Business Analytics is a broad domain and has been booming since the growth of both established and startups businesses. A business analyst assists businesses in examining intricate areas and aligning them toward their goals. Appropriate business analytics workflow allows business owners to tick off several boxes on their checklists. It is an efficient and powerful tool that has proven benefits of improving productivity, business ROI, and overall decision-making capacity. In today’s digital world, one can easily get access to them. Due to high demand, the range of business analyst salary in Singapore is constantly rising, combined with professional growth. To upskill your career, you can take some of our best business analyst online courses.
What Does a Business Analyst do?
The business analyst uses their analytics knowledge to streamline business flows. Analysts work with the data provided to help maintain their business role with innovative work plans. Business analysts strive to extract the best insights out of customer-driven data that will eventually impact business operations and significant decisions.
Modern businesses are often complex, which has made business analysts focus on the intricate core areas to arrive at higher results both in terms of productivity and profits. Here is what a business analyst does,
- Identify and understand the requirements of a business
- Manage and analyze huge data sets
- Data visualization via charts and graphs
- Creation and communication of business models
- Plan business structures & solutions and implement them
- Forecasting and monitoring results
Average Business Analyst Professional’s Salary in Singapore
Business analysts get paid moderately high in most across the world. And Singapore is no exception. There are several factors influencing the pay scale. However, the business analyst pay scale in Singapore ranges between SGD 6,000 to SGD 21,000 per month. ranges between SGD 6,000 to SGD 21,000 per month.
The average business analyst’s monthly salary is SHD $13,000, which is the total pay. This is structured into a base pay of SGD 4,900 and an additional pay of SGD 8,400.
| TOTAL PAY STRUCTURE | ANNUAL SALARY (SGD) |
|---|
Base Pay | $61,300 |
Additional Pay | $8,400 |
Total pay | $70,000 |
Business Analyst Salaries by Experience in Singapore
Among the various factors that affect the pay scale of a business analyst, the most significant one is experience. It is because higher experience indicates more hands-on knowledge and productivity at work. Here is what you can expect as a fresher or experienced analyst in Singapore,
- Entry-Level Business Analyst Salary:
Entry-level business analysts are those who have less than a year or two’s experience. They are mostly at the early stage of their career. The average business analyst salary in Singapore fresh graduates is $46,082 per year, which also includes the additional pay. With an experience of one to two years, the salary range can surge up to SGD 56,000 per year.
- Senior level Business Analyst Salary:
Candidates with more than four years of experience come under this category. Senior-level business analysts can expect an annual salary range between SGD 72,000 and $102,000.
Business Analyst Salaries by Job Titles in Singapore
As already mentioned, business analysts are required across various industries and niches. However, analysts are further categorized on the specific roles they perform, which has resulted in more job profiles categorized under business analytics. The business analyst salary in Singapore also varies based on these job titles. Here is a list of job profiles you can explore in this domain and what they offer,
1. Business Management Analyst Salaries:
A business management analyst works to improve the overall efficiency of the business with managerial skills. Business management analysts in Singapore are paid SGD 60,000 per year on average.
Entry-level positions can expect SGD 45,750 per year (minimum salary), and experienced candidates earn nearly SGD 89,190 per year (maximum salary).
2. Business Performance Analyst Salaries
Business performance analysts are more oriented toward driving appropriate decision-making and business operations. The average base pay of a business performance analyst in Singapore is around SGD 89,000. Senior positions in this job profile can expect an average annual pay of more than SGD 1,00,000.
3. Business Analyst II Salaries
Business analyst II is a business analyst category that includes candidates with a broader skill set, technical knowledge, and experience. Their roles are similar to regular business analysts (I) but are positioned higher due to their experience and wider knowledge slab. In Singapore, business analysts II can earn around SGD 105270.
4. Business Intelligence Analyst Salaries
A business intelligence analyst deals with the latest data trends and requires adept knowledge of data mining, modeling, reporting, and management. Business intelligence analysts in Singapore are paid around $58,000. The pay range falls between SGD 37,000 and SGD 85,000.
5. Application Business Analyst Salaries
Application business analysts are primarily app developers who design and build computer applications to meet business requirements. Designing and technical business skills are must-haves for this job profile.
6. Technical Business Analyst Salaries
Technical business analysts overview and supervise everything from planning to implementing technical business operations and solutions. Their role is limited to the technical aspects of a business model rather than the larger picture. A technical business analyst in Singapore makes SGD 45,000 per year on average. The maximum to expect is SGD 1,23,000.
7. Agile Business Analyst Salaries
Agile business analysts work within the agile framework carrying out business analysis. Basic skills required include knowledge and practical usage of Agile mechanisms. The average annual salary an Agile business analyst makes in Singapore is around SGD 114932.67.
8. Business Solutions Analyst Salaries
A business solution analyst works on identifying concerns with a business model and strategies solutions to them. Such BAs require to have impeccable critical thinking and problem-solving skills. Business solutions analysts earn SGD 36,000 per year on average.
9. Systems Business Analyst Salaries
Systems business analysts require a thorough knowledge of computer systems and software programs. System BAs use software systems to assist businesses in growing and resolving their concern points. The average annual salary of a systems business analyst in Singapore is SGD 89,482 or SGD 82.54 per hour.
10. Senior IT Business Analyst Salaries
IT business analysts work on improving the performance of IT products and services offered by a business. Thus, IT business analysts may be required to have at least a minor information technology background. IT business analyst job profiles range from entry-level to senior levels. The pay range for IT BAs in Singapore ranges between SGD 61,000 to $98,000 (senior-level) per year.
Highest Paying Cities for Business Analyst Salary in Singapore
The average salary of a business analyst in Singapore can greatly vary with different factors like geographical location, company size, industry, and so on. With that said, within Singapore, the salary scales can slightly differ between cities due to the varying cost of living and net worth. When you are looking for business analyst jobs, knowing the salary range can help you filter out enterprises and cities that do not match you. So, we have curated a list of the highest-paying cities for a business analyst in Singapore,
| CITY | AVERAGE MONTHLY PAY (SGD) |
|---|
Marina Bay | $8,017 |
Changi | $7,081 |
Raffles | $6,802 |
Outram | $6,669 |
Singapore | $6,206 |
Bedok | $5,694 |
Jurong Island | $5,616 |
Clementi | $5,532 |
Greylang | $4,791 |
Business Analyst Salaries Based on Industries in Singapore
Business analysts are highly in demand across all domains and industries in Singapore due to the value they add to businesses. So, we made a list of the top five industries that offer the best business analyst salary in Singapore
1. Healthcare:
A healthcare business analyst plays a vital role in managing healthcare and administrative models and allows such businesses to make mindful decisions. This is done by carefully analyzing data from patients and visitors, which is then used to modify the business model and service types. Healthcare business analysts in Singapore make nearly SGD 41,667 per year on average.
2. Finance:
Business analysts in the finance industry strive to deliver significant financial insights that drive improved business productivity and ROI. Finance business analysts must have the capability to work across financial forecasting and reporting with precision. The average annual pay for finance business analysts gets paid SGD 63,000. The minimum pay for financial BAs is SGD 35,000, and the maximum is SGD 1,35,000 per year.
3. Manufacturing:
A business analyst in the manufacturing domain is responsible for planning and implementing solutions regarding resources, labor, and consumer concerns. Apart from this, BAs in this niche must look after the credibility of manufacturing unit testing and drafting cutover plans.
4. Technology:
Technology business analysts examine and analyze structure, processes, and technologies used within a technology-based business framework. They play a major role in significant decision-making rounds regarding the launch of new technology products and software programs. Business analysts in the technology industry earn an annual income of SGD 60,943.
5. Insurance
An insurance business analyst can comprehend trends and variations in the insurance domain as these changes impact a business. They mostly deal with documentation and insurance analysis. Insurance business analysts in Singapore make around SGD 58,644 per year on average and SGD 1,44,000 on a maximum range.
Top Paying Companies for Business Analyst Salary in Singapore
The average salary for business analysts in Singapore would range between SGD depending on the company that hires them. Though most industries in Singapore have openings for business analysts, the role varies, due to which there may arise a difference in the salary scale. However, there are several fortune companies in Singapore ready to offer business analysts a competitive salary package. So, here is a list of companies that pay a competitive business analyst salary in Singapore:
| COMPANY NAME | AVERAGE MONTHLY SALARY (SGD) |
|---|
Standard Chartered Bank | $11,549 |
OCBC Bank | $10,555 |
Citi | $10,408 |
UBS | $10,322 |
DBS Bank | $8,553 |
Nityo Infotech | $8,536 |
Tata Consultancy Services | $8,310 |
EPAM Systems | $8,266 |
Additional Skills Required for High Business Analyst Salary in Singapore
Recruiters look for several specific skills in potential candidates who can help you bag the job. Since business analysts operate under complex business models and practices, some additional skills are must-haves. To ensure that you get paid the best business analyst salary in Singapore, it is necessary to start upskilling today! Apart from the skills mentioned, you can take a Business Management Certification to stand out among your competitors.
Here is a list of seven skills to master to land a high-paying business analyst job,
1. Business Processing and Planning Skills
Business processing and planning is the most crucial skill when it comes to managing and analyzing business processes. Understanding a business workflow helps analysts to identify the areas that need improvisation. Prior planning of business solutions helps forecast the results and communicate them effectively.
2. Technical Skills
Most high-paying recruiters will not compromise on technical skills as they form the backbone of efficient analytics work. This includes skills like software testing, knowledge of office application usage, documentation, programming, etc. Technical skills may also vary based on the job title and niche. For instance, an IT business analyst who is proficient with software systems is necessary. At the same time, a healthcare business analyst need not.
3. Data Analysis Skills
Without practical knowledge of database operations, you cannot get into a job with high business analyst income in Singapore. Since business analytics often involves operating within customer-driven databases, data management and analysis is an inevitable skills. Data analysis skills include everything from data mining to data exploration and visualization.
4. Communication Skills
Any job profile within business and management demands impeccable communication skills. And business analytics is no exception. Recruiters prefer candidates with good communication skills as they can convey insights from data sets to the stakeholders and clients effectively.
5. Analytical Skills
Analytical skills include everything from identifying and collecting data to assimilating them. Candidates with analytical skills can effectively deconstruct huge informational databases into smaller segments that are meaningful and smoothen the analysis process. Since this skill is highly crucial, you can take Business Analyst Training Online to understand data simplification better.
6. Critical Thinking Skills
Critical thinking is a broad skill set and comprises various other subsets. Since business analysts need to work on critical areas of a business model and draft solutions, critical thinking is vital. Critical thinking comprises qualities like research skills, judging relevance, attention to detail, identification with precision, and so on.
7. Leadership Skills
As a business analyst, most times, you will have to work in teams or even lead one. Thus, leadership qualities will drive your team better and offer productivity, making it a skill that recruiters cannot jeopardize.
Business Analyst Salary Comparison by Gender in Singapore
Amidst various factors that affect salary scales, like location, experience, and skill set, gender can minorly matter. In Singapore, gender is also one of the factors affecting business analysts’ salary range. On average, male BAs get paid a 6% higher salary than female BAs. Here is how much male and female business analysts earn in Singapore every month.
| GENDER | AVERAGE MONTHLY SALARY (SGD) |
|---|
Male | $10,5000 |
Female | $9,960 |
Business Analyst Bonus and Incentive Rates in Singapore
The average hourly pay of a business analyst in Singapore is $43. Additionally, Business analysts also have access to bonuses and incentives. BAs in Singapore earn a bonus of $3,573 every month.
Apart from bonuses, business analysts in Singapore get a salary increment once every 14 months. The increment rate is around 14%. The increment rates may vary depending on factors like the industry, company, etc.
Business Analyst Salary Comparison by Years of Experience in Singapore
While comparing the business analyst jobs in Singapore salary, a major variation occurred with varying experience levels. Briefly, business analyst job profiles are categorized as entry-level, intermediate, and senior-level. On that basis, the years of experience impact each job level. Here is a comparison of salaries between various experience levels.
| YEARS OF EXPERIENCE | AVERAGE YEARLY SALARY (SGD) |
|---|
Less than 1 year | $46,000 |
1-4 years | $65,000 |
5-9 years | $72,000 |
10-19 years | $89,000 |
More than 20 years | $1,02,000 |
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Conclusion
A business analyst is a highly fruitful career profile. Singapore offers a moderately competitive salary range, ample job title choices, and professional growth for business analysts. Business analyst salary in Singapore in 2024 is predicted to surge slightly from the mentioned salary scales. Thus, to get access to such high-paying jobs, it is necessary that you upskill, get a global certification, and have hands-on experience to survive the competition. Also, make a comparative study of salary scales between industries and cities mentioned to filter out the best options for you! is predicted to surge slightly from the mentioned salary scales. Thus, to get access to such high-paying jobs, it is necessary that you upskill, get a global certification, and have hands-on experience to survive the competition. Also, ensure to make a comparative study of salary scales between industries and cities mentioned to filter out the best options for you!
