Singapore, a thriving hub of diverse industries, boasts a robust job market with competitive salaries. Understanding the salary landscape is crucial for job-seekers, those negotiating a pay raise, and individuals contemplating further studies. In this comprehensive guide, we delve into the average salaries in Singapore across various sectors and roles, providing insights to help you make informed decisions.
1.Overview of Average Salaries in Singapore
As of 2023, the average salary in Singapore stands at $7,021 per month, inclusive of the employer’s CPF contribution. For job-hoppers, a salary increment of 10% to 15% is common. The Median Gross Monthly Income, inclusive of CPF contributions, for full-time employed residents is $5,070, reflecting a nominal annualized change of 3.8% from 2012 to 2022.
2.Components of Gross Monthly Salary:
Your gross monthly salary comprises various components, including basic wages, overtime pay, commissions, tips, other allowances, and the 13th-month bonus. It is crucial to understand these components to evaluate your overall compensation package accurately. On average, Singaporeans work 44 paid hours per week to earn their income.
3.Industry-Specific Salary Insights:
Understanding the salary landscape in different industries is essential for career planning. Here’s a snapshot of salaries in key sectors:
Finance and Accounting
For 2024, we expect the Accounting & Finance hiring landscape to remain stable, with a potential uplift in hiring budgets as companies are predicting growth and expansion. The need for talent remains high, especially for FP&A professionals and internal controls professionals who have strong regional exposure.
Tech skills in demand: AI and BI tools (Tableau, SQL, Power BI, Oracle BI, ACL, Qlik Sense)
To thrive in the dynamic landscape of Accounting & Finance in 2024, acquiring specialized knowledge in Global Finance is paramount. An MSc in Global Finance not only aligns with the anticipated stability and potential growth in the hiring landscape but also positions individuals to meet the increasing demand for specialized roles such as Financial Planning and Analysis (FP&A) professionals and experts in internal controls with robust regional exposure.