Keynote Speech by Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development at the ACCtraordinary 2025 Event

Ms Teo Hui Leng, Senior Director, People of Ngee Ann Polytechnic

Mr William Lim, Director, School of Business & Accountancy of Ngee Ann Polytechnic

Mrs Chia-Tern Huey Min, Chief Executive of ACRA

Ms Kuldip Gill, Assistant Chief Executive of ACRA

Students and industry partners from the accountancy profession

Good afternoon. It is wonderful to join you at this ACCtraordinary event.

A. Introduction

1. This event has grown remarkably in 5 years. This collaborative effort between ACRA, ISCA and our polytechnics and ITEs, which began in 2020, now reaches hundreds of students annually. 

2. This year, we added more activities in the lead up to today’s event, including learning journeys to accountancy firms and professional bodies which drew the participation of more than 300 students. I hope that these learning journeys have given you a glimpse of the work that accountants do behind the scenes.

B. Accountants will always be in demand

3. So, you may ask – why be an accountant? What difference will I make in the world if I become an accountant? 

4. Well, the answer is that you can make a big difference. Accountants are the people who keep things in balance, who ensure good governance, and they are also often the first ones to realise when something is not going right because they can read the financial clues that others can’t. They are the guardians, the forensic detectives and the enforcers of the financial world.

5. If you want to understand the true value of what accountants do, maybe you should watch the K-Drama, “The Auditors”, or maybe the US movie “The Accountant”. Setting aside all the over-the-top dramatic stuff, the underlying premise of both of the Netflix series as well as the movie is the same – which is that the accountants can read the numbers, and they know when something is wrong. This is not so apparent to others, but the accountants are the ones who pick it up, and it is also the accountants who find the financial solutions to get things back on track. 

6. At the heart of it, accountancy is a profession that is underpinned by principles of honesty, integrity, prudence, good governance and balance. So, if you are someone for whom these things matter, then you should consider accounting as a career.

7. You may also wonder – will accountants still be needed in this age of AI and automation?

8. The answer is a resounding yes. AI and automation can make processes faster and simpler. But they cannot replace human judgement, values and instinct. AI and automation are tools, powerful ones to be sure, but they are not substitutes for human beings, and especially not in the world of finance, which is driven ultimately by human behaviour.  

C. Accountants have diverse career opportunities

9. In fact, accountancy offers many diverse and exciting career opportunities, and I just want to highlight a few. 

   1. In sustainability reporting, accountants are at the forefront of measuring and verifying environmental impact, helping businesses adopt more sustainable practices and meeting Environmental, Social and Governance (ESG) requirements. So, you would be playing a very big part in combating climate change and keeping the earth sustainable if you become an accountant.

   2. In business valuation, accountants play a crucial role in mergers, acquisitions, and investment decisions that shape our economic landscape. Their expertise in analysing complex financial data and understanding market dynamics makes them indispensable in major business transactions. So, accountants help keep the economy going.

   3. In taxation, they help companies navigate increasingly complex international regulations.

   4. Accountants can also move into specialised areas like insolvency and become liquidators, receivers, judicial managers and corporate restructuring experts. Those are the doctors of the financial and accounting world. They take companies which are ailing and try to get them back into good health, or back onto their feet, or sometimes if really they can’t be saved – they try to make sure everything is wrapped up as neatly as possible. 

10. Indeed, accountancy is a foundational discipline which allows you to go far beyond traditional roles. In Singapore, about 120,000 professionals are employed in accountancy-related jobs across diverse sectors, such as financial services, insurance, trade, and manufacturing, bringing their expertise to every corner of our economy. So, there’s really something for everyone – it is not one size fits all – and accountancy is a profession that lends itself to many different interests and personality types.

11. We are also living in transformative times, where global markets are increasingly volatile and business practices are rapidly evolving. As a result, the role of accountants will continue to evolve and expand too – beyond book-keepers and auditors, they are now also strategic advisors, technology innovators, and business partners.

12. As Singapore grows as a business hub, the demand for professional services, including accountancy services, will grow in tandem and create diverse career opportunities for accountancy professionals.

13. Let me share an inspiring example to illustrate the possibilities with accountancy. Ms Hannah Ong graduated from Ngee Ann Polytechnic with a Diploma in Accountancy in 2013, then earned a Bachelor of Accountancy from Nanyang Technological University. She started her career with PwC Singapore, became a Chartered Valuer and Appraiser, moved to investment banking at Barclays in New York City, and is now a Senior Manager in Financial Analysis with Socure, a technology company, based in Nevada, specialising in digital identity verification and fraud prevention. Her accountancy foundation opened doors for her to pursue diverse career opportunities in different industry sectors.

D. Accountants are well-rewarded

14. Now, the question on many of your minds is: what about remuneration? 

15. Experienced accountants in senior roles, such as partners in accounting firms or chief financial officers, can earn more than $400,000 annually.

16. Starting salaries in accounting firms have however been perceived as relatively lower compared to other professions or sectors, but the Government has taken steps to address this in partnership with the industry.

17. Last year, the Ministry of Finance and ACRA established the Accountancy Workforce Review Committee (AWRC) to recommend concrete measures to strengthen our accountancy talent pool. 

18. One of the recommendations was for employers to review accountants’ starting salaries by taking into account relevant experience and courses, and to redesign their reward structures. I am glad that many accounting firms have responded positively in raising starting salaries for accounting functions and are investing in talent development as well.

19. We will continue monitoring to ensure that the starting salaries for accountants keep pace and remain competitive.

E. Helping young people better understand the profession

20. To help young people better understand the profession, we have worked closely with industry partners in several outreach efforts.

21. For instance, the newly launched Accountancy Education & Career Guidance (ECG) Playbook helps students understand the educational pathways to accountancy, the required skillsets and the vast opportunities in the profession.

22. Another initiative is the "Be an ACC-fluencer" Video Competition 2025 which challenges students to create engaging videos about why accountancy matters today and tomorrow. I encourage you to participate and join your peers in this creative endeavour!

23. We are also developing a video series to feature 5 accounting archetypes, which will be released in the fourth quarter of 2025 on ACRA’s key social channels. These videos will showcase the many career options that accountancy can lead to.

F. Multiple pathways to be an accountant

24. So how do you become an accountant? Well, the good news is that there are many different pathways, as well as different levels of accountancy qualifications. One option is to pursue a diploma or degree in accountancy. Alternatively, if your diploma or degree is not in accountancy, you can nevertheless choose to embark on the Singapore Chartered Accountant Qualification or the SCAQ for short. In other words, you do not necessarily have to have studied accountancy in poly or university in order to become an accountant. There is a pathway known as the SCAQ.

25. The SCAQ is an internationally recognised qualification that signals to employers that the individual has undergone rigorous professional training and is proficient in core accounting knowledge and capabilities. 

26. We have recently streamlined the SCAQ to make it more accessible. 

27. From 2024, the SCAQ will be open to enrolment for polytechnic graduates from any field, not just accountancy. However, polytechnic accountancy graduates will enjoy exemptions from certain modules, which will allow them to complete the SCAQ Foundation Programme six months earlier. 

28. Another option is the new Accountancy Career Launchpad Programme by Ngee Ann Polytechnic that was recently launched in May 2025. This bridging programme combines one month of classroom learning with three months of on-the-job training to allow non-accounting graduates to enter the profession.

29. From the first cohort currently going through the programme, we have Ang Kok Leong who is a software engineer and an NP alumnus with a diploma in IT. Currently he is attached to BDO, a full-service professional audit, tax and business advisory firm for his on-job-training in the Business Services & Outsourcing (BSO) division, assisting with preparation of financial statements for clients. Utilising his IT background and expertise, he took on a project to automate the financial statement preparation process to enhance the team’s efficiency. This again illustrates how accountancy welcomes diverse talents and backgrounds.

30. For non-accountancy graduates who might be thinking of a career in accountancy, I encourage you to check it out and see where the path leads you.

G. Conclusion

31. As Singapore grows as a global financial hub, the opportunities in accountancy will only expand. The profession needs individuals who can think critically, adapt to changing technologies, and maintain the highest standards of integrity.

32. Whether you are interested in sustainability, technology, or business advisory, there is a place for you in this dynamic profession. Your journey in accountancy could lead you to become a partner in an accounting firm, a CFO in a multinational corporation, or even an entrepreneur starting your own business.

33. I look forward to seeing more of you shape the future of this profession. Please have a fruitful session today and enjoy yourselves. Thank you very much.