POLYTECHNIC graduates from non-accounting disciplines keen on becoming chartered accountants in Singapore will soon be able to enrol for the qualification programme, in a move designed to broaden the talent pipeline for the Republic’s accounting sector.

Previously, the Singapore Chartered Accountant Qualification (SCAQ) pathway was not open to polytechnic graduates from non-accounting disciplines.

This changed on Wednesday (Nov 29). An existing requirement for polytechnic graduates to pursue an advanced diploma prior to enrolling in the SCAQ has also been scrapped. From 2024, polytechnic graduates can enrol for SCAQ exams.

This will allow for more flexibility in the pace of learning, and an accelerated completion of educational requirements where possible, Minister in the Prime Minister’s Office and Second Minister for Finance and for National Development Indranee Rajah said on Wednesday.

Aside from educational provisions, the SCAQ also has a three-year relevant practical experience requirement. Up to 18 months of a candidate’s prior work experience – such as from accounting-related internships – will now be recognised, up from 12 months previously.

The changes are part of recommendations from the Accountancy Workforce Review Committee. The task force was set up in June, with the stated goal of strengthening Singapore’s pipeline of accounting professionals.

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More details of the task force’s recommendations will be shared later, Indranee said.

She was speaking at this year’s edition of the Institute of Singapore Chartered Accountants (Isca) Conference, where she was guest of honour.

Isca president Teo Ser Luck told The Business Times that the upcoming changes are a reflection of the quality of teaching in polytechnics.

“We now have a very high demand for accountants, and we’ll make sure that (the pathway) is accessible to all,” he said.

The Accounting and Corporate Regulatory Authority (Acra) projects a demand of 6,000 to 7,000 new accounting jobs by 2025 in Singapore.

With the new changes, the hope is for more polytechnic graduates to enrol in the SCAQ, and eventually become fully qualified accountants, Teo said.

At Wednesday’s event, the Professional Accountancy Hub was launched. With this body set up, Isca and 13 other accounting professional bodies and business organisations from across the world will work together on solving common issues.

Such an initiative is crucial as it encourages collaboration among industry professionals on a cross-border and cross-sector basis, Teo said.

“We are all trying to tackle the same issues, and Isca cannot work in isolation. Last time, it was almost mutually exclusive – but it’s not a zero-sum game,” he added.

One key area of concern is sustainability. In her speech, Indranee urged the more than 1,000 delegates present at the event to build new capabilities, and expand their roles to include sustainability-related issues.

“As the green momentum picks up, there will be increasing demand for accountants to provide assurance on sustainability disclosures and help companies to mitigate climate-related risks,” she said.

To that end, Isca on Wednesday launched new certifications for industry practitioners, including a Sustainability Professional Certification that will be co-funded by Acra.

The courses leading to the certifications will be updated continually based on feedback from the business community, Teo said.