Young people have many options to choose when looking for their purpose in life. You can be an artist, teacher, architect or accountant. Regardless of your interest, you can pursue it with multiple opportunities in Singapore. Well, if you are determined to become an accountant, you should know how to become a chartered accountant in Singapore. Honestly, there are many things you need to do before you achieve your dream.
At this point, you have probably heard about the Institute of Chartered Accountants in England and Wales( ICAEW.) They are an organisation that focuses on moulding young talents with their ICAEW modules, Chartered Accountant course and accounting programs. Naturally, it may sound intimidating to you. However, pursuing your passion as an accountant should make you more inspired and courageous. To give you a boost of confidence, read this article to know why being an accountant is a good choice.
Who is ICAEW and How to Qualify To Their Organisation
ICAEW started in the UK in 1880. It is a membership organisation with offices in Asia, including Malaysia, Vietnam, Indonesia and Singapore.ICAEW connects with chartered accountants all over the world to support their career journey as professional accountants. The organisation gives the training to ensure that accountants have the knowledge and skills to continue their profession.
ICAEW also shares their knowledge through ICAEW modules, a Chartered Accountant course and other training programmes for aspiring accountants. With this, the organisation can ensure that they will produce professionals that contribute to the growth economy. For sure, you’re wondering, “what is ICAEW qualification?” Well, there are qualifications that you need to achieve to become a part of the organisation.
How to Qualify in ICAEW
Indeed, joining ICAEW is an opportunity to jumpstart your career. However, you should know the qualification of a chartered accountant in Singapore first before venturing into this occasion. So, read further to know the qualifications you need to have.
Be a Member of Professional Body
The ICAEW requires a person to be part of a professional accounting organisation in their respective countries. You need to be a member of the following professional bodies:
- The Association of Chartered Certified Accountants (ACCA)
- Institute of Certified Public Accountants in Hong Kong
- The Chartered Institute of Public Finance and Accountancy
- Institute of Chartered Accountants (Including Nepal, Nigeria, Pakistan, Sri Lanka, India)
- Institute of Certified Public Accountants in Kenya
- The Institute of Singapore Chartered Accountants (ISCA)
- Institute of Certified Public Accountants in Malaysia
- Institute of Certified Public Accountants in Greece
Remember that you need to be a fully qualified member of any of the organisations above. For part-timers, they are not eligible in Singapore as a qualification of a chartered accountant in ICAEW. To add, you need to be a member for at least five years as a full-timer.
Membership Through Formal Education and CPD Compliance
With this, you should gain your membership through formal education or any training programs. It is also essential that you have an exceptional school record to show that you are deserving to become a member of ICAEW. With this, you have to comply with the continuing professional development (CPD) of your chosen professional body.
Clean Disciplinary Record and Sponsorship
Of course, you need to have a clean record. On top of your educational and career achievements, you have to show a good attitude. Regardless of your background, your characteristics will set you apart from other professionals. Also, get a sponsorship that will support your journey with the ICAEW. To know more about it, you should visit their website.
At this point, your question “What is ICAEW qualification?” is already answered. To further help you pursue your decision, read in the next section why being a chartered accountant is a good decision.
Reasons Why You Should Continue Being an Accountant
After how many years, you have finally decided to pursue a career in accounting. Well, people have asked you how to become a chartered accountant in Singapore. Since you have experience, you can share with them how you achieve your dream. Also, the reasons why you chartered accountant is a good choice. In this section, you will see why you should continue this profession.
You Don’t Need to be a Math Expert
When people hear the word accounting, most of them will think that it is all about mathematics. Hence, It is the number one misconception about studying accountancy. Well, yes, mathematical skills are an essential part of being a chartered accountant. However, there are other skills you need to acquire. You have to be a good listener, practice organisational skills, communication skills, analytical skills, etc. See, you will learn many things along the way.
Fortunately, ICAEW modules and a chartered accountant course in Singapore have lessons more than mathematics. They have case studies, strategic business management, business planning, financial report, tax compliance and business law. As you can see, math is only a part of accounting. So, when you choose this career, you will learn many valuable skills in life.
Work in Any Industry
Looking for a job is a tedious process. You have to wait for the reply from HR. Plus, accept that you’ll receive rejections before landing a job. See, if you limit yourself, it will be harder for you to find work. Some professions are only limited to particular industries. As a result, it will be a challenge for them to look for a job.
Luckily, every industry needs an accountant, from food business to tech business. As you can see, all companies have to hire people to manage their financial status. This way, you can work in any industry, which means finding a job is uncomplicated.
Plus, when you start this career, you will gain skills that apply to many industries. All you have to do is to remember the lessons from your ICAEW modules and chartered accountant course.
Become an Entrepreneur
In Singapore, the chartered accountant qualification is competitive, which means you can learn many things from it. It includes checking records, examining accounts, formulating financial reports and completing tax returns. As you practice your profession, you will gain financial skills that will help you start your business. Since all business needs financial preparations, you can begin to build your business.
At an early stage of your business, you can handle the preparation instead of hiring someone else to do it. With this, it will be more accurate because you know what you want or your business.
You Help People
Do you like to be a part of a positive change to someone’s life? If so, a chartered accountant is an appropriate profession for you! Along the way, you will help many people achieve their goals and dreams in life through financial support. Accountants help people for most of their career. Plus, an accountant thinks to help people achieve their business goals or personal financial goals.
If someone asks you how to become a chartered accountant in Singapore, you should tell them that they should have the heart to help other people through your knowledge and skills. See, being an accountant is more than counting numbers. It is also about assisting people to gain financial literacy.
Wherever you go, people need an accountant. Everywhere in the world, money is an aspect of daily life. With this, you can also work abroad! Not only you can find a job in any industry, but also you can use your profession to be an adventurer. Another advantage is that you can use your membership at ICAEW to meet people internationally. In a way, you will create connections with different professionals in the industry.
In a way, you’ll have more opportunities to widen your reach and audiences. Also, you can apply the lessons from ICAEW modules and a chartered accountant course in real-life situations abroad. It will help you expand your knowledge and skills that can help you be more successful.
Demand is Growing for Accountants
A country needs the economy to grow continuously. Hence, a country has to produce professionals with financial knowledge and expertise. As mentioned above, you can work in any industry and abroad. It is a clear sign that the demand for accountants is growing.
After all, money is a lifeblood for the country’s economy. In Singapore, the chartered accountant qualification is a high standard. So, even if there is a high demand for accountants, you should still practise your skills and continue improving your accounting knowledge.
Better Understanding About Taxation and Law
A competitive accounting curriculum should include lessons that are related to taxation and law as well. There are instances that some people will neglect the rules and regulations about business laws. Hence, an accountant needs to know about taxation and accounting law.
This way, you can safeguard honesty in your business. Also, a competitive curriculum will keep you updated about the latest developments in the accounting industry. So, make sure that you attend programs like ICAEW modules and a chartered accountant course in Singapore.
After reading this section, you are now knowledgeable about the benefits of accounting as your career. But, how can you stay in the industry? In the next section, you will learn about the skills that every accountant needs to have.
Skills You Need to be an Accountant
As you can see, there are many advantages when you practice being an accountant as your profession. But, how can you survive in the competitive industry of accountancy? To answer: how to become a chartered accountant in Singapore, the article will provide you with the skills you need to develop for a successful career.
Innovative and Enthusiasm
The world continues to evolve, so as the business industry. Hence, be innovative and adaptable to the changes. Of course, you need to have fresh and unique ideas to impact the future of your career. To do this, you need to be enthusiastic and passionate about your profession.
This way, you’ll be able to put your heart into making a solution for the future generation. Lastly, innovations and enthusiasm will lead to great ideas that will have a positive impact on society.
Communication and Listening skills
As a chartered accountant, you will meet many clients in your career. Some of your clients will need guidance about the jargons and terms in the accounting world. So, you need to develop communication skills that will make complicated words more understandable. You should also need to have coherence when explaining the solutions to your clients.
Of course, you also need to develop your listening skills when they have questions about the solution proposals. With listening skills, you can also be compassionate towards their problems. See, in Singapore, the chartered accountant qualification is also about relating with other people. Hence, you need to develop these skills to stay on top in the industry.
Resilience and Integrity
As with any career, you will face challenges along the way. Hence, be more resilient when working your way out of your comfort zone. You also practice integrity to solve your problems. Remember, there is no easy path to success. That’s why you need to work resiliently with deadlines, criticism, and challenges as your learning opportunities.
Better yet, you can use the things you’ve learned from the ICAEW modules and a chartered accountant course in Singapore. With this knowledge, you will be able to resolve problems in the right way. After all, being an accountant, you should also believe in your skills, talents and abilities.
Bringing Success with ICAEW in Singapore
Everyone has ambition in his/her life. Everyone has the motivation to become successful in life. It may be because of their family, money, self-improvement, etc. Well, regardless of the reason, you should partner with an organisation like ICAEW that can bring success to your life. Of course, you also need to have determination and perseverance. But, a helping hand can go a long way!
To find assistance, you should know more about ICAEW in Singapore. They are an organisation that supports young and aspiring accountants. In their organisation, you can have an opportunity to undergo training with their ICAEW modules and a chartered accountant course. It will equip you with the knowledge that can help you when you face problems.
Are you wondering how to become a chartered accountant in Singapore? Visit their website here and learn the ICAEW qualification.