High paying jobs in IT, banking and finance

Posted on February 18, 2011 11:00 AM

According to a Bank Negara Malaysia (BNM) survey people working in the financial sector are the highest paid, Deputy Finance Minister Datuk Donald Lim reportedly (pix) said this was revealed by an American consultant engaged in a minimum wage study.

“The average income of those in the financial sector is 70% more than other professions including engineers, lawyers, accountants and doctors,” said Lim at the Malaysian Financial Planning Council’s Chinese New Year get-together on 17 February.

If Lim thinks he is in the wrong sector, what about us?

For those of us who are from the baby boomers generation, it might be a wee too late to change our profession now but not too late to pick up new skills like social media networking to enhance what we are doing.

I have not been able to lay my hands on the BNM survey but looking at the Kelly Services Malaysia Employment Outlook and Salary Guide 2010-11, the statistics showed that the maximum monthly salary for those working in the banking and finance sector can reach up to RM20,000 from a minimum range of RM7,000.

That applies to positions such as product development head for Islamic banking and head of Syariah Compliance with a degree or masters qualification and armed with five to 10 years’ experience.

The next highest paid are investment analysts, head credit risk, head merchant and head sales whose salary bracket range from a minimum RM7,000 to a maximum RM15,000 a month.

Those applying for such positions would have at least some five or eight to 10 years experience and equipped with a degree, professional, post graduate diploma or masters qualification.

Interestingly, the Kelly Services Malaysia Employment Outlook and Salary Guide 2010-11, whose data was tabulated during the fourth quarter of 2009 until April 2010, showed that the outlook for the information, communications and technology (ICT) sector to be far more promising in terms of salary expectations.

It listed programme directors, chief technology officers (CTOs) and chief information officers (CIOs) fetching minimum and maximum monthly salaries of between RM15,000 and RM30,000.

Next on the list under the information technology (IT) category are project directors, service delivery directors and sales directors commanding minimum salaries of 10,000 and above to a maximum of RM25,000 a month.

All these job holders, including the CTOs and CIOs, have at least a degree or masters qualification and 12 to 18 years’ experience.

At the bottom most rank under the IT category, a technician with a diploma and one to three years of experience who is employed to assist in maintenance and IT operations starts off with a minimum salary of RM2,000 and a maximum of RM4,000 a month.

Pitted against the banking and finance sector, an audit assistant’s with a diploma or degree is only able to command a minimum salary of RM1,600 and maximum of RM2,500 while a bank teller with Sijil Pelajaran Malaysia or Sijil Tinggi Pelajaran Malaysia is paid a minimum/maximum salary of RM880/RM1,100 a month.

So, what does that tell you? Are you in the right sector?