Accounting and Finance Average Salaries in Singapore 2020
How much money does a person working in Accounting and Finance make in Singapore?
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 Title | Average Salary |
| Account Examiner | 5,020 SGD |
| Account Executive | 7,470 SGD |
| Accountant | 5,180 SGD |
| Accounting Assistant | 4,970 SGD |
| Accounting Associate | 5,660 SGD |
| Accounting Clerk | 4,000 SGD |
| Accounting Coordinator | 4,500 SGD |
| Accounting Manager | 11,000 SGD |
| Accounting Supervisor | 7,800 SGD |
| Accounting Technician | 4,740 SGD |
| Accounts Executive | 6,990 SGD |
| Accounts Payable and Receivable Specialist | 6,120 SGD |
| Accounts Payable Clerk | 4,280 SGD |
| Accounts Payable Manager | 8,630 SGD |
| Accounts Receivable Clerk | 4,560 SGD |
| Accounts Receivable Manager | 9,080 SGD |
| Assistant Accounting Manager | 6,690 SGD |
| Assistant Auditor | 6,020 SGD |
| Audit Supervisor | 10,600 SGD |
| Auditing Clerk | 5,360 SGD |
| Auditing Manager | 11,000 SGD |
| Billing Coordinator | 6,710 SGD |
| Billing Specialist | 6,220 SGD |
| Billing Supervisor | 7,470 SGD |
| Bookkeeper | 4,110 SGD |
| Bookkeeping Specialist | 5,420 SGD |
| Budget Analyst | 6,340 SGD |
| Budget Manager | 9,230 SGD |
| Business Support Analyst | 7,340 SGD |
| Capital Markets Associate | 8,330 SGD |
| Cash Flow Analyst | 7,740 SGD |
| Cash Management Officer | 7,200 SGD |
| Cashbook Clerk | 5,040 SGD |
| Chartered Accountant | 6,590 SGD |
| Collections Clerk | 4,030 SGD |
| Collections Specialist | 5,490 SGD |
| Corporate Treasurer | 14,500 SGD |
| Cost Accountant | 6,450 SGD |
| Cost Accounting Manager | 8,770 SGD |
| Cost Analyst | 8,220 SGD |
| Credit and Collection Manager | 8,940 SGD |
| Credit and Collection Staff | 4,660 SGD |
| Credit and Loans Officer | 4,610 SGD |
| Credit Controller | 7,600 SGD |
| Debt Adviser | 10,100 SGD |
| Debt Collector | 7,060 SGD |
| Debtors Clerk | 5,890 SGD |
| Deputy CFO | 13,300 SGD |
| Derivative Trader | 11,500 SGD |
| Escrow Assistant | 6,500 SGD |
| External Auditor | 8,030 SGD |
| Finance Associate | 6,240 SGD |
| Finance Executive | 12,900 SGD |
| Finance Licensing Clerk | 4,920 SGD |
| Finance Licensing Manager | 7,840 SGD |
| Finance Licensing Specialist | 6,150 SGD |
| Finance Officer | 8,820 SGD |
| Finance President | 15,400 SGD |
| Finance Relationship Manager | 11,300 SGD |
| Finance Release Analyst | 7,250 SGD |
| Finance Team Leader | 8,700 SGD |
| Financial Actuary | 7,860 SGD |
| Financial Administrator | 6,580 SGD |
| Financial Analyst | 8,300 SGD |
| Financial Applications Specialist | 5,480 SGD |
| Financial Assistant | 4,960 SGD |
| Financial Associate | 5,690 SGD |
| Financial Claims Analyst | 7,140 SGD |
| Financial Claims Manager | 8,900 SGD |
| Financial Commercial Analyst | 6,620 SGD |
| Financial Compliance Analyst | 8,190 SGD |
| Financial Consultant | 7,170 SGD |
| Financial Controller | 7,560 SGD |
| Financial Coordinator | 7,120 SGD |
| Financial Customer Service Manager | 9,650 SGD |
| Financial Dealer and Broker | 7,130 SGD |
| Financial Encoder | 4,590 SGD |
| Financial Manager | 15,400 SGD |
| Financial Manager | 16,400 SGD |
| Financial Operations Manager | 11,200 SGD |
| Financial Policy Analyst | 7,550 SGD |
| Financial Project Manager | 7,840 SGD |
| Financial Quantitative Analyst | 8,350 SGD |
| Financial Reporting Consultant | 8,110 SGD |
| Financial Reporting Manager | 9,170 SGD |
| Financial Services Sales Agent | 6,850 SGD |
| Fixed Assets Administrator | 6,270 SGD |
| Forensic Accountant | 6,370 SGD |
| Fraud Detection Supervisor | 7,490 SGD |
| Fraud Prevention Manager | 11,400 SGD |
| Fund Accountant | 5,820 SGD |
| Grants Coordinator | 5,340 SGD |
| Internal Auditor | 8,100 SGD |
| Internal Control Adviser | 8,400 SGD |
| Internal Control Officer | 7,050 SGD |
| Inventory Accountant | 12,200 SGD |
| Investment Analyst | 10,200 SGD |
| Investment Fund Manager | 10,600 SGD |
| Investment Underwriter | 4,740 SGD |
| Investor | 7,170 SGD |
| Investor Relations Manager | 9,510 SGD |
| KYC Team Leader | 9,080 SGD |
| Management Economist | 8,470 SGD |
| Paymaster | 5,760 SGD |
| Payroll Clerk | 4,550 SGD |
| Payroll Manager | 7,710 SGD |
| Pensions Administrator | 5,900 SGD |
| Pricing Analyst | 8,380 SGD |
| Private Equity Analyst | 8,620 SGD |
| Proposal Development Coordinator | 5,800 SGD |
| Receivables Accountant | 5,210 SGD |
| Regulatory Accountant | 6,200 SGD |
| Retirement Plan Analyst | 8,190 SGD |
| Revenue Management Specialist | 6,850 SGD |
| Revenue Recognition Analyst | 10,400 SGD |
| Risk Management Director | 13,000 SGD |
| Risk Management Supervisor | 9,980 SGD |
| Tax Accountant | 5,610 SGD |
| Tax Advisor | 7,450 SGD |
| Tax Associate | 5,970 SGD |
| Tax Manager | 11,900 SGD |
| Teller | 3,700 SGD |
| Treasury Accountant | 6,090 SGD |
| Treasury Analyst | 8,670 SGD |
| Underwriter | 4,850 SGD |
| Underwriting Assistant | 4,420 SGD |
| Vice President of Finance | 11,500 SGD |
Accounting and Finance Jobs Salary Distribution in Singapore
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?
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.
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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
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 |
Salary Comparison By Gender in Singapore for all Careers
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.
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
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
Accounting and Finance Bonus and Incentive Rates in Singapore
How much and how often are bonuses being awarded?
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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 BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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
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 |
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.
| 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 |
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 hourThe 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.
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
The average salary for Accounting and Finance is 3% less than that of All Jobs.
