The 5 Top Sectors in Singapore

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Top sectors Singapore

With Brexit negotiations now underway, you could forgive some individuals for thinking that their future may lie abroad.

After all, nobody knows how Brexit will play out, other than the fact that it is likely to increase the cost of living while freezing job creation and wage growth.

So, the temptation to move to a thriving and protected economy like Singapore must be compelling, particularly with some incredibly high-performance sectors available to workers. Here are five of the biggest:

1. IT

Let’s start with IT, which has been inspired by initiatives such as the 2015 Intelligent Nation Master plan and the National Broadband Network. In the current market, senior account and business development managers can earn between S$14,800 and S$22,000 respectively, and these wages will grow incrementally as the sector continues to evolve in line with advancement and demand.

2. Accounting

There has also been a huge push to drive growth in the nation’s accounting industry, which is set to become a global hub for the Asia-Pacific region after expanding by $1.8 billion back in 2015. CFOs in Singapore can take home an average of S$20,000, while there are also considerable advancement opportunities within the sector.

If Singapore also becomes the home of the world’s financial services sector post-Brexit, Londoners may be leaving the capital in their droves. If this does apply to you, you will need to liaise with expert service providers such as Withers Worldwide to relocate efficiently.

3. Sales and Marketing

As Singapore becomes an increasingly prosperous hub with a global outlook, so too major sales and advertising brands are settling there. Marketing in particular represents one of the biggest growth sectors in the whole of Singapore, with those active in the digital field capable of earning an average salary of S$10,000.

4. Banking and Finance

Similar to accounting, Singapore’s banking and finance sector has thrived in recent times. The economies status as a triple-A rated entity also underlines its credentials as a replacement for London as the fiscal capital of the world, with more than 700 global, financial institutions already located there.

Vice-presidents and compliance managers remain the highest earners in the sector, with salaries in the region of S$17,000. These earnings will grow too, particularly with S$225 million having recently been invested to develop the nation’s fintech capabilities.

5. Health and Life Sciences

Fundamentally, Singapore is a progressive nation with a keen eye on health and life sciences. In fact, it is Asia’s fastest growing bio-cluster, with the demand for professionals and specialist skills higher than ever before. The government is also set to invest S$19 billion into relevant research and development programs before 2020, while directors in the market can expect to earn upwards of S$15,000.

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