Industry Focus - Accounting

Accounting’s The Way To Go

What are the kinds of jobs available in the accounting industry? How does one embark on a career in this line? In this issue of Industry Focus, we meet up with Ms Elaine Chong, Assistant Director – Special Projects of the Institute of Certified Public Accountants of Singapore (ICPAS) who tells us all these and more. Accounting is the perfect career choice for those who like to work with numbers and are detail-oriented. But it is a wide field and there are a variety of positions available for various job seekers, said Ms Elaine Chong, Assistant Director – Special Projects of ICPAS.

According to Ms Chong, the accounting industry can be broadly classified into two main categories – accounting firms providing professional services (audit, tax, etc) to corporate clients, and professional accountants in the industry.

For those seeking a job in accounting, she explained that there is really no such thing as a popular or unpopular position.

“I believe that everyone has to go through a progression in their professional life. I started out as an audit associate before moving over to the industry as an accountant and later becoming a financial controller. Every phase of your career is critical as it lays the foundation for the next step. Therefore, there is no such thing as a popular or unpopular position as no job or position is inconsequential, “she said.

Basic qualifications and requirements
“For one to be a qualified accountant in Singapore, he or she would need to be an accountancy graduate from our local universities (Nanyang Technological University or Singapore Management University) or a member of one of the foreign accountancy bodies which are recognised in Singapore. For those who have graduated overseas with a first degree in business or accounting, it’s imperative for them to pursue their professional accounting qualification. They can do this through ICPAS Professional Examination (PE),“ Ms Chong explained.

She then went on to clarify that for anyone who wishes to be a practicing member (that is, auditors who sign audit reports), he or she must be registered with the Accounting and Corporate Regulatory Authority (ACRA). And one of the conditions for one to be registered with ACRA is that one must first be a member of ICPAS.

The next 5 to 10 years
Ms Chong reckons that in the next 5 to 10 years, more and more accounting professionals would be required in Singapore.

“I would say the accounting profession would be in for a very exciting time. The big industrial nations such as China and India are opening up and they would require plenty of accounting professionals. Here in Singapore, our accounting standards are kept closely in line with international standards hence our knowledge, qualifications and members are very portable in any country.”

She went on to explain that companies in China are already recruiting students from Singapore Accountancy Academy even before they graduate.

“It’s a big market out there for our accounting professionals. There’s always been a strong demand for them, ”she exclaimed.

Advice for those considering a career in accounting
“My advice for those who wish to embark on a career in accounting is to really start early. This is because this is not a profession where you can start one day and expect to know a lot overnight. You will need to gain a lot of experience and knowledge from working with the people around you as well as developing your networks.”

“If you’re still schooling, do try to get an accounting job or an internship with an accounting firm during your vacations. This could very well give you a head start, ”said Ms Chong.

She concluded by stating that like any other jobs across various industries, one seeking a job in this field must also possess excellent communications and social skills.

About ICPAS The Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body in Singapore that accords the prestigious CPA Singapore (Certified Public Accountant, Singapore) designation, which is synonymous with Integrity, Commitment, Professionalism, Authority in their field and Superiority, the five acronyms that represent ‘ICPAS’. The Institute currently has more than 18,200 members. With their unique blend of accounting expertise and business acumen, our members are highly versatile and well sought after as business leaders. The designation demonstrates one’s commitment to true professionalism, a commitment that employers appreciate. Besides being a hallmark of high standing and professional integrity, it provides diverse as well as global opportunities. Today, ICPAS has countless members working and making their mark worldwide, which makes the CPA Singapore a designation with international recognition.

(This article was first published in JobsDB.com - link)