$15m plan by industry body to drive up S’pore chartered accountant numbers

SINGAPORE – To grow Singapore’s pool of chartered accountants quicker, the industry body for accountancy in Singapore has set aside $15 million over three years to support those studying for professional qualification in the field.

The Institute of Singapore Chartered Accountants (Isca) plans to do so through several changes to the Singapore Chartered Accountant Qualification (SCAQ) programme, the only qualification pathway here for chartered accountants.

Among the changes to help more aspirants join the programme and learn better are tie-ups with local universities to sponsor tuition for SCAQ candidates, a new dedicated study and learning space at 60 Cecil Street dubbed SCAQ Centre, and a “study first, pay later” scheme.

Isca is also looking to provide around 200 scholarships a year for aspiring chartered accountants in universities and polytechnics, for both accountancy and non-accountancy graduates.

“The selection process will be done in partnership with the local universities and polytechnics,” the institute said in a statement on Dec 26.

Responding to queries from The Straits Times, Isca said that the scholarships are targeted at the top 5 per cent of the graduating cohort of local institutes of higher learning, including universities and polytechnics.

The scholarships will cover the examination fees of the SCAQ of the recipients till their completion of the qualification.

Meanwhile, the sponsored tuition covers the SCAQ tuition fees, and is available to all undergraduates at local universities on a first come, first served basis

The institute also said that it plans to expand the SCAQ Centre, which is free for candidates to use, as it expects growing demand.

Apart from having a conducive study space, candidates can get support from classes on SCAQ modules at the centre, it said.

However, tuition classes from registered learning organisations such as Ngee Ann Polytechnic are chargeable.

“Classes will also be available online for foreign candidates or for those who prefer virtual learning,” the institute said.

On the “study first, pay later” scheme, Isca said the scheme is targeted at university students who would like to kick-start their SCAQ journey while they are still studying.

“Students can focus on their studies and qualification journey, and pay back the SCAQ programme fees after they have started working,” it said.

The scheme covers the SCAQ programme fees, for which no interest will be charged till after the candidates have started working and been billed.

More interactive learning resources, including bite-sized learning videos, as well as tips and tricks for more effective studying, are also on the cards.

Isca said the learning resources will be free for SCAQ candidates and available through the existing SCAQ candidate portal.

Isca also intends to build a stronger candidate community through facilitated study sessions, mentoring sessions, and candidate and alumni events. 

The institute added that more initiatives are set to come in the near future.

The investments come as Isca is set to take over the administration of the SCAQ programme from the Accounting and Corporate Regulatory Authority from Jan 1, 2024.

Isca intends to expand total enrolment to around 4,000 candidates by end-2024, up from 2,461 in the 2021/2022 financial year.

The body also wants to give accounting undergraduates an accelerated pathway to becoming chartered accountants.

To this end, it is in talks with autonomous and private universities in Singapore to allow accounting undergraduates to clear most of the SCAQ educational requirements during their degree.

The move is set to allow quicker pay rises, as qualified chartered accountants typically earn more, as well as closing the gap between starting salaries for private graduates and those from autonomous universities.

There are currently around 28,000 Singapore charter holders, with more than 200 joining the ranks annually.

Isca said: “The resources put in for SCAQ will expand the talent pool in time to come, as candidates have to study and pass the SCAQ exams and accumulate practical experience, which takes about two to three years.”

On the number of new charter holders each year, it added: “Isca hopes to at least double this number in the next three years.”

This article has been edited for accuracy.