The Institute of Singapore Chartered Accountants (ISCA) is currently so desperate for Chartered Accountant (CA) members that the Singapore Chartered Accountant Qualification (SCAQ) has become highly flexible, offering exemptions and Accelerated Pathway from years 2020, 2023, and 2024.

Previously, candidates had to pass five CPA exam papers and work full-time under an Accredited Training Organization (ATO) for three years, regardless of whether they were top students at NTU or had First Class Honours.

Between year 2014 and 2023, NTU graduates frequently complained, arguing, "We have already completed courses in tax and financial reporting at NTU; why should we repeat them?"

Is this kind of argument acceptable to ISCA?

Unless the SCAQ exam papers are identical to NTU's exam papers, such exemptions seem questionable.

Moreover, candidates for the CPA exams in the USA and Hong Kong still have to complete their CPA exams after graduation without claiming exemptions based on their university coursework in tax and financial reporting.

By this logic, shouldn't our lawyers also be able to argue against taking the bar exam, saying, "We have already covered these subjects at NUS, why repeat them in the bar exam"?

Does this make sense?

Anyway, here is the timeline for the exemptions:

Effective from September 2020:
Exemption for the Taxation Module, e.g., NTU - Advanced Taxation (BL9305/BL5305)

Effective from January 2023:
Exemption for the Financial Reporting Module, e.g., NTU Financial Reporting (both Risk Reporting and Analysis (AC3102) + Accounting Analysis and Valuation (AC3103))

Effective from April 2024:
Introduction of the Accelerated Pathway Programme sponsored by ISCA, including:
a. SCAQ - Assurance (AS)
b. SCAQ - Business Value, Governance, and Risk (BG)

Essentially, future undergraduates will just need to complete one capstone paper upon starting their professional careers.