If you’re a working professional in your late thirties, the median gross salary in your age group is $5,048/mth.
Managers in the same age group make a median pay of $6,500.
This is according to the Ministry of Manpower’s Report on Wages 2008 (released middle of this year).
Here are the stats for the various age groups:
- 25-29 age group: Managers $3,860, Professionals $3,416
- 30-34 age group: Managers $5,225, Professionals $4,269
- 35-39 age group: Managers $6,500, Professionals $5,048
- 40-44 age group: Managers $7,150, Professionals $5,536
- 45-49 age group: Managers $7,480, Professionals $5,800
Is your pay above the median?
And here are the top 22 managerial and professional jobs ranked by their median gross wages in the late-thirties age group:
- Specialised surgeon – $26,250
- Advocate and solicitor – $12,243
- Managing director – $12,000
- Fund manager – $11,854
- General manager – $11,459
- Company director – $10,515
- Business management consultant – $9,619
- Legal officer – $8,725
- Treasury manager – $8,500
- Risk management manager – $8,209
- General physician – $8,176
- Legal service manager – $8,015
- Chemical engineer (Petroleum) – $7,854
- Operations manager (Finance) – $7,800
- Computer operations and network manager – $7,107
- Budgeting and financial accounting manager – $7,021
- Research and development manager – $7,000
- Computer and information systems manager – $6,779
- Creative director (Advertising) – $6,625
- Business development manager – $6,500
- Information technology security specialist – $6,498
- Marketing manager – $6,495
Also deserving of mention are: Corporate Planning Manager and Training Manager (each >$8,500 in the early-forties age group), and University Lecturer (>$7,500 in the late-forties age group).
See also my list of the 100 best-paying jobs.
223 Comments
middleclass, scholarships and hence scholars come in different ranks and grades. Scholarships are just like everything else in life. As much as some people or even the govt themselves like to gloss over with PR spiel, its like bags, cars, property and everything else. How can everything be only one grade and all be the same class? BMW is not Kia. Its not a politically correct fact to face up to, especially if the person is the deluded type.
PSC scholarships are premium scholarships over the rest. And generally only overseas ones are considered scholars.
And then you have those people on local study awards given out readily calling themselves scholars to everyone, when they are not. You know how easily and many of those they give out like flyers in the civilian ministries, stat boards, SAF, teaching service to local uni all the chapalang also calling themselves scholars thats why. Those are nothing more than HR tools to fill rank and file positions, especially so for sectors that enquire mass recruitment eg teachers, SAF officer.
golddiggers, they can’t drive porsche/lambo, since they’re closely watched by bosses and public. That’s the thing, they and their wives may be in public eye and if you’re serious about dating this type, i think you should know this downside. They can have wealth but aren’t allowed to flash it. If they do, they may get flak. It doesn’t mean living in a shack, but it does mean he’s unlikely to drive a ferrari even if he can afford two of it. Both scholars and traders can be funny, witty guys. I have both sets of people as friends. So I know.
That means the one local grad you know became analyst lah. doubt he managed to become associate. From what I know, associates are hired from ivy league schools, either top school undergrad and top school post grad (master’s), or all the way top school from basic degree to PhD or all the way top school basic degree + MBA)
For those interested, the profiles of consultants and where they studied in can be found in the mckinsey website so it’s not really a trade secret.
all undergrads hired straight out of ivies will be analysts (or entry-level) as well, a freshie will need to get more industry knowledge b4 leading others. an mba, on the other hand should already have some work experience and are hired as associates.
scholars come in diff ranks, the top ones I know goes to princeton, stanf, yale and come back to work in MAS, SAF, dso. their pay must be good, but deep down their hearts, they know they can get a better pay anytime they join gs, ms and the likes. In fact, I know some risk-taking mas/saf scholars have defected to the private sectors……but risk getting layoff in the current situation:(
yes, it doesn’t make sense for government servants to be seen driving flashy cars.
in fact, most of these long-term servnts should be down to earth people, the risk-taking ones should be out of public service after which their 8-yr contracts ends (or before)….’cos government work doesn’t suit their lifestyle
i know of one who merely wrote about a family trip to learn cooking but got punished for sharing his story with english educated readers. the millions these servants earn aren’t enough to compensate for the loss of freedom to engage in a little indulgence.
big $$ earners do not have much time to party.
big $$ like the companion of golddiggers.
big $$ do not marry golddiggers.
puzzled, there are hardly any who does. Those who become more senior will drive AT MOST, european cars like you said earlier. And the minimum term of engagement for scholars is 6 years, not 8. Its been reduced to 6 since 1999.
For the benefit of any high-flier, anywhere.
http://www.wikihow.com/Spot-a-Gold-Digger
pleased, thx for clarifying. top overseas scholarship contracts are now reduced to 6yrs….yet I still hear many who break the bond to venture into private sectors (too bad many of these oversea scholars are also from well-to-do families). It’s a waste of taxpayers’ money:(
flashy, what can I say….I totally agree with you. I actually pity them (even if many of them earn more than the average) for their loss of freedom, the need to have an immaculate lifestyle/resume. for eg. I don’t think they want to be seen at Macau casinos (and in SG when we open) or have more than their share of redwine at dinners.
puzzled your post @ September 8th, 2009 at 9:04 pm, totally erroneous. err do you honestly think a president’s scholar who went to Cornell or Warwick for instance, is perceived ‘lower’ than a stat board scholar who went to Harvard?
Upon graduation, which top school attended doesn’t matter. The only thing that matters is to snag the best and most coveted scholarship. Career-wise it doesn’t make a difference at all.
don’t worry about red wine. That’s totally pedestrian, they enjoy wines and dinners, they are just like everyone else, not robots..they work hard, so it’s strange if you thought they lived like robots different from others who work hard.
You’re confusing living well because you have earned it like just anyone else, with egregiously flaunting in the media, which is frowned upon, and frankly, came across as a bit odd, though it was obviously uncalculated.
You have forgotten that the government, for the purpose of work, provides its top people including ministers and generals cars for work travel like the MID plated cars. Don’t make them sound like the state expects them to live in shacks or be a pauper.
you have forgotten that rg
this has been a very interesting long discussion.
i guess the original point is still that yes these numbers are pretty accurate in reflecting the salary ranges in age groups and jobs but there will always be small numbers(comparatively to the masses) of exceptional cases at both ends.
sorry if i’m stating the obvious.
lastly also interesting to see that we have some high flyers, or at least who know quite a few high flyers in their circles on this website.
aiya, regarding scholarship…i’m not one of them and their ranks/jobs doesn’t interest me. there’s no way I can give you an insight/detail on the diff types of scholars in the public service.
I’m just sharing what I know fr back in the JC-days….the more prestigeous ones like mas/saf should command a better pay than the others.
btw pleased, are there diff ranks of psc scholars as well…….there’re tons of them in my jc last time
regarding redwine, I’m not implying that they cannot afford it/don’t know how to enjoy. sure, many of them command a higher salary than many of us.
my point is they are not able to do what a normal person/commoner does in public. these people have money, but do not have the freedom to be seen drinking $500/bottle redwine at restaurants and behaving drunk in public afterwards.
i am puzzled. an entry level consultant at firms like mckinsey, Bain or BCG only earns $5k/mth and an associate starts with $90k/year? So different from what i heard. If this is true, i think i am doing so much better than these people even though i have lower-end qualifications. What a joke!!! I am 30 and my total annual package last year, including bonuses, was 125k. I just need to work mon-fri from 9 to 5:30pm sharp. I dont get screwed/pushed at work and i still have an assistant to help me deal with operational work.
Dear displeased, may I know which industry are you in?
1st of all, let me apologize if my data is already outdated. the $5k/mth for entry level consultant (direct hire from local uni) I come across was when I’m still a student, which was abt 10 yr ago.
the us$90k/yr (for associate, also entry level but with some work experience) package is more recent. top-tier consulting firms recognize the additional degree and is willing to pay a premium for talents.
they’re also one of the few industries that use the global payscale, another industy I know is inv banking. although they’re using a global payscale, they still take into consideration the PPP, tax, local cost of living, etc…hence don’t be surprise if there’s a 10~15% deviation fr any figures given.
using the eg of 5k/mth or 60k/yr for the entry-level consultant (a local SG guy should be abt 25 yrs right?), in 3 years time the pay might hit $80k (say I use 10% increment for each yr). if he goes for his mba (for 2 yrs) and came back at abt 30 to rejoin consulting as an associate, getting S$130k (or us$90k) should be acceptable.
again, I’m not fr the consulting field so my views are not 100% accurate. experts in consulting can feel free to correct me (if there’s consultant visiting this site)
displeased: I’m sure many people must be curious what type of job you have to command such good pay and good hrs.
frt office bankers I know (at abt 30, still junior) are willing to work double your hrs and getting $150k~200k. they get threatened/ kicked/shouted at by bosses and always lacking sleep. but many of them are willing to be abused, and trade their sweat and blood for the shitty hours b’cos of the UPSIDE.
if they can endure thro’ the junior years, they (although only a minority of them) might have a chance to become a dealmaker someday….where the sky is the limit
puzzled: yes i was also from one of the top JCs here and was surrounded by tons of elites scholars.
When they were studying hard I was playing football with some of my buddies.
I’m sure many of my scholarly schoolmates and classmates went on to be high flyers.
I never had any interest keeping in touch with any of them after graduation.
In hindsight my football buddies and me probably should have studied a little bit harder.
Lol…oh well.
http://notesapp.internet.gov.sg/…?OpenDocument
be a big firm lawyer. check out their profit per equity partner – and that was in 2000
puzzled: To be very honest, my industry is very unique so it is not very convenient for me to disclose here. If i disclose, my fellow colleagues will definitely know who i am if they happen to browse this forum. The only thing that i can disclose is that i am a IT professional. I am definitely not bullshitting about my work and compensation. Main reason why i brought it up is because i have heard so many stories about people earning obscene amount of money in banking and mgtment consulting but what i heard here is on the contrary.
puzzled: By the way, my compensation package is considered just slightly above average in my company.
clueless: i wouldn’t be surprised at the numbers since an equity partner is already a part owner and should be considered someone really senior?
displeased: i must say for a 30 yrs old IT professional to get such a high package with great working hours should be quite rare.
especially in Singapore where IT professionals are abundant.
does your company pay all IT staff this high since you only considered yourself slightly above average?
unless your work can be considered front office i don’t think you should be displeased comparing yourself to the front office staff?
Just my opinion from what i know from my own experience.
middleclass: well i always believe that there are definitely other IT professionals at my age who are earning much more than myself. My company have the same pay structure for all functions so our pay is determined by our level and not by function. That is why i say that my compensation is just slightly above average because i am just a mid-level employee in my company. If you compare the number of hours, i think i should be pleased comparing myself to the front office staff in banks. But if you consider the upside, prospects, future earnings, growth of earnings etc, i think they will be in a much better position in 5-10 yrs time. That is why i rather be in their shoes now. 🙂
displeased: yes there probably will be others but I would be quite confident to say that there’s not many.
I think you have a great deal going for you there right now.
If you don’t mind me saying you should be pleased instead of comparing yourself to the front office staff potentials or other IT professionals at your age.
I just mean that it’s good to have ambition but there’s always going to someone doing better right?
Besides as puzzled has said it’s terribly stressful for the high flyers.
You should be enjoying your success.
Don’t fret too much and be happy. 😉
i’m sure there’re some niche markets with jobs that pay very well, special medical specialists or equipment makers are some I can think of. jobs which only req easily attainable skills will not offer attractive payscale.
clueless: big firm lawyers sure earn a lot, and it take years of experience to become one. they also hope to become partners some day.
middleclass: all high flying jobs come with super high stress or/and shitty hours. however, many people will still do it ‘cos of the better than average pay/ very good upside. very successful inv bankers might become good rainmakers or private equity professional some days…..the good ones make millions or hundreds of millions.
Hmmm i always thought salaries in IT were severely depressed because of the mainland chinese and Indian IT employees flooding the job market of not just Singapore, but the world.
Yup it’s true. When a scholar goes back to Singapore and returns to work in the government, no one cares about which tier of university he went to, the scholars themselves also don’t compete or compare on that. The only thing they and the institution care about is the scholarship.
middleclass: yes, there were tons of highflying scholars in my jc. but I wouldn’t want to be in public service even if my academic results are good enough to be a scholar back then. my personality doesn’t fit into their mould.
displeased: yes, there’re many people who earn obscene amt of money but don’t take it as EVERYBODY is like that. I think most people will agree with me that earning 150~200k/yr for a 30+ yr old is considered VERY well compensated for SG standard.
making 150-200k/yr is very respectable for any age group in SG.
puzzled: 150-200k/yr? i am not there yet. Will take probably 5 more years on average to get there and the chances of getting there is quite slim. That is why even though my package is around 130k now, i am not feeling that great because i know it will only increase very slowly if i continue to stay here.
surprised: you are correct to say that salaries in IT were severely depressed because of the mainland chinese and Indian IT employees flooding the job market but this is only in general. There are many areas of IT. Some do networking, some do application, some do security and some risks etc. For application alone, there are many different types. So there are still some areas of IT whereby it is very specialized and you will still be able to earn quite good money from it. Alot of IT professionals are trying to get into such areas of IT but it is quite hard to switch over just like that.
middle class: you are right, there will always be someone who is doing better. But i still see alot of room for improvement and growth personally. I am not being greedy but i just hope to have abit more than what i have now. 🙂
150-200k sounds alot but after paying for a nice house and car, you wont have much left to buy another nice house~
For every 1 person who get an OMS, another 99 are turned away, many without the first interview. And all 100 may have the same academic results. It takes a lot more. Fit of personality is just one of the many in a long list of criteria. There are also others but its too tedious to go into detail. Its a mixed bag of intellectual ability, certain character traits, leadership abilities and having a helicopter view.
puzzled don’t go apologizing to some consultant wannabe who doesn’t know a thing about management consulting.
The entry level pay of management consultant is still S$5k+. This is confirmed by CURRENT hopefuls eg applicants that I know. Annual package don’t expect beyond S$80k. Looks like somethings don’t change even in 10 years.
displeased, $7.5k monthly at 30 is great salary dude. I’d give an arm to earn that at 30.
someone I know who was trained in engineering in NTU who now went to do ‘marketing’ is getting less than $6k at 33. I’m 27, drawing $3k only, pathetic..don’t know if I’ll end up like him.
The only people from my cohort who earn than you are traders, relationship managers (bank), investment bankers, air force pilots and yup, the SAFOS ppl in the armed forces, small as their numbers are.
At 30, business owners are normally just starting out and take a small salary only.
displeased: no wonder you’re displeased!!! don’t you know that majority of the people who own those assets are by 1)financing 2) saving?
don’t tell me you expect to buy everything with just 1~2years of work? earning your kind of pay, with a good quality of life and normal saving rate, you can buy those assets at a much shorter time than most ppl.
also as you mentioned in #81, earning at least 150k/yr will already place you in the top percentile in terms of SG annual inc/household inc/in terms of age group………if you expect to get much more than this, you’ll have to venture into some business.
btw, if you already have a nice house and car, why do you want to get another nice house at 30+?
displeased, just realised what happened above, wasn’t referring to you in mind when I told puzzled he was correct. I thought it was an actual consultant or student wannabe who posted to claim otherwise, then I went back up and actually read properly and realised I had misunderstood. so sorry dude!! hope you don’t misunderstand my misunderstanding..
yup they indeed are paid $5k only for entry level, i’m not sure how the pay package progresses.
$125k pa at 30 is good package..hold on to your company.my engineer brother is 33 and makes about $90k pa. I do have friends who make $110-$170k pa, 27 – 28 years old, those jobs I highlighted above but we don’t compare ourselves with them.
sadly, even though SG became more competitive and salary improved tremendously throughout these yrs, recent survey actually put SG disposable inc/DPP lowest compared to the other rich Asian nations.
We thought our salary is high, but we’re just cheating ourselves using the wrong index
puzzled: yes when i was younger i used to look with envy on those high flyers, high earners and businessmen.
as i learn more and know more i start to understand these often come with prices.
also as i grow older i guess other priorities like family becomes more important than money.
having said that…
displeased: i hope i did not come across as rude to say that you are greedy. definitely not my intention.
when i was younger at your age i was also busy aggressively climbing the corporate ladder.
i’m just sharing with you my experience that there’s no end if you always compare upwards.
ambition is great but you also need to slow down sometime to enjoy your success.
surprised: don’t feel too bad. the world is really getting flooded with talents from China and India.
Every professions and any specializations will not be spared, and it most likely will get worst.
Unfortunately IT i getting the worst of it.
Just look at US and Europe and you will see what SG will face sooner than later.
Wages will continue to be depressed but the growing worry will be whether we can keep our jobs in the face of this new challenge.
puzzled: i’m guessing Singaporeans already know or feel the impact on our ever shrinking disposable income with the increasing costs of living and value of our ‘assets’.
The younger people will probably get it even worst.
And I don’t think we are cheating ourselves.
We already know who are the people cheating us.
Lol…*ahem* let’s move on.
totally agree with you Middleclass..
look at the headlines Ng Teng Fong USD8bio! major income indices show SG no where near top salary earners in the world.
its a bimodal income curve in SG.
be contented with what u have, goingforward unless u are the very rich, otherwise be prepared for the squeeze.
middleclass: you’re right abt everything comes with a price tag/sacrifices. The price for having a good pay often comes with high stress/bad hours/instability, etc.
I was also earning in the area of $150k/yr when I was 30. but as I grow older, I wanted to spend more time with family/thinking abt long term/health/job security/etc.
surprised: actually your 33 yr-old engineer bro has a pretty decent pay at his age. that amt is not bad if the job has a manageable/acceptable stress level, hours, stability, job progression. if his wife earns abt the same amt, the household income can easily top $150k, making them top percentile in SG household inc
surprised: no prob, no hard feelings. i guess the reason why i am not satisfied with 7.5k/mth at age of 30 is because i know of people at my age who are doing the same thing but is earning 2k more than myself at another company. So i know there is still room for improvement.
puzzled: well i am not that ambitious. dont need to be a multi millionaire etc. Just want to earn enough to have a nice car and 2-3 houses in future so that i can give my family a better life. i owe my parents for everything i have now so i want to repay them as much as possible. 1 house is never enough. 🙂 better to have 2 to 3 houses so that i can generate extra income from rental and i can leave these assets to my children in future.
middleclass: no worries. to be honest, i do think that i am alittle greedy if compared to my peers but i honestly dont think it is wrong. different people have different expectations in life. for me, i am just aiming to achieve what i want in the shortest possible period. once i get there, i believe that i have the will-power to slow down and be contended with what i have achieved. right now, i guess i am just half way there!
displeased: yup definitely nothing wrong with that. hopefully if your partner earns around the same you should have no problems reaching your targets soon. also hopefully while achieving your goals at the same time being able to enjoy life as well like having a wonderful family(if that’s in your goal also). best of luck! 😉
puzzled: that’s really impressive. do you mind sharing how old you are and what line you are in and if you have managed to achieve your goals of balancing the workload/lifestyle with your high pay by now?
anyone can intro me to become a trader so that i can achieve my goals and purpose in life? lol
displeased, u will be surprised to find that a Trader’s life isnt as rosy as u think.
adiemuso, true but i wont know until i try right? i would like to give it a go. so are you able to intro? 🙂
puzzled: my brother’s fiancee doesn’t earn $90k pa like him even though she’s in the same line. She earns significantly less. 🙁 he is considered an above average earner for his age in his company, as he was promoted twice and leapfrogged over his peers once. So his pay shouldn’t be used as a benchmark for engineers his age.
traders wannabe, read #39 onwards. like adiemuso said, ask yourself if 1)you’ve a gambler’s personality? 2)have you invested (say 500k or any large amt) in stocks/futures/anything lost everything but will not lose sleep over it, wake up the next day and tell yourself you’ll find more money to invest again? -imagine if you’re in this situation. 3) a risk-taker, willing to bet your job for something (say news driven event) that you’re only slightly more than 60% sure, 4) be a trader even if you might lost the job, and might not get a trader’s job in the next (don’t know how many mths. 5) depending on what type of trader, might have very odd hours….say 3am~3pm, or 3pm~12am if you’re not in the asian mkt?
I don’t think anybody is looking to hire traders (w/o experience) now since there’re so many experience traders looking for jobs right now.
middleclass: i’m mid-30s, my base-sal is nothing to shout abt….pretty much inline with any headhunter’s surveys for frnt office banker. it’s the amt of bonus you get in frnt off that makes the diff, bonus makes a big portion of total comp….not sure what will happen next yr.
no, I’ve not managed to achieve having a good work/life balance…hence I envy others with good pay/good hrs/job security (which many of these normally don’t come hand in hand)