Ambition’s latest Malaysia Market Insights H2 2018 report revealed that the demand for high caliber technology talent continues. Other than the tech sector, the report also shared insights on salary and hiring trends for banking and financial services, as well as finance and accounting.
Salary trends for tech industry in Malaysia
The focus on digital will remain high on the priority list and companies will continue to invest in this area, and it expects the demand for the skillsets above to continue. Specifically, the report is seeing demand for iOS/Android developers, cloud engineers, and those with a technical architecture background. In addition, security is on most organisations’ radar, and those who have held leadership roles in infrastructure and security are highly sought after.
“Given this ongoing demand, organisations need to stay close to their best talent to ensure they are engaged as demand outweighs supply, and this is set to remain unchanged,” it said.
In Malaysia, business change industry will see CIO/CTO with 12-15 years of experience earning an annual salary range of RM348k-600k. Meanwhile, IT directors with 10 to over 15 years of experience can expect an annual salary between RM300k-480k.
Meanwhile in application development, the head of engineering with more than 12 years of experience can expect an annual salary of RM300k-600k. On that note, a solutions architect with 10-15+ years of experience can be seen earning RM180K-264K.
As for those in infrastructure, an infrastructure director with 10-15+ years of experience can expect an annual salary range of RM180-360K, while an IT security analyst with 5-8 years of experience can look forward to an annual salary range of RM80k-144k.
Salary trends for tech industry in Singapore
In comparison, while Singapore observed a hiring trend that’s focused on local technology talent, it has become increasingly common to see organisations opening up their talent search internationally to find professionals with expertise in the areas of software engineering, DevOps and AI/machine learning.
The report has seen several multinational (MNC) commerce organisations increasing or maintaining investments in Internet of Things (IoT) and smart city initiatives. In addition, there is an increase in demand for professionals skilled in embedded software solutions.
When it comes to salaries for technology sector in Singapore, a CIO with more than 15 years of experience can expect an annual salary range of SGD$300k-420k. Meanwhile, an IT manager with more than 6 years of experience can be earning an annual salary between $95k-140k.
That said, programme managers with more than 15 years of experience will see an annual salary range of $150k-$300k, while project manager with 10-15 years of experience can enjoy an annual salary range of $100k-$190k. Business analysts with more 6-15 years of experience can expect $70k-140k for annual salary.
Salary and hiring trends for banking and financial services in Malaysia
According to the report, Malaysia has continued to emerge as a regional and global hub for banking processes during the first half of 2018.
Similar to what we have seen in other industries, banks are pushing towards digitalisation to increase market share and also drive cost-saving initiatives through the implementation of robotics and automation.
“This has led to an increase in change management initiatives to drive leaner, more efficient processes across operations and, in turn, an increased demand for those professionals with a proven change/project management, transformation skillset,” it said.
Salary-wise, head of audits with more than 12 years of experience may earn an annual salary of RM216k-300k; whereas the head of compliance with similar amount of experience may see an annual salary of RM216k-RM264k.
Salary and hiring trends for banking and financial services in Singapore
For Singapore H1, hiring for front office functions has been active on the retail banking front, particularly within the prime banking space. It has observed several major banks conducting projects to hire experienced relationship managers. Product specialists such as insurance specialists have also been in demand.
For salaries, the head of audit in Singapore (with over 15 years of experience) may earn an annual income of $280k. Analysts with up to 8 years of experience may earn an annual salary range of $45k-90k.
Salary and hiring trends for finance and accounting sector in Malaysia
The finance and accounting sector in Malaysia saw a strong start in the first quarter of 2018, resulting in the World Bank raising its growth forecast to 5.4% (up from 5% in Oct 2017), and with wages continuing to increase. It predicts
Malaysia could achieve high-income status between 2020 and 2024. This rate of expansion also puts the nation second fastest in Southeast Asia (behind the Philippines) so the positive sentiment we saw in H2 2017 continued into Q1 2018.
Salaries for CFOs in Malaysia with more than 15 years could range from RM420k-660k per year, while a senior management accountant with 5-8 years of experience may earn between RM90k-120k.
Salary and hiring trends for finance and accounting sector in Singapore
Meanwhile in Singapore, the increase in demand for finance professionals that we saw in the second half of 2017 has continued through the first half of 2018. The majority of demand has continued to be in similar areas - namely financial planning and analysis, commercial finance roles and internal audit.
When it comes to salaries, a CFO in Singapore with over 15 years of experience may earn $250k-500k annually. Meanwhile, a senior management accountant (5-8 years of experience) may expect an annual salary range of $80k-$100k.
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Table / Ambition