Questions about the professional services industry answered:
- What is the Singapore’s professional services industry?
- Is the professional services industry stable if you’re considering a mid-career switch?
- What kind of jobs are there in the professional services industry?
- What’s the salary like?
- What are the growth areas in the professional services industry?
- What courses or skills are needed to join the professional services industry?
About Singapore’s professional services sector
With its strategic geographic location and cutting-edge infrastructure, Singapore provides an exceptional setting for companies to innovate and create world-class business solutions. Since the Singapore economy began its diversification into services in the 1990s, the professional services sector has grown into a major hub comprising head offices of home-grown enterprises and global companies. Correspondingly, this has driven demand for a diverse portfolio of service providers.
Size of the market
Singapore’s professional services sector encompasses various Architecture and Engineering Services, Consulting, Accounting, Legal, and Advertising companies. By 2025, the professional services sector is expected to achieve value-added (VA) growth of 3% to 4% per annum to $27 billion, with the creation of 3,800 additional PMET jobs per annum.
Why is this sector important to Singapore’s economy?
Today, Singapore is the regional hub for leading professional services firms which employ more than 230,000 people. The sector made up 6.5% of Singapore’s GDP and contributed around $25 billion in value-add in 2016.
What is the outlook of the professional services sector?
One of the primary objectives of the professional services sector is to continually build innovation capabilities. The Singapore government introduced the Professional Services Industry Transformation Map (ITM) last year to develop the industry into a global powerhouse in delivering innovative, high-value services over the next five to ten years.
Part of the initiatives under the ITM is to work on attracting new companies to set up their global or regional headquarters here, as well as support those that are already based here to transform their corporate functions.
Growth areas
The job landscape is changing rapidly due to technological advancements and emerging business models. The workforce needs to remain flexible and capable of adapting to these shifts. The focus will be on collaborating with employers to identify industry trends and prepare individuals to seize these new opportunities.
The ITM will facilitate firms to scale, innovate, and boost their productivity while equipping Singaporeans for exciting new job roles. Minister for Trade and Industry Gan Kim Yong said:
“Our professional services sector is well-positioned to seize opportunities for business growth driven by digitalisation, sustainability, emerging markets and new customer segments in Southeast Asia.”
These are key digital capabilities that companies in advertising, consulting, and engineering services are seeking to develop.
Mid-career switch: Why is the professional services sector a good choice?
Mid-career professionals looking to make a switch to the professional services sector will find a wealth of opportunities for growth and success. Here are some reasons why this sector is a great choice:
Transferable skills
Many skills acquired from other industries, such as communication, problem-solving, and project management, are highly valued in professional services.
Diverse career paths
The professional services sector offers a wide range of roles and specialities across various industries, such as consulting, finance, legal, and technology.
Continuous learning and development
Professional services firms often invest in their employees’ growth, providing opportunities for mid-career professionals to stay updated with industry trends and advance in their careers.
High demand for expertise
The sector consistently seeks mid-career professionals to bring valuable experience and insights, which can lead to rewarding opportunities and the potential for advancement.
The Government is committed to supporting professionals and new entrants through the ITM by redesigning jobs and actively upskilling and reskilling the workforce for high-growth areas.
To support Singaporeans reskill and develop new capabilities to take on jobs in growth areas or redesigned job roles Career Conversion Programmes relevant to professional services have been launched.
Types of jobs in the professional services sector
Singapore’s professional services sector offers numerous opportunities for those considering a mid-career industry switch. With a strong transformation roadmap in place, the industry is set to become a global leader in high-value, specialist services.
Depending on the changing demands of the economy and the birth of niche areas of skill set, the following are some commonly held examples:
- Accountant
- Lawyers
- Engineer
- Consultants
- Architect
- Marketers
- Customer Service Operators
- Project Managers
- Receptionists
As the sector continues to evolve, the future promises exciting possibilities for professionals ready to embrace new challenges and opportunities.
What’s the salary like in the professional services sector?
Jobs in the professional services sector cover a broad spectrum of roles, including accounting, consulting, legal, engineering, and advertising. Salaries vary depending on the specific job function, level of experience, and qualifications.
Here are some examples listed on the MyCareersFuture portal:
| Role | Salary Range |
| Business Development Executive | $3,000 to $4,000 |
| Data Entry Clerk | $1,800 to 2,800 |
| Digital Product Manager | $4,000 to $6,000 |
| IT Sales Representative | $3,000 to $5,000 |
| Sales Manager | $3,100 to $6,000 |
| Corporate Secretary Manager | $5,000 to $8,000 |
| Operations Executive | $3,600 to $4,200 |
| Business Analyst | $4,500 to $8,000 |
| Talent Acquisition Specialist | $3,000 to $3,500 |
| Admin Assistant | $1,800 to $3,000 |
Apply for any of these jobs on the MyCareersFuture job portal now!
What courses or skills are needed to join the professional services sector?
The professional services industry is vast with opportunities at every level. If you lack the necessary skills or experience, sign up for relevant Skillsfuture courses to prepare you for the job role that you’re interested in.
Jobseekers or mid-career switchers who are keen on joining the professional services sector can get support and On-the-Job Training by signing up for the following Career Conversion Programmes by Workforce Singapore:
- CCP for Consultants (with Deloitte)
- CCP for Consultants (with LHUB)
- CCP for Human Capital Professionals (with LHUB)
- CCP for Human Capital Professionals (with SNEF)
- CCP for Internal Auditors
If you need professional advice on navigating your career journey, register here to speak to a career coach. Meanwhile, we have compiled a list of relevant articles to help you learn more about the sector.
How Job Redesign Reshapes Success in Singapore’s Accounting Landscape
Salary Guide Singapore 2023: Legal Industry
Helpful Guide to the Career Path of an Administrative Executive
A Breakdown of the Business Analyst Job Description: Skills, Qualifications & More
What You Should Know Before Starting Your Career as a Consultant
What Goes On in the Life of a Project Coordinator
The Life of an Event Planner: What Does it Look Like?
Do You Have What it Takes to be a Business Development Manager?
Breaking Down the Account Manager Job Description: Top 6 Skills Required
Why Become a Relationship Manager?
6 Ways to Brush Up Your Customer Service Skills
Become a Strong Business Analyst With These 6 Skills
