How to Become a Chartered Accountant in Singapore

Becoming a chartered accountant in Singapore has incredible benefits!

The CA Singapore qualification has reciprocal agreements with prestigious chartered accountant qualifications in countries like the United Kingdom, Australia, Scotland, Ireland and New Zealand according to the latest reports from the Institute of Singapore Chartered Accountants.

The Singapore chartered accountant qualification is also recognised across the world and can help you obtain a membership in the prestigious Institute of Singapore Chartered Accountants (ISCA).

Before you start your accounting journey, read this article to obtain a clear overview of the wide range of resources and decision-making processes you need for a career in this sector.

What is a Chartered Accountant?

A chartered accountant is a highly skilled finance professional who has undergone rigorous training and examinations to qualify for performing a wide range of financial tasks.

Chartered accountants are accounting, taxation, auditing, investment, business and general management experts. They guide businesses in managing risk, improving financial performance and complying with governmental regulations.

Did you know?

Chartered accountants in Singapore are highly sought-after today, as the government of Singapore has observed a sharp decline in the number of accountants.

In July 2023, Lawrence Wong, Deputy Prime Minister and Finance Minister of Singapore, addressed this decline in the number of accountants in Singapore. He made this remark during ACRA’s Merger Commemorative event. An event celebrating the merging of three national accounting bodies in Singapore to strengthen accounting standards and practices. (Source: pmo.gov)

Singapore CA: Eligibility

To fulfil your dreams of becoming a public accountant in Singapore, you must fit the practical and academic requirements below before you enrol on an accounting course in Singapore:

• As a Singapore CA applicant, you must have completed the Singapore Chartered Accountancy, a foundation qualification programme, or
• Possess a degree that is recognised by the Singapore Accreditation Council (SAC) or any other accredited degree from the list of institutions recognised by the SAC
• You must be employed in an accredited training organisation (ATO), to assign yourself an approved mentor and issue a training agreement before enrolment.

Singapore CA: Modules to Study

The Singapore CA qualification module structure imparts cutting-edge technical skills to enable you to meet the needs of the global finance market. Here are the academic topics that will help you navigate your way through the Singapore CA qualification pathway:

• Principles of financial reporting
• Advanced financial reporting
• Accounting for decision-making
• Assurance
• Financial management
• Singapore taxation

For more information on the module structure of both the professional and foundation-level CA Singapore courses, click here.

Singapore CA: How to Apply

From November 2020, final-year Bachelor of Accountancy undergraduates from Nanyang Technological University, National University of Singapore, Singapore Management University, Singapore University of Social Sciences and Singapore Institute of Technology can sign up for the professional programme without a graduate degree.

This factor also applies to undergraduate students from any other discipline who have completed the chartered accountancy foundation programme.

In addition, final-year undergraduates from all the universities mentioned above will not have to pay the one-time application fee.

Applicants who have earned a direct entry degree five years before enrolling into a professional chartered accountancy programme and possess substantial work experience can obtain consideration for direct admission on a case-to-case basis.

How to Become a Chartered Accountant in Singapore?

You can enrol in the CA Singapore qualification programme from the Institute of Singapore Chartered Accountants (ISCA) if you have one of the following:

• Accountancy degree
• Non-accountancy degree
• Any undergraduate degree
• Local polytechnic diplomas

Once you have decided to enrol into ISCA’s CA Singapore qualification, you can follow the steps given below:

Step 1: Narrowing Down your Entry Point

You will need an accredited degree in accounting or any related field or even a diploma from a local polytechnic.

If you have a degree in other non-accounting fields, you can still apply for admission.

However, to ensure you are on the same page as the other accounting students, the CA qualification in  Singapore may place you into the foundation programme before proceeding to the core accounting subjects within ISCA’s chartered accountant course in Singapore.

• Entry Routes to Become a CA in Singapore

The CA designation in Singapore is a mark of distinction, signifying financial expertise. This designation can help open doors to exciting career prospects. Before you pull out your accounting cape, here's a breakdown of the qualifications you'll need to master:

Academic Foundation:

• Graduate Entry: Hold a bachelor's degree in accounting or a related field from a Singapore Accreditation Council (SAC) accredited university. This is the most common route.
• Foundation Programme: If your degree isn't directly related to accounting, don’t worry! You can complete the Singapore CA foundation programme, a preparatory course equipping you with the necessary accounting fundamentals.

Professional Development and Practical Experience:

• Professional Programme: Buckle up for this in-depth programme that hones your analytical and problem-solving skills. It delves into various areas like financial reporting, auditing and taxation, all aligned with Singapore's accounting standards.
• Practical Work Experience (PWE): Knowledge is power, but so is experience! You'll need to clock at least three years of relevant work experience under the supervision of a qualified CA in Singapore while enrolled in the professional programme. This allows you to apply what you learn in the real world and gain valuable mentorship.

Step 2: Completing the Chartered Accountancy Qualification Foundation Programme

This programme provides the essential knowledge and skills for a successful career in chartered accountancy.

Step 3: Qualifying for the Professional Programme

This may involve meeting academic requirements such as a bachelor's degree in accountancy or business administration from a selected local university and practical requirements including work experience under supervision.

Step 4: Completing the Professional Programme

This programme consists of five modules and comes with a capstone project towards the end of the course. The course modules will cover various topics like financial reporting, assurance, business value, governance, risk management, taxation and ethics.

Step 5: Passing the Final Examinations

Upon successful completion of the programme requirements, you'll need to pass the final exams to become a chartered accountant in Singapore.

Differences Between CA and ACCA

In a decision of ACCA vs CA Singapore course, the winning choice has a lot to do with your ambitions and career requirements.

Should I choose the CA programme or the ACCA programme is a common question for aspiring accounting professionals. Both are prestigious qualifications, but they cater to different career paths. 

Here are a few differences that can help you decide on what suits you best in a decision regarding ACCA vs CA Singapore course.

Global Recognition:

• CA: This qualification focuses on accounting principles and matters within a specific country. For example, the Institute of Chartered Accountants of India (ICAI) focuses on Indian accounting standards and regulations. While respected in India and some other regions, it might not be the passport to international opportunities.
• ACCA: The Association of Chartered Certified Accountants is recognised in over 180 countries and opens doors to a global job market.

Study Focus:

• CA: The curriculum dives deep into the local foundations of accounting and taxation. Think of Indian tax laws for an Indian CA. This in-depth knowledge makes CAs highly sought after for domestic roles that involve compliance and adherence to local regulations.
• ACCA: The ACCA programme offers a broader perspective, encompassing international accounting standards and practices. It equips you with a versatile skill set applicable across borders. This makes ACCA qualification holders well-suited for multinational companies or international finance roles.

Exam Structure:

• CA: The exam structure can vary by country. In India, for instance, CAs must pass multiple levels of exams across various accounting and tax subjects.
• ACCA: The ACCA qualification offers a flexible exam structure with 14 individual papers. You can take these exams at your own pace, giving you more control over your study schedule.

So, which one is right for you?

ACCA or CA in Singapore?

If you crave a global career in finance, ACCA might be your golden ticket. However, if your heart lies in the intricacies of your local accounting landscape, then the CA qualification in Singapore could be the perfect fit.

Ultimately, the choice depends on your career aspirations and where you see yourself working.

Chartered Accountant Salaries in Singapore

According to PayScale, the average salary for a CA in Singapore is around SGD $92,000 per year. With experience and specialisation, this figure can climb even higher.

Glassdoor.com reports the national average salary for chartered accountants in Singapore to be between SGD $2,000-6,000 per month.

What are the Career Opportunities after the Singapore CA Qualification?

The Singaporean chartered accountancy qualification multiplies the number of employment options available to students, including the following roles:

• Corporate Financial
• Company Liquidator
• Cost Accountant
• Management Accountant
• Tax Advisor

A Singapore CA qualification unlocks a world of career options. You could delve into corporate finance, become a company liquidator or specialise in areas like cost or tax accounting. The choice is yours!

Chartered accountancy programmes taught in Singapore are popular around the world. This is because of the diverse student base, a curriculum structure that has a strong international outlook and an educational infrastructure that provides deep cross-border knowledge.

Singapore CA courses are tailored for business leaders who aspire to possess a Singaporean chartered accountant qualification and wish to develop relevant industry skills for future business leaders.

The London School of Business and Finance in Singapore (LSBF) has a wide range of professional CA programmes to choose from.

Apply to a professional or foundational level CA qualification preparatory programme at LSBF in Singapore today to enhance your career prospects and gain lifelong benefits.

This article was written by Rebecca Paulraj and edited by Olly Cox

FAQs

Can an ACCA member become a CA in Singapore?

Studying an ACCA preparatory course from Singaporean-approved learning partners will help you become a qualified chartered accountant professional with industry experience in the field due to the similarity of the curriculum structure of both programmes.

What does a chartered accountant do?

CAs are financial experts. They handle a variety of tasks, from auditing company finances to preparing tax returns, ensuring financial compliance and offering financial advice. They can work in public accounting firms or corporations or even start their own practice.

Why build a career in chartered accountancy?

It's a stable and rewarding field with strong job prospects. CAs are highly sought-after for their expertise and the qualification opens doors to diverse career paths within finance. Also, CAs often attract competitive salaries and enjoy good job security.

Which stream is best for the chartered accountancy course?

There isn't a single ‘best’ stream, but a strong foundation in commerce or business studies with accounting is valuable. Mathematics and statistics skills are also beneficial.

Should I pursue my CA course after the 12th or graduation?

This depends on your programme options. Some countries offer a foundation programme after the 12th to prepare for the CA Singapore course. However, a bachelor's in accounting allows you to potentially skip this step and jump straight into the professional programme.

Is a CA a government job?

Not necessarily. CAs can work in a variety of settings, from private companies and multinational corporations to public accounting firms. The beauty lies in the flexibility!