Survey expectations clash with real-world experiences, as fresh grads navigate entry-level salaries in Singapore.
SINGAPORE: A fresh finance graduate recently voiced her disappointment on social media about entry-level salary realities not matching survey projections.
In her post on r/askSingapore, she shared her expectation of securing a starting salary around S$4,000, based on various salary surveys. However, during her job search, she discovered offers ranging between S$3,200 and S$3,800—a stark contrast to what she anticipated.
“Based on the salary survey, the 25th percentile was already S$4,000,” she wrote. “Am I being delusional if I still want a S$4K starting salary?”
Although not in urgent need of employment, as her savings can sustain her until next year, she expressed that the job hunt has been mentally draining, leaving her feeling anxious and even experiencing interview-related nightmares.
Advice from Experienced Voices
The Reddit thread quickly filled with advice, with many pointing out the disparity between survey data and real-world salaries.
According to the Ministry of Education’s Graduate Employment Survey (November 2023), accountancy and business graduates had a median gross monthly salary of S$4,650. Those in the 25th percentile earned S$4,000, while graduates in the 75th percentile earned around S$5,344.
Despite these figures, Redditors noted that it’s rare for fresh grads to immediately secure S$4,000 salaries.
One commenter advised the graduate to focus on gaining experience and finding a reputable company, as this would offer better opportunities in the long run, even if it meant starting with a slightly lower salary.
Another user pointed out the cost of waiting for a higher-paying role, stating that rejecting a S$3,500 offer for a year while waiting for S$4,000 would mean losing out on S$42,000 in guaranteed income. To make up for that loss, she would need to earn an extra S$500 per month for the next seven years.
Targeting the Right Companies
A third commenter suggested that salary expectations could be met by applying to the right companies. Local banks, for instance, often offer S$3,500 to S$4,000 for Management Associate programs, while ministries, government agencies, and venture capital firms typically pay between S$3,000 and S$4,500.
Roles with multinational corporations, including Singtel, Visa, and Unilever, offer starting salaries ranging from S$4,500 to S$5,500. Even higher salaries can be found in tech giants like Meta, Amazon, and Google, with starting figures often exceeding S$5,000.
The most lucrative opportunities lie within investment banks, hedge funds, and high-frequency trading firms, where entry-level salaries range from S$8,000 to S$25,000. However, these positions are highly competitive, with acceptance rates as low as 0.3%.
“Don’t be discouraged if you have to start somewhere smaller and work your way up,” another user encouraged. “The right experience and perseverance can help you achieve your salary goals.”
