The Accounting Entities Survey 2025 has highlighted significant growth in Singapore’s accountancy sector, with a 7.5% revenue increase in 2024, largely driven by Audit and Assurance services. The survey, which included responses from 233 accounting entities (AEs), representing 92% of the sector’s total revenue, also noted a rise in the resident workforce for the first time since 2020.
Revenue growth was observed across all firm sizes, with Big 4 firms seeing an increase of $112.5m, large AEs up by $54.8m, medium AEs by $49.6m, small AEs by $19.3m, and micro AEs by $8.4m. This growth reflects strong demand and opportunities within the sector.
The resident workforce expanded by over 1,300 positions, marking an 8.8% increase, despite a 17.7% decrease in the non-resident workforce. The sector also reported higher wages for experienced positions, with significant increases for senior associates, managers, and directors. Additionally, more than 1,500 job opportunities are expected, primarily in audit and assurance.
Future-focused skills development is a priority, with AEs aiming to enhance capabilities in advanced data analytics, sustainability assurance, and risk management. ACRA plans to partner with SkillsFuture Singapore to offer sustainability reporting training programmes, preparing professionals for upcoming climate-related disclosure requirements.
Enhancements to the Singapore Chartered Accountant Qualification (SCAQ) include new pathways for Accounting Diploma graduates, a curriculum refresh to incorporate ESG frameworks and technology-focused learning, and changes to the assessment format for the Foundation Programme. These initiatives aim to ensure the qualification remains relevant and accessible.
