Industries with Highest Proportion Earning 5-Figure Monthly Income
 

Which are the industries that pay the highest monthly salaries?

In this post, we'll look specifically at the industries that has the highest proportion of employees making $10k or more in monthly income.

The results are derived from recently released data from MOM.

At number 1, we have "Financial & Insurance Services". A whopping 17.3% of employed residents working in this industry are making $10,000 & over in gross monthly income. The income includes all bonuses.

In contrast, the proportion of such high earners across all industries is only 4.7%.

At number 2, we have "Professional, Scientific & Technical Services". But only 10.4% here are making 5-figure salaries a month.

Coming in close at number 3 is "Information & Communications", with 10.0% making $10k+ per month.

There you have it. The top 3 industries.

Does it mean that if you're in these industries, you'll have a higher chance of making $10k+? You think so? ...

See also my post on top paying industry half a year ago.

Reference: Statistical Table 58, Report on Labour Force in Singapore 2007, Ministry of Manpower (link)

http://www.salary.sg/2008/industries...onthly-income/

874
 

Hi, could you elaborate further on "Professional, Scientific & Technical Services"? Any examples?

875
 

little, these are my examples: accountant, HR consultant, and research analyst.
See the following for more examples:
http://www.singstat.gov.sg/statsres/...c/sect%20N.pdf
On SingStat's SSIC2005 classification:
http://www.singstat.gov.sg/statsres/ssc/ssic2005.html

876
 

Thanks. That was a pretty quick reply! By the way if you don't mind me asking, what job & industry are you in?

883
 

To admin: IT engineer belongs to "Information & Communications" industry.

885
 

IT, yes, you are right.
little, let's just say I'm in the 3rd industry.
Thanks for your support.

1168
 

I bet the Admin forgotten our local aviation industry as well.

RSAF and Airline pilots also rack in 5 figures salaries as well. With their company bonuses, They bring home high 6 figures annual packages as well.

2001
 

Not forgetting that those pilots with the high salary get to travel around the world at the company expenses.... However, it is a high risk job so... what can we say...

Haha ... they will tell you flying is statistically much lower risk than driving a vehicle on land! :) I would say it is high responsibility.

Where else do you get two "drivers" (pilots) and have auto-pilot once you are up in the air? AND get pretty girls serving drinks to you. haha.

Oh yeah, and not forgetting those private 'induction programmes' for young nubile stewardesses.

actually to put the discussion into perspective, it is the type of job you are in that determines what salary you are getting now.

The risk, the knowledge involved and the career lifespan, I would say are the 3 key factors.

Risk - if the job is risky, say working in the refinery, there will be a premium in the salary associated with this.

Knowledge involved - if the job requires an intrinsic knowledge that you possess, there again is another premium tagged to your salary

Career lifespan - if this job only lasts 10 years, take for example a footballer, there has to have a premium to encourage someone to take this career path.

Not sure if everyone agrees?

You're probably right but I believe there's another factor missed out:
Value of your output - Private banker earns more than a personal banker could be due to more knowledge required but could also be due to higher revenue the private banker earns for the bank than a personal banker can earn for the bank.

may i add in oil/gas industry as well. I am pretty sure that they are generous paymasters...especially with the huge profits they earn annually..

I'm surprised that Information & Communications is #3. I've been in the industry for almost 10 years and I think the upside of the industry is limited!

Coming in close at number 3 is "Information & Communications", with 10.0% making $10k+ per month.

I am sure this is the general rule...

But I totally do not agree for the electronics engineering sector.

"if the job requires an intrinsic knowledge that you possess" :
you are most likely NOT going to get a premium because, if you know that knowledge you probably duno many others, your boss knows no one/very few will hire you for that specific knowledge and your pay will be crapped.

"Career lifespan - if this job only lasts 10 years, " : Coding skills are skills that have an expiry date, but yet coders are paid peanuts. A 40years old programmer with 20years coding in BASIC is no better than an ITE student when it comes to coding java.

Consider all factors and make your choice wisely...

Yeah, best jobs are those where supply is artificially limited like doctors and lawyers where even the average performers are very well paid. The rest feel the effects of globalisation much more

Bump. 10 chars.

tertiary acad staff (in mid 40s) should have no problem hitting $150kpa (all in). Not say excellent, but not too bad.

Not true at all - they don't bring home high 6 figures annual packages.

I agree. Both my brothers are pilots, 1 with SIA Cargo and another with SIA passenger.

If you are a senior pilot, then yes $20k/month possible. but to earn that amount you already have 1 foot in the grave.

A mid 30's commercial airline pilot will earn $280k/year including bonuses.

Same commercial pilot in 50's will be getting $420k/year including bonuses.

Nowhere near high 6 figure salary.

Hedge fund managers, private equity financial consultants, oil traders, oil brokers, are all in the high 6 / low 7 club.

Every industry will have a few positions pay very high and the others lower. I think if you count overall by average oil & gas should have the highest propotion of high payers & genrally pay highest for all positions.

Banking is just a few usual investment position pay high, the rest is average or above average.

I'm a research analyst in bank. I fulfill both one n two!

There are 2 groups of people in oil and gas that I find make generous salaries. First is the traders, who generate huge profits for the companies and see some of that back in their bonus. Mid to high 6 figures p.a. is common. Second group is the blue collar refinery workers, who get various OT and allowances that pay them well despite relatively low educational qualifications (eg. degrees not necessary).

Based on sector average, agree that O&G pays very well. Finance and banking professionals also earn good wages, but really depends on your seniority and skillset. Retail banking for example isn't so lucrative.

Hi all, I am in the healthcare industry and recently offered the a job (it's my 2nd job after grad). Although I graduated from local Uni, the salary I am offered is only a 1.6% (yes, one point six percent) increment of my previous salary. Is this normal? Or am I getting shortchanged?

don't bother to switch unless pay more than 10% increase...

1.6% might as well stay put

You're 3.5 years late with your words of wisdom. Troll?