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Expat package for mid level actuary

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  1. #1

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    Aug 2018
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    Expat package for mid level actuary

    HI,

    I am currently based in the UK and I have been offered an actuarial role that pays 60-70k pm. (Incl housing allowances) I have around 8 years of experience in the field.
    Having spoken to agencies and finding out about the going rates for a similar position, the pay is about the standard pay for any candidates.
    Given that I am coming from the UK, i feel a bit underpaid to not be given much allowances for housing. For this level role, how likely is that the company will pay for an additional house allowances, etc if I ask for them? How much would be an acceptable amount for this level role?

    Last edited by Cwaddle; 31-08-2018 at 07:51 AM.

  2. #2

    Join Date
    Aug 2015
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    Are you single?
    Speak Chinese?
    Who cares for the visa?
    How much are you getting now?
    What living conditions are you looking for?
    Do you know Hong Kong?


  3. #3

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    @Cwaddle

    HK's newly released talent list might give you some negotiation wiggle room.

    https://geoexpat.com/forum/54/thread349729.html

    imparanoic likes this.

  4. #4

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    single, do not speak chinese, ,need a visa for myself, was getting a bit less in total comp in the uk at current fx rate. I just wanted to check how common it is to not get much at all in terms of housing allowances and just receive standard local rate when moving from the uk to hk for a mid level finance/actuarial position. My friend thinks its not good since you arent getting the ‘expat’ allowances/premium


  5. #5

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    I think your friend is right - with 8-10 years experience, and I assume this is a transfer, there should be a premium associated with bringing you to HK.

    Soft issues - Single / Chinese / Visa - all do not really matter when you're in a professional field (with appropriate qualifications and experience) - stick to the hard skills that you bring.

    If this is a new hire (not a company transfer) - I suspect you're being low balled.

    Ideally you should be looking for a total cash compensation package of min 100K with a 70/30 split for salary / housing, specially on a transfer with a multinational.

    DimSumBond likes this.

  6. #6

    Join Date
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    Quote Originally Posted by shri:
    I think your friend is right - with 8-10 years experience, and I assume this is a transfer, there should be a premium associated with bringing you to HK.

    Soft issues - Single / Chinese / Visa - all do not really matter when you're in a professional field (with appropriate qualifications and experience) - stick to the hard skills that you bring.

    If this is a new hire (not a company transfer) - I suspect you're being low balled.

    Ideally you should be looking for a total cash compensation package of min 100K with a 70/30 split for salary / housing, specially on a transfer with a multinational.
    I agree with these points.

    OP, with your offer salary, although higher than your current, your quality of life will be much lower. At the mid-levels, there is compensation downwards pressures as the big bosses try to balance their pay vs the need to get on with business. It’s very much an employers market.

    Make sure you know HK before driving too. A short trip really isn’t enough. This place has changed a lot in the last few years.

  7. #7

    Join Date
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    For your experience level that's quite low. When I came over 11 years ago as a junior level lawyer my comp was roughly what you are being offered.

    Take into account 11 years inflation and your experience in your field your offer isn't that great.


  8. #8

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    Agree with the above that you probably have room to negotiate.

    However, I disagree with the above that you will have a worse quality of life here than the UK - it's not possible to know that unless you tell us where you're living in the UK. If you're living in London and either living very centrally or alternatively spending a lot on commuting, as long as you don't expect to live in a big place here, you should be in a better net position in HK after tax an essential living costs. However if you're living in a regional city or town it's less clear cut. Don't forget that in the UK there is council tax and the cost of utilities and transportation are high.

    Another thing you need to establish is bonuses. In my field bonuses have been much higher in HK than the UK in the 9 years I've been here, which has made a huge difference to the improvement in my financial position.


  9. #9

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    Are you a fully qualified FIA/FFA/FSA/FCAS? If yes, then the offer is too low, plain and simple. If no, then take into account that paper credentials are hugely important in such roles in HK, and you should get a written agreement with your employer on what your package will be once you have the designation.


  10. #10

    Join Date
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    Quote Originally Posted by Beanieskis:
    Agree with the above that you probably have room to negotiate.

    However, I disagree with the above that you will have a worse quality of life here than the UK - it's not possible to know that unless you tell us where you're living in the UK. If you're living in London and either living very centrally or alternatively spending a lot on commuting, as long as you don't expect to live in a big place here, you should be in a better net position in HK after tax an essential living costs. However if you're living in a regional city or town it's less clear cut. Don't forget that in the UK there is council tax and the cost of utilities and transportation are high.

    Another thing you need to establish is bonuses. In my field bonuses have been much higher in HK than the UK in the 9 years I've been here, which has made a huge difference to the improvement in my financial position.
    You will be ahead financially with higher income, lower taxes and no capital gains. A lower quality of life is a given here. I enjoy the simple things in life like not having mysterious liquids dropping all over me.

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