Are you curious about how much accountants make in Singapore? As one of the most important professions in the business world, accountants play a crucial role in managing finances and ensuring that companies stay financially healthy. If you’re considering a career as an accountant, or you’re simply curious about the earning potential of this profession, you’ll be pleased to know that accountants in Singapore are well compensated for their work.
According to recent data, the average salary for an accountant in Singapore is around S$5,000 per month. However, this figure can vary depending on a number of factors, including your level of experience, your qualifications, and the industry you work in. In general, accountants who work for large corporations or financial institutions tend to earn more than those who work for smaller businesses or non-profit organisations. Additionally, accountants with advanced degrees or professional certifications may command higher salaries than those with less education or training.
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Curious about accountant salaries in Singapore? You’ve come to the right place! This dynamic profession offers competitive pay, with average salaries around S$5,000 per month.
But that’s just the tip of the iceberg. Your earning potential can vary significantly depending on your experience, qualifications, and industry. Here’s a quick breakdown:
- Entry-level accountants can expect a base salary of around S$3,600 per month.
- Mid-level accountants with a few years of experience can earn closer to S$51,809 per year.
- Senior accountants with over 10 years of experience can command an average salary of S$120,000 annually.
So, if you’re looking for a financially rewarding career path, accounting in Singapore is definitely worth considering.
Want to learn more? This article dives deeper into factors affecting accountant salaries and explores job market trends and career progression opportunities.
Overview of Accounting in Singapore
Are you interested in pursuing a career in accounting in Singapore? If so, it’s important to have a good understanding of the industry and what you can expect in terms of salary and job opportunities. In this section, we’ll provide an overview of accounting in Singapore.
Accounting is a crucial part of any business, and Singapore is no exception. The country has a thriving economy and is home to many businesses, both large and small. As a result, there is a high demand for accountants in Singapore. Whether you’re interested in working for a multinational corporation or a small family-owned business, there are plenty of opportunities available.
In Singapore, accounting is regulated by the Accounting and Corporate Regulatory Authority (ACRA). This government agency oversees the registration and regulation of accounting firms and professionals in the country. If you’re interested in becoming an accountant in Singapore, you’ll need to meet certain qualifications and obtain the necessary certifications.
There are many different types of accounting firms in Singapore, including Pte. Ltd. and S Pte Ltd. These firms range in size from small boutique firms to large international firms. Depending on your interests and career goals, you may choose to work for a specific type of firm.
In terms of salary, the average salary for an accountant in Singapore is S$51,809 in 2024 PayScale. However, this can vary depending on factors such as your level of experience, the size of the company you work for, and the industry you work in. It’s important to do your research and negotiate your salary to ensure that you’re being paid fairly.
Average Salary of Accountants
If you are considering a career as an accountant in Singapore, you may be wondering about the average salary for this profession. According to Jobstreet, the average salary of an accountant in Singapore is between $4,000 and $5,000 per month.
Entry-Level Accountant Salaries
As an entry-level accountant, you can expect to earn a base salary of around $3,600 per month for a 3-year degree program and around $3,600 to $4,025 per month for a 4-year degree program from the local universities, according to DollarsAndSense. However, your salary may vary depending on your experience, skill level, and employer.
Mid-Level Accountant Salaries
If you have a few years of experience as an accountant, you can expect to earn a higher salary than entry-level accountants. According to PayScale, the average salary for an accountant in Singapore is S$51,809 in 2024. However, your salary may vary depending on your specific job responsibilities, industry, and employer.
Senior Accountant Salaries
As a senior accountant with more than 10 years of experience, you can expect to earn an average salary of around $120,000 per year, according to Glassdoor. However, your salary may vary depending on your specific job responsibilities, industry, and employer.
Factors Influencing Accountant Salaries in Singapore
If you are an accountant in Singapore, you might be wondering what factors affect your salary. Here are some key factors that influence how much you can expect to earn in this field.
Experience and Qualifications
As with many professions, experience and qualifications play a significant role in determining an accountant’s salary. In general, the more experience you have, the higher your salary is likely to be. Additionally, having additional qualifications such as a Certified Public Accountant (CPA) certification can also boost your earning potential.
According to PayScale, the average salary for an accountant in Singapore with less than one year of experience is around SGD 32,000 per year. However, with five years of experience, this can increase to SGD 48,000 per year, and with ten years of experience, it can go up to SGD 72,000 per year.
Industry and Sector Variations
Another factor that can influence an accountant’s salary is the industry or sector in which they work. For example, accountants who work in the finance and insurance sector tend to earn more than those who work in the retail or healthcare sectors.
According to Singapore Business Review, finance managers in the financial services sector can earn up to SGD 1 million per year, while financial accountants in the same sector can earn between SGD 50,000 and SGD 120,000 per year.
Company Size and Reputation
The size and reputation of the company you work for can also impact your salary as an accountant. In general, larger companies tend to offer higher salaries than smaller ones, and companies with a strong reputation in their industry may also pay more.
According to Glassdoor, some of the top companies in Singapore for accountant salaries include PwC, Deloitte, and KPMG. However, it’s worth noting that salaries can vary greatly depending on your specific role within the company.
Comparing Accountant Salaries Across Singapore
As an aspiring accountant in Singapore, you might be wondering how much you can expect to earn in this profession. The good news is that the average salary for an accountant in Singapore is around SGD 51,809 per year, according to Payscale. However, this figure can vary depending on a number of factors, including your level of experience, the industry you work in, and the location of your job.
Highest Paying Cities
If you’re looking to maximise your earning potential as an accountant in Singapore, then you might want to consider working in one of the highest paying cities. According to Jobstreet, some of the cities that offer the best salaries for accountants include Orchard, Chinatown, Clementi, Jurong East, and Tuas. These cities are home to some of the biggest companies and organisations in the country, which means that they tend to offer higher salaries to attract top talent.
Salary Variations by District
Another factor that can affect your salary as an accountant in Singapore is the district in which you work. For example, if you work in the Outram district, you can expect to earn an average salary of around SGD 4,251 per month, according to Indeed. On the other hand, if you work in the Raffles district, you might be able to command a higher salary due to the high demand for accountants in this area.
It’s also worth noting that different industries may offer different salaries for accountants. For example, accountants who work in the finance or banking industry tend to earn higher salaries than those who work in the retail or hospitality industry. Therefore, it’s important to consider your industry and location when comparing accountant salaries in Singapore.
Salary Trends and Projections
If you’re considering a career in accounting in Singapore, you may be wondering about the salary trends and projections for the industry. The good news is that the accounting profession is expected to continue growing in Singapore, which means that there will likely be plenty of job opportunities available for qualified accountants in the coming years.
According to PayScale, the average salary for an accountant in Singapore in 2024 is S$51,809, with a range of S$26k – S$75k for base salary and S$3k – S$15k for bonus. Additionally, there is a potential for profit sharing of S$358 – S$20k, which can significantly increase your total pay.
In general, the median gross monthly starting salary for a fresh accountancy graduate is around $3,600 to $4,025 for a 4-year degree programme from the local universities, according to DollarsAndSense. However, this amount can vary depending on several factors such as experience, qualifications, and industry.
It’s worth noting that accountants with higher qualifications and more experience tend to earn higher salaries. For instance, high achievers can earn more than S$0.5 million in starting annual salary as a CFO or Partner in a professional services firm, according to ISCA. There are CFOs turned CEOs and their annual remuneration can go beyond the S$1 million mark.
Tip: Break into a Rewarding Accounting Career in Singapore!
Considering a career in accounting? Singapore offers high salaries and strong job prospects! With an average salary of S$51,809 per year, accountants are well-compensated for their crucial role in keeping businesses financially healthy. And the good news doesn’t stop there! There’s a path for advancement, with senior accountants earning an average of S$75,000 per year.
Benefits and Perks for Accountants
As an accountant in Singapore, you can expect to receive a range of benefits and perks that come with the job. These benefits can vary depending on the company you work for, but there are some common ones that you can expect to receive.
Employee Benefits
Many companies in Singapore offer employee benefits such as health insurance, dental coverage, and life insurance. As an accountant, you can expect to receive these benefits as well. Some companies may also offer additional benefits such as paid time off, sick days, and maternity/paternity leave.
Retirement Benefits
In Singapore, companies are required to provide their employees with a retirement plan. This can come in the form of a provident fund, which is a mandatory savings scheme. As an accountant, you can expect to receive this benefit as well.
Bonuses and Incentives
Many companies in Singapore offer bonuses and incentives to their employees. As an accountant, you may be eligible for performance-based bonuses or incentives such as profit-sharing or stock options.
Company Culture
The culture of the company you work for can also be a benefit. Some companies in Singapore, such as Pte. Ltd. and S Pte. Ltd., have a strong focus on work-life balance and employee well-being. This can include flexible work hours, wellness programs, and team-building activities.
Professional Development
As an accountant, it’s important to stay up-to-date with the latest industry trends and regulations. Many companies in Singapore offer professional development opportunities such as training programs and conferences. This can help you stay competitive in the job market and advance your career.
Job Market Outlook
If you are considering a career as an accountant in Singapore, it is important to understand the job market outlook. Here are some key factors to keep in mind:
Current Job Openings
As of April 2024, there are several job openings for accountants in Singapore. Recruit Express and Trust Recruit Pte. Ltd are two recruitment agencies that currently have open positions for accountants. You can also find job postings on popular job search websites such as Jobrapido™ and MyCareersFuture.
Demand for Accounting Skills
The demand for accounting skills in Singapore remains strong, with many companies seeking qualified professionals to manage their financial operations. This is especially true in industries such as finance, healthcare, and technology, which are all experiencing growth in Singapore.
To succeed as an accountant in Singapore, it is important to have a strong understanding of financial reporting and analysis, as well as experience with accounting software such as QuickBooks and Xero. In addition, soft skills such as communication, problem-solving, and attention to detail are highly valued by employers.
Career Progression and Salary Increases
As an accountant in Singapore, you have several opportunities for career progression and salary increases. Here are some of the most common paths:
From Accountant to Finance Manager
One of the most natural career progressions for an accountant is to move up to a finance manager role. As a finance manager, you will be responsible for overseeing the financial operations of an organisation. This role typically requires several years of experience in accounting, as well as excellent leadership and communication skills.
According to Dollars and Sense, the median gross monthly salary for a finance manager in Singapore is around SGD 10,000. However, this can vary depending on factors such as the size of the company and your level of experience.
Senior Roles and Their Salaries
If you are looking for even more significant career progression and salary increases, you may want to consider senior roles such as a senior accountant or manager. These roles typically require many years of experience and advanced qualifications such as a CPA or ACCA.
According to Glassdoor, the average salary for a senior accountant in Singapore is around SGD 6,000 per month. However, this can vary depending on the company and your level of experience.
As a manager, you can expect to earn even more. According to PayScale, the median salary for a finance manager in Singapore is around SGD 120,000 per year. However, this can vary depending on factors such as the size of the company and your level of experience.
Comparing Accountancy with Similar Professions
If you’re considering a career in accountancy, you might be wondering how it compares to similar professions. Here’s a quick rundown of some related careers and how they stack up against accountancy in terms of salary and job prospects.
Finance Manager
As a finance manager, you would be responsible for overseeing the financial operations of an organisation. This could include managing budgets, forecasting financial performance, and providing financial advice to senior management. According to JobStreet, the average salary for a finance manager in Singapore is between $7,000 and $9,000 per month. This is higher than the average salary for an accountant, but also comes with more responsibility and a higher level of experience required.
Tax Consultant
Tax consultants provide advice to individuals and businesses on tax-related matters. This could include helping clients to minimise their tax liability, preparing tax returns, and advising on tax planning strategies. According to PayScale, the average salary for a tax consultant in Singapore is around $59,000 per year. This is slightly higher than the average salary for an accountant, but also requires specialised knowledge and qualifications.
Financial Analyst
As a financial analyst, you would be responsible for analysing financial data to help businesses make informed decisions. This could include forecasting financial performance, identifying trends, and providing recommendations for improvement. According to JobStreet, the average salary for a financial analyst in Singapore is between $4,000 and $6,000 per month. This is slightly lower than the average salary for an accountant, but also requires a different set of skills and expertise.
Top Employers for Accountants in Singapore
If you’re looking for a career in accounting, Singapore has plenty of opportunities for you. Some of the top companies that hire accountants in Singapore include Robert Half, Mediacorp Pte Ltd, and Deloitte.
Robert Half is a global recruitment firm that specializes in placing accounting and finance professionals. They work with some of the biggest companies in Singapore and offer a wide range of job opportunities for accountants. You can check out their website for current job openings.
Mediacorp Pte Ltd is a leading media company in Singapore that offers a range of services including television, radio, and digital media. They have a finance team that is responsible for managing the company’s finances and accounting. If you’re interested in working in the media industry, Mediacorp Pte Ltd could be a great place to start.
Deloitte is one of the “Big Four” accounting firms in the world and has a strong presence in Singapore. They offer a range of services including audit, tax, and advisory services. Deloitte is known for its high standards and excellent training programs, making it a great place to start your career in accounting.
Other top companies that hire accountants in Singapore include PwC, KPMG, and EY. These companies are also part of the “Big Four” accounting firms and offer a range of services to clients in Singapore and around the world.
Frequently Asked Questions
What’s the starting salary for a fresh graduate accountant in Singapore?
If you’re a fresh graduate accountant in Singapore, you can expect to earn a starting salary of around SGD 2,500 to SGD 3,500 per month. This may vary depending on the company you work for, your qualifications, and your previous experience.
How lucrative is a senior accountant’s pay packet in Singapore?
Senior accountants in Singapore can earn a lucrative salary, with an average salary of SGD 75,000 per year. However, this may vary depending on the company you work for, your qualifications, and your previous experience.
What can a chartered accountant expect to earn in Singapore?
Chartered accountants in Singapore can expect to earn a good salary, with an average salary of SGD 90,000 per year. However, this may vary depending on the company you work for, your qualifications, and your previous experience.
Are accountants in Singapore earning a handsome salary per hour?
Accountants in Singapore are not typically paid on an hourly basis, but rather on a monthly or yearly salary basis. However, their salaries are generally quite competitive and can be considered handsome.
Is pursuing a career as an accountant in Singapore a smart move?
Yes, pursuing a career as an accountant in Singapore can be a smart move. The demand for accountants in Singapore is strong, and the profession is generally well-respected. Additionally, the salaries for accountants in Singapore are generally quite competitive.
Do ACCA qualified professionals rake in a substantial income in Singapore?
Yes, ACCA qualified professionals can earn a substantial income in Singapore. The average salary for an ACCA qualified professional in Singapore is around SGD 80,000 per year. However, this may vary depending on the company you work for, your qualifications, and your previous experience.
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