Salaries in Singapore's financial services (FS) industry for finance & accounting, banking operations, risk management, audit, fund 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.
|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
|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.
|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 Accountant||Senior Fund Accountant||Supervisor/ Team Leader||VP||SVP||Managing Director|
|$36k - $48k||$48k - $60k||$60k - $78k||$84k - $144k||$150k - $250k||$275k|