Career Opportunities

Top 4 Industries for Better Career Prospectus in Singapore

These industries in Singapore ensure great salary packages and high job prospects as well.

Everybody wants a well-paying job, especially if you’re in that point of life where you have to choose a career but not certain about what to choose. Then, job security is the next concern to deal with.

Singapore is the land of opportunities.

Career Opportunities

The nation is the worldwide hub of industries like Banking, IT, Healthcare and Wholesale Trade. These champion sectors are expected to generate more jobs in the country.

Here we have rounded up existing industries in Singapore that promise the highest average wages along with a better career run.

Read Also: ATTENTION! Why Businesses in Singapore Are Prone to Cyber Attacks

Healthcare:

According to a recent report on ageing by the United Nations, 40.1% population of Singapore will be above 60 by 2050.

Ageing Graph

The prediction seems true as people with grey hair make up 14.4 % of the total population in 2017.

It means that health care services should be increased to meet the need of the elderly population.

No wonder that the Ministry of Health has speculated that 30,000 more healthcare workers would be required by 2020. The spending on health care is expected to reach $13 billion by 2020. One more thing—Singapore is the fastest growing biomedical hub of Asia, requiring a sound workforce to deliver better services.

All abovementioned facts indicate that there is a bright career in healthcare. General Managers can earn S$390,000 per year while a registered nurse can make up to S$35,375 a month.

IT:

IT has always been a popular career choice among young Singaporeans. After all, we are counted among the smart nations due to the ever-increasing involvement of technology in daily life. IT sector covers the industries belonging to electronics manufacturing, software development, PCs, smartphones, tablets and other services related to IT.

The sector is expected to grow twice as fast as the general economy. It was adjudged the best performing sector in 2017 with the growth rate of 60%.

The sector will add another 16,000 jobs by 2020, of which 13,000 are expected to be PMETs. An individual with a degree plus 6-10 year experience can earn between $8,000 and $11,000 monthly. A CTO with degree masters and 15-20 years’ experience can expect a monthly salary of $13,000 to $21,000. Software, web and multimedia developing are counted among the most in-demand jobs.

Data analyst ($4,800-$6,300), application architect ($8,000-$11,000), and mobile application developer ($3,300-$4,700) are popular job options in IT filed.

Read Also: 10 Mistakes That Make Your Ecommerce Website a Hacker’s Target

Financial Services:

Singapore has established itself as a leading financial and banking hub of international repute. According to Z/Yen and China Development Institute, the nation is the 3rd most competitive financial centre in the world. PWC ranked it 2nd on its City of Opportunity Index. Deloitte found it to be the 6th largest wealth management centre in the world.

There are over 200 multinational banks in Singapore. The Monetary Authority of Singapore has aimed to create 3,000 jobs in financial services every year till 2020. The sector is growing at the rate of 2.4%, emerging as a great opportunity for the job seekers in the financial sector.

In-demand jobs include compliance officer ($4,500-$8,000 per month) insurance underwriter ($5,000-$7,000), tax manager ($7,000-$9,000), risk credit analyst ($2,400-$4,500), and trade finance manager ($5,000-$12,000). Operations regional director can earn $14,000-$19,000 a month.

B2B:

The wholesale trade, which is the trading of goods between businesses, has been emerged as a promising career field over the years. A whopping number of 34,000 wholesale trade businesses are already present in Singapore. And 325,000 people have been employed in the industry. This number will be up due to the strong demand for infrastructure and the rise of consumerism in the nation. The Trade and Industry ministry has aimed to create over 10,000 new jobs in the sector by 2020 through its wing, International Enterprise (IE) Singapore.

Read Also: Why Businesses in Singapore Need Digital Marketing to Grow?

Bottom Line:

You must have understood how these industries can benefit your career in the long run. However, right skills and degrees are required if you want to succeed in any of the above-given industries. Apart from that, you need to update your skills. Soft skills like listening, teamwork, flexibility, and creativity are equally essential. Best of luck!!!

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