facebookSalary Guide Singapore (2023) Across Industries: Are You Paid Enough?



Are You Paid Enough_ Salary Guide Across Industries in Singapore (2023)

Salary Guide Singapore (2023) Across Industries: Are You Paid Enough?

profileMing Feng

You’ve probably heard of dishwashers earning $3,500 a month or a delivery rider earning up to $5,000 or $6,000 a month in the news.

With salaries seemingly increasing and things like our favourite chicken rice increasing in costs,

You may start to wonder,

Am I paid enough?

While our dream jobs are probably ones that match our passions, challenge us to grow, and give us opportunities for individual growth and constant learning,

A good job must be able to put food on the table too, especially with inflation and rising costs of living.

TL;DR: What is the Average Salary in Singapore?

As of the first quarter of 2023, the average salary in Singapore is $7,021 per month, inclusive of the employer’s CPF contribution.

On average, candidates who are job-hopping can expect a salary increment of 10% to 15%.

In Singapore, the Median Gross Monthly Income from work, inclusive of CPF contributions of full-time employed residents is $5,070 (based on the year 2022). This is a nominal annualised change of 3.8% per annum, from the year 2012 to 2022.

Your gross monthly salary, or gross monthly income, refers to your monthly wage or salary before the deduction of employee CPF contributions and personal income tax.

Your gross income includes allowances that you’re entitled to under a contract of service such as

  • Basic wages
  • Overtime pay
  • Commissions
  • Tips
  • Other allowances
  • 13th-month bonus

In exchange, Singaporeans are also working an average of 44 paid hours per week to earn this keep.

Singapore’s Average Salaries According to Industries

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Sources: RobertHalf and Links International

Salaries of Positions in the Finance and Accounting Sector

  • Some of the in-demand qualifications for the finance and accounting sector in Singapore are CA/CPA/ACCA, CFA, or MBA.
  • With companies and organisations going through digital transformation, some in-demand tech skills include the knowledge of AI and BI tools such as Tableau, SQL, Power BI, Oracle BI, ACL, and Qlik Sense.
  • Fintech will also continue to grow in Singapore with tech giants such as Alibaba and Tencent setting up their regional hubs locally.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Accounting/Finance Management
Finance Management Accountant$53,000$63,000$69,000
Senior Accountant$73,000$84,000$94,000
Accounting/Finance Manager$95,000$116,000$126,000
Finance Controller$158,000$168,000$178,000
Finance Director$210,000$231,000$252,000
Accounts Payable/ Receivable
Specialist/ Executive$39,000$44,000$51,000
Corporate Finance/ Mergers and Acquisitions
Analyst/ Senior Analyst$74,000$89,000$94,000
Cost Accounting
Accountant/ Analyst$53,000$63,000$79,000
Analyst/ Senior Analyst$63,000$73,000$84,000
Financial Planning and Analysis/ Business Analyst
Senior Analyst$94,000$99,000$104,000
Internal Audit
Auditor/ Senior Auditor$75,000$94,000$104,000
Manager/ Senior Manager$125,000$157,000$188,000
Risk/ Compliance
Manager/ Senior Manager$115,000$137,000$168,000
Analyst/ Senior Analyst$78,000$94,000$104,000
Manager/ Senior Manager$125,000$137,000$168,000
Tax Director$209,000$262,000$336,000
Accountant/ Analyst$73,000$84,000$94,000

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Salaries of Positions in the Financial Services Sector

  • The rise of digital banking has ensured a constant demand for various skill sets in the financial services sector.
  • Qualifications such as CA, CMFAS, CAMS, and CAIA are valuable in this sector.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Risk & Compliance
Regulatory Compliance/Financial Crime Compliance - Analyst/Associate$62,000$74,000$87,000
Regulatory Compliance/Financial Crime Compliance - Manager /AVP$87,000$105,000$132,000
Regulatory Compliance/Financial Crime Compliance - VP/SVP$149,000$186,000$249,000
Regulatory Compliance/Financial Crime Compliance - Director/ED/MD$311,000$373,000$415,000
Credit Risk Analyst/Associate$62,000$67,000$83,000
Credit Risk Manager/ AVP$83,000$114,000$129,000
Credit Risk VP/SVP$150,000$186,000$228,000
Credit Risk Director/ED/MD$259,000$311,000$363,000
Market Risk Analyst/Associate$51,000$62,000$77,000
Market Risk Manager/ AVP$83,000$103,000$119,000
Market Risk VP/SVP$140,000$176,000$207,000
Market Risk Director/ED/MD$238,000$311,000$363,000
Operational Risk Analyst/Associate$62,000$72,000$83,000
Operational Risk Manager/AVP$88,000$108,000$124,000
Operational Risk VP/SVP$149,000$186,000$249,000
Operational Risk Director/ED/MD$311,000$373,000$415,000
Finance & Accounting/Control
Financial Control Analyst/Associate$57,000$67,000$80,000
Financial Control Manager/AVP$83,000$99,000$124,000
Financial Control VP/SVP$150,000$186,000$228,000
Financial Control Director/ED/MD$259,000$311,000$363,000
Fund Accounting Analyst/Associate$62,000$74,000$83,000
Fund Accounting Manager/AVP$99,000$124,000$137,000
Fund Accounting VP/SVP$150,000$186,000$228,000
Fund Accounting Director/ED/MD$259,000$311,000$363,000
Internal Audit Analyst/ Associate$62,000$67,000$83,000
Internal Audit Manager/ AVP$83,000$114,000$129,000
Internal Audit VP/SVP$150,000$186,000$229,000
Internal Audit Director/ED/MD$259,000$311,000$363,000
Fund Finance Analyst/Associate$75,000$89,000$104,000
Fund Finance Manager/AVP$125,000$143,000$162,000
Fund Finance VP/SVP$187,000$250,000$312,000
Product Control Analyst/Associate$62,000$68,000$74,000
Product Control Manager/AVP$83,000$105,000$124,000
Product Control VP/SVP$150,000$166,000$207,000
Regulatory Reporting Analyst/Associate$62,000$68,000$74,000
Regulatory Reporting Manager/AVP$83,000$105,000$124,000
Regulatory Reporting VP/SVP$150,000$166,000$207,000
Tax Analyst/Associate$62,000$74,000$83,000
Tax Manager/AVP$99,000$124,000$137,000
Tax VP/SVP$150,000$186,000$228,000
Tax Director/ED/MD$259,000$311,000$363,000
Treasury Analyst/Associate$62,000$74,000$83,000
Treasury Manager/AVP$99,000$124,000$137,000
Treasury VP/SVP$150,000$186,000$228,000
Treasury Director/ED/MD$259,000$311,000$363,000
Corporate Actions Analyst/Associate$51,000$57,000$62,000
Corporate Actions Manager/AVP$72,000$88,000$103,000
Corporate Actions VP/SVP$114,000$134,000$155,000
Loans Administration/ Documentation Analyst/Associate$51,000$57,000$62,000
Loans Administration/ Documentation Manager/AVP$72,000$88,000$103,000
Loans Administration/ Documentation VP/SVP$114,000$134,000$155,000
Middle Office/Trade Support Analyst/Associate$57,000$62,000$67,000
Middle Office/Trade Support Manager/AVP$72,000$88,000$103,000
Middle Office/Trade Support VP/SVP$114,000$134,000$155,000
Middle Office/Trade Support Director/ED/MD$186,000$238,000$311,000
KYC/Client Onboarding Analyst/Associate$57,000$67,000$74,000
KYC/Client Onboarding Manager/AVP$77,000$99,000$124,000
KYC/Client Onboarding VP/SVP$114,000$134,000$155,000
KYC/Client Onboarding Director/ED/MD$186,000$238,000$311,000
Treasury Operations Analyst/Associate$51,000$57,000$62,000
Treasury Operations Manager/AVP$72,000$88,000$103,000
Treasury Operations VP/SVP$114,000$134,000$155,000
Front Office
Investor Relations Analyst/Associate$62,000$83,000$103,000
Investor Relations Manager/AVP$103,000$124,000$155,000
Investor Relations VP/SVP$166,000$207,000$249,000
Investor Relations Director/ED/MD$311,000$373,000$415,000
Investment Management Analyst / Associate$125,000$144,000$162,000
Investment Management Manager / AVP$187,000$205,000$224,000
Investment Management VP / SVP$249,000$280,000$311,000
Investment Management Director / ED / MD$374,000$420,000$467,000

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Salaries of Positions in the Information and Technology Sector

  • The COVID-19 pandemic has further highlighted the importance of the Information Technology (IT) sector to help the various economic challenges.
  • Businesses will look to continue and strengthen their tech solutions in their operations moving forward.
  • Positions such as DevOps engineers, Cyber-Security consultants, and Infrastructure engineers are in hot demand.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Financial Services
Applications Architect, Financial Services$125,000$142,000$168,000
Business Analyst, Financial Services$84,000$115,000$157,000
Change Manager, Financial Services$125,000$157,000$209,000
CIO, Financial Services$262,000$315,000$420,000
CISO, Financial Services$262,000$315,000$420,000
CTO, Financial Services$209,000 $315,000$420,000
Cloud Architect, Financial Services$125,000 $157,000 $194,000
Cloud Engineer, Financial Services$84,000$115,000$147,000
Cyber-Security Manager, Financial Services$125,000 $157,000 $188,000
Data Analyst, Financial Services$75,000$99,000$137,000
Data Architect, Financial Services$125,000$142,000$168,000
Data Engineer, Financial Services$84,000$115,000$147,000
Data Scientist, Financial Services$94,000$125,000$168,000
Database Administrator, Financial Services$115,000$137,000$168,000
Database Engineer, Financial Services$84,000$115,000$147,000
DevOps Engineer, Financial Services$104,000$125,000$157,000
DevSecOps Engineer, Financial Services$119,000$144,000$198,000
Enterprise Architect, Financial Services$188,000 $231,000 $272,000
Helpdesk Support Analyst, Financial Services$57,000$78,000$94,000
Infrastructure Architect, Financial Services$125,000$142,000$168,000
IT Auditor, Financial Services$84,000$104,000$157,000
IT Auditor/IT Risk, Financial Services$88,000$125,000$188,000
IT Business Partner, Financial Services$125,000$147,000$178,000
IT Director, Financial Services$194,000$221,000$252,000
IT Manager, Financial Services$131,000$157,000$188,000
IT Risk & Governance, Financial Services$94,000$125,000$157,000
IT Security Analyst/Consultant, Financial Services$94,000$125,000$157,000
IT/Systems Engineer, Financial Services$84,000$102,000$115,000
Mobile Developer, Financial Services$88,000 $126,000$151,000
Network Architect, Financial Services$125,000$142,000$168,000
Network Engineer, Financial Services$84,000$104,000$131,000
Network/Infrastructure Manager, Financial Services$94,000$115,000$137,000
PMO, Financial Services$94,000$125,000$188,000
Product Owner/Manager, Financial Services$125,000$157,000$188,000
Program Manager, Financial Services$209,000$262,000 $315,000
Project Manager, Financial Services$125,000$157,000$188,000
SAP Consultant, Financial Services$88,000$115,000$137,000
Security Architect, Financial Services$160,000$200,000$260,000
Security Operations Analyst, Financial Services$90,000$126,000$168,000
Security Operations Engineer, Financial Services$96,000$130,000$150,000
Service Delivery Manager, Financial Services$115,000$137,000$168,000
Software Engineer, Financial Services$104,000$151,000$188,000
Solutions Architect, Financial Services$125,000$142,000$168,000
Scrum Master, Financial Services$94,000$120,000$137,000
Systems Administrator, Financial Services$75,000$94,000$115,000
Systems Analyst, Financial Services$75,000$88,000$125,000
Commerce & Industry
Applications Architect, Commerce & Industry$125,000$142,000$168,000
Business Analyst, Commerce & Industry$88,000$113,000$125,000
CIO, Commerce & Industry$209,000$231,000$277,000
CISO, Commerce & Industry$262,000$315,000$420,000
CTO, Commerce & Industry$209,000$315,000$420,000
Cloud Architect, Commerce & Industry$125,000$142,000$168,000
Cloud Engineer, Commerce & Industry$84,000$115,000$147,000
Cyber-Security Manager, Commerce & Industry$125,000$157,000$188,000
Data Analyst, Commerce & Industry$75,000$99,000$137,000
Data Architect, Commerce & Industry$125,000$142,000$168,000
Data Engineer, Commerce & Industry$84,000$115,000$147,000
Data Scientist, Commerce & Industry$94,000$125,000$168,000
Database Administrator, Commerce & Industry$115,000$137,000$168,000
Database Engineer, Commerce & Industry$84,000$115,000$147,000
DevOps Engineer, Commerce & Industry$104,000$125,000$157,000
DevSecOps Engineer, Commerce & Industry$108,000 $132,000$180,000
Enterprise Architect, Commerce & Industry$188,000$231,000$272,000
ERP Project/Delivery Manager, Commerce & Industry$104,000$125,000$157,000
Helpdesk Support Analyst, Commerce & Industry$57,000$78,000$94,000
Infrastructure Architect, Commerce & Industry$125,000$142,000$168,000
IT Audit/IT Risk, Commerce & Industry$88,000$125,000$188,000
IT Auditor, Commerce & Industry$84,000$104,000$157,000
IT Business Partner, Commerce & Industry$125,000$147,000$178,000
IT Director, Commerce & Industry$194,000$221,000$252,000
IT Manager, Commerce & Industry$131,000$157,000$188,000
IT Risk & Governance, Commerce & Industry$94,000$125,000$157,000
IT Security Analyst/Consultant, Commerce & Industry$94,000$125,000$157,000
IT/Systems Engineer, Commerce & Industry$84,000$102,000$115,000
Mobile Developer, Commerce & Industry$88,000$126,000$151,000
Network Architect, Commerce & Industry$125,000$142,000$168,000
Network Engineer, Commerce & Industry$75,000$94,000$120,000
Network/Infrastructure Manager, Commerce & Industry$94,000$115,000$137,000
Presales Consultant, Commerce & Industry$88,000$104,000$125,000
Product Owner/Manager, Commerce & Industry$125,000$157,000$188,000
Program Manager, Commerce & Industry$144,000$170,000$200,000
Project Manager, Commerce & Industry$125,000$157,000$188,000
SAP Consultant, Commerce & Industry$88,000$115,000$137,000
Security Architect, Commerce & Industry$150,000$180,000$250,000
Security Operations Analyst, Commerce & Industry$80,000$120,000$160,000
Security Operations Engineer, Commerce & Industry$85,000$100,000$125,000
Service Delivery Manager, Commerce & Industry$115,000$137,000$168,000
Software Engineer, Commerce & Industry$84,000$100,000$151,000
Solutions Architect, Commerce & Industry$125,000$142,000$168,000
Systems Administrator, Commerce & Industry$75,000$94,000$115,000
Systems Analyst, Commerce & Industry$75,000$88,000$125,000
Technical Sales Engineer, Commerce & Industry$78,000$99,000$120,000

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Salaries of Positions in the Healthcare and Life Sciences Sector

  • The demand for healthcare professionals is ever-present.
  • Singapore is also an ideal place for adopting health tech with our centralised healthcare data system and infrastructure in place. This will potentially attract more tech-savvy health companies and professionals to set up their research and development here.
  • Jobs in demand include staff nurses, social workers, regulatory affairs managers, and product managers.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Business Development$105,600$157,200$210,000
Strategic Planning$80,400$117,600$157,200
Production and Quality
Quality Assurance$80,400$105,600$132,000
Quality Control$80,400$105,600$132,000
Clinical Development
Clinical Operation$64,800$97,200$132,000
Clinical Research Physician/ Medical Affairs$105,600$132,000$157,200
Clinical Statistics$80,400$105,600$132,000
Regulatory affairs$80,400$105,600$132,000
Market Access and Corporate Affairs
Market Access$80,400$105,600$132,000

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Salaries of Positions in the Sales and Marketing Sector

  • Due to the boom of e-commerce and online marketing, this sector is growing at an extraordinary rate in Singapore.
  • As more companies look to adopt e-commerce and online marketing solutions for their businesses, online marketing specialists will continue to be in demand.
  • In contrast, traditional marketing roles are starting to be phased out.
  • Digital marketing and social media skills are also a must as retail businesses look drive results through online marketing efforts.
  • Jobs in demand include CRM Managers, Business Development Managers, Digital Marketing Specialists and Marketing Managers.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Marketing Director$111,600$157,200$223,200
Marketing Manager$80,400$99,600$184,800
Digital Marketing Director$127,200$170,400$252,000
Content Marketing$45,600$73,200$122,400
SEO/SEM/Social Media/CRM
SEO/SEM/Social Media/ CRM specialist$50,400$99,600$175,200
Public Relations$45,600$88,800$170,400
Art Director/ Graphic Design$45,600$73,200$122,400
Business Development
Business Development Manager$55,200$93,600$170,400
Account Manager$55,200$99,600$164,400
Sales team lead$93,600$145,200$170,400
Channel Manager$55,200$99,600$198,000
Commercial Director (Sales & Marketing)$198,000$274,800$392,400

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Salaries of Positions in the Human Resources, Business and Office Support Sector

  • Companies will be looking for solutions to provide their employees easier access to HR-related solutions. The need to integrate cloud-based HR systems into business operations will also be a crucial strategy.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Payroll Specialist/Executive$54,000 $66,000$78,000
Payroll Manager/Senior Manager$84,000$96,000$120,000
Human Resources
HR Executive/Generalist$42,000$54,000$60,000
HRIS Analyst$66,000$72,000$84,000
HR Assistant Manager$66,000 $72,000$84,000
HR Manager$84,000$96,000$108,000
HR Business Partner$84,000$96,000$108,000
HR Director/Head of HR$144,000$180,000$216,000
Talent Acquisition Specialist$66,000$72,000$84,000
Talent Acquisition Lead/Manager$96,000$108,000$120,000
Compensation & Benefits Specialist$72,000$84,000$96,000
Compensation & Benefits Manager$84,000$120,000$144,000
Learning & Development Specialist$72,000$84,000$96,000
Learning & Development Manager$84,000$120,000$144,000

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Salaries of Positions in the Sourcing, Supply Chain and Manufacturing Sector

  • As companies upgrade their operations infrastructure in the digital age, we expect changes such as the implementation of automation and the redesigning of the supply chain process.
RoleAnnual Base Salary
25th percentile50th percentile75th percentile
Supply Chain planning/Analyst$48,000$67,200$76,800
Supply Chain Manager$87,600$105,600$152,400
Procurement Manager$87,600$121,200$152,400
Sourcing/Merchandising Manager$70,800$94,800$145,200
Quality Manager$84,000$106,800$157,200
Technical Specialist$58,800$75,600$120,000
Technical Manager$82,800$88,800$145,200
Engineering Manager$82,800$88,800$160,800
Engineering Director$145,200$184,800$234,000
Testing Manager$64,800$82,800$109,200
Quality improvement Manager$91,200$121,200$141,600
Design Manager$91,200$106,800$157,200
Operation Improvement Manager$82,800$109,200$157,200
General Manager-$216,000$274,800

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The Cons of Salary Guides

While salary guides are a good gauge of your income as you progress through the various stages of your career, there are, of course, some limitations.

Depending on the recruitment firm that compiles the guide, most of these salary guides can be skewered towards experienced hires.

Therefore, fresh graduates should take these guides with a healthy pinch of salt.

Instead, you may want to look at this guide instead:

On top of that, candidates have a tendency of overstating their take-home salary in the hopes of getting a higher salary for their next job.

Ultimately, choosing a job you love and having good personal finance habits is the key to a happier life.

All it takes are small and simple steps like learning how to allocate your salary or building up an emergency fund.

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Key Takeaways When Reading A Salary Guide

Here’s how this salary guide can be helpful to you:

  • For job-seekers, this salary guide will help you to manage your expectations.
  • For those planning to ask for a pay raise, this guide can also help you as a benchmark.
  • For those who are mulling over whether you should further your studies, this salary guide can help you better decide if the cost of higher education is worth it.

Whether you’re looking to take your first step into the working world or looking to improve your skills for a job/career switch, always know that you’re not alone!

Here are some of the platforms that we recommend:

  • SeedlyCommunity on career: Let more experienced community members guide you on your career path
  • SkillsFuture: Use the $500 credit that the government has credited to your account (beyond age 25)
  • TechInAsia Jobs: A new and effective platform to find jobs in tech (IT, design, marketing, finance, related)
  • Glints Jobs: A career discovery and development platform to help you up-skill
  • Startup Jobs Asia: A slightly more mature platform to find jobs in tech (new companies)
  • JobStreet: The No. 1 job site in Singapore
  • Glassdoor: To read reviews from previous employees on the current job role and company
  • Nodeflair: To research on salaries of tech positions locally

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About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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