SINGAPORE, 24 APRIL 2019 – Local mid-career individuals with an accounting background can now embark on careers as Management Accountants, thanks to a new Professional Conversion Programme (PCP) that will help deepen their data analytical capabilities and equip them with new accounting technological tools.
2 The PCP for Management Accountants (PCP MA) was developed by Workforce Singapore (WSG), the Singapore Accountancy Commission (SAC), and the Chartered Institute of Management Accountants (CIMA) to provide a pathway for accounting professionals to take on new roles in the digital economy as Management Accountants. It is also part of the industry’s efforts to develop a sustainable pipeline of accounting talents by equipping them with management skills to support strategic business decisions, and is aligned with the Accountancy Roadmap under the Industry Transformation Map for Professional Services.
3 Management Accountants are increasingly sought after for the strategic function they play: they are key in providing financial and other decision-making information to support businesses in the formulation of organisational strategies. In short, they act as a bridge between the management, finance function and other parts of businesses. Besides becoming a Management Accountant, individuals on board the PCP can also take on roles as Business Analysts, and Financial Planning & Analysis Analysts. Please see Annex A for more information on the PCP.
4 Mr Tan Choon Shian, WSG’s Chief Executive said, “As companies undergo transformation to keep pace with the ongoing economic transformation, there is an increase in demand to use financial data to forecast and guide business decisions. The launch of the PCP for Management Accountant will allow our local accounting professionals to respond more nimbly and swiftly to these shifts in the workplace and stay relevant to meet the demands of the business.”
5 Mr Evan Law, SAC’s Chief Executive said, “Today’s business landscape is developing fast. To meet the increasingly sophisticated business needs, accounting professionals need to provide higher value accounting services. This Professional Conversion Programme for Management Accountants is timely in helping mid-career PMETs to reskill and take on new job roles in this high growth area. Keeping the workforce relevant and with the ability to add value are critical to capture new growth opportunities in Singapore and the region, as we develop Singapore into a leading global accountancy hub.”
6 The PCP for Management Accountants is the third such career conversion programme launched by WSG and its partners under the Adapt and Grow initiative to help local jobseekers switch to accountancy job roles. The PCPs for Internal Auditors and Financial Forensic Professionals were launched in 2018 to help employers hire and reskill mid-career candidates in these roles. To date, around 30 individuals have come on board the two PCPs.
7 Minister for Manpower and Second Minister for Home Affairs, Mrs Josephine Teo, officially launched the PCP for Management Accountants at CIMA Centenary Gala Dinner 2019 today. The event was attended by 150 representatives from CIMA and the accountancy sector.
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About Workforce Singapore
Workforce Singapore promotes the development, competitiveness, inclusiveness, and employability of all levels of the workforce. Its key mission is to enable Singaporeans to meet their career aspirations, take on quality jobs at different stages of life, and help enterprises be competitive and manpower-lean. Workforce Singapore’s focus is on strengthening the Singaporean core and ensuring that Singaporeans are able to have better jobs and careers. Workforce Singapore, in partnership with key stakeholders, also provides support to business owners and companies to enable them to transform and grow, while building a future-ready workforce. Please visit www.wsg.gov.sg for more information.
About Singapore Accountancy Commission (SAC)
The Singapore Accountancy Commission (SAC) spearheads the development of the Singapore accountancy sector with the vision of developing Singapore into a leading global accountancy hub. SAC is working to achieve this by deepening the skills of the accountancy talent pool; developing the industry to capture growth opportunities; and creating a hub and exchange by building Singapore into a centre for thought leadership. SAC is a statutory body under the Ministry of Finance. For more information, please visit www.sac.gov.sg
About the Chartered Institute of Management Accountants (CIMA)
The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants. As part of The Association of International Certified Professional Accountants (the Association) its members and students operate in 184 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organizations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders.
About the Association of International Certified Professional Accountants (The Association)
The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 667,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.
FACTSHEET ON ADAPT AND GROW
PROFESSIONAL CONVERSION PROGRAMME FOR MANAGEMENT ACCOUNTANTS
Under the Adapt and Grow initiative, Workforce Singapore (WSG), Singapore Accountancy Commission (SAC), the Chartered Institute of Management Accountants (CIMA), and Singapore Polytechnic (SP) have jointly developed the Professional Conversion Programme for Management Accountants (PCP-MA).
One of the key job roles in the Accountancy Sector, Management Accountants perform a strategic function in providing financial and other decision-making information to support senior management with the formulating and implementing of organisational strategies. Employees with the managing accounting skillsets are expected to perform tasks that include cost accounting, performance evaluation & analysis, and planning & decision support.
PCP-MA is a 10-month, Place-and-Train programme administered by CIMA as the programme manager, and comprises both classroom and structured on-the-job (OJT) training. The Classroom Training consists of six modules (including one operational case study exam) in the form of workshops conducted by facilitators with e-learning components and assessment(s) at the end of each module. Upon completing the programme, participants will be certified with SP’s Certificate in Enhanced Skills in Management Accounting, and CIMA’s Diploma in Management Accounting.
Participants will be placed in full-time jobs with participating employers, and will receive salary while undergoing training. CIMA will ensure that the participating employers develop structured OJT plans and appoint supervisors/mentors to oversee the implementation.
The PCP also doubles up as a redeployment programme for companies looking to move and reskill existing employees who are at risk of redundancy, and prepare them for new roles in management accounting.
To be eligible for the programme, participants must:
To be eligible for funding support, participating employers must:
Funding Support & Requirements
Participating employers will be provided with salary support of up to 6 months. They will have to hire and place the PCP trainees in Management Accounting-related functions such as Management Accountants, Business Analyst or equivalent roles.
Participating employers will receive the following funding upon fulfilment of the corresponding requirements:
WSG’s Funding support to Employers
Up to 70% of monthly salary (capped at $4,000 per month)
Up to 90% of monthly salary (capped at $6,000 per month#)
For Unemployed and actively seeking employment for six months or more Singapore Citizen (SC) trainees or mature SC Trainees aged 40 and above
Course Fee Subsidy
Up to 70% course fee funding*
Up to 90% course fee funding*
For SC/Permanent Resident (PR) trainees sponsored by SMEs or mature SC trainees aged 40 and above
*Funding caps may apply
For PCP-related enquiries, please contact CIMA at firstname.lastname@example.org. Interested individuals can apply for the PCP2 on WSG’s website.
[i] The PCP’s classroom training includes selected modules from SP’s Specialist Diploma in Management Accounting & Analytics, whose content are equivalent to intermediate level of professional accountancy qualifications. Hence, it is necessary for interested individuals to have a good foundation in accounting prior to embarking on the programme.