Are you considering joining a new bank in Singapore? Will you only move if the money is substantially more?
While large pay increases are rare in the current employment market, there are notable expectations. We asked several recruiters in Singapore to reveal the main job functions in which candidates are still receiving double-digit salary rises when joining a new firm.
The recruiters also told us the percentage increase for each role and we’ve averaged these out to produce the table below.
A recent and comparatively rapid rise in demand for cyber security professionals in Singapore has created a competitive job market and pushed up pay rises to an average of 25%. Banks including J.P. Morgan, HSBC and Standard Chartered are all vying for talent in the wake of the government setting up a new Cyber Security Agency.
In the back office, know your customer (KYC) professionals can move employers and enjoy 20% salary uplifts. Corporate and private banks are struggling to find enough people to help them deal with new clients and more onerous account-opening rules.
More surprisingly, bancassurance professionals are also towards the top of our pay-rise table. “As bancassurance distribution channels become more sophisticated in Singapore, senior distribution professionals are highly sought after,” says Lynne Roeder, managing director of recruiters Hays in Singapore.
Conduct risk candidates can also pick up salary increases of about 19%, according to our survey of Singapore finance recruiters. Because demand in this area in Singapore has only risen over the past six months, there is a shortage of experienced people and banks are trying to entice candidates from other functions.
If you want a more mainstream middle-office job which still offers high potential pay increments, try anti-money laundering. “It’s such a busy area at the moment, so to move high-calibre candidates, banks in Singapore need to offer above-average increases,” says Michael Cunningham, a partner at search firm Anton Murray Consulting.
It’s difficult for front-office bankers to negotiate better base pay in Singapore this year, with the exception of private banking relationship managers. “Private banks in Singapore are currently focusing on assets under management growth and are ready to pay a premium for bankers who can move their current book,” says Lim Chaileng, director of banking, finance and accounting at recruiters Randstad in Singapore.
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