It’s not often we hear about a brain drain away from Singapore, but it might happen in accountancy as practitioners pursue higher salaries in the region’s other growing economies. The Robert Walters 2010 Global Salary Survey reports that a senior tax accountant in Singapore with six years’ experience earns an average of S$110,000 a year (US$85,400) — compared to S$132,000 in Hong Kong and $162,000 in Sydney. This is possibly due to the higher hourly rates charged by accounting firms in the other countries.

While no-one has reported any actual brain drain yet, the issue of comparatively lower salaries was raised at the Singapore Accountancy Convention last week. The job market for accountants is competitive and Singapore’s prestige as a regional accounting center may be affected if it begins to lose local talent and fails to attract more from overseas with international experience.

source & article: Channel NewsAsia