records of routine accounting transactions. Assists in preparation of financial and operating reports including trial balances, adjustments and closing entries. May assist in analysis and interpretation of accounting records for use by management. Requires a bachelor's degree in accounting or business or equivalent experience. Number surveyed: 72 $12,000 $10,500 $8,000 Financial Analysis Manager Plans and directs analysis of financial data. Provides assessment of existing and proposed financial plans and policies. Proposes changes to ensure organization achieves financial targets. Usually requires a four year degree and 5-8 years relevant experience. Number surveyed: 30 $47,000 $42,500 $38,000 7

10 Cost Accountant Prepares cost accounting records such as subcontracting, field service, sales costs and research and development costs. Computes project costs, compares actual costs to estimates and analyzes variances. Requires a bachelor's degree or equivalent and 2-5 years relevant experience. Number surveyed: 35 $32,000 $26,000 $22,000 Internal Audit Manager Directs review and verification of records, compliance with standards, policies and procedures. Develops audit procedures and systems. Oversees audit findings and recommendations and supervises internal audit staff. Requires a bachelor's degree in accounting or business and 5-8 years relevant experience. Number surveyed: 30 $43,000 $40,000 $30,000 8

11 Internal Auditor - Senior Conducts complex audit projects. Reviews records for accuracy and conformance to standards. Inspects financial or operational information to ensure procedures are correct and appropriate. Compiles audit findings and recommends revisions to systems and procedures. This is a senior level position requiring a four year degree and 4-6 years of relevant experience. Number surveyed: 41 $35,000 $34,000 $30,000 Internal Auditor Conducts audits to verify accuracy of records, compliance with standards, policies and procedures. Compiles audit findings and recommendations for modifications and improvements to systems and procedures. Requires a bachelor's degree in accounting or business and 2-4 years of relevant experience. Number surveyed: 53 $25,500 $23,000 $18,000 9

12 Manpower Services (Hong Kong) Limited Unit 401, Dina House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong Phone : Fax : manpower@manpower.com.hk Manpower Services (Hong Kong) Limited All Rights Reserved.