SMU Fresh Grads Make $4k to $10k
May 11th, 2008
Ok, not all of them.
The “Class of 2007″ of Singapore Management University (SMU) are getting higher starting salaries than their seniors.
According to the SMU employment survey, their salaries are 6.7% higher than the previous cohort.
Of the 618 survey respondents, 69 got high-paying jobs that pay between $4,000 to $10,000 a month.
And those who got distinctions in their degrees – namely summa cum laude, magna cum laude and cum laude – receive an average starting pay of $3,500.
Congratulations to the SMU Class of 2007.
But the sceptics among us know that results of such employment surveys are always to be taken with a pinch of salt.
Reference: Channelnewsasia article. See also my last year’s post on the previous SMU cohort.
but in 3 or 4 years time, unless space aliens land here on...
Cowboy Caleb – Do SMU Fresh Grads Make Really Make $4k to $10k A Month? Says:
May 12th, 2008 at 12:11 am
[...] my… this piece of news that SMU Fresh grads get starting salaries ranging from SGD4-10k, at an average of SGD3.5k made me laugh quite a bit [...]
wait and wait Says:
May 12th, 2008 at 1:27 am
With today’s high cost of living, average pay of $3500 is very little. As I have mentioned before, 15 years ago a MOE teacher with a good degree already earns a starting salary of about $3k. And things are so cheap compared to today. Please, today earn $3500… Something is wrong. $3500 a month cannot drive car, cannot buy house, cannot go travel frequently, cannot get married…
Maybe can if you don’t intend to save any money or if you buy everything with credit cards and chalk up purchases with 24 months installments.
WishBoNe Says:
May 12th, 2008 at 9:32 am
I so chose the wrong place to study! Should have gone to SMU!
motd Says:
May 12th, 2008 at 11:10 am
Then for those earning $1.5k per month = very poor.
Wish I was earning that kind of money.
wait and wait Says:
May 12th, 2008 at 12:11 pm
A 4 year university easily cost >$100k. This includes tuition fees, books & stationaries, lost of income for 4 years(assume $2k/mth,4 years = $96k), transport cost etc.
The recent chinese papers interviewed some beer ladies. They earn more than $2k a month including commissions. Sorry no offense intended, but if a graduate earns only $3k a month after spending so much time and money, he is worse than a beer lady.
wait and wait Says:
May 12th, 2008 at 12:22 pm
I see many people in the previous post of Get Rich Seminars that they complain spending $3k on a 5 days course but I don’t see people complain about spending >$100k and 4 years of a precious prime period of life on a university. Then only earn around a beer lady pay. Funny isn’t?
And please, don’t look down on beer ladies. One day they may become boss of a kopitiam. Remember that our Singapore’s David Gan was a shampoo boy when he started out.
Min Says:
May 12th, 2008 at 2:44 pm
Just posted a thread discussion on this
http://www.youth.sg/forum/showthread.php?p=31541
Anyways this is only true for 69 respondents. So ohwell.
Careerwork Says:
May 12th, 2008 at 2:52 pm
I think any U in order to boost and attract the number of students , will definitely claim that the starting salary is very high. SMU is relatively new and I view the news as an advertisement.
e Says:
May 13th, 2008 at 7:34 am
word on the street is that SMU grads are looked upon very favourably (I guess though if you were a top student from the other unis it would be the same).
Anyway, the difference between a grad and a beer lady earnings 2k+ a month is the option value and scalability attached to those earnings…
NTU Says:
May 13th, 2008 at 9:36 am
I am from NTU and my some of my peers are earning 2500 still after 3 years. I find it strange that if starting pay for fresh grads are more than 3K why wouldn’t their bosses tag their salaries to the norm? I would take SMU’s figures with a pinch of salt, remember their M is not just for Management, but for Marketing as well.
CJ Says:
May 13th, 2008 at 11:11 am
most of these students are in the blooming banking and finance industry. If you look at the starting pay, say, NUS sans art or estate faculty, I wouldnot be surprise if its high too. If you read deeper, its really about which industry you should be in.
cj7 Says:
May 13th, 2008 at 12:36 pm
NUS arts earning high pay? Even estate degrees dun earn that much – my friends in those majors either end up as teachers or analysts for estate companies.
David Seah Says:
May 13th, 2008 at 2:31 pm
News just wanna to convey a certain message to general public which local Uni grads got the best salary in today’s market.
Who knows, there could be some certain marketing agenda behind. What about overseas grads ? Why don’t they do a general comparison as well ?
wait and wait Says:
May 13th, 2008 at 5:44 pm
I have a friend from china and he says even if you have US$1 million in china, you are not even considered inside the “rich bracket”. You are only considered normal above average.
Today in Singapore, you earn SGD$3k a month and the journalist publish so proudly in the national newspapers for the whole world to see. My goodness! Please wake up SPH, don’t embarass Singapore!
SGD$3k a month live in Vietnam or Thailand can be comfortable.. Singapore? Ha.. That’s less than $100 a day. You go sakae sushi with your date already $60 gone. Please…
e Says:
May 14th, 2008 at 8:31 am
wait and see: i think your friend in china is deluded or from a very very priveleged background…
anyway agree with what most people say: i.e. it is the industry you are in that commands the pay. And since SMU is more skewed towards finance/business, you would naturally think they would get higher ave starting pay.
wait and wait Says:
May 14th, 2008 at 10:55 am
To e: Nope, the growth in China in the last 3 years or so was super phenomenal. The SSE composite index was around 1000 in Oct 05. It shot up to around 6000 in Oct 07! Yes, a small $200k investment grows to $1.2 million in just 2 years! And I am not talking about professionals picking excellent stocks. This is the market index! Any tom dick or harry can just close their eyes and buy!! You have no idea how much $$ the chinese made…
And here in Singapore we are talking about whether $3k or $4k a month is good pay. Please wake up SPH..
wait and wait Says:
May 14th, 2008 at 11:04 am
If I can still pump 1 litre of petrol for $1, buy a pack of marlboro at $5, buy a 3rm HDB for $100k, buy a new 3 bedrm condo for $5xxk then I will be convinced $3k a month is enough.
Anyway these are the prices in 1990, where a MOE teacher with a honours degree is already earning a starting pay of $3k per month.
Whatever Says:
May 14th, 2008 at 11:53 pm
“wait and wait”, I dunno what’s your issue with how you perceive university education as wasteful and your condescending view towards the value of money.
Yes, there are others who earn multiple times more than the average in this world, but COME ON, $3.5k for starting pay is really comfortable. This is not even considering the potential increments in the upcoming years.
So for God’s sake, please quit the ATTITUDE, and stop being in denial man.. SHEESH!
wait and wait Says:
May 15th, 2008 at 2:19 pm
Whatever,
I apologise if you are offended with my comments. Please don’t take it personal. Anyway I understand that a person’s salary is a very sensitive issue, and “讲钱伤感情”.
You have your view that $3.5k TODAY is enough. I respect it. I have my view that $3.5k TODAY is not enough. And very far away to make it to the national newspapers to be glorified. So it’s fair.
I never did say Uni education is wasteful. Salary aside, one can learn many other things in Uni. But here at salary.sg we are discussing about salary alone, aren’t we? And I am only commenting about the salary portion. If one earned $3.5k and keep quiet and be humble about it, it’s perfectly fine. But earning $3.5k to be proudly glorified in the national newspapers for the world to see? The earners are not wrong, SPH and the journalist is.
You are right, there may be potential increments. There can also be potential paycuts. Fair? Remember SARS? 911? 97 crisis?
It’s ok if you don’t agree, since its meant to be a discussion. If you are offended, I apologise again. Cheers!
al Says:
May 15th, 2008 at 6:07 pm
hi all, I’m an SMU graduate and hope to comment on this news. I would like to say that this news is both accurate and inaccurate.
First of all, not all SMU students responded to the survey thus who would respond? Those who earn higher pay.
Second, SMU is a business school with a LOT of students majoring in finance, and we all know much much banks pay their employees, EVEN with today’s financial difficulties.
Thirdly, as I have graduated and found a job, I also know of many of my peers’ and seniors’ earning powers. There are some who earns 2,400 a month and there are some who earns more than 10,000 a month. It really depends which industry you go to. The higher paying ones tend to be the banks, especially in investment banking, or the management consultancy firms.
So I guess, the news is accurate in a sense. I’m just not sure about the % of people who got the 4k-10k range. It looks right to me though. Approximately 20% of people I know are are receiving their first paycheck in this salary range.
Howcome Says:
May 20th, 2008 at 3:32 pm
I don’t get it. If you know that some of your seniors earn 2.4k (very low), and some earn 10k+ (very good), then you know that industry is the major factor in that, why don’t you all go to that 10k+/month industry?
Why are there still graduates going to the 2.4k/month industry?
Don’t tell me that it’s because you “love” the 2.4k/month industry.
Is it because of competition? In that case all the best, brightest students will surely go to the 10k industry right? Then why the summa cum laudes are still getting an average of 3.5k?
This 3.5k is average some more, meaning that, assuming some of the cum laude guys are earning 10k, there are a lot, lot more cum laude guys earning below 3.5k to bring the average down to 3.5k.
Which proves what I’ve suspected all along: when it comes to money, school smart doesn’t pay. Street smart and networking do
lekker Says:
May 20th, 2008 at 4:03 pm
I agree with some of what Howcome have said and here’re some fresh commentaries to that.
few things we tend to forget:
- the number of people earning that amount of money (little)
- the type of people earning that kind of money (high-profilers)
So when you hear a comment saying that I know people like them, and you hear the same from 20 other people, it is still highly probable we are talking about the same group of people.
Another thing about the choosing of industry. There’s a limit on the number of finance students in the school. Not everyone are summa cum laudes as well. Most of the students will not be summas going into investment banking or consulting. However, most summas will not be be taking up 3.5k jobs as well. And there you go, the natural distribution of valuable jobs based on academic rankings.
Lastly, Howcome talked about being street smart and having networks. That is probably the most important point of all. People whom I know earning in excess of 5k a month have gotten their jobs or interview opportunities due to their participation in competitions, be it academic or sports. Some gotten them just because they frequent particular golf courses. Guess what, you may need to be financially equipped first.
ugene Says:
May 20th, 2008 at 6:24 pm
Hi
I am a SMU alumni as well. Graduated 3 years ago. I believe al has given a pretty accurate summary of the situation for us.
Would like to comment on Howcome’s question below
Howcome:
“why don’t you all go to that 10k+/month industry?
Why are there still graduates going to the 2.4k/month industry?”
This is because the side of banks that pay so well, “the Front Office” is EXTREMELY hard to get in
because, as u have described already… everyone wants to get in for the pay… think that is pretty self-explanatory
eng60340 Says:
May 20th, 2008 at 8:56 pm
why study so hard ?
be a monk.
earn 600k+ per year.
——–
Straits times 20th may:
Top monk’s 2001 earnings – $660,000
AN ONGOING legal battle between a Buddhist temple and its former business partner has thrown light on the big pay cheques and business interests of its top monk.
A court was told that the Venerable Meow Ee, 41, of the Leong Hwa Chan Si Temple in the Novena area, had been earning $100,000 a year in the last few years; his bumper year was 2001, when he took home $660,000.
al Says:
May 20th, 2008 at 9:58 pm
lol. i read that piece of news as well.
Anyway, seriously speaking, why are we ‘jealous’ or ‘disbelieving’ of the 10k/month earners? I truly believe that most of them earned their rights to their remunerations. Knowing some of them personally, they are not only intelligent, they have sufficient EQ as well. Many a time, we often condemn a smart person for his/her arrogance and lack of friends. Well, these people are probably not in the 10k/month zone. And i’m not talking about commission-based salaries. So there, envy them but use them as a goal, not beating bags.
Second point, 10/k a month is not THAT high. Of course it’s crazy for a fresh graduate but just look at the little shops around Singapore. Some of them are earning in excess of 30k a month without any qualifications at all. My relatives, though low in education levels, own their businesses (in fixing cars, selling audio sets, selling PCs, hair salons etc) and still manage to stay in condos or private estate.
So my point is? If you can’t join the 10/k guys in investment banking or consultancies, start your own business.
wait and wait Says:
May 21st, 2008 at 12:41 am
Anyway the Straits times said the average pay was $3040. Not $3500. Can we have a poll? Is $3040 in today’s cost of living enough for you to live VERY COMFORTABLY? Pls give your comments. Btw, starting pay doesn’t mean your next year pay will automatically go up. Starting pay can also mean it might be your highest pay in many years to come. Not to think so is naive and inmature. There are only 2 guarantees in life; death and taxes. Salary is never guaranteed to go up automatically.
LYS Says:
May 21st, 2008 at 12:44 am
Pass degree pay
‘This is just about the $2,350 starting salary for graduates with a pass degree entering the civil service.’ MR CHU SINGFAT: ‘Singapore Management University reports that last year’s graduates’ average starting pay was $3,040. The top 20 per cent got $5,600 on average. This implies that the remaining 80 per cent got an average starting pay of about $2,400. This is just about the $2,350 starting salary for graduates with a pass degree entering the civil service.’
Howcome Says:
May 21st, 2008 at 12:56 pm
If by “very comfortably” you mean having a car, and all those other amenities that you mentioned, no need to poll everybody can figure out the answer already: no.
But “very comfortably” differs from person to person. What one thinks is very comfortable is not your idea of very comfortable. So just agree to differ lor.
Anyway like I said, if we use your definition, then no need to poll we all also know that it’s not enough.
al Says:
May 21st, 2008 at 1:08 pm
There are people who own flats, cars, wives and children living on a 3k salary. Of course, I guess they don’t take annual holidays in Europe or eat at restaurants every weekend. But like what Howcome says, it is sufficient for them; it’s a matter of managing one’s expectations.
For many of my friends with a polytechnic diploma (I was a poly grad), they are willing to slog the additional hours (shift work) for a monthly remuneration of 3k to 5k and believe it to be sufficient. For the friends I know in university, they find it to be barely adequate for ’survival’; having to ‘give up’ luxuries like insurance, investments, condominiums and cars. Different people have different needs and wants and the education system have nurtured this expectation in us, subjected to adaptations to our workplace environments.
Re Says:
May 21st, 2008 at 9:21 pm
It amuses with the stupidilty of certain replys around here with those comparing a SMU degree to a beer girl or a poly diploma perhaps they seem to miss out on the fact that 3.5K is a starting pay and a degree holder climbs the career ladder way faster than any of the former with limitless opportunties.
wait and wait Says:
May 21st, 2008 at 10:42 pm
By the replies, can I conclude that $3040 is sufficient only for survival mode (ie. enough to feed the family, have a small house and pay bills) and not enough for comfortable living? Yes, No? If so then what’s the big news that it needs to be published in the national newspapers? Should we feel sad or happy that one is earning $3040 after 20 years of education? I am only talking about salary itself, nothing else.
To RE, I think you look down on beer ladies. It’s also a job. Sell curry puff also can make $100k a year. Shampoo boy can also become millionaire celebrity(David Gan). Btw, I have a degree and I see myself as very normal. Degree only ma. Everybody have. Please be humble. I think you have forgotten about Sars. Yes you can climb very high, you can also drop very fast. Captain pilot with >20 years experience also can get retrenched by SIA during Sars. Anything can happen. You can call me stupid and other names, it’s ok.
wait and wait Says:
May 21st, 2008 at 11:08 pm
To know why many people with a $3040 monthly pay can “magically” buy so many things, read this post. Fantastic writeup.
http://muhammad-ridzwan.blogspot.com/2007/02/bankrupt-mat.html
Re Says:
May 21st, 2008 at 11:51 pm
To : wait and wait
Nah i didnt mean that, but im positive that a degree education is by no means wasted and unworthy of pursing. and im not calling you names
Howcome Says:
May 22nd, 2008 at 10:32 am
wait&wait, thanks for the link. Good writeup. My last two bosses get a 5-figure salary, and they don’t even have a car. No need, they say. MRT so good already. (Which I agree totally.)
wait and wait Says:
May 22nd, 2008 at 9:13 pm
My personal opinion is that one must earn at least $6k net take home monthly (about $7k before CPF) to comfortably own a small jap car (say corolla) without having to sacrifice the quality of life in other areas.
Therefore $3040 is definitely not alot. Since it is not alot, why is it in the newspapers? My wild guess is that it is a SMU advertisement. Why the chicken rice seller earning $3k to $10k per month not in newspapers?
e Says:
May 23rd, 2008 at 7:26 am
wait and see: its because its a starting salary, not a retirement salary… if you are still earning $3k mid career, then its nothing to boast about…
wait and wait Says:
May 23rd, 2008 at 1:52 pm
Hi e, pls read my previous comments on starting pay. Last year some new condos are launching their units at about $1000 psf, this year the same condos launching the remaining units at about $900 psf. It dropped! Starting pay and property launching prices are similiar. Doesn’t mean next year will be higher. It can be paycut. Forget about starting pay or ending pay. If you earn $3040 today means you earn $3040 today. Period. Tomorrow we might die of earthquake. Who knows what will happen 10 years later?? Do you understand what I mean? Cheers!!
Bronan Says:
May 23rd, 2008 at 3:13 pm
Its clear that salaries only go up and not down unless in a rare situation, do compare the chances. $3040 starting pay is really high btw
wait and wait Says:
May 23rd, 2008 at 3:19 pm
Property prices only go up and not down? Sure? Haha..
al Says:
May 23rd, 2008 at 3:29 pm
Let’s not go off-topic. To wait and wait, I believe some of the comments that salary will indeed go up is not at all ridiculous. Most salaries do incrementally increase, though the rate of that increment is highly variable.
In the end, it boils down to the industry again. Marketing or accounting graduates may get a starting pay of 2.4k to 3.3k but it is statistically shown that in 10 years (if you do perform), a marketing director is capable of earning more than 10k a month. A full-time property or insurance agent may take home basic pay of 2k a month but their commissions enable them a 5-digit remuneration once they secure their client base.
Potential benefits of one’s career is probably not going to decrease if one is willing to work hard. The net present value of future salaries however, would depend on the industry that one is in.
wait and wait Says:
May 23rd, 2008 at 3:39 pm
You earn more because you create more value. You don’t earn more automatically without doing anything more. That’s my message. Chicken rice seller earns more because he sells more plates of chicken rice. Or because he opens more branches. He don’t sleep and wake up suddenly earning more.
Engineering and Technology Careers are Not Valued - Singapore is “High Cost Low Tech” | Salary.sg - Your Salary in Singapore Says:
May 24th, 2008 at 12:23 pm
[...] at Salary.sg – Your Salary in Singapore « SMU Fresh Grads Make $4k to $10k [...]
Howcome Says:
May 24th, 2008 at 1:01 pm
al, the key phrase is “if you DO perform”. I’ve been working for more than a decade now. When I go for reunions with my schoolmates, some of them have soared so high, and some of them, like wait says, are still earning 4-5k, and that’s from their single-digit percentage yearly raise in the same company.
I totally agree with wait’s “you don’t earn more automatically without doing anything more”. You have to be aggressive, perform, and sell yourself like mad, and jump when you see a good opportunity.
I have this friend who works as a programmer. He is very good at bullshitting and bluffing his way through interviews, but he really got exposed when he joined the bank I worked for.
He was then fired, and since then his salary has gone down from job to job (he kept getting fired), till he had to go back to his first company. Apparently the first company was operating at such a low level that his incompetence was never exposed. He is a hard worker though! Just the brains are not there (brains to do the real thing–brains for bluffing are fully there).
Quite poor thing–at nearly 40 he has no assets whatsoever, and his savings are in the low 5-digit range.
peanuts Says:
May 25th, 2008 at 12:13 pm
My econ prof. at my LAC once told me that if the ibanking sector is so good why do they need all the advertising?
mango Says:
May 25th, 2008 at 3:04 pm
peanuts: you sure ibanking even advertises? it’s the unis that are advertising. if that’s indeed what your prof says, he doesn’t know what he’s talking about.
al Says:
May 25th, 2008 at 9:51 pm
hmm.. i don’t think ibanking advertises.. the only time I hear of ibanking work in the media are the few sentences in Business Times stating so-and-so bank managed this M&A or IPO etc..
peanuts Says:
May 26th, 2008 at 12:44 pm
mango: Perhaps I am outdated. The last time I was back in Singapore and saw that advertisement by a BB was June 07. Also, I don’t study in Sgp lah.
Poor Gal Says:
May 29th, 2008 at 11:50 am
I work in a bank: pay > $5000.
I have 2 Masters, years of working experience.
But No car, no children, live in HDB.
And I am feeling poor.
Because if you think about feeding yourself til the day you die and cursing that your life ends at age 80 max, you would know that ‘living comfortably’ means having to save the $$$ for rainy days, and you can only do so in less than 20 years.
Good luck to all. Owning a car? That is suicide.
Notti Boy Says:
May 29th, 2008 at 1:58 pm
A starting salary of 3.5k is indeed very good, although i do get your point that it’s not “fantastic” to the extends to be publish in the paper. To me, when i just gotten my 1.7 starting salary few years back, i feel rich enough to live comfortably + save a decent amount + giving some to my parents. I guess it’s all about how you spend and save bah.
jer Says:
May 29th, 2008 at 5:46 pm
i think 3.5k is rather high for a first pay package. just consider this: the median family income of families in sg is only 5+k. if one earns 3.5k, the family income will be 7k already. means as long as it is a smu grad couple, they will be above the sg median. and this is not considering that their income will very likely increase. could easily be 10k, 15k when the couple get married.
if single and still living with parents, 3.5k is more than enough.
al Says:
May 29th, 2008 at 6:03 pm
just a note: remember it’s not just smu grads now; ntu and nus students are commanding similar salaries (see recent articles)
and regarding being above the median income, i personally don’t see it as something really amazing or ridiculous. after all, that’s the purpose of attaining higher education: high career prospects. (assuming we put in effort in our work)
meanwhile, let’s not go into a debate about self-made millionaires in selling char kway teows, insurance or property and just concentrate on a generalistic view.
wait and wait Says:
May 29th, 2008 at 6:03 pm
In the previous topics of financial advisors and property agents earning easily $20k a month, there are many comments saying it is because these few years the market is good and many predict that they won’t earn so much when the market drops. Don’t you all realise that a $3k to $4k starting pay is also because the market is good, and most probably may drop when the US goes into deeper recession? It’s the same. Please treat the market as a whole, because when sh*t hits the fan, everybody gets it.
Nicholas Says:
May 29th, 2008 at 7:47 pm
wait and wait, I notice that you like to give extreme and seemingly arrogant comments about salaries and careers. I also notice that you’ve been writing lots of comments. Just wondering how much money you make a month? Frankly speaking, the rich and high flier friends I know do not just sit in forum and complain all day long. They take actions to earn more money, regardless of whatever industry or uni. And pls don’t think that people have to flock to the industry that pay the best. Every industry is operating on the basis of profit and loss. And majority of the resources ll be allocated to the best people. So if you don’t prove to be the best in your industry, be it banking or whatever, you will not be paid well in the long term too. I suggest that we spend more time carving out a niche in our respective industry instead of arguing here.
NBS Graduate of 2007 Says:
May 30th, 2008 at 1:40 am
I dont believe the averages but I attest for the top range. I personally know people earning above 8,000. Investment banking and consulting jobs start above 8,000 p/m basic. If you get posted overseas, expect over 10,000. And thats not including bonuses yet. Expect a combined salary of 180,000 (inc bonus) as a first year IB analyst at any of the bulge bracket banks. For NTU’s average, I dont think they should be doing a combine avg for both Accounting and B&F students. Done that way, it’s just not an accurate comparison. From what I see, having graduated in 2007, the average pay for students joining the banks are 3-4k. Big 4 pay is fixed and standard, that’s 2.4k starting.
NBS Graduate of 2007 Says:
May 30th, 2008 at 1:51 am
I think comparing SMU vs NBS (NTU) in terms of starting pay is not very accurate. But if its starting pay everyone is comparing, there is a need to point out that NBS students graduate in 3 years compared to SMU’s 4 year course. Employers don’t value that extra year at SMU in terms of their offer. A 4 year SMU business grad is treated similarly to a 3 year NBS grad. In other words, a person choosing a course at NTU would have saved 1 year worth of sch fees, receive 1 year more of work pay, + 1 annual increment, + annual bonus, than if he had chosen a course at SMU. So, if its really all money, going NBS and getting an Hons degree in 3 years is defintely the better choice as opposed to SMU’s 4 year course.
SmartTrader Says:
May 30th, 2008 at 5:37 pm
I think we have to look at this objectively, would you send your kids/relatives to NBS/SMU to spend 3-4 years and get a chance to earn an average of $3500 or perhaps even $4-10 K if they make it to the top of the class and has the aptitude for the top jobs? Also knowing that their salary will not hit a ceiling like a beer lady would (she will be limited by the number of customers at the place and how fast she can serve).
I know that given the current situation, my advise to my kids/relatives is if you have the interest and acumen, try and get a place in SMU/NBS. $3500 is not huge considering the higher cost of living, but the potential for growth is better than many other jobs. Also, going into business has a much higher chance of failure and is not suitable for many people.
My 2 cents
voi Says:
May 31st, 2008 at 12:54 pm
anyway the main reason for the news regarding smu grads getting 3.5k is cos it is a new school! it is trying to convey the message that even though nus/ntu have a long history of achievement and establishment in terms of reputation, smu students has caught up with them by getting almost similar first paychecks to nus/ntu grads. it isn’t becos 3.5k is a really darn high kinda starting salary that smu hit the headlines.
this increase in salary in such a short time may be becos smu is a management uni and in any industry the management brass always has fatter paychecks, especially in singapore’s service-oriented economy.
artix404 Says:
June 15th, 2008 at 10:24 pm
Gosh, how come I’m not earning that kind of $? Haha. I think the survey probably interviewed a lot of students going into financial and accounting professions. Marketing peeps are poor and overexploited people.
Half baked Says:
June 25th, 2008 at 10:59 pm
Hey NBS graduate 2007… How long can you expect to take home $180,000 pay packet as an investment banker? I think we should all know by now that banks, although they pay a lot, have a very very short employment lifespan. I.e don’t you expect to get that kind of salary constantly for the next 20-30 yrs. When the oil prices surge, markets react and retrenchment comes in, banking graduates are the FIRST to be retrenched… have you forgotten 1997 Thai bhat devaluation? I thought the top banks were on fire when scores of people were evacuated on the field at shenton! But it turned out to be retrenchment exercise.. SO know what? It is better to be a beer lady earning $2k for 30 years than to be an investment banker earning $180k for 2 years, get retrenched and bankrupt coz still owe money for condo and cannot pay…
To Half Baked Says:
June 26th, 2008 at 9:17 am
I would prefer to be earning $180k for 2 years. Not everyone is as imprudent as you describe.
Even with a comfortable lifestyle, it’s not hard to save half the income, unless you’re like the credit card promoter mentioned somewhere in this site.
With $180k in savings, you can do investment (things are cheaper in a down cycle), or start a small business, or even go for a $2k job for the next 30 years if you don’t mind.
Howcome Says:
June 26th, 2008 at 9:27 pm
Warrao, where got logic like that? Which one is better, earn 180k for 2 years and then earn normal 3-5k for 30 years, or earn normal, stable 3-5k for 30 years and never earn 180k at all, ever?
Half baked Says:
June 27th, 2008 at 5:27 pm
Aiya bros and sistas…. the end point is all the same.. It’s either make more $ now or spread evenly till later…. Maybe it’s not the job or the silly bachelors degree lah, if hawkers can make millions, bankers can be bankrupt and CEOs can resort to CBT because of gambling debts, then all I can say is life is either fated, or what we make out of it… Even sell water also can become millionaire… see?
still become billionaire… Ah Pek at peninsular plaza even better, down to 2 bucks use 1 buck buy TOTO ordinary, also kena 3 million…
Someone said… we must save money, and also invest wisely, but what happen to taiwanese semiconductor millionaire? He “tann” few million dollars and mortgage his house to start company, then become billionaire… Don’t think your banking graduate and investment analyst will ever say it’s a wise investment… But this chap last life did something right la, maybe
So itz not that impt how much you make at the start of the career after grad… there are 30-40 more years for us to fight and prove ourselves… and luck sometimes plays a part too… no need to bother all these things abt starting salary.. when it’s ours, it will be ours no matter what..
Howcome Says:
June 27th, 2008 at 9:21 pm
Half-baked, what the same? You make 1 million now you can invest and relax while you’re still young. You make 1 million when you’re 73 the most you can do is pass those to your kids only lar.
Of course if you want to look for examples of fate, out of 8 billion people on this earth, will ALWAYS got super unbelievably lucky people lar, uncle down to 1 buck got 3 million whatever… but it’s irrelevant to the huge majority of the people because that kind of luck do not happen to the majority of people.
We’re not talking about toto here, we’re talking about what we can do to get the highest salary possible within our line. Not about fate or whatever.
And what don’t bother about starting salary? Again of COURSE you want to look for examples you will find anomalies lah, like guys whose starting salary is 1k but thanks to FATE then suddenly he got a 900% increase or whatever.
But for the majority of people, your current salary will always determine your next salary. That’s the whole point! That’s why we’re working hard, that’s why we’re working smart, that’s why we’re networking, that’s why we’re visiting salary.sg! If it’s all come down to fate then salary.sg is not necessary already. Just relax if it’s yours it’s yours lor…
Half baked Says:
June 27th, 2008 at 10:56 pm
Bro Howcome… I think for majority of people, current salary won’t always derermine your next salary. Instead, Long term performance determines our future salary. And long term performance also depends on luck… For example if u studied the right course at the right time suddenly got shortage of your expertise; your boss kena accident and noone left to do the job so your CEO bo pian promote you… Or maybe your new Char Bor boss fell in love with you and gave you a high grade in your annual report… If the opposite happens, like the government scholar who screwed up and kena have to pay back bond money, maybe your salary still the same or worst kena have to quit… that’s where i think luck pays a part.
Howcome Says:
June 28th, 2008 at 7:35 am
I understand your point about luck Half-baked… what I’m saying is that since luck is something we cannot control, we should try to do things that are within our control. Such as working hard and smart, networking, etc. etc.
For instance my last two job jumping got me 35% and 60% salary increments before bonus. Was that luck? No, I attributed that to networking. True, I got my last 2 jobs from friends who just happened to mention it while we were hanging out having lunch. But it’s not luck. It’s networking. I am meeting up people, I am telling them I am looking. I didn’t just relax and let luck play the part.
I believe that apart from some super lucky people, we by and large create our own luck.
Have you read the book Luck Factor by this guy: http://www.richardwiseman.com/
Half baked Says:
June 28th, 2008 at 11:17 pm
Yo Bro Howcome, actually what you said was true, we must try our best to create opportunities and maybe a little luck… But sometimes people accidently kena rotten luck lah, like a pizza delivery man work very hard for 16 hours, give his best and always honest… maciam also take courses and upgrade english… On his way to promotion then suddenly one day a cyclist come in front of his motor kena langar and die.. Lan Lan get sacked because blamed for carelessness… So for the few years he slog also no use.. You know this kind of scenario quite common la..
observer Says:
July 1st, 2008 at 5:34 pm
are such benchmark figures just as filled in by SMU/NTU/NUS grads? i know of some jerks with mentality to quote out of this world figures for fun.
Reflections : Blog Archive : « SMU Fresh Grads Make $4k to $10k Civil Service Bonus mid-2008 » Engineering and Technology Careers are Not Valued - Singapore is “High Cost Low Tech” Says:
July 8th, 2008 at 2:40 am
[...] Singapore, the best JC students are attracted by glitzy ads and employment survey reports (see example) glamorizing the banking and finance industry and repeatedly highlighting that top dollars are made [...]
The Trader Says:
July 8th, 2008 at 6:47 pm
I’m pretty much amused by the whole load of funny comments that are present here. It tickles me at times when I see people who sound arrogant start being noisy. In order to command a high income, make yourself worth what your employers are paying. Furthermore, this is only but a starting income, people who start off with 2.4K a month might not neccessarily end up commanding a lower pay than those who were commanding a 3.5K. If you’re being paid for a start 3.5K with a pay increment of 300 annually, whereas a 2.4K having a pay increment of 500 – 800 annually, I don’t see why there’s no reason to choose the 2.4K job instead.
Howcome Says:
July 8th, 2008 at 10:03 pm
@Halfbaked, see, that’s my whole point: it’s pointless to worry about fate because it is OUTSIDE of our control. The only thing we can do is to do our best, and hope for the best!
Banker Says:
July 10th, 2008 at 1:17 am
This thread is hilarious. “Half baked” is sounding like a disgruntled cabby. The similiarities are remarkable!
1. Your current BASIC pay will always determine your next pay. Unless you decided to move into an entirely different role. And like “The Trader” has said, the company paying your next salary will price you on your perceived value.
Do your best. Whining and quibbling about fate will KILL your NETWORKING efforts. No one likes a whiner.
So let’s just leave it as that.
Wealth Journey Says:
July 10th, 2008 at 1:50 am
There are many ways to make more money.
The issue is are you creating enough value for people to want to pay you that much?
Yes. Please don’t complain and don’t Whine. It does you no good and it irritates successful people. No one wants to be around NEGATIVE Vibes!
Have you ever been around people like that? You think an idea might work, you are excited and eager to try it. Along come the “Negative Vibes” people who will throw you a wet blanket.. Telling you why it cannot be done , why you should not waste time doing it.
I don’t know about you. But instead of worrying about why you are not on the top of things. Why not use that time and energy to start thinking about how to increase your income or value in life? If you have an idea that might generate income, go ahead and try it. It’s better to fail and learn from the experience than not try and lead your life forever in telling your loved ones how you could have strike it rich if you had try that idea.
Howcome Says:
July 11th, 2008 at 1:35 pm
Exactly… many people are like this. They say “money is not everything” lah, “not all rich people happy” lah, “money will make you evil” lah, and all that crap. Best course of action is just to stay away.
Funny Topic Says:
July 12th, 2008 at 4:29 pm
Was reading through this and was wondering about some questions.
1. 3-4k is the basic starting pay in the bank?
Not really sure about this, I was with one of the largest foreign bank for a while, was offered 2.6-3k depending on my final honours. It was a front office position and its in corporate banking. So was wondering why do people says 3-4k is the starting pay for bank? And further more as a ibanker its not confirm that you earn 8k plus… ibank has a lot of areas, it depends on what you are doing ibanking,some of them only earn 3-4…
2. Banking is the most well paying sector to be in?
Don’t really think so as well, if you are in it just for the money, being a financial advisor is even better. I know this guy who is a financial advisor who claim that his annual salary was 750k three years ago. Anyway my point is there are other good paying jobs out there as well. For example: ship brokering, HR consultancy and the likes. Moral of the story is that there will always be better paying jobs and I hope that to all jobseekers out there: “deciding on a job is not just about pay.”
3. SMU grads earn the highest?
I do not really think so, for example I am a grad of NTU which publicise in the papers that 90% of the gaduates get job offers before they graduate. Personally I think thats quite untrue looking around my peers. Same as for this article, take it with a large pinch of salt. There might be people certainly who earn very high amounts, but certainly they are few and rare.
Anyway thanks to whoever will be reading my two cents of thoughts.
RAH Says:
July 14th, 2008 at 12:24 pm
Median is more useful than mean (average) for income survey due to the very high standard of deviation. For a mean of $3500, the median is probably as low as between $2500 to $3000. Not that much of a difference I guess, if it’s not lower than other Us.
wow Says:
July 14th, 2008 at 6:53 pm
It is definitely true that starting pay is something worth mentioning about. Rather than factoring ridiculous reasons such as luck of finding millions from the other floor tile, why not tell yourself that you dont want and need ‘luck’ given your talents. Now that sets the difference between SMU graduates and the other populaion
Everyone Says:
July 16th, 2008 at 1:16 am
It’s all just marketing talk. Job placement in the current economy shape is no problem. Almost everyone can get a job rather easily. So now they turn to starting salary as a way to further put themselves a cut above other varsities.
We know 10K/mth as a starting salary isn’t impossible and SMU happens to use their story as life example to tell you you can have your 10k/mth too. I am sure many other universities also have fresh graduates commanding that kind of salary, so really, it’s not the school that you get into.
Very short-sighted view but looks like it is working for the young people. Work with passion, learn and make mistakes. Money will come to you naturally.
Joey Says:
August 22nd, 2008 at 1:43 am
I am a curtin grad, results is mearly passable…Holding a Treasury post…Getting the $5k range…is currently 25yrs old. Am i considered underpaid? Expenses in spore getting higher, i drive, frequent expensive restaurants n hotels, drinks quite often, buys things without thinking, likes to give treats to friends…felt that $5k is just suffice to use, no savings…felt that i am underpaid…Anyone has good ideas on how to ask the company for more?
Worsty Says:
August 22nd, 2008 at 1:00 pm
Firstly, you’re a Singaporean?
Because 5k a month at 25 yrs old and male (assuming you’re male although Joey may be used for a girl as well) is very good salary considering that you went to a lousy uni with lousy grades.
Those in your age group that earns more than what you are drawing, are either in IB in UBS,Goldman,Lehman etc etc or pimping themselves doing sales (financial services,real estate etc) or broking (oil,bunker,money etc) jobs.
So if you are not lying about your pay, you should just learn to manage your income stream and expenditure alot better instead of asking your company for more because as it is,they’re over paying you already.
Ivan Says:
September 2nd, 2008 at 10:55 pm
Hi all i am from the 2005 batch graduate from SMU.
Just want to clarify not all graduates from smu earn $4k-$10k in their starting salary.
I am currently unemployed for 3 months. recent offer include temp job $8 per hour. The employers say i am over qualified for the job. Before that i did $7 per hr job in singtel shop promoting hp.
I am not giving up though, still trying to get perm job.
The statistics may just be a marketing gimmick, to lure more students to enrol.
like one guy said, nowadays the market is flooded with graduates. 7 out of 10 people are graduates.
The $4k-$10k may be true for pple doing sales, with their commission thrown in. But for govt jobs, there is a certain scale pay pegged to your degre certs. For example, say u have a honours degree n sign on police, as an ASP, u can earn easily $3.8k.
But in private industry, the starting pay will be lower, about $2-2.5k, but personally i feel $4k-$10k basic a month is too exaggerating
HCT Says:
September 12th, 2008 at 11:01 pm
I am amazed at some of the dumb comments here. 3k for a grad at age of 24 is a fantastic salary. Remember, his/her salary is not going to stay the same for ever. I started with one of the big 4 firm 12 years ago at exactly S$1850 per month. I was able to save enough (downpayment) to buy my first HDB flat with my wife in 3 years time. My annual salary now is in excess of 200K per year.
Work hard, stay focused and you will be rewarded.
5m10y Says:
September 12th, 2008 at 11:19 pm
That’s fantastic HCT. Care to share how long you’ve been working?
HCT Says:
September 13th, 2008 at 2:25 pm
I thought i mentioned ‘12 years’ ago?
btw, i am no longer with the big 4.
5m10y Says:
September 13th, 2008 at 5:43 pm
Alamak! Missed that particular bit
200k pa in 12 years, from 1.8k, is really awesome. Kudos! I’m in my 11th year–haven’t reached your level yet though
don Says:
September 13th, 2008 at 11:57 pm
HCT
That’s awesome, congratulations!
Btw I need some advice here. I am currently facing some dilemma w.r.t my degree choice. I have offers for law, acctancy or econs from the local unis. Dono what to choose
Is it true that the type of degree will determine your future remunerations? Cuz I like econs but many people have been urging me to do accountancy or law because they have greater career prospects. Should i follow my heart and do what I like or follow my head and choose the most lucrative choice?
Even if I do accountancy, does it mean that I will definitely be earning >200k like you afte 12 years? I am seeing more and more people with accounting qualifications such as degree, external degree,overseas degre, acca etc its really competitive in a scary way.
5m10y Says:
September 14th, 2008 at 7:13 am
I’m not HCT, but I’m 100% sure that just because you take accountancy doesn’t mean you’ll get 200k after 12 years. That comes with working hard, working smart, and networking. And/Or luck
In every field it’s like that lah. Just like IT, everybody says programmers are low paid, 7-8 years experience still paid 3-4k… I say either they don’t network enough, or they probably need to improve their skills. (And yes, there are programmers earning 6-digit with that kind of experience.)
HCT Says:
September 14th, 2008 at 4:31 pm
Accountancy – you won’t be starved. You will always get a job. The starting pay is lower (or among the lowest) but increment is high and more frequent. There are different type of ‘accounting’ careers. From Finance, Treasury, Tax, Internal Control, Accounting.
Laws – One of the highest graduate pay if I remember correctly. You must like it to be able to do well in it (same as any other professions really!). High stress level and working hours (in the ‘hard core’ areas).
Economic – Not very familiar with this, but i thinks folks with (good) eco degrees usually end up with good industries such as IB, or MAS or etc.
Accountancy is a safe bet as there is and will continue to be shortage of accountants. Where you start off your career is very important. Big 4 or Big MNC is highly recommended. If you start off with big 4, career path is very predicable. First year S$2k, by the end of the 6th year, you should be on $7k/mth. Bonus ranges from 3-4 months. Ie, total annual package around 100k. If you ask me, not a bad package for someone who is in the late 20s. If you continue to stay in big 4 and aim for partnership, man, the sky is the limit in terms of pay. Easily few hundreds Ks by the time you are late 30s. If you venture out to join commercial firms (eg, MNCs), you can become finance manager -> CFO -> Finance Director -> VP -> Overseas assignment….equally rewarding career IMHO.
Do what you like and follow your heart (Provided you know what you like…..:-). If not, do something safe and hear what the elders have to say (aka your parents). Obviously, if you hate numbers, then do go to accounting. Likewise, if you hate arguing, don’t go to law.
Hope the above helps.
HCT Says:
September 14th, 2008 at 4:32 pm
correction – if you hate numbers, then DONT go do accountancy.
5m10y Says:
September 14th, 2008 at 6:55 pm
This is why salary.sg is so great. My accountant cousin would NEVER tell me something like this. He’d just go on and on that now life is becoming tougher yada yada yada, instead of telling me the actual prospect of the field. Thanks HCT, for sharing this with us.
don Says:
September 15th, 2008 at 1:19 am
HCT
Thanks alot for your insightful comments.
However, I really do wonder how many become CFOS and finance directors in the end. There are so many accounting grads now (overseas grads from aus and other SEA countries, ACCA grads, private uni grad such as SIM, 3 local public uni grads)yet there are only a limited number of CFO positions.What happen to the rest who dont make the cut?
Care to share with me about your specific career experience? Is the prospects of accounting degree really so good?
HCA Says:
September 15th, 2008 at 1:05 pm
There are so many companies listed on the SGX, each one of them would need a CFO or finance director. In addition, all the foreign MNCs which are set up here, would need a CFO or finance director. That’s a lot of finance director or CFO we are talking about. Other than finance / CFO, there are other areas in finance which are well sought after, eg, Treasury, IC…etc and you will be amazed that some of these are even better rewarded then the main stream Finance jobs.
It’s true that they are many accounting grads now. However, employers know which are the reputable unis so I would’t worry about that.
Is accounting degree really so good? Like I said earlier, you won’t be starved. You will get a decent job with a decent pay. There are other better paying jobs out there but comes with the stress level. If pay is the only goal you are looking at, then i suggest Medicine as a career. You don’t need to go to see the car show at Expo, just go to Mt E or Gleneagles to see the latest Porche, Ferraris, or even Lambo / Bentley!
jefefe Says:
September 15th, 2008 at 2:57 pm
i noticed an interesting trend here, in SG,
1st choice — get into work in Big MNC with big money
2nd choice — get into goberment company earning stable salary and good bonus
3rd choice — anyhow find a job relevant to your degree and start working
4th choice — change field
5th choice — own career ??
In Taiwan, US and Korea
1st Choice — starting up own business
2nd Choice — starting up own business
3rd Choice — starting up own business..
Singapore was ranked first again as most business friendly country, where is all the young, energetic technopreneur ?
HCR Says:
September 15th, 2008 at 8:15 pm
Hi Jefefe
i agree with you. I think it has got to do with the kiasu syndrome here. Singaporeans are risk adverse.
don Says:
September 16th, 2008 at 10:56 pm
Hi Jefefe
Thanks for your comments.
IMHO, I think you shouldn’t extrapolate a few examples and conclude that Singaporeans are a risk-averse lot lacking in entrepreneurship.
There will always be a mix of people with different objectives. Some (like me) simply want to work a few years to gain some experience and at the same time learn more about their own wants in life. Entrepreneurship shouldn’t pursued for its own sake. Some struck opportunity during their degree studies and decide to follow through 100% by quitting school. Its really a matter of timing, opportunity and desire. These are very individual factors and hence no one case can speak for the entire working generation. Not everyone leaves school with a burning desire to start a business.
Speaking for myself, I have seen countless examples of healthy and successful entrepreneurship, including that of my father. As with any country including those you have mentioned, Singapore has its fair mix of different types of personalities. Everyone should do whatever they are passionate/floats their boat, and entrepreneurship does not neccessarily fall in these categories for all.
jefefe Says:
September 17th, 2008 at 10:10 am
Hi Don,
I mean no criticism here, is true that everyone should drive their own boat and Singapore is a place with fair mix of personality.
It just that the batch of people that i encounter, compare to the the people i know in the countries i mentioned above really show such differences..
Is the passion that you can feel from them.
We should feel lucky of the EDB initiative “1 dollar to 1 dollar” technoprenuership funding program.. i was thinking if Singapore can have another 50 more Creative (or rather the Uncle Ah Hock)kind of entrepreneur, then our share in consumer electronic market may have a fight with Taiwan and Korea.
A bit out of topic, anyway i agree that working for few years to gain experience before you start up anything is always good, you should start up something you familiar with..
Cannot always depend on how much people willing to invest on us.. try to let ppl depend on our investment
Anyway, good luck to all the Fresh Grad on job hunting, this yr still consider a good yr, next yr may not be so..
You know something, i notice fresh grad nowadays think that is a norm for them to get a starting pay 2.5k and above, i even hear someone in the forum said “forget about working if your boss pay you less than 2.4k…”
Sigh.. no wonder we need to import so many cheap engineer..
5m10y Says:
September 17th, 2008 at 10:24 am
Personally, I think it’s OK if fresh grads are trying to get the max starting salary possible. In the long run, the market will bring everybody to realize their true value. Those who are capable will be rewarded bigger and bigger. Those who aren’t capable but asking for the sky will simply be fired or laughed at.
adiemuso Says:
September 17th, 2008 at 2:52 pm
there are no hard n fast rules. and statistics being numbers and mathematics, its good as a gauge but not the exact actual fact.
there are always people making more than the conventional graduate of certain faculty or specialist. likewise, there will be people on the other end of the spectrum.
to be honest, most graduates or working folks belong to the middle strata. making 100k per annum does looks good (and feels good). however, its not alot compared to those who can make millions a year in sg n the world.
singapore is an open economy remember..we see lotsa of people
wicky Says:
September 23rd, 2008 at 1:33 am
wait and wait, you are wrong. Education subsidy are provided by government so students in Singapore only need to pay about S$24k for 4 years of uni education.
HCA Says:
October 10th, 2008 at 12:23 am
wait and wait obviously has been waiting, but not sure for what.
He/She expects a graduate to be buying a car and a house straight away. He/she thinks graduate will be stuck with 3500/mth for rest of his/her career and hence as career as a beer lady (no offence) is a better off choice. He/she also thinks that spending 100k on further eduction is a stupid idea (nevermind that it’s subsidized by the gov’t so end $ is much lower as pointed out in #98).
It’s people with this kind of narrow mindset that worries me. Not surprised why we have so many FTs today because our own people are so SHORT SIGHTED!!!
HCA Says:
October 10th, 2008 at 12:30 am
Ref to Jefe’s post earlier and my subsequent post. Singaporeans are not as risk averse as some of our neighbours. There are not enough entrepreneurs. So what if we have global well known companies such as SIA, Capital Land, Keppel Corp, SembCorp, Singtel, NOL, ST Eng….but do you realise that all these are GLCs? We have creatives….but honestly, it’s not really doing that well is it? In Korea, there is the LG, Samsung and other high tech industries. In Taiwan, there is the Acer, Evergreen Marine, Foxconn, HTC, Asus and heaps of other OEMs which mfg the Apple, Nokia gadgets that you have.
This has got to do with people’s mentality and ultimately it is all linked to Kiasu syndrome. We have put in some much effort in our study / eduction that it would be a waste if we don’t climb the corprate ladder (unfortunately, I am one of those).
adiemuso Says:
October 10th, 2008 at 10:20 am
HCA wat are u talking about?
SG not risk averse = risk loving or neutral. So wats this about not enough entrepreneurs?
There are lotsa creative people in Singapore making their earnings not being an employee or salary receiver. Thats being creative too. Artists, painters, song writers, musicians, engineers, architects, designers and all are creative.
So if your creative equals making big bucks, Singapore has to be very creative too. We got lotsa Millionaires!
And if you compare SG to Korea or any other bigger countries it is not that fair. U need a critical mass to be “creative”, going by your definition of Acer,LG,etc. Without the mass supporting these MNCs, without the proletarians you think the capitalism gonna work?
Studying and education is definitely one of the ways to get out of poverty and attaining higher living standards. Without those basic needs, creativity aint getting you anywhere. Of course, a drug peddler, vandal, crook or criminal can be creative too..
HCA Says:
October 10th, 2008 at 4:06 pm
I agree there are a lot of creative people, but that’s not what we are talking about here. We are talking about entrepreneurs.
There aren’t as many entrepreneurals vs other countries. Singapore workforce – a highly educated one and because of this, people are less inclined to go out and strike their on their own!
adiemuso Says:
October 10th, 2008 at 4:40 pm
correct me if you liked, i know a lot of people who strike it on their own. it is just that they have not been successful.
so if you are talking about the success rate of being an entrepreneur here in singapore and benchmarks being wealth n global branding, you are right Singapore is lacking.
however, i do not think its solely based on our culture and society, the critical mass and outreach is just not there.
HCA Says:
October 10th, 2008 at 10:54 pm
We are getting there. It’s a evolving economy and changing in mindset. Gov’t is encouraging people to be entrepreneurial. You can see this from diff govt agency providing some form of support to SMEs and entrepneural projects. Critical mass is one thing, but i do think culture and society plays a big part. Just look at HK. People there are more entreprenuerial. Not right or wrong, just a fact.
At the end of the day, Singaporeans are known for being kiasu, this is a fact.
adiemuso Says:
October 13th, 2008 at 10:26 am
HCA,
HKs are more determined and goal driven than SGs.
If you like, how many HK companies are global?
Anyway, nothing further to discuss. Its good to let off your air here. we all need an outlet these days to let off steam..its not healthy to bottle them..
HCA Says:
October 13th, 2008 at 9:40 pm
I can name a few! Li & Fung, Hutchinson Whampoa (which own Watson, 3, mega ports, utility / infrstructure group, and if i am not mistaken, at one stage owned big chunk of Vodaphone!); Cheung Kong Holding, Swire Pacific; Cathy Pacific; Shangri-la, Mandarin Oriental and some mega developers – ALL privately owned!.
Are HKers more determined and goal driven than SGs? or are they more entrepreneurial? or both? upto your interpretation.
adiemuso Says:
October 13th, 2008 at 10:07 pm
we have GIC n Temasek employin some of the best brains in singapore. SIA, Singtel, PSA, etc…
well not exactly private owned. if thats your point…
HCA Says:
October 14th, 2008 at 9:42 pm
I totally agree with you that that we have some of the best brains in Singapore in the Govt Linked Companies such as SIA, Singtel, PSA…etc. I can’t imgaine what will their achievement be if they strike out on their own. They could well be some of the best entrepreneurs in Asia. However, unlikely they will do that, becuase of their highly paid job!! THat’s my point!
Christina Says:
December 11th, 2008 at 4:22 pm
So what are the Job and the course of study allow them to achieve highly-paid job such as 10k/mth ?
bracket Says:
December 12th, 2008 at 5:58 pm
excluding specialist roles in medical and law industries..
high paying graduate entry level jobs include private equity, investment bankers, banking sales or wealth management, management consultants etc..
90% of these jobs, in respectable companies, command more than 5,000 a month for entry level graduates.. up to more than 10,000 especially for PE and IB guys..
HCA Says:
December 26th, 2008 at 10:56 pm
If you are referring to graduate pay with 10k/mth, i do not know of any (or rather many) graduates with 10k/mth upon graduation. And in today’s climate, i am not sure if the PE and IB roles still exist, esp for Graduates!!!
Like i said earlier. Do something you like, stay focused, and you will be rewarded. This is true for ALL professions.
chnrxn Says:
December 28th, 2008 at 8:31 pm
adiemuso, you talk about the importance of critical mass to fostering creativity, and HCA has already brought up Hong Kong as a counter example.
Allow me to also bring up Isreal, according to http://en.wikipedia.org/wiki/Israel, they too, only have a population of 7.2 million.
Being small did not stop them from digging into themselves to innovate and become one of the most advanced economies in Southwest Asia. A lot of successful techological companies have also sprung out of Isreal. They also have the 2nd highest school life expectency in Asia (after Korea).
Now you know where all the LG, Samsung came from, considering that Korea doesn’t have that big a population as well.
If critical mass is that important, then China must necessarily top the list of producing creative entrepreneurs.
DT Says:
February 19th, 2009 at 1:31 pm
Remember that some SMU students have rich fathers. And once they grad, they join father’s business as a manager or a director.
So SGD10k is possible.
Why then is the average low?
Some who chose to be private tutors can dont declare salary. And those who went to further studies are not earning anything.
Forget the extremes.
Life is like bowling, just play your best and you can score. Doesn’t mean he get SGD10k you cannot.
Be motivated, take it as, if he can earn SGD10k, I can too. Go get it!
Shanghai Says:
February 27th, 2009 at 12:43 pm
DT, great sayings..
I am really wondering which company is doing their sums so wrongly that they pay out 10k to a fresh grad.?
Well, it could happen if that these fresh grads are actually experience managers whom had worked many years in their field and now going into SMU for upgrading degree courses and of course, when they graduated with their new degree course, they are considered fresh grads and at the same time, getting a pay rise above their present wage. That is one possible permutations and not to mention further permutations.
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June 14th, 2009 at 10:28 pm
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