Young graduates have recently struggled all over the world in the post-recession period. In fact, a recent research by the British Institute of Fiscal Studies, has shown that millennials today are only half as wealthy as the previous generation was at the same age.
Inflation, low economic growth, recession and various other factors have contributed to a system were students need to work smarter, harder and better in order achieve a good lifestyle and a stable income. There are not enough jobs for graduates and many young adults have to work extra hard completing internships and other jobs before becoming more competitive for the job market.
The situation is a bit more complex in Singapore. Unlike Taiwan and South Korea which are experiencing an oversupply of graduates and limited job opportunities, Singapore degree-holders are able to find good jobs within 6 months of completing their university. Graduate unemployment is hovering just under 4% one of the lowest in the world.
There is constant research to understand the kind of graduates which are in demand by small companies and large organisations every year. Government policy makes keep a keen eye in order to ensure that every graduate gets a fair chance at the job market and also make sure to have a steady supply of a highly skilled workforce for businesses and large organisations.
Having said that, the job market is not getting any easier due to tough competition among locals, international students and highly qualified foreign workers. Also, the job market changes very quickly due to Singapore’s unique position as an international hub of business and finance.
At the end of the day, every parent and student wants to earn a respectable living and build a good career for themselves. Following is a list of the top 6 highest paying jobs for recent graduates in Singapore. The list provides a snapshot of the current employment market in Singapore and gives a glimpse of how well a student might do, depending on their career of choice.
1. Engineering Graduates
Even as a service based economies, Singaporean Engineering are one of the best in the world and command the highest monthly salary for recent graduates with an average monthly income of $2,888.
2. Legal Graduates
Law graduates come in a respectable second place commanding an average monthly salary of $2,856. With an international reputation for law and order, one of the lowest crime and corruption in the world and huge presence of international businesses, lawyers play a huge rule in Singapore.
3. Information Technology Graduates
One of the more popular career choices among young people for quite some time, IT professionals are still in demand, with a recent graduates earning an average income of $2,816 every month.
4. Project Management Graduates
Coming under the umbrella of business degrees, project management is a tough field with high competition in the market. However, with a high demand in the market for professional new comers, graduates can earn an average monthly salary of $2,767.
5. Production Management Graduates
Also coming under the umbrella of business degrees, Production managers are involved in the planning, co-operation and complete control of the manufacturing processes. A highly specialised and professional field contributing to the industrial power of Singapore, which still makes up over 25% of the country’s GDP. Recent graduates can earn up to $2,767 every month.
6. Accounting and Finance Graduates
Also coming under the umbrella of business degrees, Accounting and Finance degree-holders are also in high demand in a thriving service based economy like Singapore.
Fresh graduates can earn up to $2,756 per month with good long-term prospects of a stable job and promotions.
It should be noted however that studies have also show a clear gap in the average salaries earned by graduates from top-tier universities compared to students from second-tier schools. For example, graduates from National University of Singapore, Nanyang Technological University and Singapore Management University earn a far higher starting income and do better in their professional careers then graduates from lower ranked universities.
This is where teachers and home tutors play an important part. Every student needs to prepare not just for any university but for the best Universities, because that is one of the ways a student can hope for a stable, prosperous future. Many parents hire private tutors simply because they are better skilled at preparing students for top university spots.
Already, competition in puniversities such as NUS is very high with an increasing proportion of international students. We believe young students are going to face tougher competition in the coming years in order to build a more competitive career for themselves.