New data has revealed the jobs where you will find the largest pay increases in Singapore financial services.
There are a mere five functions (at particular seniority levels) where Singapore base salaries have risen by 6.2% or more compared with 12 months ago, according to a compensation survey from recruiters Robert Half.
The average year-on-year pay increase across financial services is just 1.2%, indicative of tightening budgets, particularly at global banks in Singapore.
Two of the functions – credit risk and AML – on the pay-rise table (see below) are unsurprising.
Recent falls in economic growth in Singapore have increased the already strong demand for credit risk professionals, who work to assess risky capital ventures. Pay rises now stand at 9.5%, but only at senior VP level and above.
By contrast, anti-money laundering experts are experiencing high salary increases (7%) at analyst level.
Banks in Singapore have been bolstering their junior ranks for the past two years as AML becomes a more urgent priority, particularly in private banking where clients are undergoing more vigorous compliance checks.
It is still possible to enjoy a healthy pay rise (9.8%) in front-office investment banking, despite redundancies and tepid recruitment over the past year in Singapore.
But this type of hike is only available at around the SVP mark. Banks have recently been cutting MDs and promoting more people to mid-level roles, which is helping to push up their pay.
On the buy-side, it’s middle-ranking fund accountants – focused on increasing profitability for their firms – who are enjoying the largest salary surges.
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