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Morning Coffee: Are you underpaid on $150k in Singapore?

Compliance salaries in Singapore banking

Not enough pay on $150k

A new survey from recruitment firm Kelly Services has pegged the annual salary range for compliance managers at finance firms in Singapore at S$120k to S$150k (US$89k to US$111k). But such is the demand for senior talent in compliance that in the current job market most managers could push for a higher salary, especially if changing companies.

“Even the upper end – S$150k – does seem low for experienced managers in compliance. You may actually be underpaid,” says a recruiter in Singapore who asked not to be named. As we reported yesterday, the hiring boom in compliance is focused on the mid and upper levels – those with established relationships with local regulators and the ability to influence people in the front office.

According to a survey by Robert Walters earlier this year, only compliance managers in retail banking have an upper salary threshold of S$150k – in other sectors (private banking, investment banking and fund management, for example), S$180k or S$190k is the norm. Meanwhile, recruiters specialising in compliance are routinely securing salary increments of 20% or more for their candidates.

“My advice if you’re an experienced compliance manager on S$150k is to negotiate a better salary – or move jobs,” says the recruiter. Singapore is, after all, ranked as the world’s most expensive city by the Economist Intelligence Unit.

Meanwhile:

Singapore-Taiwan cross-border stock trading platform to open in July. (Business Times)

Singapore Exchange reports Q3 profit up 16% on strong derivatives growth. (Straits Times)

UBS, BNP among bidders for China’s Postal Savings Bank’s pre-IPO stake. (Reuters)

China will allow foreign credit card firms like Visa and MasterCard to apply for clearing licences. (South China Morning Post)

Standard Chartered hires former UK surveillance chief to combat cybercrime. (Reuters)

Bank of Tokyo Mitsubishi becomes the first foreign lender in decades to open a branch in Myanmar. (Reuters)

Hong Kong still the most expensive city in the world to lease an office as mainland financial firms help drive up rents. (Bloomberg)


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