Changes in qualification requirements aim to address Singapore’s growing demand for accountants
Starting in 2024, polytechnic graduates from non-accounting disciplines can now directly enrol for the Singapore Chartered Accountant Qualification (SCAQ), a significant change designed to widen the talent pool for the country’s accounting sector. This move follows the Accountancy Workforce Review Committee’s recommendations and removes the previous requirement for polytechnic graduates to complete an advanced diploma before enrolling in the SCAQ.
The updated rules will also offer more flexibility in the learning pace and expedite the process of meeting the qualification’s educational requirements. Additionally, the practical experience requirement for candidates will increase to 18 months, up from 12 months, allowing for recognition of prior accounting-related work experience.
The Ministry of Finance anticipates that these changes will help meet the projected demand for 6,000 to 7,000 new accounting jobs by 2025 in Singapore. Indranee Rajah, the Minister in the Prime Minister’s Office, emphasized the importance of building new capabilities, particularly related to sustainability, as accountants are expected to play an essential role in green finance and managing climate-related risks.
During her speech at the Institute of Singapore Chartered Accountants (Isca) Conference, Indranee also highlighted the new Sustainability Professional Certification, which aims to equip professionals with the skills needed for this growing field.
As part of a broader strategy, the creation of the Professional Accountancy Hub will further encourage cross-border collaboration among industry professionals to address common issues.
