Latest news with #TeoSerLuck
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.'
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
Associated Press
12-03-2025
- Business
- Associated Press
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' expectations2, 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. 1Accredited 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. 2A 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.
Associated Press
28-02-2025
- Business
- Associated Press
ISCA launches first Professional Services Centre in Johor Bahru in partnership with ASME, IVAS, LawSoc, SMF, and Tax Academy of Singapore, to support growth of businesses in JS-SEZ
SINGAPORE - Media OutReach Newswire - 28 February 2025 - The Institute of Singapore Chartered Accountants (ISCA) has officially launched its first Professional Services Centre in Johor Bahru (JB), which is strategically located within the Johor-Singapore Special Economic Zone (JS-SEZ). As part of plans to expand its regional footprint, ISCA hopes to tap on the potential growth opportunities within the JS-SEZ, and to contribute to the growing economic ties between Singapore and Malaysia. ISCA's Professional Services (PS) Centre in Johor Bahru is the first of 10 such centres that ISCA will be launching across major cities around the world by June 2025, to support the growth of businesses in their respective countries. These centres mark a new joint partnership between ISCA and the following organisations, which are part of ISCA's Professional Accountancy Hub: Association of Small & Medium Enterprises (ASME) Institute of Valuers and Appraisers, Singapore (IVAS) Law Society of Singapore Singapore Manufacturing Foundation (SMF) Tax Academy of Singapore ISCA's PS Centre in Johor Bahru will 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 meet the needs of Singaporean businesses seeking to expand in Malaysia and vice versa. In addition, it will help to foster cross-border partnerships, and drive the development of accountancy talent in both countries. This is done in anticipation of the future growth of businesses in the JS-SEZ, as more entities tap on the collective resources and collaborative environment within the Zone to expand operations. ISCA expects a considerable increase in demand for professional services and accountancy firms to meet these needs and navigate evolving regulations from a growing pool of clients, particularly in areas such as corporate set-up, cross-border taxation, business expansion advisory, sustainability standards and adoption of technologies. Recognising the growing need for professional services, the Malaysian government recently announced a target to train 60,000 professional accountants by 2030. The JS-SEZ will create even more demand for professional accountants. In alignment with this vision, ISCA will be forming partnerships with local universities based in Malaysia (Sunway TES College, University of Reading Malaysia, and the University of Southampton Malaysia) to create dedicated pathways for their students to pursue the Singapore Chartered Accountant Qualification (SCAQ), though provisions of resources, learning support as well as scholarships. 'ISCA is committed to supporting the growth of the Johor-Singapore Special Economic Zone,' said Mr Teo Ser Luck, President of ISCA. 'Our Professional Services Centre in Johor Bahru and our partnerships with universities in Malaysia aim to ensure that businesses across both countries prosper, and that a steady supply of skilled accountants will be available to support the Zone's development. We also look forward to facilitating regional interaction between Malaysian and Singaporean professional services firms, fostering knowledge sharing and mutually beneficial relationships.' 'By leveraging Singapore's expertise in family offices and sustainability, ISCA's new business centre in Johor Bahru will provide their members and Malaysian SMPs with the tools and knowledge they need to adapt and excel in an increasingly interconnected world. Together, the joint expertise and resources of the accounting fraternity from both countries will surely be an important support to the development of the JS-SEZ,' said Mr Wong Wen Tak, CEO of Grant Thornton Malaysia - Johor Office. For more information on the quotes from ISCA Professional Services Centre Partner Organisations, please refer to the Annex via our website. Hashtag: #ISCA The issuer is solely responsible for the content of this announcement. 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.
Zawya
28-02-2025
- Business
- Zawya
ISCA launches first Professional Services Centre in Johor Bahru in partnership with ASME, IVAS, LawSoc, SMF, and Tax Academy of Singapore, to support growth of businesses in JS-SEZ
SINGAPORE - Media OutReach Newswire - 28 February 2025 - The Institute of Singapore Chartered Accountants (ISCA) has officially launched its first Professional Services Centre in Johor Bahru (JB), which is strategically located within the Johor-Singapore Special Economic Zone (JS-SEZ). As part of plans to expand its regional footprint, ISCA hopes to tap on the potential growth opportunities within the JS-SEZ, and to contribute to the growing economic ties between Singapore and Malaysia. ISCA's Professional Services (PS) Centre in Johor Bahru is the first of 10 such centres that ISCA will be launching across major cities around the world by June 2025, to support the growth of businesses in their respective countries. These centres mark a new joint partnership between ISCA and the following organisations, which are part of ISCA's Professional Accountancy Hub: Association of Small & Medium Enterprises (ASME) Institute of Valuers and Appraisers, Singapore (IVAS) Law Society of Singapore Singapore Manufacturing Foundation (SMF) Tax Academy of Singapore ISCA's PS Centre in Johor Bahru will 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 meet the needs of Singaporean businesses seeking to expand in Malaysia and vice versa. In addition, it will help to foster cross-border partnerships, and drive the development of accountancy talent in both countries. This is done in anticipation of the future growth of businesses in the JS-SEZ, as more entities tap on the collective resources and collaborative environment within the Zone to expand operations. ISCA expects a considerable increase in demand for professional services and accountancy firms to meet these needs and navigate evolving regulations from a growing pool of clients, particularly in areas such as corporate set-up, cross-border taxation, business expansion advisory, sustainability standards and adoption of technologies. Recognising the growing need for professional services, the Malaysian government recently announced a target to train 60,000 professional accountants by 2030. The JS-SEZ will create even more demand for professional accountants. In alignment with this vision, ISCA will be forming partnerships with local universities based in Malaysia (Sunway TES College, University of Reading Malaysia, and the University of Southampton Malaysia) to create dedicated pathways for their students to pursue the Singapore Chartered Accountant Qualification (SCAQ), though provisions of resources, learning support as well as scholarships. "ISCA is committed to supporting the growth of the Johor-Singapore Special Economic Zone," said Mr Teo Ser Luck, President of ISCA. "Our Professional Services Centre in Johor Bahru and our partnerships with universities in Malaysia aim to ensure that businesses across both countries prosper, and that a steady supply of skilled accountants will be available to support the Zone's development. We also look forward to facilitating regional interaction between Malaysian and Singaporean professional services firms, fostering knowledge sharing and mutually beneficial relationships." "By leveraging Singapore's expertise in family offices and sustainability, ISCA's new business centre in Johor Bahru will provide their members and Malaysian SMPs with the tools and knowledge they need to adapt and excel in an increasingly interconnected world. Together, the joint expertise and resources of the accounting fraternity from both countries will surely be an important support to the development of the JS-SEZ," said Mr Wong Wen Tak, CEO of Grant Thornton Malaysia - Johor Office. For more information on the quotes from ISCA Professional Services Centre Partner Organisations, please refer to the Annex via our website. Hashtag: #ISCA The issuer is solely responsible for the content of this announcement. 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 Institute of Singapore Chartered Accountants
