The Association of Chartered Certified Accountants (ACCA) and the Institute of Singapore Chartered Accountants (ISCA) signed a Partnership Agreement today that will strengthen the talent pipeline for the accountancy sector in Singapore. This is in anticipation of the sector’s growth as Singapore transforms into a leading global accountancy hub. The accountancy sector’s GDP contribution is expected to grow to a similar rate as other developed countries like Australia and the United Kingdom, by 2020.
In line with Singapore’s SkillsFuture initiative, this Partnership aims to provide more opportunities to those who aspire to become accountants, by offering high-quality education and training for students from the institutes of technical education (ITEs), polytechnics and universities as well as mid-career professionals, to meet the evolving needs of the profession.
The ACCA-ISCA Partnership Agreement will see the development of a joint programme with the following collaborations.
A. Enhancing Professional Progression
Under this Partnership, ACCA and ISCA will collaborate on the Fundamentals Level of the ACCA Qualification. ISCA will also contribute its local expertise to the following papers: F4 (Singapore Corporate and Business Law) and F6 (Singapore Taxation) to reflect the current Singapore legal regime.
As the national accountancy body, ISCA has been offering local tax and business law courses and examinations over the decades to aspiring accounting professionals, tax specialists as well as ISCA members.
The ACCA Fundamentals Level papers will equip students with the main areas of financial and management accounting, and the main technical areas that professional accountants are expected to know. They will graduate with an ACCA Advanced Diploma in Accounting and Business, which is recognised as a degree-equivalent in UK and EU. This will provide them with a foundation to embark on Professional Accountancy Qualifications such as the ACCA Professional Level.
B. Offering Work-Readiness Skills and Increased Opportunities for Students
With a common goal to enhance employability for students, this collaboration aims to promote employer recognition and career development for aspiring accounting and finance professionals.
As part of the collaboration, ACCA will develop a regional internship programme for students to gain practical work experience. In addition, working closely with industry partners, ACCA and ISCA will be jointly offering career guidance to all students and mid-career professionals as well as drive employability through career fairs and talks that will be open to the public.
Other initiatives in this Partnership will centre on prizes and scholarships for outstanding students in this programme as well as collaborations that will inculcate long-term strategic thinking among young aspiring accounting and finance students and professionals.
The Partnership Agreement was signed today by Helen Brand, Chief Executive of ACCA, and Gerard Ee, President of ISCA.
“ACCA supports the 2020 vision to transform Singapore into a leading global accountancy hub. In line with this vision, we are pleased to form this partnership with ISCA to ensure continual talent development for the accountancy sector. We believe the rigour and scope of this Partnership will prepare students effectively for success – even for those with no prior accountancy background or degree-level university education. – thereby promoting diversity and increasing the talent pipeline for the accountancy sector,” said Helen Brand, Chief Executive of ACCA.
“This partnership is consistent with our mission to provide access and opportunity to people of all ability around the world.” adds Helen Brand.
Commenting on the agreement, Gerard Ee, President of ISCA said, “This collaboration is in line with our mission to advance and promote the accountancy profession, to develop Singapore as a leading global accountancy hub. We are committed to engaging the youth and fostering their interest in the accountancy profession. The partnership also supports the SkillsFuture Council’s goals for individuals to develop their careers through lifelong learning and mastery of skills. With this collaboration, more individuals will have the opportunity to fulfil their aspirations to be professional accountants, and contribute their skills and talents to the accountancy sector.”