Seeing as Singapore is the world's most expensive city to live in according to an index compiled by the Economist Intelligence Unit, chances are you are probably looking at your bank account with fear on a regular basis. However, it doesn't have to be this way if you choose to change career and pursue a more lucrative line of work.
But what are the top paying jobs in Singapore? The following data is from the Ministry of Manpower but doesn't include bonuses and profit sharing.
5. Foreign exchange dealer/broker - $19,083
Although the flexibility of CFD trading is very appealing, it could be argued that more profit-making opportunities are on offer for foreign exchange dealers and brokers. In many respects, there has never been a better time to explore this option either, due to UK and US interest rate speculation, China's stuttering economy, and a crisis of confidence in the Eurozone.
The sky really is the limit with foreign exchange, as transactions worth trillions of dollars take place everyday on the world's largest financial market.
4. Trade broker - $21,667
If the prospect of converting one currency to another doesn't excite you, then you could become a trade broker instead. Again, you will have to manage risk on a daily basis and have an in-depth understanding of how financial markets work, but the potential rewards are extremely impressive.
As opposed to CFD or FX, it is much more difficult to become a trade broker, as you will typically need a degree in business or finance, experience and sponsorship from a reputable firm, a license to operate, and a network of close associates to get started.
3. Specialist medical practitioner (surgical) - $26,516
Singapore recently overtook Hong Kong to top a ranking of the most-efficient health-care systems thanks to increased government spending on medical services. But it isn't just patients that are reaping the rewards of this investment.
Specialist medical practitioners that perform surgical procedures can receive substantial sums of money for their expertise. However, when you consider what this line of work requires, an impressive pay packet is hardly surprising.
2. Specialist medical practitioner (medical) - $30,250
There is a very good reason why specialist medical practitioners can afford to charge a premium for their services. First of all, they have to attend medical school for a minimum of five years in order to earn their initial stripes.
Then follows a multi-year residency in their chosen field before being able to register in Singapore as a specialist. With the entire process taking anything from seven to nine years, specialist medical practitioners are fully deserving of a high income.
1. Managing director/ Chief executive officer - $31,800
The highest earners in Singapore are invariably head honchos of large multinational companies. While most reach the top by studying for an MBA to increase their business acumen, others will rely on years of hard graft, starting from a young age and never giving up in the quest for corporate success.
In addition to inherent leadership skills and the ability to communicate effectively, managing directors and CEOs must also know about business finances, daily operations, future earnings potential, and possible areas of weakness.
- Thomas is a Social Policy & Politics graduate from Bristol University who has recently a completed PHD analysing the effectiveness of the American Stimulus programme after the 2008 Financial Crisis. While working for his PHD he has undertaken various writing projects around his favoured topic of international studies. Aiming to hone his skills and a journalist and academic writer, and build up an effective portfolio for a future career in journalism.
DollarsAndSense.sg is a website that provides bite-sized and relevant articles to help Singaporeans make better financial decisions.