New pathway sponsors faster professional qualifications for Singapore accounting undergrads

ACCOUNTING undergraduates in Singapore’s autonomous universities can soon enrol for a sponsored, accelerated pathway to attain their professional qualifications in about half the usual time.

In a two-year trial of this new initiative, the Institute of Singapore Chartered Accountants (Isca) aims to sponsor 4,000 students, with S$5 million set aside for this.

This is part of a previously announced S$15 million push to increase the supply of chartered accountants in Singapore, Isca president Teo Ser Luck told The Business Times.

Applications for the Accelerated Pathway Programme open in May. All fees, such as application and examination costs, for the Singapore Chartered Accountant Qualification (SCAQ) programme will be waived for students under this pathway.

The SCAQ is the only way to obtain the Chartered Accountant (Singapore) qualification.

Applicants must be undergraduate students of accountancy in any of Singapore’s autonomous universities.

Under the new pathway, participants will be able to clear most of the SCAQ programme’s educational requirements during their undergraduate studies.

Currently, SCAQ candidates – who usually have graduated from university accounting courses – take around three years to attain the qualification, which includes exams and full-time work in accounting firms to fulfil the experience criteria.

The pathway shortens the time needed for qualification to about 18 months, Teo said.

“This will also facilitate a higher passing rate, because if you do it all within a school environment, you are more familiar with the whole process,” he added.

“This is compared to trying to work and study at the same time, which sometimes can be very difficult.”

Alex Koh, partner and head of audit at KPMG in Singapore, noted that the firm welcomed the introduction of the expedited pathway.

“This is a strategic move in driving quality, scale and speed in nurturing talent for the profession and the wider business ecosystem in this new world,” Koh said.