Pay hikes by Big Four firms put pressure on smaller accounting practices

SOME of Singapore’s smaller accounting firms are raising entry-level wages by up to 25 per cent this year, in response to similar hikes by some Big Four firms.

When large players raise salaries, smaller firms must follow suit – or risk losing out in the war for talent, small and medium-sized practices (SMPs) told The Business Times.

“Mid-sized to smaller firms, we are the price takers,” noted Bernard Lee, founder and chief executive officer of Audit Alliance. “The Big Four are the price-setters.”