10 Highest Paying Finance Jobs in Singapore 2024

Are you considering a new job in finance and accounting in 2024 with a higher salary? If so, this might help you find a suitable job.

Singapore is experiencing a significant demand for positions in sectors like technology and finance in 2024, as indicated by statements released by the Ministry of Manpower. This demand aligns with the government's forecasts and their focus on key investment areas.

Referencing Morgan McKinley's 2024 Salary Guide, Epicareer examines the salaries of employees with diverse years of experience in finance and accounting roles in Singapore.

In 2023, companies, adopting a conservative approach, maintained flat salary levels due to cautious spending. However, with the anticipated economic easing in 2024, there's a potential for salary increases of around 15% across all Accounting & Finance functions.

In order to assist you in making informed decisions for your upcoming job search, here's Top 10 In Demand Finance and Accounting Jobs in Singapore with its salaries in 2024.

▶ Read More: Top 10 Highest-Paying Tech Jobs in Singapore in 2024

Pay scale: S$50,000-S$55,000 per year or S$4,166-S$4,583 per month

Years of experience: More than 3 years

Responsibilities: preparing and filing tax returns, ensuring compliance with tax laws, identifying tax-saving opportunities, and providing strategic advice on financial decisions to minimize tax liabilities.

Skills: tax law knowledge, financial analysis, attention to detail, strong analytical abilities, communication skills, proficiency in accounting software, and staying updated on tax regulations.

The accounting sector in Singapore is projected to grow up to 7,000 jobs by 2025. Nevertheless, there has been a 10% decline in the number of students pursuing accounting degrees at universities in Singapore.

In Singapore, the salary range for accountants and assistant accountants with 1-3 years of experience is between $3,500 and $5,500 per month. Meanwhile, for Tax Associates with four to eight years of experience, the salary range is $5,000 to $6,500 per month.

To tackle the manpower challenges encountered by the accounting industry, the government has established a task force aimed at enhancing the attractiveness of the profession. Additionally, the Institute of Singapore Chartered Accountants (ISCA) has initiated a $1 million program designed to raise awareness about the accounting profession.

▶ Browse Accounting Jobs in Singapore

Pay scale: S$50,000-S$55,000 per year or S$4,166-S$4,583 per month

Years of experience: More than 3 years

Responsibilities: analyze financial data, create reports, and provide insights for business decisions, contributing to budgeting and financial planning while ensuring effective communication with teams.

Skills: financial analysis, reporting, forecasting, budgeting, communication, collaboration, problem-solving, data interpretation, technology proficiency, and business acumen.

Companies in Singapore really want people who can help them understand and use big data to make better decisions, and that's why they're looking to hire business analysts a lot.

These analysts might work full-time for the company, or they could be hired as consultants for specific projects. Because these analysts are not easy to find and keep, companies are willing to pay them well.

In Singapore, if you're just starting out as a finance / business analyst, you might earn between S$3,840 and S$4,600 per month.

Some companies pay business analysts really well. Standard Chartered Bank is at the top, offering an average monthly salary of S$11,549. Next up are OCBC Bank and Citi Bank, paying $10,555 and $10,408, respectively. DBS Bank also give good salaries, with averages of $8,553 per month. These companies are known for valuing the work of business analysts and making sure they get fair pay for their skills.

▶ Browse Financial / Business Analyst Jobs in Singapore

Pay scale: S$85,000 per year or S$7,083 per month

Years of experience: More than 3 years

Responsibilities: making sure a company follows all tax rules, finding ways to save on taxes, leading a team and communicating tax info to others in the company, and making decisions on tax strategies to benefit the organization.

Skills: expertise in tax laws, strategic planning, financial reporting, team leadership, communication, and the ability to navigate audits and investigations.

Singapore's tax system, although it appears to have a low-rate structure, is characterized by intricate regulations and frequent updates. Tax managers need to stay informed about these changes, ensuring that businesses and individuals adhere to the latest rules and capitalize on legal benefits.

Therefore, anticipated salary growth for Tax Managers is projected to be between 3-5% in 2024, according to the Morgan McKinley Salary Guide.

Tax managers with expertise in both domestic and international tax regulations are in demand, especially for international businesses operating in Singapore. Despite the growing use of tax software and data analysis tools, human expertise remains essential for interpreting data and making informed decisions in the field of taxation.

▶ Browse Tax Manager Jobs in Singapore

Pay scale: S$80,000-S$108,000 per year or S$6,000-S$9,000 per month

Years of experience: More than 3 years

Responsibilities: budgeting, financial planning, analyzing business performance, providing strategic insights, and collaborating with various departments to support commercial decision-making.

Skills: financial analysis, budgeting, strategic planning, communication, collaboration, and the ability to provide insights for commercial decision-making.

In today's competitive market, businesses are actively looking for ways to enhance efficiency and cut costs. Commercial Finance Managers are crucial in this effort, as they identify opportunities for cost savings, streamline financial processes, and negotiate advantageous deals with vendors. In fact, finance manager is also one of the high-paying jobs in the US.

Commercial Finance Manager mostly work at F&B and travel-related industries projected to get an annual growth rate of 1.95 percent (CAGR 2023-2027), which have experienced remarkable post-pandemic growth.

This growth in the economy shows that there is a greater need for strong financial management, especially for businesses at the company level in the commercial sector.

The average annual salary for Commercial Finance Managers in Singapore is approximately S$82,000. A report from Morgan McKinley foresees a robust demand for accounting and finance professionals in Singapore throughout 2024, with Commercial Finance Manager roles being particularly sought-after.

▶ Browse Commercial Finance Manager Jobs in Singapore

Pay scale: S$75,000 per year or S$6,000-S$6,250 per month

Years of experience: More than 3 years

Responsibilities: financial reporting, risk assessment, profit and loss analysis, and ensuring compliance with accounting standards.

Skills: financial analysis, risk assessment, proficiency in accounting standards, attention to detail, strong communication, and collaboration with cross-functional teams.

Singapore has many rules for its banks, making them follow strict guidelines on managing risks and reporting. Also, according to Statista, Singapore's wealth management industry is expected to grow by 6.4% every year from 2023 to 2028.

This means Product Controllers are essential to make sure the rules are followed and to tell the stakeholders about possible money-related problems.

Product Controllers deal with different money risks like market changes, such as:

• market risks happen when interest rates or prices change, affecting how much money things are worth,
• credit risks happen when people or companies don't pay back what they owe, and
• operational risks are about problems inside the company or outside events causing money losses.

Product Controllers help find, understand, and suggest ways to reduce these risks, following the rules.

▶ Browse Controller Jobs in Singapore

Pay scale: S$80,000-S$110,000 per year or S$6,000-S$9,166 per month

Years of experience: More than 3 years

Responsibilities: conducting audits, identifying risks, ensuring compliance with regulations, and making recommendations for improving operational efficiency and financial integrity.

Skills: attention to detail, analytical thinking, knowledge of auditing principles, communication, time management, and the ability to identify and address risks and compliance issues.

Singapore has strong rules, so companies need good systems to control things inside and manage risks. Also, with more cyberattacks happening, it's important to have good checks inside the company to protect data and avoid losing money.

Internal Auditors are very important because they make sure the company is honest, reduce risks, and encourage doing business in a fair way.

To deal with these challenges, The Institute of Internal Auditors (The IIA) has introduced new Global Internal Audit Standards™. These standards are made to assist internal auditors and their organizations in responding effectively to the ever-changing and complicated business world.

Overall, the demand of Internal Auditor is expected to remain strong in Singapore's dynamic and evolving business landscape.

▶ Browse Internal Auditor Jobs in Singapore

Pay scale: S$60,000-S$80,000 per year or S$5,000-S$6,000 per month

Years of experience: More than 3 years

Responsibilities: conducting pricing research, developing pricing models, and collaborating with various departments to maximize profitability and competitiveness in the market.

Skills: data analysis, market research, proficiency in pricing models, attention to detail, communication, and collaboration with cross-functional teams.

Exploring Singapore's successful online shopping scene, where it was valued at a remarkable US$4.72 billion (S$6.35 billion) in 2021, showcases the country's strong digital economy and growing online market.

In this swiftly changing landscape, Pricing Analysts play a vital role by creating pricing strategies that adjust to market changes in real-time, aiming to boost sales.

These analysts are in high demand due to their skills in collecting and analyzing data, understanding how customers behave, and creating effective pricing plans in the fast-paced world of online commerce.

▶ Browse Internal Pricing Analyst Jobs in Singapore

Pay scale: S$60,000-S$120,000 per year or S$5,000-S$10,000 per month

Years of experience: More than 3 years

Responsibilities: managing letters of credit, handling documentary collections, ensuring compliance with trade regulations, and mitigating risks associated with cross-border transactions.

Skills: knowledge of international trade regulations, proficiency in letters of credit and documentary collections, risk management, attention to detail, communication, and collaboration with various stakeholders such as banks and suppliers.

Singapore is a big player in global trade, ranking second in exports and fourth in imports in 2023. The trade finance market is expected to grow, and Singapore's trade is projected to reach US$1.07 trillion in 2024, especially in Asia Pacific.

When businesses trade internationally, it can get complicated with many parties involved in different countries. The rise of online shopping has increased the need for specific trade finance solutions.

Trade finance jobs to handle letters of credit, export credit guarantees, and trade receivables discounting are important in managing risks and making sure transactions go smoothly. For online businesses, the role of Trade Finance helps with international payments and getting funds for inventory and operations.

▶ Browse Internal Trade Finance Jobs in Singapore

Pay scale: S$80,000-S$95,000 per year or S$6,000-S$7,916 per month

Years of experience: More than 3 years

Responsibilities: verifying and validating valuations, assessing market data, collaborating with traders and risk managers, and ensuring compliance with accounting standards and regulations.

Skills: financial modeling, knowledge of valuation methodologies, familiarity with market data sources, expertise in risk management, and proficiency in relevant software tools for accurate and reliable valuation assessments.

Singapore's money-related business is growing, especially in real estate, private equity, and venture capital. This increase requires careful ways to figure out how much things are worth and control over these values to make sure they're right, clear, and following the rules.

Valuation Control experts handle these challenges, making sure to follow global standards for figuring out values and reducing the risks in this process. They can also use big data and analytics to create models that use data to figure out values, making the process more accurate and clear.

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Pay scale: S$75,000-S$120,000 per year or S$6,250-S$10,000 per month

Years of experience: More than 3 years

Responsibilities: assessing collateral values, monitoring collateral movements, ensuring compliance with agreements and regulations, and minimizing risks associated with collateralized transactions.

Skills: proficiency in collateral valuation methods, knowledge of financial regulations, familiarity with risk management, expertise in using collateral management systems, and attention to detail in tracking and monitoring collateral movements.

Singapore's financial sector is experiencing increased borrowing and lending, particularly in real estate, trade finance, and consumer loans. There's also a growing diversity of financial instruments used as collateral, requiring expertise in managing various asset classes.

Regulatory bodies, such as the Monetary Authority of Singapore (MAS), are imposing stricter guidelines for collateral management practices to ensure financial stability and investor protection.

In response, Collateral Management professionals play a crucial role in implementing efficient practices, mitigating risks, securing loan repayments, and ensuring compliance with regulations. The use of advanced data analytics and automation tools further enhances their ability to streamline processes and improve operational efficiency.

▶ Read More: 7 Must-Have Soft and Hard Skills for Accountants in Singapore

Well, there you have it, the top 10 most sought-after jobs in the finance and accounting field in 2024.

With the increasing competitiveness in job hunting, you also need to continuously sharpen your skills to become an outstanding professional.

You can start by understanding and mastering the soft and hard skills required by professionals in the accounting and finance field, as outlined by the Ministry of Manpower in Singapore.

To determine how your salary compares to other roles and industries in Singapore, utilize our Salary Checker Tool.

If you're in search of a new opportunity, try Epicareer's Job Recommendation feature to explore available job openings.

Disclaimer: Salaries may vary from one company to another based on your skills, knowledge, and experience.

Further Reading:

• Labour Force in Singapore Advance Release 2023
• Morgan McKinley's 2024 Singapore Salary Guide

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