You’re an intern or analyst in Singapore wondering which banking roles will land you a salary large enough to start seriously saving up for a condo by the time you get promoted to associate. You want to earn at least S$10k a month within about three or four years.
Despite what you might think, this kind of pay packet isn’t a certainty across all jobs, even at global banks.
So which (non-technology) banking roles potentially pay S$10k or more to associates? We averaged out associate pay in mainstream banking functions across salary surveys from five recruitment agencies in Singapore. We took the maximum figures from each firm’s associate-level pay range, so the salaries in the table below are for top performers.
Unsurprisingly, global markets and investment banking jobs top the list. Associates in M&A, capital markets and trading in Singapore can potentially take home more than S$15k a month.
Relationship managers in private banking and corporate banking still earn significantly less (S$11.7k and $10.8k, respectively) than their counterparts in IBD, even though there are more severe talent shortages in those sectors.
Several middle-office positions – including credit, market and operational risk – make our list of well-paid associate jobs in Singapore banking. It’s now possible to make S$11k a month in internal audit as banks struggle to fill vacancies and resort to retraining staff from other functions to become auditors.
While demand for generalist compliance professionals has fallen in Singapore in receny years, it remains strong for anti-money laundering specialists, resulting in top-performing AML associates receiving S$12.2k salaries.