IT graduates starting pay soar 8% in 2020

We have been writing about how we felt that COVID has accelerated digital adoption and raised the relevance of IT skills:

The proof that these undercurrents are truly happening in our economy is in higher demand for IT expertise, and for this demand driven scarcity to translate into higher wages when met with fairly inelastic supply. This is exactly what we observe today.

Amidst the global pandemic, IT graduates saw a 8% increase in starting salaries

The shortage of IT talent in Singapore is coming more apparent, Channel News Asia recent ran an article highlighting that "hiring intentions are more apparent in industries like information and communications, professional services".

It should be no surprise that IT graduates in 2020 saw an 8% increase in their starting wages. While this price signal will cause more to look to IT as a career, it is likely that incremental demand far outstrips supply.

An IT graduate's median starting salary is approximately 28% higher than other specializations

Perhaps a more interesting statistic is how much more IT graduates make above other degree specializations. IT graduates starting salaries were top of the class back in the 2019 MOE Graduate Employment Survey. This gap has widened from 15% to a staggering 28% this year.

Our take: Stay a step ahead, IT skills are growing in importance in any industry

While it is easy and tempting to conclude that we should all steer our children into the IT career path, we think that the message from the above is much more nuanced. Surely, we need to take into account an individuals strengths, weaknesses and other predispositions in picking a career.

Job requirements are changing as companies digital technologies. It no longer the case where IT skills are only required for IT jobs. As the no-code/low-code platforms gain scale, there is little doubt that more people within an organization will be involved in coding and IT.



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