According to the latest graduate employment survey by the Ministry of Education, the median gross monthly salary for fresh graduates in Singapore has increased from $3,800 in 2021 to a whopping $4,200 in 2022. This figure is based on data from graduates from our local universities (SIT, SUSS, SUTD, NTU, NUS) who have completed their full-time permanent employment within six months of graduation.
The survey focusing on NUS graduates also found that the median gross monthly salary for fresh graduates in the Information and Communications services sector is the highest at $6,600 per month, followed by the Law sector at $6,400 per month. Conversely, fresh graduates in the healthcare sector have the lowest median salary at $3,600 per month.
In addition to these figures, the survey also found that fresh graduates from Yale-NUS College with a Bachelor in Science (with Honours) have the highest 75th percentile gross salary at $9,000 per month, followed by those with a Bachelor in Computing (Computer Science) at $7,583 per month. On the other hand, fresh graduates with a Facilities Management and Nursing degree have the lowest median salary at roughly $3,600 per month.
I guess we could say that the recent starting salary expectations of between S$5,000 to S$10,000 based on an informal survey conducted locally by Hong Kong-based YouTuber Torres Pit are not too far off the target and as ridiculous as it may have sounded initially to netizens.
It is worth noting that these figures are based on data from graduates who completed their full-time permanent employment within six months of graduation and may not be a complete representation of the salary trends for fresh graduates in Singapore as some may have started work after the survey period. Additionally, the survey did not take into account factors such as the size of the employers which allows for a variation in salaries even within the same sector.
Despite these limitations, the survey provides a general overview of the salary trends for fresh graduates in Singapore. It can be used as a reference point for those entering the job market shortly after graduation. Graduates seeking employment in Singapore should also consider networking, gaining relevant experience through internships, and developing a strong portfolio to increase their chances of securing a higher starting salary.
Starting Salaries: Not Be-All and End-All
Although most starting salaries have a marginal band that employers will allow you to negotiate within, the overall salary brackets are still out of our control and often follow their respective industries’ demands and requirements.
As such I would like to highlight the factor that we can control with any starting salary and that is emphasizing good habits of personal finance – budgeting, investing, and maximising returns on expenditure.
Alternatively, finding employment with a history of good progression and taking courses to improve skillsets are also essential in increasing earning capacity down the line.
For more tips on personal growth and professional development, please visit our blog!