Top 6 certifications for accountants in Singapore
Accountants play a crucial role in ensuring businesses' financial health and stability. They achieve this by recording transactions and providing valuable insights.
Whether you are already in the accounting profession, considering a career change, or studying accounting, pursuing accounting courses can significantly enhance your career prospects. These certifications cover advanced topics, enriching your knowledge and honing your skills. They cover areas like forensic accounting, management, tax, and financial accounting.
In this article, you will explore the diverse landscape of accounting certifications.
Here is what we will cover:
- What are the certifications for accountants?
- Top accounting certifications in Singapore
- Benefits of having an accounting certification
- Certifications for specific accounting skills
- Conclusion
- FAQs
What are the certifications for accountants?
Certifications for accountants are specialised courses that help you further your skills and expertise. These certifications offer a wide range of skills essential for success in the accounting profession:
- Analytical skills: Applying logic to financial data to identify trends and patterns
- Technical skills: Utilising various accounting software and tools for data analysis and reporting
- Adaptability: Staying updated on changes in regulations and industry standards
- Strategic thinking: Formulating long-term financial plans and providing strategic advice
- Attention to detail: Ensuring accuracy and precision in financial reporting
- Organisational skills: Managing time and tasks efficiently to meet deadlines and objectives
Earning accounting certifications offers numerous benefits that can take your career to new heights. Given the growing demand for accountants in Singapore, earning relevant certifications can validate your expertise and credibility in the field.
They also open doors to a multitude of job opportunities, higher salaries, and increased job security. With knowledge and skills gained through certifications, you will be better equipped to navigate the complexities of the profession and excel in your chosen career path.
Top accounting certifications in Singapore
Here is a list of the top 6 accredited accounting certifications.
CERTIFICATION | ISSUING ORGANISATION | WHO IS IT FOR? | DURATION OF THE COURSE | ELIGIBILITY CRITERIA |
Certified Public Accountant | American Institute of Certified Public Accountants | Auditors, tax advisors, and financial analysts | 8 months to a year | Bachelor's degree in business administration, finance or accounting |
Certified Management Accountant | Institute of Certified Management Accountants (Australia and New Zealand) | Managerial-level roles in finance and accounting | 3 years to complete | Bachelor's degree in accounting, commerce, or finance, or an MBA, from a recognised university |
Certified Fraud Examiner | Association of Certified Fraud Examiners | Compliance officers, law enforcement, and financial professionals working in the banking sector | 3 to 12 months for preparation | Bachelor's degree, 2 years of fraud-related experience, and an Association of Certified Fraud Examiners membership |
Chartered Financial Analyst | CFA Institute | Investment professionals | 3 to 5 years to complete | Bachelor's degree (or final year) or 3 years of professional work experience (approximately 4,000 hours) |
Certified Internal Auditor | Institute of Internal Auditors | Auditors and risk professionals | 3 years to complete | Bachelor's degree or 2 years of post-secondary education, plus 5 years of work experience in auditing or equivalent |
Chartered Global Management Accountant | Chartered Institute of Management Accountants and Association of International Certified Professional Accountants | Management accountants, business leaders, and finance professionals | Around 4 years to complete | Bachelor's degree or higher in finance, business, or accounting, plus a minimum of 3 years of experience in management or financial accounting |
1. Certified Public Accountant (CPA)
CPA certification is a qualification that ensures accountants understand financial rules and accounting methods. It involves passing an exam and meeting specific standards set by the American Institute of Certified Public Accountants (AICPA).
CPAs play crucial roles in auditing, consulting, and ensuring financial integrity for businesses and individuals.
- Relevancy
The CPA certification can be valuable for you if you aim to become an auditor, a tax advisor, or a financial analyst. Regardless of nationality, taking the CPA exam and obtaining certification can open career opportunities with American companies, as it demonstrates proficiency in U.S. accounting practices. CPAs commonly secure roles in public accounting firms, corporate finance departments, or government agencies, or establish their practices.
- Eligibility criteria
To pursue the CPA certification, you must obtain a bachelor's degree from an accredited university. Additionally, you must fulfil between 120 to 150 credit hours of education, typically including coursework in accounting or related fields.
- Duration of the course
The CPA certification consists of 4 exam sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). It focuses on U.S. Generally Accepted Accounting Principles (GAAP) and U.S. taxation.
You can typically complete all 4 exams within 8 months to a year and must score at least 75 out of 99 per section within 18 months to pass.
- Cost of certification
As an international student you must select one of the 55 U.S. jurisdictions, contact the board of accountancy in the selected jurisdiction to obtain application materials. Then submit completed applications and required fees as instructed. You can then schedule your exam, once you are qualified.
2. Certified Management Accountant (CMA)
CMAs in Singapore are qualified by the education and training programme accredited by the International Management Accounting Collaborative and delivered by the Institute of Certified Management Accountants (Australia & New Zealand).
The ICMA (ANZ) programme is delivered by the Singapore Management University Academy. This programme aims to improve skills and knowledge in strategic cost and management practices. It also evaluates a person's organisational and decision-making skills and communication proficiency.
Here are some additional details:
- Relevancy
This certification benefits you if are seeking managerial-level roles in finance and accounting.
- Eligibility criteria
The minimum requirement is a bachelor's degree in accounting, commerce, or finance, or an MBA from a recognised university or a professional qualification in accounting.
- Duration of the course
The course duration is 3 years.
- Cost of certification
The application fee costs A$99 and the once-off joining fee is A$198. The yearly membership fee for CMA is A$220.
3. Certified Fraud Examiner (CFE)
The Association of Certified Fraud Examiners conducts this examination. This programme aims to check a professional's skills in forensic accounting and compliance.
Here are the additional details:
- Relevancy
This certification benefits you if you aim to work in areas susceptible to financial fraud. This can include banks, government agencies, and law enforcement.
- Eligibility criteria
The minimum requirement is a bachelor's degree in any field and 2 years of experience in fraud-related projects or areas (optional). You can take the CFE exam as long as you have 40 qualifying points (without any experience). But you will need 50 qualifying points and 2 years of experience to get the CFE credential.
- Duration of the course
The duration depends on how you choose to study. There is a self-study option, or you can opt for an instructor-led course to prepare for the examination. In general, it takes between 3 to 12 months to prepare.
- Cost of certification
The cost of accreditation includes the preparation, examination, and membership fees. The cost to take the CFE Exam is US$450 and the membership fees start from US$25.
4. Chartered Financial Analyst (CFA)
The CFA Institute conducts this three-part examination to test your knowledge and skills in various areas. These include investment tools, asset valuation, portfolio management, and wealth planning. It also assesses your skills in investment management, ethics, and financial analysis. Upon completing this examination, you become a CFA charter holder.
CFA Society Singapore serves as the professional association that connects professionals working in the investment and fund management sectors in Singapore.
Here are some details about the certification:
- Relevance
This certification is beneficial for investment professionals. It can also benefit people with backgrounds in finance, accounting, business, or economics.
- Eligibility criteria
To enroll in the CFA Program and register for the Level I CFA exam, you must have a bachelor's degree or be in the final year of your undergraduate studies.
Alternatively, you can qualify if you have at least 3 years of professional work experience or have completed 4,000 hours of work in a relevant field, along with higher education.
This experience or education should be completed before registering for the Level I exam and should not overlap with any educational periods.
- Duration of the course
This is a 3 level examination held once a year. Becoming a charter holder takes at least 3 years but may take as many as 5 years.
- Cost of certification
There is an initial enrollment fee of US$350 and additional registration fees for each level. You will also need to buy the course material, CFA Institute textbooks, and online resources.
5. Certified Internal Auditor (CIA)
The Institute of Internal Auditors is the international professional association that issues this certificate. The examination validates your knowledge of internal audit, risk management, and control.
It also enhances your ability to identify risks and effective solutions. The examination comprises 3parts: the essentials of internal auditing, the practice of internal auditing, and business knowledge of internal auditing.
Here are some details about the certification:
- Relevancy
This certification is beneficial for auditors and risk professionals or people looking to transition into these roles.
- Eligibility criteria
Candidates must have a bachelor's degree from an accredited university. Alternatively, those without a bachelor's degree can qualify with 5 years of verified experience in internal audit or its equivalent.
The required work experience varies based on the candidate's education level:
- 12 months for a master's degree
- 24 months for a bachelor's degree
- 60 months for non-degree holders.
- Duration of the course
The course is flexible, and you can take the exams in any order. You have 3 years to complete the certification.
- Cost of certification
The costs include application fees and the fees for 3 CIA exams namely Part 1, Part 2 and Part 3. The price varies for members, non-members and students. You can find the information here.
6. Chartered Global Management Accountant (CGMA)
The Chartered Institute of Management Accountants (CIMA) and the Association of International Certified Professional Accountants award this certification after validating your knowledge in finance, operations, strategy, and management. This is a certification for accountants with strong technology, people, digital, business, and leadership skills.
Here are some additional details about the certificate:
- Relevancy
The CGMA designation is globally recognised. It empowers finance professionals to serve as strategic advisors by bridging business and finance. They possess commercial skills, strategic ability, and a transformational mindset. This enables them to drive organisational sustainability.
- Eligibility criteria
You must have a bachelor's degree or higher in finance, business, or accounting and at least 3 years of experience in financial or management accounting.
- Duration of the course
The time to complete the CGMA certification can vary but generally takes around 4 years. Candidates have the flexibility to choose between self-learning or enrolling in the Finance Leadership Program for guided learning.
- Cost of certification
The costs associated with the accreditation include examination fees and study materials. The costs are lower if you are a CIMA member. If you enrol in the Finance Leadership Program, you will incur additional costs.
The Institute of Singapore Chartered Accountants (ISCA) has an exclusive programme for ISCA members to become CIMA members and be conferred the Chartered Global Management Accountant (CGMA) designation. To be eligible, applicants must:
- Be a Chartered Accountant (Singapore) with at least one-year full membership
- Be based in Singapore
- Attend and pass an interview
Successful applicants will only sit for the last paper, which is the CIMA Strategic Case Study. Upon successful completion of this paper and along with relevant work experience, applicants will qualify for CIMA membership and earn the CGMA designation.
Benefits of having an accounting certification
There are many advantages to having an accredited accounting certification. Here are some of the benefits to consider:
- Improves your career prospects
Organisations and businesses understand and recognise the value of accredited accounting certifications. These programmes often demand rigorous effort and commitment. Completion of these programmes can translate to promotions for you in the workplace, opportunities from other companies, and increased pay.
- Makes it easier to transition to another job
The certification evaluates multiple areas, including finance, accounting, business, and strategic planning. Once you have a firm grasp of these topics, it becomes easier for you to transition to different roles in finance and accounting.
- Leads to higher compensation and benefits
Employers are willing to pay higher salaries and benefits to certified accounting professionals. There's a higher demand for people with strong financial skills, accounting knowledge, and strategic decision-making skills.
- Improves your decision-making abilities
Technical knowledge and skills are not the only capabilities you should have. The certifications also aim to improve your financial decision-making abilities. This is because the coursework comprises financial analysis, risk management, accounting principles, and other topics cemented on practicality and real-world scenarios.
- Enhances your network
The globally recognised accounting certifications listed above have a strong community presence. This enables you to connect with like-minded professionals and experts to grow your network.
Certifications for specific accounting skills
Here's a list of additional certifications that you can take to improve specific accounting skills:
CERTIFICATION NAME | AWARDED BY
| WHAT IT EVALUATES |
Certified Business Analysis Professional | International Institute of Business Analysis | Business analysis experience |
Certified Compliance and Ethics Professional | Society of Corporate Compliance and Ethics | Compliance process, legal obligations, and organisational therapy |
Certified Information Systems Auditor | Information Systems Audit and Control Association | Information systems control, security, and auditing |
Certificate in Payroll Administration (CPA) | Singapore Human Resource Institute (SHRI) | Payroll expertise |
Quality Auditor Certification | American Society for Quality (ASQ) | Quality systems assessment and compliance |
Conclusion
Employers prefer to hire employees who have globally recognised accounting certifications. This makes having certifications essential to secure better-paying jobs and achieve greater job security.
Certification exams typically require intense preparation, so work hard and be committed to completing the examinations. Choose the certification that aligns with your education, work experience, interests, and career goals. Contact the issuing organisations or visit their websites to learn more about the requirements, fee structure, curriculum, and course duration.
FAQs
Here are some FAQs related to accredited certifications for accountants:
- What certificate should an accountant have?
In Singapore, accountants should become a Chartered Accountant (CA) with the Institute of Singapore Chartered Accountants (ISCA). It is a widely recognised qualification. Many accounting positions require this designation.
- What's the most popular accounting certification?
The most popular accounting certification is the CPA certification. It shows expertise in areas such as tax, risk management, compliance, and forensic accounting. Certified public accountants can work in public accounting and financial advisory. They may also work in taxation, staff-tax accounting, and forensic services.
- How do I become a chartered accountant in Singapore?
To become a Chartered Accountant (CA) in Singapore, you can qualify with any of these: a recognised accountancy degree, a non-accountancy degree, a local Polytechnic Diploma, or an undergraduate qualification.
Complete the Foundation Programme if required. Then, secure employment in an Accredited Training Organisation (ATO). While working, complete the Professional Programme and gain 3 years of relevant work experience. By doing so, you will meet the requirements to become a Chartered Accountant of Singapore (CA Singapore) certified by the Institute of Singapore Chartered Accountants (ISCA).
- What is the difference between a CFA and a CPA?
The main differences between a CFA and a CPA are their focuses and responsibilities. CFAs typically focus on wealth planning and investment analysis. They may also analyse financial data and stock prices. CPAs focus on compiling financial reports, accounting, audits, and taxes.
CFAs analyse financial data to guide investment choices. On the other hand, CPAs often prepare and audit the financial statements for CFAs to use for analysis.
- Is it more challenging to become a CPA or CMA?
Becoming a CPA is usually more challenging than becoming a CMA. The CPA exam is typically more comprehensive. It covers a broader spectrum of accounting areas, making it slightly more difficult than the CMA exam.
It is essential to consider your area of focus and preference. If you want to work as a management accountant in public or private companies, you may consider having a CMA certification. If you wish to work in compliance, tax, and auditing in public companies, consider gaining a CPA licence.
- Is an MBA worth it after I get an accounting certification?
Pursuing an MBA after obtaining CPA certification can be beneficial for your career. It can help you align your career goals with additional accounting courses and open new career pathways. An MBA can also prepare you for leadership positions and help you negotiate better in the accounting field.
- What sections are the easiest and most difficult on the CPA exam?
The CPA exam has different sections, and some people find some sections harder than others. Many people think Financial Accounting and Reporting is the toughest. Auditing and Attestation is often seen as easier by some. Passing the CPA exam can be challenging, yet it can open up new career paths to work in a highly specialised field.
