Shaping Singapore’s Accountancy Workforce for Tomorrow

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