Singapore pays down for compliance, risk pros
A new salary survey points to low pay for risk and compliance workers in Singapore compared to Hong Kong and Sydney.
The annual salary survey from recruitment firm Robert Walters underscores the relatively low pay received by financial services staff working in Singapore. At US$37,000, average salaries for Singaporean credit risk analysts with more than five years' experience are just 52% the level of comparable credit risk salaries in Hong Kong according to the survey.
Similarly, after five years, Singapore's financial services compliance specialists earn salaries of US$46,200, equivalent to only 64% of compliance salaries in Hong Kong
Robert Walters, chief executive of the eponymous recruiter, says Singapore salaries are unlikely to catch up with pay in Hong Kong. "The cost of living is a lot less in Singapore," he says. "And it's generally seen as a much more pleasant place to live - families are prepared to accept lower pay in order to live there."
Financial services staff looking for the best of both worlds may like to contemplate relocating to Sydney, Australia. According to Robert Walters' salary survey, Sydney-based credit analysts earn an average of US$81,000, and senior compliance staff in the country are on US$88,500 or more. Not bad, considering housing costs in Australia remain relatively low and Bondi Beach is a short drive from the financial district.