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Accounting and Finance Average Salaries in Singapore 2020

How much money does a person working in Accounting and Finance make in Singapore?


Average Monthly Salary
8,250 SGD
( 99,000 SGD yearly)

LOW
3,770
SGD
AVERAGE
8,250
SGD
HIGH
17,500
SGD

A person working in Accounting and Finance in Singapore typically earns around 8,250 SGD per month. Salaries range from 3,770 SGD (lowest average) to 17,500 SGD (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner5,020 SGD
Account Executive7,470 SGD
Accountant5,180 SGD
Accounting Assistant4,970 SGD
Accounting Associate5,660 SGD
Accounting Clerk4,000 SGD
Accounting Coordinator4,500 SGD
Accounting Manager11,000 SGD
Accounting Supervisor7,800 SGD
Accounting Technician4,740 SGD
Accounts Executive6,990 SGD
Accounts Payable and Receivable Specialist6,120 SGD
Accounts Payable Clerk4,280 SGD
Accounts Payable Manager8,630 SGD
Accounts Receivable Clerk4,560 SGD
Accounts Receivable Manager9,080 SGD
Assistant Accounting Manager6,690 SGD
Assistant Auditor6,020 SGD
Audit Supervisor10,600 SGD
Auditing Clerk5,360 SGD
Auditing Manager11,000 SGD
Billing Coordinator6,710 SGD
Billing Specialist6,220 SGD
Billing Supervisor7,470 SGD
Bookkeeper4,110 SGD
Bookkeeping Specialist5,420 SGD
Budget Analyst6,340 SGD
Budget Manager9,230 SGD
Business Support Analyst7,340 SGD
Capital Markets Associate8,330 SGD
Cash Flow Analyst7,740 SGD
Cash Management Officer7,200 SGD
Cashbook Clerk5,040 SGD
Chartered Accountant6,590 SGD
Collections Clerk4,030 SGD
Collections Specialist5,490 SGD
Corporate Treasurer14,500 SGD
Cost Accountant6,450 SGD
Cost Accounting Manager8,770 SGD
Cost Analyst8,220 SGD
Credit and Collection Manager8,940 SGD
Credit and Collection Staff4,660 SGD
Credit and Loans Officer4,610 SGD
Credit Controller7,600 SGD
Debt Adviser10,100 SGD
Debt Collector7,060 SGD
Debtors Clerk5,890 SGD
Deputy CFO13,300 SGD
Derivative Trader11,500 SGD
Escrow Assistant6,500 SGD
External Auditor8,030 SGD
Finance Associate6,240 SGD
Finance Executive12,900 SGD
Finance Licensing Clerk4,920 SGD
Finance Licensing Manager7,840 SGD
Finance Licensing Specialist6,150 SGD
Finance Officer8,820 SGD
Finance President15,400 SGD
Finance Relationship Manager11,300 SGD
Finance Release Analyst7,250 SGD
Finance Team Leader 8,700 SGD
Financial Actuary7,860 SGD
Financial Administrator6,580 SGD
Financial Analyst8,300 SGD
Financial Applications Specialist5,480 SGD
Financial Assistant4,960 SGD
Financial Associate5,690 SGD
Financial Claims Analyst7,140 SGD
Financial Claims Manager8,900 SGD
Financial Commercial Analyst6,620 SGD
Financial Compliance Analyst8,190 SGD
Financial Consultant7,170 SGD
Financial Controller7,560 SGD
Financial Coordinator7,120 SGD
Financial Customer Service Manager9,650 SGD
Financial Dealer and Broker7,130 SGD
Financial Encoder4,590 SGD
Financial Manager15,400 SGD
Financial Manager16,400 SGD
Financial Operations Manager11,200 SGD
Financial Policy Analyst7,550 SGD
Financial Project Manager7,840 SGD
Financial Quantitative Analyst8,350 SGD
Financial Reporting Consultant8,110 SGD
Financial Reporting Manager9,170 SGD
Financial Services Sales Agent6,850 SGD
Fixed Assets Administrator6,270 SGD
Forensic Accountant6,370 SGD
Fraud Detection Supervisor7,490 SGD
Fraud Prevention Manager11,400 SGD
Fund Accountant5,820 SGD
Grants Coordinator5,340 SGD
Internal Auditor8,100 SGD
Internal Control Adviser8,400 SGD
Internal Control Officer7,050 SGD
Inventory Accountant12,200 SGD
Investment Analyst10,200 SGD
Investment Fund Manager10,600 SGD
Investment Underwriter4,740 SGD
Investor7,170 SGD
Investor Relations Manager9,510 SGD
KYC Team Leader9,080 SGD
Management Economist8,470 SGD
Paymaster5,760 SGD
Payroll Clerk4,550 SGD
Payroll Manager7,710 SGD
Pensions Administrator5,900 SGD
Pricing Analyst8,380 SGD
Private Equity Analyst8,620 SGD
Proposal Development Coordinator5,800 SGD
Receivables Accountant5,210 SGD
Regulatory Accountant6,200 SGD
Retirement Plan Analyst8,190 SGD
Revenue Management Specialist6,850 SGD
Revenue Recognition Analyst10,400 SGD
Risk Management Director13,000 SGD
Risk Management Supervisor9,980 SGD
Tax Accountant5,610 SGD
Tax Advisor7,450 SGD
Tax Associate5,970 SGD
Tax Manager11,900 SGD
Teller3,700 SGD
Treasury Accountant6,090 SGD
Treasury Analyst8,670 SGD
Underwriter4,850 SGD
Underwriting Assistant4,420 SGD
Vice President of Finance11,500 SGD

Accounting and Finance Jobs Salary Distribution in Singapore

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

  • Salary Range

    Accounting and Finance salaries in Singapore range from 3,770 SGD per month (minimum average salary) to 17,500 SGD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 7,590 SGD per month, which means that half (50%) of people working in Accounting and Finance are earning less than 7,590 SGD while the other half are earning more than 7,590 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 people working in Accounting and Finance are earning less than 5,110 SGD while 75% of them are earning more than 5,110 SGD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 11,500 SGD while 25% are earning more than 11,500 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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Singapore Accounting and Finance
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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 employees earn 6% more than their female counterparts.

Female
8,010 SGD
Male+6%
8,450 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 and Finance Average Annual Salary Increment Percentage in Singapore

How much are annual salary increments in Singapore for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance professionals in Singapore are likely to observe a salary increase of approximately 11% every 13 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Singapore Accounting and Finance
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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 and Finance Bonus and Incentive Rates in Singapore

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Singapore Accounting and Finance
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Accounting and Finance is considered to be a high bonus-based field 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.

25% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 75% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
75%
No Bonus
25%

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 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 and Finance Salary Forecast and Trend in Singapore

How do Accounting and Finance salaries change over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Singapore Accounting and Finance
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Average Salary 2016
7,580 SGD
Average Salary 2017+4%
7,860 SGD
Average Salary 2018+1%
7,970 SGD
Average Salary 2019+2%
8,090 SGD
Percentage increase and decrease are relative to the previous value

Accounting and Finance salaries in Singapore are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% 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 and Finance Hourly Average Wage in Singapore


48 SGD per hour

The average hourly wage (pay per hour) in Singapore is 48 SGD. This means that the average person in Singapore earns approximately 48 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 and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Singapore
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The average salary for Accounting and Finance is 3% less than that of All Jobs.

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