Accountants can develop a career quickly in three years, according to a recently concluded study commissioned by Institute of Certified Public Accountants of Singapore (ICPAS).
On average, accountants have been in the accountancy field for 6 years. However the level of experience and age gaps between the more junior staff and more senior staff is not that great, on average about 3 years. This demonstrates that upward mobility is achievable in a fairly short period if young accountants are willing and able to apply themselves. The study also revealed that 21% holds managerial positions within 5 years of joining the profession.
As part of ICPAS’ ongoing efforts to grow the accounting profession and help public accounting firms recruit and retain staff, the Institute embarked on the study to find out employee loyalty amongst young accountants. In addition, the study provides an insight on young accountants’ career path and goal. Kadence International Business Research Group carried out the research.
Further, a high 84% think that an affiliation with a professional body will help in their career progression. Fresh entries are more enthusiastic on affiliation with a professional body probably due to the reason that this will help in their career progression. This is evident in the data comparing the job level of ICPAS members to non-members. 57% of ICPAS members hold managerial positions or are senior executives compared to 46% of non-members, a difference of 11%.
Commenting on the study, ICPAS President Mr Tan Boen Eng said, “It is very important for accounting professionals to continually enhance their knowledge in their career path. The ability to remain viable and competent in not only the accounting profession but also the rapidly changing and increasingly competitive business environment hinges ultimately on one's commitment to continually upgrade their professional knowledge and skills. This can be achieved in a number of ways, such as becoming involved in new projects and initiatives in your current role, taking on different job roles either internally or externally, keeping up-to-date with changes in accounting policy through industry organisations and trade journals and taking additional training courses provided either through your existing company or through external sources.”
Certified Public Accountants Singapore (CPA Singapore) are required to meet a number of hours of training every year under the Institute’s Continuing Profession Education (CPE) programme. Practising members have to maintain 40 CPE hours per calendar year and non-practising members must attain 120 CPE hours per triennium, of which at least 20 structured CPE hours must cover ethics per year.
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 close to 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).
The Institute also caters for the training and professional development of its members through regular courses conducted by its training arm, the Singapore Accountancy Academy (SAA).