How will the newly launched Accountancy Careers Hub help job seekers who are looking for finance and accounting roles or roles within the accountancy sector?

e2i, together with the Singapore Accountancy Commission (SAC) and the Institute of Singapore Chartered Accountants (ISCA), are bringing greater support to finance and accounting professionals as well as workers within the Accountancy sector through the newly launched Accountancy Careers Hub. Here are three things you should know if you are from the accountancy sector. 

As of 2022, the Singapore accountancy sector has a workforce of about 100,000 talents, across in-house Finance & Accounting (F&A) functions and Accounting Practices. The sector is forecasted to grow with an additional 6,000 to 7,000 accounting jobs by 2025. 

According to the Jobs Transformation Maps for The In-house Finance & Accounting (F&A) functions and Accounting Practices (JTMs), accounting practices will see accelerated growth in demand for manpower due to the increasing digital maturity of both clients and accounting jobs as well as the rise in clients’ demand for advisory services, and an increasing emphasis on non-financial metrics in valuing businesses. The increased demand is expected to happen in these areas: Tax, Risk Advisory, Mergers and Acquisitions, Financial Forensics and Business Valuation.  

The In-House F&A segment will continue to support companies as they grow and expand from Singapore into the region.

The Accountancy Careers Hub (ACH) – as a concept – was announced at the launch of the JTMs for the Finance and Accounting functions, and Accounting Practices sector in January 2022. As an outcome, the JTMs seek to develop “…pathways for employers to transform jobs and for workers to acquire requisite skills as existing job roles evolve and new job roles emerge.”

(*Source: The Singapore Accountancy Commission)

Fast forward to March 2022, NTUC’s e2i, the SAC, and the ISCA have come together to set up the Accountancy Careers Hub. 

Here are three things you should know if you are looking to enter the accountancy sector, exploring new career tracks within the sector, or are looking to upskill to advance your career within the industry.

1. New roles are emerging 

During the launch of the JTMs, Ms Indranee Rajah, Minister in The Prime Minister’s Office and Second Minister for Finance and National Development, shared three trends that are shaping the accountancy sector. These are: 

• Technology and the COVID-19 pandemic has accelerated the rate of technology adoption in the Finance and Accounting sector
• The changing aspirations of young professionals and the need for the sector to be in tune with the aspirations of accounting professionals
• New opportunities in a post-Covid world seeking to reduce its carbon footprint with Environment, Social and Governance (ESG) as an emerging area of interest.

As the business environment and sector evolves, there will be emerging job roles to meet new requirements. Eight new job roles have been identified in the In-House F&A functions, and three new job roles have been identified for Accounting Practices. These include Specialist Ethical Hackers, Citizen Data Scientists, and Environmental, Social and Governance (ESG) Specialists.

(*Source: The Singapore Accountancy Commission)

There will also be a need for upskilling in technology and soft skills. Technology skills that are increasingly in demand include the application of artificial intelligence, cloud computing, data analysis and interpretation, and robotics and automation. Soft skills required include adaptability, creative thinking, and customer orientation, amongst others.

2. Old roles will experience redesign and/or require talent to reskill

The JTMs studied a total of 58 job roles. Across these roles, more than 70 percent (45 job roles) were found to require minimal or moderate job redesign over the next two to five years. These job roles were deemed less susceptible to displacement as they involve more value-adding tasks. 

Out of the remaining 13 job roles studied, the JTMs predict a high degree of change in job tasks. This development will require greater job redesign and re-skilling of employees over the next two to five years. 

(*Source: The Singapore Accountancy Commission)

Many of these roles predominantly involve repetitive tasks that can be automated. Examples of these 13 job roles include Associates, Executives and Accounts Assistants in various tracks across both Accounting Practices, and In-House F&A functions.

3. The Accountancy Careers Hub will translate the JTMs into tangible jobs and skills opportunities for jobseekers within the accountancy sector

The ACH is a key component of efforts to operationalise the JTMs for the Finance and Accounting (F&A) functions and Accounting Practices. 

With the launch of ACH, F&A professionals, employees within the Accountancy sector and those aspiring to join the sector can utilise a convenient, one-stop portal to access information about topics essential to their accountancy sector careers. 

These topics and activities include: 

Skills Upgrading

There will be over 300 specially curated courses from various training providers available on the ACH to help workers upskill in areas outlined in the Jobs Transformation Maps. 

These courses cover various skill sets, such as technical/functional skills, technology skills and soft skills, especially skills that are required in emerging job roles. 

Under the Union Training Assistance Programme (UTAP), union members will enjoy a training benefit that defrays the cost of their training.

Job Opportunities

Jobseekers can access a new job portal with over 200 jobs and 106 employers with more to be added. 

These accountancy jobs are specific to finance and accounting functions, and career opportunities within the Accountancy sector. 

There will be Career Conversion Programmes for those seeking to move into the accountancy sector, change roles within the sector, or those considering a mid-career switch. Roles such as Cloud Accounts Executive, Business Development Executive and Business Development Manager are available.

Career Coaching

Job seekers or workers who need career advice and resources on how to navigate through the changes within the Accountancy sector or wish to transit into the sector or a new role, can book for a career coaching session at ACH. A career coach partners with the jobseeker to provide personalised and actionable advice to help them achieve their career goals.

The ACH offers targeted sectoral career guidance, jobs, training courses, and industry-specific events and resources to jobseekers who are looking to enter the industry or in-employment workers exploring new career tracks within the accountancy sector or are looking to upskill to advance their career within the industry.

Visit the Accountancy Careers Hub webpage here!