Benchmarks: Singapore

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Part
01

Innovation Consultant - Singapore

According to the NAKAMA company, the salary range of an innovation consultant in Singapore is between US$10,000 and US$12,000 per month or between US$120,000 to US$144,000 per year.

Salary Ranges of Innovation Consultants

  • Based on Glassdoor's salary analysis, the salary range of a consultant in Singapore goes S$44,000 to S$144,000 yearly or USD$32,370 to USD$105,939.
  • Glassdoor has no official information about the salary of an innovation consultant in Singapore.

Companies hiring

  • NAKAMA is currently hiring an innovation consultant in Singapore and pays between US$10,000 and US$12,000 per month or US$120,000 to US$144,000 per year.
  • PwC Singapore is also hiring an innovation consultant in Singapore but has not specified a salary offer.
  • Finastra is hiring a principal solutions consultant of innovation in Singapore, but the salary has not been defined.
  • Société Générale is hiring an innovations lead, but the salary is not defined.
  • ADAPT Bain & Co. is hiring an innovation expert but again the salary is not defined.

Salary Ranges on Similar Jobs

Research Strategy

To determine the salary range of an innovation consultant in Singapore, we began by looking for salary reports from the industry and articles with an official range. We checked Payscale and Glassdoor's salary reports, but they didn't have any information for the innovation consultant role.

We also checked on Michael Page Co's 2020 Singapore Salary Benchmark report, which has the complete list of salaries in every industry; however, it only contained salary information about innovation and partnership managers, and solutions consultants, but nothing specific to innovation consultants.

Additionally, we analyzed Adecco's Salary Guide for Singapore, but once again, it only has information about solutions consultants.

Next, our second strategy was looking for job openings for an innovation consultant in Singapore through the top job board platforms, like Glassdoor, Indeed, JobStreet, and LinkedIn, since these often present the expected salary with the job. Our objective was to collect the different salaries offered in the job posts and calculate the salary range from this information.

Jobstreet had no openings for innovation consultants, Indeed provided the most valuable information, two companies hiring an innovation consultant in Singapore, and the salary range from one of the companies, NAKAMA, that is hiring for a salary range between US$10,000 and US$12,000 per month.

We calculated the yearly salary as US$10,000 x 12 months = US$120,000 and US$12,000 x 12 months = US$144,000, to provide a yearly range.

LinkedIn's job board only had the same information for the job openings mentioned in Indeed; however, it did not provide an estimated salary or any additional job opening.

Glassdoor had the same two openings for innovation consultants from LinkedIn and Indeed, plus additional job opening for similar jobs, like innovation expert, principal solutions consultant of innovations, innovation lead, innovation and new business consultant, architect for innovation, etc. Unfortunately, none of the jobs had a specific salary offered, but only Glassdoor's range of salaries for consultants, interns, solutions consultants, managers, etc.

As our third step, we looked for salary information of innovation consultants in Fjord, Accenture, and Innosight in Singapore, but the salary information available for Fjord and Accenture did not include Singapore, only the US. Also, the report of Innosights' salaries did not include innovation consultants.

Finally, since we only had the salary range offered by NAKAMA as a reference for innovation consultants in Singapore, we provided it as our salary range. We also decided to include salary ranges for similar jobs as a reference and used an online currency calculator to translate Singapore Dollar salaries to US Dollar salaries.
Part
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Part
02

Management Consultant - Singapore

The salary range for a management consultant in Singapore for Deloitte, McKinsey & Company, Synpulse Management Consulting, EY, and IQVIA were identified. The median salary for a management consultant in Singapore is $116,300.

Management Consultant Salary Singapore

  • According to the Insead Employment Statistics 2018 report, the salary range for a management consultant in Singapore is between $64,100 and 126,800. The median salary is $116,300, with a median signing bonus of $16,400 and annual performance bonus of $26,100.
  • Deloitte salary range is between $51,170 to $56,290 for a management consultant position in Singapore.
  • The salary range at McKinsey & Company for management consultants in Singapore is $109,687 to $117,731.
  • The salary range at Synpulse Management Consulting for management consultants in Singapore is between $58,489 and $64,340.
  • At EY the salary range for a management consultant in Singapore is between $26,322 and $46,063.
  • The salary range at IQVIA for a management consultant in Singapore is $97,245 to $105,294.

Calculations

As salary information was reported in SGD we used a currency conversion of 0.73598919 to convert the salary information to US dollars

Deloitte

SGD 70,000*0.73598919 = USD 51,170
SDG 77,000 * 0.73598919 = USD 56,290

McKinsey & Company

SGD 150,000*0.73598919 = USD 109,687
SDG 161,000* 0.73598919 = USD 117,731

Synpulse Management Consulting

SGD 80,000*0.73598919 = USD 58,489
SDG 88,000* 0.73598919 = USD 64,340

EY

SGD 36,000*0.73598919 = USD 26,322
SDG 63,000* 0.73598919 = USD 46,063

IQVIA

SGD 133,000*0.73598919 = USD 97,245
SDG 144,000* 0.73598919 = USD 105,294
Part
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Part
03

Business Designer - Singapore

The average salary for a business designer in Singapore is about US$44,202.12 per year.

Business Designer Job (Singapore)

  • A business strategist/designer job opening advertised by Cogs Agency on Indeed stipulates a monthly salary of SG$5,000 (US$3,683.51).
  • This translates to US$44,202.12 per year.

Related Information

  • A business designer in the U.S. earns about $101,810 per year.

Research Strategy

To provide the annual salary range for a business designer in Singapore, your research team commenced with a thorough search through different job aggregators to find the salary ranges of Accenture, Fjord, and Innosight in Singapore. However, after an exhaustive search, there was no current or archived job advert by these companies for the position of a business designer. Next, we searched for any other company that currently has an advert for a business designer position in Singapore. We found job openings by Cogs Agency and Avaloq. While the salary offer for Cogs Agency is available, that of Avaloq was not revealed on any of the job aggregators we checked. Furthermore, we searched for any job opening for a business designer by Accenture, Fjord, and Innosight in countries around Singapore such as Malaysia, Indonesia, and India, but no salary information for a business designer was available. We only found salary information for business designers in the U.S. Finally, we searched through media publications for any analysis on the salary offerings of Accenture, Fjord, and Innosight. However, thorough research did not find any salary information on business designer jobs from these countries.

Calculation

Cogs Agency pays SG$5,000 (US$3,683.51) per month for a business designer. Therefore, for a year, it becomes US$3,683.51*12=US$44,202.12 per year.
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Part
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Cost of Living - Singapore

The cost of living in Singapore is between S$7,360 and S$7,720 per month. A middle-class salary range in Singapore is between S$4,000 and S$7,000.

Cost of Living

  • Expatistan estimates that the monthly cost of living for a family of four in Singapore is S$7,360.
  • Expatistan estimates that the monthly cost of living for a single person in Singapore is S$4,202.
  • Finder estimates that the weekly cost of living for a family of four in Singapore is S$1,930. The annual expenses for a family of four would be S$92,640 ($7,720 per month).

Income

  • While there is no defined salary range for the middle-class, individuals who earn S$4,000 to S$7,000 in Singapore are generally considered middle-class.
  • The average white-collar income in Singapore is S$5,596 per month, "inclusive of the employer’s CPF contribution." The median wage for different roles across different industries can be found here.
  • The median gross monthly white-collar income is S$4,437. Nearly half of Singapore's population is among the world's richest 10%.
  • Five percent of Singaporeans (226,000 individuals) are among the richest 1% in the world (US$936,400+ net worth).
  • Average monthly income per household member by decile, 2018:
  • "Average monthly household income from work among resident employed households by deciles", 2018:
  • The "average monthly household income" per household member living in a condominium or non-HDB (housing development board) apartment is S$7,438. The "average monthly household income from work among resident employed households" living in condominiums or non-HDB (housing development board) apartments is S$20,593 (S$251,436 per year). 13.5% households in Singapore have monthly incomes of $20,000+.

Sources
Sources