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This is what your investment banking salary and bonus should be in Singapore

Singapore may be better known as a hub for wealth management and technology development, but if you want to earn big money in the city state’s finance sector, investment banking is still your best option.

How do your investment banking salary and bonus stack up against the market average? To find out, we’ve averaged out Singapore investment banking pay data from five recruitment firms to produce the table below, which shows annual base salaries (and cash bonus ranges) from analyst to managing director (MD) level.

The average compensation figures are generalist rather than specific to individual firms or products. They apply across global investment banks in Singapore and across both M&A and capital markets jobs.  

How much do investment bankers earn in Singapore?

Analysts at investment banks in Singapore earn annual base salaries of S$118k on average, and their cash bonuses range between 17% and 43% of this, depending on performance. Associates take home S$171k, with bonuses of up to 58%.

Once you reach vice president (VP), the average Singapore investment banking salary at your level is S$263k. At worst, your bonus will be 20%, although it could be as high as 68%, according to the recruitment agency data.  

Across all seniority levels, US investment banks in Singapore typically paid larger 2018 bonuses than their European counterparts did, says Norman Leung, vice president of corporate and institutional banking at recruiters Charterhouse Partnership. “US banks generally performed better last year and this is reflected in their bonuses being in the higher range,” he adds.

The outlook for 2019 Singapore investment banking bonuses is that they will be flat or down on last year. “Bonuses are tied to performance and most of the investment banks have not been performing well. This year’s bonuses aren’t expected to be very exciting,” says Lucas Yeo, head of banking and finance at recruiters Tangspac in Singapore.

It’s now rare even for directors and MDs to pocket bonuses in excess of their base salaries – high performers within these two senior ranks receive maximum bonuses of 73% and 82%, respectively.

Directors at investment banks in Singapore are paid S$381k salaries on average, while base pay for MDs is considerably higher – S$506k.

As banks continue to cut costly senior bankers, however, most of the upward pressure on investment banking salaries in Singapore is now focused on the junior and middle ranks. “Senior front-office IB salaries are flat in 2019 compared to previous years,” says Angela Kuek, director of search firm Meyer Consulting Group in Singapore.

Salaries and bonuses for investment bankers in Singapore

Image credit: Cj Soh, Unsplash

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AUTHORSimon Mortlock Content Manager
  • Jo
    17 February 2022

    This is extremely inaccurate. what you posted is obviously standard bulge bracket
    s&t and IBD pay in Singapore. If you include other banks and other
    department which forms bulk of the working class in banks, then your
    figures are obviously very off. I don't have any bias or agenda in
    posting this, but simply because this post is misleading.

  • Ti
    1 July 2016

    Hi, does your average salary include the bonuses?

    Or does the average salary column exclude bonuses? (Base salary)

    And what currency are those figures in?


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