Are you about to graduate in Singapore and are you wanting to go into a banking job function in which junior salaries are rising, not stagnating? You choices appear limited.
We’ve looked through this year’s Singapore salary survey from recruiters Robert Walters to find out how 2017 base salaries (averaged out between low and high pay marks where necessary) for analysts compare with 2016.
Of the 48 (non-technology) banking jobs surveyed at this level, only 15 registered any year-on-year pay rise.
Front-office roles in M&A and capital markets managed only 1% increases, despite banks’ efforts to maintain Asian graduate numbers.
Banks are loath to add to their junior front-office cost base in the face of mediocre revenues. Southeast Asia IB income totalled $958m last year, marginally higher than 2015, but still well behind the record high of $1.7bn generated in 2012, according to Dealogic.
Surprisingly, while the salaries themselves are comparatively small, the largest pay hikes in Singapore banking are found in the back-office.
Banks are, of course, offshoring many of their process-driven support roles away from Singapore, but other functions remain in demand.
An increasing regulatory burden and a shortage of candidates are helping to push up junior pay in client onboarding, for example.
Back-office staff in Singapore are also needed to service specialist departments of large banks – such as IBD and private banking. And Monetary Authority of Singapore rules require some client-services roles to be based locally.
Singapore is short of talent in treasury sales and Big Data, so analysts can still command decent pay increases in these jobs. Banks are hiring people from overseas in the latter function.
Change management roles have been in demand for about two years in Singapore as global banks such as Barclays and Standard Chartered restructure their local operations. While it’s difficult to get a change management job as a graduate, you can expect healthy salary increases in your first few years.
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