Hiring for Banking & Financial Services in Singapore.
The outlook for 2024 in Singapore's Banking & Financial Services space is positive, with plans to hire but challenges around securing talent. In 2023, we saw a great demand for contract roles as organisations were driven to seek agility in their workforces and manage permanent headcount.
Elsewhere, both Insurance and Reinsurance have seen continued strong levels of hiring activity, and the trend of family offices opening up in the region is still growing, with hiring needed to establish a presence.
'Can't compete on pay and benefits'
has resulted in 50% of Banking & Financial Services firms losing out on hiring new talent in the last 6 months.The top 3 things to successfully attract and hire talent in Banking & Financial Services:
- 1
Offering career progression opportunities
- 2
Higher salary offers
- 3
Fast hiring process
In demand roles
- Regulatory Compliance
- Regulatory Reporting (Finance)
- Private Bankers for Greater China
- Fund Accountants
- Credit Risk AVP, VP
Valuable skill sets
- Mandarin Language Competency
- Experience in Leverage Finance
- General Auditing
- Project Management
- Analytical Skills
Up, down or flat? The state of salaries.
After what proved to be a significant year for salary inflation in 2022 due to the candidate driven market, there has been far less competition for talent throughout 2023. Hiring organisations have held the power and so haven’t had to offer enormous pay increases to outbid competitors for talent.
of Banking & Financial Services hiring managers expect salary offers will increase for certain roles in the next year.
Banking & Financial Services salaries in Singapore
| Job Title | Sector | Sub Sector | Location | |||
|---|---|---|---|---|---|---|
| Job Title | Sector | Sub Sector | Location | 5 - 10 years | 10 - 15 years | 15+ years |
KYC Operations |
Banking Operations | Singapore | S$120,000 | S$180,000 | S$250,000+ | |
Client Services |
Banking Operations | Singapore | S$100,000 | S$150,000 | S$220,000+ | |
Corporate Actions / Settlement |
Banking Operations | Singapore | S$90,000 | S$140,000 | S$200,000+ | |
Trade & Sales Support |
Banking Operations | Singapore | S$120,000 | S$180,000 | S$250,000+ | |
Reference Data |
Banking Operations | Singapore | S$90,000 | S$140,000 | S$200,000+ | |
Trade Finance Operations |
Banking Operations | Singapore | S$90,000 | S$140,000 | S$200,000+ | |
Collateral Management |
Banking Operations | Singapore | S$120,000 | S$180,000 | S$220,000+ | |
Transfer Agency |
Banking Operations | Singapore | S$90,000 | S$130,000 | S$180,000+ | |
COO / Head of Operations |
Banking Operations | Singapore | S$120,000 | S$200,000 | S$300,000+ | |
Analyst (1-3 years) |
Investment Banking M&A / ECM / DCM | Singapore | S$100,000 | |||
Associate (3-6 years) |
Investment Banking M&A / ECM / DCM | Singapore | S$160,000 | |||
VP (7 - 10 years) |
Investment Banking M&A / ECM / DCM | Singapore | S$250,000 | |||
Director (10 - 15 years) |
Investment Banking M&A / ECM / DCM | Singapore | S$430,000 | |||
Managing Director (15 years plus) |
Investment Banking M&A / ECM / DCM | Singapore | S$650,000 | |||
AVP / Associate Director |
Private Banking | Singapore | S$170,000 | |||
VP |
Private Banking | Singapore | S$240,000 | |||
Director/Executive Director |
Private Banking | Singapore | S$360,000 | |||
Managing Director |
Private Banking | Singapore | S$500,000 | |||
Trade Finance |
Commercial Banking | Singapore | S$120,000 | S$220,000 | S$400,000 | |
Cash Management |
Commercial Banking | Singapore | S$120,000 | S$170,000 | S$300,000 | |
Relationship Manager |
Commercial Banking | Singapore | S$120,000 | S$200,000 | S$380,000 | |
FI RM (Coverage Bank/Non-Bank) |
Commercial Banking | Singapore | S$120,000 | S$220,000 | S$400,000 | |
Product Manager (Cash / Trade / Liquidity / Custody) |
Commercial Banking | Singapore | S$100,000 | S$170,000 | S$300,000 | |
Analyst |
Private Equity | Singapore | S$100,000 | S$120,000 | S$150,000 | |
Associate |
Private Equity | Singapore | S$170,000 | S$200,000 | S$220,000 | |
VP |
Private Equity | Singapore | S$280,000 | S$300,000 | S$320,000 | |
Director |
Private Equity | Singapore | S$400,000 | S$450,000 | S$480,000 | |
Managing Director |
Private Equity | Singapore | S$600,000 | S$650,000 | S$700,000 | |
Bancassurance / Insurance Specialist |
Retail Banking / Premier Banking | Singapore | S$90,000 | S$130,000 | S$200,000 | |
Priority Banking / Premier Banking RM |
Retail Banking / Premier Banking | Singapore | S$120,000 | S$180,000 | S$250,000 |
Download Your 2024 Banking & Financial Services Salary Guide for Singapore.
Permanent, temporary and contract salary data for a range of Banking & Financial Services roles, as well as insights and advice to guide your talent strategies.
