Making Accountancy Education Fit for Purpose for the New Economy

With a rapidly evolving business landscape and technological advancements, especially in AI and automation, questions arise: Will the role of the accountant remain relevant? And does current accountancy education align with the needs of the new economy and employer expectations? This research aims to answer these critical questions.

In collaboration with the Big Four and Xero, ISCA conducted a study led by Professor Ho Yew Kee, Professor of Practice (Accounting) and Deputy Dean of the Chow Yei Ching School of Graduate Studies at the City University of Hong Kong. Professor Ho's research team includes experts from Singapore’s five autonomous universities (NUS, NTU, SMU, SUSS, and SIT) and the Centre of Evidence and Implementation (CEI). They conducted in-depth interviews with 48 practitioners and 17 students, and an online survey reached 2,725 students, 84 parents, 45 practitioners, and 34 school counselors. Additionally, the study reviewed over 300 articles and studies from PAOs, regulators, practitioners, academics, and consultants.

This research proposes an action plan to reform accountancy education and reignite student interest. While similar insights have been raised before, this study underscores their urgency. Implementing these recommendations will be crucial for shaping the future of the accountancy profession to thrive in Singapore’s tech-driven and dynamic environment.