Helmi Talib
Managing Partner, Kreston Helmi Talib, Singapore
Accounting talent shortage: Singapore’s strategy
December 20, 2024
The accounting industry in Singapore faces a growing talent shortage, driven by rapid technological advancements and the increasing demand for professionals skilled in both traditional practices and modern digital tools. Global business expansion further heightens the need for expertise in international financial standards and regulations. At the same time, shifting workforce expectations, such as a focus on work-life balance and meaningful careers, add to the challenge.
Helmi Talib of Kreston Helmi Talib discusses these issues and Singapore’s strategic initiatives with FutureCFO. Read the full article here, or see the summary below.
Addressing talent shortage
To tackle these challenges, the Accounting and Corporate Regulatory Authority (ACRA), supported by Singapore’s Ministry of Finance, established the Accountancy Workforce Review Committee (AWRC) in 2022. Following extensive discussions with over 300 participants, AWRC released a report with recommendations for building a sustainable and skilled talent pipeline for the profession.
Pillar one
Ensure Good Careers, focuses on enhancing the profession’s appeal. Key recommendations include redesigning remuneration structures—already adopted by larger firms and by Kreston Helmi Talib, which updated pay grades and performance-based perks this year.
Advocating for work-life balance and meaningful work has led to government incentives for flexible hours and telecommuting. Additionally, initiatives like the Productivity Solutions Grant (PSG) and Robotic Process Automation (RPA) schemes support SMEs in adopting digital tools, boosting efficiency and morale while enabling better work-life balance.
Pillar two
The second pillar, Create Quality Pathways, focuses on making accountancy careers more accessible. ISCA has streamlined the Singapore Chartered Accountant Qualification (SCAQ), introduced reciprocal arrangements with global CA bodies, and allocated S$15 million to enhance talent development.
This funding supports initiatives like the Accelerated Pathway Program (APP), allowing accounting undergraduates to meet most SCAQ requirements during their studies. Non-accountancy graduates can also pursue certification through a six-module Foundation Program, broadening entry points to the profession.
Pillar three
The third pillar, Strengthen Professional Capabilities, focuses on developing future-ready professionals. Key actions include enhancing the recognition of the Chartered Accountant (CA) Singapore designation and addressing challenges in completing the SCAQ exams. To support candidates, ACRA and ISCA introduced self-study materials, preparatory courses, and partnerships with universities to update curricula with emerging areas of expertise.
Together, these recommendations provide a forward-thinking blueprint for sustainable growth in Singapore’s accountancy profession, equipping it to navigate challenges and seize opportunities in a rapidly evolving landscape.
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