What is the square root of 225? Let us face it: not all of us can answer that question in a snap. That is for sure since not everyone is good with numbers, let alone likes it. Well, not unless it is about counting money. But for those who excel in Mathematics or even enjoy doing equations and solving problems, getting Singapore chartered accountant qualification could be a practical choice.
At first glance, it is easy to classify accounting as another boring profession that geeks or anyone with cardboard personalities pursue in life. Yet, that is not always the case. The truth is, this kind of opinion is another stereotype that people think is true, but they are mistaken.
In reality, there are even celebrities who took accounting and gained a license to perform in this field. One of which is Mick Jagger of The Rolling Stones. Not only did he once studied accounting at the London School of Economics, but he also finished it with a scholarship! Though he probably finds rock & roll music more satisfying than accounting.
More importantly, the role of accounting is endless. All businesses, whether big or small, need to keep their finances in check. That is why they must have an auditor or tax advisor to help them with that matter.
Now, if you are someone who wants to pursue this field, does becoming a chartered accountant (CA) pay off? Let us find out and learn how to become a chartered accountant in Singapore.
What Are the Benefits of Becoming a Chartered Accountant?
Choosing a career is one of the most vital decisions a person can make in life. All too often, upcoming college students consider their decision based on several factors, such as their interests, skills, and income. But those should not be the only basis of their choice. They should also think about whether that career they will work hard for can even render a return on investment in the long run.
For those who include that factor in their decision making, pursuing a career as a chartered accountant might be one of the top choices. Here are the reasons they chose this option and why you should, too.
Various Career Paths to Take.
After satisfying the Singapore chartered accountant qualification developed by Singapore Accountancy Commission (SAC), you can become anything. Depending on your decision, you can work as a chief financial officer, company secretary, auditor, bookkeeper, payroll clerk, and many more. These are one of the many opportunities you can take as your career path.
Sometimes, not only can you work in CA firms and government agencies, but you can also start a business of your own.
Receive High Earning Salary.
Once you become a chartered accountant, you will never run out of companies to work for. You can also make enough money for a living with a generous salary.
According to the number one job site worldwide, Indeed, the average base salary of an accountant in Singapore is around S$3,715 per month. Meanwhile, the highest salary offers S$8,172 per month but as Financial Controller. Now imagine how much wage you will earn once you gain more experience in the future? Pretty much a lot, right?
A Secure Profession.
As mentioned before, all companies need someone that can handle their finances. So, what is else more to say? If you choose to become a chartered accountant, many businesses will likely want to hire you. Even more, if you are so skilled in accounting and produce quality outcomes. That is how secure this profession is and why many choose it as their career path.
A Global Career.
A chartered accountant is a career recognised around the world. That is because, currently, there are more than 156,000 members across 149 countries, and ICAEW is one of the founding partners of Chartered Accountants Worldwide (CAW).
And in case you are wondering what ICAEW is, this acronym stands for the Institute of Chartered Accountants in England and Wales. They have been here since 1880 and helped a lot of people pursue accounting and become a chartered accountant.
There you have it! Those are the reasons that make a chartered accountant a more rewarding and exciting career to pursue. That is why if you also prefer this as your field of endeavour, consider completing the ICAEW modules in Singapore.
What Is the Difference Between Chartered Accountant and Certified Public Accountant?
Now that you have set your heart in accountancy, you probably have many questions in mind. Besides choosing which school to go to, there is a chance you are getting confused between a chartered accountant and a certified public accountant.
Though broadly speaking, there are not many differences between the two. But to end your confusion and clarify things, take a look closer at the listicles below.
Different governing boards manage two accounting certifications. Many of these boards have an interchange agreement. It means if you become a chartered accountant in another country and have enough papers proving that, you can work as a CA.
On the other hand, a certified public accountant can only work where they passed the board. But if they wish to work abroad, they need to gain a CPA license from that country. That is why many people want to become a chartered accountant since they can work right away in another country in case they move.
The education requirement for each certification is also different.
To those pursuing CPA, they need to have at least two years of accounting experience and a bachelor’s degree in business administration or accounting. After that, they should have a minimum study of 150 hours on their core subjects and pass the board exam.
Meanwhile, when it comes to Singapore chartered accountant qualification, it is open to many people. They could either have accountancy to non-accountancy degrees or local Polytechnic Diplomas in Accountancy. They could also become one even if they are undergraduates. They only need to go through and follow the table below.
There you go! Based on what you have read, becoming a chartered accountant is a bit simpler than CPA. That is why many people choose this as their career.
What Are the Qualities a Chartered Accountant Should Have?
If you have reached this part, that means you already made up your mind. You want to become a chartered accountant and complete every course it has in Singapore. If that is the case, let this section of the article show you the qualifications that a chartered accountant should have, especially once you are in the field.
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Can Communicate Well.
Just a heads up, becoming a chartered account is not all about spreadsheets and figures. Since no man is an island, you cannot work alone yourself. Remember, at the end of the day, your boss will ask you to present and explain the financial data you made. That is why if you cannot describe that to them, misunderstanding is inevitable not to happen.
Therefore, speak as clearly as you can and let them know why you come up with that solution in the financial data you made.
Meticulous to Details.
When working with numbers, there is little to no room for mistakes. A single error can snowball into miscalculation, and that would affect the bottom line of a business. As such, there is a possibility of loss in profit.
A suitable example for this matter is the US$2 trillion accounting error in President Trump’s proposed national budget. There, you would notice a simple mistake can be a big issue.
To not let that happen to you, be detail-oriented. Always double-check everything before moving to the next one.
Can Stay Calm Under Pressure.
As you might have guessed, chartered accountants are required to perform under a lot of pressure since money is always at stake. That is why if you are determined to become one, you should know how to handle heavy workloads and meet tight deadlines on time.
Ability to Adapt.
As mentioned before, accounting is not precisely an easy field to pursue, but it is worth it in the long run. To make that come true, you should learn how to adapt to changes. Otherwise, it would be hard for you to use the cloud-based software your bosses bought to make your workload a lot easier.
Strong Ethical Mindset.
When you become a chartered accountant, expect to handle several sensitive data like bank statements and tax forms. Those are just a few documents that your employer will let you manage once they hire you. That is why as a chartered account, you need to abide by a strong sense of right and wrong. Take the Toshiba accounting scandal as an example of how you should have a sturdy ethical mindset. Determine what you should do if you are the person handling that matter.
As you can see, there are more than meets the eye besides passing the Singapore chartered accountant qualification. Not only should you have these qualities, but you should know how to express and do them as soon as you say the word YES from the job offer you would receive.
How to Help Students Pass the Chartered Accountant Course in Singapore?
Now that you know what qualities a chartered accountant should have, it is time for you to learn what study habits you should incorporate with your routine. Knowing a few would help a lot in completing the ICAEW modules in Singapore and even pass the CA exam!
Here are some study habits that would motivate you to work harder.
Schedule Study Time.
The first step on how to become a chartered accountant in Singapore is to schedule your study time. Take note that studying all day long can burn you out. That is why you should at least divide your day into four sets of four hours. Following this pattern will give you enough time to breathe in between lessons.
A Deep Study of Theory Papers.
When it comes to accounting, a deep understanding of the theories are necessary. It will help you figure out the problem and equation a lot further and easier. As such, you will be able to resolve your accounting weaknesses.
Practice, Practice, and Practice.
Even though no one is perfect, practising a lot can help you improve. That is why if you cannot solve one problem, do it again and again until you can solve it. That is the kind of practice you need to do to hone your skills and knowledge further.
Keep a Positive Attitude.
Despite the odds in life, you should keep a positive attitude. Otherwise, it would be hard for you to solve the problem if you let your emotion take over you. As such, you might be able to achieve your dream of becoming a chartered accountant.
Take a Break.
Having time to let your mind be at peace helps it absorb the things you have learned faster. That is why you should take a short break between your lessons and study time wherever you are.
Following these study habits would make this career path a lot easier. Even more, if you ask the right people and attend a tuition centre that can help you prepare for CA exams!
So, Are You Ready to Become a Chartered Accountant in Singapore?
It is okay if you are not yet ready. Just take your time and think more about whether you want to pursue this field or not. However, if you think balancing spreadsheets are for you, then go for it. You deserve to do what you believe is best for you.
So, when you feel like you need help satisfying Singapore chartered accountant qualification, let ICAEW give you a hand with that. Just go, visit their website and gain ideas on how they can help you become a chartered accountant in Singapore!
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