Average Business Development Manager Salary in Singapore for 2024

In this article, we will look at the average Business Development Manager salary for 2024 in Singapore and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Singapore dollar. To keep things simple, we are using the SGD currency code instead of the currency symbol $.

How Much Does a Business Development Manager Make in Singapore?

A Business Development Manager working in Singapore will typically earn around 142,300 SGD per year, and this can range from the lowest average salary of about 65,080 SGD to the highest average salary of 228,000 SGD.

Average Annual Salary
142,300 SGD
Average Monthly Salary
11,858 SGD

Lowest Annual Salary
65,080 SGD
Lowest Monthly Salary
5,423 SGD

Highest Annual Salary
228,000 SGD
Highest Monthly Salary
19,000 SGD

These are average salaries for a Business Development Manager in Singapore and include benefits such as housing and transport. It's also possible for a Business Development Manager to earn more or less than the average salaries shown above.

Business Development Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Business Development Manager Salaries in Singapore

So we've looked at the average salaries a Business Development Manager will earn in Singapore. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Business Development Manager can earn between 65,080 SGD and 228,000 SGD on average in Singapore. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Business Development Manager in Singapore is 157,600 SGD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 157,600 SGD, and 50% of the population earn more than 157,600 SGD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Business Development Manager salary in Singapore, 25% of the population are earning less than 100,580 SGD while 75% of the population earn more than 100,580 SGD.

75% of the population earn less than 208,600 SGD, and 25% of the population earn more than 208,600 SGD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Business Development Manager Salary by Experience Level in Singapore

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average business development manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Business Development Manager in Singapore that has less than two years of experience can expect to earn somewhere in the region of 74,380 SGD.
  • 2 - 5 Years Experience. With two to five years of experience the average Business Development Manager salary would increase to 101,900 SGD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Business Development Manager, the average salary would be 150,000 SGD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 181,600 SGD.
  • 15 - 20 Years Experience. A Business Development Manager with 15 to 20 years of experience can earn an average of 197,600 SGD.
  • 20+ Years Experience. For a Business Development Manager with more than 20 years, the expected average salary increases to 214,000 SGD.

Average Salary by Experience Chart

0-2 Years
74,380 SGD
2-5 Years +34%
101,900 SGD
5-10 Years +48%
150,000 SGD
10-15 Years +22%
181,600 SGD
15-20 Years +9%
197,600 SGD
20+ Years +8%
214,000 SGD

Business Development Manager Salary by Education Level in Singapore

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Business Development Manager in Singapore based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Business Development Manager in Singapore with a high school education can earn an average salary of 93,340 SGD.

  • Certificate or Diploma. A Business Development Manager in Singapore with a certificate or diploma education can earn an average salary of 107,860 SGD.

  • Bachelor's Degree. A Business Development Manager in Singapore with a bachelor's degree education can earn an average salary of 159,100 SGD.

  • Master's Degree. A Business Development Manager in Singapore with a master's degree education can earn an average salary of 207,800 SGD.

Average Salary by Education Chart

High School
93,340 SGD
Certificate or Diploma +18%
107,860 SGD
Bachelor's Degree +45%
159,100 SGD
Master's Degree +31%
207,800 SGD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Singapore is around 42,200 to 127,000 SGD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Business Development Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Singapore, a male business development manager will earn an average of 150,000 SGD, while a female business development manager will earn around 138,200 SGD.

This means that a male business development manager earns approximately 9% more than a female business development manager for performing the same job.

Average Salary by Gender Chart in Singapore

Male
150,000 SGD
Female -9%
138,200 SGD

Business Development Manager Average Pay Raise in Singapore

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Business Development Manager in Singapore is around 14% every 14 months.

The national average pay raise across all professions and industries in Singapore is around 9% every 15 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 14 ÷ 14 ) × 12  = 12%

What this means is that a Business Development Manager in Singapore can expect to receive an average pay raise of around 12% every 12 months.

Annual Pay Raise by Industry in Singapore for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Singapore.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Business Development Manager Bonus and Incentive Rates in Singapore

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Business Development Manager is a high bonus based job, with 86% of employees reporting at least one bonus in the last 12 months.

14% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 5% to 9%.

Received Bonus
86%
No Bonus
14%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Singapore earn approximately 5% more than private sector employees in the same role.

Public Sector
103,440 SGD
Private Sector -5%
98,540 SGD

Salaries for Jobs Similar to a Business Development Manager

In the table below, we have salary information for jobs that are similar to a Business Development Manager in Singapore.

Job Title Category Salary
Assistant Business Development Manager Business Planning 128,500 SGD
Assistant Merchandise Planner Business Planning 79,120 SGD
Business Advisor Business Planning 124,400 SGD
Business Analyst Business Planning 123,400 SGD
Business Consultant Business Planning 117,860 SGD
Business Continuity Associate Business Planning 73,020 SGD
Business Developer Business Planning 71,400 SGD
Business Development Analyst Business Planning 91,380 SGD
Business Development Associate Business Planning 63,700 SGD
Business Development Coordinator Business Planning 65,800 SGD
Business Development Director Business Planning 174,000 SGD
Business Development Engineer Business Planning 96,520 SGD
Business Development Executive Business Planning 125,700 SGD
Business Development Specialist Business Planning 117,440 SGD
Business Manager Business Planning 138,800 SGD
Business Operations Specialist Business Planning 113,700 SGD
Business Process Writer Business Planning 70,940 SGD
Business Systems Analyst Business Planning 124,400 SGD
Capacity Planner Business Planning 83,640 SGD
Capacity Planning Supervisor Business Planning 113,220 SGD
Change Communications Analyst Business Planning 106,760 SGD
Change Control Analyst Business Planning 106,980 SGD
Change Impact Analyst Business Planning 108,080 SGD
Contracts Executive Business Planning 117,380 SGD
Corporate Strategy Analyst Business Planning 118,380 SGD
Cost Control Engineer Business Planning 80,180 SGD
Cost Controller Business Planning 87,040 SGD
Cost Estimator Business Planning 77,400 SGD
Data Executive Business Planning 59,940 SGD
Data Manager Business Planning 87,640 SGD
Data Processing Manager Business Planning 110,340 SGD
Development Researcher Business Planning 93,280 SGD
Director of Business Development Business Planning 174,000 SGD
Director of Production Planning Business Planning 151,800 SGD
Due Diligence Analyst Business Planning 125,100 SGD
Estimating Manager Business Planning 128,500 SGD
General Manager Business Planning 150,000 SGD
Incident Handler Business Planning 83,300 SGD
Incident Specialist Business Planning 101,120 SGD
Lean Consultant Business Planning 88,480 SGD
Manager Business Planning 159,500 SGD
Marketing and Business Development Manager Business Planning 138,800 SGD
Materials Planner Business Planning 50,180 SGD
Merchandise Assistant Business Planning 50,020 SGD
Merchandise Controller Business Planning 48,300 SGD
Merchandise Planner Business Planning 51,340 SGD
Operations Analyst Business Planning 108,300 SGD
Operations Manager Business Planning 117,520 SGD
Operations Research Analyst Business Planning 70,600 SGD
Planning and Reporting Manager Business Planning 125,100 SGD
Planning Director Business Planning 152,300 SGD
Project Administrator Business Planning 78,480 SGD
Project Manager Business Planning 119,900 SGD
Project Planner Business Planning 73,120 SGD
Research Assistant Business Planning 64,720 SGD
Research Engineer Business Planning 73,820 SGD
Research Officer Business Planning 61,400 SGD
Risk Management Specialist Business Planning 117,520 SGD
Scholarship Coordinator Business Planning 58,440 SGD
Store Planner Business Planning 59,660 SGD
Strategy Director Business Planning 159,100 SGD
Top Research and Development Executive Business Planning 169,000 SGD

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