Money Matters with Hongbin Jeong and Chua Tian Tian (4pm - 7pm)Under the Radar: Has the boom in professional services demand fizzled – Deloitte Singapore’s CEO on whether layoffs in the US are specific to the country; Plans to add 3,000 new employees in Singapore and double US$1b revenue over next five years in Southeast Asia; Priorities as new CEO
The accounting and professional services sector is at the centre of our conversation today.
According to the Accounting and Corporate Regulatory Authority, Singapore projects 6,000 to 7,000 new accounting jobs by 2025, adding on to the current workforce of over 100,000 employees.
Globally, the Big Four accounting firms also went on hiring sprees of their own last year, with the companies already boasting over a million employees as of November 2022.
But why did demand for professional services increase amid the volatile economic climate and as job cuts hit other industries such as investment banking?
Has that boom fizzled yet with consulting firms announcing job cuts in the US this year? If not, what is the way ahead for the industry?
I sat down with Shariq Barmaky, CEO, Deloitte Singapore, to find out what Deloitte Singapore is seeing right now in terms of demand and what this means for the firm’s growth trajectory.
