Singapore is one of the world’s largest banking sectors. Ranked number three in the Global Financial Centres Index, this thriving banking center serves the domestic market as well as the entire Asia Pacific region.
Careers in banking are highly coveted and very competitive due to the large salaries offered at certain levels. There is a vast array of different banking roles, from customer-centric positions like bank tellers, loan officers, customer service reps, and administrative jobs, all the way up to securities, commodities, or financial services positions.
The best-paying bank jobs in Singapore are in the high-flying worlds of global market trading, debt and equity capital management, and mergers and acquisitions. These jobs are demanding, competitive, and challenging—but these challenges are reflected in the high salaries offered.
The Pros and Cons of Banking Jobs in Singapore
Still deciding whether banking is the right industry for you? Before we dig into the best bank jobs in Singapore, let’s take a look at the pros and cons of working in the banking industry.
The Pros of Singapore Bank Jobs
- Great pay: The best banks want the best staff, so they are prepared to pay for them. Many banks offer starting and performance bonuses and pay around S$10k a month after three to four years. As you move up levels, the money becomes eye-watering, with foreign exchange brokers and portfolio managers taking home salaries over S$285,000 per year.
- The people: Since deregulation in the late 90s, Singapore has employed some of the best and brightest graduates available. The massive compensations involved in the industry mean that you will work with—and serve—some of the people at the forefront of technology and business. The industry is so fast-moving that training and learning never stops; and with a diverse and varied staff, you’ll be rubbing shoulders with a wide variety of different people.
- Generous perks: A company can’t employ the brightest and the best without attracting them with generous bonuses. Banks compete over the most skilled staff, like investment bankers, and to keep them in the job, they need to offer a few extras. Traveling business class, eating at the best restaurants, and staying at the best hotels are just some of the pluses involved. Some companies also offer generous pensions and paternity or maternity leave.
- Networking opportunities: There are very few jobs that will give you quite as much access to wealthy and successful people as high-level banking. Accumulating contacts like these can be a great move for anyone who plans to branch out independently after a while. Additionally, when the job strains become too much, many people decide to move into management or consulting roles, using their experience at the forefront of these desirable industries to help a variety of companies.
- Experience and Training: Specialized industries such as banking require a lot of learning on the job. To get to the top you need to work long hours to beat out your competition and the skills and training you accrue in such a compressed amount of time constitute a lifetime of training in other industries.
The Cons of Working at a Bank in Singapore
- Long Hours: While the compensation is excellent, the hours are long. They say money never sleeps and because of this, you might not get too much time for rest. It’s not uncommon for financial analysts to work 16-hour days—and occasional weekends. This lifestyle will not be for everyone. As you progress, the hours you work may become a little better, but even associates regularly pull 60-80-hour weeks. Burnout is common.
- It’s Not a 9-5 Job: Careers like investment banking and trading can be all-consuming. There is an expectation that you are available 24/7, with weekends and evenings frequently disrupted. This is fine for the workaholic, but striking the right balance—and finding time for friends and family—is essential.
- Competition: The high level of competition in the Singapore banking industry is both a blessing and a curse. Competition from other workmates for bonuses, promotions, and opportunities can be intense.
Which Singapore Bank Jobs Pay the Best?
If you’re looking for a lucrative banking career, consider the following high-paying positions. These jobs have a high earning potential and are often in demand.
Global Markets - Trading: S$191k
Global market traders usually work on behalf of investment banks, financial houses, or exchanges. Traders generally fall into one of three camps:
- Flow traders who trade on behalf of the bank’s clients
- Proprietary traders who trade on behalf of the bank
- Sales traders who buy and sell securities on behalf of either the bank or the client
This job requires an analytical mind and an ability to read the financial markets and make good predictions and decisions. It’s high-stress and involves being a good communicator, a strong proficiency with numbers, and good teamwork skills.
ECM & DCM: S$190k
Equity capital market (ECM) and debt capital market (DCM) traders do similar jobs, but one trades equity and the other trades debt.
- Equity capital market: ECM works to help companies raise equity capital. ECM has a primary and secondary market. Primary markets are where securities like private placements, derivatives, and IPOs are issued. The secondary market is where stocks and shares are traded. ECM jobs include a fair amount of marketing and sales of securities, so prospective employees benefit from a knowledge of financial markets on top of an ability to present and package deals for clients.
- Debt capital market: While ECM works with more long-term securities, DCM is a more fast-paced environment, working with debt in the short term. DMC analysts work with debt issuances like bonds or debentures. DCM works with companies looking to issue debt to drive their expansion. Again, this is a high-stakes job that requires an analytical mind and a great level of knowledge about finance, fixed-income markets, treasuries, money market instruments, and more.
M&A: S$190k
Mergers and acquisitions (M&A) is a classic investment banking job. These roles can be either buy-side or sell-side. The sell-side works with clients (i.e. a company) who are looking to either merge with another company as equals or be purchased (or acquired) by a larger company. The buy-side works with clients who want to buy a specific company or, more generally, find companies to acquire.
Again, strong analytical skills are a must, with an ability to use data to create financial and valuation models.
Structured & Project Finance: S$190k
Project finance deals with the financing of infrastructure projects across a range of industries. Large projects require significant investment and funding, and bank workers in this sector work to coordinate financial arrangements in these projects or provide capital. Again, this is split into a sell-side and a buy-side.
Analytic skills, an ability to innovate, excellent communication skills, and an understanding of risk management are required.
Anti-Money Laundering: S$146k
With stricter global governance and financial markets regulations in recent years, anti-money laundering (AML) and regulatory compliance are some of the most significant growth industries in banking. Driven by government crackdowns on terrorism, crime, fraud, and organized crime, banks have been forced to become more responsible and more aware of who invests or banks with them.
An AML analyst or investigator uses digital tools to investigate suspicious activity on behalf of the bank. They investigate cases or monitor activity and must liaise with examiners and auditors to pass compliance. An excellent eye for detail, an understanding of the sector, and excellent communication skills are some of the traits required for this position.
How Much Do Bankers Earn in Singapore?
Here is a list of the high range of salaries earned by bankers in Singapore. Note that this list does not include bonuses.
Global markets - trading
S$191k
ECM and DCM
S$190k
M&A
S$190k
Structured and project finance
S$190k
Anti-money laundering
S$146k
Research analyst (FICC and equity)
S$143k
Private banking RM
S$140k
Internal audit
S$132k
Market risk
S$132k
Product control
S$132k
Corporate banking RM
S$130k
Management accounting
S$127k
What Are the Top Banks to Work for in Singapore?
Wondering about the best banks to work for in Singapore? To give you an idea of where to start your job search, let’s take a look at the top banks in Singapore
DBS Bank
DBS Bank is the largest bank in Southeast Asia and serves the entire Asian market. They have a progressive workplace culture centered around equality and employ candidates locally and abroad. DBS offers a wide range of career options for graduates, with capital markets, compliance, audit, risk, and more.
Browse DBS Bank Jobs
OCBC Bank
OCBC Bank is Singapore’s oldest bank, specializing in financial and wealth management and commercial banking. A recently overhauled benefits program has made OCBC Bank an attractive proposition for graduates, with perks centered around employee health and wellness.
Browse OCBC Bank Jobs
UOB Bank
South-East Asia’s third largest bank, UOB Bank, offers commercial and private banking services, insurance, asset management, and more. An employee-focused approach, with benefits and a flexible leave program, makes UOB a popular choice for many graduates.
Browse UOB Bank Jobs
Standard Chartered (Singapore)
Standard Chartered is a large multinational and financial services firm with offices in over 70 countries. It offers consumer, corporate, and institutional banking, along with treasury services. Great employee benefits and development programs make this a fine choice for graduates, with shareholder options particularly of interest. Standard Chartered salaries are considered very competitive.
Browse Standard Chartered Jobs
Maybank (Singapore)
Maybank is a Malaysian-owned bank with a presence in over 20 countries. Along with corporate and consumer banking, they offer investment, asset management, and stockbroker services. Maybank has good career advancement programs and excellent medical and dental options for employees.
Browse Maybank Jobs
What Are the Most In-demand Banking Jobs in Singapore?
These roles are the most in-demand bank jobs you can land in Singapore.
Many companies are turning to consolidation in a bid to increase market share or dominance, meaning that M&A is thriving. With demands in Associate to AVP level, candidates would benefit from a good knowledge of regional markets, financial modeling, and CFA certification.
With regulation and compliance at the forefront of the industry in recent years, firms are increasingly investing in administration and auditing staff. Some specialist areas in high demand are customer due diligence, transaction monitoring, anti-money laundering, and sanctions. Candidates with appropriate experience in these roles can command salaries of as much as S$300k.
Compliance, risk management, and financial audit positions have become more in demand as firms try to minimize operational and business risk while keeping abreast of regulatory changes. Strong internal or external audit experience, plus over five years of experience in financial services audits, are areas that firms are competing to fill.
Again, increased regulatory compliance and the introduction of the Foreign Account Tax Compliance Act (FACTA), have directed banks to focus on compliance across their entire range of services, from private to corporate. Know your customer (KYC) teams have expanded to meet demands, with a range of new hires required. Strong analytic skills and experience in APAC are desired.
While corporate banking sectors have shown slower recruitment levels of late, trade and support settlement roles have seen sharply increased demand. Asset classes like equities, fixed income, FX, and derivatives are growing in popularity across the financial sector and hedge funds—especially among analyst to senior analyst levels.
Which Cities are the Best for Banking Jobs?
According to the Global Finance Centres Index 35 released in 2024, the top banking capitals of the world are as follows:
#1 City for the Banking Industry: New York
Wall Street is the center of the U.S. financial industry. It is New York’s most important sector, generating about one-fifth of the total wages in the city. Financial markets on Wall Street include stocks, commodities, bonds, futures, and foreign exchanges. Morgan Stanley, Deloitte, Goldman Sachs, and Blackrock are just some of the bigger banks, exchanges, brokerages, and underwriting firms that have a presence in New York. This is a mature financial market, but the high cost of living is offset by the bustling New York culture and amenities on offer.
#2 City for a Banking Career: London
London is the world’s most connected financial center and boasts trade links and financial services across every market. London specializes in any banking service you can think of and has more banking head offices than anywhere in the world—with a total of over 480 overseas banks. The financial center generates about ¼ of the UK’s GDP. The cost of living can be high, but London is one of the entertainment capitals of the world, with great bars and restaurants.
#3 Best City for Banking Jobs: Singapore
Singapore has a vibrant and evolving banking industry that is an attractive option for many graduates and overseas workers. Many leading companies have a culture of equality and workplace happiness, with employee wellness becoming a part of their larger focus over recent years. The financial service is innovative and competitive, with many giant firms and great opportunities awaiting successful applicants.
#4 City for Banking Jobs: Hong Kong
Economic freedom, low corruption, and financial competitiveness make Hong Kong an attractive international financial sector. Low tax and free trade mean that many international banks maintain a presence in this bustling, economic powerhouse. With the Hong Kong dollar essentially pegged to the US dollar, and the Hong Kong Stock Exchange one of the largest exchanges in the world, Hong Kong is an ever-evolving banking sector.
Which Degree is Best for Banking?
As the bank sector becomes more innovative and more digital, many degrees like physics, math, engineering, and IT are in demand. However, MBA and finance degrees are still the most common holdings for recent graduates.
Below is a list of the top 5 degrees that will help power you to your dream job in banking.
MBA
A master of business administration (MBA) degree is a big help for a banking career. Possession of this degree can help graduates start at higher levels—even associate levels—because of its focus on strategizing, marketing, and project management.
Finance
A finance degree is essential for many banking sectors. While an MBA is great for many administrative and management roles, graduates who wish to work in the more analytic banking areas stand to benefit from this qualification. Investment, budgeting, problem-solving, and an understanding of the financial market are all key transferable skills.
Business
For entry-level roles, a business degree is a good option. The broader scope of a business degree—taking in diverse disciplines like corporate finance, law, strategy, and project management—means graduates have more potential flexibility across the financial sector than some of the more specialist degrees.
Economics
An economics degree is suitable for banking as the two disciplines are tightly entwined. An understanding of economic principles is essential to many aspects of finance dealt with by banks. Regulations, interest, monetary policy, and more are some of the transferable skills. Graduates with economics degrees may be interested in analyst roles due to their appreciation of the broader market.
Accounting
Accounting graduates have many opportunities within banking; however, many of these opportunities are more administrative in scope. Sectors like tax, financial reporting, and auditing all benefit from employees with a solid understanding of accounting principles. Additionally, many accounting graduates transition into treasury management and risk.
Find Bank Jobs in Singapore Today with GrabJobs!
If you’re in the market for a new job in banking, there are plenty of banks hiring employees online. Check out GrabJobs today to see the variety of banking jobs available in Singapore and begin applying.
