Singapore accountants 'unprepared for the future'

Singapore

ACCOUNTING and finance professionals in Singapore are far from ready for the challenges of the future, and the supporting infrastructure is just as ill-prepared, say the findings of a new study.

The study, commissioned by global professional accounting body CPA Australia in partnership with global professional services firm EY, says Singapore-based finance leaders are not prepared for future job demands that will surface amid the expected disruptions in the economy.

Titled "Future-proof your finance capability", the study polled some 150 accounting and finance professionals across a range of Singapore organisations.

The survey was done between August and September.

It found eight in 10 respondents not equipped with the skills to meet the requirements of their jobs in the next decade; six in 10 said the current curriculum offered by education and professional bodies is inadequate in developing future-ready skills.

A similar proportion said their organisations are not helping them to be ready for future jobs.

The report was released on Wednesday at the CPA Congress 2017 organised by CPA Australia.

Melvin Yong, Singapore country head at CPA Australia, said: "These findings are a wake-up call for all stakeholders in future-skilling our accounting and finance professionals because the profession is facing unprecedented change, with disruptive technology making low-value roles redundant."

Finance professionals surveyed acknowledged that the spread of digital technologies and business-model disruptions would be the top drivers of change in the Singapore economy and accounting landscape in the next decade.

They also identified increased regulation and governance, increasing globalisation (such as the harmonisation of standards and the offshoring of routine services to lower-cost countries), volatility and uncertainty, and the growing expectations of shareholders as the next greatest drivers of change.

Yet, almost three-quarters of finance professionals said they lacked the time to acquire the necessary new skills for the future. Almost half said they lacked the financial resources to do so, and a sizeable 37 per cent said they lacked the necessary support from their employers.

Vincent Toong, assurance partner at Ernst & Young LLP, said: "With the fast pace of change, a new skill may become irrelevant or obsolete sooner rather than later. To stay relevant and be future-ready, accounting professionals have to remain nimble and be flexible with their skill sets, adopt the mindset of a life-long learner to keep abreast of industry trends and developments, and acquire the skills needed as the economy evolves."

Finance leaders surveyed said they see the role of accounting professionals evolving, shifting away from traditional scorekeeping to that of being a business partner and adviser to their organisations.

They said they also expect new roles such as those of technology and data specialists and change managers gaining in prominence.

The skills they listed as desirable included strategic thinking, business acumen, leadership, communication and influencing, and analysis and advisory, as well as technology skills - information technology and digital skills, and information-management skills.

Singapore divisional president at CPA Australia, Yeoh Oon Jin, commented: "Accounting professionals have to enhance their relevance. They need to add value and be open to taking on new roles, such as becoming trusted business advisers. This requires them to reskill and up-skill."

The reality is that 61 per cent of respondents said they do not find the curriculum of Singapore's education and professional bodies sufficient to make them future-ready, nor do they do find their organisations supportive of efforts in this area.

Mr Yeoh, who is also executive chairman of PwC Singapore, said: "Collaboration between organisations, professional bodies and the government is important to equip the workforce with future-ready tools and knowledge."

To this end, CPA Australia unveiled on Wednesday a training programme called "Finance for the Future", to be run in partnership with NTUC and the Employment and Employability Institute (e2i). The suite of 20 courses aims to expand the technical skills of accounting and finance professionals in areas such as key accounting standards, financial risk management and taxation, and in business competencies such as data analytics, design thinking and business ethics.