The role of project management in a business cannot be overlooked. Efficient project management puts all the elements of a working enterprise on track, whose position is inevitable. That is why startups, developing enterprises, and even top companies are looking to hire compelling project managers under high pay scales. If you are looking to find a project manager salary in Singapore, this article is for you. We have covered salary scales for project managers in Singapore. Also, getting a training on Project Management and its how about will help you understand the work of project manager better.
Who is a Project Manager?
A project manager is an employee who works closely in a team to organize, plan and execute business projects with prior strategic planning. On that note, project managers often work as team leaders and supervise a project from start to closure. In due course, they get an insight into the project goals from the clients or stakeholders and define these goals for the team.
Project managers operate as anything from managing authorities to innovators in projects and have ample scope for growth. In other words, project managers offer s state of steadiness to any business and must possess exceptional skills and qualities to achieve what it takes. Some of the roles of a project manager within an enterprise setting include:
- Construction and Application of project management standards
- Comprehending project goals
- Planning and managing the project workflow
- Monitoring the production of deliverables
- Risk-management
- Monitoring overall resource and employee capacities
- Adopting strategic and quality planning and analysis techniques.
Why Should you Pursue the Career of a Project Manager?
If you have a background in business administration or management and are looking to build your career in the same, project management must be on your list! Project management is a demanding sector in any business, and enterprises often want to hire project managers to add value to their strategic teams. As the engineering sector is booming, most enterprises will land with thousands of projects and will need skilled and efficient project managers. Here is a list of reasons why you must consider pursuing project management as your career choice:
Broad Career Profile
As a job seeker, it is pretty natural to feel lost in the corporate world and not find jobs. But this is not the case with project managers. It is because project management is a versatile domain and has a variety of industries involved. Project managers are required in almost all industries, from construction to software. Thus, project managers enjoy the luxury of being able to find jobs in various industries or even switch between them quickly.
Open to Growth
Project managers also enjoy the scope for growth as they learn a myriad range of skills throughout their careers. As a result, project managers are open to growth- both professionally and financially in the long run.
Competitive Salary
Since the impact project managers create within an enterprise is high, they are easily offered a competitive salary package from the entry-level.
Project Manager Average Salary in Singapore
The demand for a project manager is growing in every country. And Singapore is no exception. Singapore offers one of the best competitive salary packages for project managers. The average salary of project manager in Singapore is SGD 6,000 per month, which is the base pay. The salary structure comprises SGD 6000 as the base pay and SGD 12,000 as additional pay, which combines to form the total pay of SGD 18,000.
However, the salary scale may vary for freshers and experienced candidates. It is because the experience period is the most significant factor that decides the salary. More experience, more skills, and a higher salary go hand in hand.
- Freshers: Junior project manager salary Singapore ranges between SGD 5,000 to 5,600. Assistant project manager salary Singapore is slightly higher, and rangers near SGD 6,500 as they have a minimum experience of one year at least.
- Experienced: Project managers with experience can expect salaries based on their total years of experience. On average, a Senior project manager salary Singapore ranges between SGD 8,000 to SGD 13,000.
Different Levels of Project Managers and How Much Project Managers Earn in Singapore?
As stated earlier, project managers can make their careers in various industries. Thus, project managers specialize in different levels or domains. The specialization and field are other vital factors that decide the project manager's salary in Singapore. Below is a list of project managers at different levels with their average earnings in Singapore:
Construction Project Managers
They are managing professionals who ensure that the construction project undergoes timely completion and effective delivery of the quote. They are in charge of managing resources and labor under budget.
Construction project managers must supervise the overall process of constructing a building from scratch, reviewing and monitoring the project in depth at all stages. In Singapore, the average salary of a Construction project manager is SGD 13,100. The pay range is between 6,000 to SGD 20,000.
Architectural Project Managers
They have to supervise each task that is involved in drafting an architectural design, from planning to developing a design. This includes stimulating design tasks and equipping technical advice for architecture jargon.
The average salary of an architectural project manager in Singapore is SGD 9,102. The minimum pay is SGD 7,600, and the maximum is SGD 21,000.
Insurance Claim Project Managers
They supervise and handle the filing processes. Their work includes everything from information delivery to checking documentation. Insurance claim managers in Singapore are paid an average salary of SGD 10,600. The minimum that they can get is SGD 5,000, and the maximum pay to expect is SGD 16,700.
Software Project Managers
They plan, schedule, and execute the smooth delivery of web software projects to clients. They have impeccable knowledge of software development and ensure the overall process happens within the budget and stipulated resources. Software project managers in Singapore earn an average of SGD 6,595.
Engineering Project Managers
They work in teams to plan, coordinate and strategize the development of a new product. Engineering managers work in a research-based work setting, which makes them different from other project managers. Engineering project managers in Singapore earn an average salary of SGD 9,760. The pay scale is between SGD 4,600 to SGD 15,000.
Skills Affecting Project Manager Salary in Singapore
Though most project managers get paid quickly, having additional skills and qualities will give you an edge in Singapore. There are several skills that top recruiters look for in potential project manager candidates. Under that, they offer a higher project manager salary in Singapore. Some of such skills that may decide the pay scale are listed below:
1. Leadership
Project management involves working closely in groups and supervising every single step carried out by different sub-divisions within a team. Project managers must carry out appropriate project execution, which makes leadership and communication skills crucial.
In this case, leadership quality comprises other traits like emotional stability, staying calm in disorganized situations, persuading an underperforming team member, and making timely decisions. Project managers must carry out appropriate project execution, which makes leadership and communication skills crucial and the most sought-after by recruiters.
2. Strategic Project Management
Undoubtedly, strategic project management is the core entity project managers must focus on. Strategic project management is a broad term that comprises a variety of skills. Some of them are data and financial analysis, project documentation, communication skills, risk management, etc.
Recruiters prefer candidates who have expertise in SPM because it goes beyond project management and aligns the project with the business's goals, constituting the bigger picture. Thus, SPM is the top skill that plays a major role in determining project manager salary in Singapore.
3. Budget Management
Budgeting is the most critical part of a project. Budgeting involves estimating the total monetary expenses it takes to complete a given project. Enterprises with limited budgets or those who want to save on their resources look for project managers who have exceptional budget management skills- which will comprise everything from estimating to managing all the funds used.
4. Program Management
Project managers may not always be assigned a single task or asked to supervise a single project. In developing enterprises, project managers are expected to handle multiple projects simultaneously. Enterprises may hire project managers as program managers in several instances, which is a perk. And so skills like interpersonal communication, goal setting, resource management, and so on that come under program management can help fetch you higher pay scales.
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PM Salary in Singapore based on Certifications
The project manager pay Singapore also varies based on certifications. Managers with accreditations like PMP, CAPM, PRINCE2, etc., have chances of getting paid higher everywhere. The best out of all certifications for a project manager is PMP, which stands for project management professional. However, PMP exam demands a wide, in-depth knowledge across all management terms, and it is best to take a PMP exam online training before the exam.
Project managers with basic abilities and skills can attend this 180-question exam and ace through to get PMP certified. With such a certification, project managers can expect higher pay than the average of SGD 6,000. That is, PMP-certified project managers can enjoy a minimum of 20% salary increase in Singapore.
Highest Paying Cities for Project Managers Near Singapore
The average project manager salary Singapore also depends on factors like the location of the company, city, etc. Such variations can arise because of differing competitiveness, cost of living in the specific city, and resource availability. So, here are the top nine highest-paying cities for project managers near Singapore:
| City | Avg Monthly Pay (SGD) |
|---|
Raffles | $8,101 |
Outram | $6,565 |
Singapore | $6,048 |
Clementi | $5,759 |
Jurong Island | $5,740 |
Ang Mo Kio | $5,690 |
Geylang | $5,584 |
Woodlands | $5,445 |
Bedok | $5,186 |
Top Paying Industries for Project Manager in Singapore
The project manager salary in Singapore can vary based on the industry too. This is because each industry has its unique cost value and place in the market. Industries operating under high-end conditions and having their products/services always in demand in the market tend to pay higher to their project managers. Here is a list of the top industries hiring project managers in Singapore and what they pay:
Construction and Engineering
Though the construction industry in Singapore is rapidly growing and is always a busy domain, construction enterprise owners find it equally challenging to run them efficiently. As a result, construction business owners look forward to hiring skilled professional project managers who can turn the challenges into profits.
Finance
The Finance industry is a place where enterprises always prefer working on “low costs and high productivity.” Though this seems pretty unrealistic, they achieve high productivity at minimal expenses with the aid of a project manager. As they are responsible for monitoring cash flows and funds, finance enterprises pay high salary packages to project managers.
Information Services and Technology
The world today relies on advanced technologies in IT and services. However, IT is one of the most profit-yielding enterprise sectors not just in Singapore but all around the world. IT businesses can achieve their targeted ROI with project managers who make even complex technology-related projects simplified. This makes their role inevitable, and their salary scale in Singapore is considerably large.
Healthcare Administration
Project managers in the healthcare industry bridge the gap between the healthcare enterprise and pharmaceutical companies or medical equipment suppliers. Often, they form the base of the enterprise operation and get paid a significant figure in Singapore.
| Industry | Avg Monthly Pay (SGD) |
|---|
Construction & Engineering | $5,411 |
Finance | $7,916 |
Information services & Technology | $6,665 |
Healthcare Administration | $9,166 |
Top Paying Companies for Project Managers in Singapore
Here is a list of the top ten high-paying companies in Singapore for project managers to have an insight into the real-time project management salary Singapore:
| Company Name | Avg Salary Per Month (SGD) |
|---|
Credit Suisse | $11,733 |
Standard Chartered Bank | $11,515 |
R Systems | $9,612 |
Shell Info Tech Pte Limited | $9,597 |
Sciente International | $9,535 |
Cognizant Technology Solutions | $9,446 |
DELL Technologies | $8,989 |
DBS Bank | $8,849 |
Total eBiz Solutions Pte Ltd | $8,714 |
Project Manager Salary Comparison by Gender in Singapore
Among the various factors that determine project manager salary in Singapore, gender plays a trivial role. In Singapore, you will find a minor difference in figures with the average project manager salary for men and women as follows:
| Gender | Avg Salary Per Month (SGD) |
|---|
Male | $9,630 |
Female | $9,210 |
As mentioned, there is an evident 4% project manager salary difference between genders.
Project Manager Bonus and Incentive Rates in Singapore
Project managers in Singapore get access to salary increments once every fourteen months, which is likely to be around 13%. The increment rates can vary within industries. Apart from the average base salary of SGD 6,000, project managers in Singapore can expect a bonus of SGD 4,000 to $31,000 per annum. In project management, there are several types of bonuses. Some of them are:
- Individual performance-based bonuses
- Company performance bonuses
- End year bonuses
However, only 82% of project managers reported receiving salary bonuses in the last year. Their bonus/incentive rates ranged between 5 to 8%.
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Conclusion
Singapore is known to have one of the highest median salaries in the world. And project managers are no exception to enjoying this luxury of financial security. With that said, the average salary of project manager in Singapore varies with the above-discussed factors like experience, industry, level, city, and gender. So, ensure a collective comparison of all these deciding factors to get a better insight into the financial scope of project managers in Singapore. PRINCE2 course and certification is a good choice of accreditation for project managers working in the public sector.
