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Top 10 highest paying jobs in Singapore for 2019
From entry-level jobs to C-level roles, every position has an appropriate amount of salary — and the salary is dynamic too. It changes from year to year based on a variety of factors, from hiring demands to general economic outlook. As such, it is a good idea to keep up with existing market rates and industry averages. Even if you are not necessarily a senior-level employee per se, it doesn’t hurt to know what the 10 highest paying jobs in Singapore are and where to set your sights on.
To help you plan your career properly, we released the 2019 Michael Page Salary Guide, which outlines salary benchmarks for a wide range of jobs across many industries and sectors in Singapore. Read on to find out what the most lucrative jobs in Singapore are, according to the salary survey that we conducted.
1. Ecommerce Director (Digital)
Within the digital space, one of the key trends we identified in our Salary Guide is the fact that there is a shortage in terms of specialised ecommerce talent. As such, ecommerce directors are particularly sought after, with the expected salary going up to $275,000 per year on average — the highest paying role both in terms of agency and in-house.
2. Manufacturing Director (Engineering & Manufacturing)
Last year, Quality Directors, especially those who possess technical skills and strong people management skills, had the highest paying position in the engineering and manufacturing industry — but not anymore. This time around, Manufacturing Directors, especially those in production and manufacturing, have the claim to the title, with an expected salary of $203,000 per annum on average — the highest paying job in Singapore’s engineering and manufacturing sector.
3. CFO/ Finance Director (Finance & Accounting)
Executive level talent is always highly sought-after in the finance and accounting sector. There has been a shift away from traditional financial model towards a more proactive, agile one, giving the CFO of today a more pronounced, strategic profile with deeper integration in planning, strategy and performance management. As such, CFOs and Directors can expect to earn, on average, about $210,000 to $300,000 per year.
4. Head of International Banking Division (Financial Services)
Within the financial services market, the need for quantitative analysis skills is driving up demand for Quantitative Traders. New global standards for risk and compliance in the banking and financial services sector, too, is bolstering the demand for Compliance Managers. Compliance Directors, in particular, can expect to command an average salary of $258,000 per year — one of the highest in the financial services industry. With that said, corporate finance is still where the highest paying positions are at, with the Head of International Banking Division leading the pack at $400,000 per annum on average.
5. General Manager (Healthcare & Life Sciences)
Singapore maintains its position as Asia’s fastest growing biomedical hub, creating a need for more specialised skills and high-level talent in this industry. Based on salary averages, we can see that employers are prepared to increase investment headcount for commercial roles like sales and marketing to ensure adequate market gains. As such, general managers in this industry can expect to earn up to an average of $390,000 per year. This is most notable for general managers with a focus on the Asia-Pacific markets.
6. Chief Human Resource Officer (Human Resources)
The human resource industry is one sector with high hiring demand over the next three years — a 48% increase within the last 12 months alone, to be exact. And while roles like Human Resource Managers, Learning & Talent Development Manager, Talent Acquisition Manager and Compensation & Benefits Senior Manager are particularly popular, the Chief Human Resource Officer is the one with the highest paying job at $275,000 per annum on average.
With that said, the Head of HR within the banking and financial service industry is not that far behind either. Within that particular sector, the Head of HR is the highest paying position at $260,000 per annum on average.
7. Legal Counsel (Legal)
It comes as no surprise that lawyer salaries in Singapore, especially those in private practices, have the highest salaries, earning an average of up to $500,000 a year. The average lawyer salary in Singapore varies of course, but years of experience plays a huge part in determining the amount. For example, lawyers who have 10–15 years of experience earn an average of up to $375,000 a year, which means that they can expect a 25% jump in their salary from the 10–15 year mark.
8. Head of Procurement (Procurement & Supply Chain)
Hiring demand is high for Supply Chain Manager roles in the FMCG sector, as well as new companies setting up operations in Singapore. In fact, according to our report, many companies are looking to fill planning roles in manufacturing environments for both pharmaceutical and FMCG sectors. With that said, technology cuts across both the procurement and supply chain industries, especially with the digital- and automation-forward strategies that companies are now adopting. As such, the Head of Procurement, particularly in the technology sector, has the highest paying job. The potential salary for this role can go up to $288,000 per annum on average.
9. Head of Ecommerce (Sales & Marketing)
In terms of sales and marketing, there is a high demand for professionals with a combination of commercial and technical experience and skill sets. Also, the oil and gas industry, in particular, are starting to increase hiring. With that said, the professional services sector is where we will see positions with the highest payout. The rise of ecommerce is no doubt driving up the demand for ecommerce-related talent. Specifically, the Head of Ecommerce in the professional services sector can expect to command up to $300,000 per annum on average, the highest paying role in the entire industry.
10. Head of Enterprise Architecture (Technology)
Digital transformation continues to be a focus for the Singapore government, which means that businesses across the board — from financial services and healthcare to FMCG and telecommunications — are looking at how best to invest in and upgrade their existing technology stacks. The focus on digital transformation is also driving up the expected salaries of those in development and architecture. The Head of Enterprise Architecture, in one, can command the highest average salary of all at $235,000 per annum.
With that said, generalist roles are not that far behind either. In terms of general and project management, an IT Director can expect to command up to $228,000 per annum on average as well — not far behind its counterpart in development and architecture.
If you’re thinking about taking the next step in your career, our average salary benchmark tool can help you determine what you could be earning. You can also find out how your salary compares with industry averages using our salary calculator.