SMU graduates top salaries across local universities

[7 April 2010]
SMU graduates top salaries across local universities

96.8% employment rate is also highest, a clear sign of SMU graduates weathering last year's economic downturn well.

Singapore, 7 April 2010 (Wednesday) – Despite graduating during one of the worst economic downturns in Singapore in the year 2009, the sixth and largest batch of graduates from the Singapore Management University (SMU) weathered the recession well and achieved 96.8% employment rate 1, performing better than their predecessor batch (95.9%) of 2008. The Graduate Employment Survey 2009, an annual study carried out by SMU, found that 96.8% of graduates, who are economically active, found jobs either before graduation or within six months of graduation.

In addition to high employability, SMU graduates from the Class of 2009 also outperformed graduates from across the local universities in starting salaries 2. Leading the pack, according to the survey, are SMU's information systems management graduates who are highest paid among all graduates from the local universities. They are earning $3,445, up 7.1% from $3,217 in 2008. Those with Cum Laude or better are getting $3,754, up from $3,655 by 2.7%. Last year saw a strong demand for information systems management graduates in the banking and financial sector. Many information systems management graduates, who are trained for professional positions that interface business and information technology, have been successful in securing jobs in this industry with generous remuneration in the range of $4,000 to $5,000 a month.

Similarly, SMU's accountancy graduates are top in salaries, outperforming accountancy graduates from other local universities. Their average salary is $3,073, up 3.8% from $2,961 in 2008. The survey found that more accountancy graduates are being employed in banking and consultancy, explaining the rise in starting salaries. Many have also secured jobs in global banks. Business management graduates of SMU earn $3,048, higher than business graduates from the other local universities when comparing entire cohorts of business graduates, regardless of degree classification, from the Class of 2009. SMU's economics graduates also command high salaries at $3,288. Taken as a whole, average starting salaries of SMU graduates from all degree programmes is at a healthy $3,093. Those who graduated Cum Laude or better are earning $3,424.

Please refer to the Table for the detailed figures.

The top 20% wage earners from SMU, across all degree programmes, bring home an average of $5,052 up slightly (0.7%) from $5,015 in 2008. The survey also found that there are 74 SMU graduates in the pay brackets of $4,000 to $12,000. They are mainly employed as investment analysts or in management consultancy. Among SMU graduates who achieved Cum Laude or better in their degrees, the top 20% wage earners of this group command even higher pay cheques at $5,658.

SMU graduates are hired in a wide spectrum of professions, including banking & financial, accounting, consulting, MNCs, services, public and social sectors, with 52.7% in banking, finance, auditing and accounting. More than a quarter (26.2%) of SMU graduates accepted job offers at the companies in which they did internships during their university days, reflecting the high regard employers have for SMU interns. About 2.6% of graduates have secured jobs abroad in countries such as UK, Switzerland, Japan, Taiwan, Hong Kong, Thailand and Malaysia. More graduates have also chosen the entrepreneurial route with 4.8% self-employed compared to 1.8% in 2008. These are mainly in new start-ups or engaged in family businesses.

Like the year before, eight in ten (80%) graduates continued to secure job offers before graduation or within one month of graduation. In spite of widespread headcount freezes and lay-offs, more than half (58.9%) received multiple (two to seven) job offers.

Out of 866 SMU alumni who graduated between May and September 2009, 712 participated in the survey, gathering a healthy response rate of 82.2%. The 2009 batch of graduates is 5.6% larger than the 2008 batch.

Said Professor Howard Hunter, President, Singapore Management University: “The graduates of 2009 are a resilient bunch. The global economic downturn last year saw headcount freezes, massive layoffs and salary cuts, with the financial sector taking the hardest hit. It was against this gloomy backdrop that our graduates entered the job market. We are glad that many graduates have wised up to market realities and are willing to explore wider options of employment beyond the popular and well-trodden. A good number have opted to brave the less conventional career path such as small and medium enterprises, entrepreneurship and non-profit sector.”

“The holistic SMU education comprising a combination of knowledge acquisition, industry internship, global exposure and character development through community service has given graduates a head start in job hunting. We have also doubled efforts last year in finding job matches for our graduates through intensive activities from employer networking, training in resume writing, job portals to career counseling. These career preparation efforts have paid off well,” Professor Hunter added.

The SMU undergraduate degree programme adopts a curriculum that is broad-based yet focused and an interactive pedagogy incorporating global exposure tailored to producing executives who can thrive in the fast-paced 21st century global economy. All undergraduates are required to complete a minimum 10-week internship with a business organisation and serve 80 hours of community service. In addition, students have to pass a compulsory business etiquette and career preparation course called “The Finishing Touch” which imparts life skills such as dining etiquette, personal grooming, dressing, interview and networking skills. The Office of Career Services, through its start-to-finish approach in preparing students for the workplace, organises a variety of networking events, career talks and company visits, among other career preparation resources.

Explanatory note : Cum Laude and Merit Awards

SMU uses the cumulative Grade Point Average (GPA) criteria to identify degree candidates with academic excellence in the following award categories: Summa Cum Laude, Magna Cum Laude and Cum Laude. These are Latin awards adopted from the American system, and can be translated as with Highest Distinction, with High Distinction and with Distinction, respectively. All Cum Laude awards are highly selective. They do not equate to the various classes of degree honours conferred by universities that follow the British system of academic honours. A graduate needs a GPA of at least 3.40 out of 4.00 to be awarded Cum Laude. All SMU bachelor degrees are four-year full-time programmes.

1 Overall employment includes all types of full-time, part-time/temporary employment as well as self-employment.

2 Starting salaries refer to the mean gross monthly salary of SMU graduates in full-time permanent employment.