Talent Pipeline for Chartered Accountants
ACRA and ISCA have been working with key industry players and members of academia under the auspices of the Accountancy Workforce Review Committee (AWRC) to strengthen our talent pipeline for the accountancy profession, which is in high demand in many sectors, including in new areas like sustainability reporting and financial forensics. The Committee is co-chaired by former Singapore Accountancy Commission Chairman Mr Chaly Mah and 2nd Permanent Secretary of the Ministry of Finance Ms Lai Wei Lin. In line with the work of the AWRC, in November 2023, ACRA announced two enhancements to the SCAQ to enable individuals from diverse backgrounds to pursue the SCAQ qualification[1]. To better harness synergies from the work of ISCA in advancing the accountancy profession, the SCAQ has been administered by ISCA on behalf of ACRA since 1 January 2024.
The fee revision is part of ACRA and ISCA’s joint efforts to further enhance the accessibility of the SCAQ and attract more individuals to embark on the SCAQ to build a sustainable talent pipeline for the accountancy profession. Over the years, as the programme gained wider recognition, enrolment has also grown. With better economies of scale, ACRA and ISCA have been able to lower the various SCAQ fees – examination fees, re-sit fees, and exemptions fees – for both the SCAQ Foundation Programme and Professional Programme from June 2024.
In addition to the revision in fees, a new “student” fee category has also been introduced for the Module Exam Fees, to encourage students to start their SCAQ journey whilst pursuing their tertiary academic qualifications, to attain their CA designation earlier.
The revised fees (before GST) are as follows:
| Original Fees | Revised Fees(for examinations from June 2024) | ||
| Student(New category) | Non-Student | ||
| Foundation Programme (FP) Module Exam Fees | $500 | $300 | $375 |
| Professional Programme (PP) Module Exam Fees | $1,300 | $700 | $975 |
| FP Module Re-sit Fees | $500 | $200 | |
| PP Module Re-sit Fees | $1,300 | $500 | |
| FP Module Exemption Fees | $500 | $200 | |
| PP Module Exemption Fees | $1,300 | $500 | |
Candidates who are interested in taking the SCAQ examinations can apply for the June 2024 examinations from 15 January 2024 to 31 March 2024.
ACRA Chief Executive, Mr Ong Khiaw Hong said, “The fee revision will make the SCAQ accessible to a wider pool of talent to help build a sustainable talent pipeline for accountancy professionals in Singapore. We will continue to work with ISCA to review the SCAQ to ensure it stays relevant and attractive.”
In addition, ISCA will also be putting in place measures to enhance learning support for SCAQ candidates. ACRA will continue to maintain oversight on the SCAQ programme and work with ISCA to develop the SCAQ and provide conducive pathways for individuals interested in pursuing an accountancy profession.
With effect from 1 January 2024, ISCA has taken on the administration of the SCAQ and will be putting in place measures to enhance learning support for the SCAQ candidates. ACRA continues to maintain oversight on the SCAQ programme and works with ISCA to develop SCAQ and provide conducive pathways for individuals interested in pursuing an accountancy profession.
ISCA President, Mr Teo Ser Luck said, “We have already put in place several initiatives including a dedicated SCAQ Centre that will provide a conducive learning space as well as learning support for our SCAQ candidates. Other initiatives include scholarships for top accountancy students, financial assistance for students in need, and a pilot collaboration with local universities to provide sponsored tuition to accountancy undergraduate students to accelerate their SCAQ journey.”
[1] Enhancements to the SCAQ Programme include: 1) Increase in length of practical experience recognised for purpose of “Relevant Practical Experience Component” that count towards SCAQ programme, and 2) Enhanced pathways to the SCAQ for local polytechnic graduates. More information can be found on ACRA’s website.
