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Chief Financial Officer Average Salary in Singapore 2022

How much money does a Chief Financial Officer make in Singapore?


Average Monthly Salary
17,000 SGD
( 204,000 SGD yearly)

LOW
8,170
SGD
AVERAGE
17,000
SGD
HIGH
26,700
SGD

A person working as a Chief Financial Officer in Singapore typically earns around 17,000 SGD per month. Salaries range from 8,170 SGD (lowest) to 26,700 SGD (highest).

This is the average monthly salary including housing, transport, and other benefits. Chief Financial Officer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Chief Financial Officer Salary Distribution in Singapore

Median and salary distribution monthly Singapore Chief Financial Officer
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The median, the maximum, the minimum, and the range

  • Salary Range

    Chief Financial Officer salaries in Singapore range from 8,170 SGD per month (minimum salary) to 26,700 SGD per month (maximum salary).

  • Median Salary

    The median salary is 17,700 SGD per month, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 17,700 SGD while the other half are earning more than 17,700 SGD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Chief Financial Officer(s) are earning less than 11,600 SGD while 75% of them are earning more than 11,600 SGD. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 23,100 SGD while 25% are earning more than 23,100 SGD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Chief Financial Officer Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Singapore Chief Financial Officer
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Chief Financial Officer salaries by experience level and this is what we found.

A Chief Financial Officer with less than two years of experience makes approximately 9,560 SGD per month.

While someone with an experience level between two and five years is expected to earn 13,500 SGD per month, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 17,800 SGD per month, 31% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Chief Financial Officer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 21,900 SGD per month, 23% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 23,300 SGD per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 25,500 SGD per month, 10% more than people with fifteen to twenty years of experience.


Chief Financial Officer average salary change by experience in Singapore

0 - 2 Years
9,560 SGD
2 - 5 Years+42%
13,500 SGD
5 - 10 Years+31%
17,800 SGD
10 - 15 Years+23%
21,900 SGD
15 - 20 Years+6%
23,300 SGD
20+ Years+10%
25,500 SGD
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Chief Financial Officer Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Chief Financial Officer(s) who have the same experience but different education levels.

Salary comparison by education level monthly Singapore Chief Financial Officer
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Chief Financial Officer salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Chief Financial Officer is 11,900 SGD per month.

While someone with a Certificate or Diploma gets a salary of 13,700 SGD per month, 16% more than someone having a High School degree.

A Bachelor's Degree gets its holder an average salary of 20,000 SGD per month, 46% more than someone with a Certificate or Diploma.

Professionals who hold a Master's Degree are rewarded with an average salary of 24,700 SGD per month, 23% more than someone with Bachelor's Degree.


Chief Financial Officer average salary difference by education level in Singapore

High School
11,900 SGD
Certificate or Diploma+16%
13,700 SGD
Bachelor's Degree+46%
20,000 SGD
Master's Degree+23%
24,700 SGD
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Singapore costs anywhere from 42,200 Singapore Dollar(s) to 127,000 Singapore Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Chief Financial Officer Salary Comparison By Gender

Salary comparison by gender monthly Singapore Chief Financial Officer
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Chief Financial Officer employees in Singapore earn 5% more than their female counterparts on average.

Male
17,500 SGD
Female-5%
16,700 SGD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Singapore for all Careers

Salary comparison by gender monthly Singapore
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Chief Financial Officer Average Annual Salary Increment Percentage in Singapore

How much are annual salary increments in Singapore for Chief Financial Officer(s)? How often do employees get salary raises?

Chief Financial Officer

Chief Financial Officer(s) in Singapore are likely to observe a salary increase of approximately 15% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore Chief Financial Officer
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Singapore / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Singapore is 7%.

Annual Increment Rate By Industry 2021

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Listed above are the average annual increase rates for each industry in Singapore for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Chief Financial Officer Bonus and Incentive Rates in Singapore

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore Chief Financial Officer
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A Chief Financial Officer is considered to be a high bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

14% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 86% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
86%
No Bonus
14%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Chief Financial Officer Average Hourly Wage in Singapore


98 SGD per hour

The average hourly wage (pay per hour) in Singapore is 98 SGD. This means that the average Chief Financial Officer in Singapore earns approximately 98 SGD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Chief Financial Officer VS Other Jobs

Salary Comparison Between Chief Financial Officer and Executive and Management monthly Singapore
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The average salary for Chief Financial Officer is 49% more than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Coordinator7,470 SGD-56%
Administration Manager8,640 SGD-49%
Area Manager8,330 SGD-51%
Asset Protection Associate9,910 SGD-42%
Assistant Director9,490 SGD-44%
Assistant Manager9,700 SGD-43%
Assistant Operations Manager10,800 SGD-37%
Assistant Project Manager9,240 SGD-46%
Assistant Section Head7,610 SGD-55%
Assistant to CEO8,910 SGD-48%
Assistant Vice President10,200 SGD-40%
Associate Director9,690 SGD-43%
Bid Manager11,200 SGD-34%
Branch Manager10,500 SGD-38%
Business Development Manager11,500 SGD-32%
Business Operations Associate9,700 SGD-43%
Business Operations Lead9,970 SGD-41%
Campaign Manager9,980 SGD-41%
Chairman of The Board18,200 SGD+7%
Chairman Office Manager11,900 SGD-30%
Chief Corporate Officer14,500 SGD-15%
Chief Executive Officer18,300 SGD+8%
Chief Financial Officer17,000 SGD-0%
Chief of Staff8,190 SGD-52%
Chief Operating Officer13,700 SGD-19%
Chief Risk Officer11,400 SGD-33%
Client Services Manager12,100 SGD-29%
Commercial Project Manager9,480 SGD-44%
Commodity Broker7,320 SGD-57%
Corporate Affairs Executive10,200 SGD-40%
Corporate Compliance Director11,800 SGD-31%
Corporate Director12,300 SGD-28%
Corporate Officer8,430 SGD-50%
Corporate Partnerships Officer8,280 SGD-51%
Country Manager14,600 SGD-14%
Deputy Director12,700 SGD-25%
Director13,300 SGD-22%
Director of Accreditation11,800 SGD-31%
Director of Catering Services10,600 SGD-38%
Director of Client Services11,100 SGD-35%
Director of Facilities Management9,680 SGD-43%
Director of Operations11,800 SGD-31%
Director of Process Simplification9,850 SGD-42%
Director of Project Management12,800 SGD-25%
Director of Revenue Management11,400 SGD-33%
Director of Training and Development11,300 SGD-34%
Distribution Manager12,000 SGD-29%
Division Manager10,500 SGD-38%
Duty Manager10,700 SGD-37%
Engagement Manager12,400 SGD-27%
Executive Director17,200 SGD+1%
Executive Manager15,200 SGD-11%
Franchise Manager15,700 SGD-8%
General Manager13,500 SGD-21%
Global Master Data Manager12,200 SGD-28%
Head of Middle Office11,400 SGD-33%
Head of Projects12,300 SGD-28%
Head of Sustainability10,200 SGD-40%
Housing Manager10,100 SGD-41%
HSE Manager9,660 SGD-43%
Key Account Manager9,630 SGD-43%
Knowledge Manager11,900 SGD-30%
Location Manager11,500 SGD-32%
Logistics Manager9,070 SGD-47%
Management Consultant9,150 SGD-46%
Management Executive13,500 SGD-21%
Manager12,200 SGD-28%
Managing Director13,800 SGD-19%
MIS Executive12,000 SGD-29%
Ocean Services Manager12,200 SGD-28%
Operations Assistant8,660 SGD-49%
Operations Director13,700 SGD-19%
Operations Executive12,900 SGD-24%
Operations Manager13,600 SGD-20%
Operations Supervisor11,100 SGD-35%
Policy Administration Executive10,300 SGD-39%
Private Sector Executive10,900 SGD-36%
Product Development Manager11,900 SGD-30%
Product Executive10,200 SGD-40%
Production Executive11,500 SGD-32%
Production Manager12,400 SGD-27%
Production Supervisor9,790 SGD-42%
Program Manager12,700 SGD-25%
Programme Coordinator8,320 SGD-51%
Project Control Manager12,100 SGD-29%
Project Coordinator7,460 SGD-56%
Project Management Officer8,700 SGD-49%
Project Manager9,430 SGD-45%
Project Portfolio Manager9,790 SGD-42%
Quality Manager10,100 SGD-41%
R/D Director10,900 SGD-36%
Regional Director17,200 SGD+1%
Regional Manager12,900 SGD-24%
Relationship Manager12,300 SGD-28%
Retail District Manager8,460 SGD-50%
Revenue Manager9,530 SGD-44%
Risk and Capital Manager13,400 SGD-21%
Risk Officer8,910 SGD-48%
Safety Manager8,600 SGD-49%
Section Head9,420 SGD-45%
Service Manager9,480 SGD-44%
Shift Supervisor7,720 SGD-55%
Solutions Manager8,770 SGD-48%
Supervisor7,630 SGD-55%
Supply Chain Manager12,900 SGD-24%
Surveyor8,260 SGD-51%
Technical Manager11,100 SGD-35%
Territory Manager11,300 SGD-34%
Validation Manager10,300 SGD-39%
Vice President14,900 SGD-12%
Zone Manager12,800 SGD-25%

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Singapore earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
8,270 SGD
Public Sector+5%
8,670 SGD
Percentage increase and decrease are relative to the previous value

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