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Accounting Manager Average Salary in Singapore 2020

How much money does an Accounting Manager make in Singapore?


Average Monthly Salary
11,000 SGD
( 132,000 SGD yearly)

LOW
5,500
SGD
AVERAGE
11,000
SGD
HIGH
17,100
SGD

A person working as an Accounting Manager in Singapore typically earns around 11,000 SGD per month. Salaries range from 5,500 SGD (lowest) to 17,100 SGD (highest).

This is the average monthly salary including housing, transport, and other benefits. Accounting Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Accounting Manager Salary Distribution in Singapore

Median and salary distribution monthly Singapore Accounting Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting Manager salaries in Singapore range from 5,500 SGD per month (minimum salary) to 17,100 SGD per month (maximum salary).

  • Median Salary

    The median salary is 11,000 SGD per month, which means that half (50%) of people working as Accounting Manager(s) are earning less than 11,000 SGD while the other half are earning more than 11,000 SGD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Accounting Manager(s) are earning less than 7,430 SGD while 75% of them are earning more than 7,430 SGD. Also from the diagram, 75% of Accounting Manager(s) are earning less than 14,000 SGD while 25% are earning more than 14,000 SGD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Accounting Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Singapore Accounting Manager
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Accounting Manager salaries by experience level and this is what we found.

An Accounting Manager with less than two years of experience makes approximately 6,600 SGD per month.

While someone with an experience level between two and five years is expected to earn 8,730 SGD per month, 32% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 11,700 SGD per month, 34% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Accounting Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 13,900 SGD per month, 19% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 15,000 SGD per month, 8% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 16,100 SGD per month, 7% more than people with fifteen to twenty years of experience.


Accounting Manager average salary change by experience in Singapore

0 - 2 Years
6,600 SGD
2 - 5 Years+32%
8,730 SGD
5 - 10 Years+34%
11,700 SGD
10 - 15 Years+19%
13,900 SGD
15 - 20 Years+8%
15,000 SGD
20+ Years+7%
16,100 SGD
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Accounting Manager Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Accounting Manager(s) who have the same experience but different education levels.

Salary comparison by education level monthly Singapore Accounting Manager
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Accounting Manager salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Accounting Manager is 8,730 SGD per month.

While someone with a Bachelor's Degree gets a salary of 12,000 SGD per month, 37% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 15,400 SGD per month, 29% more than someone with a Bachelor's Degree.


Accounting Manager average salary difference by education level in Singapore

Certificate or Diploma
8,730 SGD
Bachelor's Degree+37%
12,000 SGD
Master's Degree+29%
15,400 SGD
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Singapore costs anywhere from 42,600 Singapore Dollar(s) to 128,000 Singapore Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Accounting Manager Salary Comparison By Gender

Salary comparison by gender monthly Singapore Accounting Manager
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Accounting Manager employees in Singapore earn 5% more than their female counterparts.

Female
10,700 SGD
Male+5%
11,200 SGD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Singapore for all Careers

Salary comparison by gender monthly Singapore
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Accounting Manager Average Annual Salary Increment Percentage in Singapore

How much are annual salary increments in Singapore for Accounting Manager(s)? How often do employees get salary raises?

Accounting Manager

Accounting Manager(s) in Singapore are likely to observe a salary increase of approximately 13% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore Accounting Manager
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Singapore / All Professions

Annual Salary Increment Rate Singapore
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The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Singapore is 7%.

Annual Increment Rate By Industry 2019

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Listed above are the average annual increase rates for each industry in Singapore for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Accounting Manager Bonus and Incentive Rates in Singapore

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore Accounting Manager
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An Accounting Manager is considered to be a high bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

18% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 82% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 8% of their annual salary.

Received Bonus
82%
No Bonus
18%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Singapore
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Where can you get paid more, working for a private company or for the government? Public sector Accounting Manager employees in Singapore earn 5% more than their private sector counterparts.

Private Sector
8,340 SGD
Public Sector+5%
8,740 SGD
Percentage increase and decrease are relative to the previous value

Accounting Manager Salary Trend and Forecast in Singapore

How are Accounting Manager salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Singapore Accounting Manager
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Average Salary 2016
9,940 SGD
Average Salary 2017+4%
10,300 SGD
Average Salary 2018+3%
10,600 SGD
Average Salary 2019+1%
10,700 SGD
Percentage increase and decrease are relative to the previous value

Accounting Manager salaries in Singapore are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 1% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Accounting Manager Average Hourly Wage in Singapore


63 SGD per hour

The average hourly wage (pay per hour) in Singapore is 63 SGD. This means that the average Accounting Manager in Singapore earns approximately 63 SGD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Accounting Manager VS Other Jobs

Salary Comparison Between Accounting Manager and Accounting and Finance monthly Singapore
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The average salary for Accounting Manager is 33% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner5,020 SGD-54%
Account Executive7,470 SGD-32%
Accountant5,180 SGD-53%
Accounting Assistant4,970 SGD-55%
Accounting Associate5,660 SGD-49%
Accounting Clerk4,000 SGD-64%
Accounting Coordinator4,500 SGD-59%
Accounting Manager11,000 SGD=
Accounting Supervisor7,800 SGD-29%
Accounting Technician4,740 SGD-57%
Accounts Executive6,990 SGD-36%
Accounts Payable and Receivable Specialist6,120 SGD-44%
Accounts Payable Clerk4,280 SGD-61%
Accounts Payable Manager8,630 SGD-22%
Accounts Receivable Clerk4,560 SGD-59%
Accounts Receivable Manager9,080 SGD-17%
Assistant Accounting Manager6,690 SGD-39%
Assistant Auditor6,020 SGD-45%
Audit Supervisor10,600 SGD-4%
Auditing Clerk5,360 SGD-51%
Auditing Manager11,000 SGD=
Billing Coordinator6,710 SGD-39%
Billing Specialist6,220 SGD-43%
Billing Supervisor7,470 SGD-32%
Bookkeeper4,110 SGD-63%
Bookkeeping Specialist5,420 SGD-51%
Budget Analyst6,340 SGD-42%
Budget Manager9,230 SGD-16%
Business Support Analyst7,340 SGD-33%
Capital Markets Associate8,330 SGD-24%
Cash Flow Analyst7,740 SGD-30%
Cash Management Officer7,200 SGD-35%
Cashbook Clerk5,040 SGD-54%
Chartered Accountant6,590 SGD-40%
Collections Clerk4,030 SGD-63%
Collections Specialist5,490 SGD-50%
Corporate Treasurer14,500 SGD+32%
Cost Accountant6,450 SGD-41%
Cost Accounting Manager8,770 SGD-20%
Cost Analyst8,220 SGD-25%
Credit and Collection Manager8,940 SGD-19%
Credit and Collection Staff4,660 SGD-58%
Credit and Loans Officer4,610 SGD-58%
Credit Controller7,600 SGD-31%
Debt Adviser10,100 SGD-8%
Debt Collector7,060 SGD-36%
Debtors Clerk5,890 SGD-46%
Deputy CFO13,300 SGD+21%
Derivative Trader11,500 SGD+5%
Escrow Assistant6,500 SGD-41%
External Auditor8,030 SGD-27%
Finance Associate6,240 SGD-43%
Finance Executive12,900 SGD+17%
Finance Licensing Clerk4,920 SGD-55%
Finance Licensing Manager7,840 SGD-29%
Finance Licensing Specialist6,150 SGD-44%
Finance Officer8,820 SGD-20%
Finance President15,400 SGD+40%
Finance Relationship Manager11,300 SGD+3%
Finance Release Analyst7,250 SGD-34%
Finance Team Leader 8,700 SGD-21%
Financial Actuary7,860 SGD-29%
Financial Administrator6,580 SGD-40%
Financial Analyst8,300 SGD-25%
Financial Applications Specialist5,480 SGD-50%
Financial Assistant4,960 SGD-55%
Financial Associate5,690 SGD-48%
Financial Claims Analyst7,140 SGD-35%
Financial Claims Manager8,900 SGD-19%
Financial Commercial Analyst6,620 SGD-40%
Financial Compliance Analyst8,190 SGD-26%
Financial Consultant7,170 SGD-35%
Financial Controller7,560 SGD-31%
Financial Coordinator7,120 SGD-35%
Financial Customer Service Manager9,650 SGD-12%
Financial Dealer and Broker7,130 SGD-35%
Financial Encoder4,590 SGD-58%
Financial Manager16,400 SGD+49%
Financial Operations Manager11,200 SGD+2%
Financial Policy Analyst7,550 SGD-31%
Financial Project Manager7,840 SGD-29%
Financial Quantitative Analyst8,350 SGD-24%
Financial Reporting Consultant8,110 SGD-26%
Financial Reporting Manager9,170 SGD-17%
Financial Services Sales Agent6,850 SGD-38%
Fixed Assets Administrator6,270 SGD-43%
Forensic Accountant6,370 SGD-42%
Fraud Detection Supervisor7,490 SGD-32%
Fraud Prevention Manager11,400 SGD+4%
Fund Accountant5,820 SGD-47%
Grants Coordinator5,340 SGD-51%
Internal Auditor8,100 SGD-26%
Internal Control Adviser8,400 SGD-24%
Internal Control Officer7,050 SGD-36%
Inventory Accountant12,200 SGD+11%
Investment Analyst10,200 SGD-7%
Investment Fund Manager10,600 SGD-4%
Investment Underwriter4,740 SGD-57%
Investor7,170 SGD-35%
Investor Relations Manager9,510 SGD-14%
KYC Team Leader9,080 SGD-17%
Management Economist8,470 SGD-23%
Paymaster5,760 SGD-48%
Payroll Clerk4,550 SGD-59%
Payroll Manager7,710 SGD-30%
Pensions Administrator5,900 SGD-46%
Pricing Analyst8,380 SGD-24%
Private Equity Analyst8,620 SGD-22%
Proposal Development Coordinator5,800 SGD-47%
Receivables Accountant5,210 SGD-53%
Regulatory Accountant6,200 SGD-44%
Retirement Plan Analyst8,190 SGD-26%
Revenue Management Specialist6,850 SGD-38%
Revenue Recognition Analyst10,400 SGD-5%
Risk Management Director13,000 SGD+18%
Risk Management Supervisor9,980 SGD-9%
Tax Accountant5,610 SGD-49%
Tax Advisor7,450 SGD-32%
Tax Associate5,970 SGD-46%
Tax Manager11,900 SGD+8%
Teller3,700 SGD-66%
Treasury Accountant6,090 SGD-45%
Treasury Analyst8,670 SGD-21%
Underwriter4,850 SGD-56%
Underwriting Assistant4,420 SGD-60%
Vice President of Finance11,500 SGD+5%
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