Better pay: People walk across a pedestrian bridge with Singapore’s central business district in the background. Accounting firms here are lifting salaries for certain employees in a bid to attract more talent to the sector. — AFP
SINGAPORE: Accounting firms Deloitte and KPMG are lifting salaries for some employees here in a bid to attract more talent to the sector.
Deloitte will increase the starting pay by up to 20% for graduates joining as first-year audit associates.
First-year hires joining Deloitte under its accelerated audit career programme from Sept 1 will have a starting salary of S$4,500 a month.
The pay for other first-year hires joining the firm as auditors will be S$4,100.
KPMG is committing S$30mil to raising salaries for eligible employees across its audit, tax and enterprise risk services from October.
Staff with certain professional qualifications will also receive salary enhancements.
It did not provide details of the upcoming salary increases.
However, it noted that eligible staff have already benefitted from a 20% pay hike announced in 2022.
The changes by Deloitte and KPMG come after a report by the Accountancy Workforce Review Committee, set up by the Finance Ministry, addressed ways to increase the supply of high-quality accounting talent.
The report, released on May 10, noted ways to revitalise the sector, including assessing pay structures – such as raising salaries – developing skills, and creating more pathways for non-accounting graduates and professionals to enter the industry.
The salary bumps are part of other initiatives by KPMG and Deloitte.
KPMG will commit over S$100mil to salary adjustments, technology and talent development over the next five years, it said.
Besides salary rises, the funds will mainly go to these two areas, namely about S$25mil for comprehensive training and upskilling programmes for employees, including critical skills such as artificial intelligence, data literacy, analytics and environmental, social and governance); and around S$50mil towards technological advancements, including the development of emerging technologies and generative artificial intelligence.
Deloitte will invest S$62mil in nurturing its audit talent within the employees’ first five years with the firm, starting from Sept 1.
This amount includes professional qualification courses, as well as training and modules to equip staff with skills such as in generative artificial intelligence, data analytics and sustainability assurance.
Accounting firms EY and RSM have also committed to align their policies with the recommendations outlined in the report.
Regina Tan, 23, a fresh graduate from the Singapore Management University who plans to join one of the Big Four accounting firms, said a higher starting salary will have a significant impact.
“Most people in my generation want to work hard, but they’re also looking at the remuneration they can get for the amount of effort they’re putting in,” said Tan, who majored in accounting and holds a second major in accounting data and analytics.
“What people demand of accountants does change with technological advancements.
“We must be able to develop our abilities along the way and open ourselves up to opportunities to future-proof ourselves.” — The Straits Times/ANN
