So I found this from an old thread circa the early 2010s

Fresh grad, analyst / accountant / controller - RM3.5
Analyst 1 / Accountant 1 / Controller 1 - RM4.5
Senior Analyst / Accountant / Controller - RM5.5
Senior Analyst 1 / Accountant 1 / Controller 1 - RM7
Asst Finance Manager - RM9
Finance Manager - RM11 + 2 car allowance
Finance Manager 1 - RM13 + 2.5 car allowance
Senior Finance Manager - RM17 + 3 car allowance
Senior Finance Manager 1 - RM21 + 3.5 car allowance
Finance Director - RM26 + 5 car allowance
Senior Finance Director - RM33 + 6.5 car allowance
Global Finance Director / Finance VP - RM44 + 8 car allowance

Do you guys think this is still more or less accurate for the current market?

Accurate

Does that mean the average salaries is still the same as 10 years ago?

Tbh no idea that's why asking you guys. Fresh grad salaries don't seem to have changed much though...

Lol, as a finance guy myself, i can vouch that it has stayed stagnant.

And for freshies i highly doubt the 3.5k. Even Big4 doesnt pay 3.5k.

More like 2.5-3k

Also, i would assume these numbers to be from regular accounting and finance roles (General and cost accounting, FP&A, audit) and not from investment banking or asset management firms. They operate on a different scale from what i know.

This post has been edited by juvaan: Oct 26 2021, 08:07 PM

As for car allowances, it is almost non existent.

Only exists at higher levels i.e. SFM/GM and above.

Haha yeaaa suspected much the same for the Big 4. Their brand name gives them too much bargaining power.

For the other levels you think the ranges are more or less legit? (excluding the car allowance as you said)

Since its the average, i would say it is pretty much spot on, the range may have expanded though.

and i'm very surprised these numbers were 10 years ago when i myself was in Uni.

The car allowance range really hasn't changed since 10 years ago.

Oh gosh our salaries really haven't rose at all.... do you think for most companies we hit the Finance Manager level around 30 years old? (7-8 years exp)

Typical malaysian issue. Everything up except salary.

Korek korek. Unker agree wit u. Mesian issue.

This post has been edited by Izzanobody: Oct 26 2021, 10:42 PM

Yeah Bolehland with production of cheap labours country.

pity all of them in Finance
In my world...ppl getting at least RM2k... How could we survive with RM33 + 6.5....per month

Btw, please get report from Jobstreet la...

Jobstreet URL salary ref

This post has been edited by taitianhin: Oct 26 2021, 11:17 PM

My company Assistant Finance manager is 11-16k

Manager 16k+4k - 24k(All in)


Beyond this range no visibility as non existent in Malaysia context.

Oh not bad salaries did rise! So roughly how many years of experience to Manager for your company?

Mostly quite senior 15 years+

Hmmm I've heard Jobstreet tends to underestimate though, not sure true or not


Oh ok I guess Manager is pretty high level in your company then.. guess even to Assistant Finance Manager it might take around 10 years?

Imagine you're the business owner of Jobstreet. You want more people to visit your site regularly right?

Will you

A) Inflate the reported salary amount so that visitor will get depress and use your site to search for job, and thus increase in traffic.
or
B) Deflate the reported salary amount so that visitor happy with their current salary, and won't use your site, and thus decrease in traffic

Yep AM at least 7 years experience in mine la

Hmmmm that's a good argument.... so you're saying Jobstreet is actually a bit on the high side?

I checked for positions like CFO etc and 19-20k seems very low though.

A simple comparison to a headhunter salary guide will tell you the answer. https://www.hays.com.my/salary-guide

What's your objective? You want to compare salary for a job offer?

Yeah...I can assure you Data for 8K and Abv are totally not accurate in Jobstreet....
Most bank staffs abv 8K-15K. for Manager, AVP, VP
in IT or finance...

Haha no just thinking if i made the change to industry what would the prospects be...

So Jobstreet is really underestimating salaries?

The thing about finance, it's quite a broad area and each company (dependent on nature and size amongst other things) will have different job descriptions. Some company require their finance manager to perform more tasks than a finance director in another company.

If you have serious interest to change, my focus will be ok the job descriptions (JD) first. If you think it's within your comfort, you can look at the remuneration benchmark as motivation.

A Finance Manager in a RM10mil rev p.a. does not have the same scope, breadth of exposure n responsibility as another FM in a company generating RM500mil rev p.a., hence why salaries will vary greatly between one co n another for the same 'position'

Thanks man, not looking to shift right away but gauging my options down the line.

Hmmm that's quite true. I do wonder is there a sort of standard at the MNC level (e.g. if the company revenue is over 10 bil USD) then it's all the same

I would think that at the MNC level, the level of effort would then be driven by the department itself. If you are at the corporate group level, I am sure the work will be different when working with the subsidiaries below as compared if you were part of the MNC subsidiaries.

This is true to a certain extent, there are many factors but ultimately depends on the breadth and depth of work. In larger companies, the work is definitely more but there are more staffs too that can in charge of different entity, product line or geography. Some even operate under shared service centers. I have seen a small satellite office here. 1 floor only and quite small presence in mys. But the FM there earn much more than many plc CFO due to payment in Euro.

Even in HQ, there may be limited work when the principal biz lies in subsidiary and hq is just an investment holding co.

bank manager starting from 8k i guess?

assistant branch manager around 6-7k

main source of revenue of these job seeking portals are coming from the ad packages they sold to customers aka employers

so their practice of deflating or downplaying the figures do somewhat please their paying customers so more SMEs and chinamans would be willing to buy their ads slot there

this is different in the recruitment agencies like Hays, Ranstead etc, their revenue stream are derived from the commissions paid by the customers, the rate is usually 20% of the candidate's annual salary, or 1 month cut of the candidate's offered salary, so it is in their best interest to fight for the best possible amount within their reach.

Omg bank manager is that low? Don't they manage like a whole branch of people (imagining at least 20 here)


Actually this tallies to what I observe, Jobstreet tends to estimate low while Hays / Robert Walters etc tends to estimate high

Can share where did you get this?

Yes, that's the trend. Most of the recruitment firms are on the higher side as it will incentive people to move. Only then will they be able to get business. But also have to bear in mind the people who recruitment firms place are usually the more marketable people. But I would still discount their numbers a bit.

Got it here in 2012 https://forum.lowyat.net/topic/2328963/all


Yea make sense. Oh what do you mean by discounting their numbers?

Meaning whatever that is presented by them, reduce the numbers a bit, probably by 5-15%. The numbers quoted are really on the high side, and that's after me comparing numbers across the industry from people that I know.

Read the original thread, it was mentioned that there are no roles beyond FM1 that is based in KL. So I think the range may not be fully valid for Finance people. MNCs has been pulling out the more lucrative roles from Malaysia, primarily due to our reduced competitiveness.

Regarding wages not increasing, I think it's more of Finance exec wages not increasing by much. There are quite a lot of Finance grads out there, so competition are stiff. The area that pay better nowadays are tech, IT and probably banking. Banking is quite different than traditional Finance, though related.

Also, I think the numbers quoted by the original poster in the other thread seems to be slightly high for a MNC. Let's ask him to provide an update.

seantang

Care to comment?

Hmmm I'm not sure too it could be a experience / responsibility difference for each role. Like from your perspective, how much would the finance manager make and how many years of experience would it take?

What industry and what does the Finance manager do? Is he a HoD, or team lead?

Let's take a common one e.g. manufacturing or fmcg?

Manager... I guess maybe leading 10 people or fewer, a HOD level person sounds like a director to me, though I may be wrong.

probably between 8-15k, depending on function, experience and negotiations.

in a mid sized company, such a FM generally report to the CFO, as the finance department is usually not that big. probably between 20-50 people.

so good. O&G industry it is?

Oh yea i get what you mean. I guess less experience required then? 6-7 years maybe?

perhaps, some can make it with 6-7 years, others may need 10-15 years. 6-7 years is considered fast.

some banks doesnt really has the concept of a real branch manager...

anyway, there are just handful of branch manager/Assistant Branch Manager

The Assistant Manager and managers I refer to are swamp-ful in bank BackOffice...

2012 data, but in 2021-22 world, the average payout actually has got lower than the list..

Omg seriously... shows the state of our pay in Malaysia

this is more for MNC finance.

for local company the rate is lower.

Ah.... yea that does make sense. Would you have any estimates for a local company?

How much lower? Will it be more than 10%?