How Much Do Accountants Make With A Bachelor's Degree – Professional Salary Guide: How much does an accountant earn in Singapore? The average base salary for an accountant is around $4,500.
Accounting has long been considered an acceptable career option by traditional Asian parents. I remember my parents asking me to take the books (after it became clear I wasn’t going to be a doctor or a lawyer) and being disappointed when I decided otherwise. Students choosing their future majors and those considering a mid-career change of major may wonder if accounting is the safe and sound career choice our parents’ generation made it out to be.
How Much Do Accountants Make With A Bachelor's Degree
Being an accountant can be a versatile career option. Every business, in every industry and sector, needs an accountant (or many) to help with bookkeeping and accounting. This means that an accountant can work in different industries and in different businesses from small and medium enterprises (SMEs) to large multinational corporations (MNCs).
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As part of our salary guide series, we look at 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 public accountant (i.e. CPA or CA). In general, accountant is a general term that can refer to a person who has a graduate accounting degree or is in charge of an accounting in a company.
However, to be a chartered accountant, an accountant must meet certain qualification standards and pass the necessary 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 name Singapore Certified Public Accountant (CPA) which was used before July 2013.
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The Singapore CA rating is administered by the Singapore Accountancy Commission (SAC), a statutory body under the Ministry of Finance and administered by the Institute of Chartered Accountants of Singapore (ISCA). It is also 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 (ICAS) and Institute of Chartered Accountants in England and Wales (ICAEW). . )
In addition, to become a certified public accountant who can provide public accounting services such as auditing and reporting financial statements, a CA (Singapore) must register with the Accounting and Corporate Regulatory Authority (ACRA), which meets the requirements It also requires additional professionalism.
To qualify for CA (Singapore), degree seekers must complete a minimum 5-module professional program including 1 Capstone module and 4 technical modules. They must also accumulate at least 450 work days in 4 years of basic work experience under the guidance of a certified instructor in an accredited training organization.
Internationally, there are other professional accounting qualifications such as CPA and ACCA. The CPA degree is issued by the American Institute of Certified Public Accountants (AICPA). This degree is recognized in the United States, primarily by regional offices in the United States. The ACCA qualification is issued by the Association of Chartered Accountants (ACCA). Under CA Singapore’s transitional arrangements in 2013, current ACCA members were allowed to take a pre-admission course to qualify before 31 December 2018. However, as there is no current reciprocity arrangement for these qualifications, members must complete the same course as Singapore. . Accountant qualification as title applicants for CA Singapore.
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Members of Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Accountants Ireland (CAI), Institute of Chartered Accountants Scotland (ICAS) and Institute of Chartered Accountants in England and Wales (ICAEW) are recognized under mutual agreements and you do not have to hold accountant qualifications. Take the expert of Singapore.
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Unlike public sector jobs (ie teachers and nurses), accountants span both the public and private sectors. This means that your compensation depends heavily on the employer.
In general, the average starting gross monthly salary for a new accounting graduate is $3,000 for a 3-year degree program and about $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 career, we can also look at MOM salary data.
For both accountants and bookkeepers, the average base salary for the 25th percentile is approximately $3,600 to $4,000. At the 25th percentile, these are likely to be younger positions that are commensurately lower paid.
However, the wage gap widens at the median and 75th percentile. It requires a higher level of professional qualification and experience and the work is paid accordingly.
An accountant earns an average base salary of around $4,500 while an auditor earns an average base salary of $4,700.
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Note: Basic salary is before deduction of employee CPF contribution and personal income tax. The employer’s CPF contribution does not include bonuses, overtime payments, commissions, allowances and other monetary payments. Gross pay refers to the sum of base salary, overtime payments, commissions, allowances, and other regular cash payments. Employer and employee CPF contributions, personal income tax, bonuses, stock options and other lump sum payments are excluded.
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While MOM’s occupational wage data is a useful reference, every employer pays differently and every employee performs differently, which affects compensation. Therefore, we cannot expect to use wage data to justify wage increases from our employers.
However, there are some interesting observations from the wage data. The difference between gross pay (which includes overtime, commissions and bonuses) and base pay is minimal. Therefore, accountants should not expect to be paid additional allowances, commissions or overtime.
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The wide salary gap between accountants and auditors, especially at the 75th percentile, shows that qualifications matter. An auditor must obtain Singapore CA qualifications and meet additional professional requirements imposed by ACRA to provide public accounting services, including auditing. The best in accounting may want to consider gaining additional professional qualifications that will allow them to take on audit roles that are more lucrative.
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CPF Why raising our CPF monthly salary cap to $8,000 in Singapore’s Budget 2023 was a necessary measure Almost every organization needs a trained professional to prepare accounting books and provide advice on the company’s finances. High demand for CPAs means better salaries, job stability, and steady upward growth.
As such, a CPA salary is tough, but its lucrative package is not cheap. Accountants perform complex tasks that require a high degree of financial and accounting acumen, from tax processing to financial reporting and auditing, among other things.
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But how much do accountants really earn per year? According to the latest figures from the Bureau of Labor Statistics, the average salary for American accountants and auditors is $70,500 per year. Of course, the amount of income of accountants depends on many factors such as education, experience, location, industry, etc. Let’s take a look at these factors to see how they affect accountant pay.
While all CPAs are accountants, not all accountants are CPAs. To become a CPA, you need a combination of education and experience, as well as passing the Uniform CPA Exam, which is very difficult. Most states require at least a bachelor’s degree as a minimum requirement.
However, to obtain a license, you must have the required work experience and ethical requirements. (For more information on becoming a CPA, see Beat the CPA.) Simply put, CPAs are generally more educated than their counterparts (accountants). As a result, public accountants are paid more than accountants. Companies value the standards that CPAs adhere to and are willing to pay more.
While the average CPA salary in the United States is around $70,000 per year, senior CPAs with more than 20 years of experience can earn an average annual salary of $150,000.
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Data from the U.S. Bureau of Labor Statistics shows a large income gap: The bottom 10 percent earn less than $43,650, while the top 10 percent earn more than $122,840.
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