Data reflects annual salaries in SGD
Singapore’s banking and finance sector now boasts a total asset size of almost US$2 trillion and plays a pivotal role in the country’s position as an established global private banking hub. This is underscored by the Links International 2024 Asia Salary Guide, which forecasts substantial growth in the banking, finance, and accounting sectors in Singapore for 2024, and an expected rise in salaries.
According to a survey by the Singapore Business Federation (SBF), as many as 67 percent of companies are planning wage raises in 2024, with an average rise of 6 percent. Only 1 percent are considering pay cuts, with the rest (32 percent) planning to keep salaries stagnant.
Accounting
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Finance Director | 240,000 | 270,000 | 300,000 |
| Finance Manager | 120,000 | 140,000 | 160,000 |
| Senior Accountant | 70,000 | 90,000 | 90,000 |
| Assistant Accountant | 30,000 | 50,000 | 50,000 |
| Financial Analyst | 70,000 | 90,000 | 90,000 |
| Senior Financial Analyst | 90,000 | 100,000 | 110,000 |
| FP&A Manager | 110,000 | 130,000 | 150,000 |
| Internal Audit Director | 190,000 | 270,000 | 350,000 |
| Senior Internal Auditor | 100,000 | 100,000 | 110,000 |
| Corporate Finance Analyst | 70,000 | 90,000 | 90,000 |
The Links Salary Guide references an Institute of Management Accounts (IMA) report indicating a rising turnover rate in the Asia Pacific, including Singapore, that is attributed to factors including low job satisfaction, concerns about career advancement, lack of flexibility, low employee engagement and a sense of not belonging in the workplace.
This issue is being addressed in Singapore through a number of government and industry measures aimed at improving retention in this sector, which currently employs 120,000 professionals.
Corporate Banking, Private Banking and Wealth Management/Credit Risk/Financial Control
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Quality Assurance/Testing – VP/Director | 160,000 | 250,000 | 350,000 |
| Regulatory Compliance/Advisory – Manager/AVP | 90,000 | 130,000 | 180,000 |
| AML/Transaction Monitoring/ Sanctions/Fraud – Analyst/Associate | 70,000 | 80,000 | 90,000 |
| Credit Risk | |||
| Portfolio Risk & Analytics – Director | 220,000 | 260,000 | 300,000 |
| Corporate/Financial Institutions – VP | 140,000 | 170,000 | 200,000 |
| Portfolio Risk & Analytics – Manager/AVP | 90,000 | 110,000 | 140,000 |
| Financial Control | |||
| Financial Reporting – VP/Director | 200,000 | 250,000 | 300,000 |
| Regulatory Reporting – Manager/AVP | 130,000 | 150,000 | 170,000 |
| Treasury – Manager/AVP | 110,000 | 130,000 | 160,000 |
| Treasury – Analyst/Associate | 60,000 | 80,000 | 110,000 |
The ongoing political situation in Hong Kong has led to a growth in Singapore’s financial sector, as major international bankers, investors, and asset management firms are increasingly establishing or expanding their presence in Singapore.
Fund Management & Investment Management/Investment Banking/Investment Risk
| Roles | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Compliance Officer – VP/Director | 180,000 | 260,000 | 350,000 |
| AML/Financial Crime – Manager/AVP | 100,000 | 130,000 | 160,000 |
| AML/Financial Crime – Analyst/Associate | 60,000 | 70,000 | 90,000 |
| Investment Banking | |||
| Regulatory Compliance/Advisory – VP/Director | 180,000 | 260,000 | 350,000 |
| AML/Transaction Monitoring/Sanctions/ Fraud – Manager/AVP | 100,000 | 130,000 | 160,000 |
| Quality Assurance/Testing – Analyst/Associate | 80,000 | 90,000 | 100,000 |
| Investment Risk | |||
| Asset Management/Investment Risk – Director | 200,000 | 250,000 | 300,000 |
| Asset Management/Investment Risk – VP | 120,000 | 150,000 | 190,000 |
| Asset Management/Investment Risk – Manager/AVP | 80,000 | 100,000 | 120,000 |
Singapore’s growth in the wealth management sector is further emphasized by the dramatic rise in the number of family offices, which manage the wealth and affairs of affluent families that went from 400 in 2020 to 1,400 by the end of 2023.
The recent S$3 billion money-laundering scandal has also led to the revision of regulatory oversight, which is seen as a positive in the assets and wealth management sector, as greater legal scrutiny will increase the demand for financial data analysts.
A full list of positions can be found here: Links International’s Ultimate 2024 Salary Guide.
Featured Image: K8 @ Unsplash