Banks in Singapore are now pitching themselves against large tech firms for IT talent – and not always successfully. As we’ve reported over the past few weeks, companies such as Amazon and Grab are increasingly taking on technologists from the finance sector.
Compensation, however, remains one of banks’ main selling points to technology candidates. So how do banking tech salaries in Singapore stack up in 2018?
We’ve averaged out base salaries from 2018 recruiter pay surveys across 12 mainstream banking tech jobs in Singapore – from analyst to director level – to produce the table below (we also have a newer guide to 2019 salaries in Singapore for banking tech jobs).
Solution architects, who have sweeping design and implementation responsibilities, earn more than the other functions in three of the four seniority levels (project managers pip them to the top slot at associate rank). Cloud engineers are also among the top earners right now as banks increasingly move systems to the cloud and face local shortages of people qualified to work on these projects.
If you want a tech-related banking job in Singapore where you will enjoy comparatively high pay inflation in the future, however, recruiters recommend a governance or security-related role. IT audit, risk and compliance jobs are already among only a few roles in our table which pay directors more than S$200k on average. 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. Candidates in IT risk and compliance in Singapore can expect pay rises of between 10% and 15% when they move employers, he adds. “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 next 12 to 24 months because banks in Singapore are recruiting more people in the profession and 20% pay rises are now common. As we reported last month, for example, former Standard Chartered cyber security expert Anthony Fung has joined OCBC’s technology information security office as head of group red team (the unit that hacks the bank’s systems to test vulnerabilities) for cyber intelligence, forensic.
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