Amid Fourth Industrial Revolution, ISCA Launches Framework and Learning Roadmap to Foster a Future-Ready Accountancy Profession

28 September 2018 – While the financial services industry has been subjected to disruption, only one in three financial practitioners indicated in an online poll that he was proactively taking steps to acquire necessary skills.[1]To prepare finance professionals for the Fourth Industrial Revolution, the national accountancy body Institute of Singapore Chartered Accountants (ISCA) has released the ISCA Professional Accountants in Business (PAIB) Framework, outlining the developmental priorities essential for  preparing the accountancy profession for the future business environment.  Referencing the PAIB Framework, the PAIB Learning Roadmap for Financial Accountants and Management Accountants was also developed to support finance professionals in charting their learning journey. 

The PAIB Framework and Learning Roadmap was developed by ISCA in consultation with its Continuing Professional Education Committee and CFO Committee, whose members comprise mainly professionals in senior management positions from diverse companies. 

Ms Yvonne Chan, Vice-President of ISCA, said “In today’s world where new skills and job roles are continually being created, the only way to thrive is to embrace lifelong learning. ISCA developed the PAIB Framework and PAIB Learning Roadmap to equip finance professionals for the digital age and foster a mindset of continuous learning. With the Learning Roadmap, finance professionals can now take charge of their professional development and career planning with a progressive learning plan.” 

ISCA PAIB Framework

The ISCA PAIB Framework is developed to provide finance professionals with an overview of the five key essential DNAs that a finance professional should possess to stay relevant and competitive in a constantly changing business environment.

 The five DNAs are:

• Future Finance:  This means that finance professionals must be adaptable and embrace emerging technologies such as Blockchain, Robotic Process Automation and Artificial Intelligence to enhance efficiency in business processes, as well as changes in corporate reporting which will add value to businesses, such as Sustainability Reporting.
• Business Acumen:  Today’s finance professionals are to be more business savvy to effectively take on a business partnering role.
• Professional Values and Ethics: Having strong ethical values is the cornerstone of the profession, and finance professionals must act professionally and ethically at all times.
• Technical Excellence: Finance professionals are to be proficient in the knowledge and application of accounting and other professional standards.
• Leadership and Personal Empowerment: This DNA means finance professionals must take ownership of their professional development through lifelong learning, as well as develop leadership and management skills.

PAIB Learning Roadmap for Financial Accountants and Management Accountants

Developed with reference to the ISCA PAIB Framework, the PAIB Learning Roadmap for Financial Accountants and Management Accountants aims to equip finance professionals with the right skill sets by recommending relevant learning opportunities. The Learning Roadmap maps ISCA’s Continuing Professional Education courses to the five DNAs of the PAIB framework.  For example, courses that are mapped to Future Finance include “Gain Big Data Business Insights from Digital Breadcrumbs” and “Transforming Finance through Intelligent Automation”. Courses that are mapped to Business Acumen include “Lean Finance” and “Accounting for Sustainability”.

Courses also include those on emerging topics in business such as “Blockchain, Crypto assets and ICO for Professionals”, “Big Data and Machine Learning in Finance with Learning Journey” and “Electronic Payments in a Changing World of Innovation”. 

Accountants can select the relevant courses to further their learning journey according to their level of proficiency – Foundational, Intermediate, Advanced and Expert— based on their years of work experience. For example, those with less than three years’ experience can refer to courses for Foundational level, while those with more than 10 years’ experience and are in a leadership role can refer to courses for Expert level. 

Employers and human resources professionals can use the Learning Roadmap to chart the professional development programmes of their staff. Financial Accountants and Management Accountants can use it to assess the relevant learning opportunities that meet their professional development needs. 

To download the PAIB Framework and roadmap, click here

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Media Contacts

Betsy Tan, Senior Communications Manager

Tel: 6597 5608 / 9641 6920

Email: betsy.tan@isca.org.sg

Shaun Tay, Communications Executive

Tel: 6597 5613 / 9147 7633

Email: shaun.tay@isca.org.sg

About the Institute of Singapore Chartered Accountants

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. There are over 32,000 ISCA members making their stride in businesses across industries in Singapore and around the world.

Established in 1963, ISCA is an advocate of the interests of the profession. Possessing a Global Mindset, with Asian Insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards Singapore’s transformation into a global accountancy hub. 

ISCA is the Administrator of the Singapore CA Qualification and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation. 

ISCA is a member of Chartered Accountants Worldwide (CAW). CAW brings together 12 chartered accountancy bodies connecting and representing the interests of over 1.7 million members and students globally.

For more information, visit www.isca.org.sg.

[1] https://www.straitstimes.com/singapore/manpower/financial-practitioners-urged-to-upgrade-skills