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2018 Finance, Operations and Risk Salary Guide

Banking and Financial Services Salary Guide

Written by Amy Wilson
Jan 31, 2018

Salaries in Singapore's financial services (FS) industry for finance & accounting, banking operations, risk management, audit, fund services.

Contents:

Finance & Accounting Salaries in Financial Services | Operations Salaries in Financial Services | Risk Managment Salaries | Audit Salaries | Fund Services Salaries

Finance & Accounting Salaries in Financial Services

Permanent Role Analyst/ Non-Officer Associate/ AVP/ Manager VP/ Senior Manager SVP/ Director Director/ Senior Director
Financial Accounting $45k - $80k $80k - $120k $140k - $200k $180k - $230k $240k - $350k
Management Accounting $50k - $80k $80k - $120k $140k - $200k $180k - $230k $240k - $350k
Systems/ Project Accounting $40k - $75k $75k - $130k $145k - $220k $220k - $250k $240k - $350k
Fund/ Trust Accounting $42k - $66k $72k - $130k $145 - $220k $200k - $260k $240k+
Product Control $50k - $80k $90k - $145k $160k - $220k $220k - $250k $250k - $400k
Internal Audit $40k - $75k $75k - $130k $145k - $220k $220k - $250k $250k - $380k
Tax Advisory/ Compliance $50k - $90k $80k - $140k $145k - $220k $220k - $250k $250k - $350k
Business Analyst $40k - $80k $80k - $140k $150k - $220k $220k - $250k $250k - $380k
Treasury $40k - $70k $75k - $120k $130k - $200k $180k - $220k $210k - $330k
Technical Accounting $50k - $80k $90k - $145k $160k - $220k $220k - $300k $300k+-

Finance & Accountancy in Fund Services

Moving into 2018 the outlook remains similar to 2017, with the banking industry evolving and focusing on offshoring, automation and cost-saving initiatives with greater need for projects and change-focused candidates, as well as more commercially-minded finance individuals.
 
Fund services recruitment has improved compared to last year. There is a high demand in private equity and real estate accounting. Employers are now open to looking at strong Big 4 auditors that specialise in fund management. This seems to be a new trend for the auditors to enter the commercial space. The market has also seen boutique fund administrators entering Singapore. Next year looks to be very exciting for candidates that are looking to expand in private equity and real estate space. Employers will be looking for candidates coming from direct competitors in order to reduce training cost.

Operations Salaries in Financial Services

Role Analyst/ Non-Officer Associate/ AVP/ Manager VP/ Senior Manager SVP/ Director Director/ Senior Director
Settlements $40k - $52k $52k - $100k $100k - $150k $160k - $220k $220k+
Refrence Data $36k - $50k $50k - $90k $90k - $150k $150k - $200k $200k +
Trade Support $50k - $65k $65k - $130k $130k - $200k $200k - $280k $280k+
Client on-boarding/ kYC $42k- $70k $72k -$130k $130k - $200k $200k - $275k $275k+
Collateral Management $42k- $70k $70k -$145k $145k - $220k $220k - $275k $275k+
Loans Administration $40k - $52k $52k - $90k $90k - $150k $150k - $200k $200k+
Corporate Action $40k - $52k $52k - $90k $90k - $150k $150k - $200k $200k+

Financial services operations recruitment in 2018

Most international banks in Singapore have gone through the bulk of their offshoring. The majority of those affected are the settlements, corporate actions and other BAU departments within operations. However, some roles related to regulatory changes, client services or risk-related initiatives are still in demand. 
 
The top roles within operations this year have been:

  • Client onboarding and KYC – both in investment banking and wealth management
  • Collateral management and margin operations – in banking and buy-side
  • Trade finance operations

Risk Management Salaries

Role 0 - 5 years 6 - 10 years 11 - 15 years 15 years +
Credit Risk $42k - $90k $90k - $160k $160k - $250k $250k+
Operations Risk $50k to $100k $100k - $170k $170k - $300k $300k+
Market Risk $50k to $100k $100k - $180k $180k - $250k $250k+

Risk management recruitment in 2018 

The increase of risk recruitment demands within the banking industry have led to both international and local banks alike to hire middle office quants. Over 2016 and 2017, banks in Asia had built up their quantitative appetite in the middle office, in both the risk management and model validation functions. People from the front office are often confined by banking regulations especially in the recent years which has tremendously impacted the banks to expand their revenue-generating operations. 
 
In this particular year we have seen numerous risk candidates, namely quants, with more than six years of experience moving from international banks into middle roles. Risk management will still continue to grow in 2018, especially in the space of credit and operational risk and the trend of risk data analytics will continue to strengthen. 

Audit Salaries

Role Assistant Audit Manager Snr Audit Manager Director/ Head of Audit
Global Markets $60k - $80k $80k - $120k $120k - $200k $250k - $400k
Asset and Wealth Management $60k - $80k $80k - $120k $120k - $200k $250k - $400k
Corporate Functions $50k - $70k $80k - $120k $120k - $180k $230k - $350k
Consumer and Retail Banking $50k - $70k $70k - $110k $120k - $180k $220k - $350k
Technology $60k - $120k $120k - $180k $180k - $250k $250k - $400k

Fund Services Salaries

Fund Accountant Senior Fund Accountant Supervisor/ Team Leader VP SVP Managing Director
$36k - $48k $48k - $60k $60k - $78k $84k - $144k $150k - $250k $275k
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