The SCAQ Program is the national Chartered Accountant (CA) qualification program which qualifies candidates for the award of the prestigious Chartered Accountant of Singapore (CA Singapore) designation. The SCAQ program was developed in 2013 and administered by the former Singapore Accountancy Commission (SAC). The former SAC has since merged with the Accounts and Business Regulatory Authority (ACRA) on April 1, 2023. [1].
Effective January 1, 2024, ISCA will assume the role of SCAQ program administrator, overseeing the day-to-day management of candidate registration, program inquiries and SCAQ examinations. ACRA will continue to oversee the program to ensure strategic alignment with the needs and development of the accounting sector. [2].
This will streamline administrative processes, enabling a seamless transition for SCAQ candidates to become full members of ISCA as a Chartered Accountant of Singapore (CA Singapore) upon completion of the SCAQ program.
Recognizing the need to improve SCAQ’s infrastructure to develop the chartered accounting talent pipeline, ISCA will invest an initial amount of S$15 million over 3 years, with improvements such as:
1.
Scholarships
ISCA is looking to offer more scholarships to future chartered accountants at universities and polytechnics, both for graduates in accounting and other fields. The selection process will be done in partnership with local universities and polytechnics.
2. Sponsored Tuition
Recognizing that not all students can afford additional support for their SCAQ studies, ISCA will work with local universities to provide sponsored tuition for SCAQ applicants.
3. SCAQ Center
ISCA has created the SCAQ Centre, a dedicated study and learning space located at 60 Cecil Street, in the heart of the central business district. Expecting demand to increase, ISCA is also considering expanding the space.
4. Improved learning resources
To improve learning materials for candidates, ISCA plans to provide more interactive learning resources, including bite-sized learning videos and tips and tricks for studying more effectively.
5. Candidate communities
Candidate communities will be the support system for candidates taking the SCAQ. ISCA intends to build a stronger candidate community and network by providing facilitated study sessions, mentoring sessions, candidate and alumni events.
6. Study first, pay later
For university students who wish to start their SCAQ journey whilst still a student, ISCA will support them through the Study First Pay Later programme. These students can concentrate on their studies and their qualifying path and repay the SCAQ program fees after starting work.
These represent just a few of ISCA’s initiatives, with more to come in the near future.
ISCA President Mr Teo Ser Luck said: “We will support students with more enhancements to make the SCAQ program accessible and attractive. »
Why become a Chartered Accountant of Singapore (CA Singapore)?
The SCAQ program comprises a curriculum that imparts cutting-edge technical skills and brings together elements that meet the needs of Singapore and the Asian market. Certification allows for broad career options in any industry, including leadership positions in C-Suite roles.
Obtaining CA certification (Singapore) also serves as a leveler and booster in terms of career growth and remuneration.
The SCAQ is also globally recognized and internationally portable, with Reciprocal Membership Agreements (RMA) with the leading professional accounting bodies in Australia, New Zealand, Ireland, England and the Country of Wales, Scotland, as well as a Mutual Recognition Agreement (MRA) with another Australian professional. body. This means that after completing the SCAQ, a person is eligible to obtain more than one designation, increasing professional recognition and opening the door to international career opportunities.
Those interested in becoming a CA (Singapore) via RMA and/or MRA can find out more at:
https://isca.org.sg/membership/pathways-to-international-recognition/reciprocity-agreement
