Everyone dreams of a career that pays well – one that will allow you to enjoy the finer things in life. Say, buying your dream house, taking luxury vacations, wearing designer brands, and never having to check the price tags. Not to mention being able to secure a savings and retirement fund that will allow you to enjoy comfortable years ahead.
In Singapore, the highest paying jobs require long years of study and experience. Degrees that pay well are those in the medical, financial, and technology fields. A lucrative career may be hard to find without a good degree and if you lack these requirements.
Still, personal interest and determination also play key. And whether you are a fresh graduate or plan to pursue further studies, you need to understand Singapore’s career trends. For job seekers and those who want a career path that yields financial success, check out some of the highest-paying ones here.
Highest Paying Industries & Average Salary
Finance, law, tech, and medical practice offer the highest pay to Singaporeans with S $20,000 – S$40,000 in average monthly salary. These high-skill, high-demand industries include the following occupations:
- Investment banking directors
- Digital transformation specialists
- General practitioners
- Foreign exchange brokers and dealers
Get a closer look at the details of each of these high-paying jobs and the responsibilities and challenges involved in each occupation in the next section.
Check out our article on how to pay off monthly repayments also take a look at homebased businesses in Singapore.
20 Highest Paying Jobs in Singapore
1. Investment Banking Director
Average Salary: About S$35,000
This job typically requires a bachelor’s degree and experience in the finance and accounting industry. Investment banking directors manage the company’s assets and liabilities, oversee company operations, and make decisions when necessary.
They are crucial to business expansions because they are skilled in determining the right investment strategies that yield high returns. Their extensive knowledge and expertise in the industry make them a significant business component.
On top of these, investment banking directors coordinate with teams, do networking, and often work with tight deadlines.
2. Digital Transformation Specialist
Average Salary: About S$29,000
A digital transformation specialist helps businesses identify technological opportunities to gain an edge over the competition, optimize systems, and achieve better overall business performance.
Their responsibilities include analyzing existing business systems, identifying key solutions to process bottlenecks, and finding other digitization opportunities that can benefit the business. These specialists have adequate aptitude in software development and programming but mostly take on development and improvement roles.
Companies have a high demand for hiring these specialists making it one of the best paid jobs. This need is due to the constant update of business models in keeping up with the ever-changing technological landscape.
3. General Practitioner
Monthly Salary: About S$21,000
A general practitioner in Singapore is one of the highest-paying jobs in the country. They’re responsible for diagnosing, treating, and prescribing medication for common health problems. They have specializations, such as surgeons for orthopedics, anesthesiologists for pain management, and dentists.
Becoming a Singaporean general practitioner takes a minimum of 10 years of university and medical school education after high school graduation. General practitioners can work their way up to becoming specialists such as cardiothoracic surgeons, psychiatrists, and gynecologists.
4. Foreign Exchange Dealer or Broker
Monthly Salary: About S$21,000
Foreign exchange brokers facilitate the trading of currencies. They buy and sell currencies to create profits and mitigate losses for their clients. Modern foreign exchange brokers and dealers partner with Singapore’s Exchange and use advanced platforms and software applications to streamline its processes.
All foreign exchange brokers must register with the Monetary Authority of Singapore and pay a registration fee plus a minimum capital for investor cash-outs during the business’ pre-profit start. In addition, you can only become a forex broker and dealer in Singapore after you’ve finished any degree and have a GCE-A certification.
5. HR Director
Monthly Salary: About S$26,000
All businesses have a human resources department in need of a capable director that can oversee its operations. An HR director’s primary roles and responsibilities include developing and implementing HR policies, including employment policies, benefits, and training programs.
Additionally, they oversee the entire recruitment process. Common challenges include managing company culture and evaluating competency gaps. In addition to their role, they also work hard to build and maintain trust among all employees and stakeholders and foster a harmonious working environment.
6. IT Department Head
Monthly Salary: About S$21,000
Information technology is one of the fastest-evolving aspects of businesses, and it always requires a competitive IT department manager. The job requires the creation and implementation of policies that give the company resource and time-saving optimized processes.
IT department managers ensure that your company’s devices, networks, and first and third-party platforms operate daily. They are masters of time management and teamwork. They outline future tech improvements, and create new policies that enhance security and network stability.
7. Corporate In-House Legal Counsel
Monthly Salary: About S$20,400
All corporate in-house legal counsels are to uphold and represent the company’s interests in all legal matters and maintain a professional relationship with all parties involved, including the company’s employees.
In-house legal counsels create non-disclosure agreements ensuring the business’s trade secrets are kept safe, and employees who violate these agreements face enforceable legal action. They also keep track of business patents, negotiate property acquisitions, financial contracts, and government communications that pertain to legal alignments.
8. Research and Development Manager
Monthly Salary: About S$20,000
Research and development managers understand the role of timelines and resource management in implementing various processes. This role helps businesses create products and services that answer the customer’s needs.
They are responsible for relaying the department’s goals based on the business’ overall department consensus and approving proposals for new product or service developments.
Research and development managers oversee prototyping scheduling and progress and communicate to other departments their progress. Some of these processes include product features for marketing strategies, logistics, and implementing new business models.
9. General Manager/Chief Operating Officer
Monthly Salary: About S$18,000
Chief Operating Officers in a company are responsible for the company’s daily activities to ensure the company is running smoothly in all its departments. They oversee each department’s current operations and objectives.
Often, they are also involved in organizing human resource operations and have a hand in distributing the company’s budget and existing financial commitments. They will also work with in-house legal counsel with regard to maintaining current legal structures,
Because Chief Operating Officer is a high-ranking executive with ultimate responsibility for the company’s performance it may take ten to twenty years to become a business COO.
10. Trade And Ship Broker
Monthly Salary: About S$18,000
A trade and ship broker help companies find buyers and sellers of goods. They also negotiate contracts and create networks that guarantee the smooth transportation of goods through the supply chain.
To become a trade and shipbroker in Singapore, you should have strong knowledge of the shipping industry. This can be achieved through formal education or experience in the industry. Degree holders who are familiar with international trade, maritime, and global logistics law have the competency to become trade and shipbrokers.
11. Securities Broker/Dealer
Monthly Salary: About S$17,500
Securities brokers and dealers are typically employed by securities firms, banks, and insurance companies. Their primary role is to provide various financial services to their clients.
These services include managing portfolios, advising clients on specific securities transactions, and buying securities on behalf of their clients. They may also offer advice on asset trading while earning commissions for any sale they make.
All securities brokers and dealers in Singapore must hold a bachelor’s degree in any specialization and pass stock broker and dealer licensure exams. While it is optional, having internship experience as a stockbroker and dealer helps aspirants become familiar with markets, accounting, and regulations.
12. Managing Director/Chief Executive Officer
Monthly Salary: About S$17,500
A CEO manages company assets and resources in line with the business and investor’s current objectives. They have the authority to engage in transactions that benefit the company, including acquisitions and dispositions of assets. Moreover, they have a say in the business’s future goals and methods to implement them.
If you begin a business, you can appoint yourself as a CEO and oversee the company’s operations. On the other hand, you can become a CEO by starting as a company employee and moving up to the position through performance. This route requires successfully executed implementations and an experience of ten to fifteen years.
13. Insurance Manager
Monthly Salary: About S$17,000
An insurance manager’s primary roles and responsibilities in a company are to create and implement policies and procedures for the company, including evaluating insurance risk. The insurance manager is also responsible for developing, negotiating, and administering insurance policies.
Depending on the company, other benefits include housing, travel, and other bonuses and incentives.
To become an insurance manager, you’ll need to have a bachelor’s degree, have prior experience in underwriting or claims, and pass a CGI, ANZIIF, or ACII certification exam.
14. University Lecturer
Monthly Salary: About S$16,000
Singaporean Lecturers are paid well and enjoy a stable government job with civil service benefits such as subsidized housing and healthcare. As a lecturer, you can work as an individual or team of three. You also have the opportunity to work in various disciplines, including law, humanities, business, and more.
Unfortunately, being a Singaporean university lecturer is challenging. You’ll need to have a bachelor’s degree, master’s degree, and doctorate. You will also need to earn teaching experience during your doctorate studies while applying for lecturing positions in various state and private universities.
15. Risk Analyst
Monthly Salary: About S$12,000
Risk analysts identify the potential risks a company faces and create strategies to minimize or mitigate those risks. They provide insights to management to help them optimize and improve their processes. Risk analysts are also key members of operations teams that help identify, assess, and analyze team process-specific risks.
On a wider scale, risk analysts are responsible for identifying which decision-making policies should be implemented to minimize risks.
16. Cyber Security Manager
Monthly Salary: About S$18,970
Many of today’s companies rely on a dependable information technology system to protect sensitive data. However, often, a system is not just enough and due to the risk involved, the expertise of a cybersecurity manager is highly needed.
The first step to this career is to pursue a technology-related degree and acquire a specialization license. A career in cyber security requires a combination of technical and organizational skills. Some of the technical skills you will need include:
- Scripting/Coding
- Knowledge of Controls and Frameworks
- Intrusion detection
- Operating systems
- Cloud environments
- Regulatory guidelines
Cyber security managers are in charge of building IT defense systems and protecting a company’s data from cyber criminals. They are also in charge of responding to detected threats and cyber attacks. Thus, having a background in information technology and staying updated with the latest cybersecurity trends will give you an advantage.
17. Nursing Director
Monthly Salary: About S$14,600
If you are a nurse and are ready to take an advanced role, being a nursing director could be the next step. A nursing director is a licensed nurse that performs managerial and administrative tasks in the hospital setting. They play a key role in the healthcare sector and their main tasks include:
- Managing a team of nurses
- Development of budget for the unit
- Ensuring high standards in patient care
- Maintaining patients’ medical records
- Creating training programs
The nature of the job empowers nurses as managers to direct how processes are done in the facility. Thus, excellent communication and compassionate leadership skills are a must. Often, a master’s degree is required to qualify for a nursing director job in Singapore.
18. Financial Advisor
Monthly Salary: About S$27,000
Many people need financial advice and this makes financial advisors in demand. As such, you will find that financial advisor job posts are always up in the job market.
Typically, a financial advisor works in the finance and insurance industry. Aside from the monthly salary, financial advisors may also earn additional income through commissions and bonuses.
The basic requirement for being a financial advisor is expertise and competency in their area of practice. A career in this field may also require a bachelor’s degree, a professional certification, or a master’s degree for advancement or promotion.
19. Audit Manager
Monthly Salary: About S$12,400
An audit manager is responsible for a company’s organizing and internal auditing needs. Key responsibilities include managing junior auditors, making recommendations on policies, and overseeing internal audit activities.
Audit managers should have a comprehensive understanding of bank and financial services regulations. Usual tasks include audit engagements, giving feedback, team coaching, and risk management. To excel in the job, a fearless and professional attitude is essential.
The demand for internal auditors in Singapore remains strong and one can choose this path to being promoted to an audit manager. This path may also lead you to a future directorial role.
20. Practicing Advocate/Solicitor
Monthly Salary: About S$13,000
Being a practicing lawyer remains to be one of the most prominent professions and highest paying jobs in Singapore. And because Singapore also has the best schools to study law, an advocate career remains to be well-sought.
Advocates are essential in providing legal solutions to client problems like disputes in property, marriage, and individual rights. Your day-to-day task will include initiating and preparing for lawsuits, attending formal hearings, and preparing legal documents.
Aside from the high educational requirement and crucial skills, this job will also entail long working hours, especially weeks before a crucial deadline.
Conclusion
Singapore is a country that can support those with the right skills and knowledge with the best employment and compensation available. Earn more experience, skills, and knowledge to unlock your full employment potential and salary grade. Find out more on the average salary in Singapore.
Key Takeaways
- Singapore has one of the world’s highest GDPs in 2020 despite the global health crisis’ impact on the economy
- Finance, law, tech, and medical practice are the leading highest-paying jobs in the country.
- All 15 high-paying jobs in Singapore can pay from S $10,000 – S $35,000 per month
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