ACCOUNTANCY AND FINANCIAL MANAGEMENT: SECTOR ESSENTIALS
ACCOUNTANCY AND FINANCIAL MANAGEMENT AT A GLANCE
About the industry
Must-have skills
Getting in
With accountancy and financial management qualifications, you can find work opportunities with all kinds of establishments, ranging from the “Big Four” – Deloitte, EY, KPMG and PwC – and other large organisations, to smaller accountancy firms, as well as public and private sector employers. In recent years, businesses have started to use digital technology such as cloud accounting software and applications to increase efficiency for accounting and financial management, so you’ll have to constantly upskill in order to stay relevant in the industry. Additionally, in this current volatile climate, although demands for consulting services have weakened, accounting firms continue to profit due to their auditing solutions. Another benefit of being in the accountancy field is that it will give you a good perspective of how companies are run, thus opening doors to start your own enterprise in the future should you wish to do so.
Besides excellent numeracy skills, employers look for candidates with strong communication and analytical skills, the ability to work in a team and having commercial awareness. You’ll also be expected to cope with the intensity of working and studying at the same time, so having both effective time management skills and resilience are paramount. With new technological developments infiltrating the sector, there’s also a need to keep up-to-date with advancements and develop strategic views on potential risks and opportunities on your own.
In Singapore, if you want to enter the accountancy and financial management scene, you can do so through two routes. The first option is to complete a diploma or degree in accountancy and go on to work in a junior position while continuing the pursuit of professional accountancy qualifications. Alternatively, if your degree or diploma is unrelated, you can join an accountancy firm when you have completed, or intend to complete, certification programmes. There are numerous certification programmes offered by professional bodies, such as the Institute of Singapore Chartered Accountants (ISCA) and the Association of Chartered Certified Accountants (ACCA) to choose from. However, completion of the “Singapore CA Qualification”, developed by the Singapore Accountancy Commission (SAC), is a must if you’re an aspiring chartered accountant who wishes to practise locally.
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