Salaries for fresh graduates in the Business course cluster, which includes accountancy, have been on an uptrend over the least three years, according to the latest Graduate Employment Survey (GES) 2023 for Singapore. When added to the fact that accountants are needed in companies in every sector of every industry, this news may enhance the appeal of accountancy as a course of study for students and, thereafter, as a career.
For GES 2023, 16,630 fresh graduates from National University of Singapore (NUS), Nanyang Technological University (NTU), Singapore Management University (SMU), and Singapore University of Social Sciences (SUSS) were surveyed in November 2023, six months after their graduation. Although fresh graduates generally enjoyed higher salaries in 2023 than in previous years, fewer of them were in full-time, part-time and freelance jobs, likely due to the slowing economic conditions.
Overall, the latest GES, released in February 2024, shows that the median gross monthly salaries for fresh graduates1 increased from $3,800 in 2021 to $4,200 in 2022, and $4,313 in 2023. Those in the Information and Digital Technologies course cluster recorded the highest median gross monthly salaries in each of the last three years.
For the Business cluster, the median gross monthly salary has been increasing over the last three years, hitting $4,150 in 2023.
A higher salary is just one reason why workers want to change jobs. For candidates seeking new opportunities in terms of stability or progression opportunities rather than purely salary increases, the market is shifting. While companies are still hiring, they are more risk averse, given the changeable global economic situation, says the 2024 Robert Half Salary Guide. The guide provides information about the latest salary and hiring trends in Singapore, and a market outlook to support business strategy and job search. It features data and insights from employers, workers, and their recruiters in Singapore.
In terms of movements in the Singapore recruitment market, the report highlights that:
While the accounting and finance sector is seeing less movement at the senior level, candidates in middle management are in demand, and employers are working hard to hold on to their best talents, particularly in corporate finance. Salaries are relatively flat in the sector but high demand is pushing up analyst salaries, according to the Robert Half report.
The report also provides insights into the different job titles/roles and salaries. As the starting salaries are not one-size-fits-all, they are presented as three percentiles, based on multiple factors spanning experience, skill, professional certifications, demand for the role, and the size/complexity of the company that is hiring. The salaries do not include bonuses nor benefits.
Generally, salaries in the 25th percentile are for applicants with limited or no experience in the position and are still developing their skills. Salaries in the 50th percentile are for applicants with an average level of experience and who possess most of the necessary skills. The 75th percentile would be for applicants with above-average experience, have almost all the necessary skills; they may also possess specialised qualifications.
The data for the guide comprise proprietary Robert Half insights and responses from an online survey conducted in November 2023. The 750 respondents represent 250 employers and 500 employees in the finance, human resources and technology departments. Respondents were drawn from a sample of small and medium-sized enterprises and large organisations from the public and private sectors, and publicly listed businesses in Singapore.
1 Course clusters include: Arts, Design and Media; Built Environment; Business (includes accountancy); Engineering; Health Sciences; Humanities and Social Sciences; Information and Digital Technologies; and Sciences; 2023 Joint Autonomous Universities Graduate Employment Survey, Feb 2024
© 2024 Institute of Singapore Chartered Accountants