Industry Concerns Rise As Accountant Numbers Decline

Accounting firms and universities strive to boost the sector's appeal with new roles and education programmes.

The accounting industry's numbers are looking bleak, with a 10% drop in students over the past five years. But with major players developing programs to make accountancy an attractive career, the industry may soon be able to balance its books.

Deloitte, for example, has partnered with Singapore Management University (SMU) and Nanyang Technological University (NTU) to conduct Audit Analytics electives in the two educational institutions.

The consulting firm has also launched a first-of-its-kind Accelerated Career Programme which aims to develop future accountants.

“[The programme] is open to Accountancy and Accountancy & Finance undergraduates and diploma students in the local universities and polytechnics,” said Ong Siok Peng, talent leader at Deloitte Singapore.

“Through an extended internship period, the programme will equip students with the necessary skills and experience to perform at a higher level as a new graduate,” Ong said.

Data from PERSOLKELLY showed that over the past five years, there has been a 10% decrease in accountancy degree students at universities in Singapore. On the other hand, demand for accounting jobs is expected to reach up to 7,000 by 2025.