Singapore’s accountancy sector adds jobs, raises pay as firms prepare workers for AI

SINGAPORE – Singapore’s accountancy sector added jobs and raised median salaries across all surveyed seniority levels in 2025, even as artificial intelligence changes the work accountants do and the skills they need.

The sector’s workforce grew by 579 positions, or 2.7%, from 21,783 in 2024 to 22,362 in 2025, while revenue increased 5.1% to about $3.7 billion over the same period, according to the Accounting and Corporate Regulatory Authority’s (ACRA) Accounting Entities Survey 2026.

Accounting entities reported more than 1,200 job opportunities, around 80% of them in audit and assurance and business advisory services.

The growth comes as firms face the challenge of preparing employees for work that increasingly involves reviewing AI-generated analyses and making decisions based on them.

As routine tasks are automated, employers must consider how young accountants will develop the judgment traditionally gained through such work, said Acting Minister for Manpower Jasmin Lau in her speech at the Institute of Singapore Chartered Accountants (ISCA) Conference at Sands Expo and Convention Centre on Nov 11.

Reconciliations and first drafts are among the tasks AI is starting to handle, but they have also helped juniors traditionally learn their craft, she added.

Reconciliation involves comparing financial records and investigating any differences, while first drafts are initial versions of documents, such as reports, that require review.

“As firms automate these tasks, I hope they will think about how juniors can still develop a feel for when something does not look right,” Lau said.

Done well, automation could make entry-level roles more interesting, with graduates spending more time questioning what tools produce, working with senior colleagues on difficult decisions and meeting clients earlier.

“This will take deliberate effort from employers in training young staff and in giving them real responsibility,” Lau said.

The annual ACRA survey drew responses from 238 accounting entities, representing 92% of the sector’s estimated revenue.

Business advisory services led revenue growth, while audit and assurance remained the largest service category, contributing nearly half of total revenue.

Residents accounted for 522 of the 579 positions added, taking the resident workforce to 17,027.

Median monthly salaries for first-year audit assistants rose from $3,000 to $3,400, while those for first-year associates increased from $4,200 to $4,600.

For first-year senior associates, the figure rose from $5,400 to $5,800. First-year managers’ median salaries increased from $7,750 to $8,250, and first-year directors’ from $13,500 to $14,500.

Alongside hiring, firms are prioritising new skills. AI application, ethics and governance topped workforce development priorities for the next three years, cited by 67% of respondents, followed by advanced data analytics and visualisation at 45%.

To help prepare future entrants, ISCA signed a five-year memorandum of understanding with all five polytechnics and the Institute of Technical Education.

The partnership will create opportunities for practical AI learning, industry projects, mentorship and internships. More than 3,000 polytechnic and ITE students have enrolled in ISCA’s AI Fluency Programme.

Lau said accountants’ responsibility for assessing information would remain essential.

“AI tools can churn out analyses very quickly. But someone still has to decide whether that analysis makes sense, and take responsibility for it.”

Retaining experienced professionals is another priority, particularly as more workers care for both young children and elderly parents, she added.

ISCA is piloting FlexConnect to connect experienced accountancy professionals seeking flexible arrangements with businesses needing temporary or specialist finance talent.

The initiative covers part-time, contract and project-based roles, including assignments to cover employees on extended leave. More than 100 professionals have registered their interest since the pilot began in September 2026.

Lau said smaller practices could particularly benefit from help covering prolonged absences.

“This effort, FlexConnect, is still at the pilot stage, but I think it is a good idea and I hope it grows.”

Ernst & Young (EY) and Nexia Singapore PAC each received the Workforce Transformation Award for the Accountancy Sector at the conference, in recognition of their efforts to redesign jobs and develop employees’ skills.

Lau said EY had redesigned roles and trained staff in analytics and automation, freeing them for work requiring judgment. Nexia’s employees use digital audit tools for repetitive tasks, allowing more time for judgment and client advisory work.

“Accountancy as a profession has adapted many times before, from paper ledgers to spreadsheets and beyond,” she added.

“Each time, the tools changed, but the profession’s core responsibility stayed the same: to give people confidence in the numbers.”

Source: The Straits Times https://www.straitstimes.com/business/accountancy-sector-adds-jobs-raises-pay-as-firms-prepare-workers-for-ai?ref=latest