FINANCIAL SERVICES INDUSTRY

Year In Review & 2022 Outlook with Salary Guide

SO
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UTH-EA ST ASI A O UT LO O K 202 2
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Contents
INTRODUCTION 3

FRONT OFFICE: PRIVATE BANKING & WEALTH MANAGEMENT 4

FRONT OFFICE: INVESTMENT MANAGEMENT 6

FRONT OFFICE: CORPORATE & INVESTMENT BANKING 9

FRONT OFFICE – SUMMARY 11

MIDDLE OFFICE 12

TECHNOLOGY 16

QUANT 18

COMMODITIES 20

SUMMARY 21

ABOUT US 22

CONTACT 23

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 SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Introduction
The Financial Services industry once again pivoted itself to offer
new products, services and even launch new businesses as a result
of the pandemic, and 2022 is already shaping up to be another
transformational year.

Covid-19 propelled the inflow of funds into Singapore, and with many
funds and investment firms hiring through the year across Front
and Middle Office roles. It was a challenging year for the technology
industry, with Singapore based candidates in high demand and
resulting in the need for talent to come from abroad. With the
challenge of bringing people in from aboard, strong Singapore based
candidates therefore have had ample choices when it comes to job
opportunities. We have also seen employers put heavy emphasis and
priority to local talent pool, as an initiative to ensure that Singaporeans
and PRs remain employed.

In Commodities, we saw a big pick up in the coal and metals sectors,

and also in agricultural roles fuelled by the increased need for food
production. Sustainability was a big trend for this market across 2021
and we expect this to continue in 2022, with an emphasis on renewable
energy which could impact the roles we hire for in the future.

Natasha Madhavan
Head of Selby Jennings, South East Asia
Natasha.Madhavan@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Front Office
Private Banking & Wealth Management

OVERVIEW
Many private banks and boutique firms have continuously targeted ultra- contributing to the steady growth of family offices setting up in Singapore
high net worth and high net worth individuals across South East Asia, on an annual basis. There were also more partnerships between EAMs in
leading to steady movement throughout the year. Following a stagnant Singapore and Hong Kong to leverage one another’s respective strengths,
time in 2020, players in the market quickly began their hiring processes along with International Financial Institutions extending their services to
early in the year, seeking top performing Relationship Managers (RMs), Asia by using an EAM model to be based in Singapore.
Investment/Product Advisors, and Wealth Planners, despite all the
limitations brought on by the pandemic. Overall, strong demand for talent in the private wealth management space
will remain as Singapore remains as one of Asia’s key wealth hubs for ultra-
Demand for talent has increased and competition is particularly strong high net worth and high net worth individuals clients.
for onshore and offshore North Asia and South Asia markets, evident in
large team moves across multiple private banks. Bankers covering markets
including Thailand, Indonesia, and Philippines are also on private banks’ COMPENSATION
radars, as candidates explore multiple options when securing a new role.
Private banks consider several factors regarding compensation, including
Private banks are competing to serve the super-rich, with falling barriers the function and corporate rank, bonus structure, career history, and
to entry continuing to create an environment for new players, including Net New Money & Revenue targets. More so, a pay increment of 20% has
global asset managers, private equity firms, family offices, and tech firms. become the standard when making a parallel move, whereas an increase
In addition, banks have increasingly driven activity into investment banking up to 40% is highly possible when moving up a title rank or in a banker’s
and are encouraging cross-divisional strategies, therefore attracting case, when taking on a higher net new money commitment.
candidates with a steady pipeline of corporate and investment banking
On the next page is a salary guide for Relationship Managers, Investment/
deals.
Product Advisors, and Wealth Planners:
Increased emphasis on sustainable investments, technology, and crypto
will also prompt banks to screen for candidates with an additional set of
skills and fundamental knowledge to stay competitive. Even with various
movements and demands for hiring, compliance and regulation changes
have been a primary barrier to individuals, particularly RMs. The duration Simran Karamchandani
of account opening and the need to clear several checklists for clients have Senior Consultant, Private Banking and Wealth Management
Simran.Karamchandani@selbyjennings.com
led to prioritizing how robust the platform of potential future employer’s
will be for anchor clients. With changes in compliance/regulatory
frameworks, we also saw senior bankers and industry veterans setting
up their own Independent Asset Managers (IAMs)/Multi-Family Offices

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Front Office
Private Banking & Wealth Management

Salary Guide 2022

PRIVAT E B A N KS I N D E PE N D E NT A S S ET M A NAGER S /
EXT E R N A L AS S ET M A N AGER S
TITLE YEARS OF YEARLY SALARY*
EXPERIENCE TITLE BASE SALARY PROFIT-SHARING MODEL
Associate 2-6 SGD 45K – SGD 120K (Pay-out to RM)
Associate Director / 6-9 SGD 120K – SGD 180K Relationship / 60-80%
Assistant Vice President Managers
Director / Vice President 9-13 SGD 180K – SGD 320K SGD 5K – SGD 12K 40-60%
Executive Director / 13-17 SGD 320K – SGD 500K SGD 12K – SGD 30K 20-40%
Senior Vice President
SGD 30K – SGD 45K 15-25%
Managing Director 17+ SGD 450K++
TITLE YEARS OF YEARLY SALARY*
(*Does not include bonuses, benefits and other forms of remuneration)
EXPERIENCE
Investment/Product Advisors 3-5 SGD 70K – SGD 120K
Many IAMs/EAMs have a unique compensation model for Relationship
Managers comprising of a profit-sharing incentive, which is a percentage 5-10 SGD 120K – SGD 200K
cut of revenue generated. It is common to see 4 main types of
compensation, ranging from a low base, high fee-incentive model to high 10-15 SGD 200K – SGD 350K
base, low-fee incentive model. 15+ SGD 350K ++
Portfolio Managers 3-5 SGD 70K – SGD 120K
5-10 SGD 120K – SGD 200K
10-15 SGD 200K – SGD 350K
15+ SGD 350K ++
Assistant/Associate 2-6 SGD 45K – SGD 100K
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022
Front Office
Investment Management
2021 was an exciting for the investment
management industry, recovering after
the slowdown from Covid-19. As companies
adjusted to hybrid working/ working from
home initiatives, hiring directives were given
the green light.
Within the public equities space, we have seen
requests for specialists or country specific
focused candidates within hot sectors like
healthcare and telecommunications, media
and technology (TMT) industry to name a few.
Country specific, we have seen demand for
China/ASEAN/India focused candidates with
strong performances coming from these
markets. Hiring needs are generally based
on the previous years’ performances, and we
expect similar requests for the future with big
hedge funds who have been constantly looking
to increase their headcounts, as well as the
boutique asset management firms.
Along the with the equities space, the fixed
income sector also has demand for high yield
credit focused candidates. Coming from
corporates and financials, with more emphasis
on Chinese property as well as some ASEAN
names, with most of the high yield credit
coming from the emerging markets. Bonuses
have been kept on a range from 3 months to
24 months depending on the set up of the
fund. With performances from funds across
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the board showing strong bullish signs ahead,
companies will be looking to expand as they
reap in higher profits for their clients. As such,
we should expect a stronger need for clients
to invest in business-critical human capital to
upkeep the momentum from the market.
The private markets had a very active year in
terms of recruiting talent throughout 2021,
with a lot of backlogged hires completed after
Covid-19 delays. There has been generally more
interest across asset managers and family
offices to increase their exposure in alternative
investments.
Another pattern we have spotted is increased
hiring across emerging markets such as
Indonesia, Vietnam, and the Philippines. Funds
based in Singapore recognized the importance
of having “boots on the ground” to conduct
due diligence and stay connected to industry
developments.
Gender Diversity and ESG are two important
themes going forward. While Asia funds are
generally still lacking behind their American
and European counterparts, the initial steps
in first recognizing and prioritizing this is
promising. On ESG, while the common
consensus remains that there still needs to
be more clarity around what is required from
funds, industry players do recognize the
importance of this and have started working on
net-zero initiatives. For example, we have seen
the appointment of dedicated ESG Officers in
funds to drive this for example.
Salaries in the industry have become more
competitive due to an increased demand
from the influx of new funds and family offices,
with the majority targeting a similar pool of
candidates. There has also been a greater
number of returning Singaporeans/permanent
residents as companies have made a significant
effort to hire local talents to comply with
government measures.
Matthew Tjoa
Associate Vice President, Liquid Markets
Matthew.Tjoa@selbyjennings.com
Bryan Law
Associate Vice President, Investment Management
& Corporate & Investment Banking
Bryan.Law@selbyjennings.com
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Front Office
Investment Management
Salary Guide 2022

R ES E A R C H R O L E S

TITLE YEARS OF EXPERIENCE YEARLY SALARIES*

Equity/FI Research
Market Research Analyst 3 – 5 years SGD 60K – SGD 130K
Assistant VP 5 – 10 years SGD 108K – SGD 216K
Director Equity/Fixed(FI) Research 10 – 20 years SGD 250K – SGD 350K
Head of Equities >15 years SGD 300K – SGD 500K
Portfolio Manager
Portfolio Manager (Equities/Fixed Income) 5 – 10 years SGD 100K – SGD 250K
Portfolio Manager 10 – 20 years SGD 180K – SGD 350K
Portfolio Manager >15 years SGD 250K – SGD 350K
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Front Office
Investment Management
Salary Guide 2022

PEVC R O L E S

TITLE YEARLY SALARIES*

Global Funds
Analyst / Associate SGD 95K – SGD 180K
Vice President SGD 180K – SGD 220K
Principal SGD 230K – SGD 330K
Managing Director SGD 330K – SGD 420K
Managing Partner SGD 420K+
Regional Funds
Analyst / Associate SGD 98K – SGD 150K
Vice President SGD 150K – SGD 210K
Principal SGD 230K – SGD 290K
Managing Director SGD 300K – SGD 400K
Managing Partner SGD 400K+
Venture Capital
Analyst / Associate SGD 25K – SGD 75K
Vice President SGD 80K – SGD 180K
Principal SGD 170K – SGD 300K
Managing Director SGD 275K – SGD 425K
Managing Partner SGD 400K+
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022
Front Office
Corporate & Investment Banking
With more hiring activity coming from funds,
banks have generally had to aggressively
replace their talent that was being poached
over to the buy side. In addition to the yearly
attrition of bankers moving to funds, start-ups,
and corporates, the backlog of deals has meant
that simply replacing existing headcount has
not been sufficient. For example, Barclays
and Deutsche Bank rebuilt their Asia teams
to enhance their presence in the region. The
pullback from some international banks from
the region has resulted in further expansion
and growth for Asia-focused banks. The likes of
HSBC, has aggressively hired for their corporate
banking teams based in Singapore.
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Looking ahead, we expect growth plans in the
sector, especially in the post-bonus season
where attrition is again expected from a yearly
basis. Sustainable finance and cryptocurrency
are two themes which could be more active
due to the exponential interest that has been
generated over the past few years. And, with
the technology industry booming in South-East
Asia, we anticipate more fintech/tech bankers
due to potentially more tech M&As and
even IPOs.
2021 was a year of salary reviews for investment
bankers, particularly at the Analyst/Associate
levels in an attempt to attract more candidates
and to retain the existing talent. With the bulge
bracket banks commissioning this initiative, this
has also trickled down to the regional banks,
who likewise look to compensate their bankers
fairly from a market perspective.
Bryan Law
Associate Vice President, Investment
Management & Corporate and
Investment Banking
Bryan.Law@selbyjennings.com
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Front Office
Corporate & Investment Banking
Salary Guide 2022
TITLE YEARLY SALARIES*
Tier-one Banks
Analyst (1-3) SGD 120K – SGD 180K
Associate (1-3) SGD 180K – SGD 250K
Vice President (1-3) SGD 250K – SGD 400K
Director SGD 400K – SGD 500K
Managing Director SGD 500K+
Tier-two Banks
Analyst (1-3) SGD 80K – SGD 130K
Associate (1-3) SGD 150K – SGD 200K
Vice President (1-3) SGD 200K – SGD 300K
Director SGD 350K – SGD 450K
Managing Director SGD 450K+
Tier-three Banks
Analyst (1-3) SGD 50K – SGD 80K
Associate (1-3) SGD 100K – SGD 150K
Vice President (1-3) SGD 150K – SGD 250K
Director SGD 300K – SGD 400K
Managing Director SGD 400K+
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022
Front Office – Summary
As we are approaching the bonus season, firms
are doing both performance management
and headcount planning for the year ahead.
With each function in the Financial Markets
focussing on new avenues for revenue, further
growth in performing markets and reviewing
their strategy, we do believe that the challenge
this year will yet again be on talent.
With the entrance of Fintech and
Cryptocurrency firms coming in strong as we
look to end the financial year, we are seeing
a number of talents moving away from the
usual financial institutions to pursue their next
career in these spaces. Whilst sourcing for a
replacement headcount used to be the case,
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firms will now see a longer timeline in filling passes with overseas travel being possibly more
these roles because most of the talents that are rampant in the coming year. The year ahead
leaving are the mid-senior talent pool, which will be an exciting one, but firms must certainly
usually come with more detailed requirements put their focus on how to further attract key
when making a hire. We are seeing more firms talents and change their hiring strategy to be
seeking methods in retaining talent, and the faster and more efficient given the competitive
key consideration point for the mid-senior market.
talent pool is focussed on the role, strategy and
culture of the team that they are working in,
with the secondary consideration being salary
given it is close to the bonus season/year-end
promotions.
Andrew Zee
Associate Director, Front Office
Remote working have also led to firms Andrew.Zee@selbyjennings.com
rethinking their headcount strategy, alongside
the changes on issuing of new employment
 SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Middle Office
With the rise of digitalization through digital banks and digital assets, it is
no surprise that there is an increase in risk and compliance opportunities.
We observed a tech-based change throughout the entire function
as companies adapt and adopt to the ever-changing demand for
technologically savvy risk and compliance candidates. Clients are also
looking for risk and compliance candidates who have data experience,
as they use data to drive solutions for the governance space. Candidates
who already have these technological skills from a governance perspective
remain high in demand.

The demand for strong candidates with niche skillsets outweighs the
supply, resulting in candidates receiving multiple offers at once and high
counteroffers from their current organization. This in turn has resulted in
an upward pressure on salaries. We see traditional banks fight for and lose
talent to the ‘new age’ financial services and consulting firms, as well as
technology firms and digital banks.

Singapore is forecasted to see exponential growth and increased demand

in legal, compliance and risk talent due to the rising business needs. When
the Front Office functions scale, the Governance functions tend to scale
along with it. With the continuous rise of fintech and digital banks, we will
also continue to see an uptick in demand for Governance candidates. We
note that cyber security and IT will remain as top trends due to the lack of
candidates and vulnerability of many systems and infrastructures..

We are also expecting to see a surge in hirings in private wealth and private
banks, amidst post Covid-19 growth.

Tricia Goh
Principal Consultant – Middle & Back Office
Tricia.Goh@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Middle Office
Salary Guide 2022
TITLE YEARS OF EXPERIENCE YEARLY SALARIES*
Legal & Compliance
Private Practice Legal (Qualified) 3 – 6 years SGD 90K – SGD 150K
5 – 10 years SGD 150K – SGD 250K
10 – 15 years SGD 250K – SGD 400K
In House Legal 3 – 6 years SGD 72K – SGD 120K
5 – 10 years SGD 110K – SGD 180K
10 – 15 years SGD 180K – SGD 320K
Compliance 3 – 6 years SGD 65K – SGD 96K
5 – 10 years SGD 84K – SGD 140K
10 – 15 years SGD 140K – SGD 220K
Market Risk / Front Office Risk
Risk Analytics 0 – 3 years SGD 54K - SGD 72K
4 – 7 years SGD 84K - SGD 120K
8 – 12 years SGD 120K – SGD 168K
13 – 16 years SGD 168K – SGD 216K
15++ years SGD 240K++
Credit Risk
Risk Analysis 0 – 3 years SGD 36K - SGD 48K
4 – 7 years SGD 72K – SGD 84K
8 – 12 years SGD 96K – SGD 120K
13 – 16 years SGD 120K – SGD 180K
15++ years SGD 168K++
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Middle Office
Salary Guide 2022
TITLE YEARS OF EXPERIENCE YEARLY SALARIES*
Credit Risk
Risk Modelling 0 – 3 years SGD 42K - SGD 54K
4 – 7 years SGD 84K – SGD 108K
8 – 12 years SGD 120K – SGD 168K
13 – 16 years SGD 168K – SGD 216K
15++ years SGD 192K++
Investment Risk
Investment Risk 0 – 3 years SGD 48K - SGD 66K
4 – 7 years SGD 60K – SGD 84K
8 – 12 years SGD 81.6K – SGD 126K
13 – 16 years SGD 120K – SGD 180K
15++ years SGD 168K++
Performance 0 – 3 years SGD 44.4K - SGD 60K
4 – 7 years SGD 57.6K – SGD 78K
8 – 12 years SGD 74.4K – SGD 120K
13 – 16 years SGD 120K – SGD 156K
15++ years SGD 150K++
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Middle Office
Salary Guide 2022
TITLE YEARS OF EXPERIENCE YEARLY SALARIES*
Operational Risk
Operational Risk 0 – 3 years SGD 36K - SGD 48K
4 – 7 years SGD 60K – SGD 84K
8 – 12 years SGD 96K – SGD 120K
13 – 16 years SGD 144K - SGD 192K
15++ years SGD 168K++
Technology Risk 0 – 3 years SGD 42K - SGD 60K
4 – 7 years SGD 72K – SGD 96K
8 – 12 years SGD 108K – SGD 144K
13 – 16 years SGD 168K - SGD 192K
15++ years SGD 180K++
Buy Side Operations
Buy Side Operations 0 – 3 years SGD 48K
4 – 7 years SGD 48K – SGD 96K
8 – 12 years SGD 72K - SGD 120K
13 – 16 years SGD 96K - SGD 180K
15++ years SGD 144K - SGD 240K
Finance
Finance 0 – 3 years SGD 42K - SGD 50.4K
4 – 7 years SGD 48K - SGD 78K
8 – 12 years SGD 72K - SGD 114K
13 – 16 years SGD 114K - SGD 180K
15++ years SGD 168K – SGD 264K
(*Does not include bonuses, benefits and other forms of remuneration)

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 SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Technology
Technology has seen an exponential increase in demand for talent, as
businesses seek out the best professionals to transform their organisation’s
technology. The demand has been cyclical for some functions based on
regulatory requirements, such as security, whereas talent in functions such
as infrastructure and development are constantly sought after. With the
release of new versions of programming languages and constant updates
of applications and systems, it is crucial for technology professionals
to keep afloat of the latest and the greatest technology, as well as the
complimentary certifications.

We’re observing more global mobility of technology talent as travel

restrictions and borders open up. There has been a huge uptick in salaries
for technology talent, as presented in the table below. This is an indicative
table based on the market insights and trends we observe; across software
engineers, site reliability engineers and cybersecurity functions, , followed
closely by data, network/infrastructure and change management/
transformation functions. These figures are surveyed across banks,
investment management firms, hedge funds and fintechs, where there are
further breakdowns depending on the specific skill sets of the technology
professionals within the function.

We think the demand in technology talent will only increase, especially

with Singapore as one of the key technology hubs in Asia. The talent pool
will remain competitive, with most organisations seeking the same talent,
and candidates will have an abundance of choices on hand.

Jin Han Tan

Vice President, Technology
Jinhan.Tan@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Technology
Salary Guide 2022

TITLE YEARS OF EXPERIENCE YEARLY SALARIES*

Software Engineer 5 – 8 years SGD 96K – SGD 140K
9 – 15 years SGD 150K – SGD 200K
15+ years SGD 240K+
Site Reliability Engineer 5 – 8 years SGD 108K – SGD 150K
9 – 15 years SGD 168K – SGD 216K
15+ years SGD 260K+
Network/Infrastructure 5 – 8 years SGD 96K – SGD 120K
9 – 15 years SGD 160K – SGD 180K
15+ years SGD 200K+
Cybersecurity 5 – 8 years SGD 96K – SGD 120K
9 – 15 years SGD 120K – SGD 200K
15+ years SGD 210K+
Data 5 – 8 years SGD 72K – SGD 120K
9 – 15 years SGD 120K – SGD 180K
15+ years SGD 250K+
Change Management /Transformation 5 – 8 years SGD 72K – SGD 108K
9 – 15 years SGD 120K – SGD 180K
15+ years SGD 240K+
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022
Quant
2021 REVIEW
The battle for quant talent in Asia has never been higher. With the
resurgence in hiring from the sell-side, continued success amongst quant
hedge funds and proprietary trading firms alike, and the unprecedented
growth of crypto, we are witnessing a real race for talent. This has been
compounded by a number of US and European headquartered funds
expanding their Asia presence, with Hong Kong and Singapore remaining
as the chosen Asia hubs. A large proportion of our international clients
have also looked to increase their exposure in China. Most quantitative
hedge funds and proprietary trading firms are looking to hire fast and hire
in abundance, looking for candidates that have experience trading China
markets. Since China relaxed curbs on foreign financial firms in 2020, we
are seeing clients flock to hire talent, particularly in Shanghai.
The pool for highly skilled quantitative talent has become increasingly
scarce in Asia. It is commonplace for sought after candidates to now hold
multiple offers at a time. Perhaps unsurprisingly, we are also seeing firms
go to extremes to retain their staff. It has become the norm for counter-
offers to match or exceed competing offers, and we are seeing firms
harden their stance around non-competes. An article from eFinancial
Careers stated that “30% of Singaporeans take counter-offers”, a testament
to the heightened emphasis on retention. Despite these optimal market
conditions for candidates, we have continued to see barriers in mobility.
Visa restrictions and tightened border controls have limited the number
of global returnees to Asia, and have subsequently played a role in this
scarcity of readily available talent.
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LOOKING FORWARD
Multi-strat platforms, together with IB’s, will look to bulk hire in the near
future. With a surplus of capital available for some of the top-tier funds to
deploy, there will no doubt be fierce competition to scale their respective
business lines. Their accelerated hiring of revenue generating quants will
likely stimulate the sell-side to continue its own push, notably in areas such
as execution consultancy and quantitative algorithm customisation.
From large scale institutional businesses to boutique set-ups, one can also
anticipate a greater shift into the crypto space. A number of notable hedge
funds and prop trading shops are now integrating crypto strategies in their
portfolios, for larger upside and diversification. This will inevitably result in
additional demand for talent in an already candidate starved environment.
With China’s increased regulation in crypto, some believe there will be an
emphasis in trading headcount in Singapore. The caveat to this, however, is
that strict border controls and restriction of employment passes are likely
to persist; subsequently, placing a strain on such hires or ensuring that
Hong Kong remains the mainstay.
Matthew Tjoa
Associate Vice President, Liquid Markets
Matthew.Tjoa@selbyjennings.com
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Quant
Salary Guide 2022

TITLE YEARS OF YEARLY SALARIES* YEARLY

EXPERIENCE COMPENSATION
Tier-one Investment Bank
PhD Graduates / USD 90K – US 100K USD 140K – USD 170K
Tier-one Hedge Fund / Trading
Firm
PhD Graduates / USD 120K – USD 150K USD 200K – USD 240K
Boutique Hedge Fund
PhD Graduates / USD 90K – USD 110K USD 180K – USD 220K
Buy Side
Quantitative Researcher 2-5 years USD 90K – USD 110K USD 160K – USD 180K
Quantitative Researcher 5-10 years USD 150K – USD 180K USD 250K – USD 300K
Senior Quantitative Researcher 10 years+ USD 180K – USD 250K USD 400K – USD 500K (5-20% of P&L)
Quant Trader (Prop) / USD 150K – USD 170K 10-40% of P&L
Side Side
Associate / USD 85K – USD 100K USD 120K – USD 140K
Vice President / USD 150K – USD 170K USD 220K – USD 250K
Director / Executive Director / USD 220K – USD 250K USD 325K – USD 375K
Managing Director / USD 300K – USD 350K USD 550K – USD 700K
(*Does not include bonuses, benefits and other forms of remuneration)

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

Commodities
A harsh winter in North China was expected from Dec
2020 – Feb 2021, meaning manpower requirements for
Salary Guide 2022
trading operators/supply chain professionals increased
significantly back then. Subsequently, as coal prices
began to shoot up over the months, we’ve noticed more TITLE EXPERIENCE YEARLY SALARIES* YEARLY TARGET
companies looking to hire experienced thermal coal VARIABLE SALARIES*
traders to take on higher risk positions to leverage on
Trader – Senior Level >10 years SGD 280K – SGD 400K SGD 100K – SGD 1,100K
undervalued prices. Similarly, the metallurgical industry
has also experienced a rebound, starting from ferro alloys, Trader – Mid Level >5 years SGD 97.5K – SGD 250K SGD 24.4K – SGD 250K
metallurgical coal/coke and specialty metals that is widely
Operation Manager N/A SGD 84K – SGD 220K SGD 21K – SGD 110K
used in the market to manufacture tough steel products,
particularly for construction and engineering. The (*Does not include bonuses, benefits and other forms of remuneration)
growing demand for electronics and automobiles has also
triggered the refined metals market, especially in copper.

The agriculture and soft commodity markets has seen

significant recruitment needs across the market in 2021.
This spans across Southeast Asia, South Asia, East Asia,
Oceania and Central Asia albeit the noticeable differences
due to Covid-19 outbreak across various countries. We can
expect a surge in hiring talents who are able to capture
the need for sustainable food production and digital
agriculture, including more innovation roles on top of the
trader/ sales roles.

The chemicals market is looking more optimistic as firms

streamline and demand increases. With the chemicals
market also becoming more sustainable and focusing on
a circular economy, we may see more firms focus on the
use of renewables.. Our predictions for 2022 are that there
will be more requirements for innovation and sales talents
who are multi-faceted and would like to adopt
these trends.

Jerome Quek
Head of Commodities, APAC
Jerome.Quek@selbyjennings.com

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SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022
Summary
A year of recovery for the job market is what
we predict, along with overseas talent coming
back into Asia. This is a necessary step to keep
Asia at the forefront of financial services, to
ensure niche skills flow into the market, and at
the same time, that local talent also receive a
fair opportunity for roles.
We are looking forward to seeing how the
technology market develops, as clients continue
to fight for the best talent. We also expect
that Data will be heavily integrated into all
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roles, across both Front and Middle office,
and candidates with Data skill sets or post
graduated certifications and qualifications
will be more in demand, even for the non-
technology roles.
We are excited for the future and how Asia
hopefully moves forward from Covid-19. With
travel opening up,we expect that to have a
ripple effect positively on hiring.
SELBY JENNINGS | FINANCIAL SERVICES INDUSTRY | SOUTH-EAST ASIA | OUTLOOK 2022

About Us
Selby Jennings is a leading specialist recruitment agency for banking and
financial services. For more than 15 years, we have given professionals
peace of mind that the recruitment journey is in expert hands. Our
continual investment in best-in-class technologies and consultant training
enables us to match candidates and world-leading companies with speed,
precision and accuracy. Today, Selby Jennings operates all over the world to
help professionals reimagine their careers, globally.

We pride ourselves in keeping our professional network up-to-date with www.selbyjennings.sg

any changes that will shape the future of work or employment. Visit our
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salary guides and market trends. A Phaidon International brand

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Contact us
Natasha Madhavan Matthew Tjoa
Head of Selby Jennings, South East Asia Associate Vice President, Liquid Markets
Natasha.Madhavan@selbyjennings.com Matthew.Tjoa@selbyjennings.com

Andrew Zee Tricia Goh

Associate Director, Front Office Principal Consultant – Middle & Back Office
Andrew.Zee@selbyjennings.com Tricia.Goh@selbyjennings.com

Simran Karamchandani Jerome Quek

Senior Consultant, Private Banking and Wealth Management Head of Commodities, APAC
Simran.Karamchandani@selbyjennings.com Jerome.Quek@selbyjennings.com

Bryan Law
Jin Han Tan
Associate Vice President, Investment Management
Vice President, Technology
& Corporate and Investment
Jinhan.Tan@selbyjennings.com
Bryan.Law@selbyjennings.com

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