Despite the challenges, Singapore remains one of the strongest economies globally, capable of offering high-paying jobs to both Singaporeans and foreigners living in Singapore. Economic struggles brought on by mobility freezes have led to enormous job losses in Singapore in the last few years. But, according to World Bank, Singapore has one of the highest GDPs, which is currently at USD$59,000.
This data indicates that most people living in Singapore have excellent jobs they want to do with a high average salary that satisfies their needs and wants. If you have the aptitude, skills, and experience, you can jump right into any high-paying industries listed below.
But first, take a look at the highest-paying industries in the country nowadays.
What Industries Pay The Highest In Singapore Today?
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.
15 Highest Paying Jobs in Singapore
1. Investment Banking Director
Monthly Salary: About S$35,000
This job typically requires a bachelor’s degree and experience in finance, accounting, or industry.
Investment banking directors manage the company’s assets and liabilities, oversee company operations, and make decisions when necessary. They’re crucial to business expansions because they’re in charge of determining the right strategies for investments to produce returns.
They have extensive knowledge about the industry and its regulations, making them an important business component. In addition, they improve business relations with potential investors and negotiate key agreements. However, keep in mind that investment banking directors coordinate with teams, do networking, and must often work with tight deadlines.
2. Digital Transformation Specialist
Monthly 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 because they need to constantly update their business model to keep up with the ever-changing technological landscape. Digital transformation specialists work with multiple departments to identify pain points and tech-oriented solutions to solve them.
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.
Their work environment and responsibilities put most general practitioners in high-pressure situations, making this a big consideration for anyone planning to make a career transition.
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 investor registration, deposit, withdrawal, and forex buying and selling 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. They also ensure that the company’s HR policies comply with Singaporean labor laws. In addition, directors oversee the entire recruitment process.
What are the most common challenges that HR directors face in companies? Managing company culture is one of the biggest challenges for most HR directors because they have to make sure the company fosters a positive environment in which all employees can thrive by evaluating competency gaps and employee retention rates. In addition, it’s their role to build and maintain trust among employees, managers, and stakeholders, creating a harmonious working environment with minimal to zero conflict.
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 that creates and implements policies that give the company resource and time-saving optimized processes. As an IT department manager, you may work to ensure that your company’s devices, networks, and first and third-party platforms operate daily.
IT department managers are masters of time management and teamwork. They outline future tech improvements, create new policies that enhance security and network stability, recommend business upgrades, and manage, monitor, and evaluate the IT department’s daily activities in line with the company’s current goals.
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. For example, in-house legal counsels create non-disclosure agreements ensuring the business’ trade secrets are kept safe, and employees who violate these agreements face enforceable legal action.
Additionally, in-house legal counsels keep track of business patents to guarantee that no other business has copied and implemented exact assets that the business registered earlier than its competition. Corporate lawyers also 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 to help businesses create products and services that answer the customer’s needs. They’re responsible for relaying the department’s goals based on the business’ overall department consensus and approving proposals for new product or service developments.
In addition, research and development managers oversee prototyping scheduling and progress and communicate to other departments their progress, product features for marketing, and logistics involved in mass-producing their prototype or 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.
For example, they are involved in organizing human resource operations and have a hand in distributing the company’s budget and existing financial commitments. Lastly, they work with in-house legal counsel to in maintaining the business’ existing legal structure and listen to proposals that help the company adapt to any legal situation.
Because Chief Operating Officer is a high-ranking executive with ultimate responsibility for the company’s performance, they need a full understanding of the business’s day-to-day operations and the best way to manage them. With this in mind, it takes an estimated 12-20 years to become a business COO.
10. Trade And Ship Broker
Monthly Salary: About S$18,000
A trade and shipbroker helps companies find buyers and sellers of goods. In addition, they 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 have to have strong knowledge of the shipping industry. This can be through formal education or experience in the industry. For example, degree holders who are familiar with international trade and maritime law have the competency to become trade and shipbrokers. Familiarities with global business and logistics are a huge plus in this industry.
In addition, you should also have excellent interpersonal and negotiation skills. Trade and shipbrokers try to lower service prices to prevent transportation hiccups while maximizing the overall profits they and their clients can have.
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.
In addition, a securities broker or dealer is generally responsible for executing a trade, providing research and market data to the investor, and providing execution guidance in connection with trading decisions. 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 stockbroker and dealer licensure exams. While it’s 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. For example, they have the authority to engage in transactions that benefit the company, including acquisitions and dispositions of assets. In addition, they have a say in the business’ future goals and methods to implement them.
If you begin a business, you can appoint yourself as a CEO and oversee the company’s assets and objectives. On the other hand, you can become a CEO by starting as a company employee and moving up to the position through performance. However, this route requires that you have executed implementations that can lead your business’s future success by working in different departments and gaining experience for 10-15 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.
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. Then, you’ll 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 to 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. To do this they gather data as a source of intelligence to provide insights into what might happen and its potential company operations impact.
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.
- 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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