Accounting and finance hiring slows as firms prioritise replacements

Hiring has been largely focused on replacement roles rather than organic headcount growth, the firm noted.

Whilst hiring in the Accounting & Finance sector has remained active, the focus has notably moved from expansion to replacement, as companies adopt a more cautious approach to workforce growth—even in fast-moving sectors like fintech.

According to Morgan McKinley’s 2025 Salary Guide, “hiring has been largely focused on replacement roles rather than organic headcount growth, reflecting a cautious approach to talent investment even in high-growth industries like fintech.”

One of the most visible trends is the offshoring of back-office roles to countries such as Malaysia, the Philippines, and India. This strategy is “reducing the demand for specific roles in Singapore,” as companies seek cost efficiencies and skilled labor in more affordable markets.

Meanwhile, the sector is being reshaped by technology. “Cloud-based accounting solutions, AI, and automation are becoming standard, driving efficiency and accuracy in financial operations.”

These innovations are not just streamlining processes—they’re changing the nature of the roles themselves. By 2025, such technologies are “expected to dominate accounting functions, leading to a shift in required skill sets.”

The guide also highlighted the growing pressure on finance professionals to support sustainability agendas: “Accountants are increasingly required to develop expertise in aligning financial reporting with global ESG standards as sustainability and regulatory expectations continue to evolve.”

Salaries reflect these shifts. Professionals who stay within their current firms can expect “modest increments of 3%–5%,” whilst those changing jobs are looking at increases of “10%–15%, reflecting the ongoing demand for specialised financial expertise.”

Roles in FP&A and Regulatory Reporting are especially in demand and “may command a premium salary increase.”

Looking ahead, companies that “invest in upskilling their workforce to meet these evolving demands will remain competitive in the changing financial landscape.”