Are you curious about how much finance managers make in Singapore? If you’re considering a career in finance or are already working in the industry, it’s important to know what kind of salary you can expect. The good news is that finance managers in Singapore are well-compensated, with salaries that are competitive both regionally and globally.
According to recent data, the average salary for a finance manager in Singapore is around S$81,960 per year. However, this figure can vary depending on a number of factors, such as the size and type of company you work for, your level of experience, and your qualifications. To get a better idea of what you can expect to earn, it’s a good idea to look at salary data from a variety of sources and to consider the specific circumstances of your own situation.
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Curious about finance manager salaries in Singapore? No time to read the whole article? Here’s a quick breakdown:
- The average finance manager in Singapore makes around S$82,000 per year.
- This can vary significantly based on experience, qualifications, and industry.
- Entry-level managers can expect S$60,000 to S$80,000, while senior managers with over 10 years of experience can make S$150,000 or more.
Singapore’s finance industry offers strong job prospects with competitive salaries. With the right skills and experience, you can build a rewarding career as a finance manager in this dynamic city-state.
Overview of Finance Manager Roles in Singapore
If you are interested in pursuing a career as a Finance Manager in Singapore, you’re in luck! Singapore is a hub for finance and business, and there are plenty of opportunities available for those in the profession.
As a Finance Manager, you will be responsible for overseeing the financial health of a company or organisation. This includes managing budgets, forecasting financial performance, and making strategic financial decisions. You will also be responsible for managing a team of finance professionals.
In Singapore, Finance Managers can work in a variety of industries, including banking, finance, accounting, and insurance. Some of the top employers for Finance Managers in Singapore include DBS Bank, Citibank, and United Overseas Bank.
The average salary for a Finance Manager in Singapore is around SGD 82k per year, according to Payscale. However, this can vary depending on factors such as experience, qualifications, and the industry you work in.
To become a Finance Manager in Singapore, you will typically need a degree in finance, accounting, or a related field. You may also need to obtain professional certifications such as the Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) designation.
Average Salary and Compensation Details
If you are considering a career as a finance manager in Singapore, you might be curious about the average salary and compensation details. According to Payscale, the median salary for a finance manager in Singapore is SGD 82k per year. However, the salary range can vary significantly depending on factors such as experience, industry, and company size.
Base Salary Figures
The base salary figures for finance managers in Singapore can range from SGD 14k to SGD 121k per year, according to Payscale. This means that entry-level finance managers can expect to earn around SGD 14k per year, while experienced professionals can earn up to SGD 121k per year.
Additional Financial Perks
In addition to base salary, finance managers in Singapore may also receive bonuses, profit sharing, and other forms of compensation. According to Glassdoor, the average additional cash compensation for a finance manager in Singapore is SGD 54k per year, with a range from SGD 12k to SGD 180k.
Some companies may also offer other financial perks such as stock options, health insurance, and retirement benefits. It is important to consider the full compensation package when evaluating a job offer as a finance manager in Singapore.
Factors Influencing Finance Manager Salaries
As a finance manager in Singapore, your salary is influenced by several factors. These factors include your experience and seniority levels, educational background, and professional certifications.
Experience and Seniority Levels
Your experience as a finance manager in Singapore plays a crucial role in determining your salary. The more experience you have, the higher your salary is likely to be. For instance, if you have over 10 years of experience as a finance manager, you can earn up to SGD 180,000 per year.
Moreover, your seniority level also determines your salary. Senior finance managers earn more than assistant finance managers. Additionally, senior managers with experience in managing multiple teams and projects are likely to earn more than those who don’t.
Educational Background
Your educational background also plays a significant role in determining your salary as a finance manager in Singapore. Most companies prefer to hire finance managers with a degree in finance, accounting, or a related field. A degree in finance or accounting shows that you have a solid understanding of financial principles and can apply them in your work.
Moreover, having a postgraduate degree in finance or accounting can also increase your salary. For instance, a finance manager with a Master’s degree in finance can earn up to SGD 250,000 per year.
Professional Certifications
Professional certifications can also influence your salary as a finance manager in Singapore. Certifications such as Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) are highly valued in the finance industry. These certifications demonstrate that you have a strong understanding of financial principles and can apply them in your work.
Moreover, having a certification in a specialised area such as risk management or financial planning can also increase your salary. For instance, a finance manager with a certification in risk management can earn up to SGD 200,000 per year.
Career Progression Opportunities
As a finance manager in Singapore, you have various career progression opportunities that can help you take your career to the next level. Here are some of the possible career paths you can take:
From Assistant to Senior Finance Manager
One of the most common career progression paths for finance managers is to move up from being an assistant finance manager to a senior finance manager. As an assistant finance manager, you will be responsible for assisting the finance manager in various tasks such as budgeting, forecasting, and financial analysis.
To become a senior finance manager, you need to have several years of experience in finance and accounting, as well as excellent leadership and communication skills. You will be responsible for managing a team of finance professionals and overseeing the financial operations of the company.
Transition to Other Financial Roles
Another career progression opportunity for finance managers is to transition to other financial roles such as project manager or accountant. As a project manager, you will be responsible for managing various financial projects and ensuring that they are completed on time and within budget.
As an accountant, you will be responsible for preparing financial statements, maintaining financial records, and ensuring that the company is compliant with various financial regulations.
Tip: Unlock Higher Salary Potential as a Finance Manager in Singapore
While the average salary for Finance Managers in Singapore is attractive, reaching the top of the pay range is possible! Consider factors like experience, qualifications, and industry to boost your earning potential. With strategic career moves, you can significantly increase your salary.
Regional Salary Variations within Singapore
If you are a finance manager in Singapore, your salary will vary depending on the location you work in. The average salary for a regional finance manager in Singapore is SGD 8,000 per month, according to Glassdoor. However, there are some regional variations that you should be aware of.
Central Region
The Central Region is the most developed and urbanized region in Singapore. It is home to the Central Business District (CBD), which is the financial hub of Singapore. If you work as a finance manager in the Central Region, you can expect to earn a higher salary than in other regions. According to PayScale, the average salary for a finance manager in Singapore’s Central Region is S$84,000 per year.
Northern Region
The Northern Region of Singapore is a mix of residential and industrial areas. It is home to the Woodlands Industrial Estate, which is one of the largest industrial estates in Singapore. If you work as a finance manager in the Northern Region, your salary will be lower than in the Central Region. According to Glassdoor, the average salary for a regional finance manager in the Northern Region is SGD 7,500 per month.
Southern Region
The Southern Region of Singapore is home to the Sentosa Island, which is a popular tourist destination. It is also home to the Jurong Industrial Estate, which is one of the largest industrial estates in Singapore. If you work as a finance manager in the Southern Region, your salary will be lower than in the Central Region but higher than in the Northern Region. According to Glassdoor, the average salary for a regional finance manager in the Southern Region is SGD 8,000 per month.
Eastern Region
The Eastern Region of Singapore is a mix of residential and industrial areas. It is home to the Changi Airport, which is one of the busiest airports in Southeast Asia. If you work as a finance manager in the Eastern Region, your salary will be similar to that in the Northern Region. According to Glassdoor, the average salary for a regional finance manager in the Eastern Region is SGD 7,500 per month.
Understanding the Pay Range
As a finance manager in Singapore, you can expect to earn a good salary, with the average salary ranging from S$81,960 to S$150,000 per year, according to PayScale. However, the pay range for finance managers can vary depending on several factors, such as experience, industry, and seniority level.
Entry-Level vs Senior Roles
Entry-level finance managers in Singapore can expect to earn an average salary of S$60,000 to S$80,000 per year. However, as you gain more experience and move up the ranks, you can expect to earn a higher salary. Senior finance managers with more than 10 years of experience can earn an average salary of S$150,000 per year or more.
Comparative Analysis Across Industries
The pay range for finance managers in Singapore can also vary depending on the industry you work in. For example, finance managers in the legal industry can earn an average salary of S$120,000 per year, while those in the pharmaceutical and biotechnology industry can earn an average salary of S$130,000 per year, according to Glassdoor.
It’s important to note that the pay range for finance managers in Singapore is also affected by the demand for finance and accounting professionals in the country. As Singapore continues to position itself as a financial hub in Asia, the demand for finance professionals is expected to remain strong, which could lead to higher salaries for finance managers in the future.
Role-Specific Responsibilities and Skills
As a Finance Manager in Singapore, you will be responsible for overseeing the financial operations of your company. You will need to have a broad range of skills and experience in accounting, consolidation, AP, AR, and financial analysis to excel in this role. Here are some of the key responsibilities and skills that you will need to possess:
Accounting and Financial Reporting
As a Finance Manager, you will be responsible for managing the accounting and financial reporting function for your company. This will include overseeing the preparation of financial statements, ensuring compliance with accounting standards and regulations, and managing the month-end and year-end close processes. You will also need to have a strong understanding of financial analysis and be able to provide insights into the financial performance of the business.
Budgeting and Forecasting
Another key responsibility of a Finance Manager is to manage the budgeting and forecasting process for the company. This will involve working closely with other departments to understand their needs and priorities, developing financial models to forecast future performance, and presenting the budget to senior management for approval. You will also need to monitor actual performance against the budget and make recommendations for corrective action as needed.
Accounts Receivable and Payable Management
As a Finance Manager, you will also be responsible for managing the accounts receivable and payable function for the company. This will involve working closely with the sales and procurement teams to ensure that invoices are issued and paid on time, managing cash flow to ensure that the company has sufficient funds to meet its obligations, and managing relationships with key suppliers and customers.
Job Market Trends for Finance Managers
If you are a finance manager in Singapore, you are in a great position to take advantage of the many opportunities available to professionals in your field. According to PayScale, the average salary for a finance manager in Singapore is SGD 82k per year, with a range from SGD 14k to SGD 121k. This is a very competitive salary, especially when you consider the cost of living in Singapore.
The job market for finance managers in Singapore is very strong. There are many opportunities available for professionals with the right skills and experience. According to Jobstreet, the average salary of a finance manager in Singapore is between SGD 6,000 and SGD 7,400. This is a very competitive salary, especially when you consider the cost of living in Singapore.
One of the reasons why the job market for finance managers in Singapore is so strong is because of the country’s strong economy. Singapore is a hub for finance and business, and there are many companies and organizations that need finance managers to help them manage their finances. This means that there are many opportunities available for finance managers in Singapore.
Another reason why the job market for finance managers in Singapore is so strong is because of the country’s strong education system. Singapore has a very strong education system, which means that there are many well-educated professionals in the country. This means that there is a large pool of talented and skilled professionals available for companies and organizations to hire.
Frequently Asked Questions
What’s the average monthly salary for a Finance Manager in Singapore?
As of April 2024, the average monthly salary for a Finance Manager in Singapore is around SGD 10,000 – SGD 15,000, according to Glassdoor. However, this figure can vary depending on factors such as experience, qualifications, and the company you work for.
How lucrative is the role of a Senior Finance Manager in Singapore?
The role of a Senior Finance Manager in Singapore is highly lucrative. According to Salary.com, the salary range for a Senior Finance Manager is between SGD 200,000 and SGD 300,000 per year. This is significantly higher than the salary range for a Finance Manager.
What remuneration can one expect as a Group Finance Manager in Singapore?
As a Group Finance Manager in Singapore, you can expect to earn a salary that is higher than that of a Finance Manager. According to PayScale, the average salary for a Group Finance Manager in Singapore is around SGD 150,000 – SGD 250,000 per year.
Can you tell me the earnings for a Regional Finance Manager in this vibrant city-state?
The earnings for a Regional Finance Manager in Singapore can vary depending on factors such as experience, qualifications, and the company you work for. However, according to Indeed, the average salary for a Regional Finance Manager is around SGD 10,000 – SGD 20,000 per month.
What’s considered a competitive salary for an Assistant Finance Manager in the bustling financial sector of Singapore?
As an Assistant Finance Manager in the bustling financial sector of Singapore, a competitive salary would be around SGD 6,000 – SGD 8,000 per month, according to Glassdoor. However, this figure can vary depending on factors such as experience, qualifications, and the company you work for.
How much can a Finance Manager expect to earn at a leading company like Singtel?
A Finance Manager working at a leading company like Singtel can expect to earn a highly competitive salary. According to Salary.com, the salary range for a Finance Manager at Singtel is between SGD 150,000 and SGD 250,000 per year. However, this figure can vary depending on factors such as experience, qualifications, and the specific role.
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