New Pathways to Widen Accountancy Talent Pipeline

ISCA ESTABLISHES MORE PATHWAYS TO WIDEN ACCOUNTANCY TALENT PIPELINE

• New Affiliate membership class caters to non-graduates
• Associate membership criteria widened to include foreign graduates
• New ISCA Accredited Accounting Technician qualification for accounting technicians introduced

The national accountancy body, the Institute of Singapore Chartered Accountants (ISCA), has created more pathways to enter the accountancy profession. This is in response to the Government’s SkillsFuture initiative as well as the shortage of skilled talent in accountancy and finance in a tight labour market. According to the 2015 Hays Asia Salary Guide, entry level to mid management professionals in accountancy and finance are among those whom employers have found challenging to recruit due to skills shortage. 1

ISCA has introduced a new affiliate membership class that enables non-graduates to be ISCA members, providing them with professional support and recognition. This is in line with the SkillsFuture national movement to provide Singaporeans with the opportunities to develop their fullest potential throughout life, regardless of their starting points.

ISCA is also offering the ISCA Accredited Accounting Technician (ISCA AAT) Diploma in partnership with the Association of Accounting Technicians (AAT), the world’s leading professional membership body dedicated to the education and development of accounting technicians. The ISCA AAT Diploma is a flexible skills-based programme for accounting technicians and is designed to meet the demands of the workplace.

The programme comprises three levels of practical skills training. To help students keep abreast of the latest technologies, the ISCA AAT Diploma includes a module on “Information Technology for Accountants”, equipping them with the skills to interpret and analyse the data generated. Apart from the latest digital skills, other skills that will be developed range from basic bookkeeping, accounting practices and techniques, preparation of reports to higher-level accounting tasks such as drafting of financial statements, evaluation of financial performance and auditing.

Individuals who are equipped with at least O levels or graduates from Higher NITEC in Accounting from the Institute of Technical Education can enter the diploma programme. Upon completion of the programme as well as one year’s relevant work experience, they will attain the Accredited Accounting Technician (Singapore) designation and be eligible to become ISCA Affiliates. ISCA is in discussion with the Association of Accounting Technicians to sign a Mutual Recognition Agreement, which will enable graduates of the ISCA AAT diploma to become full members of the association and achieve global recognition.

Application to be an ISCA Affiliate commences June 2016. To apply to be an Affiliate member, applicants must hold accredited accounting diplomas awarded by local polytechnics, other institutes, or the ISCA AAT diploma, which will see its first batch of graduates in 2019. Applicants will also need to have at least one year’s practical experience verified by their employer.

ISCA is currently working with higher education institutes in Singapore and other professional bodies to accredit equivalent qualifications. The list of accredited qualifications will be available by June 2016.

ISCA also aims to add to the diversity as well as length and breadth of the talent pool by allowing for accountancy graduates of foreign universities to become its Associate members. Previously, only graduates of local universities, those who have completed the ISCA Professional Examination, or those with recognised accounting qualifications were eligible for Associate membership.

To be eligible for Associate membership, one must have an accredited accountancy degree, or an accountancy degree recognised by ISCA, holds a recognised professional accountancy membership or are pursuing other recognised accountancy qualification programmes. In addition, current Singapore QP candidates will also be eligible to apply for Associate membership.

Mr Lee Fook Chiew, ISCA’s Chief Executive Officer, said: “By providing more pathways for individuals to enter the profession and progress in their careers, ISCA aims to broaden and deepen the talent pipeline. This ultimately strengthens the accountancy sector where more options are available to individuals from different educational backgrounds to join the profession. Likewise, employers can be assured that their staff, from accounting technicians to accountants, are kept up-to-date on the latest accounting developments and belong to the national accountancy body which upholds the highest professional, technical and ethical standards.”

“These changes are also in line with the Government’s SkillsFuture, by providing multiple pathways that cater to diverse individual aspirations and aptitudes, thereby fostering a more inclusive society,” Mr Lee added.

Notes to editors:

1. Singapore’s Tight Labour Market: The Skills Shortage May Hinder Growth, Warns Hays http://www.hays.com.sg/press-releases/HAYS_249854

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For media enquiries, contact:
Shaun Tay, Communications Executive
Email: shaun.tay@isca.org.sg
HP: 91477633

Betsy Tan, Communications Manager
Email: betsy.tan@isca.org.sg
HP: 96416920

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 29,000 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 QP and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.

ISCA is an Associate of Chartered Accountants Worldwide – supporting, developing and promoting over 325,000 Chartered Accountants in more than 180 countries around the world.

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

APPENDIX

About the ISCA Affiliate Membership

Affiliates (ISCA) are accounting technicians who are qualified accounting professionals who are able to perform a wide variety of accounting and financial roles, such as auditing and assurance, accounts preparation, bookkeeping, budgeting, costing and credit control, payroll administration and tax returns.

How to Become an Affiliate (ISCA)

Applicants who have satisfied the following criteria are eligible to apply for Affiliate (ISCA) membership:

1. Accredited qualifications or equivalent accounting technician qualifications offered by other professional bodies.
2. At least one year’s practical experience verified by employer. Applicants will be required to fill up a Practical Experience Log to reflect the competences they have demonstrated at work, including professional skills, ethics at work and technical skills.
3. Upon admission, Affiliates (ISCA) must have completed the ISCA professional ethics course.

Accredited Qualifications

ISCA is currently working with higher education institutes in Singapore and other professional bodies to accredit equivalent qualifications. Higher education institutes and other professional bodies offering accounting related diplomas or accounting technician programmes may send in their application to ISCA for accreditation assessment.
For more information on the accreditation process, please contact ISCA Examinations and Qualification Department (EQD).

About the ISCA Associate Membership

Associates (ISCA) are professional accountants with an accounting degree or an equivalent accounting qualification, working in multi-faceted accountancy profession across diverse sectors such as commerce, industry, financial services, education, and the public and not-for-profit sectors.

How to become an Associate (ISCA)

Applicants who have completed an accounting degree or an equivalent accounting qualification as shown below may apply as an Associate (ISCA). Overseas qualifications will be assessed by the Institute on a case-by-case basis.

1. Singapore QP Candidates
   Singapore QP candidates can apply as Associate (ISCA) upon their enrolment
   into the Professional Programme.
2. Accredited Accounting Degree
   Accredited accounting degree* holders can apply to be Associate (ISCA) directly.
   * Accredited accountancy degrees are degrees that are approved and listed by the Singapore Accountancy Commission as appropriate for direct entry to the Professional Programme of the Singapore QP
3.  Other Accounting Degree
   Graduates from an overseas accounting degree with three years of equivalent full-time study will need to apply for an assessment of qualification. Their application be assessed based on the admission criteria determined by ISCA.
4. Other Professional Accounting Qualification
   Members of other recognised professional accountancy bodies can apply to be Associate (ISCA) directly. The list of recognised professional accountancy bodies can be found from the ISCA website.