Unlock Lucrative Opportunities: Assistant Vice President Salary in Singapore Revealed
The average salary of an Assistant Vice President in Singapore ranges from $120,000 to $200,000 per year, depending on experience and industry.
Are you curious about how much an Assistant Vice President (AVP) earns in Singapore? If so, you have come to the right place. In this article, we will discuss everything you need to know about the AVP salary in Singapore, including industry averages, factors that affect the salary range, job responsibilities, and more.
Firstly, let's get straight to the point. According to Glassdoor, the average annual salary for an AVP in Singapore is around SGD 155k. However, keep in mind that this figure can vary greatly depending on the industry, company size, and level of experience. For example, AVPs in banking and finance can earn significantly more than those in other industries.
Now, you may be wondering what it takes to become an AVP in Singapore. Well, usually having a Bachelor's or Master's degree in a related field and at least 5-8 years of relevant work experience is required. Additionally, candidates with certain qualifications, such as CFA, MBA, or ACCA, may have an advantage in the hiring process.
But what makes being an AVP so rewarding, aside from the attractive salary? One perk is the level of autonomy and responsibility that comes with the job title. AVPs are typically responsible for leading a team, managing budgets, developing and implementing strategies, and making crucial business decisions. This level of authority not only provides the opportunity to make an impact but also helps to enhance leadership skills.
Of course, with great power comes great responsibility. AVPs often work long hours, attend meetings, and handle high-stress situations. Thus, excellent time management, communication, and problem-solving skills are essential to performing well in this role.
If you're still unsure whether being an AVP in Singapore is the right career path for you, consider the career progression opportunities. Many AVPs eventually advance to the Vice President (VP) level, which comes with even greater responsibility and higher earning potential.
So, what affects an AVP's salary range? One factor is the company size. Large corporations often offer higher salaries, as they have more resources to invest in employee compensation. Additionally, the industry of the company can play a significant role; banking and finance positions generally come with higher salaries than non-profit positions.
If you're interested in pursuing an AVP position, it's important to keep up to date with industry news and developments. This can help you identify emerging trends and opportunities that could enhance your career prospects and earning potential.
In conclusion, being an Assistant Vice President in Singapore comes with numerous benefits, including a decent salary package, autonomy and responsibility, career progression opportunities, and more. However, it's essential to consider the specific factors that affect the salary range and job responsibilities before pursuing this path. We hope this article has provided valuable insights into the AVP salary in Singapore. Thanks for reading!
Introduction
Singapore is known for its fast-paced growth economy and competitive job market. As the country continues to attract businesses and investments from different industries, the demand for top executives like Assistant Vice Presidents (AVP) has been increasing over the years. This article aims to give you a comprehensive overview of the average Assistant Vice President salary in Singapore, among other relevant facts.
Who is an Assistant Vice President?
An Assistant Vice President is an executive position that reports to the Vice President of a company. They are generally responsible for managing teams and departments under their portfolio. They also liaise with other senior management and stakeholders to ensure that the company's operational objectives align with the overall corporate goals.
What qualifications do Assistant Vice Presidents need?
To become an Assistant Vice President, one typically needs to have a bachelor's or master's degree. A degree in business administration, finance, or accounting will be ideal, but some companies may require specific qualifications depending on the niche they operate in. Additionally, experience in leadership roles in some of the fast-paced industries such as banking, finance, technology, healthcare, and hospitality may give individuals an added advantage.
The Salary of an Assistant Vice President
The salary of an Assistant Vice President in Singapore varies significantly based on several factors, including company size, experience, industry, and education. According to payscale.com, the typical salary for an experienced AVP in Singapore can range from S$118,000 to S$211,000 per annum. However, one with less experience could earn a salary of around S$70,000 annually. It's also not uncommon for top performers to receive bonuses or incentives, which can push their annual income even higher.
AVP Salary by Industry
The industry one works in can significantly impact an AVP's salary. For instance, the average annual salary for an Assistant Vice President in banking and finance-related industries is higher than tech industries and retail industries. It's also worth noting that Oil and Gas, Healthcare, and Consulting services are among the industries offering competitive salaries to AVPs in Singapore over the recent years.
Experience Impact on salary
Similar to education and industry, experience plays a significant role in an AVP's salary. Those who have worked in a leadership position for over a decade tend to earn more than those who are at entry-level stages of their careers. The good news is that AVPs salaries are frequently reviewed, so it is common to see salary increments over several years as you gain experience.
How location affects AVP salary
Singapore offers different opportunities and lifestyle depending on the city's region. Also, the cost of living varies greatly across the different regions, with some costing significantly more than others. Salaries reflect that too, and it's not unusual to see higher salaries offered for positions located in premium areas such as central business districts. However, salaries in less expensive areas may be relatively lower.
The job outlook for AVPs in Singapore
The job outlook for executive positions like AVP looks bright in Singapore. As we highlighted earlier, every business sector requires these professionals which made demand continuously high. With Singapore's economy expected to continue expanding, the job outlook for executives is only going to strengthen further. As such, we anticipate continued growth in the demand for assistant vice presidents in coming years.
Conclusion
There is no doubt that assistant vice presidents play a crucial role in any company's success. Their leadership skills, experience, and expertise drive the company towards achieving its goals. With the demand for these professionals remaining high, it's no surprise that they earn high salaries, with bonuses and incentives also being a key part of their overall compensation. Singapore has a growing economy that attracts top players across different industries, so AVP can expect favorable market conditions, especially concerning job security, growth opportunities, and competitive pay.
References
[1] www.payscale.com/research/SG/Job=Assistant_Vice_President
[2] www.hays.com.sg/job-insights/how-much-does-an-assistant-vice-president-earn
[3] www.globalexecutivegroup.com/Singapore-executive-salary-report
Comparison of Assistant Vice President Salary in Singapore
Assistant Vice President (AVP) is an entry level executive position in the corporate world in Singapore. The role carries a lot of responsibilities, and most people in this position work in banks, financial institutions or other large companies. The salary for AVPs varies depending on various factors such as industry, company size, experience, qualifications, and skills. To help you understand the salary range better, I will compare the salary of Assistant Vice Presidents in different industries in Singapore.
Banking Industry
According to PayScale, the average salary for an AVP in a bank in Singapore is SGD 115,154. However, the salary can range from SGD 63,000 to SGD 179,000 based on different factors such as job title, years of experience, location, and performance. For instance, an AVP Relationship Manager earns an average salary of SGD 86,115, while an AVP Investment Banking earns an average of SGD 147,078.
Financial Services Industry
The financial services industry is another lucrative sector for AVPs in Singapore. The salary for AVPs in this industry ranges from SGD 116,000 to SGD 170,000, with an average salary of SGD 141,362. According to Robert Walters Salary Survey 2021, the highest-paid AVPs are in the Private Equity and Venture Capital sectors.
Accounting and Finance Industry
The accounting and finance industry has a lower salary range for AVPs compared to the banking and financial services industry. The average salary for AVPs in this industry is SGD 78,000 – SGD 160,000. However, the salary can vary depending on the job title, company size, experience, and location.
IT Industry
The IT industry is another sector that offers a competitive salary for AVPs. In Singapore, the salary ranges from SGD 97,000 to SGD 220,000, with an average salary of SGD 150,000. According to Payscale, an AVP in IT earns an average salary of SGD 127,644.
Engineering Industry
The salary range for AVPs in the engineering industry is relatively lower compared to other industries. The average salary range in this sector is SGD 92,000 to SGD 156,000. However, with experience, skills, and qualifications, the salary range can go higher.
Factors Affecting Salary of Assistant Vice President
Company Size
The size of the company plays a significant role in determining the salary range for AVPs. Larger companies typically pay more than smaller companies. This is because larger companies have a bigger budget and can afford to offer competitive salaries to retain top talent.
Experience
Experience is another critical factor that determines the AVP salary range. Companies value work experience, and they are willing to pay more for experienced candidates. For instance, an AVP with ten years of experience is likely to earn a higher salary than an AVP with five years of experience.
Academic Qualifications
In the corporate world, academic qualifications are crucial. They demonstrate that the candidate has the necessary skills and knowledge required for the job. Hence, candidates with higher qualifications such as MBA or PhD are more likely to get a higher salary.
Skillset
The skillset of a candidate is another aspect that employers consider when setting salaries. Companies are willing to pay more for candidates with unique skills that can contribute to the company's growth and profitability.
Opinion on AVP Salaries in Singapore
Based on the research conducted, it is evident that the salary of an AVP in Singapore varies significantly depending on the industry, experience, academic qualifications, and skillset. However, it is vital to note that the AVP salary range is relatively high in most industries compared to the national average income.
In conclusion, as an AVP, your salary range will depend on various factors beyond your control, such as the industry and company size. However, you can increase your chances of earning a higher salary by acquiring more experience, pursuing higher academic qualifications, and developing your skillset.
Assistant Vice President Salary Singapore
Singapore is known to be one of the top countries in Asia when it comes to providing competitive salaries for their employees. The financial sector is a profitable field that people tend to consider when they want to start their professional journey. One of the roles associated with this industry is the Assistant Vice President.Are you wondering how much an Assistant Vice President earns in Singapore? The average income for an AVP is around SGD 130,000 per annum. However, the salary range can go higher depending on the experience, skill set, and company size.
Factors that affects Assistant Vice President Salary Singapore
Here are some of the factors that affect an Assistant Vice President's salary in Singapore:
Experience and qualifications
The more experience and qualifications that an AVP has, the higher the chances of getting promoted from the position of an AVP to the next one, which also means higher compensation. Typically, an AVP should have at least five years of experience in their respective field with a relevant degree or certification. A Master's degree can also be an excellent advantage, leading to better prospects on the job.
Industry and Company
A company's size and the industry they are in play a significant role in determining salary ranges. Large companies in banking, finance, and technological sectors tend to pay more than small businesses. Also, the company's location matters as those located in central business districts offer higher pay.
Responsibilities
Different AVPs perform different tasks according to their specialization, which also reflects in their salary range. Those who manage risk operations, corporate banking, or asset management might receive higher remuneration compared to colleagues working in a different field.
Tips to accelerate your Assistant Vice President Salary in Singapore
Here are some tips to gain a higher salary as an assistant vice president:
Continuous Learning and Professional Development
The finance industry is all about new technology, market, and regulatory changes that require continuous learning. By keeping yourself updated, you improve your chances of deserving better opportunities and promotions. The more skills and knowledge you have gained over time, the higher the salary range you can ask for.
Networking
Networking has proven to be essential in the financial sector. Having a good network, both within and outside a company, can open doors to better opportunities. Attend industry events, reach out to people who work in the same field, and build connections with people. All these can benefit your career and potentially raise your salary.
High-Performance Delivery
Consistent high performance can increase your visibility, which reflects in more significant responsibilities and possible promotion opportunities. Make sure to collaborate with your peers and teams actively. Go beyond your work scope and assist wherever possible. Display a positive attitude, and never hesitate to take responsibility to drive things forward. These initiatives not only enhance your career prospects but also may result in a higher salary.
Negotiate salary during Job Offer
After completing several interview processes and receiving a job offer, it's essential to negotiate your salary, especially if you think your experience and qualifications exceed the required criteria. Do your research and try to compare salaries of other similarly positioned people in the industry based on your experience and qualifications. You need to go to the negotiation table with a sense of confidence and a plan so that you don't get shortchanged.
Conclusion
An Assistant Vice President holds a crucial position in the financial sector, and the salary varies based on the industry, company size, experience level, and qualifications. By following the tips mentioned above, an individual can slowly but surely climb higher in their career path, leading to better compensation and opportunities.
According to the Robert Walters salary survey, the average annual salary range for an Assistant Vice President's role in Singapore is between S$120,000 and S$240,000. This wide range is dependent on various factors such as company size, industry, experience level, and educational qualifications. However, the role of AVP is usually a senior leadership position that oversees significant areas of the business, hence the significant payment packages.
The financial industry is one of the largest employers of Assistant Vice Presidents - with investment banks, insurance firms, and asset management companies being major players. The global financial crisis of 2008 had a significant impact on the banking industry. With more financial regulations and restrictions being implemented since then, there has been an increase in demand for compliance, legal, risk, and management personnel. These positions include AVPs responsible for overseeing these departments.
It is not just the financial sector where you can find AVPs. Large multi-national companies also hire AVPs in various departments such as marketing, information technology, supply chain management, and human resources. This highlights that the responsibilities of an AVP can vary widely, as they take on leadership roles in diverse areas of the business.
Education is key to unlocking better opportunities as an AVP. The usual requirement for an AVP position is a degree upon which several years of relevant work experience are built. A Master's Degree is becoming increasingly essential to securing an AVP position in today's market. Upon attaining the role, one can target future career growth such as VP, Senior VP and even C-suite
Experience is another crucial factor that employers look for in potential AVP employees. Having the right educational qualifications means that you are qualified for a certain role, but it is proven experience that companies look for when hiring an individual for an AVP position. Experience can be gained either by starting from a junior-level position or by belonging to the same industry or area of work.
The demand for AVPs in Singapore is on an upward trajectory. According to reports, companies in Singapore are planning to increase hiring for Senior Management roles such as Assistant Vice President in the coming years. With an expected increase in demand, it stands to reason that so too will compensation packages for this level of seniority.
The cost of living in Singapore is an essential aspect to consider when discussing salary packages. Singapore has been ranked one of the most expensive cities globally and, as such, lucrative compensation packages aimed at attracting overseas talent are commonplace. Additionally, AVPs receive various company and industry-specific benefits, bonuses, flexible working hours and paid time off to ensure they are compensated appropriately for their invaluable contributions to the company.
In conclusion, the Assistant Vice President’s Salary in Singapore is dependent on several factors, including education, experience, company size, and industry, among others. It is a challenging high-level job position that requires commitment, skills, and hard work. With the expected surge in demand for AVPs in Singapore, it is foreseeable that the average salary package will continue to increase. Nevertheless, if you are considering an AVP position, always do due diligence towards understanding your worth and negotiating a fair compensation package.
Thank you for reading!
People Also Ask About Assistant Vice President Salary in Singapore:
- What is the typical salary range for Assistant Vice President positions in Singapore?
- What factors affect the salary range for Assistant Vice Presidents in Singapore?
- How does the Assistant Vice President salary in Singapore compare to other countries?
- Is there room for salary growth in an Assistant Vice President position in Singapore?
The typical salary range for Assistant Vice President positions in Singapore is S$90,000 to S$160,000 per year.
The salary range for Assistant Vice Presidents in Singapore can vary based on factors such as years of experience, industry, company size, and job responsibilities.
The Assistant Vice President salary in Singapore is generally competitive with other developed countries. However, actual salaries can vary based on specific industries and economies.
There is significant room for salary growth in Assistant Vice President positions in Singapore for high performing individuals. Advancement opportunities and performance-based bonuses can also contribute to salary growth.
People Also Ask About Assistant Vice President Salary Singapore
1. What is the average salary of an Assistant Vice President in Singapore?
The average salary of an Assistant Vice President in Singapore can vary depending on factors such as industry, company size, and level of experience. On average, however, an Assistant Vice President in Singapore can expect to earn around SGD 180,000 to SGD 250,000 per year.
2. How does the salary of an Assistant Vice President in Singapore compare to other countries?
The salary of an Assistant Vice President in Singapore is generally higher compared to many other countries. Singapore is known for its competitive job market and high living costs, which often translates into higher salaries for professionals in managerial positions.
3. What factors can influence the salary of an Assistant Vice President in Singapore?
Several factors can influence the salary of an Assistant Vice President in Singapore:
- Industry: Salaries can vary significantly across different industries, with certain sectors offering higher compensation packages.
- Experience: As with most professions, the level of experience plays a crucial role in determining salary. More experienced Assistant Vice Presidents may command higher salaries.
- Company size: Larger companies often offer higher salaries compared to smaller organizations.
- Performance: Exceptional performance and achievements within the role can also lead to higher salary increments and bonuses.
4. Are there any additional benefits or bonuses that Assistant Vice Presidents in Singapore receive?
Assistant Vice Presidents in Singapore may receive additional benefits and bonuses as part of their compensation package. These can include:
- Annual bonuses based on individual and company performance.
- Healthcare benefits, including medical insurance coverage.
- Retirement savings plans, such as the Central Provident Fund (CPF) contributions.
- Stock options or equity-based compensation.
- Flexible work arrangements and vacation leave.
It's important to note that the specific benefits and bonuses offered can vary between companies.
5. How can one progress in their career as an Assistant Vice President in Singapore?
To progress in their career as an Assistant Vice President in Singapore, individuals can consider the following steps:
- Continuously enhance skills and knowledge through professional development programs and certifications.
- Seek out opportunities to take on more challenging responsibilities and projects.
- Build a strong professional network and establish relationships with key stakeholders.
- Showcase leadership abilities and contribute to the overall success of the organization.
- Consider pursuing advanced degrees or certifications relevant to their field.
Career progression may also involve moving to larger companies or taking on higher-level roles within the organization.
Overall, the salary of an Assistant Vice President in Singapore is influenced by various factors, and individuals can enhance their earning potential through continuous professional development and displaying strong leadership qualities.