Date issued: 9 July 2008

A S$750,000 scholarship program was unveiled today in Singapore, the result of a new tripartite relationship between CPA Australia, 11 leading Singapore employers and the three local universities.

The scholarship is the first of its kind to be offered by CPA Australia world-wide.  It represents a major co-operative effort to address the skills shortage and raise the standard of the accounting profession in Singapore.

Over the next five years, participating employers together with CPA Australia, will contribute to fund over 300 accounting students in NTU, NUS and SMU to commence the CPA Program, an internationally recognised post-graduate education course that teaches international knowledge of accounting standards and ethics.

Voicing the tripartite belief, CPA Australia president, Mr. Alex Malley, said ‘By giving the brightest students the opportunity to commence both professional qualifications and rewarding internship opportunities before they graduate, we are giving them a head-start on a successful career in accounting.’

Participating employers include Deloitte Singapore, Ernst & Young Solutions LLP, Foo Kon Tan Grant Thornton, KPMG, LTC LLP, National Australia Bank Ltd, Ng Lee & Associates – DFK, Phillip Securities, PricewaterhouseCoopers, RSM Chio Lim and ST Asset Management Ltd. The scholarship is also endorsed by all three local universities – Nanyang Technological University Business School, Singapore Management University and National University of Singapore Business School.

The profile of the organisations supporting this new initiative is evidence of the expected impact of the program on the accounting profession in Singapore.

Speaking at the official launch, Mr. Chaly Mah, CPA Australia Singapore Division President and Regional Managing Partner and CEO of Deloitte Asia Pacific, referred to the role of the scholarship in increasing the pool of accountants with professional qualifications in Singapore.

‘Post-graduate programs such as that of CPA Australia teach invaluable commercial skills and high ethical standards, which are reinforced throughout one’s career via the continuing professional development required of its members,’ he said.

I see the standard of the accounting profession in Singapore being lifted as a result of more accountants being encouraged to pursue professional qualifications.’

Mr. Malley also pointed to the importance of the scholarship program in encouraging more students to join the accounting profession, thereby addressing the global skills shortage, which he attributes to ‘factors such as the 24 hour, seven-days-a-week globalisation of business, the introduction of International Financial Reporting Standards throughout the world, an ageing workforce and the leakage of qualified accountants to alluring professions such as banking and finance.’

As  Robert Half Recruitment International observed recently, there are four jobs on the international market for every qualified accountant.

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