EY Singapore to Invest $73.8 Million Over 5 Years for Talent Development Programs, New 1st-Year Accountancy Graduate Average Starting Salary Will be $3,175 (S$4,300), Launch of New Management Associate Program EY SCALE, Existing Programs Include EY Tech MBA and EY Masters in Sustainability in collaboration with Hult International Business School
3rd July 2024 | Hong Kong
EY Singapore has announced to invest $73.8 million (S$100 million) over 5 years for EY talent development programs, with EY new 1st-year accountancy graduate average starting salary will be at $3,175 (S$4,300). EY Singapore also announced the launch of a new Management Associate Program – EY SCALE, in addition to existing programs including EY Tech MBA and EY Masters in Sustainability in collaboration with Hult International Business School. EY Singapore (1/7/24): Ernst & Young LLP (EY Singapore) announced plans to invest S$100 million over five years to enhance its talent development programs and help improve the attractiveness of the profession. This investment includes an increase in early career compensation; the launch of EY SCALE, a new management associate program offering diverse career exposure and pathways; and enhanced learning and development opportunities. More info below:
“ EY Singapore to Invest $73.8 Million Over 5 Years for Talent Development Programs, New 1st-Year Accountancy Graduate Average Starting Salary Will be $3,175 (S$4,300), Launch of New Management Associate Program EY SCALE, Existing Programs Include EY Tech MBA and EY Masters in Sustainability in collaboration with Hult International Business School “
Liew Nam Soon, Singapore Country Managing Partner at Ernst & Young Solutions LLP, also EY Asean Regional Managing Partner: “Accounting is the language of business. The accounting profession plays an enduring role in helping to build trust and confidence in capital markets and businesses, and contributing to the talent pipeline for industries. It is therefore important that accounting professionals are continually equipped to develop future-ready skills, and be rewarded fairly and competitively. Our investment signals the long-term value and importance of the accounting profession and our commitment to attracting and grooming the next generation of accounting talent.
Many young professionals today enjoy the opportunity to be exposed to difference experiences before deciding on their longer-term career paths. EY SCALE will allow them to develop a diverse set of skills and appreciation of professional services, which will help them to shape their aspirations and future career options. This cross-pollination of experiences will also help us develop high-performing talents that are inquisitive, agile and well-rounded.
These learning programs are further augmented by our investments in technology to help deliver exceptional career and client experiences. Specific to our assurance services, we have invested more than US$1b globally to develop an assurance technology platform to provide high-quality audits and respond quickly to changing expectations from regulators, governments, standard setters, audit committees and boards. This allows EY clients to continue to receive quality audits, while EY professionals can focus on providing high-value advice and assurance strategy, as they build a purposeful career with us.
The refreshed workplace supports everybody at EY to work effectively in a variety of settings, both in and out of the office, individually and in teams. It complements our flexible working arrangement, which has been in place for over a decade. Flexi-work arrangements, enabled by technology, supports EY people to best serve clients and the needs of the business, regardless of their working location and arrangements, supporting EY people to achieve the desired balance between work and personal commitment at different stages of their lives. Through these initiatives and investments, EY Singapore seeks to continue to be a beacon for top talent, supporting accounting professionals as they progress in their careers.”
A) Enhanced early career compensation and continued focus on robust learning opportunities – EY Singapore will increase early career compensation as part of a total rewards package that recognizes the value of a certified public accountant (CPA) career path. Effective 1 July 2024, new first-year accountancy graduates joining the organization will be paid an average starting salary of S$4,300. This move aligns with the recommendations in a report released by the Accountancy Workforce Review Committee (AWRC) in May 2024 to strengthen the attractiveness of the accountancy sector and grow Singapore’s pool of skilled accounting professionals to meet industry needs. The key strategies indicated in the report included reviewing compensation structures, redesigning accountancy jobs and providing opportunities for skills development and career growth.
B) EY SCALE, a new management associate program, offers broader exposure for young professionals – EY Singapore also announced the launch of EY SCALE, a new management associate initiative open to individuals with less than two years of experience. Under this two-year program, select individuals will have the opportunity to rotate to different service lines, and broaden their exposure to various industries and businesses, allowing them to expand their connections and interests into other fields.
- EY SCALE is the latest addition to the learning and development programs at EY. The existing programs include a first-of-its-kind EY Tech MBA and EY Masters in Sustainability, in collaboration with Hult International Business School; as well the EY Badges program, which offers digital credentials for future-focused skills in areas such as data and analytics, artificial intelligence, sustainability, transformational leadership and inclusive intelligence.
- Refreshed inclusive and sustainable workplace to energize professionals – The multigenerational workforce today comprises individuals of diverse profiles, aspirations and working styles and preferences. To help EY people to provide an exceptional client experience while they are at the workplace, the EY organization has refreshed its Singapore office to create an energizing, inclusive and sustainable environment that is enhanced with collaborative technology. The office also includes the EY wavespace, an innovation center that brings together business, design and technology, helping companies to accelerate transformation and drive innovation. During the renovation process, EY Singapore focused on working with suppliers with sustainable business practices and products. Hence, the refreshed EY Singapore workspace now features sustainable floor materials, UL GreenGuard gold certified furniture, Singapore Green Label certified construction material, along with energy and water-efficient fixtures to reduce environmental impact. Recycling stations are also placed strategically in the workplace to promote recycling. A proportion of the construction waste generated were recycled, while furniture from the old workplace were also reused, recycled or donated. The refreshed office also holds the EY gold standard for inclusive office design across Asia-Pacific. Unique features including dedicated spaces for practicing faith, wellness and resources for nursing mothers; sensory calming rooms for neurodivergent talent; wayfinding for the visually handicapped; as well as ergonomic furniture, such as height-adjustable tables, were introduced to enable accessibility for all people.
About EY – EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws.
EY Singapore to Invest $73.8 Million Over 5 Years for Talent Development Programs, New 1st-Year Accountancy Graduate Average Starting Salary Will be $3,175 (S$4,300), Launch of New Management Associate Program EY SCALE, Existing Programs Include EY Tech MBA and EY Masters in Sustainability in collaboration with Hult International Business School
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