Singapore - Salary & Employment Outlook

Singapore - Salary & Employment Outlook
2017

                 Singapore
            Salary & Employment Outlook


                     I N THIS REPO RT




                      1-5%
                      salary increase
                      expected




Effective                                                        Tech growth
employer                                                         to boost Asia’s
branding
                      36%                                        job market
                      will increase
Page 06               headcount                                  Page 05




                                           F I ND OU T W H AT
                                           YOU ’R E W ORTH



                                        Worldwide leaders in specialist recruitment
                                                                 www.michaelpage.com.sg
Singapore - Salary & Employment Outlook
Contents




Seizing New Opportunities                                                          03

Key Trends

Made in Asia: Rise of Domestic Brands                                              04

Tech Growth to Boost Asia’s Job Market                                             05

Strong Employer Branding: A Key to Success                                         06

Continued Growth of Contract Employment                                            07

Numbers at a Glance                                                                08

Singapore Overview                                                                 10

Insights & Salary Benchmarks

Engineering & Manufacturing                      11   Marketing                    38

Finance & Accounting                             14   Procurement & Supply Chain   43

Financial Services                               18   Property & Construction      46

Healthcare & Life Sciences                       31   Sales                        48

Human Resources                                  34   Technology                   52

Legal                                            36




2 | 2017 Singapore Salary & Employment Outlook
Singapore - Salary & Employment Outlook
Seizing new opportunities

Healthcare, technology and digital
sectors earmarked for growth in Asia
Companies in Asia are ramping up efforts to seize growth opportunities
in the region, despite slightly weaker global economic sentiment. By
investing heavily in mobile-technology start-ups and other innovations,
including financial technology (fintech) services, employers are creating
new positions with an emphasis on digital skills. Hiring is expected to
continue to grow in the next 12 months across the technology sector.

Likewise, the healthcare sector is expected to be a bright spot in 2017,
due largely to ageing populations as well as a higher demand for quality
services. Countries across Asia are expected to continue building up their
healthcare systems, resulting in an increase in hiring demand for qualified
professionals across the board.

Digital also shows no signs of slowing down, as companies continue to
build up their online platforms and e-commerce capabilities.

In terms of hiring intentions, 44% of employers surveyed across China,
Hong Kong, Taiwan, Indonesia, Malaysia, and Singapore said they would
be increasing their company headcount; while 49% said they would
maintain their current headcount. Mid-level employees appear to be the
most sought-after by companies (60%).

Contracting appears to have risen in popularity as a talent solution. In
Hong Kong and Singapore, more than half (60%) of companies surveyed
currently use contractors, primarily to overcome challenges in permanent
headcount approvals. Currently, most contractors are in operations,
technology, financial services (reflecting the tightening sector) and
business support/administration positions.

Overall, salary increases in Asia are expected to remain modest – almost
half surveyed (48%) indicated that the average increment within their
companies in the next 12 months will be between 1 and 5%. While
employers have agreed that salaries are an important retention tool, other
popular employee engagement initiatives include opportunities for career
progression and learning and development.

Throughout the region, diversity and inclusion (D&I) continues to play
an important part in company programmes. D&I’s popularity in Asia has
been on the rise as companies become more aware of the benefits in
having different perspectives and skills in their teams. Forty-four per cent
of employers in China, Hong Kong, Taiwan, Indonesia, Malaysia and
Singapore said they were strongly committed to D&I initiatives.

The breadth of D&I coverage in Asia is slowly beginning to evolve as
well, developing from an emphasis on purely gender to cover other
less-represented groups. Currently, over half (53%) of D&I programmes
in the region are primarily focused on gender, followed by age (42%) and
minority ethnic groups (34%).




                                                                               2017 Singapore Salary & Employment Outlook | 3
Singapore - Salary & Employment Outlook
Made in Asia: Rise of domestic brands

Asian-headquartered companies have
become increasingly competitive with
their employee value propositions
Across most of Asia’s diverse markets, competition for talent is more
intense than ever as domestic brands — historically seen as second
place to overseas multinationals, as far as candidate preferences are
concerned — compete with their foreign counterparts for top candidates.

The only exception, it appears, is Japan, where working in a well-
established domestic firm, like the Toyotas and Panasonics of the
country, is seen as more prestigious and stable than top foreign
multinationals. Professionals who hope to gain international experience
would rather choose to join a local firm and opt for an overseas transfer
than join a foreign company.

Outside of Japan, the rise and globalisation of domestic brands in other
parts of Asia have caught the eye of many employees, who now see the
potential and advantages of joining a local firm.

China, in particular, has seen the meteoric rise of various local brands,
now multinationals in their own right and visible to the world. Of these
organisations, 21, including Internet giant Alibaba and online travel
agency Ctrip, have been listed in Forbes’ Asia’s Fab 50 Companies
list. The list also includes companies in Hong Kong, Taiwan, Thailand,      3 WAYS TO HIRE THE RIGHT PEOPLE
Indonesia and Malaysia.

Successes and challenges                                                    1. PROMOTE YOUR COMPANY VALUES. Does your culture
                                                                               reward teamwork or competitiveness? Or do you value
For many domestic companies, success usually comes from ensuring
                                                                               customer service, creativity or innovation? Promoting your
compatibility between products/services offered and market demands
                                                                               company values will help attract like-minded individuals and
as well as localising their talent pool to leverage employees’ market
                                                                               increase the likelihood of finding the perfect match.
knowledge, among other reasons.
                                                                            2. HAVE A COMPELLING EMPLOYEE VALUE
However, many face the perennial challenge of finding candidates who
                                                                               PROPOSITION (EVP). Top performers want to know what
have an international perspective, strong knowledge of local markets
                                                                               sets your company apart. What does it stand for? How is
and the requisite language skills. As they find success within their home
                                                                               achievement recognised and rewarded? Aim to promote
countries and look to expand overseas or execute successful IPOs (initial
                                                                               these attributes through your online platforms, public
public offerings), the search for talent would have to be taken a step
                                                                               relations or even word-of-mouth. Remember to separate your
further — this means acquiring true Asian knowledge plus experience in
                                                                               employment brand from your consumer brand.
other markets.

In the past, domestic brands have had to work hard at making                3. BE OPEN-MINDED. Often, the best candidates exist outside
themselves more attractive to prospective hires, be it through creating        of your industry. A high-potential candidate with strong
a more international corporate culture, introducing better pay/benefits,       transferable skills will often do well even in another industry,
and ensuring clearer project and performance management processes.             when given the right training. They may also bring with them
This is working in China where 44% of domestic employers surveyed              new and innovative perspectives that will help move your
said they would provide increments of 6-10%, almost on par with foreign        business forward.
multinationals (46%).

Those who are highly successful at hiring have two secrets to success:
they simply hire the right people for the job — those who have the right
skill sets and share company values — and they figure out the most
effective platforms to engage their target audiences.




4 | 2017 Singapore Salary & Employment Outlook
Singapore - Salary & Employment Outlook
Tech growth to boost Asia’s job market

The race to secure top talent is heating
up as companies move to build up
technology capabilities
Technological innovation in Asia is set to gather further pace in 2017,
led by sizeable investments from established companies and start-
ups looking to grow and streamline costs, and stay ahead of their
competition.

Fuelled by a myriad of factors, including Asia’s rapid smartphone
adoption, the rise of e-commerce and the rush for productivity/
automation, almost every company in Asia is investing more in
technology and making their business more mobile/tablet-friendly. Within
mainland China especially, large amounts of investment are moving
towards Shenzhen, where there is an established infrastructure for
technology-led manufacturing.

In other markets such as Taiwan and Malaysia, a greater concentration of
digital innovation will likely be observed in areas like mobile and software
development, Internet of Things (IoT), and cloud-computing.

Japan too, is expected to explore ways of further building up an
ecosystem that would help leverage its status as a technological giant,
reported the Wall Street Journal. This includes building bridges between
large, established companies and less risk-averse start-ups.                   5 TIPS TO RETAIN TOP TECHNOLOGY TALENT
Fintech’s growth
                                                                               1. KEEP ON TOP OF MARKET SALARY RATES. Specialists
With the rise of financial technology services, also known as fintech, and
                                                                                  can command material increases, so the first step in retaining
governmental support in this area, start-ups as well as established global
                                                                                  your technology talent is to frequently review the market
and regional financial institutions are investing heavily to develop their
                                                                                  rates on offer. It is essential that you communicate to internal
own technological capabilities in-house. In markets where mobile and
                                                                                  stakeholders the vital importance of at least matching – if not
online payment systems remain under-developed, such as in Indonesia
                                                                                  exceeding – the going rate, and getting budget allocation
and Thailand, fintech services are an opportunity for new players to enter
                                                                                  accordingly. The laws of supply and demand apply.
the market.
                                                                               2. LOOK TO THE START-UP WORLD. With Silicon Valley
Already, Indonesia has granted new banking licenses to conglomerates,
                                                                                  setting the standard for technology employment, it may be
allowing them to launch digital banks. Hong Kong’s push for the
                                                                                  wise to look to start-up culture and try to replicate some
movement has culminated in several notable outcomes, including the
                                                                                  aspects of what makes technology start-ups so attractive. For
annual Finnovasia conference, which regularly brings together hundreds
                                                                                  example, technology specialists thrive on challenges and new
of attendees from different countries to chart fintech’s future in Asia. In
                                                                                  experiences.
Singapore, the country’s monetary authority has also committed to invest
S$225 million in fintech over five years.
                                                                               3. FLEXIBILITY. If budget is still difficult to find, there may be an
On an international level, more foreign companies are setting up regional         opportunity to make up for it with perks like flexible working
headquarters in Asia, drawn by the region’s lower operating costs,                options. Bearing in mind that a technology specialist may work
excellent infrastructure and strategic location that make it easier to            best uninterrupted at home, or even at night, a lenient work
expand into new markets.                                                          schedule can also be a way to get the most out of your team.

As a relatively young industry, the technology market is expected to face      4. INVEST IN TRAINING. Training is an investment to maximise
a considerable shortage of talent in this space. Employee recruitment             your team’s capacity and improve your employee retention
and retention will become increasingly competitive, as the rate of                rate. Hence, this should be an important piece of the
technological growth outpaces talent development. Adding to such                  budget puzzle – not an afterthought. Technology employees
challenges is the tendency of candidates moving around more frequently            typically enjoy learning new skills. The opportunity to earn
than in other sectors, attracted by better opportunities and remuneration         CV-enhancing qualifications like CCNA, MCP, PRINCE2 or
packages.                                                                         Certified ScrumMaster, is valued.
To overcome this shortage, companies are beginning to recruit
                                                                               5. DISCUSS CAREER PATHS. To prevent technology staff
beyond their industries and national borders. Talent flow is likely to be
                                                                                  becoming dissatisfied or restless with their job, it is worthwhile
technology-focused rather than business-focused. Salaries are likely to
                                                                                  at annual review time and throughout the year to ask what
increase as well.
                                                                                  each employee is looking for in their career – whether it is
                                                                                  the opportunity to try new things, new roles or to transfer to
                                                                                  another location.


                                                                                                         2017 Singapore Salary & Employment Outlook | 5
Singapore - Salary & Employment Outlook
Strong employer branding: A key to success

Companies that are able to effectively
communicate their culture and values to
employees are staying ahead
More companies in Asia are paying attention to employer branding as a
way to stand out in the increasingly competitive field of talent acquisition
and retention. Already, 56% of employers surveyed said that their
organisations practise employer branding actively.

Traditional incentives such as salary increases remain one of the top
considerations for candidates, especially in mainland China and emerging
markets like Thailand and Indonesia. But other factors, such as career
progression, training, work-life balance, and corporate values, are also
rapidly becoming more of a “pull” factor for an increasing number of
employees, particularly the millennials. This is especially true in Taiwan
where salaries tend to stay relatively flat.

Companies that succeed in employer branding are those that can
communicate clearly to employees what they stand for, and the culture
and values the organisation promotes. Often, such companies have
multi-channel digital strategies to promote their brand internally and
externally. Almost two-thirds (55%) of the companies that practise
employer branding engage with potential and current employees using
internal and external social media platforms.
                                                                               5 WAYS TO PUSH D&I IN YOUR
In Indonesia, for example — a relatively young market that is among the
world’s most active users of Facebook and Twitter — 50% of employers           ORGANISATION
use social media to reach talent under the age of 30. Start-ups that do
not have enough resources to build their employer branding also often          1. HAVE RELEVANT PROGRAMMES. To support a diversified
turn to social media to communicate their corporate journey and mission           workforce, companies should ideally have programmes that
as part of their attraction and retention strategy.                               retain talent from different backgrounds. Some initiatives
                                                                                  that have worked among our clients included leadership
Diversity and inclusion
                                                                                  development schemes for women and fair performance
Increasingly, more companies are ramping up their efforts in diversity            reviews, with processes that neutralise bias.
and inclusion (D&I) to build their employer brand. International firms are
typically at the head of the curve with D&I, often because they have           2. MAKE IT A GENUINE PRIORITY. For diversity and inclusion
policies mandated by regional or head offices, and many of them are               (D&I) programmes to truly make a difference, senior leaders
seeking to localise their workforces to become more representative in the         will need to support the cause whole-heartedly and make it a
markets they operate in.                                                          point to personally practice D&I.

While D&I efforts can be better encouraged on the domestic front, local        3. CREATE AN ENVIRONMENT THAT SHOWS SUPPORT.
companies that are taking the biggest strides in this area are typically          For example, if your company has a work-from-home policy,
those looking to expand abroad: for example, several Chinese banks                ensure that leaders are supporting this initiative 100% and
opening in Hong Kong and technology businesses expanding across                   that the employees have the tools, like laptops and remote
the globe have made determined efforts to look more attractive to                 access permissions, to telecommute productively. Otherwise,
international talent, and this has included having clear policies on D&I.         employees might feel that the policies are just for show.

The good news is that majority of employers across Asia (93%),                 4. AVOID UNCONSCIOUS BIAS. Train managers to be more
comprising local firms and foreign multinationals, have said that they are        aware of their hidden biases. People tend to recruit talent
committed, in varying levels, to supporting their D&I efforts. Among all,         who are most similar to their backgrounds and personality.
Singapore stood out, with 91% of employers affirming their commitment             However, such an approach reduces diversity and in the long
to D&I, as the local government continues to champion such efforts.               run, new ideas and perspectives.
Throughout Asia, gender appears to be the top focus of most
                                                                               5. DO NOT FORGET INCLUSION. Once a diverse workplace
companies’ D&I programmes, with slightly over half (53%) of
                                                                                  is set in place, companies should follow up by introducing
companies making a clear push for recruiting and promoting women in
                                                                                  programmes that foster collaboration among the different
organisations. Beyond gender, companies are also focusing programmes
                                                                                  groups. This can be done through organisation-wide projects,
on age (42%) and minority ethnic groups (34%).
                                                                                  like corporate social responsibility initiatives, which allow
                                                                                  employees of all levels to work with different groups.




6 | 2017 Singapore Salary & Employment Outlook
Singapore - Salary & Employment Outlook
Continued growth of contract employment

More employers in the region offering
better salaries and benefits to attract
top talent
While contracting has been a popular talent solution in more mature
employment markets like Australia and the United Kingdom for years,
its acceptance in Asia, including Hong Kong and Singapore, has only
started gaining speed in recent years.

In mature contracting markets, contract work is seen as a way to
achieve better work-life balance, pick up new skill sets, or as a means
for moving into full-time employment. On the employer front, contracting
allows companies to adjust their workforces with the ebb and flow of the
economy.

This flexibility associated with contract work, both for employers and
employees, has been one of the key reasons for the boost in Singapore’s
and Hong Kong’s contracting market. In fact, 85% of employers
surveyed across the two cities said that they were planning to increase or
keep to the same number of contractors over the next 12 months.

While contracting has been popular across the financial services sector,
primarily within the functions of operations, technology, administration
and project management, we are now seeing a notable increase in
demand for contracting resources within the human resources and               5 WAYS TO MAINTAIN COMPANY CULTURE
marketing functions.
                                                                              WHEN HIRING CONTRACTORS
Companies in these two cities now have a ready pool of candidates,
including experienced and qualified mid to senior-level managers, to
                                                                              1. HAVE STRONG INDUCTION AND ONBOARDING
choose from as more professionals warm to the idea of contract work.
                                                                                 PROCESSES. Share the company’s aims, values and culture
On the remuneration front, more forward-looking organisations are                as well as its code of conduct and allocated payday. Give
rewarding high-calibre talent with attractive pay and benefits, in addition      contractors a chance to ask questions as well.
to the possibility of being offered a permanent job. Some companies are
even engaging senior executives on a contract basis for the unique skills     2. PROVIDE ADEQUATE TRAINING. Many employees take on
they bring to specific projects.                                                 contract work to acquire new skills. By taking the time to train
                                                                                 them, they can jump straight into projects — and be motivated
Interestingly, smaller financial institutions have been quick to offer good      to add those skills to their CVs.
remuneration and benefits packages compared with more established
companies in a bid to woo top contracting talent.                             3. HAVE STRONG TEAM BUILDING PRACTICES. This will
                                                                                 help contractors build rapport with permanent team members,
Still, a key challenge in both Singapore and Hong Kong is making
                                                                                 who might otherwise stick together. Try consistent low-
contract staff feel motivated and included. More can be done by way of
                                                                                 key team building activities like weekly lunches or informal
training opportunities, bonuses and other job perks, which are widely
                                                                                 brainstorming sessions.
offered to contract staff in more mature contract employment markets.
                                                                              4. AVOID SUBTLE DIFFERENTIATORS. Eliminate elements,
                                                                                 like different-coloured ID badges or introducing contract
                                                                                 workers as a temporary employee as these can make
                                                                                 contractors feel like outsiders.

                                                                              5. REMEMBER YOUR PERMANENT STAFF. Clarify with
                                                                                 both contractors and permanent employees what their role
                                                                                 allocations and project aims are and make sure there is no
                                                                                 potential for conflict. Ensure that managers are the ones who
                                                                                 bring contractors up to speed on the office culture so that
                                                                                 other team members are not left having to do this extra job
                                                                                 each time a new contractor comes on board.




                                                                                                       2017 Singapore Salary & Employment Outlook | 7
Singapore - Salary & Employment Outlook
Numbers at a glance

Singapore has experienced a challenging 2016, with bright spots observed in the
fast-expanding healthcare, fintech and digital sectors. What are employers’ hiring
intentions for 2017?




       HEADCOUNT                                 36%
       INCREASES                                 of employers surveyed are expected
                                                 to recruit new hires




       HIRING ACTIVITY
                                                 61%
                                                 who plan to increase headcount
                                                 say they are actively seeking
                                                 mid-level employees




                                                 58%
       SALARY INCREASES                          of Singapore employers expect to
                                                 increase salaries by ≤5% in the
                                                 next 12 months for management to
                                                 senior-level employees




8 | 2017 Singapore Salary & Employment Outlook
Singapore - Salary & Employment Outlook
TALENT
ATTRACTION
                1         55%
                          Salary increases




                2     3
& RETENTION
INITIATIVES       46%   40%
                          Learning and                              Workplace
                          development                               flexibility




DIVERSITY &     97%
INCLUSION       say their organisations support
                diversity and inclusion




TOP 3
FOCUS POINTS
                1         64%
                          Minority ethnic
                          groups
FOR DIVERSITY
AND INCLUSION
PROGRAMMES
                2 59% 3 44%
                          Gender                                    Age




                                                  2017 Singapore Salary & Employment Outlook | 9
Singapore - Salary & Employment Outlook
Singapore overview
The outlook for Singapore is expected to remain largely unchanged from
2016. Recruitment activity levels are expected to be comparable with
last year. Hiring patterns will be consistent with the region — 93% of the
Singapore companies surveyed have said that they will be increasing or
maintaining headcount.

Digital, technology and healthcare are likely to be the country’s fastest-
growing sectors, with the Singapore government pledging to boost
investment in these sectors. Recently, for example, a funding scheme
was put into place to support locally-based fintech (financial technology)
trials, setting the path for the sector’s growth. Employers across these
three sectors are likely to continue hiring actively, though recruitment
efforts will largely focus on filling niche roles.

Against this backdrop, contracting continues to increase in popularity
among Singapore-based employers with nearly 70% of companies
surveyed already using contractors, especially in the areas of operations,
technology and business support. Contracting offers employers flexibility
in terms of headcount and budget. Through contracting, companies are
also able to select from a larger pool of potential candidates than would
otherwise be available to them.

Unsurprisingly, searching for the perfect candidate to fill in-demand roles
will still be an uphill battle for many companies, who require candidates
with specific skills, including broad geographical knowledge and clearly
determined levels of experience. Employers might not be willing to
compromise, displaying a strong preference to recruit only the perfect
candidate.

While this raised talent bar is logical from a business perspective, such
an approach may not be sustainable in the long run. Not only do longer
hiring processes leave potential employees frustrated, positions that
are left open for extended periods may compromise business growth.
Employers may need to adopt a more open-minded approach, hiring
a candidate with most – not all – the required skills and invest in his/
her training and development instead. Employers also need to be aware
that candidates may be more risk averse in a cautious environment and
potentially reluctant to make a job change. Such an approach not only
builds up the talent pool, but also sets the stage for employee retention
and employer branding.




10 | 2017 Singapore Salary & Employment Outlook
Engineering &
                  Manufacturing


Insights

Singapore’s aerospace industry and the power electronics, smart energy
and smart consumer product sectors will experience strong growth in
2017. In the aerospace industry in particular, new sites and facilities are
being built, and several companies are looking to expand. Data centres
are also poised for growth as Singapore retains its status as a regional              Hot jobs
hub.

Over the next 12 months, candidates are likely to adopt a cautious
approach to job searching, favouring jobs that offer long-term stability
and career advancement. Employers will also be more cautious when
hiring, screening candidates more thoroughly to ensure they have the
requisite skills and are culturally the right fit for a position. The recruitment      R&D engineering roles, roles and
process might consequently become more lengthy.
                                                                                     positions in application engineering
Candidates looking to switch jobs are likely to command increments of                   for power electronics (such as
10 to 15%.                                                                          inverters/drives and power systems).
In this market, candidates with technical experience in aerospace, power
electronics and research and development (R&D) across various industry
sectors will continue to be sought after.




                                                                                       2017 Singapore Salary & Employment Outlook | 11
Salary Benchmarks                                                                                                  ENGINEERING & MANUFACTURING



Engineering & Manufacturing

R&D Engineering/R&D
                                           SALARY RANGE (SGD’000)

 ROLE                                      2-5 YEARS                           5-10 YEARS                         8+ YEARS                           15+ YEARS

 Design Engineer                           45 – 75                             70 – 100                           100 – 150                          150 – 160+

 Application Engineer                      60 – 90                             70 – 100                           100 – 150                          150 – 160+

 Engineering Manager                       N/A                                N/A                                 100 – 150                          N/A

 Engineering Director                      N/A                                N/A                                 N/A                                150 – 250




Operations
                                           SALARY RANGE (SGD’000)

 ROLE                                      3-5 YEARS                           5-10 YEARS                         10-15 YEARS                        15+ YEARS

 Manufacturing                             50 – 70                             70 – 90                            100 – 160                          200+

 Process Engineering                       60 – 80                             90 – 120                           120 – 150                          180+

 Mechanical Engineering                    60 – 80                            90 – 120                            120 – 150                          180+

 Electrical Engineering                    60 – 80                            90 – 120                            120 – 150                          180+

 Controls/Automation                       60 – 80                            90 – 120                            120 – 150                          180+

 EHS                                       60 – 80                            90 – 120                            120 – 150                          180+




Quality Control/Assurance
                                           SALARY RANGE (SGD’000)

 ROLE                                      2-5 YEARS                           5-10 YEARS                         10+ YEARS                          15+ YEARS

 Quality Engineer                          40 – 75                             70 – 100                           N/A                                N/A

 Quality Manager                           N/A                                 N/A                                80 – 120                           N/A

 Quality Director                          N/A                                N/A                                 N/A                                150 – 250




Field Service/Service Engineering
                                           SALARY RANGE (SGD’000)

 ROLE                                      2-5 YEARS                           5-8 YEARS                          8+ YEARS

 Field Service Engineer                    40 – 65                             65 – 90                            N/A

 Service Manager                           N/A                                 80 – 100                           N/A

 Service Director                          N/A                                 N/A                                120+

 Sales Engineer                            40 – 80                             70 – 100                           N/A

 Sales Engineering Manager                 N/A                                 N/A                                100 – 150




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

12 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                  ENGINEERING & MANUFACTURING



Engineering & Manufacturing

Project/Programme Management
                                           SALARY RANGE (SGD’000)

 ROLE                                      2-5 YEARS                           5-10 YEARS                         10+ YEARS

 Project Manager                           70 – 110                            100 – 120                          N/A

 Project/Programme Director                N/A                                 N/A                                150 – 230




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 13
Finance &
                  Accounting


Insights

Recruitment activity for finance and accounting professionals is likely to
pick up in manufacturing, pharmaceutical, healthcare and technology.
In particular, these sectors will be open to hiring contract workers to
support their expanding operations.

Over the next 12 months, hiring will remain relatively flat in finance and     Hot jobs
accounting functions at the middle-management level. There will be
opportunities for senior-strategic hiring and at the more junior levels (for
operational finance roles). Most employers are also seeking candidates
with strong business partnering experience.

Both challenges and opportunities exist in the market for contract work.
With the market expected to see limited growth, contracting will be a            Commercial finance business
popular talent solution as more high-quality candidates are warming to          partners, business analysts and
the idea of working on a contract basis. However, some employers may           roles in hybrid finance operations
not be well-informed about the benefits of contract employment.                           and analysis.
Candidates who change jobs can expect to receive between 8 and 10%
in increments, with contract workers usually commanding between
5 and 7%. Employers are likely to favour candidates with experience in
areas such as commercial business partnering, shared services, hybrid
finance operations, analysis and tax.

On the contracting front, employers will favour candidates with formal
qualifications, who have experience with SAP and have worked for
multinationals. Candidates with a real breadth of experience, as well as
exposure to different industries, will be in demand.




14 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                                                    FINANCE



Finance

General
                                                                    SALARY RANGE (SGD’000)

 ROLE                                                               3-5 YEARS                          5-10 YEARS                          10-15 YEARS

 Accounts Payable Accountant                                        45 – 60                            60 – 80                             N/A

 Financial Accountant                                               50 – 65                            65 – 100                            N/A

 Cost Accountant                                                    50 – 65                            65 – 100                            N/A

 Credit Analyst                                                     50 – 65                            65 – 90                             N/A

 Group Accountant – Consolidation                                   60 – 80                            80 – 100                            N/A

 Financial/Business Analyst                                         50 – 80                            80 – 120                            100 – 150

 Accounts Payable Manager                                           70 – 90                            90 – 140                            110 – 150

 Finance Manager (Small/Medium Organisation)                        80 – 100                           90 – 120                            120+

 Finance Manager (Shared Services Centre)                           80 – 100                           100 – 120                           120+

 Finance Manager (Large Organisation)                               N/A                                100 – 150                           150+

 Group Finance Manager                                              N/A                                80 – 130                            100 – 150

 Financial & Planning Analysis Manager                              N/A                                110 – 150                           160+

 Financial Controller (Small/Medium Organisation)                   N/A                                120 – 160                           160+

 Financial Controller (Large Organisation)                          N/A                                140 – 180                           180+

 Finance Director (Shared Services Centre)                          N/A                                160 – 200                           200+

 CFO/Finance Director (Large Organisation)                          N/A                                250 – 300                           300 – 350




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 15
Salary Benchmarks                                                                                                                                                    FINANCE



Finance

Specialist

                                                                    SALARY RANGE (SGD’000)

 ROLE                                                               3-5 YEARS                          5-10 YEARS                          10-15 YEARS

 Pricing Analyst                                                    60 – 80                            80 – 100                            100 – 140

 Treasury Analyst                                                   60 – 80                            80 – 120                            N/A

 Tax Analyst                                                        60 – 80                            80 – 110                            N/A

 Internal Auditor                                                   65 – 90                            90 – 130                            120+

 Pricing Manager                                                    100 – 120                          120 – 150                           150+

 Revenue Controller                                                 80 – 120                           120 – 180                           130+

 Corporate Finance Manager                                          90 – 120                           120 – 180                           180+

 Treasury Manager                                                   100 – 120                          120 – 180                           180+

 Internal Audit Manager                                             100 – 130                          130 – 150                           150 – 200

 Tax Manager                                                        100 – 150                          130 – 180                           180+

 Credit Manager                                                     N/A                                100 – 130                           130 – 150

 Costing Manager                                                    N/A                                100 – 150                           150+

 Corporate Finance Director                                         N/A                                220 – 250                           250 – 300

 Treasury Director                                                  N/A                                220 – 250                           250 – 300

 Internal Audit Director                                            N/A                                220 – 250                           250 – 300

 Tax Director                                                       N/A                                240 – 280                           280+




Professional Services & Public Accounting

                                                                    SALARY RANGE (SGD’000)

 ROLE                                                               3-5 YEARS                          5-10 YEARS                          10-15 YEARS

 External Audit                                                     50 – 70                            70 – 150                            120+

 Tax                                                                50 – 70                            70 – 150                            130+

 Management Consultancy                                             60 – 100                           100 – 150                           140+

 Corporate Finance                                                  60 – 100                           100 – 150                           140+

 Risk & Compliance                                                  65 – 90                            90 – 130                            150+




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

16 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                  FINANCE – CONTRACTING



Finance – Contracting

General

                                                                    SALARY RANGE (SGD’000)

 ROLE                                                               3-5 YEARS                          5-10 YEARS                          10-15 YEARS

 Accounts Payable Accountant                                        42 – 58                            58 – 78                             N/A

 Financial Accountant                                               48 – 66                            66 – 96                             N/A

 Cost Accountant                                                    48 – 66                            66 – 96                             N/A

 Credit Analyst                                                     46 – 66                            66 – 96                             N/A

 Group Accountant – Consolidation                                   60 – 78                            78 – 102                            N/A

 Financial/Business Analyst                                         60 – 84                            84 – 120                            N/A

 Accounts Payable Manager                                           70 – 90                            84 – 120                            N/A

 Finance Manager (Small/Medium Organisation)                        72 – 96                            96 – 120                            120+

 Finance Manager (Shared Services Centre)                           84 – 102                           102 – 120                           120+

 Finance Manager (Large Organisation)                               90 – 120                           120 – 168                           168+

 Group Finance Manager                                              N/A                                84 – 120                            120+

 Financial & Planning Analysis Manager                              90 – 120                           120 – 150                           150 – 216

 Financial Controller (Small/Medium Organisation)                   120 – 150                          150 – 180                           180 – 216

 Financial Controller (Large Organisation)                          132 – 156                          156 – 192                           192+

 Finance Director (Shared Services Centre)                          132 – 156                          156 – 192                           192+

 CFO/Finance Director (Large Organisation)                          192 – 216                          216 – 240                           240+




Specialist

                                                                    SALARY RANGE (SGD’000)

 ROLE                                                               3-5 YEARS                          5-10 YEARS                          10-15 YEARS

 Treasury Analyst                                                   60 – 78                            78 – 96                             N/A

 Tax Analyst                                                        60 – 78                            78 – 96                             N/A

 Treasury Manager                                                   96 – 120                           120 – 168                           168+

 Tax Manager                                                        96 – 120                           120 – 168                           168+

 Credit Manager                                                     72 – 96                            96 – 120                            120 – 144

 Costing Manager                                                    N/A                                102 – 144                           144+




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 17
Financial Services


Insights

The financial services and corporate governance sectors are expected to
face some challenges in 2017. Most banks are consolidating and funds
are performing below expectations. Insurance and commodities firms, as
well as private equity and asset management, are expected to maintain
status quo, with only some pursuing growth.                                     Hot jobs
However, there will be opportunities in the financial technology (fintech)
space as banks move into system automation for trading processes.
There will also likely be a growing demand for contractors in corporate
and private banking.

We also see a new trend with Asian origin banks focusing on international
expansion and growing their market share/penetration with Asia, resulting        Roles in change management,
in opportunities across the board.                                               risk analytics and big data as
                                                                                   well as jobs involving cost
With looming uncertainty in the next 12 months, many firms are investing
                                                                                 savings and efficiency gains.
in data analytics, market trend analysis and risk functions. These roles
are perceived to be crucial to identify cost efficiencies, new market
                                                                               For contractors: business analysts
opportunities and business threats.                                            in operational risk and functional
                                                                                       business analysts.
In the current market, permanent employees who change jobs can
expect between 8 and 10% in increments. However, those who are
unemployed before starting a new role may receive pay that is on par
with their previous salary. Contractors who switch jobs can expect
between 8 and 12% in increments.

Candidates with experience in risk, regulatory compliance, analytical skills
and who are proficient in business Mandarin are likely to be sought after.




18 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Finance

Financial Control – Investment Banking
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 96                            5                      15                     30

 Associate/Assistant Vice President        3-6 years                           100 – 150                          5                      15                     30

 Vice President                            6-10 years                         150 – 200                           5                      15                     30

 Senior Vice President/Director            10+ years                          200 – 300                           5                      15                     40

 Country Chief Financial Officer           12+ years                          300+                                5                      20                     50

 Regional Chief Financial Officer          15+ years                          400+                                5                      25                     60




Management Reporting/FP&A
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 100                           5                      15                     25

 Associate/Assistant Vice President        3-6 years                           100 – 150                          5                      15                     30

 Vice President                            6-10 years                         160 – 240                           5                      15                     30

 Executive Director                        10+ years                          240 – 300                           5                      15                     40

 Managing Director/Head                    15+ years                          300+                                5                      25                     60




Regulatory Finance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 100                           5                      15                     25

 Associate/Assistant Vice President        3-6 years                           100 – 150                          5                      15                     30

 Vice President                            6-10 years                         160 – 240                           5                      15                     30

 Executive Director                        10+ years                          240 – 300                           5                      15                     40

 Managing Director/Head                    15+ years                          300+                                5                      25                     60




Product Control
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 100                           5                      15                     25

 Associate/Assistant Vice President        3-6 years                           100 – 190                          5                      15                     30

 Vice President                            6-10 years                         190 – 260                           5                      15                     30

 Executive Director                        10+ years                          260 – 320                           5                      20                     50

 Manging Director/Head                     15+ years                          320+                                10                     25                     60




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 19
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Finance

Valuations
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 100                           5                      15                     25

 Associate/Assistant Vice President        3-6 years                           100 – 190                          5                      15                     30

 Vice President                            6-10 years                         190 – 260                           10                     15                     30

 Executive Director                        10+ years                          260 – 320                           10                     20                     50

 Managing Director/Head                    15+ years                          320+                                10                     20                     60




Tax
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 120                           5                      10                     25

 Associate/Assistant Vice President        3-6 years                           120 – 180                          5                      15                     30

 Vice President                            6-10 years                         180 – 260                           5                      20                     30

 Executive Director                        10+ years                          260 – 300                           5                      20                     50

 Managing Director/Head                    15+ years                          300+                                5                      20                     50




Treasury
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 120                           5                      10                     25

 Associate/Assistant Vice President        3-6 years                           120 – 180                          5                      15                     50

 Vice President                            6-10 years                         180 – 260                           5                      20                     50

 Executive Director                        10+ years                          260 – 300                           5                      20                     60

 Managing Director/Head                    15+ years                          300+                                5                      20                     60




Project Accounting
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           40 – 90                            5                      15                     25

 Associate/Assistant Vice President        3-6 years                           90 – 140                           5                      15                     30

 Vice President                            6-10 years                         140 – 220                           5                      15                     30

 Executive Director                        10+ years                          220 – 280                           5                      15                     50

 Head                                      15+ years                          280+                                5                      20                     50




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

20 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Finance

Fund Accounting – Investment Management
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           36 – 60                            5                      10                     25

 Associate/Assistant Manager               3-5 years                           60 – 100                           5                      10                     30

 Manager                                   5-7 years                          100 – 160                           5                      10                     30

 Senior Manager                            7-10 years                         160 – 240                           5                      15                     50

 Director/Head                             10+ years                          240+                                5                      15                     50




Corporate Accounting – Investment Management
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           36 – 60                            5                      10                     25

 Associate/Assistant Manager               3-5 years                           60 – 120                           5                      10                     30

 Manager                                   5-7 years                          120 – 160                           5                      10                     30

 Senior Manager                            7-10 years                         160 – 200                           5                      25                     60

 Director                                  10+ years                          200 – 360                           10                     25                     60

 Country Chief Financial Officer           12+ years                          360 – 500                           10                     30                     50

 Regional Chief Financial Officer          15+ years                          500+                                10                     25                     60




Financial Control – Insurance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 96                            5                      15                     30

 Assistant Manager                         3-5 years                           100 – 150                          5                      15                     30

 Manager                                   5-7 years                          150 – 200                           5                      15                     30

 Senior Manager                            7-10 years                         180 – 240                           5                      15                     40

 Financial Controller                      10+ years                          200+                                10                     20                     40

 Country Chief Financial Officer           12+ years                          240+                                10                     20                     50

 Regional Chief Financial Officer          15+ years                          400+                                5                      25                     50




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 21
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Internal Audit

Investment Banking
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 84                            5                      15                     25

 Associate/Assistant Vice President        3-6 years                           90 – 180                           10                     20                     30

 Vice President                            6-10 years                         180 – 280                           15                     20                     30

 Executive Director                        10+ years                          280 – 380                           30                     30                     50

 Managing Director/Head                    15+ years                          380+                                40                     40                     50




Investment Management
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           64 – 80                            0                      15                     30

 Associate/Assistant Manager               3-5 years                           80 – 130                           0                      15                     40

 Manager                                   5-7 years                          130 – 200                           10                     25                     60

 Senior Manager                            7-10 years                         200 – 280                           10                     25                     60

 Director/Head of Audit                    10+ years                          280+                                10                     25                     60




Insurance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Auditor                                   1-3 years                           64 – 80                            5                      10                     25

 Assistant Manager                         3-5 years                           80 – 130                           5                      10                     30

 Manager                                   5-7 years                          130 – 200                           10                     25                     40

 Senior Manager                            7-10 years                         200 – 280                           15                     25                     50

 Director/Head of Audit                    10+ years                          280+                                20                     25                     50




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

22 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Risk Management

Operational Risk
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 96                            5                      15                     25

 Associate/Assistant Vice President        3-6 years                           100 – 170                          5                      15                     30

 Vice President                            6-10 years                         170 – 300                           5                      15                     35

 Executive Director                        10+ years                          300 – 400                           5                      20                     40

 Managing Director/Head                    15+ years                          400+                                5                      20                     50




Market Risk
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 96                            5                      15                     30

 Associate/Assistant Vice President        3-6 years                           100 – 180                          10                     15                     30

 Vice President                            6-10 years                         180 – 300                           10                     20                     35

 Executive Director                        10+ years                          300 – 400                           10                     20                     40

 Managing Director/Head                    15+ years                          400+                                10                     20                     60




Credit Risk
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           48 – 96                            5                      15                     30

 Associate/Assistant Vice President        3-6 years                           100 – 180                          10                     15                     30

 Vice President                            6-10 years                         180 – 300                           10                     20                     35

 Executive Director                        10+ years                          300 – 400                           10                     20                     40

 Managing Director/Head                    15+ years                          400+                                10                     20                     60




Quantitative Analysis
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           50 – 96                            10                     15                     30

 Associate/Assistant Vice President        3-6 years                           100 – 180                          5                      10                     30

 Vice President                            6-10 years                         180 – 280                           5                      15                     35

 Executive Director                        10+ years                          280 – 400                           10                     20                     40

 Managing Director/Head                    15+ years                          400+                                10                     20                     60




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 23
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Compliance

Investment Banking
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 100                           5                      15                     30

 Associate/Assistant Vice President        3-6 years                           100 – 180                          10                     20                     40

 Vice President                            6-10 years                         190 – 280                           10                     20                     40

 Executive Director                        10+ years                          280 – 400                           15                     25                     50

 Managing Director/Head                    15+ years                          400+                                20                     30                     70




Investment Management
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           64 – 90                            0                      15                     30

 Associate/Assistant Manager               3-5 years                           90 – 140                           0                      15                     40

 Manager                                   5-7 years                          140 – 220                           10                     25                     60

 Senior Manager                            7-10 years                         220 – 320                           10                     25                     60

 Director/Head                             10+ years                          320+                                10                     25                     60




Insurance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Assistant                                 1-3 years                           60 – 100                           5                      15                     30

 Assistant Manager                         3-5 years                           100 – 180                          10                     20                     40

 Manager                                   5-7 years                          190 – 280                           10                     20                     40

 Senior Manager                            7-10 years                         280 – 400                           15                     25                     50

 Director/Head                             10+ years                          360+                                20                     30                     70




Anti-Money Laundering
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 100                           10                     20                     30

 Associate/Assistant Vice President        3-6 years                           100 – 180                          10                     20                     40

 Vice President                            6-10 years                         200 – 320                           10                     20                     40

 Executive Director                        10+ years                          320 – 440                           15                     25                     50

 Managing Director/Head                    15+ years                          360+                                20                     30                     70




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

24 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Operations

Settlements & Corporate Actions
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           36 – 60                            5                      10                     25

 Associate/Assistant Vice President        3-8 years                           60 – 120                           5                      10                     25

 Vice President                            8-12 years                         120 – 168                           5                      15                     30

 Executive Director                        12+ years                          168 – 240                           5                      15                     30

 Managing Director/Head                    15+ years                          240+                                5                      15                     30




Trade & Sales Support
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 90                            5                      10                     25

 Associate/Assistant Vice President        3-8 years                           90 – 160                           5                      15                     25

 Vice President                            8-12 years                         160 – 260                           5                      20                     30

 Executive Director                        12+ years                          260 – 320                           5                      20                     30

 Managing Director/Head                    15+ years                          320+                                5                      25                     40




Client Services & Onboarding
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           36 – 72                            5                      15                     25

 Associate/Assistant Vice President        3-8 years                           72 – 160                           5                      15                     25

 Vice President                            8-12 years                         160 – 200                           5                      15                     30

 Executive Director                        12+ years                          200 – 300                           5                      15                     30

 Managing Director/Head                    15+ years                          300+                                5                      20                     40




Project Operations
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 90                            5                      10                     25

 Associate/Assistant Vice President        3-8 years                           90 – 160                           5                      15                     25

 Vice President                            6-10 years                         160 – 260                           5                      20                     30

 Executive Director                        10+ years                          260 – 320                           5                      20                     30

 Managing Director/Head                    15+ years                          320+                                5                      25                     40




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 25
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Operations

Operations – Investment Management
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 90                            5                      15                     30

 Associate/Assistant Manager               3-5 years                           90 – 168                           5                      15                     30

 Manager                                   5-7 years                          168 – 260                           10                     25                     50

 Senior Manager                            7-10 years                         260 – 320                           10                     25                     60

 Director/Head                             10+ years                          320+                                10                     25                     60




Global Markets – Front Office Banking & Financial Markets

Corporate Finance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 144                           5                      25                     50

 Associate                                 3-6 years                           144 – 300                          20                     35                     100

 Vice President                            6-10 years                         280 – 434                           25                     50                     100

 Director                                  10+ years                          310 – 540                           35                     50                     150

 Managing Director                         15+ years                          460+                                35                     50                     100+




Equity Research
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Research Associate                        1-3 years                           96 – 170                           15                     25                     70

 Senior Research Associate                 3-5 years                           120 – 192                          15                     35                     70

 Writing Analyst                           5-7 years                          168 – 360                           20                     40                     75+

 Sector Head                               7+ years                           400+                                35                     50                     100+




Sales & Trading
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           84 – 144                           20                     30                     50

 Associate                                 3-6 years                           144 – 280                          15                     50                     75

 Vice President                            6-10 years                         280 – 434                           25                     50                     75+

 Director                                  10+ years                          310 – 540                           25                     50                     75+

 Managing Director                         15+ years                          460+                                25                     75                     100+




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

26 | 2017 Singapore Salary & Employment Outlook
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Global Markets – Front Office Banking & Financial Markets

Corporate Banking Relationship Manager
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 100                           5                      12                     25

 Associate                                 3-6 years                           90 – 170                           8                      25                     50

 Vice President                            5-7 years                          170 – 330                           25                     50                     70

 Director                                  7-12 years                         320 – 440                           35                     50                     70

 Managing Director                         12+ years                          380+                                35                     50                     75




Structured & Project Finance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 140                           10                     20                     30

 Associate                                 3-6 years                           140 – 240                          10                     25                     50

 Vice President                            5-7 years                          230 – 330                           25                     50                     70

 Director                                  7-12 years                         320 – 440                           35                     50                     70

 Managing Director                         12+ years                          380+                                35                     50                     75+




Transaction Banking and Trade & Commodity Finance
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 100                           5                      12                     25

 Associate                                 3-6 years                           90 – 170                           8                      25                     50

 Vice President                            5-7 years                          170 – 330                           25                     50                     70

 Director                                  7-12 years                         320 – 440                           35                     50                     70

 Managing Director                         12+ years                          380+                                35                     50                     75




Global Markets – Sector, Investment Management

Investment Research (Equity & Fixed Income)
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           60 – 140                           5                      12                     25

 Associate                                 3-6 years                           140 – 240                          15                     25                     50

 Vice President                            6-10 years                         180 – 400                           25                     50                     75

 Director                                  10+ years                          320 – 500                           25                     50                     100

 Managing Director                         15+ years                          360+                                25                     50                     100+




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

                                                                                                                               2017 Singapore Salary & Employment Outlook | 27
Salary Benchmarks                                                                                                                             FINANCIAL SERVICES



Global Markets – Sector, Investment Management

Portfolio & Fund Management
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Vice President                            6-10 years                          200 – 360                          15                     35                     75

 Director                                  10+ years                           280 – 500                          25                     50                     100

 Managing Director                         15+ years                          360+                                25                     50                     100+




Institutional and Retail Fund Sales & Distribution
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           68 – 110                           5                      12                     20

 Associate                                 3-6 years                           124 – 200                          15                     35                     50

 Vice President                            6-10 years                         144 – 336                           15                     50                     65

 Director                                  10+ years                          260 – 400                           25                     50                     75

 Managing Director                         15+ years                          360+                                35                     50                     100




Private Banking
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Private Banking Assistant                 1-8 years                           60 – 132                           15                     25                     50

 Assistant Private Banker                  3-8 years                           120 – 200                          15                     35                     50

 Junior Private Banker                     5-10 years                         200 – 390                           15                     50                     100

 Director                                  10+ years                          320 – 500                           25                     50                     100

 Managing Director                         15+ years                          400+                                25                     60                     100+




Private Equity
                                                                                                                  BONUS

 ROLE                                      EXPERIENCE                          SALARY (SGD'000)                   LOW (%)                MEDIUM (%)             HIGH (%)

 Analyst                                   1-3 years                           84 – 144                           20                     30                     50

 Associate                                 3-6 years                           144 – 300                          25                     50                     100

 Vice President                            6-10 years                         220 – 380                           35                     60                     100

 Director                                  10+ years                          300 – 540                           35                     65                     100+

 Managing Director                         15+ years                          390+                                35                     75                     100+




Please note: 1. Market rates are becoming much less homogeneous; while we have taken great care, these salary ranges can only be approximate guides. Since there are
often specific circumstances relating to individual companies, please call us for additional information. 2. These figures are generally the total remuneration (i.e. cash), excluding
bonus/incentive schemes. 3. Variable and incentive schemes are becoming more common through the different levels of management and are not included in these figures.

28 | 2017 Singapore Salary & Employment Outlook
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