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.
115 Comments
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.
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.
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.
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.
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.
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
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.
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.
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…
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.
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?
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?
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 🙂 still become billionaire… Ah Pek at peninsular plaza even better, down to 2 bucks use 1 buck buy TOTO ordinary, also kena 3 million…
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..
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…
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.
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/
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..
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.
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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.
@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!
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.
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.
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.
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.
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.
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
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.
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?
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.
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
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.
That’s fantastic HCT. Care to share how long you’ve been working?
I thought i mentioned ’12 years’ ago? 🙂 btw, i am no longer with the big 4.
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 🙂
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.
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.)
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.
correction – if you hate numbers, then DONT go do accountancy.
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.
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?
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!
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 ?
Hi Jefefe
i agree with you. I think it has got to do with the kiasu syndrome here. Singaporeans are risk adverse.
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.
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..
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.
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
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.
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!!!
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).