Singapore accounting sector grows 7.5% to $3.5b in 2024

The sector anticipates hiring over 1,500 new roles, with roughly two-thirds in audit and assurance.

Singapore’s accounting sector posted broad-based revenue growth and a shift in workforce composition in 2024, according to findings from the Accounting and Corporate Regulatory Authority’s (ACRA) AE Survey 2025.

Sector revenue rose 7.5% to approximately $3.5b, with audit and assurance continuing to make up half of the total. Growth was observed across all firm sizes, including the Big 4, up $112.5 million or 4.8%, and significant double-digit gains for large, medium, and small firms.

Workforce figures showed a turning point, with a modest net headcount increase of about 200 (+0.9%), driven by an 8.8% rise in resident employees, offsetting a 17.7% drop in non-resident manpower.

Wage trends also shifted, with notable increases in median salaries for experienced roles: senior associates (+8.0%), managers (+6.9%), and directors (+17.4%). Whilst entry-level medians remained flat, a growing share of fresh graduates are starting at higher salary bands—over a quarter now earn above $4,400, compared to none previously.

The sector anticipates hiring over 1,500 new roles, with roughly two-thirds in audit and assurance, and more than 200 in business advisory. Survey respondents also pointed to rising demand for skills in advanced data analytics, sustainability assurance and reporting, and risk governance, aligning with upcoming FY 2025 climate disclosure mandates.

ACRA has committed to co-developing sustainability training with SkillsFuture Singapore. The 2025 edition of the survey covered 233 accounting entities, accounting for 92% of sector revenue.

Separately, enhancements to the Singapore Chartered Accountant Qualification were announced.

From January 2026, two new diploma pathways will open to graduates from ITE and recognised local Institutes of Higher Learning (IHLs), with initial cohorts expected to range from 10–15 and 50–100, respectively.

The Professional Programme will be refreshed to embed ESG, cybersecurity, data governance, and digital asset accounting across modules starting from the June 2026 intake, with changes applying to the December 2026 exams.

In addition, the Foundation Programme’s written essays will be replaced by multiple-choice questions, bringing Singapore’s assessments in line with international bodies and allowing more frequent exam sittings.

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