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Audit sector faces worsening manpower crunch as options for graduates, junior associates abound

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Wong Pei Ting &

Lisa Kriwangko

Published Thu, Jun 16, 2022 · 05:50 AM
    • Mid-sized accounting firm Foo Kon Tan’s managing director Kon Yin Tong told BT that its attrition rate has more than doubled from the previous year, even as talent pools shrank, with Nanyang Technological University (NTU) taking in fewer accountancy students.
    • Mid-sized accounting firm Foo Kon Tan’s managing director Kon Yin Tong told BT that its attrition rate has more than doubled from the previous year, even as talent pools shrank, with Nanyang Technological University (NTU) taking in fewer accountancy students. PHOTO: BT FILE

    A YEAR and 8 months into her role as an auditor at KPMG, Gina (not her real name) moved to an investment bank to take up a job in the controller’s office. The pay was nearly 50 per cent more and the working hours significantly reduced.

    The 29-year-old said she was the first non-senior audit associate the bank had ever hired for her position. After getting a taste of what she could do, her employer hired yet another audit associate from a Big 4 firm — this time, someone with less than a year’s experience.

    Within her social circle of 8 at KPMG, she said only 1 person is still with the company; and only 1 in her circle of 6 university batch mates is still in audit. The latest to leave was offered S$8,000 to join a bank, right after being promoted to manager at KPMG with a S$6,300 salary after 6 years on the job.

    AuditBig Four auditorsSingapore manpowerAccountingEYPwCDeloitteKPMG

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