Highest Paying Jobs in Singapore For Foreigners - 2024 Update
Singapore is a country with a booming economy, exceptional childcare and education systems, and its multicultural setting. People from all walks of life are here right now in the country, living and working together.
And who wouldn't want to live here? The low crime rates, the low tax rates, and the fact that there are business opportunities abound means that Singapore is a great place to be in right now.
Even if you're not an entrepreneur moving into the country, Singapore is still one of the best countries to work in. Its median wage is ranked highest globally, meaning you have more disposable income for you and your family. Granted, Singapore is also more expensive than the other Asian countries. Even if your salary is five-figures a month, the costs of living are relatively high.
But before you pack up your bags to find a job in Singapore, be sure that you understand just how their system works and what industries are the popular choices for foreigners and non-native Singapore residents.
Are You Eligible to Work in Singapore?
Before we proceed with finding a job in Singapore, it's essential to understand that you need to be eligible to work here in the first place.
According to the MOM or Ministry of Manpower:
"All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work."
You see, some permits require a minimum qualifying salary, so while you could land a part-time job here, you need to make enough money to qualify for these passes.
There are different work permits and visas in Singapore, so be sure you get the right one for you.
Professional Work Visas
Employment Pass: In terms of EP eligibility, an employment pass is granted for foreign professionals who're earning at least S$4,500. The new qualifying salary will be increased to at least $5,000 from September 2022. Current EP holders who want to renew their EPs will also need to meet this revised salary criteria in September 2022. Please refer to our detailed Employment Pass guide for reference.
EntrePass: This is granted for foreigners who want to start a new business in the country.
Personalized Employment Pass: PEP is intended for existing high-earning EP (Employment Pass) holders who want more flexibility.
Skilled and Semi-Skilled Workers
S Pass: S-Pass is a work permit for mid-level skilled staff and technicians. The minimum qualifying salary is S$2,500. Note that the new qualifying salary will be increased to S$3,500+ which will be effective from Sep 2022 for new applications and Sep 2023 for renewals.
Work Permit for foreign workers: This is a permit for semi-skilled foreign workers belonging to the construction, marine shipyard process, or services sector.
For more information, check out the Ministry of Manpower's Sector-specific Rules for Work Permit.
And without stating the obvious, specific fields will also require professional registration for people going into the medical, legal, and accounting sector.
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How Do You Find a Job In Singapore?
There are different ways for foreigners to find a job here in Singapore. If you're coming in here on your own and without personal acquaintances, you may be able to use one of these tactics:
Job boards
Referrals or professional network
In-house recruiters
Recruitment agencies
Job Boards
Job boards are good to use if you're already here in Singapore and don't need a job urgently. What we mean is that you are already currently employed and earn enough to apply for the work permits.
The job boards are slow and not that efficient unless you're looking for something specific or that you have experience in a particular field or industry.
Referrals or Professional Network
The most common and most effective way to find a job is to ask around. Spend some time in the city and get to know the people. Pre-Covid days, the best way was to visit the country in short stays and to attend professional conventions organized by LinkedIn, Internations, and similar organizations.
Note that Singaporean companies will always prioritize Singaporean citizens, which isn't due to cultural preferences but rather due to government regulations.
In-House Recruiters
In-house can be your best friends when it comes to finding a job here in Singapore. An excellent place to start looking for these recruiters is LinkedIn. If you want to take this further, you look up various hiring managers and recruiters and connect with them directly. In the search field, type in "Company Name" and "Singapore". You'll see the list of companies currently looking for positions.
Recruitment Agencies
Recruitment agencies, such as Michael Page or Robert Walters, are great to connect with because they're associated with many companies here in Singapore. They can quickly help you find a position in a company.
What Is the Expected Salary?
Singapore is known to have the highest median salary in the world.
The average salary in Singapore is S$67,152 (converted to about US$47,740) annually (as of March 2020).
To put into context, the real median personal income for the USA just last year was $35,977, with a median salary of $49,764. This is already considered middle-class income in the USA.
The highest-paying industries in Singapore are Finance and Banking, Accounting, IT, and healthcare.
Here's an excellent example of annual median salaries for various jobs in Singapore based on PayScale.
CEO - S$269,164 average
Automation Engineer - S$51,712
Research and Development Manager - $91,562
Project Manager (Unspecified/General) - S$78,394
Caveat: Costs of living are high in Singapore, but it's not a significant concern if you want to start working here.
The Thriving Job Industry in Singapore
These are the industries known to have high-paying jobs, with several examples for each of them.
All average salary figures are taken from PayScale.
Please take note that the jobs listed in these examples are here based on their salaries. There are going to be other jobs in the industries listed below that provide competitive salaries.
This list is also not the end-all, be-all of the best jobs in Singapore for foreigners.
Engineering Industry
Experienced engineers with specializations enjoy a hefty monthly salary in Singapore, especially for particular industries such as the chemical industry and aerospace industry.
Construction project managers and commercial property developers earn between S$6,836 and S$9,000 a month.
Marine Superintendent Engineer
Median monthly salary: S$10,464
These engineers are responsible for the safe and efficient operations of commercially-owned and managed vessels. Known to be the highest earners in the engineering industry, Marine Superintendent Engineers earn as much as S$10,464. They start as junior engineers and could land that position in as little as five years.
To become a Marine Superintendent Engineer, you need to be a graduate of a Marine Engineering course with a company's experience. The right school here that provides such courses is the SMA or Singapore Maritime Academy. If you have a background in engineering, you can take up conversion courses that will allow you to join the marine engineering sector.
Engineering Director
Median monthly salary: S$15,550
Engineers with experience in management are in high demand in Singapore. Those with 15 years' worth of experience or more can easily rake in close to S$200,000 a year. Their management experience, combined with technical expertise, is what makes them so valuable in the country.
Quality Control Manager
Median monthly salary: S$7,152
Quality control managers working in manufacturing and engineering is always in demand. These are the people responsible for ensuring that the products follow government regulations and compliance policies to ensure quality and safety.
Finance Industry
As mentioned earlier, the finance industry is home to the most high-paying jobs in the country. As businesses continue to grow and thrive even amidst the pandemic, the need for professional financial services also increases. Experienced financial professionals can expect to earn between S$15,000 and S$50,000 a month.
Treasury Manager
Median monthly salary: S$7,613
Treasury managers are responsible for a company's financial assets, and they keep a close eye on their organization's liquidity, risk management, and investments.
You need to have a bachelor's degree in business, finance, and related fields, with more than five years of experience in the Treasury function. It would also help you a lot if you're a certified Chartered Financial Analyst or Certified Treasury Professional.
Financial Manager
Median monthly salary: S$8,115
Financial managers in banks and insurance companies are responsible for assisting executives in making decisions regarding their finances. These people are logical and analytical and need to be able to communicate effectively.
They are also responsible for creating strategies and developing the long-term financial goals of the company.
Securities, Foreign Exchange, Finance Dealer or Broker
Monthly median salary: S$10,091
A dealer is an individual who works using their name and carries out trades on their behalf and for their profit. A broker does the same thing, but on behalf of clients and other companies.
And this has nothing to do with the entertainment industry or anything illegal.
Securities and finance dealers and brokers carry out security market transactions, which is the buying and selling tradable financial assets (i.e. stocks, currencies, options, etc.) based on supply and demand.
Depending on what investments are carried out by a dealer or broker, they easily take a five-digit monthly salary even with less than five years' experience.
Fund or Portfolio Manager – up to $18,750/month
Monthly median salary: S$10,833
Individuals who are good with numbers and with a keen eye for detail should be interested in a career in fund management or portfolio management. Fund managers or portfolio managers work together with research analysts and market analysts to make investment-related decisions based on the current financial market. This is done on behalf of a private HNWI (high-net-worth individual) or a corporation.
Healthcare Industry
Much like engineering, healthcare professionals are always in high demand and with this demand comes competitive high-paying salaries.
Salaries for healthcare management professionals are even higher. For example, a managing director can easily earn S$8,000 a month.
Managing Director in the Health Sector
Median monthly salary: S$32,500
Combining technical skills in healthcare with organizational management can land you a high-paying job as a managing director operating in the health sector.
Singapore is the fastest expanding biomedical country, so it needs a constant influx of skilled employees. And with this surge of employees, you also need people to manage them.
General Practitioner/Physician
Median monthly salary: S$7,083 for GP
Singapore is shifting towards community and preventive care to meet the growing demands of the increasing ageing population. These general practitioners are the first line of defense for the people before bringing them to specialists.
Specialist Medical Practitioner
Median monthly salary: S$18,598
Opposite to GP's are the specialist medical practitioners. They have similar functions, duties, and responsibilities of a GP and can even practise as a GP if they choose to. The only thing that separates them is their technical skill and expertise in a given field of medicine. But to get into a speciality, doctors will need to go through additional years of schooling and residency for that speciality. A good example is a Doctor of Internal Medicine. They are responsible for the diagnosis and treatment of diseases and conditions that affect the internal organs.
IT Industry
Right alongside finance and healthcare, IT remains to be one of the most competitive sectors in terms of payroll. After all, technology just so happens to be one of the country's most vital sectors. It's no surprise that the companies behind Singapore's technological advancements are paying top dollar.
And take note, you don't have to be in the management positions to enjoy competitive salaries. Tech jobs such as UI and UX designers, app developers, and e-commerce experts can rake in close to S$7,000 a month.
Chief Technology Officer
Median monthly salary: S$15,261
Chief technology officers are responsible for creating technology that will help an organization grow externally. A CTO is a core person of a company, similar to the CEO and CFO's. These two positions earn six-figure salaries a year too.
IT Management
Median monthly salary: S$9,200
IT managers and professionals are the backbones of Singapore's continuing advancements in technology. They do a fantastic job of maintaining Singapore's status as an IT hub in Asia.
With more projects on the way, IT managers and specialists' experiences and knowledge are always in demand by the Singaporean government and private entities.
Executive Positions
These are the positions that are considered non-negotiable in any organization. These are the positions involved in an organization's daily operations and carrying out activities centred around their goals, mission and vision, and employees.
In House Legal Counsel
Median monthly salary: S$8,810
Legal counsels are different from lawyers even though they share the same degree of job responsibilities to avoid confusion. Legal counsels give legal advice for corporations and their clients, but they cannot solve their legal problems for them. Lawyers, on the other hand, can do those and more.
Legal counsels are responsible for drafting contracts and negotiations within the organization and ensuring that their clients comply with Singapore laws.
Managing Director or Chief Executive Officer – up to $17,500/month
Median monthly salary: S$22,852
As expected, CEO's or chief executive officers and managing directors take in the highest median monthly salary from this list. These two positions are the same and interchangeable in their responsibilities and duties to the organization. It's just the preference of title usage that separates the two of them. Entrepreneurs starting their businesses in Singapore can become CEO's, or if they are co-founders of a company.
Chief Operating Officer or General Manager – up to $18,000 per month
Median monthly salary: S$16,750
COO or chief operating officer is the CEO's right hand. He or she serves as the most trusted person in the organization by the CEO. Their task is to help carry out and oversee activities that affect the business's operations, policies, and administration.
Closing
These jobs are based on their monthly median salaries and should never be the most significant deciding factor in moving or working in Singapore. Whilst there are many foreigners who've built a career and home here, it's still up to you to take these numbers with a grain of salt.
Remember, you're not the only one applying for a job in a company. You will be going against a few others, including Singaporean residents. It boils down to how well you can make yourself stand out from the rest.
Frequently Asked Questions
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The average salary for a tax advisor in Singapore in 2023 is $90,000-115,000 per year (based on data from Indeed, Glassdoor and Morgan McKinley). However, the salary can vary depending on the individual's experience and qualifications. Tax advisors with more experience and qualifications can command higher salaries.
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Accounting roles in Singapore are highly regarded, with many top accounting firms in Singapore offering competitive salaries and benefits. Whether you're looking at audit, tax, or advisory positions, these firms provide excellent opportunities for career advancement and professional development. According to a recent survey by MyCareersFuture, the median monthly salary for accountants in Singapore is S$4,212. However, the top 10% of earners can command salaries of S$13,000+ per month.
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The highest-paying jobs in Singapore for foreigners span across various sectors, including the Finance, Information & Technology, and Healthcare industries. Notably, top-level executives in holding companies are one of the highest-paid professions. This position, typically a CEO or CFO, is responsible for making critical business decisions that significantly impact the company's financial wellbeing. However, these roles often require extensive experience and qualifications. Besides this, other high-paying jobs include IT directors, legal professionals, financial services directors, and healthcare physicians.
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The Singapore corporate income tax rate is 17%. This means that companies in Singapore have to pay tax on their profits. However, there are a number of tax deductions and exemptions available, which can reduce the amount of tax that a company has to pay.
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The highest-paying jobs in Singapore for foreigners span across various sectors, including the Finance, Information & Technology, and Healthcare industries. Notably, top-level executives in holding companies are one of the highest-paid professions. This position, typically a CEO or CFO, is responsible for making critical business decisions that significantly impact the company's financial wellbeing. However, these roles often require extensive experience and qualifications. Besides this, other high-paying jobs include IT directors, legal professionals, financial services directors, and healthcare physicians.