Want to know the average salary for your position in Singapore? Here is the latest list of up-to-date, quality salary surveys according to salary levels and employment trends. Some of the best paying careers in Singapore are in the sectors such as medicine, management, finance, administrative, law, engineering and shipping sector.
To secure a senior executive position, candidates should ideally possess an postgraduate qualification from an internationally accredited universities, An MBA in Singapore or an Executive Master of Science program will be highly desirable to ensure excellent career options. Most established business schools in Singapore including INSEAD, Chicago and Baruch college, The City University of New York also offer excellent executive and career placement programs where major MNCs and agencies are invited to their networking sessions.
A brief list of best paying careers along with indicative monthly salaries is given below:
Doctors and Physician:
While specialized surgeons and neurosurgeons are the highest paid, general physicians and surgeons are paid less.
Specialized surgeon – $ 30,755
General Surgeon – $ 17,872
General Physician – $ 6,173
The list below is indicative that may vary with experience and responsibility of job. A management qualification or MBA is desirable or compulsory for most positions.
Managing Director – $24,472
General Manager – $16,667
Company Director – $15,513
Operations Manager (Finance) – $9,808
Computer and Information System Manager – $8,930
Personnel/ Human Resource Manager – $8,420
Business Development Manager – $ 8,290
Marketing Manager – $8000
Advertising and Public Relations Manager – $7,533
Sales Manager – $7,100
This was the most lucrative sector to work as per data released on 2008. Recession may have taken a hit but still it remains most lucrative sector to build a career.
Commodities and Futures Broker – $17,464
Foreign Exchange Dealer and Broker – $11,095
Fund Manager – $8,125
Budgeting and Financial Accounting Manager – $8,000
Personal Banker – $ 6,250
Financial Analyst – $6,000
Securities Dealer and Broker – $5,750
Actuary – $5,100
Credit Analyst – $4,631
Legal Service Manager – $12,318
Legal Officer – $9,790
Lawyer (Except advocate and solicitor) – $7,400
Engineers are not highly paid in Singapore. As a result, some shift to other career options with MBA and some go for sales.
Power Generation and Distribution Engineer – $7,848
Chemical Engineer (Petrochemical) – $7,547
Automation Engineer – $6,680
Instrumentation Engineer – $6,616
Marine Superintendent Engineer – $6,340
Aeronautical Engineer – $5,242
Production Engineer – $5,091
Civil Engineer – $4,746
Electrical Engineer – $ 4,665
Electronics Engineer – $4615
Career in shipping sector is well paid.
Ship-master – $8,671
Shipping Manager – $5,721
Naval Architect – $5,480
Ship rigger – $4,933
Producer/ Director of Commercials – $5,150
Market Research Analyst – $5,174
Sales Representative (Medical and pharmaceutical products) – $4,801
Flight Operations Officer – $4,801
The list above is prepared as per data provided by MoM (Ministry of Manpower) Government of Singapore in 2008. To generate the indicative monthly salary, the third-quartile monthly gross wages has been taken into account. Performance bonuses, profit sharing and stock options are not included in the indicative average monthly salary.
Top executives in MNC, accountants, lawyers, bankers took home more than $4 million (Iras year of Assessment 2007). Median income for top 8 earners in MNCs was $4.86 million per annum, for lawyers (mainly advocates and solicitors) it was $4.65m followed by bankers ($4.40m) and accountants ($4.40m).
While top doctors and architects make a lot of money, engineers continue to be underpaid with a mere $0.75/annum. As per survey by Singapore Medical Association, median monthly income for a doctor is $13,758. Average of top 4th and 5th earners is taken to calculate meridian income.