A global study by the Association of Chartered Certified Accounts (ACCA) titled Professional Accountants – the future revealed how change drivers such as technology, globalisation and regulations are disrupting the jobs of finance professionals.
To keep ahead, ACCA has had to incorporate situation-based assessments and turn its focus on professional skills in its training curriculum.
“Technology is speeding up global changes and making them more widespread. For an accountant, the effect is more dramatic because for the longest time, accounting was a controlled function and everyone had their own way of doing things.
“Right now, things like block chain, an internet-type system where data is safely distributed, are standardising systems,” said Reuter Chua, country head of ACCA Singapore.
Accounting now is more than just checking figures and reconciling numbers. It now includes working digital systems, interpreting the figures and using them to advice or make recommendations to clients or business partners.
“If you are going to be an accountant of the future, you will need other skills besides technical skills. An accountant’s role is to understand regulation and then simplify that for clients. In Singapore particularly, the majority of our businesses are going global. Accountants will need to know how these business model changes are happening and then be ready to analyse and advise businesses,” said Reuter.
Partnering The Labour Movement
“In our collaboration with NTUC, we are looking at research in Singapore to anticipate future job and skill changes. This will benefit both ACCA and NTUC members by providing us a sense of where we are in our ability to anticipate and respond to changes in job roles,” he said.
ACCA hopes to partner the Labour Movement in developing short courses in finance and accountancy that will be accessible to all Singaporeans. At the same time, ACCA also hopes to support women keen on rejoining the workforce.
“We are also hoping to tap into the Returners Programme, where we can support women who are returning to the workforce to enable them to contribute to the economy. Hopefully, we can provide joint programmes to encourage women to come back into the workforce and to prepare them to come back productively,” said Reuter.
Leveraging The Network
Admittedly, coping with change is easier said than done. Reuter added that this is where a global outlook is very important.
“If we open our eyes and look around in the world, there are many examples of different ways to do things and this is where networking is going to be important. Not just networking with the same kind of people you know, but networking with others outside your comfort zone.
“When we talk about social networking and gaining business exposure for accountancy professionals, networks like U Associate is fantastic. We are trying to collaborate with professional bodies who are involved in the IT and cyber-security sector,” he said.
