since you are a Art degree holder, you will probably end up specialising in teaching O or A level art in school, provided they offer. usually not many people have Art or Music degrees. so, you stand a good chance in passing your interview.
the good thing abt teaching Art is that you are essentially the department in school - ie, becos there are at most 1-2 art teachers, you get to set the stuff to teach and how to teach it. so,
slightly less BS from the regular teachers of academic subjects who normally got all sorts of HODs breathing down their necks on how/what/where/when/why they teach the way they teach.... your class size is generally smaller too.
the bad thing is that very very seldom schools devote resources to the teaching of Art. no surprises. so, looking at my own colleagues, they have to spend extra time justifying why the school need to give them resources. also, becos ur class size is smaller, any bad results are immediately known. very easy - 1 failure out of 350 students = 0.3%. 1 fail out of 10 = 10%.
and yes, you will have to take a pay-cut at least for the 1st couple of years during, and immediately after NIE. to expediate MOE matching your last drawn pay (to the best they can), get your company to write a letter of employment, stating the number of years in service and last drawn GROSS pay (before CPF) including all bonuses etc. even if your company want to KPKB, insist they write or else take it up to MOM. if you dun have the letter, you are going to have a hard time getting MOE to give you the salary increment after training at NIE.
end of the day, the level of BS in schools are not that much different from outside world. it's abt give-and-take and closing both eyes. you have to be in it for the students.