When it comes to support for future finance talent in the new year, the Institute of Singapore Chartered Accountants (ISCA) announced recently its plans and initiatives in the next three years to support candidates in their Singapore Chartered Accountant Qualification (SCAQ) Programme.
The SCAQ Programme—developed in 2013 and administrated by the former Singapore Accountancy Commission (SAC)—is the national Chartered Accountant (CA) qualification programme that qualifies candidates for the conferment of the designation of Chartered Accountant of Singapore (CA Singapore), ISCA said.
While the former SAC has since merged with the Accounting and Corporate Regulatory Authority (ACRA) on 1 April 2023, ISCA from 1 Jan 2024, will assume the role of SCAQ programme administrator, overseeing the day-to-day management of candidate registration, programme enquiries, and the SCAQ examinations, ISCA noted.
ACRA will continue to maintain oversight of the programme to ensure strategic alignment with the needs and development of the accountancy sector, ISCA added.
Recognising the need to enhance the infrastructure of SCAQ for the growth of the Chartered Accountant talent pipeline, ISCA said it will invest an initial S$15 million (US$11.36 million) over three years with the following enhancements
Types of support for future finance talent
Scholarship. ISCA is looking to provide more scholarships for aspiring Chartered Accountants in universities and polytechnics, for both accountancy and non-accountancy graduates.
The selection process will be done in partnership with the local universities and polytechnics.
Sponsored tuition. Recognising that not all students have the means to get additional support for their SCAQ study, ISCA will be collaborating with local universities to provide sponsored tuition for SCAQ candidates.
SCAQ Centre. ISCA has set up SCAQ Centre, a dedicated study and learning space located at 60 Cecil Street, in the heart of the Central Business District. Expecting the demand to grow, ISCA also has plans to expand the space.
Apart from having a conducive study space, candidates can get support from classes on SCAQ modules. Classes will also be available online for foreign candidates or for those who prefer virtual learning.
Enhancement of learning resources. To enhance learning materials for candidates, ISCA plans to provide more interactive learning resources including bite-sized learning videos as well as tips and tricks for more effective studying.
Candidate communities. Candidate communities will form the support system for candidates who are taking the SCAQ.
ISCA intends to build a stronger candidate community and network by providing facilitated study sessions, mentoring sessions, candidate and alumni events.
Study First Pay Later. For university students who would like to kick start their SCAQ journey while they are still studying, ISCA will support them through the “Study First Pay Later” scheme.
These students can focus on their studies and qualification journey and pay back the SCAQ programme fees after they have started working.
These represent only some of the initiatives to support future finance talent by ISCA, with more to come in the near future, said ISCA President Teo Ser Luck.
