How to Hire Talent for the Booming Green Finance Sector

Banks, asset managers, insurers and advisory firms in Singapore are building sustainable finance teams faster than the local talent pool can grow. Knowing how to hire talent for the booming green finance sector means more than writing a good job advertisement. Employers also need to understand the work pass rules, the salary benchmarks for financial services and the fair hiring obligations that apply before a foreign candidate can start work.

Who this applies to

This guide is written for employers recruiting into sustainability-linked finance roles in Singapore. Typical examples include:

Banks and wealth managers hiring ESG analysts, sustainable lending specialists or transition finance bankers
Asset managers and family offices building ESG integration, stewardship or impact investing teams
Insurers recruiting climate risk modellers and underwriting specialists
Advisory, rating and verification firms hiring sustainability reporting, assurance and carbon market professionals
HR and talent acquisition teams supporting any of the above, including those planning to hire foreign professionals on an Employment Pass or S Pass

It is also relevant to firms outside the financial sector that are hiring green finance expertise in-house, although the salary benchmarks discussed below differ depending on whether MOM classifies your company as part of the financial services sector.

Key rules and requirements in Singapore

There is no separate work pass or licensing category for green finance roles. The same framework that governs every professional hire applies, so the usual starting point is the Employment of Foreign Manpower Act and the conditions MOM attaches to each work pass.

Employment Pass and the COMPASS framework

Most senior and specialist green finance roles are filled on an Employment Pass (EP). Candidates must meet the EP qualifying salary and then pass the points-based COMPASS framework, scoring at least 40 points across salary, qualifications, diversity and support for local employment, with bonus criteria for skills and strategic economic priorities. Candidates with a fixed monthly salary of SGD 22,500 or more are exempt from COMPASS.

For companies in the financial services sector, the current EP qualifying salary starts at SGD 6,200 a month and rises progressively with age to SGD 11,800 for candidates aged 45 and above. For new applications submitted from 1 January 2027, and for renewals of passes expiring from 1 January 2028, this rises to SGD 6,600, increasing with age to SGD 12,700.

S Pass for mid-level roles

Analyst and associate-level roles may be filled on an S Pass. The financial services qualifying salary currently starts at SGD 3,800 a month (up to SGD 5,650 at age 45 and above), rising to SGD 4,000 for new applications from 1 January 2027. S Pass hiring is also subject to quota and levy, so it is worth checking your headroom before you make an offer.

Fair Consideration Framework

Before applying for an EP or S Pass, employers generally need to advertise the role on MyCareersFuture for at least 14 consecutive days and consider all candidates fairly, in line with the Tripartite Guidelines on Fair Employment Practices. Limited exemptions apply, for example for small firms and very high salaries, so confirm whether yours qualifies before skipping this step.

Ongoing employment obligations

Written key employment terms and itemised payslips under the Employment Act
CPF contributions for Singapore Citizen and Permanent Resident employees under the CPF Act
Medical insurance for S Pass holders, and timely salary payment in line with what was declared to MOM
Proper handling of candidates’ personal data under the PDPA
If you use a recruiter, confirm the agency holds a valid licence under the Employment Agencies Act

Step-by-step process

Define the role precisely. “Sustainability” covers very different skill sets. Separate the need for, say, climate risk modelling from ESG reporting or green bond structuring, and write a job description that reflects the actual work.
Benchmark the salary. Compare market rates for the skill set against the MOM qualifying salary for the candidate’s age and your sector. Plan ahead if the pass will need renewing after the 2027 and 2028 changes take effect.
Search locally first. Advertise on MyCareersFuture, consider mid-career switchers from traditional banking or audit, and look at structured upskilling pathways such as those supported by the Institute of Banking and Finance.
Run a COMPASS self-assessment. Use MOM’s Self-Assessment Tool before extending an offer to a foreign candidate. Check whether the specific occupation appears on the Shortage Occupation List rather than assuming a green job title qualifies.
Prepare and submit the application. Gather the candidate’s passport, educational certificates and verification documents where required, then apply through MOM Work Pass Online.
Onboard and stay compliant. Issue the key employment terms, pay the declared salary, notify MOM of material changes and diarise renewal dates.

Common mistakes to avoid

Inflating a job title. Labelling a generalist role as “Head of Sustainable Finance” to strengthen an application invites scrutiny. The title, duties and salary must be consistent with each other.
Using the wrong salary benchmark. Financial services companies face higher qualifying salaries than other sectors. Using the general figure can lead to a rejection.
Skipping the job advertisement. Applying before the 14-day advertising period has run, or advertising with a narrow nationality preference, can breach fair hiring expectations.
Declaring unverifiable qualifications. Short ESG certificates are useful, but any qualification declared on the application must be authentic and verifiable. False declarations are an offence under the Employment of Foreign Manpower Act.
Forgetting renewal economics. A candidate who passes today may not meet the higher qualifying salary at renewal without a pay adjustment.

Practical examples

Example 1: Asset manager hiring an ESG integration lead

A Singapore fund manager needs a 38-year-old ESG integration lead with seven years of experience in Europe. After advertising on MyCareersFuture and interviewing local applicants, it selects the foreign candidate. The team confirms the offered salary sits comfortably above the financial services EP qualifying salary for her age, runs the COMPASS Self-Assessment Tool to check the points position, and budgets for a pay review ahead of renewal.

Example 2: Bank building a transition finance desk

A regional bank wants four analysts for a new transition finance desk. It fills two roles by upskilling existing credit analysts, recruits one local graduate, and hires one S Pass holder with carbon market experience after checking its S Pass quota and levy position. Mixing local development with targeted foreign hiring also supports the bank’s COMPASS diversity and local employment scores for future EP applications.

Example 3: Advisory firm outside financial services

A sustainability consultancy that is not classified as a financial services company hires a green bond reviewer. Because it falls outside that sector, the general EP qualifying salary applies instead. The firm confirms its sector classification against MOM guidance rather than assuming the higher figure applies simply because the work is finance-related.

How Singapore Employment Agency can help

Singapore Employment Agency supports employers across the full hiring cycle for specialist roles, including green finance. We can assist with COMPASS assessments, Employment Pass and S Pass applications, renewals ahead of the 2027 and 2028 threshold changes, appeals against rejected applications, and HR compliance under the Employment Act and CPF Act. For growing sustainable finance teams, we can also help you plan a hiring mix that balances local development with targeted foreign expertise.

Frequently Asked Questions

Is there a special work pass for green finance professionals?

No. Green finance roles use the standard Employment Pass, S Pass and related passes. Eligibility depends on salary, COMPASS points and the usual MOM criteria, not the sustainability label of the role.

Do green finance roles earn COMPASS bonus points automatically?

Not automatically. The skills bonus applies only where the occupation is on the Shortage Occupation List, and the strategic economic priorities bonus depends on the firm’s participation in qualifying government-supported programmes. Check both against current MOM guidance.

How do I know if my company counts as financial services?

MOM publishes guidance on which companies fall into the financial services sector for work pass purposes, generally linked to the company’s registered business activity. Check this before benchmarking salaries, as it changes the qualifying salary that applies.

Can an existing EP holder move into our green finance team?

An internal move within the same employer does not usually need a new pass, but a material change in job title or salary should be updated with MOM. Hiring an EP holder from another company requires a new application by your company.

Key takeaways

Green finance hiring uses the standard work pass framework under the Employment of Foreign Manpower Act; there is no dedicated green pass.
Financial services companies face higher EP and S Pass qualifying salaries, and these rise again for new applications from 1 January 2027.
Advertise fairly on MyCareersFuture and consider local candidates before applying for a foreign hire.
Use MOM’s Self-Assessment Tool and keep job titles, duties and salaries consistent.
Build renewal costs into your hiring budget from the start.

Requirements may change, so always check the latest guidance from MOM, IRAS or ACRA, or consult a professional adviser.

If you would like to find out more about how Singapore Employment Agency can assist with your work pass and employment compliance requirements, please get in touch with the team at [email protected].

Yours sincerely,
The editorial team at Singapore Employment Agency

Disclaimer: This does not constitute legal advice. If you require legal advice, please contact a lawyer.