Higher starting monthly pay shocks fresh grads

Monthly salary for degree holders is S$2,678 for without Honors and S$2,882 for with Honors.

According to Hay Group‘s Fresh Graduate Pay Survey 2012 conducted in June, the average starting monthly pay for degree holders across the three qualification categories — without Honors, with Honors (Second Lower and Below) and with Honors (Second Upper and Higher) — is S$2,678, S$2,766 and S$2,882 respectively.

Here's more from Hay Group:

The survey, which drew participation from 79 companies across general industries in Singapore, showed that jobs in Engineering ranked at the top, commanding the highest average starting salary of S$2,777 per month for degree holders (without honors), followed by jobs in Research & Development (S$2,764 per month) and Merchandise Operations (S$2,742 per month). 

For diploma holders, jobs in Merchandise Operations command the highest average starting salary of S$1,934 per month, with Design/Creative jobs coming in second (S$1,915 per month) and jobs in Research & Development following suit (S$1,903 per month). The average starting pay for diploma holders is S$1,866 per month.

Mr Victor Chan, Regional General Manager (Singapore and ASEAN) for Productized Services, Hay Group said, "In spite of the high volatility of international financial markets and the economic uncertainty in Europe, companies in Singapore continue to engage in the graduate talent war. Employers are setting a higher benchmark for the starting pay package for fresh graduates this year especially for engineering graduates.

For diploma-holders who are considering investing in a degree, the Hay Group study shows that employers in Singapore place a premium of 48.7 per cent for average degree holders over diploma holders in terms of starting salaries. Meanwhile, the premium which employers place on a Master‘s degree over average degree holders is 11.9 per cent.

For Master‘s degree holders, the key determinant of their remuneration package will depend on the institution where they attained the higher qualification as well as the area of professional specialisation they belong to," said Mr Chan.