Average Salary For Entry Level – Career Salary Guide: How much does an accountant earn in Singapore? The average base salary for an accountant is around $4,500.
Accounting is considered an acceptable career choice by traditional Asian parents. I remember my parents encouraging me to take up books (after it was clear I wasn’t going to be a doctor or a lawyer) and being disappointed when I decided otherwise. Students choosing their future studies and planning to change careers may wonder if accounting is as good and safe a career choice as our parents’ generation told us.
Average Salary For Entry Level
Accountancy is a versatile career option. Every business, in all industries and sectors, needs an accountant (or many) to help with accounting and bookkeeping. This means that an accountant can work in many industries and companies, from small and medium-sized enterprises (SMEs) to large multinational corporations (MNCs).
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As part of our salary guide series, we analyze how much an accountant, certified public accountant (CPA) or chartered accountant (CA) earns in Singapore.
The first thing to note about accounting is the difference between an accountant and a certified public accountant (ie CPA or CA). Generally, an accountant is a generic term that refers to a person who has completed an accounting degree or is responsible for the accounting function in a company.
However, to become a chartered accountant, an accountant must meet certain qualification criteria and pass the necessary tests and standards set by a professional body.
In Singapore, the professional qualification and title for accountants is Singapore Chartered Accountant (CA Singapore). This is a change from the previous designation of Singapore Certified Public Accountant (CPA) used before July 2013.
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The CA Singapore qualification was developed by the Singapore Accountancy Commission (SAC), a statutory body under the Ministry of Finance and administered by the Institute of Chartered Accountants of Singapore (ISCA). It is also recognized internationally through mutual agreements with Chartered Auditors Australia and New Zealand (CA ANZ), Chartered Accountants Ireland (CAI), Institute of Chartered Accountants of Scotland (ICAS) and Institute of Chartered Accountants of England and Wales (ICAEW). .
Additionally, to become a chartered accountant authorized to provide public sector accounting services such as auditing and financial statement reporting, a CA (Singapore) must register with the Accounting and Corporate Regulatory Authority (ACRA), which also requires additional professional requirements.
To obtain the CA (Singapore), degree applicants must complete a 5-module vocational program with at least one capstone module and four technical modules. They must accumulate at least 450 working days under the guidance of an approved mentor from a recognized training institute during the initial work experience of 4 years.
Other professional accountancy qualifications are international, including CPA and ACCA. The CPA qualification is issued by the American Institute of Certified Public Accountants (AICPA). This qualification is recognized by US and mainly US regional offices. The ACCA qualification is issued by ACCA (Association of Chartered Certified Accountants). Under CA Singapore’s 2013 transition arrangement, existing ACCA members are allowed to attend a pre-admission course to qualify by 31 December 2018. However, as there is currently no mutual agreement for these qualifications, members are required to complete a single Singapore Chartered Accountant qualification. As a degree applicant for CA Singapore.
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Members of Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Accountants Ireland (CAI), Institute of Chartered Accountants Scotland (ICAS) and Institute of Chartered Auditors in England and Wales (ICAEW) are recognized by mutual agreement and do not need to obtain the Singapore Chartered Accountant qualification. .
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Unlike public sector professions (ie teachers and nurses), accountants span both the public and private sectors. This means that their salary depends largely on the particular employer.
Generally, the average gross monthly salary of a recent accounting graduate is $3,000 for a 3-year degree program and $3,000 to $4,405 for a 4-year degree program at local universities.
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To see how much accountants can earn over the course of their career, we can also look at MOM salary data.
For both an auditor and an accountant, the average base salary in the 25th percentile ranges from about $3,600 to $4,000. The 25th percentile is likely to be lower-level positions, with correspondingly lower pay.
However, the wage gap increases at the median and 75th percentile. This is not surprising as an auditor who can sign a company’s audit documents must be a CA (Singapore) and meet ARCA’s requirements to be an auditor. It requires high professional qualifications and experience and is paid commensurate with the work.
An accountant earns an average of about $4,500, while an auditor earns an average of $4,700. For those in the 75th percentile, perhaps in higher positions, an accountant earns around $6,000, while an auditor earns around $6,000. Earns about $8,000.
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Note: Basic salary before deduction of employee’s CPF contribution and personal income tax. This does not include employer CPF contributions, bonuses, overtime pay, commissions, allowances and other financial payments. Gross pay is the sum of base pay, overtime pay, commissions, benefits and other regular cash payments. This excludes employer and employee CPF contributions, personal income tax, bonuses, stock options and other lump sum payments.
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While MOM’s occupational wage data is a useful reference, every employer pays differently and every worker has a different performance that affects pay. So we can’t expect to use salary data to justify salary increases to our employers.
However, there are some interesting observations from the wage data. The difference between gross pay (which includes overtime, commission and bonuses) and base pay is negligible. Therefore, accountants should not expect paid benefits, commissions or overtime payments.
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The large pay gap between accountants and auditors, especially at the 75th percentile, suggests that qualifications matter. An auditor must obtain the CA Singapore qualification and meet additional professional requirements established by ACRA to provide public sector accounting services, including audits. Accounting seniors may consider pursuing additional professional qualifications that allow them to move into higher paying auditing roles.
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Average Singaporean Income Per Month
Please note that the salary data in this article is accurate as of 27 September 2021 and is from salary comparison provider SalaryExpert.
As the name suggests, commercial divers in Singapore work underwater on diving equipment to inspect, install, attach or remove fixtures and equipment. Some may even work in rescue operations.
Divers should be comfortable using some heavy tools such as drills, hammers, flashlights and welding equipment.
Depending on the industry, some divers may be required to conduct tests or experiments, rig explosives or document structures or marine life.
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To help you get an idea of what a commercial diver does, check out this Dive Marine Services Inshore Commercial Diver Apprentice job description:
Undoubtedly, the job is dangerous as divers must contend with hazards such as bad weather and dangerous elements such as underwater currents.
According to Channel News Asia (CNA), there were more than six commercial diving deaths between 2010 and 2019.
Divers also have to contend with very irregular working hours and have to deal with emergencies even if they occur at 2am.
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On average, an entry-level commercial diver who has obtained their certifications and worked for about one to three years can expect a gross salary of about $5,511 per month (including the employer’s CPF contribution).
The Commercial Diving Association (Singapore) requires divers to be at least 18 years of age, hold a commercial diving medical certificate ‘fit to dive’ and a commercial diving training certificate to work as a commercial diver.
Next we are looking for a funeral director/mortician/housekeeper job. These terms are used interchangeably and usually refer to the same character.
But it’s a great career because you help people process the loss of their loved ones.
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An entry-level funeral director who has been on the job for about one to three years can expect to earn an average gross salary of $4,933 per month.
You must also be willing to work in shifts and return on weekends and public holidays.
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