New skills framework for accountancy sector

Some 55,000 aspiring and current accountancy professionals will stand to benefit from a new framework to develop their skills and career planning.

Under the Skills Framework for the accountancy sector, they will have access to career progression maps and salaries, as well as training programmes to develop analytical thinking and skills in communication and information technology.

The framework, which will be completed by the end of this year, is a collaboration between the Singapore Accountancy Commission (SAC) and other organisations, including the Workforce Development Agency.

It is part of the SkillsFuture initiative, a national drive to provide Singaporeans with opportunities to develop themselves to their fullest potential throughout life, regardless of where they started.

"To keep the accountancy sector competitive with a highly skilled and relevant pipeline of talent, we need to bridge and enhance the understanding of skills development and career pathways between educators and industry," said Parliamentary Secretary for Education and Trade and Industry Low Yen Ling.

By 2020, more than 21,000 accountancy professionals will be working in professional accountancy services, a 15 per cent increase from the current workforce, she said.

Ms Low was speaking at the inaugural Accountancy Education Symposium, organised by the Accountancy Research Centre at Ngee Ann Polytechnic yesterday.

The symposium is the first in a series of dialogues between accountancy educators, organised by the SAC.

Called the Community of Practice for Educators, it will be held four times a year. The next dialogue will focus on technology in accounting.

A version of this article appeared in the print edition of The Straits Times on June 22, 2016, with the headline 'New skills framework for accountancy sector'. Print Edition | Subscribe