CATEGORY: NEWS AND ANNOUNCEMENTS, PRESS RELEASES
The
Accountancy Workforce Review Committee (AWRC) released a comprehensive report on
10 May 2024, outlining key strategies to strengthen the
attractiveness of the accountancy sector and grow Singapore’s pool of skilled
accounting professionals to meet industry needs.
Key
Recommendations
2. The
AWRC’s key recommendations are as follows:
a)
Ensure
good careers by reviewing
compensation structures for accountancy roles; redesigning accountancy jobs to
make work more purposeful; and providing opportunities for skills development
and career growth.
b)
Create
quality pathways by streamlining
the Singapore Chartered Accountant Qualification (SCAQ), our national
accountancy qualification, for candidates of different educational backgrounds; enhancing work-study opportunities to
allow students to gain early industry exposure; increasing exposure to
accounting for non-accountancy undergraduates; and supporting mid-career
switchers to an accountancy career.
c)
Strengthen
professional capabilities by
improving the recognition and value of the Chartered Accountant (Singapore)
designation; and equipping accountants with future-ready skills and exposure to
emerging areas.
Roadmap to Ensure Robust Poll of
Accountancy Talents
3. The
AWRC report has identified challenges faced by younger accountants, such as: (i)
the growing attractiveness of alternative career options in other sectors; (ii)
modest starting salaries; and (iii) long, unpredictable working hours. These
factors have led to a decline in overall attractiveness of
the accountancy sector compared to other sectors such as banking,
technology, and consulting. The recommendations seek to
address these challenges and to build a sustainable pipeline of talents in the
accountancy sector.
4. “The
role of the accountant is evolving rapidly – from traditionally being viewed as
a business supporter, to now being a business enabler and in some cases even
the co-pilot. I am excited about the future of the accountancy profession. With
these recommendations, I am confident that accountancy will continue to be a
profession of choice,” said Second
Minister for Finance Ms Indranee Rajah.
5. "The field of accountancy offers exciting
opportunities in today's dynamic business landscape, with roles in data
analysis, risk management, sustainability reporting, and digital
transformation. The AWRC report provides a roadmap for addressing the
challenges and opportunities in Singapore's accountancy sector, ensuring a
resilient pool of accountancy talents to meet industry needs," said Mr
Chaly Mah, the former chairman of the Singapore Accountancy Commission.
6. "The
Committee’s recommendations seek to build and sustain a quality accountancy
sector and workforce, ultimately contributing to Singapore’s position as a
leading global accountancy and business hub.
We will need collective effort from all stakeholders in the accountancy
sector and the Government, to implement the AWRC's recommendations and elevate
the perception of the accountancy profession." said Ms Lai Wei Lin, Second
Permanent Secretary, Ministry of Finance.
7. The
AWRC Report is located at go.gov.sg/awrc-report
About the AWRC
8. Co-chaired
by the former Singapore Accountancy Commission Chairman Mr Chaly Mah, and Second
Permanent Secretary for the Ministry of Finance (MOF) Ms Lai Wei Lin, with the
support of MOF and the Accounting and Corporate Regulatory Authority (ACRA),
the AWRC was convened in October 2022 to develop recommendations to build a
sustainable pipeline of high-quality talent for the accountancy profession in
the face of industry challenges.
9. The AWRC
comprises senior representatives from accounting firms, in-house finance
functions, academia, and the public sector, offering multi-disciplinary
expertise across different accountancy fields and practice areas. In
undertaking its work, the AWRC has engaged stakeholders from the accountancy sector
– employers, academics, regulators, professionals including young accountants
and mid-career switchers as well as students. Approximately 50 focus group and
engagement sessions were held, involving over 300 participants.
Issued by:
Accounting and Corporate Regulatory Authority
Ministry of Finance
Singapore
10 May 2024
2024/05/10