Hong Kong's reputation as a global financial hub is further boosted by a latest study that showed financial analysts in the city are earning more than those who are based in New York City.

The study showed that financial analysts in Hong Kong with one year to two years of experience have reported strong income growth in the city.

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In New York City, first-year and second-year financial analysts said their salaries have stagnated.

The study further showed that many financial analysts in Hong Kong are reporting starting income exceeding US $90,000, including bonuses, or about US $20,000 more than their counterparts in New York City.

One analyst said he made the right choice in picking Hong Kong when offered the same job from a Hong Kong firm and a New York firm.

He said his pay in Hong Kong is about US $25,000 higher than the pay offered for him in New York.

The Financial Services Development Council (FSDC) of Hong Kong said financial jobs in the city are likely to rise by 15% over the next few years.

"Overall, the financial sector is going to hire more than the GDP growth rate of Hong Kong," said FSDC member Joe Ngai.

The bulk of the new hires will come from overseas as Hong Kong does not have many hedge funds or private equity talents, said FSDC Chairwoman Laura Cha.

Cha added that Hong Kong residents who want to be financial analysts will have to improve their language skills and financial knowledge to compete with expatriate professionals who may take top financial jobs in the city in the future.

Another survey, meanwhile, found out that burnout among investment bankers is more of a problem in Hong Kong than elsewhere.

In a survey last year, 80% of mid-career bankers in Hong Kong were burned out to some degree, higher than in the UK and US. It's not all down to long hours.

"It's also the pressure," says another analyst. "In HK, sometimes you are required to do work that's usually done by an associate. As the exposure increases, so does your responsibility. Hence more pressure." 

TagsHong Kong, Hong Kong Finance, Hong Kong Financial Analyst