Banks in Singapore are pitching themselves against large tech firms for IT talent. Traditionally, the compensation on offer in banking have been the main selling point, rather than the opportunity to work on innovative projects. So how do IT salaries in Singapore stack up?
We’ve averaged out base salaries from several recruiter pay surveys across 10 key tech jobs in Singapore – from analyst to director level – to produce the table below.
Unsurprisingly, solution architects – who have sweeping design and implementation responsibilities – still earn more than the other nine functions at all seniority levels.
If you want an IT banking job in Singapore where you will enjoy comparatively high pay inflation in the future, however, recruiters recommend aiming for a governance or security-related role. Skill shortages in these functions are driving up salaries and banks are typically open to training candidates who’ve worked in other IT positions.
“IT risk and compliance are hot jobs at the moment in Asia, especially roles focused on anti-money laundering IT systems,” says Vince Natteri, a director at IT search firm Pinpoint Asia.
Natteri says candidates in IT risk and compliance in Singapore can expect pay rises of between 10% and 15% when they move employers. “Although this might not scream out as being very large, in the context of a relatively bad job market, it’s a decent increase.”
While cyber security currently pays less than many other roles in our table, this may change within the 12 to 24 months because banks in Singapore have begun to recruit more people in the profession – 20% pay rises are already common in cyber security.
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