Accounting outlook

[SG_User]

What are the prospects and outlook for accounting sector in the next few years?

Thanks

Originally Posted by SG_User

What are the prospects and outlook for accounting sector in the next few years?

Thanks

Accounting will always be in demand. However, the competition for jobs is getting stiffer and stiffer. Private degree holders who major in accountancy number in the thousands, the numbers equal or even exceed local uni grads themselves. Not to mention that the upcoming CA sg rulings will allow ANY degree holder to become a chartered accountant. Competition for limited jobs is just gonna get tougher. Accountancy field is also relatively easy to 'jump' into. I have a few engineering friends who take up ACCA on the side as well. As long as you have math, accountancy is a breeze.

[warning]

With SIT and UniSIM both going to offer new accounting degrees, I worry there will be a glut of accountants.
Nevertheless, it is still a better choice than banking & finance degrees.

[DJC]

Hi fren,

An interview with Uantchern Loh, Chief Executive of the new statutory body Singapore Accountancy Commission (SAC). Have quoted some parts for your consideration.

Should You Be a Chartered Accountant of Singapore? | CFO innovation ASIA

Would an accountant in the Philippines, in Malaysia, in Indonesia and other countries, will they be eligible to become a Chartered Accountant of Singapore?

Accountancy is color-blind, so irrespective of nationality . . . I was at the SAC Productivity Council meeting that’s chaired by Paul Lee, who is a managing partner at RSM Chio Lim, and one of the things that we want to promote is getting the people from the region to come to Singapore to do the Singapore QP.

I am just wondering if accounting is going the path of IT sector (Dominated by FTs not only from India, but Philippines & Malaysia as well. Would they practice in Sg or go back to their own country once they have gotten the SQP?) Is accountancy degree from NUS/NTU/SMU still of any value?

[SG_User]

Seems that demand is great but the supply is also great.

Will there be an oversupply of accountants in the future ?

Also, would it be better now to take up an Accounting degree or just any Business degree will do, if one wishes to be an accountant in the future.

thanks !

I'm considering taking SQP after graduating from uni. However, I have this feeling that the title "chartered accountant" may become the next MBA. An MBA has become so common that its value has diminished

Originally Posted by warning

With SIT and UniSIM both going to offer new accounting degrees, I worry there will be a glut of accountants.
Nevertheless, it is still a better choice than banking & finance degrees.

hi, care to elaborate on this? Thanks!

[SG_User]

Originally Posted by warning

With SIT and UniSIM both going to offer new accounting degrees, I worry there will be a glut of accountants.
Nevertheless, it is still a better choice than banking & finance degrees.

I am interested. How come accountancy degree over banking & finance ?

[warning]

Originally Posted by SG_User

I am interested. How come accountancy degree over banking & finance ?

waaaay over-supply of b&f grads.
especially those doing distance learning programs.

Originally Posted by warning

waaaay over-supply of b&f grads.
especially those doing distance learning programs.

This is very true. Not only that, banking and finance distance learning grads learn way too little to actually be of much use in the banking or finance industry. I've seen some maths or engineering grads from local unis that are more capable in the industry even though it was not their major.

DL Accounting grads are still fine in what they learn. Most of the good ones are usually supplemented with ACCA. But looking at how unisim and SIT are both going to have accounting degrees, there will definitely be an increase in supply. The only worry is that the industry may not have much openings to take in that many fresh grads. With 5 local accounting grads to compete with, DL accounting grads are going to have a harder time.