SINGAPORE is in need of more accountants and auditors, according to those working in the finance industry.

An Institute of Certified Public Accountants Singapore (ICPAS) poll last month found that 70 per cent of public accounting firms here are seeking to fill 1,000 auditing vacancies over the next 12 months.

The crunch is partly due to the increasingly complex nature of businesses, which require companies to hire more accountants and auditors, said Mr Philip Lee, KPMG's head of People, Performance and Culture.

Adding to the squeeze is Singapore's good standing in the global finance industry, said Professor Cheong Hee Kiat, president of UniSIM.

He told my paper: 'Singapore is known for its international standards and integrity, so our finance professionals are eagerly sought after by developing economies like China.'

There are currently 250 of its members working in China alone, estimated Ms Janet Tan, executive director of ICPAS. About 1,000 of its members were based overseas last year - an 11 per cent increase from 2005.

Then, there are the push factors.

The industry sees a high turnover rate annually, despite the relatively high pay.

A Robert Half International global salary survey released last month showed that accountants with up to five years of working experience can expect annual salaries of up to $75,000. Internal auditors with the same period of service draw between $48,000 and $72,000 annually.

According to figures released by the Public Service Division last year, top accountants earn a median salary of $4 million a year and they are among the top eight earners along with bankers, engineers and lawyers.

However, high pay has not stopped accounting practitioners from leaving the industry. They face long working hours, high stress due to demanding deadlines, as well as a lack of work-life balance, said Professor Koh Hian Chye, dean of Uni- SIM's School of Business.

It also does not help that accountancy traditionally draws more women, some of whom would eventually make mid-car eer exits to become stay-at-home mothers or take on part-time positions to care for the family, Prof Koh added.

To tackle the problem, accounting companies are becoming more creative in their hiring methods. RSM Chio Lim, for example, hires mid-career professionals from non-business backgrounds, including former nurses and engineers.

Senior partner Lim Lee Meng told my paper that engineers do well in their new careers 'because they are very analytical, logical and have an in-depth understanding of how the business works'.

KPMG's Mr Lee said the firm employs more than 400 accounting staff each year as about half would eventually leave after gaining several years' experience at the company.

To boost the supply of accounting personnel, UniSIM is launching a part-time accountancy degree next year.

Mr Kon Yin Tong, partner at auditing firm Foo Kon Tan Grant Thornton, said the programme would not only help to address the supply shortage but also 'open new doors and launch new careers' in the accounting profession.

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