Salary guide Singapore: Top banking and finance jobs with high salary increment

Globally, the financial market faced an inevitable downturn in 2020 with the pandemic. But as economies begin to recover from the losses over the last few years, banks and financial institutions too are clawing their way back up to pre-pandemic levels.

In Singapore, many anticipate strong governmental support with Budget 2022 providing a strong fiscal and monetary policy backing for corporates and this created a stabilising effect on bank credit.

 

Banking and Fintech trends in Singapore

Singapore is now home to more than 50 global and regional innovation labs and over 1,400 fintech firms. Last year, the city clocked a record high of US$3.9 billion (S$54 billion) in fintech investments, up from US$2.5 billion in 2020.

Local banks in Singapore are still leading from the front amongst its Asia Pacific (APAC) peers in recovering from COVID-19 in 2021. This was because the banks' main markets like stock and bond markets of Singapore staged solid rebounds from the initial economic shocks caused by COVID-19. One can expect Singapore to continue to benefit from business growth opportunities over the next 12 months as the recovery rotates towards APAC markets.

 

Singapore’s digital-only banks to keep an eye on

With environmental, social, and corporate governance (ESG) developments and digitalisation efforts of local banks in 2022, the nation is focussed on operations and initial product offerings of the rising four digital-only banks in Singapore:

 

Singapore’s Project Orchid

With the global surge in interest in central bank digital currencies (CBDCs), the Monetary Authority of Singapore (MAS) launched Project Orchid in November 2021 to study the ways to build technology infrastructure and capabilities, and find out the competencies necessary to issue a digital Singapore dollar should Singapore decide to do so in future.

This is in close partnership with the private sector, which MAS have received more than 300 proposals from over 50 countries in response to the problem statements posed. This will be a space to watch for, as it’ll also no doubt create an influx of jobs in Singapore depending on the uptake of CBDCs.

 

Trends in Singapore to expect within banking and finance recruitment

Given the trends mentioned above, some of the top jobs in Singapore within the banking and finance sector include relationship managers, customer service officers, and product managers. Beyond that, banks and fintech companies are also looking at local talents to fill various other roles especially within compliance and cybersecurity. Thus, Singaporeans can expect hiring levels in this sector to remain strong in 2022.

 

Top Compliance, Risk and Legal Jobs in Singapore Salary Guide:

We have multiple openings in the following areas with salaries ranging from 150k to 300k annually:

  • Legal Counsel
  • Regulatory Compliance
  • Financial Crime Compliance
  • Credit Risk Management, Banking
  • Conduct Risk Management
  • Non-Financial Risk Management

 

Top Cybersecurity jobs in Singapore Salary Guide:

We have multiple openings in the following areas with salaries ranging from 150k to 300k annually:

  • Cyber Defence Specialists
  • Cloud Security Engineers
  • Threat Intelligence Specialists

 

Top Front Office (Sales and Product type of roles) across Corporate Banking, Investment Management and Financial Services jobs in Singapore Salary Guide:

We have multiple openings in the following areas with salaries ranging from 100k to 350k annually:

  • Relationship Managers
  • Product Sales

 

It is also key to note that salary packages have a wide range and is dependent on experience, seniority, qualifications, company sizes and more. If you'd like to learn more of actual salaries based on your profile and experience, please contact one of our team members directly:

 

Contact our team

 

 

Higher salary increments for Compliance and Cybersecurity jobs in Singapore

The team also shared that it is noticeable that there is an upward trend in higher salary increments for Cybersecurity jobs in Singapore which can go up to at least 30 to 40%, particularly for employees at local banks who take up positions at global banks. That compares favourably to recent years where job changers saw average wage gains of about 18% in 2021 and between 13% to 15% in 2020. We have also seen a noticeable shift on increments averaging between 15-20% for Governance (Compliance, Risk and Audit) functions.

This is triggered by the fact that there is a local talent shortage for tech talents. As such, to entice talents who are comfortable, firms are offering higher salary packages to Cybersecurity and Compliance talent. For Governance hires, we have experienced a continued growth in hires across a broad group of financial services and fintech employers. With the creation of new headcounts in fintech sector coupled with a small local workforce, employers experience a longer recruitment process. Thus, leading to a rising wage costs.

 

Similarly, MAS chief Ravi Menon also shared that the supply of jobs will continue with 3,000 jobs in tech, and at least 700 will be roles for software developers and engineers.

"The financial sector is growing rapidly and creating more jobs than our small local workforce can meet. Our labour market is tightening with unfilled vacancies and rising wages.”

This supply of jobs in Singapore will support the design and development of digital financial services and trade finance, blockchain technology, and the use of artificial intelligence to detect fraud and money laundering.

MAS estimates there were more than 3,000 Singapore citizens in senior roles in the financial sector last year, up by more than 80% from 2016.

 

A salary guide is only a guide

With the above mentioned salary guide for the top banking and finance jobs in Singapore, a tip from our team is to not over value the salary component when negotiating an employment contract or when contemplating a career switch. It is essential that you think carefully over the reasons why you may be considering a jump, what are the prospects for growth, and the culture of the company you intend on joining. It’s also worth noting that apart from salary packages, there are also other benefits which companies can provide to compete for the best talent in Singapore. For instance, Joel shared that fintech firms are providing work-from-home options and increased their learning and development (L&D) budgets to equip their talent with the right knowledge. Banks which were known to be traditional in work cultures are also moving into hybrid work models.

 

Are you looking for a finance job?

Contact us today via the form below to get advice on how you can tackle salary negotiations with your next job in Singapore, or find your next opportunity across banking and finance jobs in Singapore below.

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Whether you’re a professional looking for a job or a business seeking highly skilled talent, the team at Huxley are here for you.

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