Industry guides
Research Analyst Internships in Singapore
Research analyst internships span equity research at banks, economic research at MAS and EDB, and policy research at think tanks like ISEAS and IPS. This guide covers what each track involves, required skills, and salaries of SGD 1,000–3,000/month.
Research Analyst Internships in Singapore
Research analyst internships in Singapore span a wide range of contexts — from equity research at investment banks to macroeconomic research at MAS, policy research at government think tanks, and industry research at consulting firms. The common thread is analytical rigour and communication of complex insights to non-specialist audiences.
Types of Research Analyst Internships
| Track | Where | What You Research |
|---|---|---|
| Equity Research | Investment banks, brokerages | Listed companies, sector outlook |
| Economic Research | MAS, EDB, MTI, academic | Macro trends, monetary policy |
| Policy Research | Think tanks, government agencies | Social, political, economic policy |
| Industry Research | Consulting firms, CBRE, JLL, Mordor | Sector-specific market analysis |
| Credit Research | Banks, rating agencies (Moody's, Fitch) | Corporate and sovereign creditworthiness |
| Quantitative Research | Banks, hedge funds | Statistical model building |
Equity Research
Equity research analysts produce reports covering listed companies for the benefit of institutional investors. At investment banks, there are two types of research roles:
Sell-side Research (at banks and brokerages):
- Write initiation of coverage and update reports on listed companies
- Maintain financial models (income statement, balance sheet, cash flow)
- Recommend Buy / Hold / Sell with a price target
- Coverage sectors in Singapore: Banks (DBS, OCBC, UOB), REITs, developers, telcos, industrial
Buy-side Research (at fund managers, hedge funds):
- Conduct deeper analysis on potential investments
- Less structured reporting; more investment thesis development
- Access to management is more limited than sell-side
Top Equity Research Employers (Singapore)
| Employer | Coverage Focus | Monthly Allowance |
|---|---|---|
| DBS Vickers / DBS Equity Research | Singapore and ASEAN equities | SGD 1,800–2,800 |
| Maybank Securities | Singapore, Malaysia ASEAN equities | SGD 1,500–2,200 |
| UOB Kay Hian | Singapore equities | SGD 1,500–2,200 |
| UBS Research (APAC) | APAC coverage | SGD 2,500–4,000 |
| Goldman Sachs Research | APAC | SGD 3,000–4,500 |
| JP Morgan Research | APAC | SGD 2,500–4,000 |
| Macquarie Research | APAC, Singapore | SGD 2,000–3,000 |
Economic Research
Economic research internships are typically at government agencies, central banks, or academic institutions:
| Employer | Research Focus | Monthly Allowance |
|---|---|---|
| MAS (Economics Department) | Monetary policy, financial stability, macro | SGD 1,500–2,200 |
| EDB (Research) | FDI trends, industry competitiveness | SGD 1,500–2,000 |
| MTI (Economics Division) | GDP forecasting, trade analysis | SGD 1,500–2,000 |
| MOF (Fiscal Policy) | Fiscal multipliers, public spending analysis | SGD 1,500–2,000 |
| NUS Department of Economics | Academic research assistance | SGD 800–1,500 |
Skills for economic research: Econometrics (Stata, R, Python), macroeconomic modelling, regression analysis, time series analysis, data visualisation.
Policy Research — Think Tanks
Singapore has several world-class policy research institutes:
| Institute | Focus | Monthly Allowance |
|---|---|---|
| ISEAS-Yusof Ishak Institute | Southeast Asian politics, economics, society | SGD 1,000–1,500 |
| Institute of Policy Studies (IPS) | Singapore domestic policy | SGD 1,000–1,500 |
| Lee Kuan Yew School (LKYSPP) | Governance, public policy | SGD 1,000–1,500 |
| S. Rajaratnam School of Intl Studies (RSIS) | Security, geopolitics, diplomacy | SGD 1,000–1,500 |
| Singapore Centre for Social Enterprise | Social innovation research | SGD 800–1,200 |
Think tank research internships suit students interested in writing and policy. The pay is lower but the exposure to senior researchers and publication opportunities is distinctive.
Industry Research
Consulting firms and property services companies conduct commercial research:
| Employer | Research Type | Monthly Allowance |
|---|---|---|
| CBRE Research | Real estate market research | SGD 1,200–1,800 |
| JLL Research | Property sector analysis | SGD 1,200–1,800 |
| Mordor Intelligence | Market sizing reports | SGD 1,000–1,500 |
| Deloitte Insights | Business research | SGD 1,400–2,000 |
| McKinsey Global Institute | Strategy research | SGD 3,000–4,500 |
Salary Benchmarks
| Category | Monthly Allowance |
|---|---|
| Tier 1 bank equity research (Goldman, JP Morgan) | SGD 2,500–4,500 |
| Singapore bank equity research (DBS, Maybank) | SGD 1,500–2,800 |
| MAS / EDB economic research | SGD 1,500–2,200 |
| Think tanks (ISEAS, IPS) | SGD 1,000–1,500 |
| Commercial research (CBRE, JLL) | SGD 1,200–1,800 |
Skills Required
| Skill | Relevance |
|---|---|
| Excel (financial modelling) | Essential for equity and credit research |
| Bloomberg / FactSet | Investment research data |
| Stata / R / Python | Economic and quantitative research |
| Academic writing | Think tanks and economic research |
| Financial statement analysis | Equity and credit research |
| Data visualisation | All research types |
Application Tips
- For equity research: Build a sample research report on a Singapore-listed company — even a 3-page note with a financial model is a compelling portfolio piece
- For economic research: A strong econometrics grade and familiarity with Stata or R are evaluated; a research paper or assignment demonstrating these skills helps
- For think tank roles: A writing sample (750–1,000 words on a Southeast Asian policy issue) is sometimes requested; have one prepared
- CFA Level 1: Studying for CFA Level 1 (and passing) while interning in equity research is a recognised signal of commitment to investment analysis
- Bloomberg market concepts certification (BMC) is free for students with Bloomberg access through their university library — complete it before equity research interviews
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