Professional Documents
Culture Documents
The Morgan McKinley 2020 Salary Guide for expected salaries for professional roles in Singapore.
In recent times there have been fewer applicants in the Q1 and Q3 because many companies pay bonuses
in Feb/Mar. The employees would rather wait to receive their bonuses after working for about three
months into the New Year and then resign before Q3.
Consequently, this has caused an increase in the headcount movement in the industry. Candidates apply
directly to firms or secure jobs through referrals.
Many of the foreign companies in Singapore oversee business affairs from their headquarters while
establishing branch offices in Singapore.
There has been an increase in the number of Chinese and Indian firms interested in expanding their
business to foreign countries. Singapore is one of the best investment destinations because of its
transparency in governance and thriving economy.
Singapore has maintained a good relationship with neighbouring countries and the major stakeholders in
APAC.
Companies that need to hire applicants to fill financial service positions are in search of experienced
workers who can function as reviewers, advisors, and business partners;the goal is to form strategic
relationships to establish production centres at a minimal cost.
Three highly demanded skills in the accounting and finance sector are as follows:
1) Regulatory Reporting
2) Financial Reporting
3) Financial Planning & Analytics
With the implementation of the new MAS 610, there is a demand for candidates who can handle regulatory
reporting efficiently. The new industry trends have revealed that banks now combine financial reporting &
regulatory reporting as one role. What this means is that better-skilled candidates are needed to handle
the more complex roles.
Banks interested in expanding their brand in Singapore and are in the process of establishing innovative
finance teams to support the employees at the front office. There is more demand for FP & A managers
now, more than ever before. These are the professionals who will be in charge of analytics, budgeting,
forecasting the market, and ensuring that the organisation’s business is financially sustainable.
To achieve this, the banks and companies in the financial sector have implemented different strategies to
attract the best candidates to occupy vacant positions. These companies offer leadership training
programs, relationship building coaching, and attractive bonuses.
Applicants who have acquired chartered accountancy qualifications such as CA/CPA/ACCA, stand a high
chance of securing good jobs. Experience is also considered as a recruitment factor.
In banks, employee salary increments are at 15%; consequently, the variable bonuses are higher, which
makes it difficult to account for the overall compensation.
Gender and diversity ratios and existing policies have had an influence on the financial and accounting
sector in the area of financial services.
The MAS 610 makes it mandatory to hire applicants who can perform regulatory reporting in banks. here
have, however, been advancements in the financial sector due to the VCC scheme that was implemented
recently. The current political issues in Hong Kong have left companies with no choice but to search and
hire talent in Singapore.
There has been no significant impact on the financial sector. However, depending on the firm, some level
of flexibility is permitted. For example, some companies require their employees to work in offices, while
others such as small and medium-sized banks allow their staff to work for shorter hours, to help them
achieve a better work/life balance. Also, bigger foreign banks offer employees more flexibility and remote
working opportunities.
More firms have started automation projects to remain competitive. However, there is a consistent
demand for trained employees who can help to achieve the transition.
It is expected that the demand for employees in the financial sector will remain consistent because more
finance and funds management companies are expanding into Singapore.
With the advancement of technology, there will be an increase in the demand for candidates who have IT
skills.
Merging roles in the workplace has also become a trend now.Bigger banks have started merging the
regulatory reporting functions with the financial reporting functions.
Also, in smaller firms, accounting responsibilities are combined with KYC/AML functions. This trend creates
opportunities for job seekers who can gain work experience and exposure in other fields.