Jobs Transformation Maps launched for the Finance and Accounting functions, and Accounting Practices

The Singapore Accountancy Commission (SAC) and the Singapore Economic Development Board (EDB), supported by Workforce Singapore (WSG) and SkillsFuture Singapore (SSG), launch the Jobs Transformation Maps (JTMs) for In-house Finance & Accounting (F&A) functions and Accounting Practices today, with Ms Indranee Rajah, Minister in the Prime Minister's Office, Second Minister for Finance and National Development, gracing the event as guest-of-honour.

JTMs identify key technologies that are driving change; the impact on individual job roles; and the pathways for employers to transform jobs and for workers to acquire requisite skills as existing job roles evolve and new job roles emerge. In view of this, Ernst & Young and Deloitte were commissioned to study the Accounting Practices, and the In-house F&A functions, respectively. 

The JTM studies indicate the need to embrace technology and acquire new skills at all levels to remain competitive and relevant in today’s increasingly complex business and regulatory environment. Professionals whose jobs are less impacted by technology will benefit from the automation of some tasks to enhance their ability to focus on higher value-adding tasks requiring judgment, deep technical knowledge and business acumen. Job roles that focus on process-oriented tasks will benefit from greater automation for improved efficiency and accuracy; job redesign to allow employees to add greater value to the business; and training in skills in demand. New initiatives will be launched to support employers and employees in their efforts to be competitive and ready for the future of work.

Continued growth, including in emerging areas, will spur demand for manpower and the emergence of new job roles  

Demand for accounting and other professionals will continue to grow in these two segments, with a projected demand of 6,000 to 7,000 new accounting jobs by 2025. This will add to the current workforce of more than 100,000. (Current workforce size: more than 80,000 employees in In-house F&A functions and about 20,000 in Accounting Practices)

Accounting Practices will see accelerated growth in demand for manpower due to increasing digital maturity of both clients and accounting practices; rise in clients’ demand for advisory services; and increasing emphasis on non-financial metrics in valuing businesses. Increased demand is expected in Tax, Risk Advisory, Mergers and Acquisitions, Financial Forensics and Business Valuation.

The In-House F&A segment will continue to be critical in supporting companies as they grow and expand from Singapore into the region.

As the global business environment changes, new job roles are emerging to meet new requirements. Eight new job roles have been identified in the In-House F&A functions, and three new job roles have been identified for Accounting Practices. Among the total of 11 emerging job roles are Specialist Ethical Hackers, Citizen Data Scientists, and Environmental, Social and Governance (ESG) Specialists, to name a few. 
 

New initiatives launched for job transformation and upskilling  

The JTMs studied a total of 58 job roles of which the majority, ie, 45 job roles (78%), will require minimal or moderate job redesign over the next two to five years. The studies found that these job roles are not susceptible to displacement as they involve more value-adding tasks.

The remaining 13 job roles studied will see a high degree of change in job tasks and require greater job redesign and reskilling of employees over the next two to five years. These roles predominantly involve repetitive tasks that can be automated. The 13 job roles comprise mainly Associates, Executives and Accounts Assistants in various tracks in both Accounting Practices, and In-House F&A functions.

The JTMs also indicate the need for upskilling in technology and soft skills. Technology skills that are increasingly in demand include the application of Artificial Intelligence, Cloud Computing, Data Analysis and Interpretation, and Robotics and Automation. Soft skills required include adaptability, creative thinking, and customer orientation, amongst others.

New initiatives will be launched to support employers and employees in their transformation and upskilling efforts. EDB, SAC and WSG are working with NTUC’s e2i (Employment and Employability Institute) and the Institute of Singapore Chartered Accountants (ISCA) on various initiatives which include the following:      

1. Accountancy Job Redesign Initiative and Toolkit  
2. Career Conversion Programme for Accounting Professionals   
3. In-house Finance & Accounting Self-Assessment Questionnaires (SAQ) for Corporates and Individuals  
4. Accountancy Career Hub
    

Accountancy Job Redesign Initiative and Toolkit

The Accountancy Job Redesign Initiative is launched today by WSG, SAC and the Singapore National Employers Federation (SNEF) to enhance the roles of F&A professionals, and improve the productivity of F&A functions by leveraging on technology. Enterprises with In-House F&A functions and Accounting Practices will be able to review accounting work processes to streamline transactional or repetitive tasks and improve productivity, increase job value and attractiveness through job enrichment or enlargement, and/or implement accounting technology solution(s). Eligible enterprises will also be able to receive funding support through the Productivity Solutions Grant for Job Redesign (PSG-JR) at up to 80% of the job redesign consultancy cost, capped at $30,000 per enterprise till 31 March 2022. Beyond 31 March 2022, the PSG-JR funding rate will revert to up to 70% of the job redesign consultancy cost, capped at $30,000 per enterprise. This initiative aims to benefit at least 50 companies and over 150 professionals for a start.

The Job Redesign Initiative was piloted with nine Small and Medium-sized Practices in April 2020 by WSG, SAC and ISCA with good outcomes, such as increased productivity and job value enhancements of over 40 employees’ roles, of whom 17% are mature workers. 

WSG, EDB, SAC and ISCA have developed the Job Redesign Toolkit [see Accountancy Job Redesign Toolkit], a step-by-step guide to redesign the top four job roles impacted by technology as cited by the JTMs. The toolkit currently features two job roles, ie, Accounts Executive, and Senior Accounts Executive/Accountant. It will be available for the remaining two roles, Tax Associate and Audit Associate, in late Q1 2022. The toolkit will include a job evolution and training roadmap, change management strategies, case studies, and available funding options for job redesign and adoption of technology solutions.

Career Conversion Programme for Accounting Professionals

The Career Conversion Programme (CCP) for Accounting Professionals will be launched in Q2 2022 for local PMETs, without an accounting background, to acquire the skills and experience required to take on Accountancy roles to meet the projected manpower demands in the sector. The CCP also aims to reskill existing employees to take on redesigned or new roles. Some of these accountancy roles include specialist tracks in accounting, audit and tax.

ISCA and the Tax Academy of Singapore are advising on the development of the CCP programme archetype.

In-House Finance & Accounting Self-Assessment Questionnaires (SAQ) for Corporates and Individuals

EDB will launch the Corporate and Individual SAQ on their website (fa-saq.edb.gov.sg) on 10th January 2022, for employers and F&A practitioners to assess their current level of F&A sophistication, and take steps to progress to their desired level of sophistication. The results of the online self-assessment are compiled in a Report Card which will show a customised set of recommendations and links to resources that support F&A transformation. 
 

Accountancy Career Hub (ACH)

The Accountancy Career Hub (ACH) will be set up in Q1 2022. It aims to be the main touchpoint providing employment and employability support for the accountancy sector. It will offer jobseekers career guidance, job matching services, skills upgrading courses, and industry-specific events. Both jobseekers looking to enter the industry and accountancy professionals exploring new career tracks within the sector will find relevant help at the hub. ACH is a joint initiative by NTUC’s e2i, SAC and ISCA.

Keeping relevant for the future of accounting

As the evolving business environment presents fresh opportunities and the prospect of robust growth of accountancy jobs, investing in digital technologies, redesigning jobs, and reskilling will keep accounting professionals relevant for the long run. 

The JTMs were launched today at a virtual event attended by more than 200 senior accountancy professionals, with ISCA as a Strategic Partner for the event.

The JTM reports are here.