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The AWRC released a report on 10th May, proposing strategies to attract talent and bolster Singapore’s accounting workforce.

Key Recommendations
The AWRC proposes three key recommendations to strengthen Singapore’s accounting workforce:

• Firstly, they recommend making the profession more attractive by reviewing compensation structures, bring more purpose in the work by redesigning the jobs, and offering opportunities for skill development and career advancement.
• Secondly, they propose creating a robust talent pipeline by streamlining the Singapore Chartered Accountant Qualification and increasing exposure to accounting for non-accountancy students.
• Finally, the AWRC recommends strengthening professional capabilities by enhancing the value of the Chartered Accountant designation and equipping accountants with future-ready skills.

Roadmap to Ensure Robust Poll of Accountancy Talents
Younger accountants face a trifecta of challenges: increasingly attractive career options in other sectors, modest starting salaries, and long, unpredictable working hours. Consequently, the accountancy sector’s overall appeal has declined compared to banking, technology, and consulting. To address these issues and build a sustainable talent pipeline, the AWRC report proposes several key recommendations: 

• Second Minister for Finance Ms Indranee Rajah expressed her excitement about the future of the accounting profession. She highlighted the evolving role of accountants, transitioning from business supporters to strategic enablers, and even co-pilots for businesses. Ms. Rajah believes that with the right recommendations, accountancy will remain a profession of choice.
• Mr. Chaly Mah, former chairman of the Singapore Accountancy Commission, highlighted the exciting opportunities in accountancy for today’s dynamic business environment. These include data analysis, risk management, sustainability reporting, and digital transformation. The AWRC report, according to Mr. Mah, serves as a roadmap to address these challenges and opportunities, ensuring a resilient pool of accounting talent that meets industry needs.
• Ms. Lai Wei Lin, Second Permanent Secretary, Ministry of Finance, emphasized the importance of the Committee’s recommendations in building a strong and sustainable accountancy sector and workforce. This, she explained, will ultimately solidify Singapore’s position as a leading global accountancy and business hub. Achieving this goal, Ms. Lai stressed, requires collective effort from stakeholders in the accountancy sector and the government to implement the AWRC’s recommendations and elevate the profession’s perception.
• The AWRC Report is located at go.gov.sg/awrc-report

About the AWRC

In October 2022, the Accounting and Corporate Regulatory Authority (ACRA), along with the Ministry of Finance (MOF), convened the AWRC. Co-chaired by Mr. Chaly Mah, former chairman of the Singapore Accountancy Commission, and Ms. Lai Wei Lin, Second Permanent Secretary for MOF, the AWRC’s mission was to develop recommendations for building a sustainable pipeline of high-quality talent to address the challenges faced by the accountancy profession.

To develop its recommendations, the AWRC assembled a diverse group of senior representatives from accounting firms, in-house finance functions, academia, and the public sector, leveraging their multi-disciplinary expertise across various accountancy fields. The AWRC actively engaged stakeholders from the entire accountancy ecosystem – employers, academics, regulators, young professionals, mid-career switchers, and students alike. This in-depth engagement included approximately 50 focus group and engagement sessions, with over 300 participants contributing their valuable insights.

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