If you are interested in the concepts of money, business, and management, Accounting could be a great career choice for you. There are many popular study-abroad destinations for accounting that include the UK, USA, Singapore, Australia, Canada, etc. In this post, we will look at Singapore as a study abroad destination for Accounting students.
Singapore: Hot Destination for Accounting Students
By David Mike
The economic growth of Singapore, ever since its independence, has constantly been on the rise. This has urged top organisations of the world to enter the Singapore market. In fact, Singapore is one of the strongest economy-driven countries in the South Asia-Pacific region. The growing prominence of Singapore on the world map has given way to technological and corporate advancement in the country, with organisations looking to scout local talent for managerial positions. One of the most sought-after talents is that of accounting professionals who work as core members of multinational companies.
With the increase in demand for skilled accounting professionals, more students are moving to the dynamic city for pursuing accounting qualification and acquiring top roles with organisations.
This blog is focused on helping you understand how Singapore has become a hotspot for accounting students and what the country has in store for you in terms of career prospects. Read on to find out!
How has Singapore become a favourite destination for accounting students?
- ACCA courses: If you are an accounting aspirant and want to qualify ACCA in Singapore, you have made the right choice. Many reputed universities are now offering preparatory courses for ACCA examination to help students acquire in-depth knowledge and develop skills relevant to the international accounting industry. They are equipped with knowledge about essential accounting practices and taught core subjects in accordance with the accounting standards and regulations.
- Career avenues: With the entry of various top organisations into the Singapore market, the demand for skilled professionals in all disciplines has increased. This is also true for the accounting and finance industry. Employers prefer hiring candidates who have acquired the necessary qualification before they apply for the job than training them after they join. Hence, if you complete your ACCA qualification in Singapore, employment chances in the country are bright. Furthermore, ACCA-qualified accountants can command a good salary in Singapore, especially if they decide to work for big firms.
- Economic development: The Singaporean territory has witnessed rapid economic development in the last few decades. This can be accredited to the presence of top corporates and skilled professionals. Studying ACCA and working in Singapore can help you become a part of a fast-growing economy, which can directly influence your professional stability and growth.
- Entrepreneurial advancement: Singapore’s status as an emerging entrepreneurial powerhouse has not only had a positive impact on the country’ economic development and availability of job options but has also made it a favourite study destination for students. More students are opting to pursue their higher education or professional qualification in Singapore, increasing the footfall of international students in the country every year.
Related Post: Chartered Accountancy (CA) Career
Job opportunities after ACCA course
Corporate Treasurer: As a corporate treasurer, you will be responsible for taking up a range of tasks pertaining to risk, financial and strategic management. This helps organisations in maintaining and enhancing their financial health. Their day-to-day responsibilities include:
- Evaluating and protecting the financial well-being of an organisation;
- Ensuring adequate liquidity in cash flow;
- Managing day-to-day cash balances and money market;
- Managing major financial projects for the organisation such as company refinancing;
- Predicting the consequences of financial issues such as limited cash flow, late payments and similar problems;
- Contributing to business decision-making concerned with funding, insurance and other financial elements;
- Performing risk management activities to mitigate risk;
- Collaborating with stakeholders, investors, management team and banks;
- Maintaining accurate financial records;
- Contributing to recruitment and training activities.
Financial Controller: The job role of a financial controller requires them to work towards managing and improving the organisation’s financial performance while at the same time directing the accounting operations. Their typical duties include:
- Managing accounting operations starting from billing to revenue recognition;
- Coordinating and directing the process of budget preparation, report variances and financial forecasts;
- Preparing and publishing accurate financial monthly statements on time;
- Researching technical accounting issues pertaining to compliance;
- Ensuring that financial reporting activities and financial transaction are in line with the set quality standards;
- Ensuring that the financial activities are in line with the local, state and federal government standards and regulations;
- Designing and recording business processes and accounting policies.
Forensic Accountant: As a forensic accountant, you will be required to conduct forensic research on an organisation’s forensic data, helping them identify potential fraudulent activities or revenue loss. Their day-to-day responsibilities include:
- Analysing financial documents and identifying inaccuracies;
- Assessing financial data and identifying discrepancies;
- Predicting and preventing the occurrence of financial frauds;
- Creating reports based on revenue losses and contract breach damages;
- Investigating complex business situations to mitigate risks;
- Providing litigation support and presenting findings to aid in legal trials;
- Performing regular financial audits to ensure that the organisation is compliant with the law.
If you are an ACCA aspirant and want to give your accounting career a strong start, Singapore is the place to be. Many universities in Singapore offer world-class education, helping you prepare meticulously for the ACCA examination. So, research for the university that offers the best quality of ACCA preparation courses and enrol for the programme today!
Author Bio: David is a Business enthusiast who works in the higher education industry for globalization. He is an active researcher and international student guide. David regularly writes on leadership, business management, accounting, study abroad and entrepreneurship.
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