Posted by
jereb
17 yrs ago
Hi All,
I am new to this forum, and need some help! :)
I am moving to HK in a few months and need to know what the average salary for an insurance broker with 6-7 years experiance, in sydney and london. Would 350K PA be about right? Would that give me a good standard of living in HK?
Thanks! :)
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jereb
17 yrs ago
HKD. If it were obvious, why would i be asking, i mean its like you moving to Dubai or Ireland and expected to know what the average salary for your job is, I mean really. I thought this forum was for people who wanted to help and give advice, not doubting the people asking the questions, integrity or general knowledge about foreign marketplace remunerations.
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in my opinion it's not obvious and jereb is asking a fair question. if you asked him the same question in return about australia, then i'm sure he'd be able to tell you but not for hong kong which is why he is asking.
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jereb
17 yrs ago
Thank you Riceman, apreciated.
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Is there an average salary for a commissioned based job like a broker? If so, how much in HK? Isn't it like asking how much a real estate agent earns? For some, millions; for others, pittance, regardless of years of experience.
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It is a fair question, and if someone had an answer they would surely provide it. Your job description is a little vague however, an Insurance Broker can mean many things, are you doing life products or general, what type of employer is it, if you are doing general insurance are you with someone like Aon, or are you with a smaller independant broker salaries will differ at each, are you getting commissions, how much of your final salary is expected to be made up of commissions . there are so many variables it is difficult to say what the average salary is and that is probably why nobody has actually answered.
If you are doing life, I would say that is a pretty good salary. Most people work commission only deals. For general, I havent got a clue. is 350k salary good. well Hong Kong rents are very expensive, on that kind of salary dont expect a large space you wouldnt be able to afford it, in fact expect to share if you want something reasonibly decent.
Can you have a decent quality of life on 350K, well you will be able to go out for a drink once a week and do most things that ordinary people do with their money. Its not a stonker salary, but you wont be starving and if you live within your means hong kong will offer a decent quality of life
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jereb
17 yrs ago
Blode, thank you for your post, I will not be on commision, I do gobal policies, and have been asked to soruce/target a salary range that will enable to live and get by, so I think from what you have said i should say 400k?
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Well what range did they give you, 350K PA is on the low side, that is roughly 30K per month, If you are asking based on your expectation, then you need to revise upwards because rents are really exhorbitant, I mean you can find a place for as little as 5K a month, but expect to pay at least 10K if you want somewhere decent add another 10K for neccessary expenses like bills and food and you are left with 10K to play around with which is not an awful lot of money. I would be hard pressed to save anything.
It sounds like you work for a big company and if they have left salary up to you, which sounds a little strange, I would ask for 600K they could probably afford it, based on rentals you could easily justify it and it doesnt sound like a small job that you do either. Thats 50k a month which is reasonable for a young single guy with 6-7 years experience and if they settle on 40k or 480K PA that is doable.
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jereb
17 yrs ago
Blonde,
Thank you again you have been very helpfull. Yes i work for a major international broker. They have no left it to me, as such, however have asked me to work out what i would like, within reason. i think I will ask for around 550, from what you have told me this should be OK, I dont want to ask to much and offend.
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yes, you can have a good quality of life on that. Especially if you are single.
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jereb
17 yrs ago
No my gf will be joining me, she is a hk res, so we will be halfing the rent etc..
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I meant no stay at home wife and kids mate.
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jereb
17 yrs ago
ha ha right ;) got cha!
Thanks.
Sounds like you are in Insurance?
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Nope, but a friend of mine works for Aon
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jereb
17 yrs ago
Really!? thats interesting.. :)
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Jereb, make sure you talk to people in terms of HK$ per month as that is how salaries are discussed here rather than in annual amounts like in Oz or NZ. It will help people figure out what level you are taking about and you will get better advice.
Don't be afraid to offend, if you don't ask you wont get and they can always say 'no'.
Try and negotiate some non-financial stuff too ie: tickets home, health insurance, housing, club membership etc
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jereb
17 yrs ago
Allynz, thats great, however I was under the impression that you had to be of senior management to get a package that negotiates flights home insurance and housing etc? Am i wrong here?
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Anything is negotiable but it depends on your circumstances, are they recruiting you are or you recruiting them?
Housing is expensive and rents went up 30% in the last year so you need to make it worth your while. The pollution here is bad and I get claustrophobic due to the small size of HK and need to be able to get out reguarly.
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jereb
17 yrs ago
I am not getting 'transfered' as such, just more of a job in the HK office (I work for a global company). I will def not take anyrole where i will be living beond my means, which is what i am trying to figure out :) I love HK have been many times, have mates there, and australia is home, so its not to far, also thailand is great!
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You do have to be senior to negotiate benefits like flights housing etc. It doesnt hurt to ask though. if you dont mind hearing the words pi$s off you never know though, they may go for it. Club membership is probably above your pay grade.
You should definitely negotiate for health insurance though, you should be able to get that no problem. Also annual leave, be careful of the contract they make you sign, if it is a standard Hong Kong contract, then its ten days annual leave, make sure to ask for twenty one. More if you think you can get away with it.
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Long story but I don't even have proper contract but I do get 30 days sick leave which is incredible but I never get sick...I've taken 2 days in the 3 years and about the same at my last job.
One thing that doesn't really cost the company but saves you alot is to have them give you a rental allowance. Its a bit complicated to understand but easy enough to do and can save you a fair bit in tax.
Maybe a mobile phone/blackberry and all phone expenses and home broadband might be more likely things to be able to negotiate.
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I am totally agreed with allynz. Housing allowance is what you should try. When u get this, you will have a hell lot more options in life. Rent in HK is just too much in every aspect. I also doubt that you local gf is willing to share half rent with you in some "nicer" apartment.
Just any example, my frd "an expat in insurance, his HA is HKD50K a month, with utilities"
As for the HA, they may not have the budget for you as you are not expat sending from the head office. In this case, you will want a higher salary. So what kind of insurance are u in? Property, surety, or marine?
Good luck to you.
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What I was meaning more is that if you do the right paperwork then part of your salary can be considered a housing allowance (if the company wont give you extra for housing) and then you can reduce your tax as a result.
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