With tech changing the landscape, what are the highest paying jobs right now?
How can we increase our pay – right now at work, and also strategize for career advancement in the future?
This article explores the highest paying jobs in Singapore right now, as well as industries to explore for future career prospects.
This article was written by a Financial Horse Contributor.
1. Highest paying jobs in Singapore (2024)
According to upGrad, these are the top 12 highest paying jobs in Singapore:
- Business development
- Sales and marketing manager
- Software engineer
- Market research analyst
- IT Cyber security
- Project manager
- DevOps engineer
- Quality manager
- Global sourcing
- Regional marketing manager (e-commerce)
- Head of marketing
- Data engineer/ network engineer
According to Indeed, these are the top 10 best paid jobs in Singapore:
- Logistics manager
- Full stack developer
- Investment banking analyst
- Compliance officer
- Sales director
- Specialist medicial practitioners
- Chief technology officer
- Professor
- General counsel
- Engineering director
2. Commission based jobs
Another type of role that that is highly paid are commission based jobs.
For those of you which enjoy “eat what you kill” type of roles – and are highly motivated by this type of incentive schemes – choosing a role that has a commission based payout is a great choice.
The sky is the limit.
-
Sales Roles: Sales representatives often earn a base salary plus commission based on the volume or value of sales they generate. Lucrative sectors include cars, yachts, insurance or high end retail goods.
-
Financial Services: Financial advisors, stockbrokers, and insurance agents typically earn commissions based on the financial products they sell or manage for clients. Earnings can be significant due to high-value transactions and recurring commissions from managing client portfolios.
Private wealth management is increasingly an important sector and will grow in stature as Singapore grows as a financial hub. -
Real Estate: For agents who handle high-value properties, commissions can be substantial.
-
Medical and Pharmaceutical: Sales representatives in the medical and pharmaceutical industries sell products like medical devices, equipment, pharmaceuticals, and healthcare services. Commissions are often based on sales volume and can be lucrative due to the high value of medical products.
- Enterprise Software: Sales professionals selling enterprise-level software solutions can earn substantial commissions due to the high cost of software licenses and implementation services.
- Technology: Sales roles in technology sectors, including software as a service (SaaS), cloud computing, and IT solutions, can offer high commissions due to the recurring revenue model and the high demand for technology services.
- Recruitment and Executive Search: Recruiters and executive search consultants earn commissions based on successfully placing candidates with companies. Commissions can be substantial, especially for placements in senior executive roles.
3. Unique jobs that are highly paid
Another way to think about career prospects, is to discover up & coming areas, or niche areas where you can provide value.
These 3 industries are interesting sunrise sectors:
- “Green” jobs with sustainability factors
- Cybersecurity
- Gaming and esports
For instance, Singapore launched the Green Plan 2030, with targets such as quadrupling solar power deployment by 2025 and planting a million more trees. A green economy will bring about new jobs and new skills requirements.
With Singapore’s emphasis on becoming a smart city, roles in urban planning, sustainable development, green technology, and smart infrastructure projects can offer well-compensated opportunities.
With scams and malware being so commonplace these days, and with the stakes so high for businesses, it is undoubtedly important for every company to beef up their cybersecurity.
Cybersecurity is definitely an area to look into.
Singapore is becoming a hub for gaming and esports in Southeast Asia.
Roles in game development, esports management, and digital content creation are very lucrative, and has particular opportunities for Singapore which often serves as HQ.
4. What kind of jobs will be highly paid 10 years from now?
Based on the current trajectories in AI and tech, these areas are likely to offer lucrative opportunities in the future.
Here’s what Chat GPT has to say:
-
Artificial Intelligence and Machine Learning: AI specialists who can develop, implement, and manage AI solutions will likely command high salaries.
-
Data Science and Analytics: These roles involve extracting insights from data to drive business decisions and improve efficiency.
-
Cybersecurity: As cyber threats evolve, cybersecurity professionals who can protect systems, networks, and data will continue to be in demand. Roles such as cybersecurity analysts, ethical hackers, and cybersecurity architects are expected to be well-compensated.
-
Environmental and Sustainability Careers: With growing awareness of climate change and sustainability, roles in renewable energy, environmental engineering, sustainable architecture, and green technology are likely to be lucrative as governments and businesses invest in sustainability initiatives.
-
Healthcare and Biotechnology: The aging population and advancements in medical technology will drive demand for healthcare professionals, biomedical engineers, pharmaceutical researchers, and biotechnologists. Specialized roles in genetics, personalized medicine, and telemedicine may see increased compensation.
-
Digital Marketing and E-commerce: As businesses increasingly rely on digital platforms for marketing and sales, roles in digital marketing strategy, e-commerce management, and social media management are expected to remain lucrative.
-
Robotics and Automation: Robotics engineers, automation specialists, and experts in industrial robotics and autonomous systems are likely to be highly paid as automation continues to transform industries such as manufacturing, logistics, and agriculture.
-
Augmented Reality (AR) and Virtual Reality (VR): As AR and VR technologies mature, roles in AR/VR development, UX/UI design for immersive experiences, and VR content creation are expected to be in demand, particularly in entertainment, education, and training sectors.
-
Legal and Compliance: As regulations evolve globally, lawyers specializing in areas such as cybersecurity law, data privacy, intellectual property, and international trade law are likely to command high salaries.
-
Blockchain and Cryptocurrency: With the rise of blockchain technology and digital currencies, roles in blockchain development, cryptocurrency trading, blockchain architecture, and smart contract development may offer significant compensation.
5. Quickest way to get a raise at work (right now)
What about right now? What can you do right now to get a bump in pay?
The most straightforward is to ask for a raise.
When asking for a raise, make sure you pick the right time.
Schedule a meeting in advance with your boss.
Understand the company’s overall dynamics and bottom line, and find a good timing for this talk to happen.
You also have to be armed with hard data to back up your ask.
Know how you have contributed to the company, and demonstrate your future potential to the company.
Be confident and polite.
Even if your boss disagrees, they will keep you in mind for future opportunities.
You can ask ask how you would be able to get a raise / promotion at the next opportunity, and you will also gain valuable feedback that way.
One of the best ways to get a marked pay increase is to simply switch jobs.
Make sure you spruce up your CV & Cover Letter, and get applying.
One of the best ways to discover new opportunities is also to get in touch with head-hunters, who can advise you on new job opportunities that you probably would have missed out upon.