2024 Salary Guide: Financial Services (Front Office, Private & Investment Banking)

April 20, 2023

Financial services is a broad industry with a wide range of salaries, and the amount a Retail Banker earns varies greatly from that of a Private Banker salary. Want to advance your Financial Services career? Here’s what you need to know:

Hot Financial Services Jobs for 2024 in Singapore

This year, hiring managers are looking out for:

  • Private bankers at Director Level and above including team leads and market leads
  • Analysts and Associates at investment banks
  • Transaction Banking Sales & Coverage Bankers

Newly hired private bankers can expect to command a good salary, with a high base pay and additional bonuses.

Emerging Skills & Hiring Trends

  • If you have excellent marketing skills, relationship management skills, and in-depth product knowledge, you’re an ideal candidate!
  • But of course, private bankers or qualified candidates with industry experience are preferred
  • For a better shot at nailing the job, show that you’ve held extensive portfolios and occupied high ranking positions in other private banks

Singapore Average Salary: Financial Services (Front Office)

This is the average salary in Singapore for Financial Services (Front Office) jobs:

Investment Banking M&A / ECM / DCM

Job Title Average Annual Salary (SGD)
Analyst $150,000
Associate $220,000
VP $320,000
Director $450,000
Managing Director $620,000

Private Banking

Job Title Average Annual Salary (SGD)
Associate $96,000
AVP / Associate Director $150,000
VP / Director $240,000
Executive Director $350,000
Managing Director $480,000
Trade Finance $200,000
Cash Management $200,000
Relationship Manager $200,000
FI RM (Coverage Bank/Non-Bank) $200,000
Product Manager (Cash / Trade / Liquidity / Custody $200,000

Private Equity

Job Title Average Annual Salary (SGD)
Analyst $100,000
Associate $180,000
VP $300,000
Director $400,000
Managing Director $600,000

Retail Banking / Premier Banking

Job Title Average Annual Salary (SGD)
Bancassurance / Insurance  Specialist $50,000
Priority Banking / Premier Banking RM $45,000
Employee Banking / Work Place Banking / Business Banking Client Acquisition $43,000
Mortgage Specialist $45,000

Looking to switch jobs this year? We’ve got your back

Download one of our free resume templates to use. We have templates for different industries and roles.

While you’re doing up your resume, why not check out our CV Guide and new Cover Letter Guide?

They’re chock-full of useful tips for an absolutely killer CV and Cover Letter – our tricks of the trade from over a decade of recruitment experience.

And if you need some extra help, we’ll even polish up your CV or Cover Letter in no time. Just reach out to us.

Back to Ultimate Singapore Salary Guide

Source: Morgan McKinley

Harry Suresh
Latest posts by Harry Suresh (see all)