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Home Business Insights Competencies and Capabilities

Beyond the numbers – accounting is still a great career for young talent

Mark Billington by Mark Billington
March 25, 2024
Photo by Mikhail Nilov: https://www.pexels.com/photo/colleagues-standing-in-white-long-sleeve-shirts-discussing-and-reading-a-financial-report-8297478/

Photo by Mikhail Nilov: https://www.pexels.com/photo/colleagues-standing-in-white-long-sleeve-shirts-discussing-and-reading-a-financial-report-8297478/

Last year, Finance Minister Lawrence Wong highlighted that the number of people pursuing accounting degrees has dropped by over 10 per cent over the past five years, and fewer accounting graduates go on to take up careers in the profession. Is the accounting profession losing its appeal?

Historically, accountants have played a crucial role in business and the economy. In ancient civilisation, scribes were entrusted with the task of meticulously noting down financial transactions, managing tax records and overseeing trade affairs.

Today’s accountants play a multifaceted role, wielding their expertise not only in financial management but also using their insights to drive innovation in new products and services. They are instrumental in job creation and contribute significantly to the economic prosperity of society.

In fact, they can be heroes too.

Harry Markopolos, a financial analyst-turned-fraud investigator, uncovered fraudster Bernie Madoff’s US$65 billion investment Ponzi scheme after a persistent and meticulous investigation.  Despite having his suspicions dismissed initially, Markopolos’ hard work paid off when Madoff confessed to running the largest known financial fraud in history in 2008, at the height of the global financial crisis.

The investigator’s unwavering dedication to exposing the truth brought justice to Madoff’s victims and highlighted the importance of financial oversight.

It is time we highlight how rewarding and prestigious an accounting career can be.

Help lead the charge towards net zero

Last year, the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation announced plans to mandate climate-related reporting for both listed and large non-listed companies in Singapore, in line with the recently published International Sustainability Standards Board (ISSB) disclosure standards.

With the growing mandate for Environment, Society, and Governance (ESG) reporting requirements, today’s finance and accounting professionals go beyond simply measuring and reporting the impact of climate change, environmental regulation, supply chain pressure and rising energy costs.

Chartered Accountants are guiding their businesses to meet their net zero goals and sustainability reporting. These professionals are in the drivers’ seats of their ESG and sustainability teams in integrating climate risks into financial management and business planning, helping to design their organisations’ sustainable business strategies.

Strategic advisors leveraging technology

With the availability of AI-powered tools that automate tax filing, write tax memos, and synthesise thousands of manual journal entries in a day to identify potential fraud, accountants are increasingly freed up to take on more strategic roles.

The new role of accountants will lean towards consulting and financial control, as they help management implement the right strategies and invest in the right technologies. Altogether, these will pave a smoother path towards innovative growth while maintaining high standards of financial discipline.  

The future also spells a rise in hybrid and synergistic roles in this sector. More roles will focus on ‘tech-enablement’, such as training machine-learning models, or on data governance. As advisory and consultancy skills weave into play, accountants may also find themselves acting as brokers between technical experts and clients.

Ethical guardians of businesses

The discovery of $2.2 billion in laundered assets in Singapore serves as a stark reminder of the need for robust ethical standards and stronger safeguards against financial fraud.

Accountants serve as ethical guardians within businesses. Their commitment to objectivity and adherence to professional codes ensures transparency and prevents fraudulent activities. They are also the first line of defence against financial risks, meticulously preparing financial statements, assessing internal controls, and analysing potential pitfalls. By staying updated on regulations and collaborating with other professionals, they help navigate volatile financial landscapes.

Chartered accountants are also gaining more trust than ever. The 2023 trust report from Edelman and Chartered Accountants Worldwide (CAW) found that 78% of businesses see accountants as key partners in navigating economic challenges. Businesses urge accountants to expand their roles beyond finance, offering guidance on resilience, ethics, data integrity, and navigating technologies like AI and ESG matters.

Tomorrow’s accountant – a coveted role

Accountants remain core to the success of every organisation. It is time to shed accounting’s “boring” or “monotonous” image of yesterday. Instead, let’s highlight how the profession has evolved, now playing a critical role in navigating complex challenges for their organisations’ sustainable, successful and responsible future.

Related:  People moves: Hong Kong’s Sino-Ocean Service, Singapore’s Hiap Hoe
Tags: ACRACAWESGICAEWissb
Mark Billington

Mark Billington

Mark Billington is the managing director ICAEW International based in Dubai having previously been the regional director Greater China & South-East Asia. He is responsible for leading ICAEW activities outside the UK to support members, grow student numbers, manage stakeholder engagement and develop ICAEW’s international capacity building. After qualifying as an ICAEW chartered accountant in 1990, Billington worked in a variety of industry verticals in the Telecoms sector for multi-national, national and start-up companies. From 2003-2007 Billington was the CEO of O2 (Asia Pacific & Middle East) based in Singapore where he was responsible for the creation of a premium brand in Asia as well as dealing with the supply chain of O2 into Greater China valued at over US$500m. Prior to this, Billington was the COO and SVP for O2 (Netherlands) and oversaw one of the largest outsourcing telecoms deals in Europe during that period valued at €1bn. Before joining O2 he held a variety of roles in British Telecom plc including responsibility for strategic investments in France valued at over £4bn. Billington has over twenty-five years’ experience in evaluating and managing large, complex deals and organisations, and is a frequent speaker and commentator in the ASEAN region. He has sat on the Singapore Accountancy Commission’s Productivity Advisory Committee having previously sat on the Research Centre and Development Fund Committee.

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