SALARY SURVEY 2013 - Robert Walters Singapore

PERTHPERTHACCOUNTING&FINANCEPERTHACCOUNTING&FINANCEACCOUNTING&FINANCERobertWaltersGlobalSalarySurvey2013 200Ourcommercialaccounting&financedivisionspecialisesintheprovisionofpermanentandcontractstaffacrossabroadrangeofindustriesincludingmining,oilandgas,engineering,property,utilities,financialservicesandeducation.Werecruitatalllevelswithinfinance,frompart-qualifiedincludingaccountspayablesandreceivables,toseniormanagementroles.MarketOverviewWewitnessedasteadyperiodofgrowthinthefirsthalfoftheyear,especiallyinthehiringofcontractstaff,withanotablespikefromFebruarythroughtoMay.Thiswasprimarilydrivenbyincreasedactivityintheminingandoilandgasindustries,includingincreasedprojectworkfromlocally-basedorganisationsaswellasnewentrantstothemarketfromoverseasandinterstate.Therewasanincreaseinlarge-scaleprojectrecruitmentfromoilandgas,aswellasengineering,procurementandconstructionmanagement(EPCM)organisationsthatwonprojectsattheendof2011.Thisledtocandidateshortagesinspecialist‘value-add’rolessuchasmodellinganalysts,partandfullyqualifiedaccountants,managementaccountantsandcommercialanalystswithresourcessectorexperience.Organisationsplacedapremiumonindustryexperience,whichledtoalackofavailablecandidateswithrelevantexperienceinthemarketplace.Thosewithexperienceoutsideoftheresourcessectorwerereadilyavailable,withtheindustrydividenoticeableatmostlevels.TheintroductionoftheMineralsResourceRenttaxandtheCarbontaxmeantseniorleveltaxprofessionalswerehighlysought-afterthroughoutquartertwo.Thedemandwasstrongestamongthebiggerplayersintheminingsector,astheylookedtobolstertheirinternaltaxfunctionstomitigateanypotentialriskcausedbythenewtaxlaws.Asweapproachedtheendofthefinancialyearweexperiencedaslowdowninthehiringofmainstreamaccountingandfinanceprofessionals,asmosthiringmanagerswerefocusedonstatutoryreportingandcompliance.Thisslowdownwascompoundedbysomeorganisationsadoptingacautiousapproachtoexpansionandhiring,withotherorganisationsgoingonestepfurtherandimplementinghiringfreezesinresponsetocontinuedeconomicuncertaintyintheEurozone.Inthelatterhalfoftheyear,hiringsloweddowninwhatistraditionallyabusyperiod.Thefallindemandandpriceofsomecommoditiesaffectedhiringatalllevels,especiallyinironoreproducersandminingandengineeringserviceproviders.Asaresultwesawredundanciesacrossanumberofsignificantironoreproducersandrelatedservicesbusinesses.Thiscausedaninfluxofexperiencedfinanceprofessionalstoenterthejobmarket,particularlyatthequalifiedlevel.Oilandgascontinuedtoincreasehiringasmajorprojectsprogressed,however,subsequentincreaseddemandforprofessionalswithspecificupstreamordownstreamaccountingexperiencecreatedashortageinthisgrowingarea.Salariesremainedfairlyconstantin2012acrossallskillsets,withjobstabilityandcareerprogressionthemajormotivatorsforprofessionalsseekingnewopportunities.Acompetitivemarketcontinuedtofavourorganisations,ensuringsalariesweren’tpushedupabovetypicalmarketrates.Outlookfor2013Goinginto2013,themostimportantfactorwillbehowironorerecoversfrompoorcommodityprices.WithEuropeandtheUSAstillmiredinlong-termfinancialissues,AustraliawilllookagaintoChinaasitsmostimportantbusinesspartner.IfChinaincreasesitsdemandforWesternAustralia’sresources,weshouldseeareasonablyquickrecoveryintheminingandEPCMsectors.Theoilandgasindustryshouldcontinuetogainmomentum,asanumberofmulti-billiondollarprojectsprogress.WeexpecttoseeanincreaseinrequirementsforcandidateswithJVaccountingandcommercialanalysisexperiencefromtheoilandgasindustry,asmultinationalsfromEurope,AsiaandNorthAmericacontinuetoincreasetheirlocalpresence.Salariesarenotexpectedtochangeinmostareasin2013,asthebalancebetweensupplyanddemandforexperiencedaccountingprofessionalswilltakesometimetoevenoutfollowingaslowerthanexpectedendto2012.