SMU Fresh Grads Make $4k to $10k

I thought i mentioned '12 years' ago? :-) btw, i am no longer with the big 4.

Alamak! Missed that particular bit :-)

200k pa in 12 years, from 1.8k, is really awesome. Kudos! I'm in my 11th year--haven't reached your level yet though :-)

HCT

That's awesome, congratulations!

Btw I need some advice here. I am currently facing some dilemma w.r.t my degree choice. I have offers for law, acctancy or econs from the local unis. Dono what to choose

Is it true that the type of degree will determine your future remunerations? Cuz I like econs but many people have been urging me to do accountancy or law because they have greater career prospects. Should i follow my heart and do what I like or follow my head and choose the most lucrative choice?

Even if I do accountancy, does it mean that I will definitely be earning >200k like you afte 12 years? I am seeing more and more people with accounting qualifications such as degree, external degree,overseas degre, acca etc its really competitive in a scary way.

I'm not HCT, but I'm 100% sure that just because you take accountancy doesn't mean you'll get 200k after 12 years. That comes with working hard, working smart, and networking. And/Or luck

In every field it's like that lah. Just like IT, everybody says programmers are low paid, 7-8 years experience still paid 3-4k... I say either they don't network enough, or they probably need to improve their skills. (And yes, there are programmers earning 6-digit with that kind of experience.)

Accountancy - you won't be starved. You will always get a job. The starting pay is lower (or among the lowest) but increment is high and more frequent. There are different type of 'accounting' careers. From Finance, Treasury, Tax, Internal Control, Accounting.

Laws - One of the highest graduate pay if I remember correctly. You must like it to be able to do well in it (same as any other professions really!). High stress level and working hours (in the 'hard core' areas).

Economic - Not very familiar with this, but i thinks folks with (good) eco degrees usually end up with good industries such as IB, or MAS or etc.

Accountancy is a safe bet as there is and will continue to be shortage of accountants. Where you start off your career is very important. Big 4 or Big MNC is highly recommended. If you start off with big 4, career path is very predicable. First year S$2k, by the end of the 6th year, you should be on $7k/mth. Bonus ranges from 3-4 months. Ie, total annual package around 100k. If you ask me, not a bad package for someone who is in the late 20s. If you continue to stay in big 4 and aim for partnership, man, the sky is the limit in terms of pay. Easily few hundreds Ks by the time you are late 30s. If you venture out to join commercial firms (eg, MNCs), you can become finance manager -> CFO -> Finance Director -> VP -> Overseas assignment....equally rewarding career IMHO.

Do what you like and follow your heart (Provided you know what you like.....:-). If not, do something safe and hear what the elders have to say (aka your parents). Obviously, if you hate numbers, then do go to accounting. Likewise, if you hate arguing, don't go to law.

Hope the above helps.

correction - if you hate numbers, then DONT go do accountancy.

This is why salary.sg is so great. My accountant cousin would NEVER tell me something like this. He'd just go on and on that now life is becoming tougher yada yada yada, instead of telling me the actual prospect of the field. Thanks HCT, for sharing this with us.

HCT

Thanks alot for your insightful comments.

However, I really do wonder how many become CFOS and finance directors in the end. There are so many accounting grads now (overseas grads from aus and other SEA countries, ACCA grads, private uni grad such as SIM, 3 local public uni grads)yet there are only a limited number of CFO positions.What happen to the rest who dont make the cut?

Care to share with me about your specific career experience? Is the prospects of accounting degree really so good?

There are so many companies listed on the SGX, each one of them would need a CFO or finance director. In addition, all the foreign MNCs which are set up here, would need a CFO or finance director. That's a lot of finance director or CFO we are talking about. Other than finance / CFO, there are other areas in finance which are well sought after, eg, Treasury, IC...etc and you will be amazed that some of these are even better rewarded then the main stream Finance jobs.
It's true that they are many accounting grads now. However, employers know which are the reputable unis so I would't worry about that.

Is accounting degree really so good? Like I said earlier, you won't be starved. You will get a decent job with a decent pay. There are other better paying jobs out there but comes with the stress level. If pay is the only goal you are looking at, then i suggest Medicine as a career. You don't need to go to see the car show at Expo, just go to Mt E or Gleneagles to see the latest Porche, Ferraris, or even Lambo / Bentley!

i noticed an interesting trend here, in SG,
1st choice - get into work in Big MNC with big money
2nd choice - get into goberment company earning stable salary and good bonus
3rd choice - anyhow find a job relevant to your degree and start working
4th choice - change field
5th choice - own career ??

In Taiwan, US and Korea
1st Choice - starting up own business
2nd Choice - starting up own business
3rd Choice - starting up own business..

Singapore was ranked first again as most business friendly country, where is all the young, energetic technopreneur ?