Increased demand for tax managers
The most sought-after financial professionals in Singapore this year are financial planning and analysis managers, and finance and tax managers, according to a study out yesterday.
It noted that financial planning and analysis managers can expect an annual salary of $115,000.
Those at the 75th percentile - making more than three-quarters of their peers - earn $140,000. The top 5 per cent earn $160,000 or more.
Finance managers have a median salary of $110,000, with the top quarter earning at least $135,000 and the top 5 per cent earning at least $150,000.
Tax managers command even higher salaries, with a median pay of $130,000. The top quarter are expected to earn at least $160,000 while the top 5 per cent can draw $175,000.
"Demand has increased for tax managers as companies look to increase their efficiencies in fiscal matters and manage their tax statements and returns for their business and clients," said recruitment consultancy Robert Half, which conducted the annual study.
The report, which surveyed 75 chief financial officers, also found that 99 per cent of those polled plan to raise salaries for a quarter of their finance staff, with the average increase expected to be 7 per cent.
"One hundred per cent of Singaporean CFOs say it is challenging to find qualified finance and accounting professionals, with many planning to award above-average salary increases to their top finance employees this year," said Robert Half.
In a separate survey of 500 job seekers, the firm found work-life balance, financial rewards and career development to be the main reasons prompting officer workers here to change jobs.
It noted that 25 per cent said better work-life balance would be the primary reason to leave their current organisation, while 24 per cent cited financial rewards .
Robert Half Singapore managing director Matthieu Imbert-Bouchard said: "There has been a steady shift of preferences from job seekers who are looking for more work-life balance and even prioritise non-financial incentives other than just a higher salary."