http://www.businesstimes.com.sg/arch...ke-it-20140503
Published May 03, 2014
Investment bankers in Singapore rake it in
By Jacquelyn Cheok
[email protected] @JacCheokBT
SINGAPORE has emerged as the top-paying city for investment banking sales directors in 2013/2014 – because directors here have more experience and can command higher compensation than elsewhere, says realtime salary and bonus benchmarking site Emolument.com.
According to the UK site’s latest study – which polled 163 directors in front-office market positions across six financial centres worldwide (Singapore, London, New York, Madrid, Milan and Paris) – sales directors in Singapore were found to command the highest total compensation: US$517,000.
This comprises a median base salary of US$288,000 (the highest among the six cities) and a median bonus of US$229,000 (the second highest, behind New York).
"Sales directors in Singapore make nearly US$72,000 more in total compensation than those in New York – a close second to Singapore," the study revealed.
The median base salary of sales directors in New York is about US$205,000 (the second lowest after that of Madrid), while median bonus comes up to around US$240,000, the highest among the cities polled.
On average, bonuses are 5 per cent higher in New York than in Singapore, and 33 per cent higher in New York than in London.
The latter is third on the list in terms of total compensation, boasting a median base salary of US$241,000 and bonus of US$161,000.
"The ‘director’ title is a very versatile one that can apply to a newly promoted vice-president or a highly seasoned manager. From these figures, it seems that sales directors in Singapore may be more experienced managers or more senior staff, and hence receive a higher base salary than in other locations," Robert Benson, CEO of Emolument.com, told The Business Times.
"In London or New York, for instance, the title may be given to relatively less experienced people," he added. There may also be a lack of talent for these senior roles here. So if demand is high, individuals with the skills and experience will receive higher compensation," Mr Benson said.
Emolument.com, launched in 2012, sources salary and bonus data directly from individual professionals who contribute information anonymously, and then conducts a multi-stage verification process to check for consistency and accuracy.
Reply With Quote
