The gaps have narrowed for 4 of the 6 professions/sectors used in benchmarking ministerial and Civil Service salaries.
Top executives in MNC, lawyers, bankers and accountants each took home more than $4 million last year (Iras Year of Assessment 2007).
Specifically, the median income of the top 8 earners in MNCs made $4.86 million. To calculate the median, we take the average of the top 4th and 5th earners.
For lawyers, the corresponding median is $4.65 million, bankers $4.40 million, and accountants $4.00 million.
Yes, millions. These people are making millions a year. Possibly every year.
The other 2 benchmarked professions are local manufacturers and engineers. The manufacturers earned $2.74 million, while the poor engineers continue to subsist at the bottom of the table with a mere $0.75 million.
See their earnings for the previous year.
It’s been said that top doctors and architects also make a lot of money, although they are not used in the benchmarks.
So, which profession or sector is the best? In my opinion, there are a few factors to consider – income, chance of getting to the top and work-life balance.
Here’s my unscientific recommendation, in order of preference:
- Administrative Service officer 🙂
- MNC executive
- Local manufacturer