SINGAPORE: A fresh finance graduate took to social media to share her disappointment about the reality of entry-level salaries.
In her post on r/askSingapore, she mentioned that after graduating with a Finance degree, she expected to find entry-level positions offering around $4,000, based on salary surveys.
However, as she began her job search, she was disheartened that many offers were lower, ranging from $3,200 to $3,800. Her friends, who had also recently begun their careers, reported receiving similar salary ranges at their new jobs.
“Based on the salary survey, the 25th percentile was already $4k..Am I being delusional if I still want a $4k starting salary?”
Since she’s not in urgent need of a job and has substantial savings that could sustain her until next year or beyond, she’s considering holding out for offers that align with her salary expectations.
“I could wait for more opportunities,” she said. “I just find it hard to relax without having a job in line. Searching for jobs is mentally draining. I’m even having nightmares about having an interview when I sleep.”
“If you want higher salary, you need to apply to the right companies.”
In the discussion thread, Singaporean Redditors advised the fresh graduate to take the survey results with a huge grain of salt, noting that real-world salaries often differ from what’s reported.
According to the Ministry of Education’s Graduate Employment Survey from November 2023, which included data from 5,963 recent graduates and 148 follow-up graduates from Nanyang Technological University (NTU), accountancy and business graduates had a median gross monthly salary of $4,650.
Graduates in the 25th percentile earned about $4,000, while those in the 75th percentile earned around $5,344.
However, based on some Redditor’s own experiences, they noted that it’s uncommon for new grads to start with a $4,000 salary right out of the gate.
One netizen advised the fresh grad to focus less on the salary and more on the job role and the company itself.
He explained that gaining valuable experience and working for a reputable company could be more beneficial in the long run, as it would give her an edge for future job opportunities, especially if she decides to move on after a year or two.
Another netizen urged her to accept the offer, emphasizing that waiting for a slightly higher salary could result in losing a significant amount of guaranteed income.
For example, if she turns down a $3,500 offer and waits a year for a $4,000 position, she could miss out on a guaranteed $42,000 earnings. The netizen further explained that to make up for that $42,000, she would need to earn an additional $500 monthly for 84 months.
A third netizen, meanwhile, told the fresh grad that she might be able to secure a higher salary by targeting the right companies. For instance, local banks often pay between $3,500 and $4,000 for their Management Associate programs.
Similarly, roles in accounting at ministries, government positions, local brokers, and venture capital firms also offer around $3,000 to $4,000, with some positions reaching closer to $4,500.
If she’s aiming for positions with larger multinational corporations, like Singtel, Jardine, Restaurant Brands International, Visa, Johnson & Johnson, or Unilever, the starting salaries can range from $4,500 to $5,500.
Tech giants such as Meta, Stripe, Amazon, and Google tend to offer even higher starting salaries.
Moreover, he added that the highest salaries are typically found in investment banks, hedge funds, and high-frequency trading firms, where base salaries can range from $8,000 to $25,000.
However, these roles are highly competitive, with the acceptance rates of the most prestigious firms being as low as 0.3%.
He added, “If you want higher salary, you need to apply to the right companies. It’s also not that easy to get in so don’t be discouraged if you have to start somewhere smaller and work your way up. All the best.”
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