Singapore has the reputation of being a global financial hub that offers business-friendly policies, well-established infrastructures and a highly skilled workforce. In addition, it is also one of the wealthiest countries in the world, meaning there may always be a growing demand for financial advisers who can manage individuals’ investments or finances.
One of the more popular roles in the financial services space is perhaps that of a financial adviser because many may perceive it to be a well-remunerated position.
If you’re interested in becoming a financial adviser, here’s a salary guide on how much you can expect to earn.
Different Types Of Financial Advisers
In your financial journey, there may come a point in time where you need to seek professional advice on financial products or require an assessment of your financial needs. Financial advisers are authorised to provide advice on financial products and assist you in your financial activities.
There are various types of financial advisers. The more commonly known type of financial advisers work for an insurance company, where they are sell products under the company. There are also independent financial advisers who, as the name indicates, are not tied to a specific insurance firm and can sell products under different insurance companies. Lastly, banks also provide financial advisory services on investments and other products they have to clients.
To become a qualified financial adviser, you may need to fulfill a minimum level of education requirement such as obtaining a full certificate in GCE ‘A’ Level or equivalent. You may also be required to get relevant accreditations like Capital Markets and Financial Advisory Services (CMFAS) certifications and Certificate in Health Insurance.
Salary Range For Financial Advisers
According to Glassdoor data comprising of 354 salary submissions, financial advisers earn a salary ranging from S$3,000 to S$12,000.
If we look at the Occupational Wage Survey 2023 by Singapore’s Ministry of Manpower (MOM), insurance agents including independent financial planners earned a median basic wage of S$6,000 per month.
Michael Page also released a Singapore Salary Guide in 2025, which states that the average annual base salary of a financial advisor is S$156,000, or S$13,000 per month.
Financial advisers can be remunerated for their services through several ways, which include quoting a service fee, earning commission on products sold to clients or getting a basic wage. Some financial advisers get a basic salary accompanied with additional commission.
As with many jobs, when you’re starting out as financial advisers, you may not earn as high of a salary. For someone just starting out in the industry, you will need to dedicate time to build up a network of prospects as well as clients. This also happens to be the highest attrition phase of the role, as the steep learning curve and relatively modest entry-level pay could lead to some people exiting the industry or pivoting to another sector.
After accumulating experience over the years and building up your skills, you will be able to grow your income. The extent to which you can grow your income depends on the size of your network and how much of a stable client base you’ve managed to build.
That’s because this base may help generate income from plan renewals and investments. As you continue to progress in your career, you may also get the opportunity to work with higher-net worth clients such as company executives, business owners and entrepreneurs.
Becoming Part Of The Million Dollar Round Table (MDRT)
The Million Dollar Round Table (MDRT) is a global association for high-performing life insurance agents or financial advisers.
Being accepted as a member of the Million Dollar Round Table (MDRT) signifies that you have achieved an international standard of excellence in your work in the finance field. Besides, the association also serves as a platform for professionals to tap into educational resources and networking opportunities. Many financial advisers probably started their journey aspiring to be part of the MDRT.
Financial advisers will need to achieve a certain sales volume to qualify for a membership with the MDRT. In an article by another writer, it was observed that one need to make a first-year commission of S$72,400 for 2025 to be a member. There are several tiers to the membership, with higher tiers such as the Court of the Table, requiring professionals to earn S$217,200 in first-year commission for 2025 and Top of the Table where professionals need to earn S$434,400 in first-year commission for 2025.
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