From Casual to Executive: Examining Average Salaries in Singapore
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Talking about the average salary in Singapore can spark a lot of discussion. On one side, the Ministry of Manpower (MOM) reported that by the end of the third quarter of 2023, the median monthly wages in the formal sector had increased by about 7% from the previous year. However, some people are worried that rising living costs might still be higher than wage growth in Singapore.
Despite different opinions, knowing the average salary is very important in the job market. For employees, understanding the average salary in their sector helps them see if they are earning a fair wage, negotiate better pay, or make smart career choices. Employers use this information to set competitive salaries to attract and keep talented workers. Economists and policymakers look at average salaries to understand how the economy is doing and to spot trends in the job market.
Many things can affect the average salary in Singapore. These include the industry, where you work, how much experience you have, and your education level. For example, jobs in fields like finance or technology usually pay more. People with higher education, like a master's degree, and more years of experience tend to earn more. Companies in big cities might offer higher salaries to compete for skilled workers.
Understanding these factors can help both job seekers and employers make better decisions. This article explores these factors and provides a detailed overview of Singapore’s average salary landscape.
Here is what we will cover:
- What is an average salary?
- What’s the difference between average, gross and median salary?
- What’s the average salary in Singapore?
- Average salary in Singapore for corporate jobs
- Average salary in Singapore for casual roles
- Conclusion
- FAQs
What is an average salary?
The average salary represents the mean salary for a job or industry, calculated by summing all salaries and dividing by the number of employees. This figure provides a general idea of what workers earn in a specific sector.
However, the average salary can be skewed by outliers – extraordinarily high or low salaries – that may not accurately represent the typical earnings for most employees.
What’s the difference between average, gross and median salary?
The distinction between average, gross, and median salaries can confuse first-time job seekers. However, understanding the difference plays a crucial role in effective career planning. Whether you're dealing with higher average salaries or navigating the minimum wage, knowing these distinctions helps you make informed financial decisions.
- Average (or mean) salary: The total sum of all wages divided by the number of employees. Excessively high or low salaries can influence this figure.
- Median salary: The middle value when all salaries are arranged in ascending order. This figure is less affected by outliers and can better represent what a typical worker earns.
- Gross salary: The total salary before deductions such as taxes and CPF contributions.
For job seekers, the median salary often offers a more accurate picture of typical earnings within a sector.
What’s the average salary in Singapore?
The average salary in Singapore varies widely depending on factors such as education, work experience, and industry. The likelihood of higher-paying jobs also increases in high-demand sectors. In industries with limited competitive human capital, companies often offer high salaries and better benefits like housing allowances to attract and retain top talent.
Average salary by education
Further education has a positive correlation with salary levels. Workers with higher education, like a master's degree, tend to enjoy a higher average income. Education is a worthy investment that can significantly enhance earning potential throughout a career.
Work experience
Work experience is a critical determinant of salary. Employees with more years of experience tend to command higher compensation due to their enhanced skills and expertise. However, salary increases due to experience may plateau at senior levels in some professions.
Average salary in Singapore for corporate jobs
Accountant
Accountants are responsible for financial reporting, budgeting, and managing financial records. Their responsibilities include documenting transactions, performing financial calculations, preparing financial statements, and ensuring compliance with government regulations.
To become an accountant, one must complete a bachelor's degree in accounting, finance, or a related field. Advanced degrees like a Master of Accounting or MBA are beneficial for senior roles.
- Average monthly salary (range): SGD4,300 to SGD5,200
Read more about Accountant Salary in Singapore (July, 2024).
Financial Accountant
Financial accountants manage monetary records, budget and forecast, and analyse and interpret financial information. Candidates for this role must demonstrate strong attention to detail and ensure that all information is recorded correctly.
To become a Financial Accountant in Singapore, professional certifications such as ACCA (Association of Chartered Certified Accountants), CPA (Certified Public Accountant), or CA (Chartered Accountant) are highly regarded and often required by employers. Relevant work experience and proficiency in accounting software are also important qualifications.
- Average monthly salary (range): SGD4,500 to SGD5,800
Read more about Financial Accountant Salary in Singapore (July, 2024).
HR Manager
The Human Resources Manager oversees all administrative functions of a company’s employees. They hold upper-level positions that include recruitment, employee relations, and staff activities.
To rise to a human resources manager position, you’ll need several years of experience and a track record of satisfactory performance in lower human resources positions.
- Average monthly salary (range): SGD5,800 to SGD7,500
Read more about Human Resources Manager Salary in Singapore (July, 2024).
Sales Manager
Sales Managers are responsible for driving sales targets and leading sales teams.
Under their guidance, sales teams are motivated to meet targets and expand their client base. Sales Managers may also be responsible for determining inventory, assigning sales territories, and occasionally hiring sales staff.
To become a sales manager, you must complete a diploma or bachelor's degree in marketing, business, accounting, economics, finance, or another related course and then gain at least three to five years of professional experience in sales and marketing.
- Average monthly salary (range): SGD4,800 to SGD6,500
Read more about Sales Manager Salary in Singapore (July, 2024).
Marketing Manager
Marketing managers must develop strategies to maximise their company’s sales or brand awareness. They oversee marketing campaigns that raise awareness of and generate demand for products and services while serving as the point person for communication between a business and its customer base.
To qualify for this position, you must complete a bachelor’s degree in marketing, advertising, communications or a related field and then take on several years of industry experience.
- Average monthly salary (range): SGD5,200 to SGD6,500
Read more about Marketing Manager Salary in Singapore (July, 2024).
Risk Manager
Risk Managers help organisations identify and mitigate financial risks. They must evaluate potential threats to a company, develop risk mitigation strategies, and take measures to limit or manage them.
To pursue a career as a risk manager, you typically need a degree in risk management, business administration, finance, or a related field and relevant experience. To strengthen your credentials, you must also pursue certifications such as Certified Risk Manager (CRM) or Certified Risk Management Professional (CRMP).
- Average monthly salary (range): SGD7,000 to SGD7,800
Read more about Risk Manager Salary in Singapore (July, 2024).
Supply Chain Manager
Supply Chain Managers manage the logistics of companies' goods and services. They must ensure that all logistical requirements of the entire production process are efficiently handled while reducing costs. Depending on the nature of the business, this can include sourcing, purchasing, shipping, and storage.
Hiring managers prefer supply chain manager candidates with a bachelor’s degree in industrial engineering, logistics, supply chain management or a related field.
- Average monthly salary (range): SGD6,300 to SGD8,500
Read more about Supply Chain Manager Salary in Singapore (July, 2024).
Average salary in Singapore for casual roles
Receptionist
A receptionist manages customer interactions as the first point of contact for clients. They must perform various administrative tasks to support a business or organisation. To excel at a receptionist position, you must possess excellent verbal communication and writing skills to collate information.
The qualifications for a receptionist typically include a high school diploma or equivalent. Some employers may prefer candidates with additional certifications in office administration or relevant experience. Key skills required include excellent communication, customer service, organisational abilities, and proficiency in basic office software like Microsoft Office.
- Average monthly salary (range): SGD2,400 to SGD2,900
Read more about Receptionist Salary in Singapore (July, 2024).
Barista
Baristas prepare and serve coffee and other beverages. Hiring managers are likely to favour candidates with a passion for coffee, as the role involves understanding different types of coffee and mastering several distinct preparation methods.
Training is typically provided on the job. No experience is necessary, but a willingness to learn on the job is a must. Experience in food and beverage preparation and customer service will give you an edge.
- Average monthly salary (range): SGD2,300 to SGD2,600
Read more about Barista Salary in Singapore (July, 2024).
Sales Assistant
The Sales Assistant is an entry-level role on a sales team. Typical tasks include assisting customers, promoting products, and arranging stocks.
The typical qualifications for a Sales Assistant include a high school diploma or equivalent. Additional training or certifications in sales, customer service, or business administration can be beneficial. Essential skills include excellent communication, customer service, organisational skills, and proficiency in basic office software.
- Average monthly salary (range): SGD2,000 to SGD2,900
Read more about Sales Assistant Salary in Singapore (July, 2024).
Events Coordinator
An Events Coordinator plans and organises events, including corporate meetings, business conferences, social gatherings, and large public events like festivals or concerts. Their responsibilities often include selecting and booking venues, coordinating with various vendors, managing budgets, and adhering to health and safety regulations.
No formal training is required for an Events Coordinator position – anyone willing to learn through on-the-job training can qualify for this role.
- Average monthly salary (range): SGD2,500 to SGD3,300
Read more about Events Coordinator Salary in Singapore (July, 2024).
Conclusion
Understanding average salaries is crucial for navigating the job market effectively. In Singapore, the average salary varies significantly based on education, experience, industry, and job title. Professionals with higher education and more years of experience tend to earn higher salaries.
By staying informed about average salary trends, job seekers can better understand their market value, set realistic salary expectations, and make strategic career choices. Employers can benchmark their salary offerings to ensure competitiveness and equity in their pay structures.
Ultimately, transparency and awareness about average salaries in Singapore contribute to a healthier and more balanced job market for everyone involved.
FAQs
- What is the average salary in Singapore?
The average salary in Singapore varies widely depending on factors such as education, work experience, and industry. As of 2023, the Ministry of Manpower (MOM) reported that median monthly wages in the formal sector had grown about 7% year-on-year by the end of the third quarter, with average salaries ranging from SGD 2,000 for entry-level positions to over SGD 8,000 for senior management roles. - Is $7,000 a good salary in Singapore?
Yes, a salary of $7,000 is generally considered good in Singapore. It is above the median wage reported by the Ministry of Manpower and allows for a comfortable lifestyle, covering housing, transportation, and other living expenses, especially for a single person or a dual-income household. - Is $3,500 a good salary in Singapore?
A salary of $3,500 is decent, especially for entry-level or early-career positions. However, it may require careful budgeting, particularly in terms of housing and living expenses, depending on individual lifestyle choices and family size. - What exactly is the difference between average salary and median salary?
The average salary is the total sum of all salaries divided by the number of employees, which can be skewed by very high or low salaries. The median salary is the middle value when all salaries are arranged in ascending order. The median salary is often more representative of what a typical worker earns, as it is less affected by outliers. - How much does age typically affect average salary?
Age often correlates with work experience, which can affect salary. Generally, salaries tend to increase with age as employees gain experience and move into higher roles. However, salary growth may plateau or slow down after a certain point, usually after reaching senior positions. - Does a degree always guarantee a higher average salary?
A degree generally correlates with higher earnings, but it does not always guarantee a higher salary. Factors such as the field of study, industry demand, and individual performance also play significant roles in determining salary levels. - At what point in my career can I expect my salary to plateau?
Salaries in many professions plateau at senior levels, typically after 15-20 years of experience. At this point, wage growth may slow down, but other benefits and incentives employers offer, such as bonuses or stock options, can offset the slower salary growth. - How does education level affect salary in Singapore?
Higher education levels generally correlate with higher salaries. Employees with a Master’s degree or higher tend to earn significantly more than those with a diploma or bachelor's degree. Investing in further education can enhance earning potential and open more career opportunities. - Which industries offer the highest average salaries in Singapore?
Finance, information technology, healthcare, and professional services are among the highest-paying industries in Singapore. Sectors such as banking, fintech, and pharmaceuticals are known for offering competitive salaries and attractive benefits to attract top talent. - How can I use average salary data to negotiate my pay?
Understanding average salary figures for your industry and role can help you gauge your market value. Use this information during salary negotiations to ensure you receive a competitive offer. Highlight your qualifications, experience, and the value you bring to the company to strengthen your case. - How does work experience impact salary in Singapore?
Work experience is a critical determinant of salary. Employees with more years of experience typically command higher wages due to their enhanced skills and expertise. However, salary increases may plateau at senior levels in some professions.
