PUBLIC accounting firms are no longer the default employer of choice for accountants here, says the latest study on the profession.
Where once it was the norm for accountants to be drawn to the likes of the Big Four, it would now appear that many prefer to work as in-house accounting staff in companies instead.
A survey commissioned by the Institute of Certified Public Accountants of Singapore (ICPAS) found that only one in 10 accountants interviewed is working for an accounting firm. And of these, less than half are working at one of the Big Four firms.
The majority of accountants surveyed are working in companies - with 16 per cent working in small and medium-size enterprises (SMEs) and 75 per cent in corporations. These respondents said that they chose not to work for accounting firms because of the long hours and gruelling audits and regulations involved. They said that non-accounting firm jobs offered better work-life balance, higher pay and better job scope.
Those working for SMEs appeared to be the most satisfied, followed by those at accounting firms and those in corporations.
Whoever the employer, the survey found that accountants can achieve upward mobility fairly quickly. About a fifth managed to attain managerial positions within five years of joining the profession.
The ICPAS study also found that 84 per cent of respondents believe affiliation with a professional body helps career progression, with fresh graduates being most keen.
Commenting on the study, ICPAS president Tan Boen Eng said: 'It is very important for accounting professionals to continually enhance their knowledge. The ability to remain viable and competent in not only the accounting profession, but also the rapidly changing and increasingly competitive business environment, hinges ultimately on a commitment to continually upgrade one's professional knowledge and skills.'
The survey was conducted by Kadence International Business Research Group in June, with 305 accountants who have been working in the field for more than six years.
