This year’s Ministry of Manpower’s Labour Force in Singapore Report revealed surprising insights into the nation’s job market trends. A key takeaway is the advantage degree holders continue to enjoy in the labour market, with higher incomes.
The report revealed that the median monthly income of degree holders reached SGD 8,656, about SGD 3,100 higher than the national median of SGD 5,500. This reiterates that pursuing higher education is a tangible investment for diploma holders’ career growth.
Diploma vs Degree in the Job Market
The employment rate of degree holders between the ages of 25 and 64 was 88.8% in 2024, a trend that remained stable for most of the preceding year. That’s not all! The average salary of degree holders rose to $8,656 in 2024 from $8,190 in 2023.
Moreover, degree holders occupy higher-skilled and higher-paying professional, managerial, and executive roles.
However, the employment rate of diploma and professional qualification holders in 2024 was 81.8%. This indicates employers prefer degree holders to diploma or professional certificate holders in Singapore’s evolving job market.
Here’s a sector-wise comparison of median salaries in Singapore:
- Business: With a diploma in business, you will likely earn the median salary of $2,300 monthly. On the contrary, a degree holder in business will earn $3,723 monthly.
- Engineering: A diploma in engineering may make you eligible for a monthly wage of $2,500. Meanwhile, a degree holder in engineering may potentially earn $3,900 monthly.
- Science: If you have a science diploma, you will likely secure a job with a monthly median wage of $2,250. However, a degree holder in science may earn a median salary of $3,600 monthly.
- Accounting: If you hold a diploma in accounting, you will likely secure employment with a monthly remuneration of $4,000. But with a degree, you will likely receive a median salary of $5,900.
Why’s a Degree Essential?
Besides increasing salary potential, a degree can fuel diploma holders’ career growth:
- Better employment opportunities
Undergraduates and graduates usually have access to numerous employment opportunities than diploma holders. The degree can help you make yourself eligible for roles that require specialised expertise and training.
For example, if an employer is looking for an electrical engineer, they may seek candidates who have completed an advanced data analytics and design course. However, a diploma in engineering may not include these courses.
- Job Security
Job security is a sense of assurance that your job is devoid of redundancy. It can occur due to various factors, such as economic disruptions, budget cuts, mergers, or unforeseen circumstances.
For example, a bachelor’s degree in computer science may help you secure a job as a network administrator. Since this role is essential for running the daily operations of an organisation, you may have better job security.
- Career Advancement
Holding a degree demonstrates deep conceptual knowledge and problem-solving ability, signalling to employers that you can handle complex tasks and take on higher responsibilities.
Diploma holders can leverage practical work experience to progress. For example, a diploma in Accounting and Finance provides a strong foundation. Pursuing a bachelor’s degree later combines practical experience with academic knowledge, positioning graduates for senior roles and leadership opportunities.
Continuous Learning: From Diploma to Degree
Employers have finally recognised the value of demonstrated skills along with traditional qualifications. They consider education to be a process of continuous learning.
This is evident from a report released on 10 October– 56% of Singapore workers received job-related upskilling opportunities. While all employees benefited from this shift, degree holders reaped the most as they learnt new skills, which resulted in higher pay and greater autonomy.
That signifies the concept of continuous learning. For diploma holders, it gave them the foundational knowledge. However, pursuing a degree is the next step in a diploma holder’s career growth. It opens the door to leadership and global opportunities.
A Pathway to Career Growth
At LSBF Singapore, diploma graduates can seamlessly progress into bachelor’s degree programmes offered in partnership with globally recognised universities such as the University of Greenwich (UK) and University of East London (UEL). These progression routes are designed to help students:
- Upgrade their qualifications without starting over
- Deepen their industry expertise in areas such as business, accounting, data analytics, or logistics
- Gain international exposure through UK-recognised degrees
- Enhance career mobility across borders and industries
Speak to our education consultant to take the next step toward your career advancement.
FAQs
- How long does it take to complete a degree in Singapore?
Most undergraduate programmes take three to four years. LSBF Singapore Campus offers fast-track programmes that can shorten the duration.
- Can I get a degree in 3 years?
Yes, you can with effort and careful planning. You can choose pathway programmes offered by LSBF Singapore Campus , which cover the fundamentals of your field and are equivalent to the first two years of a UK bachelor’s degree.
- What is the highest-paid degree in Singapore?
The 10 best degrees in Singapore are as follows;
- Communications
- Accountancy
- Engineering
- Business
- Architecture
- Dentistry
- Economics
- Computer Science
- Law
- Medicine
