Singapore pay higher than anywhere else?

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MY stepdad used to live in Singapore, and his corporate apartment cost 5000 USD/month...nothing special either.

Can anyone shed some light on the salary differences? The actual salary is $8,333.33 SGD per month, which, according to Google, converts to just shy of $6,000 USD per month. Why is pay so much higher in SG?

Also, anyone else who received offers from Sg, were you offered similar compensation? I know that it is highly unlikely, but I'm curious whether they bumped up the comp because I sounded hesitant to take the offer over the phone, and more inclined towards my NY offer (compensation was not discussed when they verbally extended the offer).

Perhaps changes in the currency exchange rate?

Yea... I was thinking that was a primary factor behind the differences. As the USD has plunged recently, it's possible that the salary hasn't adjusted for this yet. Cost of living in Singapore (according to reports that I've read) is 14th highest in the world, whereas NY is 15th highest (therefore, I assume that COL is relatively equal). If anyone knows the purchasing power of SGD versus USD, please feel free to share.

Thanks!

I can say that your purchasing power in Singapore will be very high... the 2 killers are - housing - car

alcohol is pretty expensive though if you're going to a club (though I may imagine its the same as NYC)

public transport is really cheap. max c.$2 for a oneway ride on the MRT (subway) starbucks coffee c.$6. local meals $4 fancy meals $30-$40 subway (the sandwich) $8

we're talking SGD above as well. feel free to pm me if you want more info...

$8,333k SGD is more than enough to survive in singapore esp if you don't need to pay for housing

Hmmm.. I wonder what the 6-month SGD-USD forward rate is. Seems like the dollar is declining rapidly... I could actually make bank with this internship. =)

If the SGD appreciates vis-a-vis the USD to a 1-1 ratio... and the contracts are already signed. oh holy moly, imagine that!

"If the SGD appreciates vis-a-vis the USD to a 1-1 ratio."

Not happening anytime soon...Mostly because of the same reason the dollar isn't falling against the Indian Rupee, It will kill the exporters. The comparative advantage of cost will go down the drain if the the dollar falls too much coz americans are the biggest consumers of goods and services.

I agree that it's extremely unlikely. The SGD did appreciate 14 cents to the dollar over the last 4 months though, which is a pretty significant 9% appreciation. Who knows where it will go in the next 6 months. Even if it drops to 1.2SGD/USD, I could make out with an additional $2500USD =).

Nonetheless, I already decided that I'm going to take my NY offer instead.

SG does pay well but most banks take 2 or 3 analysts that's not a lot

I would take Asia especially if it is just the summer, but its personal choice. where are you going in NY b?

Merrill.

Ermen is about right with the prices in Singapore. Salary seems to be high because they haven't adjusted it for exchange rate fluctuations yet (from 1:1.6 to 1:1.3 within the last 6 months). One thing about Singapore though is that I've heard a few friends complain that their deals are relatively small (i.e. leftovers from Hong Kong office) and their work can sometimes appear to be backoffice coverage. Probably not true across the board because when I was on a deal with colleagues from Singapore, my team always had respect for what they were doing.

Why do you think salary for 1st years is 60k USD everywhere? Not at all. In London, you may get 36-38, maybe even 40k GBP as a base salary. This is pretty much more than 60k USD. There are other countries also.

Salary quoted by you is not at all high when considering the living costs in a place like Singapore where the cost is high for apartments/living and dining as it is an upbeat place quite comaprable with Hongkon/Newyork. Not sure about its comparison with London though which i am sure wouldl definitely rip one apart in this salary.

Cost like US$1.5 for fried noodles.

In the US... you pay like $10-12 for decent takeaway.