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SINGAPORE : As demand for accountants intensifies in line with robust economic growth in the region, some practitioners are concerned that better salaries abroad will lure sorely needed talent out of Singapore.
Practitioners brought up the issue at the Singapore Accountancy Convention last week.
According to Robert Walters 2010 Global Salary Survey, the average basic salary of a senior tax accountant in Singapore with six years of experience is around S$110,000 a year.
This compares poorly with Hong Kong where the same experience would fetch the accountant S$132,000.
If the same person were to move to Sydney, he could be looking at annual remuneration of S$162,000.
The pay difference exists partly because the hourly contract rate charged by accounting firms in these countries is higher than in Singapore.
Practitioners said the pay gap could prompt local accountancy graduates to look for better opportunities overseas.
"The concern there is that if you don't get it right, then what's going to happen is there will be a hollowing out of accountants; they will prefer to work overseas rather than work in Singapore and that will be a major concern," said Chaly Mah, chairman of Deloitte & Touche Singapore.
Such a brain drain could also affect Singapore's ability to be a global accounting hub.
"How are we able to attract talents into Singapore if we are not able to pay the rate for the accountants that a market like China, Hong Kong, Indonesia can afford to pay," questioned Ernest Kan, president of the Institute of Certified Public Accountants of Singapore (ICPAS).
Following the recommendations of the Committee to Develop the Accountancy Sector (CDAS), the industry here is currently undergoing a facelift.
Practitioners hope that better service standards will mean better rates in the future. - CNA /ls
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