Compliance jobs have been increasingly sought after in Singapore since the financial crisis as banks staff up to help tackle a growing global and local regulatory burden.
As a result, compliance professionals in the city state are often able to move banks with comparative ease – and pick up large pay rises.
But if you work in the function, how do you know whether your Singapore compliance salary is still competitive?
We’ve averaged out Singapore compliance salary surveys from five recruitment agencies across seven key compliance functions to produce the table below, which shows base pay from analyst to director level.
As in Hong Kong, if you’re looking to specialise in an area of Singapore compliance which is likely to get you a large salary rise, try financial crime. The function is already among the best paid of all compliance jobs (directors earn S$350k on average), and if you move banks you’re likely to pick up a pay rise of around 20%.
Across all roles, the best paid compliance professionals don’t just know the regulations inside out – they are able to liaise effectively with the front office. “Banks in Singapore need people who are able to interpret and communicate regulatory change to the business,” says Matthew Fellows, a compliance consultant at Pure Search & Selection in Singapore.
“Banks are also under increased pressure from the regulators to hire Singapore nationals,” he adds. “They are sometimes willing to offer overseas-based Singaporean candidates higher uplifts on salary to repatriate them.”
Large banks in the Republic are also luring compliance candidates by boosting their bonuses. In contrast to the front office, bonus percentages have been rising in Singapore in recent years. Directors and MDs can now earn bonuses equivalent to 50% of their base salaries, as the table below (which applies across all compliance functions) shows.
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