Latest news with #SCAQ
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.'
Yahoo
17-05-2025
- Business
- Yahoo
ISCA announces new council members and performance highlights
The Institute of Singapore Chartered Accountants (ISCA) has revealed the election of four new members, the re-election of four current incumbents, and the appointment of two additional members to its council. This council is the governing body of ISCA tasked with making 'major' policy decisions and overseeing governance and membership matters within the institute. The newly-elected, re-elected and newly appointed council members are set to serve for a two-year term until 2027. Among the newly elected members are Ang Suat Ching, chief financial officer, Resorts World at Sentosa; Chin Chee Choon, audit and assurance partner, head of business development and Marcomm, Forvis Mazars Singapore; Lee Eng Kian, managing partner, PKF-CAP; Gajendran, assurance partner and professional practice director, EY. The re-elected members to the council are Lo Mun Wai, audit partner, KPMG; Judy Ng, group financial controller, DBS Bank; Cyndi Pei, chief financial officer, Digital InfraCo Singapore Telecommunications Limited (Singtel); Song Yeow Chung, chief financial officer, Old Chang Kee. The two new members appointed to the council are Esther Wee, accountant-general and chief of Government Finance, Accountant-General's Department (AGD); and Tan Boon Gin, chief executive officer, Singapore Exchange Regulation, SGX Group. During the annual general meeting (AGM), ISCA shared several updates from the past year. The Institute took over the administration of the Singapore Chartered Accountant Qualification (SCAQ) programme, resulting in a 47% increase in enrolments, it stated. It also maintained a 98.3% membership retention rate in 2024, the 'highest' in ten years, and ended the year with a $5.3m surplus, boosting its reserves to $113.8m. ISCA said it has kept membership fees stable for the eighth year in a row and expanded its global presence with 12 overseas chapters in nine countries along with four ISCA offices overseas. Looking ahead to 2025, ISCA stated that it plans to invest up to $7m in enhancing the SCAQ and furthering international growth. It also intends to acquire a second property valued at approximately $55m to strengthen its financial position. ISCA president Teo Ser Luck said, 'At this exciting time of strong growth and great potential for ISCA, I'm pleased that our valued members have elected a capable and experienced Council to lead us forward. The Council members bring with them many years of experience from a wide range of industries and sectors — including the public sector, accounting firms, listed companies, and more. Their diverse backgrounds will bring fresh ideas and new perspectives to help advance both ISCA and the accounting profession. Together with the Institute's senior management, we look forward to exploring new opportunities and making 2025 a year of meaningful progress, with new initiatives and key developments for ISCA. At the same time, we remain committed to supporting our members and delivering lasting value." In March 2025, the ISCA launched the SCAQ Career Mobility Programme (CMP) to facilitate cross-border work opportunities for accountants. "ISCA announces new council members and performance highlights" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
15-05-2025
- Business
- Arabian Post
ISCA Welcomes Six New Council Members; Poised to Invest up to $7 Million in Enhancements to SCAQ Programme and International Growth and Expansion in 2025
SINGAPORE – Media OutReach Newswire – 15 May 2025 – The Institute of Singapore Chartered Accountants (ISCA) has announced the election of four newly-elected members, re-election of four existing members, and appointment of two new members to the ISCA Council, which is the governing body of ISCA to approve major policy decisions and oversees matters relating to the governance and membership of the Institute. The newly-elected, re-elected and newly-appointed Council Members will serve as ISCA Council Members for a term of two years until 2027. The newly-elected Council Members are: • Ms Ang Suat Ching, Chief Financial Officer, Resorts World at Sentosa Pte Ltd • Mr Chin Chee Choon, Audit and Assurance Partner, Head of Business Development and Marcomm, Forvis Mazars LLP Singapore • Mr Lee Eng Kian, Managing Partner, PKF-CAP LLP • Mr Gajendran S/O Vyapuri, Assurance Partner and Professional Practice Director, EY LLP The re-elected Council Members are: • Ms Lo Mun Wai, Audit Partner, KPMG LLP • Ms Judy Ng, Group Financial Controller, DBS Bank • Ms Cyndi Pei, Chief Financial Officer, Digital InfraCo Singapore Telecommunications Limited (Singtel) • Mr Song Yeow Chung, Chief Financial Officer, Old Chang Kee Ltd In addition, two new members have been appointed to the Council: Ms Esther Wee, Accountant-General and Chief of Government Finance, Accountant-General's Department (AGD), and Mr Tan Boon Gin, Chief Executive Officer, Singapore Exchange Regulation, SGX Group. Ms Wee was appointed by the Ministry of Finance to represent the government on ISCA Council, and Mr Tan is the first non-accountant appointed by the ISCA Council for his extensive experience which enables him to support and advise ISCA on initiatives relating to corporate governance and bring an added lens in terms of regulatory oversight and public interest. At the AGM, ISCA also announced several key highlights and updates of its performance in the past year: • Since taking over the administration of the Singapore Chartered Accountant Qualification (SCAQ) programme at the start of the year, ISCA achieved an increase of 47% in enrolments, including overseas SCAQ candidates. • ISCA recorded a 98.3% membership retention rate in 2024, which is the highest in a decade. • Ended the year strong with a $5.3M surplus and boosted its reserves to $113.8M (including fair value gains). • Held membership fees unchanged for the 8th consecutive year, and no fee increase for this coming year as well. • Expanded our reach globally and set up 12 overseas chapters in 9 countries, with 4 ISCA overseas offices. In 2025, ISCA is poised to invest up to $7 million in enhancements to the SCAQ as well as international growth and expansion, as part of longer-term growth plans for the Institute. To support this endeavour, the Institute announced its plan to acquire a second property with a value around $55 million, for the purposes of investment and bolstering ISCA's financial health. ISCA President Mr Teo Ser Luck said, 'At this exciting time of strong growth and great potential for ISCA, I'm pleased that our valued members have elected a capable and experienced Council to lead us forward. The Council members bring with them many years of experience from a wide range of industries and sectors — including the public sector, accounting firms, listed companies, and more. Their diverse backgrounds will bring fresh ideas and new perspectives to help advance both ISCA and the accounting profession. Together with the Institute's senior management, we look forward to exploring new opportunities and making 2025 a year of meaningful progress, with new initiatives and key developments for ISCA. At the same time, we remain committed to supporting our members and delivering lasting value.' For more information on the biographies of the newly-elected, re-elected and appointed Council Members, please refer to the Annex. To access ISCA's Annual Report 2024/2025, please click here. Hashtag: #ISCA #DifferenceMakers #Accountancy #ISCACouncil The issuer is solely responsible for the content of this announcement. About the Institute of Singapore Chartered Accountants 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 Sun
15-05-2025
- Business
- The Sun
ISCA Welcomes Six New Council Members; Poised to Invest up to $7 Million in Enhancements to SCAQ Programme and International Growth and Expansion in 2025
SINGAPORE - Media OutReach Newswire - 15 May 2025 - The Institute of Singapore Chartered Accountants (ISCA) has announced the election of four newly-elected members, re-election of four existing members, and appointment of two new members to the ISCA Council, which is the governing body of ISCA to approve major policy decisions and oversees matters relating to the governance and membership of the Institute. The newly-elected, re-elected and newly-appointed Council Members will serve as ISCA Council Members for a term of two years until 2027. The newly-elected Council Members are: • Ms Ang Suat Ching, Chief Financial Officer, Resorts World at Sentosa Pte Ltd • Mr Chin Chee Choon, Audit and Assurance Partner, Head of Business Development and Marcomm, Forvis Mazars LLP Singapore • Mr Lee Eng Kian, Managing Partner, PKF-CAP LLP • Mr Gajendran S/O Vyapuri, Assurance Partner and Professional Practice Director, EY LLP The re-elected Council Members are: • Ms Lo Mun Wai, Audit Partner, KPMG LLP • Ms Judy Ng, Group Financial Controller, DBS Bank • Ms Cyndi Pei, Chief Financial Officer, Digital InfraCo Singapore Telecommunications Limited (Singtel) • Mr Song Yeow Chung, Chief Financial Officer, Old Chang Kee Ltd In addition, two new members have been appointed to the Council: Ms Esther Wee, Accountant-General and Chief of Government Finance, Accountant-General's Department (AGD), and Mr Tan Boon Gin, Chief Executive Officer, Singapore Exchange Regulation, SGX Group. Ms Wee was appointed by the Ministry of Finance to represent the government on ISCA Council, and Mr Tan is the first non-accountant appointed by the ISCA Council for his extensive experience which enables him to support and advise ISCA on initiatives relating to corporate governance and bring an added lens in terms of regulatory oversight and public interest. At the AGM, ISCA also announced several key highlights and updates of its performance in the past year: • Since taking over the administration of the Singapore Chartered Accountant Qualification (SCAQ) programme at the start of the year, ISCA achieved an increase of 47% in enrolments, including overseas SCAQ candidates. • ISCA recorded a 98.3% membership retention rate in 2024, which is the highest in a decade. • Ended the year strong with a $5.3M surplus and boosted its reserves to $113.8M (including fair value gains). • Held membership fees unchanged for the 8th consecutive year, and no fee increase for this coming year as well. • Expanded our reach globally and set up 12 overseas chapters in 9 countries, with 4 ISCA overseas offices. In 2025, ISCA is poised to invest up to $7 million in enhancements to the SCAQ as well as international growth and expansion, as part of longer-term growth plans for the Institute. To support this endeavour, the Institute announced its plan to acquire a second property with a value around $55 million, for the purposes of investment and bolstering ISCA's financial health. ISCA President Mr Teo Ser Luck said, 'At this exciting time of strong growth and great potential for ISCA, I'm pleased that our valued members have elected a capable and experienced Council to lead us forward. The Council members bring with them many years of experience from a wide range of industries and sectors — including the public sector, accounting firms, listed companies, and more. Their diverse backgrounds will bring fresh ideas and new perspectives to help advance both ISCA and the accounting profession. Together with the Institute's senior management, we look forward to exploring new opportunities and making 2025 a year of meaningful progress, with new initiatives and key developments for ISCA. At the same time, we remain committed to supporting our members and delivering lasting value.' For more information on the biographies of the newly-elected, re-elected and appointed Council Members, please refer to the Annex. To access ISCA's Annual Report 2024/2025, please click here. The issuer is solely responsible for the content of this announcement.
Zawya
12-03-2025
- Business
- Zawya
ISCA Launches SCAQ Career Mobility Programme to Promote Cross-Border Exchange of Accountancy Talent
SINGAPORE - Media OutReach Newswire - 12 March 2025 - The Institute of Singapore Chartered Accountants (ISCA) has launched the Singapore Chartered Accountant Qualification (SCAQ) Career Mobility Programme (CMP), an initiative designed to support promising accountancy undergraduates towards attaining the Chartered Accountant of Singapore designation through education pathways and facilitated work experience, as well as to build a stronger pipeline of accountancy talent to support business growth in the region. The programme will begin with a pilot run in Vietnam, and expand to more countries progressively by Q2 2025. Under the programme, ISCA will partner with Accredited Training Organisations (ATOs) 1 and their international network to provide high-quality training and development initiatives, and assist them with talent recruitment and hiring. This will be done through the creation of more cross-border work opportunities – such as exchanges, secondments, and professional stints – which will enable eligible candidates to gain valuable overseas work experience and cross-cultural learning. This is expected to especially benefit accounting firms and Singapore businesses; the CMP will incentivise more students to pursue accountancy studies as well as professional qualifications like the SCAQ, which will in turn help to grow the pool of available professional accountancy talent to support the expansion and growth of Singapore businesses globally. ISCA President Mr Teo Ser Luck said, "The launch of the CMP is a significant step towards enhancing ISCA's impact on the accountancy profession both in Singapore and beyond. Our intention for this programme is to primarily benefit both Singapore businesses who are looking to expand overseas, as well as to support our SCAQ candidates with avenues for overseas exposure and experience. Through this, we are not only helping to nurture well-rounded accounting professionals but also addressing the growing demand for skilled accountants in Singapore and the region." The first ATOs to partner with ISCA's CMP are KPMG Vietnam and KPMG in Singapore. Through the programme, eligible SCAQ candidates hired by KPMG in Singapore and KPMG Vietnam will be offered overseas professional stints in each other's offices. Both KPMG offices in Vietnam and Singapore will benefit from an increased pool of accountancy talent, while also fostering robust cross-border talent mobility, providing their staff with beneficial skills and expertise stemming from international exposure. This will also help to address manpower shortages to meet market demand, while elevating the attractiveness of the profession in the region. The programme was launched on 5 March 2025, during a Memorandum-of-Understanding (MOU) signing ceremony held at KPMG's office in Ho Chi Minh City, Vietnam. During the ceremony, Mr Chang Hung Chun, Managing Partner, Head of Audit from KPMG Vietnam & Cambodia, presented the MOU on behalf of Mr Warrick Cleine MBE, Chairman and CEO of KPMG Vietnam & Cambodia, who signed the MOU in advance. The MOU was subsequently signed by Mr Teo Ser Luck, President, ISCA and Mr Alex Koh, Head of Audit from KPMG in Singapore, signifying the collaboration between ISCA, KPMG Vietnam and KPMG Singapore. Mr Chang Hung Chun, Managing Partner, Head of Audit from KPMG Vietnam & Cambodia said, "This MOU marks a significant milestone in the strong partnership between ISCA and KPMG, enabling cross-border mobility. KPMG Vietnam is proud to be part of this pilot, paving the way for future opportunities for young professionals across the region." Ms Shelley Chan, Partner, Audit, who oversees people matters in KPMG in Singapore said, "KPMG has always championed the growth of the accountancy profession, fostering talent that goes beyond technical excellence to become impactful leaders in a dynamic global environment. This partnership with ISCA exemplifies our commitment to global mobility and the development of globally and regionally capable professionals." The inaugural launch of the CMP in Vietnam also marks a significant step in ISCA's efforts in expanding its presence in the region beyond Singapore. As of March 2025, ISCA has inked several agreements with leading universities in Vietnam, to provide pathways for the SCAQ programme to nurture a strong accountancy talent pipeline for the region. Across over 129 universities in Vietnam, there are collectively over 92,000 students enrolled in accountancy, which provides a rich pool of students ready for further development towards professional accountancy. Through the CMP and other initiatives, ISCA also aims to bridge gaps between graduates and employers' expectations 2, by providing avenues for further professional development such as education and practical training to better align graduates' competencies with market demands. In addition, ISCA has launched its Professional Services Centre in Ho Chi Minh City, which is the second of such centres ISCA has set up. The centres mark a joint partnership between ISCA, the Association of Small & Medium Enterprises (ASME), Institute of Valuers and Appraisers, Singapore (IVAS), Law Society of Singapore, Singapore Manufacturing Foundation (SMF), and the Tax Academy of Singapore, and aim to serve as a conduit to promote the expansion and availability of professional services such as accounting, sustainability, legal, business valuation, taxation and other corporate services, to support business growth in their countries. 1 Accredited Training Organisations are employers by ISCA or the Accounting & Corporate Regulatory Authority (ACRA) of Singapore to possess the appropriate standards of staff training, accountancy resources and development for Singapore CA Qualification Candidates to fulfil the three-year Practical Experience required to qualify as a Chartered Accountant of Singapore. 2 A 2019 PwC report highlighted that 70% of new accounting graduates in Vietnam do not meet employers' expectations in areas such as IT, professional knowledge, and language proficiency. Hashtag: #ISCA 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 Institute of Singapore Chartered Accountants
