A university degree in Singapore isn’t cheap. For example, a bachelor’s degree from the National University of Singapore (NUS) can cost you anywhere from SGD 8,250 a year to SGD 30,200 a year. Given the cost, you might want to consider a degree with a high starting salary for graduates in Singapore. This can help you to maximize your return on investment.
Here are 10 of the highest starting salary degrees in Singapore for 2022 and their 10th percentile entry points for polytechnic and A-Level graduates. The salaries are based on the Ministry of Education’s Graduate Employment Survey (GES) in 2021.
1. NTU Double Degree in Business and Computer Engineering/Computing: SGD 6,300/month
According to the GES in 2021, the average fresh graduate with an NTU Double Degree in Business and Computer Engineering/Computing has a basic monthly salary of SGD 6,300.
This is the highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point in 2021 for the degrees in this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NTU Bachelor of Business | A-Level | 73.75 Rank Points |
| Polytechnic Diploma | 3.64 GPA | |
| NTU Bachelor of Engineering in Computer Engineering | A-Level | 75 Rank Points |
| Polytechnic Diploma | 3.87 GPA | |
| NTU Bachelor of Engineering in Computer Science | A-Level | 83.75 Rank Points |
| Polytechnic Diploma | 3.90 GPA |
2. NUS Computer Science: SGD 5,800/month
According to the GES in 2021, the average fresh graduate with an NUS Computer Science degree has a basic monthly salary of SGD 5,800.
This is the second highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point in 2021 for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NUS Bachelor of Computing in Computer Science | A-Level | 85 Rank Points |
| Polytechnic Diploma | 3.64 GPA |
3. SMU Law: SGD 5,500/month
According to the GES in 2021, the average fresh graduate with an SMU Law degree has a basic monthly salary of SGD 5,500.
This is the third highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NUS Bachelor of Computing in Computer Science | A-Level | 83.75 Rank Points |
| Polytechnic Diploma | – |
4. NUS Law: SGD 5,150/month
According to the GES in 2021, the average fresh graduate with an NUS Law degree has a basic monthly salary of SGD 5,150.
This is the fourth highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NUS Bachelor of Laws | A-Level | 85 Rank Points |
| Polytechnic Diploma | 3.87 GPA |
5. NUS Business Analytics: SGD 5,050/month
According to the GES in 2021, the average fresh graduate with an NUS Business Analytics degree has a basic monthly salary of SGD 5,050.
This is the fifth highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NUS Bachelor of Science in Business Analytics | A-Level | 85 Rank Points |
| Polytechnic Diploma | 3.85 GPA |
6. NUS Computer Engineering, NUS Information Systems, NUS Information Security: SGD 5,000/month
According to the GES in 2021, the average fresh graduate with an NUS Computer Engineering, Information Systems or Information Security degree has a basic monthly salary of SGD 5,000.
This is the sixth highest median basic salary of any degree in the survey.
Here were the 10th percentile entry points for these degree courses in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NUS Bachelor of Engineering in Computer Engineering | A-Level | 82.5 Rank Points |
| Polytechnic Diploma | 3.85 GPA | |
| NUS Bachelor of Computing in Information Systems | A-Level | 83.75 Rank Points |
| Polytechnic Diploma | 3.75 GPA | |
| NUS Bachelor of Computing in Information Security | A-Level | 85 Rank Points |
| Polytechnic Diploma | 3.79 GPA |
7. SMU Information Systems: SGD 4,860/month
According to the GES in 2021, the average fresh graduate with an SMU Information Systems degree has a basic monthly salary of SGD 4,860.
This is the seventh highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| SMU Bachelor of Science in Information Systems | A-Level | 75 Rank Points |
| Polytechnic Diploma | 3.70 GPA |
8. NTU Computer Science – SGD 4,800/month
According to the GES in 2021, the average NTU Computer Science fresh graduate has a monthly basic salary of SGD 4,800.
This is the eighth highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NTU Bachelor of Engineering in Computer Science | A-Level | 83.75 Rank Points |
| Polytechnic Diploma | 3.90 GPA |
9. NTU Medicine – SGD 4,700/month
According to the GES in 2021, the average NTU Medicine fresh graduate has a monthly basic salary of SGD 4,700.
This is the ninth highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for this degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NTU Bachelor of Medicine & Bachelor of Surgery (MBBS) | A-Level | 85 Rank Points |
| Polytechnic Diploma | – |
10. NTU Double Degree in Engineering and Economics – SGD 4,580/month
According to the GES in 2021, the average NTU Double Degree in Engineering and Economics fresh graduate has a monthly basic salary of SGD 4,580.
This is the tenth highest median basic salary of any degree in the survey.
Here was the 10th percentile entry point for the NTU Economics degree course in 2021.
| Course | Qualification | 10th Percentile Entry Point |
|---|---|---|
| NTU Bachelor of Social Science in Economics | A-Level | 77.5 Rank Points |
| Polytechnic Diploma | 3.63 GPA |
The 10th percentile entry point for an engineering degree course in NTU varies based on engineering specialization.
Tuition Fee Loans for the Highest Starting Salary Degrees
The degrees above each boast a high graduate salary in Singapore in 2022. Although they can help you to build wealth quickly after graduation, you might need help initially with footing the tuition fees.
A tuition fee loan could be the solution.
How Does a Tuition Fee Loan Work?
A tuition fee loan is a type of loan that you can take to cover your school fees and finance your education. You don’t have to pay back the loan when you’re studying, and the interest rate on the loan can be 0% during the course of your studies. This means that the loan provider will not charge you interest until you graduate and begin working.
How Do You Pay Back a Tuition Fee Loan?
Most education loans offer flexible repayment schemes. This means that you don’t have to return the money and interest within a short period of time after graduation. For example, the OCBC Frank Education Loan has three repayment options – Standard, Graduated and Graduated Plus. These options allow you to choose when to start paying off the principal sum and interest of your loan.
How Do You Choose a Tuition Fee Loan?
There are some factors to consider when choosing a student loan to fund your education. These include the processing fee, the interest rate on your loan, the maximum principal sum of the loan and the tenure of the loan. The income of your guarantor may also affect your choice of loan.
Here are some of the best education loans in Singapore to help you pay for your degree.
Best Tuition Fee Loan for Local Studies: OCBC FRANK Education Loan
| OCBC FRANK Education Loan | |
|---|---|
| Processing Fee | 2.5% |
| Interest Rate | 4.50% |
| Tenure | 1-8 Years |
| Max Principal | S$150,000 or 10x monthly income of guarantor |
| Annual Income Requirement of Guarantor | S$24,000 |
Considering the total cost of a student loan, which includes both processing fees and interest payments, OCBC’s FRANK Education Loan is one of the best options available in Singapore. The bank charges the lowest available interest rate for education loans at 4.5% and a reasonable processing fee of 2.5%. It also has one of the allows students to borrow up to S$150,000 or 10 times their monthly income, which allows for large loans than other banks. The table above summarizes all the main features of OCBC FRANK Education Loan for those who are interested.
Best Tuition Fee Loan for Low-Income Students: Maybank Education Loan
| Maybank Education Loan | |
|---|---|
| Processing Fee | 1.5% – 2.0% |
| Interest Rate | 4.50% – 4.78% |
| Tenure | 1-8 Years |
| Max Principal | S$200,000 or 8x monthly income of guarantor |
| Annual Income Requirement of Guarantor | S$30,000 |
Maybank’s Education Loan stands out due to its lowest minimum income requirement for part-time students seeking education financing. It is also one of the cheapest student loans for local studies, due to its low interest rate of 4.78% and processing fee of 2%. The bank offers an even lower rate of 4.5%, to students that attend its list of selected institutions. Finally, the bank offers some of the largest education loans in Singapore, with a maximum loan size of S$200,000 or 8 times the borrowers monthly income. Please see our table below for a detailed breakdown of the product.
Best Tuition Fee Loan with the Lowest Penalty Fees: POSB Further Study Assist
| POSB Further Study Assist – Preferred Institutions | |
|---|---|
| Processing Fee | 2.00% |
| Interest Rate | 4.38% |
| Tenure | 1-10 |
| Max Principal | S$80,000 or 10x combined monthly income of you and your guarantor |
| Annual Income Requirement of Guarantor | S$24,000 |
POSB Further Study Assist is a unique education loan in Singapore. On one hand, it can actually be slightly cheaper than OCBC FRANK Education Loan if you attend one of its preferred institutions. However, it has a maximum loan limit of only S$80,000, which can be quite limiting for a lot of prospective students who are trying to fund their tuition and other expenses during school.
With that said, POSB’s study loan can be a great option for students who want the flexibility to be a bit late on their monthly payments or even repay their debt early without penalty. It imposes no early repayment penalty fee, while others will usually charge a 1% fee on the amount you prepay. Make sure that your school is included in POSB’s list of preferred institutions to qualify for its low-cost program. Otherwise, this loan could be one of the most expensive ones you can find in Singapore. Below is a table detailing POSB Further Study Assist’s characteristics.
Conclusion
Choosing which degree to take in university is a huge milestone for many of us here in Singapore. We hope that this article has helped you better understand what degrees you can pursue to get the most bang for your buck.
The article 10 Highest Starting Salary Degrees in Singapore for 2022 originally appeared on ValueChampion.
ValueChampion helps you find the most relevant information to optimise your personal finances. Like us on our Facebook page to keep up to date with our latest news and articles.
More From ValueChampion:
How To Successfully Pull Off A Dramatic Career Switch In Singapore
Local vs International Schools in Singapore: Costs and Benefits
How To Spend Your Semester Vacation Productively