Highly competitive sector
Starting salaries for these graduates, which usually feed into the tech industry, often top the graduate employment surveys published by universities.
In the 2023 survey, NUS’ computer science graduates reported a $6,181 median basic monthly salary, way above the $4,313 average for all fresh graduates.
Demand for such graduates has been fuelled by the growth of Singapore’s tech industry, which was in 2022 worth S$106 billion – or 17.3 per cent of Singapore’s nominal gross domestic product.
Big tech firms, including American companies like Amazon, Google, Meta and Microsoft, as well as short-video sharing app TikTok’s parent company, ByteDance and conglomerate Tencent have in recent years made Singapore home.
Also in the mix are hedge funds and other financial institutions, where these students are sought after as ‘quants’, or quantitative traders who execute complex trades using algorithms and other programmes, as well as various regional players and startups.
The route into permanent positions in these firms is often through internships, which can result in “conversions”, or offers of employment, said fourth-year NUS computer science student Vibilan Jayanth, 21.
Mr Vibilan said roles at established tech firms or financial firms such as Jane Street Capital – which has an office in Singapore – are seen as very prestigious and often well-paid.
Hence competition for such internships is fierce, said Mr Vibilan, who sent out 30 applications for internships last summer. His peers too had sent out between 50 and 100 applications.
While the industry has always been competitive, the growing pool of graduates means the situation is even more dog-eat-dog than before, he said. “It feels like even more people fighting for fewer spots.”