fbpx
In this article

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

RoleEntry (Tier 1)Senior (Tier 2)Veteran (Tier 3)
Finance Director240,000270,000300,000
Finance Manager120,000140,000160,000
Senior Accountant70,00090,00090,000
Assistant Accountant30,00050,00050,000
Financial Analyst70,00090,00090,000
Senior Financial Analyst90,000100,000110,000
FP&A Manager110,000130,000150,000
Internal Audit Director190,000270,000350,000
Senior Internal Auditor100,000100,000110,000
Corporate Finance Analyst70,00090,00090,000
Figures: Links International Ultimate 2024 Salary Guide

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

RoleEntry (Tier 1)Senior (Tier 2)Veteran (Tier 3)
Quality Assurance/Testing – VP/Director160,000250,000350,000
Regulatory Compliance/Advisory – Manager/AVP90,000130,000180,000
AML/Transaction Monitoring/ Sanctions/Fraud – Analyst/Associate70,00080,00090,000
Credit Risk
Portfolio Risk & Analytics – Director220,000260,000300,000
Corporate/Financial Institutions – VP140,000170,000200,000
Portfolio Risk & Analytics – Manager/AVP90,000110,000140,000
Financial Control
Financial Reporting – VP/Director200,000250,000300,000
Regulatory Reporting – Manager/AVP130,000150,000170,000
Treasury – Manager/AVP110,000130,000160,000
Treasury – Analyst/Associate60,00080,000110,000
Figures: Links International Ultimate 2024 Salary Guide

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

RolesEntry (Tier 1)Senior (Tier 2)Veteran (Tier 3)
Compliance Officer – VP/Director180,000260,000350,000
AML/Financial Crime – Manager/AVP100,000130,000160,000
AML/Financial Crime – Analyst/Associate60,00070,00090,000
Investment Banking
Regulatory Compliance/Advisory – VP/Director180,000260,000350,000
AML/Transaction Monitoring/Sanctions/ Fraud – Manager/AVP100,000130,000160,000
Quality Assurance/Testing – Analyst/Associate80,00090,000100,000
Investment Risk
Asset Management/Investment Risk – Director200,000250,000300,000
Asset Management/Investment Risk – VP120,000150,000190,000
Asset Management/Investment Risk – Manager/AVP80,000100,000120,000
Figures: Links International Ultimate 2024 Salary Guide

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

Subscribe to our newsletter

Stay updated with Vulcan Post weekly curated news and updates.

MORE FROM VULCAN POST

Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)

Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)

Singapore

Edition

Malaysia

Edition