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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
8,700 SGD
( 104,000 SGD yearly)

LOW
3,520
SGD
AVERAGE
8,700
SGD
HIGH
17,500
SGD

A person working in Accounting and Finance in Singapore typically earns around 8,700 SGD per month. Salaries range from 3,520 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 Examiner4,300 SGD
Account Executive7,080 SGD
Accountant5,300 SGD
Accounting Assistant4,130 SGD
Accounting Associate4,270 SGD
Accounting Clerk3,430 SGD
Accounting Coordinator5,160 SGD
Accounting Manager12,600 SGD
Accounting Supervisor8,110 SGD
Accounting Technician3,830 SGD
Accounts Executive7,400 SGD
Accounts Payable and Receivable Specialist5,600 SGD
Accounts Payable Clerk4,380 SGD
Accounts Payable Manager11,600 SGD
Accounts Receivable Clerk4,350 SGD
Accounts Receivable Manager11,300 SGD
Assistant Accounting Manager10,400 SGD
Assistant Auditor5,750 SGD
Audit Supervisor10,400 SGD
Auditing Clerk4,490 SGD
Auditing Manager11,700 SGD
Billing Coordinator5,320 SGD
Billing Specialist6,020 SGD
Billing Supervisor8,500 SGD
Bookkeeper3,640 SGD
Bookkeeping Specialist5,220 SGD
Budget Analyst9,480 SGD
Budget Manager11,300 SGD
Business Support Analyst6,480 SGD
Capital Markets Associate8,550 SGD
Cash Flow Analyst8,240 SGD
Cash Management Officer6,220 SGD
Cashbook Clerk3,870 SGD
Chartered Accountant6,880 SGD
Collections Clerk3,420 SGD
Collections Specialist5,970 SGD
Corporate Treasurer11,200 SGD
Cost Accountant5,650 SGD
Cost Accounting Manager11,600 SGD
Cost Analyst9,250 SGD
Credit and Collection Manager11,000 SGD
Credit and Collection Staff4,470 SGD
Credit and Loans Officer4,180 SGD
Credit Controller7,800 SGD
Debt Adviser9,620 SGD
Debt Collector4,670 SGD
Debtors Clerk3,960 SGD
Deputy CFO14,900 SGD
Derivative Trader10,100 SGD
Escrow Assistant5,120 SGD
External Auditor7,850 SGD
Finance Associate5,040 SGD
Finance Executive11,900 SGD
Finance Licensing Clerk4,010 SGD
Finance Licensing Manager10,600 SGD
Finance Licensing Specialist5,970 SGD
Finance Officer5,290 SGD
Finance President16,000 SGD
Finance Relationship Manager13,400 SGD
Finance Release Analyst6,350 SGD
Finance Team Leader 12,900 SGD
Financial Actuary8,600 SGD
Financial Administrator9,060 SGD
Financial Analyst10,200 SGD
Financial Applications Specialist7,190 SGD
Financial Assistant4,610 SGD
Financial Associate4,390 SGD
Financial Claims Analyst7,250 SGD
Financial Claims Manager10,600 SGD
Financial Commercial Analyst7,830 SGD
Financial Compliance Analyst9,230 SGD
Financial Consultant7,220 SGD
Financial Controller9,070 SGD
Financial Coordinator5,430 SGD
Financial Customer Service Manager10,500 SGD
Financial Dealer and Broker6,140 SGD
Financial Encoder4,890 SGD
Financial Manager15,100 SGD
Financial Manager16,200 SGD
Financial Operations Manager14,100 SGD
Financial Policy Analyst8,370 SGD
Financial Project Manager12,000 SGD
Financial Quantitative Analyst9,330 SGD
Financial Reporting Consultant8,480 SGD
Financial Reporting Manager10,300 SGD
Financial Services Sales Agent5,940 SGD
Fixed Assets Administrator5,760 SGD
Forensic Accountant6,780 SGD
Fraud Detection Supervisor7,040 SGD
Fraud Prevention Manager11,600 SGD
Fund Accountant5,420 SGD
Grants Coordinator4,400 SGD
Internal Auditor7,470 SGD
Internal Control Adviser8,980 SGD
Internal Control Officer4,960 SGD
Inventory Accountant5,760 SGD
Investment Analyst11,100 SGD
Investment Fund Manager12,500 SGD
Investment Underwriter4,740 SGD
Investor6,990 SGD
Investor Relations Manager10,800 SGD
KYC Team Leader10,400 SGD
Management Economist12,600 SGD
Paymaster4,380 SGD
Payroll Clerk4,760 SGD
Payroll Manager9,940 SGD
Pensions Administrator5,710 SGD
Pricing Analyst9,020 SGD
Private Equity Analyst9,810 SGD
Proposal Development Coordinator4,800 SGD
Receivables Accountant5,130 SGD
Regulatory Accountant6,180 SGD
Retirement Plan Analyst9,100 SGD
Revenue Management Specialist9,430 SGD
Revenue Recognition Analyst10,600 SGD
Risk Management Director14,200 SGD
Risk Management Supervisor11,600 SGD
Tax Accountant5,250 SGD
Tax Advisor8,260 SGD
Tax Associate4,700 SGD
Tax Manager11,900 SGD
Teller3,450 SGD
Treasury Accountant5,910 SGD
Treasury Analyst9,660 SGD
Underwriter4,090 SGD
Underwriting Assistant3,820 SGD
Vice President of Finance15,700 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 3,520 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 8,000 SGD per month, which means that half (50%) of people working in Accounting and Finance are earning less than 8,000 SGD while the other half are earning more than 8,000 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 people working in Accounting and Finance are earning less than 5,190 SGD while 75% of them are earning more than 5,190 SGD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 11,700 SGD while 25% are earning more than 11,700 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 42,200 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 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 in Singapore who work in Accounting and Finance earn 5% more than their female counterparts on average.

Male
8,900 SGD
Female-5%
8,480 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

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.

Accounting and Finance Hourly Average Wage in Singapore


50 SGD per hour

The average hourly wage (pay per hour) in Singapore is 50 SGD. This means that the average person in Singapore earns approximately 50 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% more than that of All Jobs.

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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