In a significant move to expand the talent pipeline for Singapore’s accounting sector, polytechnic graduates from non-accounting disciplines will now be eligible to enroll in the Singapore Chartered Accountant Qualification (SCAQ) program. Previously, this pathway was not available to such graduates, but as of November 29, the requirement for them to pursue an advanced diploma before enrolling in the SCAQ has been eliminated.

Starting in 2024, polytechnic graduates can directly sit for SCAQ exams, allowing for greater flexibility in their learning pace and potentially accelerating the completion of their educational requirements. Indranee Rajah, Minister in the Prime Minister’s Office and Second Minister for Finance and for National Development, emphasized the importance of these changes at the Institute of Singapore Chartered Accountants (Isca) Conference, highlighting the need for new capabilities in accounting, particularly concerning sustainability issues.

Additionally, the SCAQ has a practical experience requirement of three years, which now recognizes up to 18 months of relevant prior work experience, an increase from the previous 12 months. These adjustments stem from recommendations by the Accountancy Workforce Review Committee, established to strengthen Singapore’s pool of accounting professionals.

Isca president Teo Ser Luck commented on the high demand for accountants, stating that the new pathway aims to ensure accessibility for all aspiring professionals. The Accounting and Corporate Regulatory Authority (Acra) anticipates a demand for 6,000 to 7,000 new accounting jobs in Singapore by 2025.

At the conference, the Professional Accountancy Hub was launched, promoting collaboration among Isca and 13 other global accounting professional bodies to address shared challenges. Rajah also emphasized the growing need for accountants to assist companies with sustainability disclosures and climate-related risks, noting that new certifications, including a Sustainability Professional Certification co-funded by Acra, will be developed to equip industry practitioners with necessary skills.