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Forensic Accountant Average Salary in Singapore 2020

How much money does a Forensic Accountant make in Singapore?


Average Monthly Salary
6,780 SGD
( 81,400 SGD yearly)

LOW
3,660
SGD
AVERAGE
6,780
SGD
HIGH
10,200
SGD

A person working as a Forensic Accountant in Singapore typically earns around 6,780 SGD per month. Salaries range from 3,660 SGD (lowest) to 10,200 SGD (highest).

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

Forensic Accountant Salary Distribution in Singapore

Median and salary distribution monthly Singapore Forensic Accountant
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The median, the maximum, the minimum, and the range

  • Salary Range

    Forensic Accountant salaries in Singapore range from 3,660 SGD per month (minimum salary) to 10,200 SGD per month (maximum salary).

  • Median Salary

    The median salary is 6,240 SGD per month, which means that half (50%) of people working as Forensic Accountant(s) are earning less than 6,240 SGD while the other half are earning more than 6,240 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 Forensic Accountant(s) are earning less than 4,460 SGD while 75% of them are earning more than 4,460 SGD. Also from the diagram, 75% of Forensic Accountant(s) are earning less than 7,580 SGD while 25% are earning more than 7,580 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

Forensic Accountant Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Singapore Forensic Accountant
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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 Forensic Accountant salaries by experience level and this is what we found.

A Forensic Accountant with less than two years of experience makes approximately 4,250 SGD per month.

While someone with an experience level between two and five years is expected to earn 5,370 SGD per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 7,080 SGD per month, 32% 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, Forensic Accountant(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 8,330 SGD per month, 18% 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 9,220 SGD per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 9,810 SGD per month, 6% more than people with fifteen to twenty years of experience.


Forensic Accountant average salary change by experience in Singapore

0 - 2 Years
4,250 SGD
2 - 5 Years+26%
5,370 SGD
5 - 10 Years+32%
7,080 SGD
10 - 15 Years+18%
8,330 SGD
15 - 20 Years+11%
9,220 SGD
20+ Years+6%
9,810 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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Forensic Accountant Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Singapore Forensic Accountant
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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 Forensic Accountant salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Forensic Accountant is 5,180 SGD per month.

While someone with a Certificate or Diploma gets a salary of 5,830 SGD per month, 13% more than someone having a High School degree.

A Bachelor's Degree gets its holder an average salary of 7,680 SGD per month, 32% more than someone with a Certificate or Diploma.

Professionals who hold a Master's Degree are rewarded with an average salary of 9,520 SGD per month, 24% more than someone with Bachelor's Degree.


Forensic Accountant average salary difference by education level in Singapore

High School
5,180 SGD
Certificate or Diploma+13%
5,830 SGD
Bachelor's Degree+32%
7,680 SGD
Master's Degree+24%
9,520 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 42,200 Singapore Dollar(s) to 127,000 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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Forensic Accountant Salary Comparison By Gender

Salary comparison by gender monthly Singapore Forensic Accountant
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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 Forensic Accountant employees in Singapore earn 5% more than their female counterparts on average.

Male
6,940 SGD
Female-5%
6,610 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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Forensic Accountant Average Annual Salary Increment Percentage in Singapore

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

Forensic Accountant

Forensic Accountant(s) in Singapore are likely to observe a salary increase of approximately 12% every 14 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore Forensic Accountant
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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

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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Forensic Accountant Bonus and Incentive Rates in Singapore

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore Forensic Accountant
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A Forensic Accountant is considered to be a moderate 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.

48% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 52% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 4% to 5% of their annual salary.

Received Bonus
52%
No Bonus
48%

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.

Forensic Accountant Average Hourly Wage in Singapore


39 SGD per hour

The average hourly wage (pay per hour) in Singapore is 39 SGD. This means that the average Forensic Accountant in Singapore earns approximately 39 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.

Forensic Accountant VS Other Jobs

Salary Comparison Between Forensic Accountant and Accounting and Finance monthly Singapore
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The average salary for Forensic Accountant is 22% less than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner4,300 SGD-37%
Account Executive7,080 SGD+4%
Accountant5,300 SGD-22%
Accounting Assistant4,130 SGD-39%
Accounting Associate4,270 SGD-37%
Accounting Clerk3,430 SGD-49%
Accounting Coordinator5,160 SGD-24%
Accounting Manager12,600 SGD+86%
Accounting Supervisor8,110 SGD+20%
Accounting Technician3,830 SGD-44%
Accounts Executive7,400 SGD+9%
Accounts Payable and Receivable Specialist5,600 SGD-17%
Accounts Payable Clerk4,380 SGD-35%
Accounts Payable Manager11,600 SGD+71%
Accounts Receivable Clerk4,350 SGD-36%
Accounts Receivable Manager11,300 SGD+67%
Assistant Accounting Manager10,400 SGD+53%
Assistant Auditor5,750 SGD-15%
Audit Supervisor10,400 SGD+53%
Auditing Clerk4,490 SGD-34%
Auditing Manager11,700 SGD+73%
Billing Coordinator5,320 SGD-22%
Billing Specialist6,020 SGD-11%
Billing Supervisor8,500 SGD+25%
Bookkeeper3,640 SGD-46%
Bookkeeping Specialist5,220 SGD-23%
Budget Analyst9,480 SGD+40%
Budget Manager11,300 SGD+67%
Business Support Analyst6,480 SGD-4%
Capital Markets Associate8,550 SGD+26%
Cash Flow Analyst8,240 SGD+21%
Cash Management Officer6,220 SGD-8%
Cashbook Clerk3,870 SGD-43%
Chartered Accountant6,880 SGD+1%
Collections Clerk3,420 SGD-50%
Collections Specialist5,970 SGD-12%
Corporate Treasurer11,200 SGD+65%
Cost Accountant5,650 SGD-17%
Cost Accounting Manager11,600 SGD+71%
Cost Analyst9,250 SGD+36%
Credit and Collection Manager11,000 SGD+62%
Credit and Collection Staff4,470 SGD-34%
Credit and Loans Officer4,180 SGD-38%
Credit Controller7,800 SGD+15%
Debt Adviser9,620 SGD+42%
Debt Collector4,670 SGD-31%
Debtors Clerk3,960 SGD-42%
Deputy CFO14,900 SGD+120%
Derivative Trader10,100 SGD+49%
Escrow Assistant5,120 SGD-25%
External Auditor7,850 SGD+16%
Finance Associate5,040 SGD-26%
Finance Executive11,900 SGD+75%
Finance Licensing Clerk4,010 SGD-41%
Finance Licensing Manager10,600 SGD+56%
Finance Licensing Specialist5,970 SGD-12%
Finance Officer5,290 SGD-22%
Finance President16,000 SGD+140%
Finance Relationship Manager13,400 SGD+98%
Finance Release Analyst6,350 SGD-6%
Finance Team Leader 12,900 SGD+90%
Financial Actuary8,600 SGD+27%
Financial Administrator9,060 SGD+34%
Financial Analyst10,200 SGD+50%
Financial Applications Specialist7,190 SGD+6%
Financial Assistant4,610 SGD-32%
Financial Associate4,390 SGD-35%
Financial Claims Analyst7,250 SGD+7%
Financial Claims Manager10,600 SGD+56%
Financial Commercial Analyst7,830 SGD+15%
Financial Compliance Analyst9,230 SGD+36%
Financial Consultant7,220 SGD+6%
Financial Controller9,070 SGD+34%
Financial Coordinator5,430 SGD-20%
Financial Customer Service Manager10,500 SGD+55%
Financial Dealer and Broker6,140 SGD-9%
Financial Encoder4,890 SGD-28%
Financial Manager16,200 SGD+140%
Financial Operations Manager14,100 SGD+110%
Financial Policy Analyst8,370 SGD+23%
Financial Project Manager12,000 SGD+77%
Financial Quantitative Analyst9,330 SGD+38%
Financial Reporting Consultant8,480 SGD+25%
Financial Reporting Manager10,300 SGD+52%
Financial Services Sales Agent5,940 SGD-12%
Fixed Assets Administrator5,760 SGD-15%
Forensic Accountant6,780 SGD-0%
Fraud Detection Supervisor7,040 SGD+4%
Fraud Prevention Manager11,600 SGD+71%
Fund Accountant5,420 SGD-20%
Grants Coordinator4,400 SGD-35%
Internal Auditor7,470 SGD+10%
Internal Control Adviser8,980 SGD+32%
Internal Control Officer4,960 SGD-27%
Inventory Accountant5,760 SGD-15%
Investment Analyst11,100 SGD+64%
Investment Fund Manager12,500 SGD+84%
Investment Underwriter4,740 SGD-30%
Investor6,990 SGD+3%
Investor Relations Manager10,800 SGD+59%
KYC Team Leader10,400 SGD+53%
Management Economist12,600 SGD+86%
Paymaster4,380 SGD-35%
Payroll Clerk4,760 SGD-30%
Payroll Manager9,940 SGD+47%
Pensions Administrator5,710 SGD-16%
Pricing Analyst9,020 SGD+33%
Private Equity Analyst9,810 SGD+45%
Proposal Development Coordinator4,800 SGD-29%
Receivables Accountant5,130 SGD-24%
Regulatory Accountant6,180 SGD-9%
Retirement Plan Analyst9,100 SGD+34%
Revenue Management Specialist9,430 SGD+39%
Revenue Recognition Analyst10,600 SGD+56%
Risk Management Director14,200 SGD+110%
Risk Management Supervisor11,600 SGD+71%
Tax Accountant5,250 SGD-23%
Tax Advisor8,260 SGD+22%
Tax Associate4,700 SGD-31%
Tax Manager11,900 SGD+75%
Teller3,450 SGD-49%
Treasury Accountant5,910 SGD-13%
Treasury Analyst9,660 SGD+42%
Underwriter4,090 SGD-40%
Underwriting Assistant3,820 SGD-44%
Vice President of Finance15,700 SGD+130%

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Singapore earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
8,270 SGD
Public Sector+5%
8,670 SGD
Percentage increase and decrease are relative to the previous value

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