Salaries on the rise for Malaysia's financial services jobs

It's a good time to be working in Malaysia's financial services industry.

According to the 2014 Financial Services Total Rewards Survey by Towers Watson, the overall salary increase within the industry in 2014 was 5.3% - a figure which is expected to grow to 5.9% in 2015.

Within the sector, insurance firms had budgeted the most for this salary boost at 5.7% this year, and this is expected to grow to 6% next year. The banking industry is also reported to increase salaries by 5.3% this year, with a similarly optimistic outlook of 5.8% in 2015.

When it comes to bonuses, the survey found the industry's employees received a performance-based bonus of 3.3 months this year, however strong performers could receive up to five months' bonus.

Additionally, the turnover rate in this overall sector in Malaysia has climbed to an all-time high of 14%, the survey found.

"The merger and acquisition activities in the financial services industry, the recovering economy and stabilising socio-political influences all point to brightening job prospects for the workforce," said Michael Chang, team leader, global data services, Towers Watson Malaysia.

"This has, in turn, created opportunities where employees continue to move within, and even outside the industry, for better compensation packages and job prospects."

With regards to new talent in the industry, the war is about to heat up even more as entry-level salaries remain at RM2,500 to RM3,000 per month. However, the entry-level salary for the insurance industry increased by 4% to 7% when compared to 2013 - showing the insurance industry is attempting to woo across fresh graduates from the often "first choice" banking industry, the report said.

This survey covered more than 130 financial institutions across several sectors in Malaysia.

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