The Institute of Singapore Chartered Accountants (ISCA) has launched the first of three resource packs aimed at dispelling myths about the profession and convincing students to choose accountancy as a discipline in their undergraduate studies.
This comes as the number of accountancy undergraduates here has fallen by some 10% over the past five years, due to a “sudden knee-jerk switch” to IT during the pandemic, says Yvonne Chan, chairperson of the ISCA Salary and Career Review Taskforce.
ISCA collaborated with recruiter Robert Half Singapore to access salary data from the Robert Half 2024 Singapore Salary Guide. The resulting 10-page document, released on March 14 and titled Snippets Revelation #1 — Accountancy: Pathways, Progression and Prospects, claims high-achieving accountancy graduates can attain director-level positions across multiple career tracks in slightly over 10 years.
According to ISCA, accountants can become chief financial officers (CFOs) or partners at professional services firms down the line, and draw salaries of more than $500,000 a year.
ISCA also notes a pattern of CFOs becoming chief executive officers in the insurance, real estate, REIT and commodities trading sectors. There, their annual remuneration can go beyond the $1 million mark.
ISCA CEO Fann Kor says: “We are excited to unveil this insight, which sheds light on the vast array of career paths available in the accountancy sector. Whether you are a recent graduate exploring your options or an experienced professional seeking new opportunities, the information will provide valuable insights to help you navigate your career journey. You may even uncover options that you might not have thought possible for a trained accountant.”
See also: 'Once-in-a-lifetime opportunity' for Singapore to become sustainability knowledge hub: Grace Fu
According to ISCA membership data, about 60% of members are engaged in financial accounting, management accounting or external audit. More than 25% of ISCA members are in top leadership positions, including the C-suite, Board of Directors and senior management roles.
That said, ISCA’s “36,000 to 37,000 members” may represent accountants “who are interested in their career choices”, says Chan. ISCA’s members are but a portion of the 100,000 accountants active in Singapore, of which 80,000 are in the private sector, according to Chan.
ISCA will release the second and third iterations of the series later this year. According to Fua Qiu Lin, divisional director, quality assurance and finance at ISCA, the following editions will compare accountancy against other professions and interview practising accountants about their experiences.
