Singapore accountants will need new skill sets in future, such as in data analytics: Acra survey

SINGAPORE – Singapore accountants will need to build skill sets in areas such as sustainability and data analytics in the future, as these skills are sought after by accounting entities, said a survey released on Nov 12.

Advanced data analytics and visualisation, sustainability assurance and sustainability reporting, and risk management and governance are the top four skill sets the entities would like to build in their workforce over the next three years.

These priorities signal a focus on data-driven decision-making and environmental, social and governance (ESG) competencies, the survey by the Accounting and Corporate Regulatory Authority (Acra) showed.

Acra will be curating sustainability reporting training programmes with SkillsFuture Singapore to prepare accountants for climate-related disclosure requirements, which take effect for companies from FY2025.

The Institute of Singapore Chartered Accountants (Isca) said it will offer a free artificial intelligence fluency programme for the 120,000 professionals in the sector. This is supported by a $1 million investment from its

$2 million AI initiative fund

.

Isca also launched a road map and guidelines with partners to help Singapore advance its sustainability reporting and disclosures, among other measures.

These initiatives were unveiled by Second Minister for Finance Indranee Rajah on Nov 12 at the Isca Conference 2025. They are part of efforts to grow the accountancy profession here.

Singapore’s accountancy workforce grew by around 200 positions in 2024, an increase of about 0.9 per cent from 2023. While the non-resident workforce decreased by about 1,100, the resident workforce expanded by over 1,300 positions, the first time it has grown since 2020. In 2024, there was a workforce of almost 22,000 in accounting entities, of which 76 per cent were Singaporeans and permanent residents.

The sector successfully attracted more residents to join and remain in the profession in 2024, the Acra survey showed. Acra said: “The sector expects to continue expanding its workforce with more than 1,500 career opportunities across key areas. About two-thirds of these opportunities are in audit and assurance, with business advisory contributing over 200 roles.”

Ms Indranee said at the conference: “Accountants continue to be in high demand as businesses navigate an increasingly complex and volatile environment.

“This has increased the demand for risk management and governance roles, as well as sustainability advisory. The numbers show that the profession remains attractive and competitive.”

She added that accountants are increasingly being called on to lend their skills to areas beyond traditional finance, such as carbon accounting and social impact reporting.

Accounting entities also raised wages, especially for more experienced positions. The median wage of a director grew by $2,000 while the median wage of a first-year senior associate grew by $400.

The median starting salary for accounting associates went up from $3,800 in 2022 to $4,200 in 2024. Ms Indranee said this is a 10 per cent increase, higher than the 7 per cent increase in median wages for all fresh university graduates over the same period.

Acra is implementing three key enhancements to the Singapore Chartered Accountant Qualification to increase pathways for accounting diploma graduates and ensure the qualification remains relevant to industry needs.

First, there will be two new qualification pathways for accounting diploma graduates from the Institute of Technical Education (ITE) and recognised institutes of higher learning (IHLs).

These new pathways will open from January 2026. The first cohort is expected to have 10 to 15 ITE candidates, and 50 to 100 candidates from recognised private and public IHLs.

Second, the professional programme for the qualification will be refreshed to reflect emerging needs in areas such as ESG, cyber security and data governance. The new curriculum will be launched in June 2026 and implemented in the December 2026 examinations.

Third, the assessment format for the Singapore Chartered Accountant Qualification foundation programme will change from written essays to multiple-choice questions.

Ms Indranee said there will always be a need for accountants, with the advisory role that they play and the compliance and regulatory advice they provide.

“You are very much part of Singapore’s trajectory of growth in the next part of this decade,” she told accountants at the conference.