2010/2011 Singapore Salary Guide for Finance Professionals – Robert Half

Salary packages within the finance and accounting sector in Singapore are among the most competitive in the region, with employees enjoying pay raises and bonuses last year. However, despite the better outlook for salaries, finance professionals are now expecting more from their jobs as the employment market continues to heat up. Employers need to proactively address this trend, or risk losing their best people.

These findings are based on data collected from Robert Half’s two new salary surveys. The 2010/2011 Asia-Pacific Finance & Accounting Salary Guide (“FA”)1, launched in partnership with the Institute of Certified Public Accountants of Singapore (“ICPAS”), interviewed 2599 finance and accounting professionals across Australia, Hong Kong, Japan, New Zealand and Singapore (296 respondents). The 2010/2011 Asia-Pacific Banking & Financial Services Salary Guide (“FS”)2 interviewed 906 banking and financial services professionals across Australia, Hong Kong, Japan and Singapore (182 respondents). Both surveys were conducted between 24 March and 8 April this year.

The hiring outlook for Singapore

The Singapore market is generally split on whether the global recovery is over, or not. According to the Robert Half 2010 Workplace Survey, 42% of Singapore employees believe the worst to be over; while half (50%) still feel that the downturn is still having a significant impact. Despite the ongoing uncertainty, companies are taking the opportunity to rethink staffing strategies, and many are in fact ramping up their hiring in order to lure valuable talent and position themselves for growth.

Hiring demand for specific finance and accounting talent in Singapore is increasing in response to the promise of better times ahead. Specifically, most employers have indicated that they are recruiting finance and accounting staff to fill new positions, or to replace staff lost or retrenched due to the downturn. Accounting and operational staff are the two functional areas within accounting and finance that are most notably in demand.

While hiring demand is strong, employers should also have a strong focus on employee retention, as staff turnover results in significant financial and productivity loses to an organisation. From our survey results, we know that finance and accounting staff in Singapore work long hours and are also the least likely to negotiate their remuneration packages, with over half (51%) indicating that they never negotiate salary or benefits packages – a significantly higher amount than the regional average of 29%. Therefore, employers in Singapore cannot afford to wait to respond to employee demands, and instead must proactively look at using salary, career development programmes and other benefits such as flexi-hours and extra holidays as an ongoing retention strategy.

SINGAPORE SALARY GUIDE

Job Title

Company size

Years of Experience

0-2 years

3-5 years

6-9 years

10 -15 years

> 15 years

Accountant

S/M L

30,000-36,000 36,000-42,000

36,000-42,000 42,000-54,000

42,000-48,000 54,000-66,000

42,000-48,000 66,000-72,000

42,000-48,000 66,000-72,000

Accounts / Accounts Payable / Accounts Receivable Executive

S/M L

21,600-24,000 24,000- 30,000

24,000 – 36,000 30,000-42,000

36,000-45,000 42,000-48,000

36,000-45,000 42,000-48,000

36,000-45,000 42,000-48,000

Accounts Payable Manager

S/M L

– –

42,000-48,000 48,000-54,000

48,000-54,000 54,000-60,000

54,000-72,000 60,000-78,000

54,000-72,000 60,000-78,000

Accounts Receivable Manager

S/M L

– –

42,000-48,000 48,000-54,000

48,000-54,000 54,000-60,000

54,000-72,000 60,000-78,000

54,000-72,000 60,000-78,000

Assistant Accountant

S/M L

24,000-30,000 30,000-36,000

30,000-36,000 36,000-45,000

36,000-42,000 45,000-50,000

36,000-42,000 45,000-50,000

36,000-42,000 45,000-50,000

Business Analyst

S/M L

36,000-42,000 40,000-48,000

42,000-48,000 48,000-54,000

48,000-60,000 54,000-72,000

48,000-60,000 72,000-84,000

48,000-60,000 72,000-84,000

Finance Director/ Vice President Finance/ CFO

S/M L

120,000-130,000 132,000-144,000

130,000-150,000 144,000-160,000

150,000-180,000 160,000-190,000

180,000-200,000 190,000-250,000

180,000-200,000 250,000-300,000

Compliance Officer

S/M L

– 36,000-42,000

– 42,000-66,000

– 66,000-100,000

– 100,000-120,000

– 120,000-180,000

Credit Controller

S/M L

– 41,000-48,000

– 50,000-62,000

– 63,000-78,000

– 79,000-100,000

– 79,000-100,000

Singapore
Job Title Company size Years of Experience
0-2 years 3-5 years 6-9 years 10 -15 years > 15 years
Credit ManagerS/M L42,000-48,000 48,000-60,000 48,000-60,000 60,000-80,000 60,000-78,000 80,000-90,000 78,000-90,000 90,000-110,000 78,000-90,000 90,000-110,000
Finance ManagerS/M L48,000-60,000 60,000-66,000 60,000-78,000 66,000-84,000 78,000-90,000 84,000-100,000 90,000-105,000 100,000-110,000 90,000-105,000 100,000-110,000
Financial AccountantS/M L36,000-42,000 42,000-48,000 42,000-48,000 48,000-70,000 48,000-58,000 70,000-85,000 58,000-66,000 85,000-98,000 58,000-66,000 85,000-98,000
Financial Analyst/ Senior Financial AnalystS/M L36,000-42,000 42,000-50,000 42,000-50,000 50,000-72,000 50,000-60,000 72,000-95,000 60,000-80,000 95,000-110,000 60,000-80,000 95,000-110,000
Financial ControllerS/M L65,000-72,000 90,000-96,000 72,000-84,000 96,000-120,000 84,000-90,000 120,000-150,000 90,000-100,000 150,000-180,000 90,000-100,000 180,000-200,000
Financial Planning & Analysis ManagerS/M L– – 50,000-60,000 72,000-95,000 60,000-80,000 95,000-110,000 80,000+ 110,000+ 80,000+ 110,000+
Internal Auditor / Senior Internal Auditor/ Internal Auditor ManagerS/M L30,000-36,000 36,000-42,000 36,000-54,000 42,000-66,000 54,000-66,000 66,000-100,000 66,000-90,000 100,000-120,000 90,000-120,000 120,000-180,000
Management AccountantS/M L33,000-36,000 36,000-42,000 36,000-54,000 42,000-66,000 54,000-72,000 66,000-80,000 72,000-84,000 80,000-90,000 72,000-84,000 80,000-90,000
Payroll Executive/ SupervisorS/M L30,000-35,000 35,000-42,000 35,000-40,000 42,000-60,000 40,000-60,000 60,000-78,000 60,000-72,000 78,000-96,000 60,000-72,000 78,000-96,000
Payroll ManagerS/M L– – 40,000-60,000 60,000-78,000 60,000-72,000 78,000-96,000 60,000-72,000 78,000-96,000 60,000-72,000 78,000-96,000
Tax Executive / ManagerS/M L36,000-45,000 42,000-48,000 45,000-55,000 48,000-60,000 55,000-72,000 60,000-108,000 72,000-96,000 108,000-150,000 72,000-96,000 108,000-150,000
TreasurerS/M L36,000-42,000 36,000-45,000 42,000-60,000 45,000-75,000 60,000-72,000 75,000-100,000 72,000-96,000 100,000-150,000 72,000-96,000 100,000-150,000

Legend: S = Small; defined as company with less than 50 employees M = Medium; defined as company with less than 50 to 250 employees L = Large; defined as company with more than 250 employees

Note: all salaries are listed in the local currency

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