Master Degree In Accounting Salary – Job Salary Guide: How much does an accountant earn in Singapore? The average base salary for an accountant is about $4,500
Accounting is an accepted career choice by traditional Asian parents I remember my parents urging me to take the book (after it was clear I wasn’t going to be a doctor or a lawyer) and being disappointed when I chose otherwise. Students choosing their future studies and those planning to make a mid-career switch may wonder if accounting is a good and safe career choice as our parents’ generation told us.
Master Degree In Accounting Salary
Becoming an accountant can be a versatile career choice Every company, in all industries and sectors, needs an accountant (or more) to help with accounts and bookkeeping. This means that an accountant can work in many industries and in companies ranging from small and medium enterprises (SMEs) to large multinational corporations (MNCs).
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As part of our Salary Guide series, we explore how much an accountant, Certified Public Accountant (CPA) or Chartered Accountant (CA) earns in Singapore.
The first thing to note about accounting is that there is a difference between an accountant and a certified accountant (ie CPA or CA). In general, accountant is a generic term that can refer to someone who holds an accounting degree or is in charge of an accounting function in a company.
However, to become certified, an accountant must meet certain qualifications and pass tests and standards set by a professional body.
In Singapore, the professional qualification and designation for accountants is Chartered Accountant Singapore (CA Singapore). This is a change from the previous Certified Public Accountant (CPA) designation in Singapore that was used prior to July 2013.
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The CA Singapore qualification has been developed by the Singapore Accountancy Commission (SAC) – administered by the Singapore Institute of Chartered Accountants (ISCA) under the Ministry of Finance. It is internationally recognized through mutual agreements with Chartered Accountants of Australia and New Zealand (CA ANZ), Chartered Accountants of Ireland (CAI), Institute of Chartered Accountants of Scotland and Chartered Accountants of England. Wales (ICAEW). .
In addition, to become a public accountant who is authorized to provide public accounting services such as auditing and reporting of financial statements, a CA (Singapore) must be registered with the Accounting and Corporate Regulatory Authority (ACRA) which also requires additional professional requirements.
To qualify for the CA (Singapore), undergraduate degree applicants must complete a minimum 5-unit vocational program with 1 final unit and 4 technical units. They have to accumulate a minimum of 450 working days within 4 years of basic work experience under the supervision of a certified teacher in a recognized training organization.
Internationally, there are other professional accounting qualifications including CPA and ACCA The CPA qualification is issued by the American Institute of Certified Public Accountants (AICPA). This qualification is recognized in the United States primarily through the United States Regional Office The ACCA qualification is awarded by the Association of Chartered Certified Accountants (ACCA). Under the 2013 transitional arrangements for CA Singapore, existing ACCA members were allowed to take pre-admission courses to qualify by 31 December 2018. However, as there is no reciprocal provision for this qualification, members have to take the same Singapore Chartered Accountants qualifications as degree applicants to become CA Singapore.
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Accredited members of Chartered Accountants of Australia and New Zealand (CA ANZ), Chartered Accountants of Ireland (CAI), Institute of Chartered Accountants of Scotland (ICAS) and Chartered Accountants of England and Wales (ICAEW). The contract and work will not require legalization of accountancy qualifications in Singapore
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Like public sector professions (such as teachers and nurses), accountants span the public and private sectors. This means that their wages depend more on individual employers
Generally, the average gross monthly salary for a new accounting graduate is around $3,000 for a 3-year degree program and around $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 in their careers, we can also look at salary data from the Ministry of Human Resources.
For both auditors and accountants, the average base pay for the 25th percentile is about $3,600 to $4,000. At the 25th percentile, these entry-level positions are equally likely to earn less.
However, the wage gap between the median and the 75th percentile increases This is not surprising as the auditor who can sign a company’s audit documents must be a CA (Singapore) and meet the ARCA requirements to be a public accountant. It requires a high level of professional qualification and experience and posts are offered accordingly
An accountant earns a median base salary of about $4,500, while an auditor’s median base salary is $4,700. For those in the 75th percentile and perhaps higher, an accountant earns about $6,000, while an auditor earns about $8,000.
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Note: Basic salary before deduction of employee CPF contribution and personal income tax It does not include employer’s CPF contributions, bonuses, overtime payments, commissions, allowances and other cash payments. Gross pay includes base pay, overtime pay, commissions, allowances and other regular cash payments. It does not include employer and employee CPF contributions, personal income tax, bonuses, stock options and other lump sum payments.
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While MOM’s professional pay data is a useful reference, every employer will pay differently and every employee will work differently which will affect pay. Therefore, we cannot expect our employers to use salary data to justify salary increases
However, there are some interesting observations from the wage data The difference between gross wages (which includes overtime, commissions, and bonuses) and base wages is very small. Therefore, accountants should not expect to receive extra allowances, commissions or wages for overtime work
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The large salary gap between accountants and auditors, especially at the 75th percentile, indicates the importance of qualifications. Auditors must obtain the CA Singapore qualification as well as meet the additional professional requirements set by ACRA to provide public accounting services. High performers in accounting may want to consider obtaining additional professional qualifications that will enable them to take on higher quality audit roles.
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