Cut Training During Downturn and Face Long-Term Negative Consequences to Your Business

15 Dec 2008    Category: Media Releases

Institute of Certified Public Accountants of Singapore (ICPAS) cautions that cutting back on training during economic downturn may have long-term negative consequences to your business.

Since training motivates people, a cutback on this would reduce morale especially during these uncertain times. Staff who are not kept up to date with the latest developments are unable to effectively help the company stay competitive.  Moreover, staff who update their skills through continued training during a downturn will be able to take advantage of the changing economy when it picks up.

“Cutting back on training during the economic downturn is a short-sighted move. Companies who have valued employees should invest in their potential talents, to bring up their skills levels making them even more competitive and productive in these times. When the recession ends, the global competition for talent will intensify and businesses that do not invest in talent will not be able to grow,” says Evan Law, Training Director of Singapore Accountancy Academy (SAA), the training arm of ICPAS. 

To cater to the growing pool of students, SAA is expanding its main campus at Aljunied Road by another 13,000 square feet. The latest expansion will increase its total campus floor space by 30%. With this new extension, SAA’s Main Campus now has a total of twelve training rooms, suitably sized for 50 to 180 students each. 

This extension is especially timely as the economy goes into recession and working professionals, particularly those in the accounting, banking and financial services industries, consider going back to school to retrain in an attempt to ride out the credit crunch.

Currently, SAA has over 5,000 students taking its accountancy, finance and business related courses. The latest expansion allows the Academy increase its offering including accounting and finance related degree programmes, professional qualifications and Continuing Education workshops and seminars.

The Main Campus expansion is SAA’s second, following the April 2007 establishment of its City Campus in Raffles Place, which provides Continuing Professional Education courses to accounting and finance professionals working in the Central Business District.

(End) 

About Institute of Certified Public Accountants of Singapore

Established in June 1963, the Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body that develops, supports and enhances the integrity, status and interests of the accountancy profession in Singapore. 

The Certified Public Accountant Singapore (CPA Singapore) is a professional in accountancy, finance and business who has the relevant work experience in addition to a recognised accountancy qualification. They are highly versatile and well sought after as business leaders beyond the accountancy, banking and finance industries. 

Today, the Institute of Certified Public Accountants of Singapore (ICPAS) has over 20,000 members and/or CPAs Singapore working and making their mark worldwide, which makes the CPA Singapore a designation with international recognition. 

ICPAS’ international outlook and connections are reflected in its membership of

regional and international professional organizations like the ASEAN Federation of Accountants (AFA), the Asia-Oceania Tax Consultants’ Association (AOTCA) and the International Federation of Accountants (IFAC). 

About Singapore Accountancy Academy

The Singapore Accountancy Academy (SAA) was established in 1985, with a vision to service and foster the needs of the accountancy industry. It is the training arm of the Institute of Certified Public Accountants of Singapore.

The SAA has over 20 years track record and has consistently produced a list of prize-winners for the ACCA and Certified Accounting Technician programmes in the Singapore and International category. The Academy has trained thousands of individuals to upgrade their education and career needs through various academic and continuing professional education programs.

SAA also conducts training and professional development of ICPAS members through regularly run courses under the Continual Professional Education scheme.