International banking heads take home highest salaries in financial sector

The average base monthly salary for this role can hit $33,000.

The heads of international banking divisions in Singapore are the highest paid amongst the financial services roles with an average base monthly salary of $33,300, according to the latest salary benchmark 2019 report by Michael Page.

Compliance directors and investment directors ranked as the second and third highest paid roles, with average base monthly salaries of $21,500 and $20,800, respectively. Rounding off the top five were business development director and head of corporate banking roles with an average base monthly salary of $18,750 each.

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According to Nilay Khandelwal, managing director of Michael Page Singapore, top talent in the financial services sector can expect salary increases of up to 20%, whilst private bankers, relationship managers, compliance managers and cybersecurity professionals are still in high demand thanks to the increased entrance of fintech firms.

“With an increased demand for skilled professionals in this sector, companies need to maintain momentum in the recruitment process to ensure a robust talent pool,” he said, adding that amongst the top financial services roles in demand are private bankers, venture capital (VC) investment professionals, finance managers and compliance managers.

Amongst the roles held in the VC and private equity (PE) segment, associate directors of investment can expect an average base monthly salary of $17,500, whilst alternative assets managers can expect to pocket $9,400 per month. Investment analysts can expect an average base monthly salary of $7,900.

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Due to the changing demand for roles and skills, such as a rise in back-to-middle office functions to include technological capabilities, Michael Page noted that these trends have led to a 5% increase in demand for talent over the last 12 months within the financial services industry. In line with this, the expectations of salary increase when switching jobs in similar industries are 10-20% for financial services talent.

“The demand for qualified financial services professionals in Singapore is steadily increasing, due to the nation’s strong overall business sentiment and as a result of Singapore’s efforts to become a tech hub with an increased focus on the fintech and e-payments sector,” he highlighted.