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Introduction
The Centre for Cybersecurity (CFC) has released its Graduate Employment report for 2024, showcasing impressive results for its inaugural batch of graduates — Batches 1, 2, 3, 4, 5, and 6 combined. According to the report, 89% of CFC graduates were employed within twelve months of graduating, marking a promising start for the institution. With a combined total of over 315 graduates and current students as of 1 March 2024, these numbers are not only encouraging for the existing cohort but also indicate a positive trend that is expected to improve year on year.
It is estimated that in 2023, the global cybersecurity workforce gap grew by 13% which means that there are now 4 million cybersecurity professionals needed worldwide. In Singapore alone, there is an estimated shortage of 3,960 cybersecurity professionals, according to (ISC)² in their latest report.
A Closer Look At The Numbers
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As demand evidently outstrips supply, one notable aspect of the report is the 75th percentile gross income figures of CFC graduates. Reflecting on the strong demand in cybersecurity, as evidenced by the rising 75th percentile figures, our Career Kickstart programme effectively equips students to land promising positions upon graduation.
In this report, it's important to note that most of the jobs offered to our students are cybersecurity entry-level roles, which accounts for the reported median gross income figures of $42,000 per annum. This figure is comfortable for many younger mid-career switchers who were earning similar salaries in their previous roles.
Moreover, the cybersecurity industry offers significant potential for increasing earnings over time. This means that while some of our graduates may start at this median income level, they have the opportunity to rapidly advance and increase their earning potential as they gain experience and expertise in the field. This aspect of the cybersecurity industry makes it an attractive option for those looking to grow their careers and increase their earning potential over time.
This median figure often already represents an increase from the previous salaries of our students. Depending on their backgrounds, our graduates can even command salaries greater than the median, as demonstrated by the 75th percentile figures. It's crucial for our graduates to view this figure not as a cap but as the starting point of their cyber career, with potential for significant growth over the course of their professional lives.
Another interesting point to note is that 74% of our students joined CFC without prior IT or cybersecurity backgrounds. This sets CFC apart from most, if not all other, Cybersecurity Vocational Training Centres or Institutions of Higher Learning, which typically require students to have some background in cybersecurity.
In light of these insights, CFC’s Head of Growth Earnest Lim commented, “We encourage people not to focus too much on entry-level role salaries and to think about their lifetime earnings in this career. This is because the potential to increase your pay happens relatively quickly in cybersecurity as one progresses in their abilities and experience.
At CFC, we've seen students who started out in roles like a Level 1 Security Operations Center (SOC) Analyst earning S$3,500. Within 6 months, this same individual was offered a S$5,000 per month role at a Big Four accounting firm.”
Why Did We Use Median Salary?
If you're curious about our use of the median salary:
Mean: The average of salaries
Median: The 50th percentile, indicating the "central" graduate among all.
The median is a more accurate measure because the distribution of salary data is not symmetrical.
Accounting For The 11%
While most CFC graduates secured employment in the industry, it's important to note that not all pursued careers in cybersecurity. Some have opted for different paths. Moreover, the cybersecurity knowledge acquired during our students' time at CFC can add value to their current roles, as shown by our fellow alumni who have benefited from this additional expertise.
It's also crucial to understand that fresh graduates from CFC are often career switchers, not typical recent graduates, seeking to transition into the cybersecurity field. Therefore, the 11% who did not secure cybersecurity employment within twelve months may have various reasons, including their unique career transitions, that need to be considered.
The Future
Looking ahead, the job market outlook for cybersecurity professionals remains positive, with organisations increasingly recognising the importance of cybersecurity in today's digital landscape. According to cybersecurity firm KnowBe4, it is reported that as many as 9 in 10 Singaporean organisations are ramping up their spending in cybersecurity with 87% of respondents expressing their intention to invest in, or allocate funds toward, cybersecurity in 2024.
To learn more about cybersecurity careers and industry insights, explore more real success stories from past CFC students who have transitioned into new roles after completing our Career Kickstart programme.
It's important to remember that this guide is not an exact indicator of the salary you should expect as a fresh graduate in the cybersecurity industry. However, it can serve as a valuable resource in making informed decisions about your studies and career path.
