Singapore's Accountancy Sector Sees Salary Increases and Job Growth Amid AI Integration

SINGAPORE – The accountancy sector in Singapore has experienced notable growth, with total revenue rising by 5.1% to approximately S$3.7 billion (US$2.7 billion) in 2025, according to the latest Accounting Entities Survey 2026 released by the Accounting and Corporate Regulatory Authority (ACRA). This growth has been accompanied by increased median salaries across all levels of seniority, reflecting the sector's robust demand for talent.

First-year audit assistants saw the most significant salary increase, with median monthly pay rising 13% to S$3,400 (US$2,500). Similarly, first-year associates experienced a 10% increase, with their median pay reaching S$4,600 (US$3,400). The survey, which included responses from 238 accounting entities representing 92% of the sector's estimated revenue, indicated a total workforce growth of 2.7%, adding 579 positions to the sector, which now employs 22,362 professionals.

Acting Minister for Manpower Jasmin Lau highlighted the strong employment prospects for accountancy graduates, noting that more than 1,200 job openings remain unfilled, primarily in audit and assurance as well as business advisory services. "Accountancy graduates have high employment rates of more than 93% and strong median starting salaries," Lau stated during her address at the Institute of Singapore Chartered Accountants (ISCA) Conference.

“Accountancy graduates have high employment rates of more than 93% and strong median starting salaries.”Jasmin Lau, Acting Minister for Manpower

As automation and artificial intelligence (AI) increasingly transform the profession, employers are tasked with ensuring that young accountants develop the necessary judgment skills that were traditionally cultivated through routine tasks. Lau emphasized the importance of training young staff and providing them with responsibilities that allow them to engage with AI-generated analyses critically.

In response to the evolving landscape, ACRA's survey identified AI application, ethics, and governance as the top workforce development priorities for the next three years, cited by 67% of accounting entities. This was followed by advanced data analytics and visualization (45%). To prepare future entrants, ISCA has signed a memorandum of understanding with local polytechnics and the Institute of Technical Education (ITE) to facilitate practical AI learning and mentorship opportunities for students.

“Each time, the tools have changed, but the profession’s core responsibility stayed the same – to give people confidence in the numbers.”Jasmin Lau, Acting Minister for Manpower

In terms of revenue sources, business advisory services emerged as the largest contributor, with a 12.9% increase, while audit and assurance services, the sector's largest category, added S$58.1 million (US$42.5 million) to revenue. However, corporate support services saw a decline in revenue, falling by 7.4%.

To address staffing gaps and provide flexibility for professionals, ISCA has initiated the FlexConnect program, which aims to connect experienced accountants seeking flexible work arrangements with businesses needing temporary support. Lau noted that smaller firms could particularly benefit from this initiative, which is still in its pilot stage.

The integration of AI into auditing processes is already underway, with firms like Ernst & Young (EY) redesigning roles and training staff in analytics and automation. Lau remarked, "Each time, the tools have changed, but the profession’s core responsibility stayed the same – to give people confidence in the numbers." This sentiment underscores the ongoing evolution of the accountancy profession as it adapts to technological advancements while maintaining its fundamental role in financial oversight.