The field of accounting has always been considered a lucrative career path, but it seems that in Singapore in 2023, there is a shortage of fresh graduates entering the market. This is causing competition among employers for those who are available, with smaller accounting firms struggling to hire, and the Big Four outbidding them for accountancy graduates.

Shrinking Talent Pool

The outlook for smaller accounting firms in Singapore remains poor, given a shrinking talent pool. Many firms are chasing “a very small pool” of candidates, making it difficult for them to hire fresh graduates. Robert Yam, managing director of Robert Yam & Co., notes that trying to hire fresh graduates “has become a futile exercise.” Despite offering high salaries, many smaller firms are still struggling to attract candidates. It’s also important for accounting firms to only look for those with experience with accounting software such as Quickbooks and Xero. That’s why a lot of students are taking Xero accounting courses to add new skillsets to their resumes.

Big Four Firms

The Big Four are the four biggest accounting firms in Singapore. Deloitte, one of the Big Four, plans to add around 3,000 new employees in Singapore within the next five years, with a third of these new jobs supporting regulatory services such as audit and tax. Deloitte aims to double both its headcount and revenue over the next five years in Southeast Asia, where demand for its professional services is expected to surge.

Government Efforts

The Singapore government and accountancy bodies have made efforts to address issues of low starting pay and onerous workloads. There are about 100,000 finance and accounting professionals in Singapore, with around 7,000 jobs expected to be added to the sector by 2025. However, despite these efforts, companies are still struggling to fill roles at the assistant manager and manager levels, and some are turning to neighboring countries to find talent.

Why You Should Take an Accounting Course

Given the shortage of accountants in Singapore, taking an accounting course could be a wise decision for those looking to pursue a lucrative career. With a high demand for qualified accountants tied to economic growth, there are ample opportunities in the field. Moreover, accountants are highly sought after not only as auditors and tax professionals but also as strong assets by consulting practices.

The shortage of accountants in Singapore in 2023 is causing competition among employers for fresh graduates, with smaller accounting firms struggling to hire. The Big Four firms are outbidding them for accountancy graduates, making it even more challenging for smaller firms. However, the demand for qualified accountants is high, and taking an accounting course could lead to a lucrative career in the field.