(Yicai Global) July 7 -- The average monthly salary for new employees in 38 key cities in China rose 3.3 percent to CNY10,340 (USD1,540) in the second quarter from the first three months of the year, as businesses hired more costlier talent to fill core positions.

The first quarter is generally the peak season for job hunting and recruitment, with slightly lower average salaries and relatively more diverse openings, China News Service’s Economic View reported yesterday, citing a report from recruitment platform Zhaopin. That lower base leads to higher salaries in the second quarter, it said.

In the three months ended June 30, Shanghai overtook Beijing with an average monthly starting salary of CNY14,775, up 11.6 percent from the previous quarter, the report said. Beijing and Shenzhen ranked second and third at CNY14,250 and CNY13,090, up 6.6 percent and 4 percent, respectively.

Guangzhou and Zhuhai in the Pearl River Delta region and Hangzhou, Nanjing, Suzhou, and Ningbo in the Yangtze River Delta region continued to offer high salaries to attract talent.

The finance stayed top for salaries in the second quarter, the report said. Trust, guarantee, auction, and pawn businesses maintained pole position with remuneration of CNY14,710 month, a 6.5 percent rise from the previous quarter. Fund, securities, futures, and investment firms came in second at CNY13,065, up 0.6 percent. The aviation and aerospace research and manufacturing sector jumped from seventh to third place with CNY12,168, after a gain of 6.3 percent.

In terms of academic qualifications, the average starting salary for doctoral degree holders was the highest at an average CNY30,341 a month, up 4.3 percent increase on the first quarter. Masters’ degree holders were next at CNY18,609, up 3 percent, while those with bachelors’ degrees averaged CNY13,729, a 2.3 percent gain. The average starting salary for people with a college degree rose 2.8 percent to CNY9,605 a month.

Editor: Futura Costaglione