Singapore imports software talent, exports accountants abroad

There’s a developing talent crunch in the accounting space as interest in the profession wanes.

Singapore is increasingly relying on international talent to address its tech talent shortage— but its own workforce is becoming an export to international markets.

Software engineers and developers are the top roles being hired in Singapore, according to a study by payroll and HR platform Deel.

Employers are expanding their talent searches beyond borders in order to fill-in much needed roles— whilst local professionals are becoming highly sought after by employers overseas.

Apart from software engineers and developers, top globally sourced roles being brought into Singapore are business development and consultants, followed by designers or graphic designers, Deel said.

This trend follows the rest of Asia Pacific, where demand for niche skillsets— particularly in artificial intelligence (AI)— are reportedly outpacing local talent pipelines.

Between 2023 to 2024, Deel saw a 585% surge in contracts for roles with ‘AI’ in the job title.

Hiring for AI Engineers alone grew by 340%, whilst senior leadership positions like Director or Head of AI tripled.

Singapore is also exporting its talent to international markets, with Deel finding a 31% year-on-year increase in Singapore-based professionals being hired by companies in the US.

There’s also more Singaporeans headed to Great Britain, with a 9% rise.

Accountants, in particular, are in high demand.

Singapore ranks fifth globally as a source of international accounting hires, following the Philippines, the United States, Argentina, and Mexico.

Worldwide, demand for accountants is rising sharply, driving up salaries and making them one of the most sought-after roles today, Deel said.

This talent crunch is driven in part by waning interest in the profession. In Singapore, enrollment in accountancy degree programs at local universities down by more than 10% over recent years, the study found.