As per the annual survey by employer branding firm Universum, on an average, IT graduates expected an annual salary of $53,721. 

The salary expectation of IT grads works out to be about $4,500 per month, 20 percent higher than the expected salary among business and engineering students.

Business/commerce students expect an annual salary of $44,459, and engineering/natural sciences students expect an annual salary of $44,661.

The demand for higher salary among IT grads highlights the scarcity of talent in this sector. As the report says, it echoes the increased demand for a very low supply of technical and digital talent in Singapore. 

Mike Parsons, Managing Director for Asia-Pacific at Universum said: "The demand for digital and IT talent in Singapore continues to increase. Not only does the survey highlight the pressure this is putting on salaries, this trend is pushing employers, especially non-traditional employers of digital talent, to be more strategic and segmented with what they offer and communicate."

The survey also reveals the most preferred sector of graduates and the type of company they want to works in. 

Banking: The most preferred sector

44 percent of business and commerce students chose banking as their most preferred industry this year. Even the rankings of many banks improved from last year, with Credit Suisse (+35), Goldman Sachs (+7), DBS (+4) and JPMorgan (+2), among some of the biggest gainers. 

The rising demand for this sector also correlates with the strong desire among graduates to work for an international organisation as their first job after graduation, the report highlighted.

The report mentioned, "It is interesting to see over 50 percent of students want to start their professional career at an international company."

As per the Top 100 business rankings, seven out of the top 10 companies are international companies.

While the graduates desire to work with these MNCs and expect such high pays, what these companies have to offer will determine the future of the job market. 

Creating necessary amount and quality of opportunities for the talent is also critical. Further, as each company competes for the same talent, in addition to the salaries what other benefits they provide to their employees will also impact graduates decision. 

We are dealing with the millenials and the Gen Zs today, and they look for benefits like flexi hours and work from home options. With work life balance as top priority, they are looking for flexible environment to work in. So, the international organizations who might be in demand still have to work hard in continuously improving their policies and communicating their best practices in a right manner.