ACRA launches playbook for students to explore accountancy careers
Mrs Chia-Tern Huey Min, chief executive of ACRA speaking at the launch of the playbook of the playbook at Revenue House on May 27. ST PHOTO: BRIAN TEO
SINGAPORE - Two years after a task force was set up to reverse a shortage of young talent going into accountancy, a guidebook has been launched through which students can understand the profession better and the opportunities it offers.
Teachers, education and career guidance counsellors can use the Accountancy Education and Career Guidance (ECG) Playbook to help students gain a fuller perspective on the accountancy sector and also guide them on how to enter it. The playbook was launched on May 27.
Educational pathways into accountancy are highlighted in the playbook for students from various education backgrounds such as junior colleges, polytechnics, institutes of technical education and universities. The pathways detail the diplomas and degrees that students aspiring to become accountancy professionals can aim for.
Besides an overview of the outlook and skills required for various roles in the field, the playbook also presents insights into career personas and emerging roles in the accountancy sector, such as sustainability reporting specialists, business advisors and information technology auditors.
It also dispels common myths, such as accountancy is boring or accountants spend long hours at work.
'Accountancy is not about number crunching - it is about giving insights into the financial health of companies, engaging in forward-thinking about their financial future and helping companies make strategic and sound decisions,' said Mrs Chia-Tern Huey Min, chief executive of ACRA at the launch of the playbook at Revenue House.
The ECG playbook is one of the key initiatives of the Implementation Committee for Accountancy Workforce Development, which was set up in 2023 to spark interest in the accountancy profession among students.
One of the reasons was that the number of accounting degree students at universities here had fallen by more than 10 per cent in the prior five years . The number of graduates who eventually go on to become accountants or auditors had also fallen.
'The fact is that the accountancy profession offers many opportunities and diverse pathways, thanks to the formal training and professional development available to accounting professionals,' said Mrs Chia-Tern.
During her opening speech, she added: 'The launch of the playbook at today's event marks the beginning of what we hope to be a sustained engagement with the schools and the Institutes of Higher Learning (IHLs). We are working with stakeholders to introduce learning journeys to potential employers for students and enhance internship experiences.'
Today, about 120,000 professionals are employed in accountancy-related jobs in Singapore. Nearly 20 per cent are employed by accounting firms, which contribute about $3 billion to our annual GDP, said ACRA in a statement on May 27.
The rest of the professionals are in accounting and finance functions in businesses, such as financial and insurance services, and trade and manufacturing-related sectors.
An estimate in 2022 projected that by 2025, demand would rise to some 6,000 to 7,000 new accounting jobs.
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