Not only is Singapore’s banking industry central to the financial health of the entire Asia-Pacific region, but it’s also become recognised as a major global capital market. Thanks to a thriving domestic economy, a stable political environment and robust banking laws, the sector will go from strength to strength in the years ahead.
If you’re considering this fruitful career path, this detailed salary guide by us will help you find the ideal corporate banking sector role.
What is the banking industry?
As a leading financial hub, Singapore’s banking sector offers outstanding services to individuals, corporations and government agencies, ensuring a myriad of fascinating jobs that deliver professional and personal development.
Through first-class commercial banking, retail banking and private banking services, Singapore’s quickly growing industry offers superior financial products that help organisations and individuals achieve their goals.
Today, the banking network in Singapore is broken down into two major categories – domestic and foreign banks.
The former offers standard banking products, like savings accounts, credit cards, loans and ATM access.
Meanwhile, foreign banks come in many forms, including full banks, wholesale banks that serve large-scale corporate customers, and merchant banks that deal with commercial loans and financial advice.
Why you should work in the banking sector
The thriving banking industry in Singapore is full of interesting career opportunities.
Because of the country’s productive economic and political landscape, beneficial tax and legal policies, and rigorous enforcement against financial crimes, many of the world’s top banking organisations seek to invest in and set up operations here.
In fact, there are now 127 foreign banks and four local banks, making Singapore’s diverse financial sector Asia’s third-largest behind Japan and Hong Kong.
The nature of the industry means there’s potential for career progress, with a top-notch salary and professional satisfaction within your grasp.
What qualifications do you need to work in the banking industry?
There’s a wide variety of roles in the banking sector, with some entry-level positions requiring an ‘O’ or ‘N’ Level certificate while others need a relevant bachelor’s degree in a field like business, commerce, accounting or economics.
These qualifications provide a firm base of financial knowledge that enables you to find a rewarding position and climb the ranks as you gain more experience. Consider a qualification in the following areas to put yourself on the path to success:
- Business
- Commerce
- Economics
- Finance
- Accounting
- Law
Banking sector salary estimation
Salaries in the banking sector are on the rise in Singapore, giving talented candidates the opportunity for highly competitive compensation from day one.
Although many banking roles traditionally involve long hours, businesses now recognise the need for enhanced work-life balance to secure top graduates in specialised areas.
Below is a list of the estimated banking sector salaries for the industry’s most in-demand roles, beginning with starting pay.
| Banking Industry Salary Guide in Singapore | ||
|---|---|---|
| Role | Minimum Education Qualification | Salary |
| Bank Teller | ‘O’ Level | $2,300 – $3,950 |
| Accountant | Diploma | $3,400 – $6,000 |
| Financial Analyst | Degree | $4,500 – $7,250 |
| Relationship Manager | Degree | $3,500 – $7,500 |
| Financial Controller | Degree | $5,000 – $9,000 |
| Mortgage Consultant | Degree | $5,750 – $6,000 |
| Compliance Officer | Diploma | $3,500 – $7,000 |
| Asset Manager | Degree | $5,500 – $8,000 |
Please take note that these figures are not officially approved by Workforce Singapore. These are deductions after pooling together data from various sources. These include:
- Indeed Salary Guide
- Glassdoor Salary Guide
- Jobstreet Salary Guide
- Talent Salary Guide
- PayScale
- Seedly
These only serve as a helpful benchmark of salaries in the banking industry and are not indicative of actual salaries.
Think a career in banking and finance might be your calling? Take this quiz to find out!
Discover your place in the Singapore banking industry
Now is the perfect time to move into Singapore’s banking sector, as the industry faces record-breaking business. For example, Singapore’s total assets under management increased by 16% in 2021 to $5.4 trillion, easily surpassing the global increase of 12%.
The Monetary Authority of Singapore (MAS) has also established a bold roadmap to 2025 and beyond, targeting a minimum of 4% industry growth and 4,000 new jobs per year. These ambitious goals mean the country’s financial sector is ready to support the next generation of workers.
To learn more about Singapore’s top-performing sectors and how to maximise your salary, head to MyCareerFuture’s 2023 Salary Guide. Here, you’ll discover how to estimate your expected wage while receiving helpful tips to increase your earning potential.
