Latest news with #AWRC
Business Times
4 days ago
- Business
- Business Times
More seeking accountancy qualification in Singapore, even as global talent shortage continues
[SINGAPORE] Even as accounting bodies worldwide continue to struggle with attracting fresh talent, Singapore has managed to buck the trend – and the industry here is now in growth mode. With more new faces entering the profession, accounting firms in the city-state could soon get relief from the manpower shortages that have plagued the sector for years. Teo Ser Luck, president of the Institute of Singapore Chartered Accountants (Isca), pointed to a sharp rise in the number of candidates entering the training pipeline as an example. As at Dec 31, 2024, the total number of candidates enrolled in the Singapore Chartered Accountant Qualification (SCAQ) programme crossed 4,200 – a 47 per cent increase from the overall enrolment figure a year earlier. Isca has now set an internal target of exceeding 7,000 total SCAQ candidates in 2025, which would mark a 75 per cent year-on-year jump. The SCAQ, administered by Isca since January 2024, is the sole pathway to obtaining the Chartered Accountant (Singapore) qualification. Universities in Singapore are also seeing stronger interest in accountancy, observed Teo. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Anecdotally, some universities noted that, in their most recent admissions, 100 per cent of successful applicants had picked accountancy as their first-choice degree – a development that contrasts with the situation in recent years. Teo did not name the institutions. Out of the six autonomous universities in Singapore, five offer accountancy courses. Among them is the Singapore Institute of Technology. The university has recorded a more than 30 per cent rise in applications for its accountancy course over the past three years, and a 74.5 per cent increase in its programme intake in the last decade, said Associate Professor Koh Sze Kee, cluster director for business, communication and design. 'Alongside this growing demand, we continue to attract and admit a strong pool of students with high academic standing and a clear aptitude and passion for accountancy,' noted Prof Koh. Just last year, a report by the Accountancy Workforce Review Committee (AWRC) found that fewer students had been choosing accountancy as their top choice, although specific numbers were not disclosed. The AWRC was formed in 2022 to tackle manpower issues in the sector. Since then, recommendations such as boosting entry-level wages and creating more diverse qualification pathways have been adopted. Teo said that these moves – along with the combined efforts of Isca, the Accounting and Corporate Regulatory Authority (Acra), educational institutions, and industry players – have helped reverse the talent decline. Interest is also rising at the pre-university level. A representative from Temasek Polytechnic (TP), speaking at an Acra event last Tuesday (May 27), shared that its diploma in accountancy and finance programme has been attracting more first-choice applications. 'In terms of the last aggregate score, it has also improved across the years from five to 11, to four to 11, to three to 11 (in 2025),' the TP representative said. These aggregate scores refer to the O-level results of successful applicants, where lower scores indicate better performance. International plaudits Singapore's success in replenishing its accounting pipeline has not gone unnoticed internationally. 'I certainly have encouraged other parts of the globe to learn (from) what Singapore has been doing here,' said Lee White, chief executive officer of the International Federation of Accountants, in a recent interview with The Business Times. For instance, recent initiatives by Isca to engage pre-tertiary students in secondary schools, junior colleges and polytechnics are a 'simple, contemporary way' to tackle the sector's manpower challenges, noted White. He added: 'The way this is all marketed by Isca is very, very strong.' But Teo cautioned that this progress cannot be taken for granted. 'We have reversed the trend, but it's still a very long journey,' he warned. 'The trend, (at) anytime, can be reversed.' Some gaps remain. While perceptions that accountancy is a 'boring' career have improved 'slightly', more can be done to feature the profession's diversity. 'We need to do more; seeding that knowledge and the information needs a lot more work,' Teo said. He also wants to further expand the pool by encouraging more non-accounting graduates to qualify, and for closer rapport with businesses, to demonstrate the value of hiring accounting-trained staff. He also advised accountants not to look at their role and say they are 'just another finance person in the company'. 'You should also be (positioned as) a strategic person,... a right-hand person.'
Associated Press
14-04-2025
- Business
- Associated Press
ISCA Launches "Changing Perspectives" Branding Video Campaign to Promote Accountancy Profession Amidst Transformation in Wider Business Ecosystem
SINGAPORE - Media OutReach Newswire - 14 April 2025 - The Institute of Singapore Chartered Accountants (ISCA) is pleased to announce the launch of 'Changing Perspectives', a branding video campaign designed to promote the accountancy profession amidst an ever-evolving business ecosystem. The video is launched in conjunction with SG60, celebrating the contributions of the accountancy profession to Singapore's economy over the past 60 years. Produced together with branding agency ABrandADay, 'Changing Perspectives' showcases the many roles that accountants can play in shaping the future of the business landscape. The objective of the video campaign is to promote accountancy as a profession and study of choice, and also dispel any prevailing myths of the accountancy profession. The branding video is also part of broader efforts by ISCA in partnership with the Accountancy Workforce Review Committee (AWRC) to address the manpower challenges of the accountancy sector and recommend strategies to ensure a robust pool of accountancy talents to meet industry needs. In celebration of 60 years of Singapore's independence, the video features notable figures from the accounting sector, who represent past and present generations of accountants who have contributed to the success of Singapore's economy today. A few industry profiles who are featured in the video include Mr Willie Cheng, former Managing Partner of Accenture and former independent director of UOB Bank and Far East Hospitality Asset Management, and Mr Kon Yin Tong, Managing Partner of Foo Kon Tan LLP and Chairman of Sport Singapore. The video was launched earlier today an exclusive screening event, by Mr Chaly Mah, Co-Chair of the AWRC, Chairman of the National Environmental Agency, Surbana Jurong and Netlink NBN Trust. The event was attended by over 160 guests, comprising representatives from the Government, Institutes of Higher Learning, corporates, students, and more. 'Accountancy is more than crunching numbers — it is a meaningful profession that shapes business strategy, drives sustainability, and builds trust in markets,' said Mr Chaly Mah. 'This video is part of our broader efforts to reshape perceptions and highlight the diverse and impactful roles accountants play in today's evolving business landscape. We hope it will inspire the next generation to see accountancy as a fulfilling and forward-looking career path.' Ms Indranee Rajah, Minister in the Prime Minister's Office and Second Minister for Finance and National Development, said: 'As Singapore continues to grow as a global business hub, the accountancy profession remains a cornerstone of trust, transparency, and transformation. This initiative by ISCA not only highlights the evolving role of accountants, but also underscores the importance of attracting and developing talent for the future. I commend ISCA for its efforts to elevate the profession and promote it as a meaningful and dynamic career choice.' ISCA President Mr Teo Ser Luck said: 'The video we launched today is important — it highlights what it means to be an accountant in today's world: adaptable, forward-thinking, and playing a key role in shaping businesses and society. At ISCA, we are dedicated to advancing the profession and demonstrating that accountancy offers purpose, versatility, and limitless growth opportunities. We hope this initiative inspires curiosity, especially among young professionals exploring their career paths.' You may view the video here. Hashtag: #ISCA #Accountancy #Accounting #DifferenceMakers #SG60 The issuer is solely responsible for the content of this announcement. Institute of Singapore Chartered Accountants (ISCA) The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 39,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries. Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation. ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries. For more information, visit
The Independent
20-02-2025
- General
- The Independent
Queen pays tribute to centre which improves lives of abused women
The Queen has paid tribute to staff from a leading domestic abuse centre for changing the lives of the survivors it helps. Camilla's words of praise followed a private meeting with a small group of women supported by the Asian Women's Resource Centre (AWRC) celebrating 45 years of vital help for those from all cultures across London. The AWRC tackles a range of issues from forced marriages and coercive control to honour-based abuse and is also a women's centre providing holistic support, like art therapy, from its offices in Harlesden, north-west London. When introduced to a worker specialising in female genital mutilation from Forward, a charity campaigning to end violence against women and girls, the Queen told her: 'It's terrifying isn't it, that it's still happening.' After chatting for more than half an hour with the survivors, the Queen walked upstairs to meet AWRC staff and told one worker about her conversation. She said: 'So wonderful talking to those survivors and hearing what a difference it makes to their lives.' The Queen has a long-term interest in supporting victims of domestic violence and sexual assault and has visited many units supporting those abused. During a conversation with another worker, Camilla added: 'They were absolutely wonderful downstairs, you've obviously changed their lives.' The organisation was originally set up by a group of Asian women to address the issue of domestic violence and the needs of survivors that were not being met by traditional institutions due to prejudice and a lack of understanding. Today more than 20 women a week are referred to its services which work in a number of core London boroughs but it also provides support through various projects across the capital. Camilla was shown the AWRCs new healing garden, a space for reflection and rejuvenation for women, staff and the wider community and unveiled a plaque to mark her visit. Ruby Sayed, a barrister and AWRC trustee for 25 years said: 'It's a huge accolade to have Her Majesty visit AWRC. 'I don't think we could have imagined that in our wildest dreams, particularly 45 years ago. '(To have) Her Majesty here today to mark the work we do and recognise that, and the fact that Her Majesty is such a champion of domestic abuse (survivors), it's beyond words.'
