Source: http://app.stjobs.sg/salary/accountant/across-all-industries/47[/caption]
The median income for an account is $56,100 and the bottom 25% is earning $46,992. This work out to $3,916 to $4,675. Asking for $4,000 looks reasonable no?
It was just after SARS when I started on my first job and the economy was still filled with uncertainties. When I was offered a job within a week after graduation, I jumped on it - my salary was $1,650. Everyone congratulated me for being able to find a job but if I fast forward to the present, I believe everyone will look at me in disbelief.
Although my starting salary is low compared to today's 'standards', the cost of living then was also relatively affordable. A new 4 room at Sengkang cost $129K to $202K and the COE for a car is about 20K. If you look at the prices now, they have more than doubled. If I am earning $1,650 amid a gloomy market then, surely asking for $4,000 in a more stable economy and higher cost of living doesn't seem unreasonable ya?
It is easy to point to a generation of spoilt kids who have not been through hardship. While there may be some truth in it, I think the main reason is due to the cost of living in Singapore. I talked to SGYI recently and he mentioned that MOE is looking for people to give financial talks to tertiary students because they found that the students are feeling quite demoralized about their future. When I was at their age, I was more worried about grades but who can blame them?
For a fresh graduate with a study loan to pay, preparing for marriage, applying for a HDB, going for a holiday or two, can I really blame them for asking a high starting salary?
PS: We just had the 'honor' of making it into the most expensive city again.My first reaction after reading the article was one of disgust. As an undergrad myself albeit not from a local university, it took me years to work to that salary range and now fresh graduates are already asking $4,000. I actually wrote a very sinister post of what a fresh graduate should be doing to justify his high asking salary but after simmering down, I began to ponder why these people have such high expectations.
When I started my job search, one of the key question in mind is the salary. After slogging for that piece of paper, the last thing I want is to be underpaid. I do not have a number in mind and one way is to benchmark against my friends' salary. However most will not reveal to me their exact salary, and even if they did I doubt it has much bargaining power - I can't tell the employer that my friend John is earning $X amount and since my grads are better I should be paid more. The next best way is to look at salary reports. Since the poll is conducted by STJobs, I decide to take a look STJobs Salary Benchmarker
The Account is the first job on the list and being a popular choice, I will use it as an example. Using $4,000 x 12 as the annual gross income, the results are as below:
[caption id="attachment_105011" align="aligncenter" width="640"] Source: http://app.stjobs.sg/salary/accountant/across-all-industries/47[/caption]
The median income for an account is $56,100 and the bottom 25% is earning $46,992. This work out to $3,916 to $4,675. Asking for $4,000 looks reasonable no?
It was just after SARS when I started on my first job and the economy was still filled with uncertainties. When I was offered a job within a week after graduation, I jumped on it - my salary was $1,650. Everyone congratulated me for being able to find a job but if I fast forward to the present, I believe everyone will look at me in disbelief.
Although my starting salary is low compared to today's 'standards', the cost of living then was also relatively affordable. A new 4 room at Sengkang cost $129K to $202K and the COE for a car is about 20K. If you look at the prices now, they have more than doubled. If I am earning $1,650 amid a gloomy market then, surely asking for $4,000 in a more stable economy and higher cost of living doesn't seem unreasonable ya?
It is easy to point to a generation of spoilt kids who have not been through hardship. While there may be some truth in it, I think the main reason is due to the cost of living in Singapore. I talked to SGYI recently and he mentioned that MOE is looking for people to give financial talks to tertiary students because they found that the students are feeling quite demoralized about their future. When I was at their age, I was more worried about grades but who can blame them?
For a fresh graduate with a study loan to pay, preparing for marriage, applying for a HDB, going for a holiday or two, can I really blame them for asking a high starting salary?
PS: We just had the 'honor' of making it into the most expensive city again.
Source: http://app.stjobs.sg/salary/accountant/across-all-industries/47[/caption]
The median income for an account is $56,100 and the bottom 25% is earning $46,992. This work out to $3,916 to $4,675. Asking for $4,000 looks reasonable no?
It was just after SARS when I started on my first job and the economy was still filled with uncertainties. When I was offered a job within a week after graduation, I jumped on it - my salary was $1,650. Everyone congratulated me for being able to find a job but if I fast forward to the present, I believe everyone will look at me in disbelief.
Although my starting salary is low compared to today's 'standards', the cost of living then was also relatively affordable. A new 4 room at Sengkang cost $129K to $202K and the COE for a car is about 20K. If you look at the prices now, they have more than doubled. If I am earning $1,650 amid a gloomy market then, surely asking for $4,000 in a more stable economy and higher cost of living doesn't seem unreasonable ya?
It is easy to point to a generation of spoilt kids who have not been through hardship. While there may be some truth in it, I think the main reason is due to the cost of living in Singapore. I talked to SGYI recently and he mentioned that MOE is looking for people to give financial talks to tertiary students because they found that the students are feeling quite demoralized about their future. When I was at their age, I was more worried about grades but who can blame them?
For a fresh graduate with a study loan to pay, preparing for marriage, applying for a HDB, going for a holiday or two, can I really blame them for asking a high starting salary?
PS: We just had the 'honor' of making it into the most expensive city again.
Derek, you’re right. IT grad here. There are companies paying 5k USD, which are of course the exception rather than the norm. Most SMEs are only willing to pay 2k to 3k SGD. I also asked for 4k SGD judging by the average pay, but after a while I realised that’s a bit too much. Regardless, 4k is really not a lot when compared to the cost of living. Furthermore, the wages don’t rise that fast. So if we don’t ask for a high starting pay, we’ll get stuck at low wages. I have no choice but to accept the fact that I will never buy an apartment here in my lifetime. Not gonna work my ass off for years to pay off the ridiculous mortage. Fortunately, I’m able to squat in my parent’s place. And I don’t need a car. Just hoping that groceries and food won’t inflate too much in the future…
Hi Wei Qi,
Thanks for sharing your views. It’s not only the SMEs but most MNCs and even my company (a big local company) is not willingly to pay that amount to a fresh grad unless you have something exceptional to offer.
However there is no need to be too negative. As you gain the relevant experience and coupled with a good work attitude, you will be able to justify for a higher salary. Of course, proper financial planning helps too.
Cheers!
Hi Derek, I guess inflation a key contribution to the higher salary expectation. I remembered my first salary in Singspore many many years ago is below $1k ;-) those were the days… ;-)
Hi Richard,
That was very long ago. Was your salary sufficient for you then?
Hi all,
I think to get a high salary, one must first show that he can produce more value to the company. With just a piece of paper certifying that you can take exams and pass them reasonably well, you might not be able to demonstrate that you can produce more value that what your salary is. I’ll take market range starting pay, work my ass to show them I’m worth much more by taking in more responsiblities and workload than my salary is for, show it to my boss and ask for a raise. If they don’t want, I’ll leave and find another employer who would value me. If they do, I’ll get a raise and I’ll repeat this.
Hi LP,
As a employee and someone of the same gen, I agree with you whole heatedly.
I’m trying to think from the perspective of the current generation of fresh graduates. Hopefully, younger readers can share their thoughts here.
Hi Derek,
It’s quite unreasonable to ask for 4k when you have nothing to prove yet.
But yes the costs are rising… Can you imagine not investing in this kind of high inflation environment?
Hi Jerry,
Thanks for your views. Maybe the company can offer a lower amount first with a set of KPI during probation. If the fresh grad can hit those KPI, that will mean he has proven himself.
As for investing, it is also important to arm yourself with the right knowledge and have a solid foundation first, else it may become a double edge sword.