Financial Services Pay Highest - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Financial Services Pay Highest

Reply
 
Thread Tools
  #1 (permalink)  
Old 05-11-2007, 10:46 PM
Salary.sg
Guest
 
Posts: n/a
Default Financial Services Pay Highest

In my previous post, I highlighted that the services sector is surging ahead in terms of employment growth. In this post, I will show the salary data for the various industries within the services sector.

The data come from the just released Monthly Digest of Statistics published by the Department of Statistics.

In particular, I used the average monthly nominal earnings per employee, and calculated & ranked the averages for the 4 latest quarters (from 2006 Q3 to 2007 Q2).

Singstat says that the nominal earnings are "computed using data from the CPF Board" and include "bonuses... but exclude employers' CPF contributions."

For those who doubt that CPF knows your monthly pay, rest assured that your employer is required (by law) to submit your wage info to CPF Board.

My findings. The Financial Services industry has an average monthly earning of $6,565, which is more than $1.6k higher than the next best industry, the Information & Communications industry ($4,891). The worst is Hotels & Restaurants at $1,413.

There's also a bump in the 2007 Q1 data for Financial Services (i.e. the $8,227 figure). I believe this can be attributed to the fat bonuses that bankers and VPs got at the beginning of the year.



http://www.salary.sg/2007/financial-...s-pay-highest/

Reply With Quote
  #2 (permalink)  
Old 06-11-2007, 03:19 PM
at82---
Guest
 
Posts: n/a
Default 521

Any idea what is the median wage for each industry?

Reply With Quote
  #3 (permalink)  
Old 06-11-2007, 06:53 PM
admin---
Guest
 
Posts: n/a
Default 522

at82, I haven't come across such data. But my guess is that the median is usually lower than the average (which is often skewed by stratospheric outliers).

Reply With Quote
  #4 (permalink)  
Old 09-11-2007, 02:12 PM
ugene---
Guest
 
Posts: n/a
Default 528

Does this take into account bonuses?
Reply With Quote
  #5 (permalink)  
Old 09-11-2007, 04:52 PM
admin---
Guest
 
Posts: n/a
Default 529

ugene, yes bonuses are taken into account. The "nominal earnings" are taken from CPF data and include bonuses.
Reply With Quote
  #6 (permalink)  
Old 19-11-2007, 09:00 PM
kris---
Guest
 
Posts: n/a
Default 576

I've always felt that the statistical figures for financial services sector were grossly misrepresented, simply because I presume that the main contributory factor in elevating the wage figues in finance sector came from sales of financial products, which in my opinion, should be classified under a different category as opposed to finance. Just like the wages of an accountant/FX dealer in a construction/commodities firm do not fall under the categories of construction and manufacturing sectors, sales of investment products should not be classified under the financial sector. No offence to the 'front office' personnel since they're the ones bringing in the 'dough', but such misrepresentation does not truly reflect the situation in the finance industry for those engaged in real financial work, not sales.
Reply With Quote

  #7 (permalink)  
Old 21-11-2007, 11:08 PM
admin---
Guest
 
Posts: n/a
Default 583

kris, are you very sure the figures are skewed only by the sales people?
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 23 06-08-2017 05:46 PM
Highest paying jobs Salary.sg Income and Jobs 16 05-04-2010 03:55 PM
Biggest pay jump in real estate & financial services Salary.sg Income and Jobs 1 16-08-2009 03:47 PM

» 30 Recent Threads
ST Electronics ( 1 2 3... Last Page)
1,037 Replies, 279,654 Views
GovTech Tech Associate Program... ( 1 2)
12 Replies, 3,529 Views
anyone work as trainer with...
3 Replies, 1,976 Views
How much a plumber earns?
0 Replies, 38 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,514 Replies, 1,001,567 Views
Mid-Year Civil Servant Bonus 2020 ( 1 2 3... Last Page)
105 Replies, 27,182 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
1,786 Replies, 533,377 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
1,045 Replies, 832,388 Views
I need advice
4 Replies, 681 Views
Career as Teacher ( 1 2 3... Last Page)
2,947 Replies, 1,808,404 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,454 Replies, 2,047,555 Views
Job offer from Apple ( 1 2 3... Last Page)
492 Replies, 108,163 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,795 Replies, 1,177,260 Views
Compare civil service salary ( 1 2 3... Last Page)
10,892 Replies, 6,021,461 Views
Business / System Analyst
2 Replies, 996 Views
Feeling helpless, need advice... ( 1 2)
19 Replies, 6,518 Views
MAS : Mid Career Professionals ( 1 2 3... Last Page)
234 Replies, 145,138 Views
Lawyer Salary ( 1 2 3... Last Page)
9,726 Replies, 3,169,286 Views
HSBC Graduate Programme 2021 ( 1 2)
16 Replies, 2,444 Views
Job Application with MOE... ( 1 2 3... Last Page)
251 Replies, 230,441 Views
Enterprise Singapore hiriing... ( 1 2 3... Last Page)
122 Replies, 47,235 Views
How much are you earning per annum? ( 1 2 3... Last Page)
12,087 Replies, 3,881,525 Views
How much do you need to retire... ( 1 2)
13 Replies, 2,523 Views
GovTech career grade ( 1 2 3... Last Page)
134 Replies, 168,199 Views
Banker or Financial Advisor Career...
9 Replies, 1,187 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
157 Replies, 40,488 Views
Engineer Pay ( 1 2 3... Last Page)
145 Replies, 54,072 Views
Roles in accenture singapore ( 1 2 3... Last Page)
422 Replies, 276,687 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 11:04 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2