Originally Posted by Unregistered

The main issue of accounting industry is not really on the SCAQ. But rather the high workload, low pay environment, with full of msians (low barrier of entry). The exemptions and discounted SCAQ fees will not attract ppl into the industry.

The real thing that attracts is the present value of future potential earnings from accountancy industry. Meaning, to value one’s career in monetary terms into present value like how u value a company.

An average performer would be a senior accountant or finance manager by early 40s, this can easily draw a pay of 7k to 8k. But currently most fresh grads are getting 6k in MAPs especially banks. This just makes accountancy duller.

Accountancy has reached an end. However, the authorities are trying to push internal audit, business analytics, sustainability as an accountancy career route.

They have failed to see that these are cost centres and companies are unwilling to match the pay of 6k to these areas.

Since pay isnt increasing as fast as banks or other industry, we do lesser work.
Hence audit failures are more common these days. Thats because they took shortcut in audits.

Its a give and take. Supply and demand.
Higher pay would attract quality employees.

For msians, they are hardworking because their monies are multiplied by 3.5.
Likewise, if the starting pay for accounting is multiplied by 3.5 for singaporeans, who wouldnt do it?