On May 10, the Accountancy Workforce Review Committee (AWRC) released a report highlighting the need for higher remuneration during the initial stages of an accountant’s career, as starting salaries have traditionally been lower compared to other professions.

Both Deloitte and KPMG announced plans to implement these salary increases. From September 1, Deloitte will raise starting monthly salaries for first-year audit associates to S$4,500 for graduates joining their FasTrack programme and S$4,100 for non-FasTrack first-year auditors. This adjustment will increase the annual salary package for fresh graduates by 20%. Deloitte will also invest approximately S$62 million over the next five years in developing audit talent, which includes training in generative artificial intelligence, data analytics, and sustainability assurance.

Starting in October, KPMG will raise salaries for entry-level employees in its audit, tax, and enterprise risk services. The firm has earmarked S$30 million for this initiative as part of a larger commitment of over S$100 million to enhance workforce capabilities and technological innovation in the coming five years. This includes significant investments in training for skills related to AI and environmental, social, and governance (ESG) areas.

Deloitte’s country managing partner, Shariq Barmaky, emphasized the need to make the accountancy profession more appealing to undergraduates. KPMG’s managing partner, Lee Sze Yeng, acknowledged the evolving business landscape and highlighted the firm’s commitment to supporting its employees through competitive salaries and comprehensive training.