The job market has taken a hit since the start of the Covid-19 pandemic, but it is gradually recovering.
Resident employment rose strongly by 19,100, up from the 4,800 in the second quarter. This partly offsets a 21,500 fall in non-resident employment, comparable to the fall of 21,100 in the second quarter.
Whether you are deciding on your major in university or a couple of months away from graduating, the world is indeed your oyster.
However, you know what they say, the pearls are not free. It has been reported that fresh university graduates are now earning a higher starting salary than their seniors. The new batch of fresh grads has starting salaries of S$4,000 to S$5,000, though these are in areas of computing and business.
Additionally, the median salary for Singaporeans is now at S$4,534. This is an encouraging figure for fresh grads, and like Jessie J, we want to know where the money is.
So, if you’re in it for the ‘moolah’, then here’s a list of industries with the highest starting salaries for fresh graduates in Singapore.
|Industries||Starting Salary/ month|
|Accounting and finance||S$3,100|
|Computer Science and IT||S$5,735 (depending on the degree)|
|Engineering||S$3,400 – S$4,900|
1. Accounting and finance
When it comes to the fresh grads that earn quite a bit right out the gate, it would be those who work in the financial sector. Given that the Monetary Authority of Singapore (MAS) has recently granted in-principle approvals to several institutions, the financial industry is set to change in the coming months.
Seeing as Singapore is also set to be a crypto hub in the near future, you’ll want to be ready when that happens.
A fresh graduate with a finance degree can earn about S$3,110 per month or S$40,000 per annum in Singapore. At the same time, those with an accounting degree can earn a starting salary of S$4,443, according to a graduate employment survey.
The most prominent employers of this job include big four accounting firms such as Deloitte, KPMG, Ernst & Young and PricewaterhouseCoopers.
2. Computer science and IT
If you’ve been an avid reader of our site, then you’ll know that tech is a burgeoning sector. Local startups have been flourishing, with Grab being publicly traded and more startups acquiring funding.
With tech startups sprouting like weeds in Singapore, they are never short of recruiting software engineers, data analysts or web developers.
As it is a rather specialised field, the starting salary does commensurate with the skills involved. Computer Science graduates can take home a starting salary as much as S$5,735, while those with a degree in Information Systems rake in about S$5,000 a month.
Seeing as major tech corporations such as Google and Amazon are also setting up their offices here and local tech unicorns are hiring aggressively, these figures will only go up from here.
While some jobs change all the time, some jobs stay the same. Engineering is a field that is required in many sectors, and starting salaries are dependent on the area of specialisation, be it aerospace,/ electrical, or mechanical.
Of course, those with a computer engineering degree under their belt will stand a better chance of earning a higher salary of S$4,977. Otherwise, an engineering degree (depending on what kind) will get you a compensation starting from S$3,400.
This is consistent with Glassdoor, which shows that graduate engineers earn about S$3,300 a month.
While healthcare professionals made this list for earning a sizeable income right out the gate, it’s clear that given the amount of work and hours they put in, they are not paid enough.
Those with medical degrees make the top few on the list for the highest-paid job for fresh graduates, and their starting pay is around S$5,300.
In professional careers, a law degree will earn a hefty starting salary of S$4,800 and S$5,100. The other upside to the professional degree is that nearly 95 per cent of fresh law graduates gain employment.
While a starting salary of S$5000 is indeed an attractive offer, it’s no secret that those first few years as a lawyer or your pupilage is very tough. Many young lawyers do report having little to no work-life balance.
That being said, things do get easier (or so they say) as one progresses and if not, like many lawyers, you can always start a business.
Is a high-paying job the answer to everything?
While all of this is a guide to the top-earning fresh graduates in Singapore, there is no hard and fast rule when it comes to earning the big bucks. After all, if a kindergarten teacher can make S$10,000 a month as a BIGO live streamer, who’s to say what will earn the most?
In an ever-changing job market, your degree will only get you so far in your first job. After that, it’s all about the kind of work ethics and skills you learn on the job.
Now that we have the internet at our fingertips, it’s even easier to learn new skills or even hone in on the skills you already have.
With resources like Coursera, Masterclass, and even YouTube, there are endless ways to add value to your current skillset. So, while this list is for the highest starting salary, it is only the start, and there is no telling how one’s job might change.
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