HR & EDUCATION | Staff Reporter, Singapore

Senior finance workers can earn up to $620,000 in 2018

Salaries are not expected to change drastically in the year.

Salaries for accountancy and finance professionals in Singapore are expected to remain fairly static in 2018, with a few niche roles, particularly in banking, that will buck that trend, recruitment firm Hays Plc said.

According to its 2018 salary guide, commerce and industry chief financial officers (CFO) are expected to earn $190,000-$260,000 for small to medium enterprises (SME), $260,000-$320,000 for mid-size companies (MID), and $320,000-$620,000 for multinational corporations (MNC).

Financial analysts are expected to earn $60,000-$85,000 for SMEs, $75,000-$95,000 for MID, and $90,000-$110,000 for MNCs.

"The improving financial services sector will see demand rise for mid-level candidates throughout 2018 as banks look to strengthen their finance teams," the report said.

Banking CFOs in Singapore can earn up to $300,000-$500,000. Finance managers can earn up to $120,000-$180,000.

For the manufacturing sector, demand for finance candidates is slowly increasing.

However, finance professionals from the marine, offshore and construction industries face ongoing uncertainty as finance teams within these sectors continue to shrink.

If the outlook for these sectors does not improve throughout 2018, salaries may even start to decrease for those unable to secure a move into a different industry.

Compared to previous years, senior roles have been scarce as incumbents stayed in roles due to the economic uncertainty. There has also been a decrease in the number of new positions created.

Meanwhile, graduates in Singapore are expected to earn $45,000-$65,000 for assistant accountants and $35,000-$45,000 for graduate accountants.

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