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Why Are Finance Jobs So Popular In Singapore?

Photo by Micheile on Unsplash

With finance posts dominating the highest paying jobs in Singapore, it is no wonder that they are some of the most sought-after jobs here. As Singapore becomes the seventh costliest city to live in in 2021, the career progression opportunities and large bonuses finance jobs can offer sure seem amazing!

Data shows that the highest base salary of S$450K belongs to those in the top positions in the following job functions: Debt Capital Markets, Equity Capital Markets and Mergers & Acquisitions.

Meanwhile, the second highest base salary of S$400K goes to those who are involved in research, sales and trading in the global market. Lastly, those in private equity, hedge fund and private banking can earn about S$350K to S$395K.

A popular choice for Singaporeans is investment banking as analysts can earn an average of S$118K, while directors can earn up to S$381K. In general, investment bankers are one of the highest-paying finance jobs.

The rapidly-growing finance sector is another reason why finance jobs are so popular in Singapore. Even in times of economic uncertainty, there are thousands of job openings in the banking sector with the growth of the technology and wealth management areas.

With the onset of the pandemic and different technology transformation projects, the demand for tech talent is far greater than the supply in Singapore. There is a shortage of workers with both the technical skills and business skills needed.

Companies have to compete for limited talent and are prepared to counter-offer salaries. Financial tech workers are so high in demand that they are often offered large salary increments and multiple job offers.

However, to earn the wage premium for such tech roles, skills in data analytics, programming and Java are needed.

With the digitalisation of banks and online trading portals, data analytics jobs and application engineering jobs earn some of the highest salaries at around S$90K.

Sounds enticing?

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Learn the basics of Python, SQL and machine-learning algorithms through our comprehensive 5-week course to kickstart your career in the finance sector today!

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