ACCOUNTING gets you places pretty fast, said the Institute of Certified Public Accountants of Singapore (Icpas) yesterday.
According to its latest survey - the second on the profession in as many weeks - young accountants can become senior accountants within three years of employment.
'This shows that accounting is still a good profession and there remains an attractiveness in the field,' said Icpas president Tan Boen Eng.
However, despite the good career prospects, survey results also found that on average, young accountants tend to leave the industry within three years.
This is below the institute's expectation of a minimum career span of four years.
More than 300 accountants, aged between 21 and 39, were polled for the survey.
It was commissioned after Icpas learnt that firms were having difficulty recruiting and retaining qualified accountants.
Icpas said most of its certified public accountants (CPA) are leaving the profession for other areas in finance such as banking, due to higher wages and shorter working hours.
Demand from emerging businesses in China for CPAs who are bilingual, to facilitate initial public offerings, has also prompted many accountants to make the switch.
This dearth of talent has caused the sector to operate at only 70 per cent of its ideal capacity.
Icpas, however, does not believe the talent bleed will pose any difficulties in the current business climate.
But it said it would have to boost its numbers now, to cater to future demand when the integrated resorts are ready and the global credit crunch eases.
Icpas plans to continue to provide more training and certification programmes for aspiring accountants, to supplement the 1,000 students graduating from local universities each year.
The Straits Times understands that Icpas is collaborating with the Institute of Chartered Accountants in England and Wales (Icaew) on a new programme that will allow graduates from other disciplines to become CPAs.
The Icpas-Icaew programme is slated to start in September this year.
This article was first published in The Straits Times on July 19, 2008.
