Singapore Salary Survey 2012

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Robert Walters Global Salary Survey 2012

The Singapore market experienced strong employment growth in 2011 with consistent hiring across all industries. For example, preliminary figures from the Ministry of Manpower showed that total employment grew by 32,300 jobs in the third quarter of 2011 compared to quarter two. Nearly 67% of new roles released were from services sectors, which contributed 21,900 jobs. Construction businesses created 6,600 new jobs while manufacturing employment rose by 3,500 jobs from the second quarter of 2011.

The hiring trends we witnessed reflected these figures – we saw notable growth in engineering, specifically within the oil and gas, chemicals, energy, pharmaceutical and industrial industries, where we saw increased recruitment volumes. We observed high hiring demand for HR professionals and secretarial support specialists in commerce businesses. Recruitment demand for IT professionals was equally buoyant, particularly within technology vendors, consulting and telecommunications businesses.

Hiring sentiment across the banking and financial services sector remained cautious as many of these firms ‘overhired’ in 2010 and the global economic climate became increasingly uncertain. Despite this, we saw notable demand for sales and relationship managers and credit analysts in SMEs and corporate banking firms to drive revenue generation. Recruitment demand was also relatively high for professionals in transactional banking as these employers built on the strong fourth quarter of

2010. While some banks opted to fill vacancies by promoting existing staff internally, we saw continued demand for professionals with trade, sales and product expertise, especially for newer product offerings such as liquidity management and forex.

We saw consistent demand for legal professionals, although organisations were more stringent in their requirements when recruiting. Sales and marketing professionals were also sought-after by the FMCG, healthcare, IT and telecommunications, logistics, chemical and industrial sectors.

We saw an increase in demand for contractors in 2011, particularly within finance, HR and business support where organisations chose to hire talent on a short-term basis as they found it difficult to secure permanent headcount.

Going into 2012, we anticipate initial prudent hiring as employers across all industries gauge market sentiment before making any recruitment decisions. We expect cautious hiring across most industries in the first quarter in 2012 in line with typical hiring trends, with recruitment activity picking up in the second quarter after bonus payouts and when economic conditions improve. There is likely to be an influx of engineering, HR, secretarial support, IT and sales and marketing roles for candidates specialising in the FMCG, IT and telecommunications and industrial sectors, due to continuing growth in these areas.

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Robert�Walters�Global�Salary�Survey�2012375

With�over�12�years’�recruitment�experiencein�the�Singapore�market,�our�accounting�&finance�division�specialises�in�the�recruitmentof�mid�to�senior�level�accounting�andfinance�staff,�including�accountants,�financemanagers,�auditors,�cost�accountants,analysts,�pricing,�tax�and�treasury�specialists,finance�directors�and�CFOs�on�both�apermanent�and�contract�basis.�We�providea�range�of�recruitment�services�to�listed,multinational�or�newly-quoted�companies�aswell�as�small�and�medium-sized�businesses.

Market�OverviewWe�saw�strong�hiring�activity�in�the�first�halfof�2011�before�recruitment�levels�decreasedslightly�in�the�second�half�of�the�year.�Althoughoverall�job�volumes�were�not�as�high�as�in2010,�FMCG,�retail�and�industrial�businesseshired�particularly�strongly.�We�also�saw�notablerecruitment�within�the�manufacturing�sectordue�to�significant�growth�in�these�businesseswithin�China.

Most�employers�were�cautious�and�their�hiringrequirements�were�primarily�driven�by�a�desireto�replace�positions�lost�during�the�globalfinancial�crisis.�Companies�remained�stringenton�candidate�requirements�when�recruiting,even�as�staffing�budgets�rose.

Businesses�recruited�for�analytical�roles,particularly�in�internal�audit�and�tax�functions,as�market�conditions�improved�andorganisations�focused�on�implementingstrategic�planning�initiatives.�Candidateswith�highly�commercial�skill�sets�(especiallybusiness�analytics�experience)�were�also�highlysought-after.

Stricter�internal�controls�and�a�new�regulatoryfinancial�landscape�generated�additionalaudit-related�jobs.�Internal�auditors�whowere�willing�to�travel�extensively�were�in�highdemand�due�to�the�regional�focus�of�theseroles.�A�tighter�regulatory�environment�also�ledbusinesses�to�seek�candidates�with�exposure

to�international�compliance�rules�(includingSOX�and�IFRS)�when�recruiting�for�technicalaccounting�roles.

Demand�for�tax�specialists�remained�highand�we�saw�a�constant�shortage�of�qualitycandidates�in�this�area.�Professionals�withtransfer�pricing�experience�were�especiallysought-after�for�these�roles.

Most�accounting�professionals�remainedoptimistic�about�the�jobs�market�and�soughteither�improved�compensation�or�more�variedexperience.�When�moving�roles,�candidatestypically�expected�salary�increases�of�20%�butusually�secured�raises�of�12-18%.�Generalsalary�levels�also�rose�slightly�during�the�year.For�example,�a�treasury�manager�could�receiveup�to�$170k�in�2010,�up�to�$180k�in�2011�andpotentially�up�to�$200k�in�2012.

ContractFollowing�a�buoyant�2010,�we�observedsteady�hiring�growth�in�2011,�particularly�in�thefirst�half�of�the�year.�This�was�primarily�drivenby�businesses�seeking�to�cover�workloadswithout�committing�to�permanent�hires.Throughout�the�year,�we�saw�notable�activityfor�senior�professionals�on�an�interim�basis.

Within�financial�institutions,�we�saw�strongdemand�for�regulatory�and�compliancespecialists,�as�well�as�professionals�withmarket,�operational�and�credit�risk�skills.Commerce�and�industry�businesses�soughtqualified�accountants�and�financial�analysts,preferably�with�‘Big�4’�experience�working�inmajor�accounting�firms.

Outlook�for�2012We�expect�employers�to�remain�cautious�andto�continue�to�focus�on�replacement�hiring�in2012,�although�there�are�some�encouragingsigns�for�the�market�as�investments�continuein�some�sectors.�For�example,�there�remains�anumber�of�large�projects�with�pre-contracteddurations�(unaffected�by�economic�cycles)underway�in�the�oil�and�gas�sector.�Thisis�likely�to�lead�to�a�constant�demand�foraccounting�and�finance�roles�in�this�sector.

We�also�foresee�a�rise�in�recruitment�levelsin�the�aerospace�sector�due�to�increasedgovernment�investment�and�businessactivity.�This�could�also�potentially�impact�theengineering�and�maintenance�businessesaffiliated�with�the�aerospace�industry,�hencecreating�further�new�jobs�in�the�process.

Medical�devices�and�pharmaceutical�industrieswill�also�remain�relatively�robust�and�are�likelyto�recruit�accounting�and�finance�professionalsin�2012.�Analytical�and�treasury�roles�will�alsobe�in�demand�as�businesses�seek�to�be�morestrategic�in�their�business�operations�andadapt�to�changes�in�the�regulatory�landscape.

Salary�levels�are�likely�to�increase�marginallyin�2012.�However,�we�predict�candidates�willexpect�at�least�a�20%�increase�to�their�salarieswhen�moving�roles,�although�employersare�unlikely�to�be�able�to�match�theseexpectations.�Consequently,�we�expect�actualincrements�to�average�around�12-18%.

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Robert�Walters�Global�Salary�Survey�2012 376

ROLEPERMANENTSALARY�PER�ANNUM�$SGD

CONTRACTRATE�PER�DAY�$SGD

2011 2012 2011 2012

Chief�Financial�Officer $250�-�450k+ $250�-�450kInternal�Auditor�-�Director $220�-�300k $220�-�250kTax�Director $220�-�300k+ $200�-�300kFinance�Director�-�Large�Organisation $220�-�350k $200�-�320k $700�-�1500 $700�-�1500Financial�Controller�-�Large�Organisation $170�-�190k $180�-�200k $600�-�800 $650�-�900Finance�Director�-�Small/Medium�Organisation $160�-�200k $160�-�200k $600�-�825 $600�-�825Commercial�Manager $150�-�190k $160�-�200kTax�Manager $150�-�200k $150�-�200k $400�-�700 $400�-�700Treasury�Manager $120�-�180k $130�-�200kFinancial�Controller�-�Small/Medium�Organisation $120�-�180k $120�-�160k $500�-�700 $500�-�700Corporate�Finance�(6+�yrs’�exp) $120�-�180k $110�-�160kPricing/Bid�Manager $140�-�180k $120�-�180k $500�-�750 $500�-�750Financial�Planning�&�Analysis�(6+�yrs’�exp) $115�-�180k $120�-�180k $450�-�650 $450�-�750Credit�Analyst $60�-�80k $60�-�90k $200�-�325 $200�-�400Credit�Controller�(8+�yrs'�exp) $90�-�150k $100�-�160k $350�-�600 $350�-�700Internal�Auditor�-�Manager $110�-�180k $120�-�180kBusiness�Analyst/Controller�(6�-�10�yrs’�exp) $120�-�180k $120�-�180k $375�-�675 $400�-�700Finance�Manager�(4�-�6�yrs’�exp) $90�-�150k $90�-�130k $325�-�500 $325�-�550Tax�Accountant�-�Senior�(6+�yrs’�exp) $75�-�100k $80�-�100k $300�-�400 $350�-�450Group�Accountant�-�Consolidations $70�-�100k $80�-�100k $250�-�425 $300�-�475Finance�Manager�(0�-�3�yrs’�exp) $75�-�100k $65�-�90k $300�-�350 $300�-�350Business�Analyst�(3�-�5�yrs’�exp) $70�-�90k $65�-�100k $225�-�375 $225�-�375Cost�Accountant $65�-�90k $70�-�90k $250�-�350 $300�-�400Treasury�Analyst $60�-�100k $70�-�100k $225�-�450 $250�-�450Auditor�(3�-�7�yrs’�exp) $60�-�120k $70�-�110k $325�-�500 $375�-�500Tax�Accountant�(3�-�5�yrs’�exp) $65�-�75k $75�-�85k $250�-�325 $300�-�400Accountant�(3�-�5�yrs’�exp) $60�-�75k $60�-�75k $225�-�300 $225�-�350Financial�Analyst�(3�-�5�yrs’�exp) $60�-�80k $60�-�85k $225�-�325 $225�-�375

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contributions.

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Robert�Walters�Global�Salary�Survey�2012377

Market�OverviewCorporate�&�Commercial�BankingAfter�firms�had�recruited�in�significant�volumesin�2010,�hiring�activity�was�relatively�restrainedat�the�start�of�2011.�However,�recruitmentlevels�increased�in�the�second�quarter�afterbonuses�were�paid�out�and�more�candidatessought�new�opportunities.�This�was�followedby�a�dip�in�quarter�three�as�financial�institutionsadopted�a�cautious�approach�to�hiring�for�therest�of�the�year.

Roles�in�demand�included�relationshipmanagers�and�credit�analysts.�We�alsoobserved�some�institutions�seekingaccountants�to�transit�into�a�credit�role�due�toa�tighter�credit�environment.�Salary�levels�for2011�remained�similar�to�2010�with�minimalincrements.

Transactional�BankingRecruitment�levels�remained�stable�in�2011following�a�strong�fourth�quarter�of�2010.�Wesaw�consistent�demand�for�professionalsspecialising�in�trade,�within�both�sales�andproducts�functions,�due�to�their�ability�togenerate�faster�and�more�sustainable�revenuesources�for�banks.

Candidates�were�keen�to�explore�newopportunities�and�expected�salary�incrementsof�15-20%�when�moving�roles.�However,actual�salary�increments�offered�were�usuallyslightly�lower�due�to�challenging�marketconditions.

Investment�ManagementThe�global�market�climate�made�fund-raisinga�constant�challenge.�Opportunities�forheadcount�growth�continued�to�be�restrictedin�this�space.�However,�portfolio�managers,research�analysts�and�business�developmentmanagers�with�regional�expertise�were�all�indemand�during�the�year.

Wealth�ManagementThe�year�began�positively�as�wealthmanagement�remained�a�major�key�growtharea�across�all�banks�and�insurance�providers.However,�recruitment�volumes�decreasedin�the�second�half�of�the�year�due�to�marketsentiment�becoming�more�cautious.

Larger�private�banks�were�moreaggressive�in�marketing�to�and�courtingthe�ultra-high-net-worth�clientele�withassets-under-management�(AUM)�totally�atleast�US$20m.�Firms�also�sought�higher�AUMlevels�when�hiring�bankers�who�looked�tomove�between�institutions.

Investment�BankingAs�banks�completed�most�of�their�strategichiring�in�2010,�recruitment�activity�wassubdued�during�2011�and�some�trading�teamsstarted�downsizing.

With�little�hiring�of�senior�professionals,�weobserved�most�recruitment�activity�at�theassociate�level.�Individuals�with�geographicallytransferable�skill�sets�and�Asian�languageabilities�were�highly�sought-after�and�insome�cases,�local�candidates�faced�stiffercompetition�from�talented�internationalprofessionals.

Outlook�for�2012Overall,�we�foresee�job�movement�to�beminimal�unless�there�are�great�improvementsin�the�global�economy�at�large,�with�aslowdown�in�the�Asian�economies�being�aconcern.�Overall,�salary�levels�for�2012�arelikely�to�remain�similar�to�2011.

Within�the�corporate�and�commercial�bankingsector,�we�foresee�organisations�remainingcautious.�Recruitment�is�likely�to�be�restrictedto�replacement�and�business-critical�roleswith�a�reduction�in�growth�hires.�However,new�entrants�to�the�market�-�especially�Asianinstitutions�with�strong�balance�sheets�-�arelikely�to�continue�to�hire�intermittently.

Across�transactional�banking,�we�expecthiring�to�continue�sporadically�in�2012.�Tradefinance�has�been�on�the�rise�within�this�space,with�institutions�focusing�on�intra-regionaltransactions�across�Asia,�(as�opposed�tothose�based�in�the�United�States�and�Europe).In�keeping�with�this�trend,�implementationprofessionals�are�likely�to�be�in�demand,particularly�those�who�are�able�to�develop�andstructure�revenue-generating�products�suchas�foreign�exchange,�liquidity�and�short-terminvestments.

Some�growth�can�be�expected�withininvestment�management�in�2012�due�tothe�overall�global�interest�in�Asia.�In�wealthmanagement,�we�expect�institutions�to�moveinto�2012�with�caution,�scrutinising�the�qualityof�each�appointment.�Bankers�with�strongAUMs�will�always�be�highly�sought-after.Priority�banking�firms�are�expected�to�be�moreaggressive�than�private�banking�institutions�inadding�headcount.

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Robert�Walters�Global�Salary�Survey�2012 378

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VP/DIRECTOR

2011 2012 2011 2012 2011 2012

Investment�ManagementPrivate�Equity $100�-�150k $100�-�150k $150�-�250k $150�-�250k $250�-�350k+ $250�-�400kPortfolio�Management $60�-�100k $72�-�120k $100�-�190k $120�-�190k $190�-�350k+ $190�-�350kResearch $60�-�100k $54�-�100k $100�-�180k $100�-�180k $180�-�350k+ $180�-�350k+Institutional�Marketing $48�-�100k $54�-�100k $100�-�165k $100�-�165k $165�-�350k+ $100�-�350k+

Sales�&�TradingStructuring $60�-�120k $60�-�120k $120�-�200k $120�-�200k $200�-�350k+ $200�-�350k+Trading $60�-�120k $60�-�120k $120�-�200k $120�-�200k $200�-�380k+ $200�-�380kCustody/Trust�Sales $45�-�85k $45�-�85k $85�-�150k $85�-�150k $150�-�220k+ $150�-�220k+Treasury�Sales $50�-�100k $50�-100k $100�-�175k $100�-175k $175�-�350k+ $175�-�350k+

Institutional�BankingCorporate�Banking�(RM) $48�-�90k $54�-�90k $90�-�165k $90�-�165k $165�-�300k+ $170�-�300k+Corporate�Banking�(Credit) $36�-�80k $42�-�80k $80�-�140k $80�-�140k $140�-�300k+ $140�-�300k+Enterprise�Banking�(RM) $36�-�65k $36�-�65k $65�-�120k $65�-�120k $120�-�240k+ S120�-�220k+Transaction�Banking $48�-�90k $60�-�90k $90�-�160k $90�-�160k $160�-�280k+ $170�-�280k

Wealth�ManagementPrivate�Banking�(RM) $85�-�120k $80�-�120k $120�-�220k $120�-�220k $220�-�320k+ $220�-�320k+Private�Banking�(InvestmentAdvisor)

$60�-�110k $72�-�110k $110�-�170k $110�-�170k $170�-�320k+ $170�-�320k+

Priority�Banking�(RM) $45�-�65k $48�-�65k $65�-�120k $65�-�120k $120�-�200k+ $120�-�200k+

Investment�BankingInvestment�Banking $120�-�200k $120�-�200k $200�-�300k $200�-�300k $300�-�430k+ $300�-�430k+Debt�Capital�Markets $100�-�180k $100�-�180k $180�-�250k $180�-�250k $250�-�400k+ $250�-�400kEquity�Capital�Markets $100�-�180k $100�-�180k $180�-�250k $180�-�250k $250�-�400k+ $250�-�400k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contributions.RM�-�Relationship�Manager

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Robert�Walters�Global�Salary�Survey�2012379

Robert�Walters�has�one�of�the�largest�financialservices�recruitment�business�in�Singapore,with�specific�boutique�teams�specialising�infinance,�operations,�governance,�risk�andprojects�for�both�permanent�and�contracthires.�The�division�has�won�a�numberof�awards�over�the�last�12�years�and�isconsistently�voted�the�number�one�middle�andback�office�recruiter�in�Singapore�by�severalindependent�publications.

Market�OverviewAfter�seeing�significant�recruitment�activityat�the�end�of�2010,�recruitment�levels�wererelatively�low�at�the�start�of�the�year.�While�wesaw�activity�increase�in�the�second�quarter,�themarket�slowed�down�noticeably�from�the�thirdquarter�onwards�following�the�downgrade�ofUS�sovereign�credit�and�the�Eurozone�financialcrisis.�During�this�period,�institutions�focusedon�implementing�cost-cutting�measures�andre-evaluated�their�headcount.

Throughout�2011,�most�hiring�was�at�theexperienced�analyst�to�mid-VP�level.�We�sawlimited�appetite�to�recruit�for�more�seniordirector�grade�roles�as�these�positions�werelargely�filled�in�the�preceding�year�followingpost-recession�restructuring.

There�was�also�a�major�push�withinall�institutions�to�hire�Singaporeans�orprofessionals�with�Asian�experience�-�in�partdue�to�the�higher�salary�expectations�foroverseas�and�expatriate�hires,�but�also�inrecognition�of�the�maturing�local�talent�pooland�to�cater�to�the�growing�influence�of�theinstitutions’�Asian�clientele.�When�movingroles,�candidates�typically�secured�salaryincreases�of�10-15%.

Singapore�is�an�established�internationalfinancial�services�hub�for�middle�and�backoffice�functions�such�as�finance,�operationsand�IT.�However�the�rising�strength�of�theSingapore�dollar�led�some�financial�institutionsto�relocate�their�back�office�functions�to�lower

cost�regions�such�as�the�Philippines,�India,Malaysia�and�China�in�2011.

As�a�result,�we�saw�less�demand�for�rolesin�the�lower�value�chain�areas,�such�asmanagement�information�systems�(MIS)�andnon-client�facing�production�positions.

Despite�the�threat�of�headcount�loss�to�theselower�cost�centres�in�the�years�ahead,�none�ofthe�global�financial�institutions�downplayed�thesignificance�of�Singapore�to�their�internationalstrategy.�As�a�result,�Singapore�continued�tobe�a�major�Asian�footprint�for�the�internationalfinancial�services�community.

Outlook�for�2012We�expect�European�and�US�market�issuesto�continue�posing�challenges�in�2012,�whichmay�result�in�restrained�recruitment�activityin�the�first�half�of�the�year.�Institutions�willcontinue�to�optimise�costs�when�restructuring,which�will�lead�to�reduced�recruitment�levels�inthe�middle�and�back�office�areas.

Banks�will�seek�professionals�with�strongproduct�knowledge,�a�demonstrable�trackrecord�and�excellent�communication�skills,preferably�with�competency�in�another�majorAsian�language.

As�the�global�focus�on�Asia�continues�toincrease,�the�appetite�for�Asia-experiencedfront�office�hires�will�grow.�This�will�in�turntranslate�into�similar�demands�in�the�middleand�back�office�as�banks�seek�professionalswho�can�work�effectively�with�those�on�thefront�line.�We�expect�to�see�most�demandat�the�middle�management�level�with�feweropportunities�for�junior�analysts�and�seniorprofessionals.

Banks�are�increasingly�appreciating�thecosts�of�replacing�experienced�employeesand�are�therefore�putting�more�effort�intoretaining�their�top�talent.�As�a�result,�weexpect�counter-offers�to�become�increasingly

prevalent.�Clients�looking�to�secure�top�talentin�a�competitive�market�will�therefore�need�tooffer�remuneration�matching�or�surpassingmarket�rates,�as�well�as�an�attractive�jobscope�with�the�promise�of�career�progression.

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Robert�Walters�Global�Salary�Survey�2012 380

ROLE CONTRACT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VP/DIRECTOR

2011 2012 2011 2012 2011 2012

Financial�Control�&�TaxFinancial�Reporting $50�-�95k $50�-�95k $95�-�130k $95�-�130k $130k+ $130k+Regulatory�Reporting $45�-�90k $45�-�90k $90�-�120k $90�-�120k $120k+ $120k+

Management�ReportingStrategic�Planning�&�Analysis $50�-�90k $50�-�90k $90�-�150k $90�-�150k $150k+ $150k+Revenue�&�Cost�Reporting $50�-�90k $50�-�90k $90�-�130k $90�-�130k $130k+ $130k+MIS�Reporting $40�-�85k $40�-�85k $85�-�120k $85�-�120k $120k+ $120k+

Product�ControlCommodities�&�Exotics $50�-�90k $50�-�90k $90�-�160k $90�-�160k $160k+ $160k+Fixed�Income�&�Equities $50�-�90k $50�-�90k $90�-�160k $90�-�160k $160k+ $160k+Cash $50�-�75k $50�-�75k $75�-�140k $75�-�140k $140k+ $140k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012381

Our�specialist�finance�recruitment�divisionis�a�dedicated�boutique�team�that�focuseson�analytical,�CFO,�treasury�and�financialcontroller�roles.�Areas�of�coverage�includefinancial�management/regulatory�reporting,expense�management,�technical�accounting,capital�management,�product�control�and�tax.

Market�OverviewRecruitment�levels�were�relatively�high�in�thefirst�half�of�2011,�with�demand�existing�for�avariety�of�roles.�While�employers�became�morecautious�in�the�second�half�of�the�year,�firmscontinued�to�recruit�in�key�areas.�As�banksrelocated�European�and�American�officesto�Singapore,�we�saw�an�increase�in�thevolume�of�financial�reporting�roles.�Financialcontrol�vacancies�at�the�analyst�and�AVP�levelsalso�remained�on�par�with�2010.�However,there�were�fewer�hires�at�the�senior�level(i.e�directors�and�managing�director�roles),with�institutions�opting�for�internal�transfersbetween�their�international�offices�for�thesepositions.

Despite�a�number�of�production�roles�in�largerbanks�being�moved�offshore�to�lower-costlocations�such�as�the�Philippines,�Indiaor�China,�there�was�a�rise�in�demand�forskilled�hires�within�treasury�product�controlfunctions.�For�these�roles,�financial�institutionssought�individuals�who�possessed�the�CFAqualification�and�had�more�detailed�productknowledge�beyond�the�basic�productionphase.�However,�firms�generally�preferred�tokeep�senior�analytical�roles�within�Singaporefor�tighter�control�and�closer�proximity�to�thebusiness�and�the�CFO.�We�also�saw�a�handfulof�capital�management�roles�in�the�marketdue�to�increased�Basel�III�work.�However,these�teams�remained�small�and�this�trend�hadnegligible�impact�on�overall�hiring�volumes.

In�the�second�half�of�2011,�employers�werenoticeably�cautious�due�to�unpredictableeconomic�fluctuations�and�broader�marketuncertainty.�However,�candidates�remainedrelatively�bullish�in�their�expectations�andactively�sought�new�jobs.

When�moving�roles,�candidates�typicallyreceived�average�salary�increases�of�20%.General�salary�levels�also�rose�across�theboard,�with�a�tax�accountant�at�the�analystlevel�receiving�up�to�$60k�in�2010�and�up�to$70k�in�2011.

Outlook�for�2012We�expect�recruitment�activity�to�continue�andsalary�levels�to�remain�stable�in�2012.�Due�totheir�critical�nature,�finance�roles�are�unlikelyto�be�offshored�to�lower-cost�locations�whichwe�saw�for�a�number�of�production�rolesin�2011.�In�particular,�we�anticipate�steadydemand�for�financial�controller�positions.Candidates�with�a�strong�track�record�will�behighly�sought-after�for�these�roles.�Processimprovement�professionals�will�also�be�indemand,�with�firms�seeking�candidateswith�specific�systems�knowledge�for�thesepositions.�In�addition,�candidates�with�financialtransformation�experience�will�be�in�highdemand�as�employers�look�to�streamline�theirbusiness�processes.

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VP/DIRECTOR

2011 2012 2011 2012 2011 2012

Financial�Control�&�TaxTax�Accounting $50�-�70k $50�-�70k $70�-�120k $70�-�120k $120�-�240k+ $120�-�240k+Financial�Reporting $50�-�90k $50�-�90k $90�-�120k $90�-�120k $120�-�220k+ $120�-�220k+Regulatory�Reporting $45�-�75k $45�-�75k $75�-�110k $75�-�110k $110�-�200k+ $110�-�200k+

Management�ReportingStrategic�Planning�&�Analysis $50�-�80k $50�-�80k $80�-�130k $80�-�130k $130�-�300k+ $130�-�300k+Revenue�&�Cost�Reporting $50�-�70k $50�-�70k $70�-�125k $70�-�125k $125�-�240k+ $125�-�240k+MIS�Reporting $40�-�75k $40�-�75k $75�-�110k $75�-�110k $110�-�200k+ $110�-�200k+

Product�ControlCommodities�&�Exotics $50�-�90k $50�-�90k $90�-�135k $90�-�135k $135�-�300k+ $135�-�300k+Fixed�Income�&�Equities $50�-�90k $50�-�90k $90�-�130k $90�-�130k $130�-�300k+ $130�-�300k+Cash $50�-�75k $50�-�75k $75�-�125k $75�-�125k $125�-�260k+ $125�-�260k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012 382

Our�governance�specialist�recruitment�divisionis�a�dedicated�boutique�team�that�focusesexclusively�on�audit,�operational�risk/control,legal�and�compliance�positions.�Key�areas�ofcoverage�include�credit�risk�review,�specialinvestigations,�anti-money�laundering�andcontrol�room.

Market�OverviewWe�saw�fairly�consistent�hiring�acrossgovernance�for�2011�even�as�the�marketbecame�more�uncertain�later�in�the�year.However,�we�observed�less�urgency�in�therecruitment�process�as�institutions�becameincreasingly�selective�in�their�requirements.

As�in�2010,�compliance�professionalsremained�consistently�in�demand�throughout2011�due�to�a�more�stringent�regulatoryenvironment.�There�was�also�continueddemand�for�operational�risk�managementprofessionals�as�institutions�started�to�setup�line�control�functions.�We�also�noticedsome�institutions�embedding�risk�professionalswithin�the�business,�placing�them�in�certainline�functions�to�regulate�the�business.

Most�recruitment�for�the�year�was�confinedto�hires�with�local�experience,�in�particularcandidates�who�were�familiar�with�existingregulations�and�had�an�established�relationshipwith�regulators.�Candidates�remained�cautiousbefore�moving�roles,�remaining�open�toopportunities�but�needing�compelling�factorsto�make�the�switch.�Stability�was�a�keyconsideration�for�governance�professionalsand�candidates�overall�tended�to�have�highersalary�expectations�if�they�felt�it�was�a�riskymove.

However,�candidates�still�also�typicallydemanded�an�increase�of�at�least�10-15%when�moving�roles,�which�they�usuallyreceived.�General,�salary�levels�rose�slightly�forgovernance�professionals�at�the�manager/AVPlevel.�For�example,�an�operational�riskprofessional�specialising�in�global�markets

could�receive�up�to�$140k�in�2011�(up�from$120k�in�2010).

Talent�shortages�became�increasingly�evidentthroughout�the�year.�In�particular,�there�was�ashortage�of�governance�professionals�lookingfor�new�roles�at�the�senior�level.�As�financialinstitutions�continued�to�offshore�placementsand�experienced�mobile�auditors�relocated�toother�countries,�we�witnessed�a�shortage�ofthese�candidates�with�detailed�treasury�auditexperience�at�the�mid�to�senior�levels.

Outlook�for�2012We�anticipate�hiring�will�remain�stable�in�2012as�firms�continue�to�be�cautious.

However,�we�foresee�an�increase�in�regulatorycompliance�vacancies�as�banks�continueto�manage�their�relationships�with�localregulators.�Institutions�are�also�increasinglysetting�up�compliance�testing�teams�internallyto�ensure�that�they�comply�with�standards�setby�local�authorities.

Operational�risk�management�specialists,particularly�risk�controllers�with�relevantbusiness�or�line�backgrounds,�will�alsobe�highly�sought-after�by�banks.�Auditorspossessing�relevant�market�and�treasuryexperience,�as�well�as�private�banking�auditorsat�the�senior�level,�will�be�particularly�indemand�for�these�positions.

Candidates�will�be�wary�before�making�amove�and�may�therefore�demand�higher�salarypremiums�of�15-20%.�Employers�may�have�tomeet�their�expectations�in�order�to�secure�thebest�professionals,�particularly�as�the�marketis�likely�to�remain�talent�short.�Employeeretention�will�therefore�continue�to�be�a�keypriority�for�all�banks�and�financial�institutions.In�particular,�job�scopes�and�responsibilitiesare�likely�to�be�increasingly�separated�acrossdivisions�as�firms�strive�to�distribute�workloadsequally.

Salary�levels�are�likely�to�remain�stagnantfor�governance�professionals,�although�weexpect�operational�risk�specialists�to�receivean�increase.�An�operational�risk�professionalspecialising�in�global�markets�could�potentiallyreceive�up�to�$150k�in�2012,�up�from�$140k�in2011.

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Robert�Walters�Global�Salary�Survey�2012383

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VP/DIRECTOR

2011 2012 2011 2012 2011 2012

Internal�AuditGlobal�Markets $40�-�80k $40�-�80k $80�-�160k $80�-�160k $160�-�350k+ $160�-�350k+Wealth�Management $40�-�70k $40�-�80k $70�-�160k $80�-�160k $160�-�350k+ $160�-�350k+Credit $40�-�70k $40�-�70k $70�-�130k $70�-�130k $130�-�280k+ $130�-�280k+Technology�&�Operations $40�-�70k $40�-�70k $70�-�130k $70�-�130k $130�-�280k+ $130�-�280k+Compliance/Finance $40�-�70k $40�-�70k $70�-�130k $70�-�130k $130�-�280k+ $130�-�280k+

Operational�RiskGlobal�Markets $40�-�70k $40�-�70k $70�-�140k $70�-�150k $150�-�300k+ $150�-�300k+Infrastructure $40�-�70k $40�-�70k $70�-�120k $70�-�130k $120�-�280k+ $130�-�280k+

ComplianceGlobal�Markets $40�-�80k $40�-�80k $80�-�160k $80�-�160k $160�-�350k+ $160�-�350k+Control�Group $40�-�70k $40�-�80k $70�-�160k $80�-�160k $160�-�300k+ $160�-�300k+Investment/Wealth�Management $40�-�70k $40�-�80k $70�-�160k $80�-�160k $160�-�300k+ $160�-�300k+AML/Monitoring $40�-�70k $40�-�70k $70�-�150k $70�-�150k $150�-�300k+ $150�-�300k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012 384

The�operations�&�projects�division�is�adedicated�boutique�team�that�specialisesexclusively�in�middle�and�back�officeoperational�and�project�management�orbusiness�analysis�positions.�Areas�of�coverageinclude�but�are�not�limited�to:�settlements,collateral�management,�corporate�actions,fund�administration,�data�management,reconciliation,�asset�servicing,�primebrokerage,�client�services�and�re-engineering.

Market�OverviewOperations�recruitment�remained�reasonablyactive�throughout�the�first�half�of�2011,although�hiring�processes�were�slower�thanin�2010.�Job�volumes�fell�in�the�second�halfof�2011�due�to�broader�economic�uncertaintyas�firms�focused�on�business-critical�andreplacement�hires.�However,�we�saw�fewerreplacement�hires�overall�as�institutionsoffshored�activities�away�from�Singapore.

Internal�mobility�increased�across�most�banks,with�many�promoting�internally�for�vacanciesat�the�VP�and�director�levels.�This�policyhelped�banks�to�increase�their�portfolio�withouttaking�on�new�hires.

Candidates�with�listed�derivatives�andcommodity�product�knowledge�were�indemand�as�institutions�identified�theseproducts�as�key�priorities�in�their�tradingstrategies.�Private�banks�also�recruitedoperations�professionals�to�cope�with�frontoffice�expansion,�leading�to�a�rise�in�wealthmanagement-based�roles.�Skilled�individualswith�sought-after�knowledge�generallyreceived�salary�rises�of�20%�when�movingroles.

Outlook�for�2012We�anticipate�recruitment�activity�to�remainconsistent�in�2012,�although�employers�arelikely�to�remain�cautious�and�be�selectivein�their�hiring�requirements.�With�foreigninstitutions�striving�to�build�a�strong�localtalent�pool,�we�foresee�increased�demand�forSingaporean�professionals�at�the�senior�level.

Due�to�an�uncertain�economic�climateand�firms�continuing�to�explore�offshoring,candidates�will�be�less�keen�to�leave�their�jobsin�2012.�We�expect�professionals�who�dodecide�to�move�roles�to�seek�opportunitieswithin�institutions�with�a�strong�Asian�focus,due�to�the�relative�economic�stability�acrossthe�region�in�comparison�to�Europe�and�theUnited�States.

Candidates�are�likely�to�be�more�attracted�byjob�security�than�marginal�salary�increments.Overall,�most�salaries�are�likely�to�remainstable�in�2012,�although�professionalsspecialising�in�derivatives,�commodities�andfutures�could�see�their�salaries�potentially�risefrom�up�to�$135k�in�2011�to�about�$150k�in2012.

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Robert�Walters�Global�Salary�Survey�2012385

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VP/DIRECTOR

2011 2012 2011 2012 2011 2012

Settlements�&�ProcessingDerivatives/Commodities/Futures $40�-�80k $50�-�100k $110�-�135k $100�-�150k $135�-�270k+ $150�-�250k+Prime�Brokerage $50�-�80k $50�-�100k $110�-�135k $100�-�140k $140�-�250k+ $140�-�250k+Private�Banking $35�-�70k $35�-�70k $100�-�125k $70�-�130k $140�-�270k+ $130�-�270k+Fund�Management $40�-�70k $40�-�80k $80�-�100k $80�-�120k $120�-�190k+ $120�-�190k+Fixed�Income/Equities $40�-�60k $40�-�70k $70�-�120k $70�-�130k $140�-�200k+ $130�-�200k+FX/MM $35�-�60k $35�-�65k $70�-�120k $65�-�130k $130�-�180k+ $130�-�180k+Insurance $30�-�45k $30�-�60k $50�-�70k $60�-�90k $90�-�140k+ $90�-�140k+

Middle�Office�&�Trade�SupportDerivatives/Commodities/Futures $45�-�90k $50�-�100k $120�-�135k $100�-�150k $145�-�200k+ $150�-�250k+Operations�Control $40�-�70k $40�-�70k $90�-�130k $70�-�135k $140�-�200k+ $135�-�200k+Other�Products $40�-�70k $40�-�80k $80�-�125k $80�-�130k $130�-�200k+ $130�-�200k+Client�Services $45�-�70k $5k�-�80k $80�-�110k $80�-�150k $120�-�170k+ $150�-�200k

Asset�ServicingDocumentation $40�-�65k $40�-�70k $80�-�120k $70�-�120k $125�-�220k+ $120�-�220k+Collateral�Management $40�-�60k $50�-�80k $80�-�120k $80�-�130k $135�-�180k+ $130�-�200k+Reconciliation�&�Investigation $40�-�60k $40�-�70k $80�-�120k $70�-�120k $130�-�170k+ $120�-�180k+Data�Management $40�-�60k $40�-�70k $80�-�110k $70�-�110k $120�-�170k+ $110�-�170k+Fund�Administration $40�-�60k $40�-�60k $70�-�100k $60�-�100k $110�-�170k+ $100�-�170k+Corporate�Actions $40�-�55k $40�-�65k $70�-�110k $65�-�120k $120�-�170k+ $120�-�170k+Credit�Administration $40�-�60k $40�-�70k $70�-�110k $70�-�110k $120�-�170k+ $110�-�170k+

Project�Management�&�Business�AnalysisStrategy $60�-�90k $60�-�100k $110�-�150k $100�-�150k $160�-�280k+ $150�-�280k+Finance/Infrastructure $40�-�80k $60�-�90k $90�-�120k $90�-�150k $135�-�230k+ $150�-�250k+Wealth�Management $40�-�60k $60�-�90k $70�-�120k $90�-�150k $130�-�250k+ $150�-�250k+Financial�Markets $40�-�65k $60�-�100k $70�-�120k $100�-�150k $130�-�250k+ $150�-�280k+Transactional�Banking $40�-�65k $45�-�70k $70�-�100k $70�-�120k $120�-�200k+ $120�-�200k+Consumer�Banking $40�-�60k $40�-�70k $70�-�100k $70�-�120k $120�-�200k+ $120�-�200k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012 386

The�risk�&�valuation�division�is�a�dedicatedboutique�team�that�specialises�exclusively�inrecruiting�for�market/credit�risk,�quantitativeanalysis�and�valuation/price�testing�positions.Sectors�covered�include�wholesale,�consumerand�private�banking.

Market�OverviewThe�first�half�of�the�year�saw�reducedrecruitment�activity�compared�to�the�end�of2010.�However,�we�did�see�increased�demandat�the�senior�VP�and�director�levels�during�thisperiod.

Overall�recruitment�activity�picked�up�duringthe�second�half�of�the�year�with�greaterdemand�for�valuation�roles�at�the�mid-level-�particularly�within�the�emerging�banks�anddue�to�regulatory�changes.�Within�the�riskrecruitment�market,�we�saw�greater�demandfor�credit�specialists�than�market�risk�roles,especially�within�policy�teams.

Candidates�became�increasingly�wary�due�tobroader�market�uncertainity�but�were�opento�new�job�opportunities.�Professionals�oftenreceived�salary�increases�of�15-20%�whenmoving,�as�companies�had�to�match�marketexpectations�to�attract�the�most�sought-aftertalent.

General�salary�levels�also�rose�forprofessionals�in�credit�risk,�with�thosespecialising�in�wealth�management�andwholesale�banking�receiving�higher�basesalaries�compared�to�2010.�For�example,�aprofessional�in�wholesale�banking�received$90�-�100k�in�2011�compared�to�$65�-�100k�in2010.

Outlook�for�2012We�foresee�hiring�remaining�stable�in�2012,with�banks�looking�to�increase�their�tradingexposure�in�Asia,�firms�with�regional�financialcontrol�centres�in�Singapore�may�look�to

upgrade�their�valuation�expertise�by�recruitingvaluation�professionals.�Technical�andcommunication�skills�will�be�in-demand�during2012.

The�volume�of�credit�vacancies�is�expectedto�remain�steady.�However,�we�anticipatefewer�market�risk�roles�as�trading�activities�arecurtailed�due�to�fluctuating�market�conditions.

Although�employers�are�likely�to�remaincautious�in�their�hiring�approach,�candidateswith�in-demand�skill�sets�can�expect�payincreases�of�around�15-20%�when�movingjobs�due�to�intense�competition�for�the�besttalent.�However,�general�salary�levels�in�2012are�likely�to�remain�similar�to�those�seen�in2011.

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VP/DIRECTOR

2011 2012 2011 2012 2011 2012

Credit�RiskWealth�Management $50�-�80k $50�-�80k $75�-�120k $80�-�120k $150�-�300k+ $120�-�300k+Wholesale�Banking $60�-�90k $60�-�90k $90�-�130k $90�-�130k $140�-�300k+ $130�-�300k+SME/Consumer $50�-�60k $50�-�60k $65�-�100k $60�-�100k $120�-�250k+ $100�-�250k+

Market�RiskManagement/Modelling $50�-�90k $50�-�90k $90�-�140k $90�-�140k $160�-�300k+ $140�-�300k+Controlling/Reporting $40�-�65k $40�-�65k $70�-�110k $65�-�110k $140�-�270k+ $110�-�270k+

ValuationGlobal�Markets $60�-�90k $60�-�90k $100�-�150k $90�-�150k $155�-�300k+ $150�-�300k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012387

Our�dedicated�engineering�recruitment�divisionfocuses�on�the�placement�of�engineeringprofessionals�from�mid�to�senior�levelsacross�a�variety�of�commercial�sectors,including�aerospace,�automotive,�buildingand�construction,�chemical,�electrical,energy,�industrial,�manufacturing,�marine,oil�and�gas,�healthcare/pharmaceutical�andsemiconductor.

Market�OverviewEngineering�recruitment�volumes�grewthroughout�2011,�with�vacancy�levels�around8-10%�higher�in�the�first�half�of�the�year�thanthe�same�period�in�2010.�We�saw�mostactivity�within�the�chemicals,�FMCG�andpharmaceutical�sectors.

However,�organisations�generally�remainedcautious�in�anticipation�of�future�marketslowdowns.�Candidates�were�also�wary�aboutmoving�roles�but�were�generally�willing�toconsider�new�opportunities�that�arose.

While�candidates�expected�significant�salaryincrements�when�moving�roles,�most�received10-15%�increases�due�to�increased�marketuncertainty.�General�salary�levels�remainedstable,�with�few�rises�for�any�particular�role.

We�observed�challenges�in�finding�localcandidates�to�fill�roles�in�the�heavy�industrialengineering,�marine�and�offshore�sectors.Companies�increasingly�sought�Mandarinlanguage-speaking�skills�as�they�placed�anincreasing�emphasis�on�professionals�capableof�liaising�with�their�Chinese�counterparts.

Oil�&�Gas/ChemicalsWe�saw�relatively�high�recruitment�levelswithin�the�oil�and�gas,�chemicals,�energy�andindustrial�sectors.�There�was�significant�activityat�the�middle�management�level,�but�fewervacancies�for�senior�professionals.

Candidates�were�optimistic�about�jobopportunities.�Following�high�recruitment

levels�in�2010,�professionals�typicallyexpected�a�15-20%�increase�in�salary�to�moveroles.�However,�most�candidates�receivedincrements�of�around�12%�when�moving�jobs.

MarineThere�was�notable�demand�for�service�andmaintenance�engineers�and�managers�withinthe�marine,�offshore�and�automotive�industriesin�2011.

We�also�saw�a�rise�in�vacancies�for�healthsafety�executive�and�operations�professionals,project�management�specialists�and�design,tender�and�proposal�engineers�in�the�marineand�offshore�industry.�Health�safety�executiveswere�particularly�in�demand�to�ensurecompliance�with�new�laws.�There�was�alsosignificant�hiring�for�tender�and�proposalengineers�as�companies�sought�talent�to�helpthem�win�new�business.

Chemicals/PharmaceuticalsWe�observed�a�steady�growth�in�the�chemicaland�pharmaceutical�industries.�Roles�indemand�included�quality,�safety,�health,environment�(QSHE)�and�process�engineers�asnew�plants�were�scheduled�to�open�in�2011.

Outlook�for�2012Moving�into�2012,�we�foresee�slower�growthas�large�multinational�companies�startimplementing�headcount�freezes�due�toan�uncertain�economic�environment.�Manyorganisations�are�expected�to�focus�onmaintaining�and�preserving�their�existingrevenue�and�customer�base�until�the�marketexperiences�a�period�of�growth�again.

However,�we�anticipate�active�hiring�in�theoil�and�gas�industries�as�these�businessescontinue�to�provide�for�global�and�localenergy�needs.�We�also�expect�to�see�morevacancies�within�the�chemical,�FMCGand�pharmaceutical�industries�as�projectsimplemented�in�2010�are�set�for�maturity�orcompletion�by�2012�and�2013.

Across�all�industries,�engineering�candidateswith�considerable�local�experience,�bilinguallanguage�skills�and�recently-updated�industrialqualifications�will�be�highly�sought-after.Companies�are�also�increasingly�seekingprofessionals�with�stronger�technical�skill�sets(in�terms�of�design,�tenders,�proposals,�servicemaintenance�and�project�management).

Salary�expectations�among�job�seekers�arelikely�to�be�similar�to�2011,�with�in-demandprofessionals�receiving�10-15%�when�movingroles.�We�foresee�general�salary�levelsremaining�stable�in�2012.

Increased�competition�for�talent,�fluctuatingexchange�rates�and�uncertain�globaleconomic�conditions�are�the�key�challengesorganisations�will�face�when�seekingengineering�professionals�in�2012.�To�attractthe�best�candidates�from�other�sectors�at�themid�to�senior�levels,�companies�will�thereforeneed�to�be�flexible�in�their�salary�offers.

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Robert�Walters�Global�Salary�Survey�2012 388

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDSENIOR�ENGINEER/ASSISTANT�MANAGER/MANAGER5�-�10�YRS'�EXP

DIRECTOR10+�YRS'�EXP

2011 2012 2011 2012

Project $105�-�135k $100�-�135k $135�-�220k $135�-�215kResearch�&�Development $90�-�130k $90�-�130k $130�-�220k $130�-�215kChemical $90�-�120k $90�-�120k $120�-�200k $120�-�200kMaintenance $90�-�120k $90�-�120k $120�-�200k $120�-�200kContracts $90�-�120k $90�-�120k $120�-�180k $120�-�180kElectrical $90�-�120k $90�-�115k $120�-�210k $115�-�205kDesign $85�-�115k $85�-�110k $120�-�200k $110�-�200kMechanical $85�-�115k $85�-�110k $120�-�200k $110�-�195kConsultant�(ISO/TS,�Six�Sigma,�Lean,�Industrial) $85�-�115k $85�-�120k $115�-�220k $120�-�225kInstrumentation�&�Control $80�-�110k $80�-�110k $115�-�220k $110�-�220kTechnical $80�-�110k $80�-�105k $115�-�200k $105�-�195kEHS $80�-�120k $80�-�120k $125�-�220k $120�-�220kProcess $80�-�100k $80�-�100k $105�-�150k $100�-�150kElectronics $75�-�110k $70�-�105k $120�-�160k $105�-�155kProduct $75�-�110k $70�-�105k $115�-�150k $105�-�145kQuality�Assurance $70�-�110k $65�-�105k $115�-�150k $105�-�145kService $75�-�110k $70�-�105k $115�-�150k $105�-�145kProduction/Manufacturing $70�-�110k $65�-�105k $110�-�150k $105�-�145k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012389

Our�human�resources�division�recruits�forgeneralist�and�specialist�HR�positions�on�apermanent�and�contract�basis�across�both�thefinancial�services�and�commerce�sectors.�Wespecialise�in�placing�HR�professionals�with�aminimum�of�three�years’�experience�in�juniormanagement�through�to�senior�director�levelpositions.

Market�OverviewFinancial�&�Professional�ServicesBanks�were�generally�cautious�when�hiringat�the�beginning�of�the�year,�with�recruitmentlevels�lower�than�in�2010.�Hiring�activitypeaked�between�April�and�July�-�a�typicalHR�hiring�trend�-�before�falling�slightly�in�thesecond�half�of�the�year.�We�saw�demandfor�experienced�HR�professionals�across�allfinancial�services�sectors,�with�private�bankingremaining�consistently�strong.�We�also�sawnotable�activity�within�the�retail�banking�sector.

Employers�generally�preferred�localcandidates.�In�some�cases,�financial�servicesorganisations�sought�professionals�withmore�specific�investment�banking�experienceand�were�quite�stringent�in�their�criteria�-particularly�for�HR�generalist�vacancies�wherethey�preferred�candidates�with�prior�front�officeexposure.

Professionals�typically�received�salaryincreases�of�10-15%�when�moving�roles.

Commerce�&�IndustryWe�saw�relatively�high�recruitment�levelsacross�all�commercial�sectors.�In�particular,the�semiconductor,�shipping�and�logistics,chemicals,�manufacturing,�automation�andaerospace�sectors�were�recruiting�actively.�Themajority�of�vacancies�were�largely�the�result�ofreplacement�hires�and�were�regionally-focusedin�nature.

Compensation�and�benefits�candidates�werein�demand,�as�were�training�and�developmentspecialists�with�prior�sales�experience�as

businesses�sought�to�generate�revenue.Recruitment�specialists�were�also�sought-afterby�high-tech�companies�and�pharmaceuticalorganisations�as�these�companies�looked�togrow�their�workforces.

Larger�multinational�companies�continuedto�focus�on�global�HR�transformation,�oftenshifting�towards�a�shared�services�modelof�excellence.�As�a�result,�HR�professionalswith�a�proven�track�record�of�managing�andimplementing�shared�services�were�in�strongdemand.

Most�candidates�received�salary�increases�of12-15%�as�businesses�looked�to�grow�theirworkforces.

ContractingWhile�it�was�more�common�for�financialservices�firms�to�hire�HR�professionals�ona�contract�basis�previously,�we�saw�thisbecoming�more�prevalent�across�commerceand�industry�sectors�in�2011.�A�rising�numberof�organisations�sought�contractors�tocover�workloads�instead�of�increasing�theirpermanent�headcount.�We�saw�notabledemand�for�specialist�recruitment�contractorsduring�the�year.

Outlook�for�2012We�anticipate�hiring�to�remain�consistentdespite�global�market�uncertainty.

Banks�will�still�look�to�invest�in�Asia�and�willcontinue�to�grow�their�back�office�functionsacross�the�region.�With�Singapore�likely�toremain�a�regional�hub�in�banking,�sharedservices�vacancies�will�continue�to�be�indemand.

Across�the�commercial�industries,�hiring�islikely�to�remain�cautious�and�we�expect�themajority�of�roles�to�either�be�the�result�ofbroader�HR�restructuring�and�transformationor�on�a�replacement�basis.�Consequently,candidates�with�strong�HR�transformation

project�management�skills�will�be�highlysought-after�by�employers.�The�majority�ofvacancies�are�likely�to�be�at�the�junior�tomid-level�rather�than�senior�level�roles�ascompanies�strive�to�strengthen�their�middlemanagement�talent.

Average�salary�increases�for�job�moversshould�remain�at�around�15%.�While�overallsalary�levels�are�likely�to�remain�stable,�weforesee�HR�generalists�and�business�partnersreceiving�higher�salaries�due�to�notabledemand�for�these�candidates.

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Robert�Walters�Global�Salary�Survey�2012 390

ROLE PERMANENT�SALARY�PER�ANNUM�$SGD3�-�6�YRS'�EXP 6�-�12�YRS'�EXP 12+�YRS'�EXP

2011 2012 2011 2012 2011 2012

Commerce�&�IndustryHR�Generalist/Business�Partner $55�-�110k $60�-�110k $110�-�180k $110�-�180k $180�-�400k+ $180�-�400k+Compensation�&�BenefitsSpecialist

$55�-�110k $55�-�110k $110�-�180k $110�-�200k $180�-�350k+ $200�-�350k+

Organisational�DevelopmentSpecialist

$55�-�90k $55�-�90k $90�-�250k $90�-�250k $250�-�320k+ $250�-�320k+

Training�&�DevelopmentSpecialist

$55�-�90k $55�-�90k $90�-�165k $90�-�165k $165�-�250k+ $165�-�250k+

Recruitment�Specialist $50�-�75k $50�-�80k $75�-�120k $80�-�125k $120�-�250k+ $125�-�250k+HRIS�Specialist $45�-�75k $45�-�75k $75�-�120k $75�-�120k $120�-�170k+ $120�-�170k+Mobility�Specialist $40�-�60k $40�-�60k $60�-�95k $60�-�95k $95�-�145k+ $95�-�145k+Payroll�Specialist $35�-�50k $40�-�60k $50�-�80k $60�-�90k $80�-�110k+ $90�-�120k+

Banking�&�Financial�ServicesHR�Generalist/Business�Partner $55�-�115k $60�-�120k $115�-�185k $120�-�200k $185�-�400k+ $200�-�400k+Compensation�&�BenefitsSpecialist

$60�-�125k $60�-�125k $125�-�215k $125�-�215k $215�-�350k+ $215�-�350k+

Organisational�DevelopmentSpecialist

$55�-�90k $60�-�100k $90�-�250k $100�-�250k $250�-�320k+ $250�-�320k+

Training�&�DevelopmentSpecialist

$55�-�90k $60�-�100k $90�-�170k $100�-�180k $170�-�250k+ $180�-�250k+

Recruitment�Specialist $55�-�85k $60�-�85k $85�-�140k $85�-�140k $140�-�275k+ $140�-�275k+HRIS�Specialist $50�-�75k $60�-�80k $75�-�160k $80�-�160k $160�-�200k+ $160�-�200k+Mobility�Specialist $40�-�70k $45�-�75k $70�-�120k $75�-�120k $120�-�190k+ $120�-�190k+Payroll�Specialist $35�-�50k $40�-�60k $50�-�80k $60�-�100k $80�-�100k+ $100�-�130k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.Figures�will�vary�depending�on�whether�the�incumbent�is�holding�a�regional/global�role.

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Robert�Walters�Global�Salary�Survey�2012391

ROLE CONTRACT�SALARY�PER�ANNUM�$SGD3�-�6�YRS'�EXP 6�-�12�YRS'�EXP 12+�YRS'�EXP

2011 2012 2011 2012 2011 2012

Commerce�&�IndustryHR�Generalist/Business�Partner $40�-�110k $45�-�110k $110�-�180k $110�-�180k $180�-�300k+ $180�-�300k+Compensation�&�BenefitsSpecialist

$55�-�110k $60�-�110k $110�-�180k $110�-�180k $180�-�280k+ $180�-�280k+

Organisational�DevelopmentSpecialist

$55�-�90k $55�-�100k $90�-�250k $100�-�250k $250�-�320k+ $250�-�320k+

Training�&�DevelopmentSpecialist

$45�-�90k $50�-�90k $90�-�165k $90�-�165k $130�-�180k $165�-�180k+

Recruitment�Specialist $45�-�75k $50�-�75k $75�-�120k $75�-�120k $120�-�250k $120�-�250k+HRIS�Specialist $45�-�85k $45�-�90k $85�-�120k $90�-�120k $120�-�170k $120�-�170k+Mobility�Specialist $40�-�65k $45�-�65k $65�-�95k $65�-�95k $95�-�145k $95�-�145k+Payroll�Specialist $35�-�55k $35�-�60k $55�-�90k $60�-�90k $90�-�110k $90�-�120k+

Banking�&�Financial�ServicesHR�Generalist/Business�Partner $55�-�115k $55�-�115k $115�-�185k $115�-�185k $185�-�300k+ $185�-�300k+Compensation�&�BenefitsSpecialist

$60�-�125k $60�-�125k $125�-�215k $125�-�215k $215�-�280k+ $215�-�280k+

Organisational�DevelopmentSpecialist

$55�-�90k $55�-�100k $90�-�250k $100�-�250k $250�-�320k $250�-�320k+

Training�&�DevelopmentSpecialist

$55�-�90k $50�-�90k $90�-�170k $90�-�165k $170�-�250k $165�-�180k+

Recruitment�Specialist $55�-�85k $60�-�85k $85�-�140k $85�-�140k $140�-�275k $140�-�250k+HRIS�Specialist $55�-�85k $45�-�90k $85�-�160k $90�-�120k $160�-�200k $120�-�170k+Mobility�Specialist $40�-�70k $45�-�65k $70�-�120k $65�-�120k $120�-�140k+ $120�-�140k+Payroll�Specialist $35�-�55k $35�-�60k $55�-�80k $60�-�90k $80�-�110k $90�-�130k+

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012 392

Our�information�technology�division�recruitsmid�to�senior�level�IT�and�telecommunicationsprofessionals�across�permanent�and�contractassignments�in�the�financial�services,�FMCG,healthcare,�manufacturing,�vendor,�retail�andtelecommunications�sectors.

Market�OverviewCommerce�&�IndustryWe�saw�reduced�hiring�levels�at�the�start�of�theyear�as�many�businesses�had�'over-recruited'in�2010.�However,�employers�graduallybecame�more�active�from�the�second�quarteronwards�as�they�hired�candidates�to�fill�criticalpositions.�We�saw�a�slight�slowdown�inquarter�four�-�typical�for�this�time�of�year�-�asfirms�scrutinised�budget�approvals.

Pharmaceutical,�energy,�oil�and�gas�andelectronics�companies�hired�IT�professionalsparticularly�actively,�with�professionals�at�themiddle�management�level�most�in�demand.Businesses�sought�project�managers�withinfrastructure�skills�in�storage,�systemsengineering�and�gaming�developmentexperience�throughout�the�year.

Financial�ServicesRecruitment�levels�were�relatively�low�at�thebeginning�of�the�year�as�many�banks�andfinancial�institutions�had�hired�actively�in2010.�However,�we�saw�an�influx�of�rolesin�the�second�quarter�after�hiring�budgetswere�approved�before�job�levels�stabilisedin�the�second�half�of�2011.�March�and�Aprilwere�particularly�strong�hiring�months�asboth�Asian�and�foreign�banks�underwentstructural�rollouts�and�required�upgrades�fordevelopment�projects.

We�saw�significant�demand�for�projectmanagers�to�take�on�software�developmentprojects,�particularly�for�banks�that�wereestablishing�or�improving�their�mobile�andInternet�banking�platforms.�Infrastructuresupport�experts�were�also�in�demand�as

numerous�financial�institutions�performed�datacentre�and�office�moves�throughout�the�year.

Technology�Vendors,�Consulting�&TelecommunicationsRecruitment�activity�was�buoyant�in�the�firsthalf�of�2011�and�organisations�across�theseindustries�hired�strongly.�There�was�a�markedslowdown�in�the�second�half�of�the�year�asorganisations�became�more�cautious�due�toincreased�market�instability.

Vendor�organisations�recruited�for�pre-sales,programme�management,�Java�development,exchange�(messaging),�cloud�computing�andvirtualisation�purposes,�while�security�and�datastorage�was�a�skill�set�sought�by�both�vendorand�user�organisations.�Across�this�space,we�observed�active�recruitment�for�projectmanagement,�service�delivery,�infrastructuremanagement,�data�centre�migration�andmanagement�and�software�developmentspecialists.�In�addition,�technical�architects,�ITmanagers�and�solutions�architects�were�also�indemand�throughout�the�year.

Contract�-�IT�Banking�&�CommerceThe�beginning�of�the�year�saw�slowrecruitment�activity�after�many�firms�had�hiredaggressively�in�2010.�Although�contract�hiringlevels�increased�in�the�second�quarter,�theyremained�relatively�moderate�as�employersstill�actively�recruited�permanent�candidatesin�quarters�two�and�three.�However,�contracthiring�picked�up�again�in�the�last�quarter�ascompanies�cut�back�on�permanent�hires�asthey�sought�to�manage�costs.

Project�specialists�were�in�demand�throughoutthe�year,�while�analysts�with�C#�.net,�Java,Oracle�PL/SQL�and�web�development�andsupport�skills�were�highly�sought-after.

Competition�for�the�best�contract�talentwas�intense,�which�led�employers�to�paya�premium�for�the�top�candidates.�As�aresult,�professionals�typically�received�salary

increases�of�20-25%�with�each�new�contract.In�addition�to�a�rate�increase,�broader�projector�industry�exposure�were�key�motivations�forcontractors�seeking�new�roles.

Outlook�for�2012With�the�outlook�for�Asia�remaining�positive�for2012�compared�to�Europe�and�North�America,we�expect�IT�hiring�levels�to�remain�relativelystrong.�Candidates�with�prior�experiencemanaging�large-scale�projects�(eitherdevelopment�or�infrastructure�focused)�will�bein�high�demand�as�firms�look�to�implementsignificant�transformation�programmes,�suchas�central�data�moves.�Project�developers,project�managers,�solutions�architects�andtechnical�architects�will�therefore�remainsought-after.

We�anticipate�that�certain�issues,�such�as�datasecurity�and�storage,�virtualisation�and�cloudcomputing,�will�continue�to�be�key�concernsfor�employers�and�there�will�also�be�activehiring�in�these�areas.

Candidates�are�likely�to�receive�average�salaryrises�of�around�15%�when�moving�jobs�asorganisations�compete�to�attract�the�topcandidates.�Talent�retention�will�be�a�keychallenge�and�companies�will�need�to�beinnovative�in�their�compensation�and�benefitsprogrammes�in�order�to�secure�their�preferredcandidates.

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Robert�Walters�Global�Salary�Survey�2012393

ROLEPERMANENTSALARY�PER�ANNUM�$SGD

CONTRACTRATE�PER�DAY�$SGD

2011 2012 2011 2012

Chief�Information�Officer/Chief�Technology�Officer $320�-�400k+ $320�-�400k+Programme�Manager $170�-�230k $180�-�240k $1100�-�1500 $1100�-�1500Director�-�IT $140�-�240k $140�-�250k $900�-�1400 $900�-�1400Director�-�Service�Delivery $130�-�230k $150�-�250k $750�-�1300 $750�-�1300Director�-�IT�Risk�&�Compliance $160�-�230k $170�-�250k $700�-�1100 $700�-�1100Manager�-�IT $90�-�140k $100�-�140k $800�-�1100 $800�-�1100Manager�-�Development $90�-�130k $90�-�140k $750�-�1100 $750�-�1100Manager�-�Application�Support $80�-�130k $90�-�130k $900�-�1100 $900�-�1100Manager�-�Testing/QA $80�-�130k $90�-�130k $500�-�750 $500�-�750Manager�-�MIS $80�-�130k $90�-�130k $600�-�800 $600�-�800Manager�-�IT�Risk�&�Compliance $100�-�150k $100�-�150k $500�-�700 $500�-�700Manager�-�Infrastructure�Services $90�-�130k $90�-�140k $700�-�1100 $700�-�1100Manager�-�Data�Centre $100�-�170k $100�-�180k $600�-�900 $600�-�900Manager�-�Help�Desk $80�-�110k $80�-�120k $450�-�700 $450�-�700Manager�-�Service�Delivery $90�-�120k $100�-�130k $600�-�750 $600�-�750Senior�Solutions�Manager�-�IT&T�(10+�yrs'�exp) $150�-�230k $150�-�240kTechnical�Sales�Manager�(8+�yrs'�exp) $150�-�250k $150�-�250kSoftware�Architect�(10+�yrs’�exp) $150�-�250k $150�-�250k $700�-�1000 $700�-�1000Solution�Architect $100�-�150k $110�-�150k $550�-�900 $550�-�900Project�Manager�(5+�yrs’�exp) $90�-�130k $90�-�140k $600�-�1100 $600�-�1100Project�Manager�(3�-�5�yrs’�exp) $60�-�100k $60�-�110k $400�-�500 $400�-�500ERP�Project�Manager�(7+�yrs’�exp) $120�-�150k $120�-�160k $800�-�1300 $800�-�1300ERP�Consultant�Functional�(5�-�8�yrs’�exp) $80�-�110k $80�-�115k $500�-�900 $500�-�1000Senior�Consultant�(8+�yrs’�exp) $100�-�150k $110�-�150k $550�-�850 $550�-�850Consultant�(3�-�5�yrs’�exp) $60�-�90k $60�-�90k $300�-�550 $300�-�550Pre-Sales�Consultant�(8+�yrs’�exp) $120�-�170k $120�-�180kPre-Sales�Consultant�(5�-�8�yrs'�exp) $80�-�120k $80�-�120kInfrastructure�Security�Specialist $100�-�180k $100�-�180k $450�-�700 $500�-�800EAI�Middleware�Specialist $80�-�130k $90�-�130k $350�-�600 $350�-�600Business�Analyst�(5+�yrs’�exp) $100�-�130k $100�-�140k $350�-�600 $350�-�600Business�Analyst�(3�-�5�yrs’�exp) $70�-�100k $70�-�110k $300�-�400 $300�-�400Systems�Analyst�(5+�yrs’�exp) $80�-�90k $80�-�100k $300�-�400 $300�-�400

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contributions.

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Robert�Walters�Global�Salary�Survey�2012 394

ROLEPERMANENTSALARY�PER�ANNUM�$SGD

CONTRACTRATE�PER�DAY�$SGD

2011 2012 2011 2012

Application�Support�Analyst�(5+�yrs’�exp) $80�-�100k $80�-�110k $350�-�500 $350�-�500Application�Support�Analyst�(3�-�5�yrs’�exp) $60�-�90k $60�-�90k $250�-�350 $250�-�375Software�Engineer�-�Java,�.NET,�C++�(5+�yrs’�exp) $70�-�90k $80�-�90k $300�-�400 $300�-�500Software�Engineer�-�Java,�.NET,�C++�(3�-�5�yrs’�exp) $50�-�70k $50�-�70k $200�-�300 $200�-�300Mainframe�Analyst�Programmer�(6+�yrs’�exp) $80�-�120k $90�-�120k $200�-�225 $200�-�225Mainframe�Analyst�Programmer�(3+�yrs’�exp) $50�-�80k $50�-�80k $175�-�200 $175�-�200Tester�(5+�yrs’�exp) $60�-�90k $70�-�90k $275�-�400 $275�-�400Systems�Administrator�(5�-�8�yrs’�exp) $60�-�90k $70�-�90k $275�-�425 $275�-�450Systems�Administrator�(3�-�5�yrs’�exp) $40�-�60k $40�-�60k $225�-�300 $225�-�300Database�Administrator�(5�-�8�yrs’�exp) $100�-�130k $100�-�140k $325�-�425 $325�-�450Database�Administrator�(3�-�5�yrs’�exp) $60�-�90k $60�-�90k $200�-�300 $200�-�300Network�Support�Analyst�(5+�yrs’�exp) $60�-�90k $60�-�90k $300�-�450 $300�-�450Capacity�Planning�Engineer�(3�-�5�yrs’�exp) $50�-�90k $50�-�90kHelp�Desk/Desktop�Support�(5+�yrs’�exp) $40�-�60k $40�-�70k $200�-�275 $200�-�275

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012395

Our�legal�team�in�Singapore�handlescontingent�and�retained�assignments�acrossprivate�practice,�in-house�and�financialservices.�Our�talent�network�includes�bothlocally�and�internationally�qualified�lawyers�withspecialisations�across�a�variety�of�industries.

Market�OverviewThere�was�constant�demand�for�legalprofessionals�throughout�2011,�even�thoughwe�witnessed�a�reduction�in�the�pace�of�hiringcompared�to�2010.�While�hiring�occurredmostly�on�a�replacement�basis,�some�privatepractice�firms�and�corporate�in-house�teamswere�looking�to�expand�-�which�led�to�anumber�of�newly-created�roles.�Globaleconomic�uncertainty�in�the�second�half�of�theyear�led�employers�to�become�increasinglycautious�when�hiring.�Candidates�also�becamemore�wary�when�moving�jobs.

Salary�levels�increased�across�all�levels�for�alljob�functions�in�the�legal�sector.�Candidatesmoving�roles�received�rises�of�15%�as�firmscompeted�for�the�best�talent.

Financial�ServicesWe�saw�consistent�demand�for�ISDA-certifiedlawyers�and�legal�professionals�with�wealthmanagement�experience.�Regulatory�lawyerscontinued�to�be�sought-after�throughout�theyear,�driven�by�increasing�regulatory�pressurefrom�financial�services�authorities�and�centralbanks.

For�all�roles,�financial�institutions�valuedlawyers�with�strong�technical�knowledge�andprior�experience�dealing�with�both�Singaporeand�regional�legal�regulations.

Private�PracticeAs�market�sentiment�improved�in�the�firsthalf�of�2011,�we�saw�healthy�demand�forlawyers�with�capital�market,�project�financeand�regulatory�experience.

Law�firms�were�also�keen�to�hire�legalprofessionals�with�strong�financial�servicesexperience�as�they�expanded�their�businessesin�the�sector.�Strong�Asian�languagecompetency�remained�a�key�preferenceamong�recruiting�firms.

Corporate�In-houseDemand�for�corporate�in-house�lawyersremained�constant,�with�businesses�seekingstrong�corporate�commercial�experience�forthese�roles.�With�Singapore�being�the�regionalhub�for�several�multinational�companies,in-house�counsels�were�highly�sought-afterby�these�organisations�to�provide�legal�adviceacross�the�region.�Qualified�lawyers�were�alsorecruited�throughout�the�year�in�the�IT,�retailand�hospitality�sectors.

Outlook�for�2012We�expect�employers�to�adopt�a�consideredapproach�to�hiring,�especially�within�privatepractice�due�to�an�uncertain�economic�outlookand�increasing�pressures�on�margins.�Forin-house�roles,�recruitment�activity�is�likely�toremain�constant,�with�most�demand�the�resultof�replacement�hiring.

Due�to�rising�revenue�pressures�facing�privatepractice�firms,�we�expect�an�increase�inlawyers�moving�from�private�practice�tocorporate�in-house�roles.�We�also�expect�legalprofessionals�to�consider�relocating�to�growthmarkets�in�North�Asia.

Regulatory�and�ISDA-certified�lawyers�willcontinue�to�be�sought-after�as�firms�reactto�the�changing�regulatory�landscape.�Forcorporate�in-house�roles,�businesses�arelikely�to�continue�requiring�lawyers�with�strongcorporate�commercial�experience.

With�a�finite�pool�of�legal�candidatespossessing�the�required�experience�andeducational�qualifications,�staff�retentionwill�continue�to�be�a�key�challenge.�Wetherefore�expect�employers�to�offer�more

varied�responsibilities�where�appropriate.�Forexample,�in-house�counsels�may�be�given�anopportunity�to�take�on�more�commercial�tasksto�gain�increased�business�exposure.

Salary�levels�are�likely�to�rise�across�the�boardand�ISDA-certified�lawyers�with�at�least�threeyears'�experience�and�above�could�potentiallysee�the�highest�raises.�Lawyers�are�likely�tomove�for�a�combination�of�factors,�such�asimproved�job�exposure�or�the�opportunityto�move�into�a�new�industry.�Firms�will�needto�be�aware�of�this�when�recruiting.�Weexpect�private�practice�candidates�who�areseeking�improved�work-life�balance�or�awider�spectrum�of�commercial�experience�tocontinue�exploring�opportunities�to�move�intocorporate�in-house�roles.

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Robert�Walters�Global�Salary�Survey�2012 396

ROLE PERMANENT�SALARY�PER�ANNUM�$SGDANALYST/ASSOCIATE MANAGER/AVP VICE�PRESIDENT/DIRECTOR

2011 2012 2011 2012 2011 2012

Financial�ServicesInvestment�Banking/Derivatives $60�-�120k $60�-�120k $100�-�180k $120�-�180k $180�-�450k $180�-�450kInvestment/Wealth�Management $60�-�120k $60�-�120k $100�-�170k $120�-�170k $170�-�350k $170�-�350k

Commerce�&�Private�PracticeIntellectual�Property�&Technology

$60�-�110k $60�-�110k $110�-�160k $110�-�200k $160�-�350k $160�-�350k

Corporate�&�Commercial $60�-�110k $60�-�110k $110�-�200k $110�-�200k $160�-�350k $160�-�350kLitigation�&�Dispute�Resolution $60�-�110k $60�-�110k $110�-�200k $110�-�200k $160�-�350k $160�-�350kFinancial�Services $60�-�110k $60�-�110k $110�-�180k $110�-�180k $140�-�300k $140�-�300kCorporate�Real�Estate $60�-�100k $60�-�100k $100�-�200k $100�-�200k $140�-�350k $140�-�350k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012397

Our�consumer�sales�&�marketing�divisionspecialises�in�the�permanent�and�contractrecruitment�of�mid�to�senior�level�professionalsacross�all�disciplines�within�financial�andprofessional�services,�FMCG,�consumerelectronics,�pharmaceuticals�and�healthcare,media,�retail,�hospitality,�leisure�and�travel.

Market�OverviewFinancial�ServicesHiring�volumes�were�strong�during�the�first�halfof�the�year,�although�not�as�high�as�the�firsthalf�of�2010.�Recruitment�levels�fell�from�thethird�quarter�onwards�as�banks�and�financialinstitutions�became�more�cautious�due�towider�uncertainty�in�the�market,�with�somebanks�implementing�headcount�freezes.

There�was�demand�from�banks�for�marketingprofessionals�who�could�promote�rapid�salesgrowth.�In�particular,�credit�card�marketingprofessionals,�portfolio�managementspecialists,�market�analytics�and�acquisitionskill�sets�were�sought-after.

Organisations�were�open�to�hiring�candidateswithout�banking�experience�who�possessedstrong�marketing�skills�with�a�consumerfocus.�Individuals�with�good�presentation�andcommunication�skills�were�also�sought-after.While�local�hires�were�preferred,�banks�wereequally�open�to�foreign�candidates�with�therelevant�skills�and�experience.

Due�to�the�scarcity�of�marketers�withthe�sought-after�skill�sets�in�the�market,candidates�moving�roles�typically�receivedsalary�increments�of�20-30%.

FMCGRecruitment�demand�remained�constant,although�hiring�processes�were�slightly�slowerthan�2010.�Overall,�we�saw�more�replacementthan�growth-focused�roles.

Businesses�recruited�key�account�managers,trade�marketers�and�regional�marketing

managers�throughout�the�year.�There�was�anemphasis�on�candidates�with�niche�skill�sets,such�as�customer�marketing,�as�companiesfocused�on�securing�individuals�who�couldsupport�broader�business�developmentstrategies.�Employers�preferred�local�hiresdue�to�their�direct�customer�network,�butwere�open�to�marketers�from�other�countries,provided�they�had�experience�working�within�asimilar�market�in�South�East�Asia.

HealthcareThroughout�2011,�recruitment�levels�remainedconsistent�with�those�witnessed�in�2010.This�is�typical�of�the�healthcare�sector,which�is�generally�impacted�less�by�broadermarket�conditions.�Both�medical�devicesand�pharmaceutical�companies�continuedrecruiting�steadily�and�we�saw�strong�demandfor�regional�marketing�candidates�in�thesesectors.�Due�to�their�specialist�knowledge,professionals�moving�jobs�typically�remainedwithin�the�healthcare�industry�and�securedsalary�increments�of�around�20%.

RetailDemand�for�sales�and�marketing�professionalsin�the�retail�industry�remained�consistentdue�to�the�introduction�of�new�internationalbrands�and�shopping�malls.�Many�of�thesebrands�were�managed�directly�from�Singaporeas�opposed�to�through�franchisees�orpartnerships,�generating�a�slight�increasein�sales�and�marketing�positions.�Customerrelationship�management,�online�marketingand�customer�service�were�key�sought-afterskill�sets,�while�retail�operations�professionalswere�also�in�demand.

Outlook�for�2012Within�financial�services,�we�anticipaterelatively�low�volumes�of�recruitment�activityas�employers�remain�cautious.�However,�weexpect�an�increase�in�replacement�hiring�asemployees�look�to�switch�jobs�after�bonuspayouts.�We�particularly�foresee�demand�forcredit�card�marketing,�segment�marketing�and

market�analytics�specialists.�In�an�uncertaineconomic�climate,�however,�candidates�maybe�unwilling�to�move.

Across�the�FMCG�sector,�we�foresee�thatmost�recruitment�will�be�replacement-focusedas�these�companies�also�remain�cautious.�Keyaccount�managers�and�sales�professionalswill,�however,�continue�to�be�in�demand.Candidates�with�strong�regional�marketing�skillsets�will�be�sought-after�by�medical�devicesand�pharmaceutical�organisations.�We�alsoanticipate�continued�buoyant�hiring�activitywithin�the�retail�sector.

Candidates�with�in-demand�skill�sets�canexpect�pay�increments�of�20-30%�due�to�thescarcity�of�talent�in�the�market.

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Robert�Walters�Global�Salary�Survey�2012 398

ROLE PERMANENTSALARY�PER�ANNUM�$SGD

2011 2012

General�Manager/Managing�Director�(6+�yrs’�exp) $200�-�300k+ $200�-�300k+Sales�&�Marketing�Director�(8+�yrs’�exp) $150�-�230k+ $150�-�230k+Marketing�Director�(6+�yrs’�exp) $150�-�220k+ $150�-�220k+Sales�Director�(8+�yrs’�exp) $140�-�220k+ $140�-�240k+Marketing�Research�Director�(6+�yrs’�exp) $120�-�200k+ $120�-�200k+Account�Director�(8+�yrs’�exp) $140�-�200k+ $140�-�200k+Business�Development�Manager�(8+�yrs’�exp) $120�-�200k+ $120�-�200k+Public�Relations�Director�(8+�yrs’�exp) $120�-�180k+ $120�-�180k+Marketing�Communications�Manager�(6+�yrs’�exp) $110�-�180k+ $110�-�180k+Marketing�Research�Manager�(4�-�5�yrs’�exp) $80�-�100k $80�-�100kSales�&�Marketing�Manager�(4�-�7�yrs’�exp) $80�-�120k $80�-�120kMarketing�Manager�(4�-�5�yrs’�exp) $80�-�100k $80�-�100kSales�Manager�(4�-�5�yrs’�exp) $70�-�100k $80 -� 100kPublic�Relations�Manager�(4�-�7�yrs’�exp) $70�-�120k $70�-�120kChannel�Manager�(5�-�8�yrs’�exp) $80�-�120k $90�-�130kBusiness�Development�Manager�(4�-�7�yrs'�exp) $80�-�110k $80�-�110kDirect�Marketing�Manager�(5+�yrs’�exp) $80�-�120k $80�-�120kBrand�Manager�(4+�yrs’�exp) $80�-�100k $80�-�100kProduct�Marketing�Manager�(5�-�8�yrs’�exp) $70�-�120k $70�-�120kMarketing�Communications�Manager�(4�-�5�yrs’�exp) $70�-�100k $70�-�100kVisual�Merchandising�Manager�(4�-�5�yrs’�exp) $80�-�100k $80�-�100kTrade�Marketing�Manager�(4�-�5�yrs’�exp) $70�-�100k $70�-�100kAccount�Manager�(4�-�5�yrs’�exp) $70�-�90k $70�-�90kAssistant�Brand�Manager�(3�-�4�yrs’�exp) $50�-�80k $50�-�80k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012399

Our�sales�&�marketing�(IT&T/industrial)�divisionspecialises�in�the�permanent�recruitmentof�mid�to�senior�level�sales�and�marketingprofessionals�across�the�following�sectors:aerospace,�automotive,�building�andconstruction,�chemical,�electrical,�energy,industrial,�information�technology�andtelecommunications,�manufacturing,�marine,oil�and�gas�and�semiconductor.

Market�OverviewIT�&�TelecommunicationsContinuing�the�trend�seen�at�the�end�of�2010,we�saw�relatively�high�volumes�of�recruitmentat�the�start�of�2011.�Vacancy�levels�fell�in�thesecond�half�of�the�year�as�employers�becamemore�cautious�as�a�result�of�fluctuating�globaleconomic�conditions.�While�most�hiringoccurred�on�a�replacement�basis,�there�werealso�new�marketing�roles�created�in�2011.

Marketing�professionals�with�experience�insolution�marketing�and�integrated�marketingwere�in�demand�as�companies�increasinglymoved�from�product�to�solution-based�selling.

Candidates�were�very�selective�whenconsidering�job�offers,�with�many�lookingbeyond�the�remuneration�package�offeredand�seeking�future�career�developmentopportunities.�Aware�that�the�market�waslargely�candidate-driven,�professionals�stillexpected�salary�increments�of�at�least�20%and�above.�Candidates�who�were�highlysought-after�would�generally�receive�theseincreases�as�companies�were�willing�to�pay�apremium�to�secure�the�best�talent.

While�the�local�talent�pool�remained�adequatefor�the�opportunities�that�existed,�companiesexpressed�greater�willingness�to�considercandidates�from�overseas�due�to�their�uniqueexperiences�and�skill�sets.�This�included�anincreasing�supply�of�more�costly,�but�talented,expatriates�from�Europe�and�the�UnitedStates,�as�well�as�more�affordable�labour�fromIndia�and�the�Philippines.

Industrial/Energy/ChemicalsWe�saw�notable�hiring�activity�acrossthe�logistics,�chemicals,�energy�andtelecommunications�sectors.�Within�the�oiland�gas,�chemicals,�energy�and�industrialindustries,�we�saw�significant�demand�at�themiddle�management�level�but�fewer�seniorvacancies.

Marketing�and�communications�professionalswere�sought-after�at�the�start�of�the�year�ascompanies�experienced�strong�businessgrowth�and�had�sufficient�budgets�for�newpositions.�As�the�market�slowed�in�the�secondhalf�of�2011,�more�organisations�focused�onprofit�generation.�This�consequently�led�to�highdemand�for�sales�professionals�-�in�particularaccount�managers.

In-demand�candidates�in�the�oil�and�gas,chemicals,�energy�and�industrial�industriestypically�received�salary�increases�of�15-20%when�moving�roles�in�the�first�half�of�2011.�Asmarket�sentiment�became�more�cautious�inthe�second�half�of�the�year,�companies�wereless�willing�to�pay�these�salary�increases.�Asa�result,�candidates�had�to�moderate�theirexpectations.

Outlook�for�2012We�expect�hiring�levels�to�remain�consistentat�the�beginning�of�the�year.�However,�activehiring�will�take�place�within�the�logisticsand�construction�equipment�industriesas�government�initiatives�in�these�areasimplemented�during�2011�roll�over�into�2012.

Most�IT�and�telecommunications�companiesachieved�organic�growth�despite�adopting�acautious�hiring�approach�throughout�2011.�Weforesee�similar�trends�in�the�early�part�of�2012before�recruitment�levels�increase�as�the�yearprogresses.

Professionals�with�solution�and�integratedmarketing�experience�are�likely�to�remain�indemand�as�organisations�continue�to�focus

on�solutions�rather�than�product�selling.�Salesprofessionals�with�prior�experience�dealingwith�the�Japanese�market�in�particular�willbe�highly�sought-after�within�the�logisticsand�construction�equipment�industries.Similarly,�business�development�specialistswill�also�continue�to�be�in�high�demand�in�thechemicals,�oil�and�gas�and�industrial�sectors.

We�expect�the�best�candidates�to�receivesalary�increments�of�15-20%�when�movingroles.

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Robert�Walters�Global�Salary�Survey�2012 400

ROLE PERMANENTSALARY�PER�ANNUM�$SGD

2011 2012

General�Manager/Managing�Director�(6+�yrs’�exp) $190�-�300k+ $200�-�300k+Sales�&�Marketing�Director�(8+�yrs’�exp) $150�-�200k+ $150�-�200k+Marketing�Director�(6+�yrs’�exp) $150�-�200k+ $150�-�200k+Sales�Director�(8+�yrs’�exp) $140�-�200k+ $150�-�200k+Marketing�Research�Director�(6+�yrs’�exp) $140�-�200k+ $140�-�200k+Account�Director�(8+�yrs’�exp) $130�-�200k+ $140�-�200k+Business�Development�Manager�(8+�yrs’�exp) $120�-�180k+ $110�-�170k+Public�Relations�Director�(8+�yrs’�exp) $130�-�200k+ $120�-�190k+Marketing�Communications�Manager�(6+�yrs’�exp) $110�-�170k+ $100�-�160k+Call�Centre�Manager�(8+�yrs’�exp) $100�-�120k $100�-�120kMarketing�Research�Manager�(4�-�5�yrs’�exp) $90�-�120k $90�-�120kSales�&�Marketing�Manager�(4�-�7�yrs’�exp) $85�-�120k $90�-�120kMarketing�Manager�(4�-�5�yrs’�exp) $80�-�120k $75�-�120kSales�Manager�(4�-�5�yrs’�exp) $80�-�120k $75�-�120kPublic�Relations�Manager�(4�-�7�yrs’�exp) $80�-�130k $75�-�120kChannel�Manager�(5�-�8�yrs’�exp) $80�-�120k $80�-�120kBusiness�Development�Manager�(4�-�7�yrs'�exp) $80�-�120k $80�-�120kDirect�Marketing�Manager�(5+�yrs’�exp) $80�-�115k $75�-�110kProduct�Marketing�Manager�(5�-�8�yrs’�exp) $70�-�120k $70�-�115kAftersales�Manager�(5�-�8�yrs’�exp) $70�-�120k $70�-�120kMarketing�Communications�Manager�(4�-�5�yrs’�exp) $70�-�115k $70�-�110kAccount�Manager�(4�-�5�yrs’�exp) $70�-�100k $65�-�100kSales�Engineer�(3�-�4�yrs’�exp) $40�-�65k $40�-�60k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012401

Our�secretarial�&�support�division�specialisesin�the�placement�of�secretarial�and�businesssupport�staff�into�the�financial�services�andcommercial�sectors.�The�division�focuseson�permanent�and�contract�recruitment�andcovers�a�broad�range�of�roles�including:

• Bilingual�secretaries• Customer�service�representatives• Data�entry�clerks• Document�controllers• Event�coordinators• Executive�assistants• Investment�banking�secretaries• Legal�secretaries• Office�managers• Personal�assistants/senior�secretaries• Project�coordinators/administrators• Receptionists• Switchboard�operators• Team�secretaries• Trading�floor�secretaries

Market�OverviewBanking�&�Financial�ServicesThe�beginning�of�the�year�was�relatively�quiet,with�restrained�hiring�activity�compared�to�thefirst�half�of�2010.�However,�we�saw�increasedmovement�during�the�second�quarter�afterbonuses�had�been�paid�out.�While�there�wasa�constant�stream�of�replacement�hiring,recruitment�dipped�slightly�in�the�third�quarteras�many�hiring�managers�went�on�vacation.Hiring�levels�then�rose�at�the�end�of�the�thirdquarter�as�employers�made�senior�hires,�whichled�to�a�subsequent�need�for�support�staff,before�falling�towards�year-end�as�candidatespreferred�to�stay�in�their�existing�roles�inanticipation�of�bonuses�and�pay�rises.

Although�most�firms�sought�strong�localcandidates,�firms�were�equally�open�tooverseas�hires.�Support�professionals�withJapanese�and�Korean�language-speakingabilities�were�in�demand,�particularly�byforeign�firms�and�domestic�companies�withbusinesses�in�overseas�markets.�We�also

saw�some�demand�for�candidates�who�werebilingual�in�English�and�Mandarin.�Candidateswith�these�in-demand�skill�sets�typicallyreceived�salary�increments�of�10%�whenmoving�jobs.

CommerceThroughout�the�year,�we�observed�anincrease�in�demand�for�support�staff�acrossall�commerce�sectors�with�an�influx�of�newcompanies�establishing�offices�in�Singapore.Office�managers�and�office�support�staff�weresought-after�to�aid�these�new�setups�and�legalfirms�in�particular�sought�experienced�legalsecretaries�and�office�managers.

There�was�also�increased�demand�forcustomer�service�centre�staff,�with�apreference�for�local�hires�who�had�a�thoroughunderstanding�of�the�Singapore�market.Large�multinational�companies�soughtsenior�personal�assistants�with�internationalexperience,�proficiency�in�Microsoft�Officesoftware�and�excellent�communication�skills.

While�traditionally�professionals�working�inbanking�and�financial�services�would�receivesalaries�5-10%�higher�than�those�in�thecommerce�sectors,�this�was�not�the�case�in2011�as�these�differences�were�evened�out.

Outlook�for�2012We�anticipate�banking�and�financial�servicescompanies�will�remain�cautious�in�2012�andmainly�focus�on�replacement�hiring�throughoutthe�year.

Within�the�commerce�sector,�we�foreseehiring�activity�not�being�as�buoyant�as�atthe�beginning�of�2011.�However,�with�newhiring�budgets�in�place,�we�expect�thepharmaceutical,�oil�and�gas�and�legal�sectorsin�particular�to�be�recruiting�actively.

Similar�to�2011,�employers�will�be�keen�tohire�senior�personal�assistants�who�haveworked�overseas�as�they�possess�sought-afterexperience�of�international�environments,�aswell�as�extensive�visa�knowledge.

We�anticipate�that�general�salary�levels�willcontinue�to�increase�in�2012,�with�notablerises�for�office�managers,�investment�bankingsecretaries�and�trading�floor�secretaries.

Companies�are�continually�looking�at�creativeways�of�retaining�skilled�staff,�with�a�particularfocus�on�working�mothers.�Consequently,�wepredict�an�increase�in�part-time�roles,�shiftwork�and�flexi-time�schemes�to�accommodatethese�professionals.�Commercial�organisationswill�also�increasingly�implement�child�careleave�and�family�days�as�a�retention�measure.

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Robert�Walters�Global�Salary�Survey�2012 402

ROLEPERMANENTSALARY�PER�ANNUM�$SGD

CONTRACTRATE�PER�DAY�$SGD

2011 2012 2011 2012

Office�Manager $66�-�96k $72�-�110k $300�-�450 $300�-�475Senior�Secretary $60�-�78k $66�-�84k $275�-�350 $275�-�375Investment�Banking�Secretary $54�-�66k $66�-�72k $250�-�300 $250�-�325Call�Centre�Manager $45�-�60k $45�-�60k $215�-�300 $215�-�300Personal�Assistant $42�-�66k $48�-�72k $200�-�300 $200�-�325Executive�Assistant $42�-�66k $48�-�72k $200�-�300 $200�-�325Legal�Secretary $48�-�60k $48�-�66k $220�-�275 $220�-�300Confidential�Secretary $48�-�60k $48�-�66k $210�-�275 $210�-�300Project�Coordinator $33�-�46k $36�-�48k $225�-�300 $225�-�325Team�Secretary $30�-�54k $36�-�54k $180�-�250 $180�-�250Trading�Floor�Secretary $42�-�54k $48�-�60k $160�-�250 $160�-�275Administrator $24�-�42k $30�-�42k $150�-�200 $150�-�200Customer�Service�Representative $21�-�30k $24�-�30kReceptionist $21�-�30k $24�-�33k $125�-�150 $125�-�150Data�Entry�Clerk $18�-�22k $18�-�22kSwitchboard�Operator $15�-�18k $18�-�24k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

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Robert�Walters�Global�Salary�Survey�2012403

Our�supply�chain,�procurement�&�logisticsteam�specialises�in�the�placement�ofresult-oriented�supply�chain�and�logisticsmanagement�professionals�within�FMCGand�manufacturing�verticals,�through�toprocurement�and�indirect�spend�specialistswithin�the�commercial�and�banking�sectors,including�third�party�logistics�providers.�Weplace�experienced�candidates�into�variousroles�from�associate�through�to�director�levelsin�the�following�areas:

• Demand�and�supply�planning• Logistics• Materials�management• Operations• Procurement�and�sourcing• Process�improvement• Supply�chain• Trade�and/or�customs�compliance• Transportation

Market�OverviewHiring�levels�were�relatively�moderate�at�thebeginning�of�the�year,�before�increasing�inthe�second�quarter.�This�spike�in�recruitmentactivity�was�due�to�companies�experiencinggrowth�and�needing�to�introduce�more�supplychain�roles�to�aid�their�expansion.�Whilerecruitment�levels�fell�in�the�second�half�ofthe�year�due�to�increased�market�uncertainty,we�continued�to�see�constant�demand�forprofessionals�in�supply�chain,�procurementand�logistics�across�all�industries.

Many�organisations�within�the�FMCG�andpharmaceutical�sectors�sought�regionalsupply�chain�professionals�at�a�senior�level.Companies�also�sought�generalists�for�supplychain�positions,�ideally�those�with�salesand�operations�planning�experience�alongwith�a�solid�logistics�background.�Althoughthis�limited�the�talent�pool,�there�was�still�asufficient�supply�of�local�skilled�professionalsto�meet�the�growing�demand.

Within�the�banking�and�financial�servicessector,�there�was�a�steady�demand�forregional�procurement�specialists�as�candidateschanged�companies�and�replacementswere�sought.�In�the�second�half�of�the�year,several�firms�implemented�headcount�freezesand�additional�approval�processes�as�theyscrutinised�each�hire.

In�general,�most�organisations�focused�onrestructuring�and�maximising�efficiencies.For�example,�we�noticed�an�increasein�IT�and�telecommunications-specificprocurement�vacancies.�These�candidateswere�highly�sought-after�due�to�their�expertisein�helping�companies�trim�and�managecosts.�In�manufacturing,�we�saw�a�rise�inconsultative-type�supply�chain�roles,�such�asinventory�analysts�and�logistics�end-to-enddesign�directors.�However,�professionalsexpressed�concern�over�the�longevity�of�thesetypes�of�'luxury'�roles�as�the�market�becamemore�uncertain.

Candidates�with�in-demand�skill�sets�receivedsalary�increments�of�15%�when�changing�jobsas�firms�sought�to�secure�the�best�talent.

Outlook�for�2012Employers�will�continue�to�adopt�a�cautioushiring�approach�in�2012�as�they�assess�theeconomic�climate�and�most�recruitmentwill�be�on�a�replacement�basis.�Supply�anddemand�planners�will�be�sought-after,�aswill�candidates�with�project�managementand�supply�chain�process�improvementcapabilities.�We�expect�job�seekers�to�becautious�and�selective�when�deciding�whetherto�accept�new�roles.

Salary�levels�are�likely�to�remain�stable�in�2012.However,�trade�compliance�professionals�willreceive�$140�-�200k�in�2012,�compared�to$120�-�180k�in�2011,�due�to�these�candidatesbeing�in�high�demand�and�short�supply.

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Robert�Walters�Global�Salary�Survey�2012 404

ROLE PERMANENTSALARY�PER�ANNUM�$SGD

2011 2012

Head�of�Global�Sourcing $250�-�300k+ $250�-�300k+Head�of�Strategic�Sourcing�(Regional) $220�-�300k $220�-�300kRegional�Procurement�Director�(10+�yrs’�exp) $220�-�300k $220�-�300kSupply�Chain�Director�(10+�yrs’�exp) $175�-�300k+ $200�-�300k+Regional�Logistics�Director�(10+�yrs'�exp) $170�-�300k+ $200�-�300k+Strategic�Sourcing�Manager�(10+�yrs'�exp) $140�-�200k+ $140�-�200k+Category/Commodity�Manager�(7+�yrs’�exp) $90�-�160k+ $90�-�160k+Regional�Logistics�Manager�(6�-�10yrs'�exp) $90�-�140k $90�-�140kOperations�Manager�(5�-�8�yrs’�exp) $90�-�130k $90�-�130kDemand/Supply�Planning�Manager $85�-�120k+ $90�-�120kProject�Manager $80�-�130k $95�-�150kPlanning�Manager�(6+�yrs’�exp) $80�-�115k $95�-�130kSupply�Chain�Manager�(6+�yrs’�exp) $75�-�130k+ $75�-�130k+Regional�Procurement�Manager�(6�-�8�yrs’�exp) $75�-�130k $75�-�130kStrategic�Sourcing�(IT)�Manager�(6�-�8�yrs'�exp) $75�-�130k $75�-�150kStrategic�Sourcing�Manager�(6�-�8�yrs'�exp) $75�-�150kSupply�Chain�Consultant�(5�-�8�yrs'�exp) $65�-�120k $65�-�120kProcurement/Sourcing�Associate�(4�-�6�yrs’�exp) $60�-�75k $60�-�80kSupply/Demand�Planner�(5+�yrs’�exp) $60�-�90k+ $70�-�90k+Category/Commodity�Manager�(3�-�6�yrs’�exp) $50�-�90k $50�-�90kTrade�Compliance $120�-�180k $140�-�200kCustomer�Service�Manager�(5�-�8�yrs'�exp) $60�-�90k $60�-�90kCustomer�Service�Manager�(8+�yrs’�exp) $100�-�120k $110�-�150k

NB:�Figures�are�basic�salaries�and�exclude�employer's�CPF�contribution.

$75�-�150k

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