Singapore’s accountancy sector is showing strong financial growth, with industry revenue reaching approximately S$3.5 billion in 2024, while firms reported higher salaries for experienced professionals and more than 1,500 career opportunities.
The findings come from the Accounting and Corporate Regulatory Authority’s (ACRA) Accounting Entities Survey 2025, which examined the sector’s performance and workforce trends using 2024 data. The survey covered 233 accounting entities representing 92 per cent of the sector’s total revenue.
Revenue increased by 7.5 per cent, or S$244.5 million, compared with the previous year. The expansion was supported by demand for audit and assurance services, which accounted for half of the industry’s total revenue.
But the figures reveal more than a growing professional-services market. They also point to changing salary expectations, stronger demand for Singapore-based talent and an industry increasingly looking for workers with expertise in technology, data analytics and sustainability reporting.
Accountancy Revenue Climbs as Big Four Firms Maintain Their Dominance
The sector generated approximately S$3.49 billion in operating receipts during 2024, up from the previous year.
The Big Four accounting firms — Deloitte, PwC, EY and KPMG — remained major contributors, accounting for approximately 70 per cent of total sector revenue. Together, they generated S$112.5 million of the industry’s S$244.5 million increase.
However, growth was not limited to the largest firms.
Medium-sized accounting entities recorded the strongest percentage increase, with revenue rising 47.4 per cent. Large firms grew by 12 per cent, small firms by 9 per cent and micro firms by 6.6 per cent.
The results suggest that demand for professional accounting services is extending across different parts of the market, although smaller firms continue to operate on a much smaller revenue base than the Big Four.
Audit and assurance remained the largest business segment, generating approximately S$1.75 billion, or 50 per cent of total revenue. Business advisory contributed 26 per cent, tax advisory and compliance accounted for 18 per cent, while corporate support represented the remaining 6 per cent.
The growth also comes as businesses face more complex reporting requirements, regulatory expectations and financial risks.
More Than 1,500 Accountancy Job Opportunities Expected
The survey identified an estimated 1,561 job vacancies across accounting entities in 2024, up from 1,523 in 2023.
Approximately two-thirds of the reported opportunities were in audit and assurance, which accounted for 1,033 vacancies. Business advisory contributed 214 positions, followed by tax advisory and compliance with 179 and corporate support with 106.
Sustainability reporting, advisory and assurance accounted for 29 vacancies, compared with 20 in the previous year.
The sector’s workforce also expanded by approximately 201 positions, bringing the total to 21,783.
One of the most notable changes was the increase in resident employment. Singapore citizens and permanent residents accounted for 76 per cent of the accountancy workforce in 2024, up from 70 per cent in 2023.
Resident employment increased by more than 1,300 positions, an 8.8 per cent rise. This growth offset a decline of approximately 1,100 non-resident positions.
The figures indicate that more local workers entered or remained in the profession, even as the overall increase in industry employment remained relatively modest.
The trend also comes amid broader caution among Singapore employers. WWC ONE MEDIA previously reported that businesses were becoming more selective about recruitment despite improving revenues, highlighting the growing importance of specialised skills and productivity.
Experienced Accountants See the Biggest Salary Increases
The survey found that accounting entities raised median wages for several experienced positions in 2024.
First-year senior associates received a median increase of S$400, or 8 per cent, while first-year managers saw an increase of S$500, or 6.9 per cent.
The largest reported increase was among directors, whose median wages rose by S$2,000, equivalent to 17.4 per cent.
Entry-level median salaries, however, remained unchanged for first-year audit assistants and first-year associates, at S$3,000 and S$4,200 respectively.
That does not mean graduates received no improvement in starting pay opportunities.
The proportion of first-year audit assistants earning more than S$3,200 increased from 12 per cent in 2023 to 37 per cent in 2024.
Among first-year associates, 66 per cent earned more than S$4,000, compared with 60 per cent in the previous year. More than a quarter earned above S$4,400, whereas no respondents were recorded in that salary band in 2023.
These figures suggest that while the median entry-level salary remained stable, a larger share of new professionals secured higher starting pay.
ACRA has also highlighted that the median starting salary for accounting associates increased from S$3,800 in 2022 to S$4,200 in 2024, a 10 per cent rise over two years.
Artificial Intelligence and Data Analytics Are Reshaping Accounting Careers
The accountancy profession is also changing as firms adopt more technology and demand new capabilities from employees.
ACRA’s survey identified four priority skill areas that accounting entities want to develop over the next three years:
- Advanced data analytics and visualisation, identified by 41 per cent of respondents.
- Sustainability assurance, identified by 28 per cent.
- Sustainability reporting, identified by 27 per cent.
- Risk management and governance, also identified by 27 per cent.
Technology adoption is already widespread. The survey found that 85 per cent of accounting entities had adopted at least one technology solution.
The most commonly adopted tools included know-your-customer and anti-money-laundering screening systems, audit software and cloud accounting platforms.
These developments point to a profession that increasingly combines traditional financial expertise with technology, regulatory compliance and business analysis.
Accountants are no longer expected to focus exclusively on preparing financial statements or checking transactions. They are also being asked to interpret data, identify risks, assess business performance and help organisations respond to changing regulatory requirements.
WWC ONE MEDIA has also examined how Singapore employers are adjusting to technology-driven changes and the growing importance of digital capabilities in the workplace.
Sustainability Reporting Creates Another Career Opportunity
Sustainability reporting is becoming an increasingly important part of the accountancy industry as companies face expanding environmental, social and governance disclosure expectations.
Accounting professionals are being called on to help businesses collect reliable sustainability data, assess climate-related risks and ensure that disclosures meet relevant standards.
The shift creates opportunities for accountants who develop expertise in sustainability assurance and reporting.
ACRA has been working with SkillsFuture Singapore to support training programmes in this area, helping professionals prepare for climate-related disclosure requirements that began taking effect for companies from financial year 2025.
The growing importance of sustainability work was also highlighted by Second Minister for Finance Indranee Rajah, who noted that accounting firms’ revenue from sustainability-related fields had tripled since 2022.
This expansion could create new opportunities for professionals willing to move beyond traditional accounting roles.
Singapore Updates Professional Qualification Pathways
Singapore is also adjusting its professional training system to attract a wider pool of accountancy talent.
ACRA announced enhancements to the Singapore Chartered Accountant Qualification, including new pathways for accounting diploma graduates from the Institute of Technical Education and recognised institutes of higher learning.
The new pathways opened in January 2026, providing additional routes for eligible candidates to pursue the professional qualification.
The Professional Programme curriculum has also been refreshed to include emerging areas such as environmental, social and governance frameworks, cybersecurity, data governance and digital asset accounting.
The updated curriculum was scheduled to launch in June 2026, with the changes applying to the December 2026 examinations.
The Foundation Programme assessment format is also being changed from written essays to multiple-choice questions, allowing more frequent examination sessions and improving accessibility for candidates.
These reforms are intended to ensure that professional qualifications remain relevant as the industry evolves.
Strong Revenue Does Not Automatically Mean Easier Hiring
Despite the positive revenue and salary figures, Singapore’s accountancy sector still faces challenges in attracting and retaining skilled professionals.
The growth in resident employment is encouraging, but the relatively small overall workforce increase shows that the industry is not expanding at the same pace as its revenue.
Firms must also manage rising expectations around technology, sustainability reporting and regulatory compliance.
For job seekers, this means that traditional accounting qualifications remain valuable, but employers are increasingly looking for professionals who can combine financial knowledge with analytical, technological and advisory capabilities.
The latest findings therefore present a mixed but generally positive picture: the sector is generating more revenue, offering opportunities and raising pay for experienced workers, while adapting to a more demanding professional environment.
Singapore’s accountancy industry appears to be moving into a new phase in which digital expertise, sustainability knowledge and specialised advisory skills could become just as important as traditional auditing and financial reporting.
The question now is whether the industry can attract enough qualified talent to sustain its growth — especially as firms compete for professionals who can navigate both financial regulations and rapidly changing technology.
