The health of the accountancy profession is inextricably linked to how well businesses and the economy at large are doing amidst prevailing conditions, according to CPA Australia’s Singapore Country Head Melvin Yong.
“I think over the next 12 to 18 months, the accountancy profession will be dictated by the economy. I see slower growth, but still flowing along,” he said.
Melvin shared that the growth of Asia with the ASEAN Economic Community taking off will mean more opportunities for accountants and finance professionals to gain international exposure.
New Potential
With increasing digitalisation, Melvin shared that main areas of audit, tax compliance, advisory and consultancy services are expanding quickly.
“Computers have taken over some of the basic tasks, as they have in other industries. This provides opportunities for accountants to upskill and go into areas where technology now enables them to do higher value work.
“By that, I mean data analytics, analysis, managing of big data and how new-fangled technologies like block chain will change the way things work. These are the opportunities, this is where new jobs will be created in the economy,” said Melvin.
Being Future-Ready
Attaining relevant academic qualifications may be necessary for young accountants cutting their teeth in the industry, and continuous professional development will help prepare them for the future.
“In CPA Australia, we have four key groups of skills which we encourage our members to pick up. These are leadership skills, soft skills, technical skills as well as business related skills,” said Melvin.
He added that members have to commit to 120 hours of professional development over a three-year period.
“By doing this, you get to build knowledge and improve your experience,” he added.
Being a part of an association like CPA Australia will also enable professionals to learn from fellow members.
“When they come together, they might exchange ideas, share views and experiences. That’s how you pick up certain things.
“There’s an x-factor that is harder to pin down… That is how accountants or finance professionals break out of the box in which they are familiar with, to understand the contributions they make to their companies and how that fits into the larger picture,” said Melvin.
Partnering The Labour Movement
Melvin shared how CPA Australia has partnered NTUC U Associate and NTUC’s e2i (Employment and Employability) to come up with two professional development tracks – the Finance Operations Development Program and Your Business and Finance Advantage programme.
“Both programmes target mid-level professionals in the finance sector and also teach core technical, business and soft skills that we think they need to pick up in order to stay ahead of the competition.
“In the spirit of lifelong learning, these courses can be taken in any combination,” shared Melvin.
Training aside, Melvin also detailed the importance of networking through U Associate.
“Networking in this business is important. How you progress may be about who you know. And perhaps if you work in a corporation, the networks and contacts that you meet could well mean new business opportunities,” he said.
