Singapore Grads Face Job Dip, Higher Pay in 2024

Singapore’s graduate job market in 2024 presented a nuanced picture: while employment rates for fresh graduates declined across the board, those who secured jobs enjoyed higher starting salaries. This trend was particularly stark for private university graduates, where only 46.4% found full-time employment, a significant drop from 58.7% in 2023. In contrast, autonomous university graduates maintained stronger employment rates at 87.1%, though this too was a slight decrease from 89.6% in 2023. Despite these challenges, median gross monthly salaries rose, with private university graduates earning $3,500 compared to $3,400 in 2023, and autonomous university graduates reaching $4,500. This paradox of fewer jobs but higher pay underscores the competitive nature of Singapore’s job market, where economic uncertainties and shifting industry demands are reshaping opportunities for new entrants. As the economy normalizes post-pandemic and global factors like geopolitical tensions and technological disruptions continue to influence hiring, graduates face a landscape that rewards adaptability and specialized skills.

The 2024 Graduate Employment Survey revealed a concerning decline in employment outcomes for private university graduates in Singapore. Only 74.8% of these graduates secured jobs within six months of graduation, down from 83.2% in the previous cohort. More alarmingly, the proportion finding full-time employment dropped to 46.4%, a stark decrease from 58.7% in 2023. This shift reflects broader economic challenges, including slowing growth and reduced hiring demand as businesses adopt more cautious recruitment strategies. The increase in part-time and temporary roles—rising to 24.2% from 18.9%—indicates that while some graduates are entering the workforce, the stability and quality of these positions may not align with their expectations or qualifications. Freelance work, however, saw a slight decline to 4.2% from 5.7%, suggesting that fewer graduates are opting for or finding opportunities in this category.

In contrast to private university graduates, those from autonomous universities like NUS, NTU, and SMU continued to enjoy relatively strong employment outcomes in 2024. Overall, 87.1% of autonomous university graduates were employed within six months of graduation, though this was a slight decrease from 89.6% in 2023. NUS, for instance, reported impressive figures, with certain programs like Dentistry achieving 100% employment and Law graduates at 93.8%. Even in fields like Arts and Social Sciences, where employment rates were slightly lower at 93.5%, graduates still outperformed their private university peers. This resilience can be attributed to the reputation of these institutions, which often have stronger ties to industry, more extensive alumni networks, and curricula designed to meet employer needs. Additionally, autonomous universities frequently offer more opportunities for internships and practical experience, which are critical for securing full-time roles.

Polytechnic graduates also faced a challenging job market in 2024, with fewer securing full-time positions compared to previous years. However, those who did find full-time work reported higher salaries, mirroring the trend seen among university graduates. The overall employment rate for polytechnic graduates remained robust at 87.5%, but the proportion in full-time permanent roles declined, reflecting broader economic caution. Despite this, the median gross monthly salary for these graduates increased, though specific figures were not detailed in the available data. This suggests that while the path to stable employment may be more competitive, the rewards for those who succeed are tangible. Polytechnic graduates, who often enter the workforce with practical, hands-on training, may find themselves well-suited for certain sectors, but the overall job market remains selective, favoring those with niche skills or additional qualifications.

One of the most striking aspects of the 2024 graduate job market is the simultaneous decline in employment rates and increase in starting salaries. Private university graduates saw their median gross monthly salary rise to $3,500 from $3,400, with top earners in Information and Digital Technologies reaching $4,080. Autonomous university graduates experienced even more substantial gains, with NUS Business Administration graduates earning $5,100 and Computing graduates at $6,500. This upward trend in salaries can be attributed to several factors. Firstly, there is a growing demand for skilled professionals in high-growth sectors like technology, healthcare, and finance, where competition for talent drives up wages. Secondly, inflation and the rising cost of living in Singapore necessitate higher starting salaries to attract and retain graduates. Additionally, the scarcity of certain skills—exacerbated by the global talent war—means that employers must offer competitive packages to secure the best candidates.

The job market in 2024 showed significant variation across industries. High-growth sectors like IT, digital economy, health sciences, and biomedical continued to thrive, offering strong hiring demand and attractive salaries. For instance, Information and Digital Technologies graduates from private universities earned the highest median salaries at $4,080, reflecting the premium placed on tech skills. Similarly, NUS Computing graduates commanded top salaries of $6,500, underscoring the value of expertise in this field. These sectors are not only resilient but also expanding, driven by digital transformation and global demand for innovation.

The evolving graduate job market has profound implications for various stakeholders. For students and recent graduates, adaptability and strategic planning are essential. With fewer full-time positions available, graduates must be open to exploring diverse employment options, such as part-time work or freelancing, while continuing to build their skills and networks. Pursuing further education or certifications in high-demand areas can also enhance employability. Parents and families play a supportive role by adjusting expectations and providing emotional and financial support as graduates navigate this challenging landscape.

In a competitive job market, graduates can take proactive steps to enhance their employability. Gaining relevant work experience through internships or volunteer roles is crucial, as it not only builds skills but also demonstrates initiative to potential employers. Developing soft skills—such as communication, teamwork, and adaptability—is equally important, as employers increasingly value candidates who can navigate complex workplace dynamics. Networking is another key strategy; building relationships with professionals in their field can open doors to opportunities and provide valuable insights into industry trends. Platforms like LinkedIn and industry events are powerful tools for expanding one’s network. Finally, considering further education or specialized certifications can give graduates an edge, particularly in fields where advanced knowledge is required.

To address the challenges faced by graduates, Singapore’s government and educational institutions have implemented various initiatives. SkillsFuture Singapore (SSG) continues to provide funding and support for skills training and development, enabling graduates to upskill or reskill in high-demand areas through programs like the SkillsFuture Level Up initiative. These programs encourage lifelong learning, benefiting not only mid-career professionals but also recent graduates looking to enhance their qualifications. Educational institutions have also stepped up their efforts, with many universities and polytechnics establishing career centers that offer guidance on resume writing, interview preparation, and job search strategies. These centers also facilitate connections with potential employers through career fairs and recruitment drives.

Singapore’s graduate job market in 2024 reflects a complex interplay of challenges and opportunities. While employment rates have declined across the board—most notably for private university graduates—starting salaries have risen, signaling a market that values specialized talent even as it becomes more selective. Autonomous university graduates continue to enjoy stronger outcomes, highlighting the role of institutional prestige and resources in shaping career trajectories. Polytechnic graduates, too, face hurdles but are rewarded with higher pay when they secure full-time roles. Looking ahead, the job market will likely be shaped by technological advancements, global economic shifts, and the ongoing need for skilled workers in high-growth sectors. Graduates who embrace lifelong learning, build diverse skill sets, and stay attuned to industry demands will be best positioned to succeed. For policymakers and educators, the focus must be on fostering an ecosystem that supports all graduates, regardless of their institutional background, in realizing their potential. By addressing disparities and promoting inclusivity, Singapore can ensure that its talent pool remains a key driver of economic growth and innovation.