ISCA allocates $15 million to support aspiring Chartered Accountants via the Singapore Chartered Accountant Qualification Programme
- Written by Telegraph Magazine
SINGAPORE - Media OutReach Newswire - 26 December 2023 - The Institute of Singapore Chartered Accountants (ISCA) announced plans and initiatives in the next 3 years to support candidates in their Singapore Chartered Accountant Qualification (SCAQ) Programme.
What is the SCAQ Programme?
The SCAQ Programme is the national Chartered Accountant (CA) qualification programme that qualifies candidates for the conferment of the prestigious designation of Chartered Accountant of Singapore (CA Singapore). The SCAQ programme was developed in 2013 and administrated by the former Singapore Accountancy Commission (SAC). The former SAC has since merged with the Accounting and Corporate Regulatory Authority (ACRA) on 1 April 2023 [1].
From 1 January 2024, ISCA will assume the role of SCAQ programme administrator, overseeing the day-to-day management of candidate registration, programme enquiries, and the SCAQ examinations. ACRA will continue to maintain oversight of the programme to ensure strategic alignment with the needs and development of the accountancy sector [2].
This will streamline administrative processes, allowing a seamless transition for SCAQ candidates to attain full membership with ISCA as Chartered Accountant of Singapore (CA Singapore) upon completion of the SCAQ programme.
Building the Infrastructure to Support Aspiring Chartered Accountants
Recognising the need to enhance the infrastructure of SCAQ in order to grow the Chartered Accountant talent pipeline, ISCA will invest an initial S$15 million over 3 years, with enhancements such as:
1. Scholarships
From 1 January 2024, ISCA will assume the role of SCAQ programme administrator, overseeing the day-to-day management of candidate registration, programme enquiries, and the SCAQ examinations. ACRA will continue to maintain oversight of the programme to ensure strategic alignment with the needs and development of the accountancy sector [2].
Building the Infrastructure to Support Aspiring Chartered Accountants
Recognising the need to enhance the infrastructure of SCAQ in order to grow the Chartered Accountant talent pipeline, ISCA will invest an initial S$15 million over 3 years, with enhancements such as:
1. Scholarships
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.
2. 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.
3. 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.
4. Enhancement of Learning Resources
Those interested in becoming a CA (Singapore) via RMA and/or MRA, can find out more at: https://isca.org.sg/membership/pathways-to-international-recognition/reciprocity-agreement
2. 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.
3. 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.
4. 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.
5. 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.
6. 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 by ISCA, with more to come in the near future.
ISCA President, Mr Teo Ser Luck said: “We will support students with more enhancements to make the SCAQ programme accessible and attractive.”
Why become a Chartered Accountant of Singapore (CA Singapore)?
The SCAQ programme comes with a curriculum that imparts cutting-edge technical skills and weaves together elements that meet the needs of Singapore and the Asian market. Having the certification enables one to have wide career options in any industry, including leadership positions in C-Suite roles.
Attaining the CA (Singapore) certification also serves as a leveller and booster in terms of career growth and renumeration.
The SCAQ is also globally recognised and internationally portable, with Reciprocal Membership Agreements (RMA) with the leading professional accountancy bodies in Australia, New Zealand, Ireland, England and Wales, Scotland as well as a Mutual Recognition Agreement (MRA) with another Australian professional body. This means that upon completing the SCAQ, one is eligible to get more than one credential, allowing for the heightening of professional recognition and opening the door to international career opportunities.
[1] ACRA, 'Serving the Accountancy Sector as One Entity' (1 April 2023, https://www.acra.gov.sg/announcements/serving-the-accountancy-sector-as-one-entity)
[2] ACRA, ‘The Institute of Singapore Chartered Accountants (ISCA) to administer the Singapore Chartered Accountant Qualification Programme (SCAQ) from 1 January 2024’ (19 December 2023, https://www.acra.gov.sg/news-events/news-details/id/773)
[2] ACRA, ‘The Institute of Singapore Chartered Accountants (ISCA) to administer the Singapore Chartered Accountant Qualification Programme (SCAQ) from 1 January 2024’ (19 December 2023, https://www.acra.gov.sg/news-events/news-details/id/773)
Hashtag: #ISCA #SCAQ #CharteredAccountants #Accountancy
The issuer is solely responsible for the content of this announcement.
About the Institute of Singapore Chartered Accountants
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a world-class accountancy body of trusted professionals, contributing towards an innovative and sustainable economy. There are over 35,000 ISCA members making their stride in businesses across industries in Singapore and around the world.
Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.
ISCA is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
For more information, visit www.isca.org.sg.
