Highest Paying Job in Malaysia: Latest 2024 Guide for Fresh Graduates and All

The highest-paying jobs in Malaysia are emerging in alignment with the country’s skyrocketing economy. This year, research shows that Malaysia is leading in terms of positive growth in job opportunities compared to the Philippines and Singapore, with an increase reaching 1% month-over-month (MoM) and 7% year-over-year (YoY).

Various job sectors in Malaysia, especially digital economics, will require skilled workers. We provide a guide to look deeply into this not-to-be-missed opportunity. Fresh graduates and all job seekers out there, please stay tuned!

The digital economy is set to emerge as one of the most potentially highest-paying job sectors in Malaysia for several years to come. The study predicts that over 500,000 new digital jobs will be created by 2025. In 2022, Randstad stated that the digital technology industry is expected to contribute 22.6% of Malaysia’s GDP by the same year. 

On the other hand, the abundance of digital jobs has a positive impact on the workplace, with a significant number of tech workers earning double-digit salaries. According to the Total Remuneration Survey 2023, Malaysia's median salary is projected to rise by 5.1% in 2024.

Not only that, but other sectors have also seen the requirement of more workers as their business growth becomes increasingly steady and robust. The retail sector has increased by 63%, the logistics sector has reached 25%, the hospitality and travel sector is up by 133%, and the sales-business development has experienced a YoY increase of 34%.

Job seekers from overseas can also seize this opportunity. Flexible work environments, including hybrid or work-from-home, have become a strategy for companies to attract new talents. Right now, 60% of workers in Malaysia agree that WFH helps them to have a balanced life.

So, as written by The Edge Malaysia, the future of remote working looks bright right now. From the company’s perspective, offering remote work provides them with a broader opportunity to recruit exceptional talent from other countries. 

As mentioned above, acceptance of overseas workers will increase in Malaysia. That’s why job seekers should be aware of the essential skills they need to highlight in order to meet the expectations of the company. One such skill is agility.

These skills make job seekers adaptable, innovative, productive, creative, decisive, and reliable individuals. Having an agile personality can also help candidates to be more engaged in their work, which is what the companies are looking for.

What are 10 promising sectors that will provide the highest-paying jobs in the future?  To learn more about these job prospects, read the detailed explanation below (please note that the annual salary currency is in Ringgit):

1. Chief Risk Officer (Banking and Financial Services Sector)

Annual Salary: RM800,000

Job Responsibilities: The Chief Risk Officer (CRO) is responsible for managing, identifying, evaluating, reporting, and monitoring all internal and external risks. Additionally, the CRO will collaborate and coordinate with the Chief Financial Officer, the Chief Human Resources Officer, the Chief Internal Audit Officer, and the Chief Compliance Officer.

2. Chief Executive Officer (Banking and Financial Services Sector)

Annual Salary: RM720,000

Job Responsibilities: The CEO, as the leader of the company, acts as the key decision-maker, oversees operations, manages important meetings, establishes communication with the board of directors, sets the company’s strategies and evaluates its performance.

3. Chief Technology Officer (Technology Sector)

Annual Salary: RM660,000

Job Responsibilities: The CTO is responsible for overseeing and implementing the technology infrastructures within the company.

4. Managing Director (Fast Moving Consumer Goods Sector)

Annual Salary: RM600,000

Job Responsibilities: The managing director is a representation of the CEO in carrying out daily tasks. The responsibilities lie in leading each work division and ensuring each target is achieved.

5. Head of Legal (Banking and Financial Services Sector)

Annual Salary: RM540,000

Job Responsibilities: The Head of Legal leads a team of lawyers responsible for handling all legal issues faced by the company. They supervise the legality of the company’s actions, including drafting, negotiating, and drawing up various commercial agreements.

6. Head of Regional Sales (Healthcare Sector)

Annual Salary: RM500,000

Job Responsibilities: The Head of Regional Sales is responsible for area sales productivity, evaluating and developing sales performance, and establishing and maintaining excellent business relationships with partners and customers.

7. Chief Procurement Officer (Business Services Sector)

Annual Salary: RM480,000

Job Responsibilities: The CPO is responsible for managing all purchases of supplies, equipment and materials. They also ensure that all goods and services are delivered, manage prompt vendor payments, and establish good relationships with distributors.

8. General Manager Sales (Fast Moving Consumer Goods Sector)

Annual Salary: RM480,000

Job Responsibilities: The Sales General Manager performs market analysis, oversees distribution, pricing, promotional plans, and develops sales strategies. They are required to possess strong presentation, interpersonal, and negotiation skills. Additionally, as a GM, problem-solving skills are essential.

9. Senior Insurance Manager (Finance and Accounting Sector)

Annual Salary: RM390,000

Job Responsibilities: Managing general administration, especially regarding provisions insurance claims. Then they also create mechanisms to provide insurance (both employees and valuable assets), develop insurance plans, monitor insurance-related activities to maximize performance.

10. Head of Marketing (Fast Moving Consumer Goods Sector)

Annual Salary: RM360,000

Job Responsibilities: Develop and implement a marketing strategy that aligns with the company's business goals and targets, manage and optimize the marketing budget, oversee the planning, development, and execution of all marketing programs, monitor industry trends, analyze and track the performance of the marketing department.

These positions require a high level of experience (maybe 5-10 years). Most of the jobs cannot be performed remotely at this time. However, the future is unpredictable, they may change under special circumstances. So, no need to worry!

Fresh graduates are very welcomed in Malaysia. There are at least five job prospects for young job seekers with high salaries and remote working systems. Most of them are digital jobs. Check this out!

1. Cyber Security Engineer

Annual Salary: RM50,000

Job Responsibilities: 

• Analyzing and developing the company’s security system.
• Monitoring the network system periodically to prevent cyber attacks.
• Assessing the effectiveness of the security system.

2. Cyber Security Analyst

Annual Salary: RM42,500

Job Responsibilities: 

• Collaborate with other departments to plan and implement corporate security systems.
• Analyze the level of system security. 
• Monitor the potential risks of cyber-attack.
• Create and disseminate standard operating procedures (SOPs) for the company.

3. Data Analyst

Annual Salary: RM38,000

Job Responsibilities: 

• Develop and maintain the company’s database.
• Extract primary and secondary data using various tools.
• Analyze trends that can significantly impact company or client projects.
• Prepare analytical reports.

4. Junior Software Engineer

Annual Salary: RM36,000

Job Responsibilities: 

• Fulfill user requests for required software.
• Design, build, and test systems or applications based on user specifications.
• Foster collaboration with the developer.
• Manage periodically created applications or software.

5. UX Designer

Annual Salary: RM35,000

Job Responsibilities: 

• Conduct extensive research on the design that will be used in the application
• Create an initial design that includes the layout, information, fonts, pages, and other features needed to support the application's utility. The usually collaborate with UI designer
• Testing of applications created using the A/B method, usability testing, and exploratory research.

Not sure where to start? Cake is here to help you discover your full potential. Let's go through each step together.

1. Understanding the Importance of Education

To secure the highest paying jobs, fresh graduates should be aware of the types of positions for which they are applying based on their educational degrees. There are times when companies set criteria for certain study majors to be able to fill available positions. 

However, several jobs are open to graduates of various majors. In such cases, new graduates must have a qualified portfolio, which may include internships, volunteer activities, or work experience, only then will their submitted resume stand out compared to others.

2. Pursuing Advanced Degrees and Certifications

Continuing to study for a master's degree can also enhance your credibility. Take advantage of this opportunity to build connections by networking with as many people as possible.

Another alternative, consider taking specialized courses or training to refine skills further. It is important to choose reputable and trustworthy institutions for such endeavors.

3. Developing Skill 

There are two types of skills: hard skills which focus more on your ability to master tools and soft skills which show your agility in working. These abilities are the primary criterion used by HR to assess your suitability for recruitment.

Don’t try to limit yourself. YouTube, social media, free courses, and online workshops are the access points you can use to develop these skills. However, it is crucial to ensure that the content you use as a learning guide can be trusted and is supported by credible data.

4. Networking and Seeking Internships 

Why is networking important? The data show that a majority of recruiters discover their top exceptional candidates through referrals. Applicants who have connections are more likely to be hired. 

You can read this article which provides step-by-step guidance on building a strong network easily. Networking is a long-term investment, as these relationships can offer more assistance than just providing referrals.

5. Staying Updated with Industry Changes

The job industry is in constant change every time. As a candidate, it is important to adapt and stay updated with the latest trends. Your ability to adapt can contribute to earning a higher salary than before.

6. Demonstrating Eager to Learn

Eagerness to learn is the main key. Opening yourself up to opinions, input, and suggestions from other people can help to increase your capacity for growth. Stay humble, regardless of your current position.

In 2024, Malaysian companies are increasingly open to offering employees hybrid or remote work options. This also allows them to attract exceptional talent from other countries. So the doors of opportunity are wide open for overseas candidates to earn one of the highest paying jobs in Malaysia. Digital jobs, retail sectors, logistics sectors, hospitality, and travel sectors are predicted to do well. Moreover, the average salary in Malaysia is also expected to increase by 5.1% next year, with digital workers reported receiving double-digit salaries.

Cyber security engineering, cyber security analysis, data analysis, junior software engineering, and UX designing are the hottest fields for fresh graduates. On top of that, education, networking, and adaptability are essential skill sets that candidates should possess in order to increase their earning salary. It is important to develop these skills early on, so as a student, make sure to utilize the facilities and opportunities provided by the campus!

— Originally Written by Erika Rizqi Rachmani —