There are several misconceptions about accounting and the people who work in accounting. For one, many people call it a boring profession. Punching numbers on a calculator, reading about tax laws and focusing on identifying errors and discrepancies in financial records are only a few of the day to day tasks that accountants do, and it may be a reason why other people think of them as boring. However, what they do not know is that these tasks require a high level of skill set, including analytical skills and financial management. They should be given a level of praise as any other profession because startups and established businesses cannot function without them!
You should not let other people drown you or hold you back because of these misconceptions. Soon enough, they would regret what they say about your accounting dreams because these will be the same people who would be needing your help when you become a chartered accountant in Singapore. It will open up a breadth of opportunities for you when you get certified!
In this article, you will learn one of the many ways to become an accountant. Becoming a chartered accountant might not be for every dreaming accountant out there, but it might be a career choice you are thinking of right now. If so, you must know that it is a prestigious accounting profession, especially if you strive to be in the Institute of Chartered Accountants in England and Wales (ICAEW). Of course, you will also learn the challenges you will face on your journey to becoming one. If you want to know what they are and why it would be worth it to overcome them, you should keep reading!
Importance of Professional Accountants in Business
Whether you are an internal auditor or a chief financial officer, you have an important role that can take on a vast array of other roles in businesses. From public sectors to academia, they all need someone who has in-depth knowledge of accounting. Thus, it is why you and your accounting knowledge are significantly important in the business world.
If you are hesitant in becoming a certified accountant in Singapore because you think that you can only work on one responsibility until your retirement, you should erase that thought. Here is the importance of your coveted professional position in the business landscape:
Evaluate the performance of the business
What all business owners have in common is that they are anxious to know if their operations are a success. They might think that getting many likes on their social media pages indicates that they are doing great, but financial records never lie. The only people who can confirm a business’ performance is the accountant. Hence, you would be indispensable!
Ensure that the business is state compliant
Different states have different laws and regulations. Thus, if you want to work as a certified accountant in a Singapore company, they would find you valuable. Plenty of business owners depend on their finance department to ensure that they are compliant with the country’s sales tax, VAT, income tax, and pension funds. Since you have learned the ropes of these laws, businesses would find you as an asset.
Head the budget and predict future finances
One mistake in budgeting can break a business down and leave them with heaps of debt. There is one person who can prevent that, and it is a certified accountant like you. With your skill set in budgeting and future projections, you will play a crucial role in a business’ attempts to expand and maintain operations.
To add, your developed skills to conduct a risk analysis for small businesses can make a change in their business. It will help them make better decisions because you could tell if they would overspend, underspend, or plateau, which are common business mistakes that may lead the business to their untimely demise.
Among these, there is one common denominator that business owners would not want to miss, and that is: having an accountant with them is not a choice. It is a requirement that they need to meet if they want to keep their businesses in shape. If you become a member of the ICAEW in Singapore, you will find your mailbox full of job opportunities from established businesses. Thus, you should pursue your accounting dream despite other people telling you that it is a boring profession!
What are the Challenges to Become a Certified Accountant?
Of course, chasing a dream is not an easy peasy task just like Rome was not built in a day. You will face a myriad of challenges that can discourage you from becoming what you want to be. If by now you are feeling some nervousness and anxiety, you must remember that you can have a support system that would help you in your journey. They might even be an organisation that will pave the way for you to have that high salary pay and global recognition!
Here are the challenges that you would need to overcome if you want to become a certified chartered accountant:
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Finish an undergraduate degree
As with any renowned profession in the world, finishing a four-year accredited degree is one of the requirements you shall do if you want to be a certified accountant. It may be a degree specialising in accounting, economics, or business management since what you learn in those years would be useful when you take on an accounting career!
Additionally, you must not settle in having average grades. You must strive to have remarkable grades in your math and business courses. These would serve as gate passes to find private sectors to accept you as a trainee. Some would even offer to pay for your ACA qualification studies if you promised to work with them in the future.
Acquire work experience
You must experience working in a business if you want to take on international businesses’ finance responsibilities. It is one of the core requirements that organisations, such as ICAEW, ask from their applicants. However, it does not mean that will take a profession that is not related to accounting. Only work for an accounting firm or financial firm to qualify as an applicant.
Established organisations will ask for a three-year work experience but some would approve on a 450 days work experience. Either way, you must avoid trouble as you complete this requirement if you do not want to have conflict in your application to be a chartered accountant in Singapore.
Pass your exam modules
Accomplishing the ACA qualification is highly valued in the corporate world. If you want to be seen by these corporations, you must pass the 15 ACA examination of the ICAEW. It is an exam that will rigorously train you to prepare yourself for situations in the real-world environment.
While it is the most reputed exam to achieve to acquire that chartered accountant designation, it must not discourage you. There are tuition centres that you can approach to help you complete the qualification program. It would be worth the investment because you would be earning knowledge, skill, and expertise that ensures you stand out in the job market!
Why Should You be an ICAEW Chartered Accountant?
It may be easy to say that you would only need to overcome three things to become a chartered accountant in Singapore, but you already know in your mind that it would be a long and difficult journey. To let you know that it would all be worth it in the end, here are the advantages you would enjoy if you become what you dreamed to be:
Have you ever dreamed of having your own home? With an average salary of £49,900, you can earn a significant amount for your home in five to six years! Both public and private sectors recognise the valuable skills you have in accounting when you gain an ICAEW membership. Hence, they would offer your more than any applicants.
Open a gate of career opportunities abroad
The ACA qualification is an internationally recognised program that puts you in the spotlight if you passed it. Large and established organisations worldwide would be sending you job offers and career advancement opportunities once they learn you have completed the program. If you want to have many career choices abroad, it would be good for you to start training for the qualification program today!
Develop the technical skills of dealing with clients
You will find yourself in tricky situations that will test your skills as an accountant. Whether your employer has neglected the tax filing and other financial requirements that would place their business in jeopardy or a miscalculation in a business project, you would have the confidence and trained mind to overcome it!
It is the set of qualities that corporations value because established companies face it all the time. Thus, if you would ever be put in a situation, trust that your training and experience learned from the ICAEW will help you find solutions that will help save your client.
Belong in the wide network of chartered accountants
In businesses, connections are vital. When you develop professional relationships with other chartered accountants international and online, you will belong in a circle that will give you professional growth. What may happen is these connections will get you access to career opportunities that are only offered to exclusive accountants. It may have higher pay or better career growth, whichever it is, you would not find this valuable job position in any online job-seeking platforms!
Sense of fulfilment
Not everyone has the privilege of becoming a certified accountant in Singapore. While being grateful is one of the things you will feel, you will also achieve the sense of fulfilment that Maslow’s hierarchy of needs is emphasising. Fulfilling your career aspirations is only a once in a lifetime experience. If you are lucky and willing enough to reach that, you should take pride and benefit from the fruit of your labours.
Tips to Stay Motivated in Your Journey to Become an ICAEW Chartered Accountant
Staying motivated might be one of the barriers that are keeping you from achieving your dreams of becoming a chartered accountant. If so, you should follow some of these tips on maintaining a motivating attitude during your journey:
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Review your goals regularly
When you are under a lot of stress and pressure, reviewing your goals can help. Listing them one by one and having them posted on a wall where you can see them every day is a great motivator!
Track your progress
Monitoring how far you have come is also a great motivator itself. Take note of what you have achieved and look back when you are feeling low.
Find a mentor
Do you know a member of the ICAEW in Singapore? If so, ask them if they could be your mentor. They would be a great help in guiding you where to go and what to do next.
Have a support system
Whether they are your family or your friends, you must have them by your side during this journey!
Remember to take a break
More often than not, people with goals forget about their health. As a result, they do not reach the end. Do not be part of that number and remember to take a breather once in a while.
Start Your Accounting Journey with ICAEW
They say that the beginning is always the hardest, but when you are prepared, it would not seem like a daunting task to do. If you do not want to be stuck in one place forever, you must have a vision of what you want to become in the future. When you see that you are holding an accounting certification in Singapore in your future, there is no better time to start walking to that road than now.
ICAEW is a world-leading professional membership organisation that connects over 150,000 chartered accountants in Singapore, Kuala Lumpur, Vietnam, and Indonesia. They have built this community to empower accountants, like you! Rest assured that they have the expertise and values that you would need to learn to become an asset of tomorrow’s businesses in the world!
Contact them on their website to start your accounting journey today!