Q: Big4 - Yearly salary increment

Based on Reddit, i have also studied the salary progression for those who studied accountancy

Basically for a normal capability person in SG, your accountancy pay gap widens over time vs medicine, law and USA/Switzerland Accountancy grads lol.

Originally Posted by Unregistered

Wrong. I didn't. So your "all" is instantly false.

I hope you will achieve the highest ROI then.

Originally Posted by EDMWer

All of us joined accountancy with purpose of having highest ROI with lowest school fees

Also, its unrealistic to expect that all of us pivot to be in positions to exploit foreign labour
as we may have different background

Accountancy eats up plenty of time & effort and we need a proper salary & education progression pathway to allow us to eventually catch up with equivalent median salary doctors and lawyers

If we dont get paid 75% as well as average performing lawyers or doctors then its not rightful for us to stay back beyond 6pm

Then its ISCA’s role since 2013 to convince the value add of CA to employers not just students.

However, a CA should never be in a vulnerable position where a non CA can offer the same service at a lower price and that is the current situation.

Its a very huge salary compromise that Chartered Accountants have made, with the consideration of lower accountancy school fees(compared to medicine and law) and zero entry barrier

Imagine if you are a doctor and a nurse/pharmacist can offer the same service. Same goes for paralegals offering same service as lawyers.

Moreover, accountancy faces most threats(AI, offshoring, functions shifting, foreign competition) compared to any other profession today

don't be silly. the degree course (local context) with the greatest potential ROI is law. the difference of 1k to 2k per year between LLB and BAcc school fees is literally immaterial (or de minimis to use lawyer-speak) in the context of an entire career. In fact, the same argument can be extended to MBBS as well.

The only true reason why anybody would want to be an accountant as opposed than a lawyer or doctor for the same effort-to-reward ratio is because they could only qualify for the former.

Auditors are useless overpaid job. If you still say it is underpaid then it is useless underpaid job. Why still work as one?

Wishing all brothers and sisters here, Happy New Year! =)

May your salaries go up year after year and be able to live life to the fullest

Auditors dog. New year dog

Originally Posted by EDMWer

All of us joined accountancy with purpose of having highest ROI with lowest school fees

Also, its unrealistic to expect that all of us pivot to be in positions to exploit foreign labour
as we may have different background

Accountancy eats up plenty of time & effort and we need a proper salary & education progression pathway to allow us to eventually catch up with equivalent median salary doctors and lawyers

If we dont get paid 75% as well as average performing lawyers or doctors then its not rightful for us to stay back beyond 6pm

Then its ISCA’s role since 2013 to convince the value add of CA to employers not just students.

However, a CA should never be in a vulnerable position where a non CA can offer the same service at a lower price and that is the current situation.

Its a very huge salary compromise that Chartered Accountants have made, with the consideration of lower accountancy school fees(compared to medicine and law) and zero entry barrier

Imagine if you are a doctor and a nurse/pharmacist can offer the same service. Same goes for paralegals offering same service as lawyers.

Moreover, accountancy faces most threats(AI, offshoring, functions shifting, foreign competition) compared to any other profession today

If you want the highest ROI then accountancy is the WRONG CHOICE for a degree and career. If money is all you want, you are better off getting into banking, tech or sales. Heck even property agents have better ROI than accountants.

Also you are only looking from your own selfish viewpoint. There are equally qualified CAs in Malaysia and Indonesia who can do the job for half the pay. Yes accountantcy faces the most threats from AI, etc therefore you need to ask yourself are you willing to make the sacrifice to compete with others by adding more value, take on more workload or become better than the others to justify your job as an accountant. Otherwise just quit. Go drive grab. Or be a security guard.

Originally Posted by EDMWer

The problem is that we keep on importing ACCA holders.

Its only a matter of time before ACCA signs an agreement with ISCA and floodgates open again.

We already lack 2 years of working experience due to NS compared to accounting graduates from other countries and the opportunity cost is material.

I 100% disagree with you and think that government should do more to assist those Chartered Accountants of Singapore (males who have done NS) to give them more advantages in various aspects

I hope that happens. There sgould be more open labour movement. We should be able to hire CAs from Malaysia or Indonesia without the red tape.

All that you mention the NS etc is YOUR problem not the country problem or the company's problem. If you don't want to do NS just quit SG and migrate or seek assylum somewhere else. This is a you problem. Don't make your problem our problem.

Originally Posted by Unregistered

don't be silly. the degree course (local context) with the greatest potential ROI is law. the difference of 1k to 2k per year between LLB and BAcc school fees is literally immaterial (or de minimis to use lawyer-speak) in the context of an entire career. In fact, the same argument can be extended to MBBS as well.

The only true reason why anybody would want to be an accountant as opposed than a lawyer or doctor for the same effort-to-reward ratio is because they could only qualify for the former.

Thats why im calling for accountancy to be 75% of law and medicine fee & not to be 100% similar. I know there are differences but the salary disparity is too much.

Accountancy salaries are not matching with inflation.

Originally Posted by Unregistered

I hope that happens. There sgould be more open labour movement. We should be able to hire CAs from Malaysia or Indonesia without the red tape.

All that you mention the NS etc is YOUR problem not the country problem or the company's problem. If you don't want to do NS just quit SG and migrate or seek assylum somewhere else. This is a you problem. Don't make your problem our problem.

In fact, those who are doing property sales, insurance sales, medicine and law gets more business opportunities

For accountancy positions, we require the following factors

1. Local Entrepreneurs to setup biz or to expand operations in SG
2. Non-ageing population
3. Non-local companies to setup subsidiary or branch in SG

However, this was not the case for us. The amount of foreigner influx is disproportionate
for accountancy.

People are retiring at later age and exiting workforce at an older age. The wealthy influx from PRC are only interested to buy GCB in SG as a form of investment.

Foreign companies are relying on intra-corporate transferee to bring over many critical staff. Key management personnel in key departments are foreigners and Singaporeans end up being the minority while majority are foreigners.

If you add in the global portability of IFRS, advent of offshoring and automation and lower labour costs of neighboring countries, this only means that the situation is tougher than usual

We are not forgetting the fact that there is 2 year experience gap.

CFO & Finance Team can now be overseas, with only 1 person in SG to co-ordinate and handle duties that require physical presense

So tell me whether accountancy profession require intervention from government?

The 2 year experience gap that i mentioned refers to National Service.

Its disadvantageous