Highest Paid Professions 2022 – Singapore
Posted on April 5, 2022
Singapore, an island city-state In Southeast Asia, is one of the most prosperous countries in the world. According to the World Economic Forum (WEF) findings, it is one of the most competitive economies in the world. On the other hand, as per the International Monetary Fund (IMF) study, the country had the world’s second-highest per capita GDP in the year 2021.
One of Asia’s most important business centers, the ‘lion city,’ hosts offices of more than 7,000 multinational companies (MNCs) belonging to the US, the EU, and Japan. In addition, it is the only country in Asia to receive AAA credit ratings from the top three credit rating agencies of the world: Moody’s, Fitch Group, and the S&P.
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Situated strategically in Asia, it attracts investments from the world’s leading business houses. The country’s government also encourages companies to set up their shops here.
All these factors go into making Singapore one of the most influential economic powerhouses globally, and therefore it attracts migrant workers from all over the world. In fact, 44% of the Singaporean workforce are immigrants.
If you want to work in Singapore in 2022, we would like to showcase to you some of the highest-paid professions in this country. Sectors where immigrants could land lucrative job opportunities include finance, IT, healthcare, sales, and marketing, among others.
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Information Technology (IT) sector
Although the designation of the Chief Information Officer (CIO) and the Chief Technology Officer (CTO seem similar, they aren’t. While the role of a CIO is a commercial one, it is the responsibility of the CTO to manage the strategy of a business house. It is also the CTO’s job to introduce technologies that accelerate the growth of a business. Developing products and implementing them so that a business will generate more revenues is one of the primary tasks of the CTO.
The median monthly salary of this individual is more than 13,200 SGD in Singapore.
Securities and Finance Broker: this individual sells stocks and bonds of his/her clients, an average gross monthly pay of more than 10,500 SGD.
Foreign Exchange Dealer/Broker: Singapore holds massive foreign currency reserves, which contribute significantly to the country’s economy. As the currency of Singapore also increases in significance, these fund/portfolio managers manage diverse types of funds, including trust funds, mutual funds, hedge funds, etc. This individual is tasked with the responsibility of increasing these funds on behalf of clients.
These managers need to have a superior analytical aptitude and an ability to make decisions quickly. To be able to do so, they need to be constantly monitoring information on bonds or yields and be on the lookout for attractive deals and more. They earn a median monthly salary of about 11,700 SGD in Singapore.
Risk management manager: these individuals evaluate, dissect and handle the safety, financial, and security risks that an MNC will have to face regularly. They also prepare emergency plans and are in charge of risk management controls. The median monthly earnings of these individuals in Singapore are 11,200 SGD.
Business houses hire audit managers to help handhold audit and scope audit frameworks, execute risk assessments, train and support junior audit staff, and identify areas where improvement is needed.
Those with experience of between 5 and 10 years in carrying out such responsibilities earn a median salary of $12,718 SGD per month.
In Singapore, marine superintendent engineers earn the highest wages in the engineering field.
They generally enter into this profession as junior shipboard engineers to later become marine superintendent engineers after 4 to 5 years. Their average monthly salary is about 6,800 SGD in Singapore.
Professors in universities earn around 11,900 SGD per month on average. Their responsibilities extend beyond teaching. They need to perform scholarly research, findings of which are, at times, presented in journals or conferences. They also publish books, besides managing administrative activities.
To be eligible for these in-demand jobs, experience teaching as assistant professors at the university level with a recognized degree and doctorate in the relevant specialty is necessary. It will help if they have had significant experience in research.
Sales & Marketing Sector
Regional sales managers: They are responsible for growing the sales of their products/services. Their core competencies must include business ingenuity and analytical skills. They net a median salary of 10,500 SGD.
Singapore has been increasingly focusing in the recent past on precautionary and community care to fulfill the demands of a progressively aging population. General practitioners are expected to be patient-centered in their approach. They earn a salary of 12,300 SGD per month.
They can become family physicians after undertaking postgraduate training in the Graduate Diploma of Family Medicine or after gaining significant experience that is recognized by Singapore government authorities.
Meanwhile, specialist medical practitioners can earn a monthly salary of 12,591 SGD. They need to have spent a minimum of five years in a medical school and must have been a resident in a hospital for a considerable period. In Singapore, the Specialists Accreditation Board (SAB) grants specialist accreditation. To know more about the specializations that the country requires in 2022, visit the website of Singapore’s SAB.
If you are looking to migrate to Singapore, get in touch with Y-Axis, the World’s Premier Overseas Career Consultant.
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