Last Updated on July 28, 2023
A person working as a Management Accountant in Singapore typically earns around 6,040 SGD per month. Salaries range from 2,900 SGD (lowest) to 9,490 SGD (highest).
This is the average monthly salary including housing, transport, and other benefits. Management Accountant salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
The median, the maximum, the minimum, and the range
- Salary RangeManagement Accountant salaries in Singapore range from 2,900 SGD per month (minimum salary) to 9,490 SGD per month (maximum salary).
- Median SalaryThe median salary is 6,290 SGD per month, which means that half (50%) of people working as Management Accountant(s) are earning less than 6,290 SGD while the other half are earning more than 6,290 SGD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
- PercentilesClosely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Management Accountant(s) are earning less than 4,140 SGD while 75% of them are earning more than 4,140 SGD. Also from the diagram, 75% of Management Accountant(s) are earning less than 8,200 SGD while 25% are earning more than 8,200 SGD.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated.
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Management Accountant salaries by experience level and this is what we found.
A Management Accountant with less than two years of experience makes approximately 3,400 SGD per month.
While someone with an experience level between two and five years is expected to earn 4,810 SGD per month, 42% more than someone with less than two year’s experience.
Moving forward, an experience level between five and ten years lands a salary of 6,330 SGD per month, 31% more than someone with two to five years of experience.
Additionally, Management Accountant(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 7,780 SGD per month, 23% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 8,270 SGD per month, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 9,060 SGD per month, 10% more than people with fifteen to twenty years of experience.
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Management Accountant salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Management Accountant is 4,220 SGD per month.
While someone with a Certificate or Diploma gets a salary of 4,880 SGD per month, 16% more than someone having a High School degree.
A Bachelor’s Degree gets its holder an average salary of 7,120 SGD per month, 46% more than someone with a Certificate or Diploma.
Professionals who hold a Master’s Degree are rewarded with an average salary of 8,770 SGD per month, 23% more than someone with Bachelor’s Degree.
Is a Master’s degree or an MBA worth it? Should you pursue higher education?
A Master’s degree program or any post-graduate program in Singapore costs anywhere from 42,200 Singapore Dollar(s) to 127,000 Singapore Dollar(s) and lasts approximately two years. That is quite an investment.
You can’t really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Management Accountant Average Annual Salary Increment Percentage in Singapore
How much are annual salary increments in Singapore for Management Accountant(s)? How often do employees get salary raises?
Management Accountant(s) in Singapore are likely to observe a salary increase of approximately 12% every 14 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.