7 min read
Top 10 Accounting Certifications to Boost Your Career in Singapore
Looking to boost your accounting career in Singapore? Check out these top 10 accounting certifications that can help you stand out in the competitive job market.
Updated May 7, 2024
Top 10 Accounting Certifications to Boost Your Career in SingaporeMany Singaporean companies rely heavily on accountants to improve efficiency, helping businesses stay viable during financial uncertainties and navigate unpredictable cashflows and changing compliance requirements.
For those already working as accountants and aiming for higher salaries and promotions or just graduated from an accounting or finance degree, certifications can certainly assist in achieving those goals.
Accounting certifications are like badges that show accounting professionals have improved their careers and gained new skills.
If you're unsure, consider some of the accounting certifications that Epicareer Singapore has summarized as potential options to pursue depends on your career direction, specialization, eligibility, and available resources.
Let's explore the certifications that accountants in Singapore can take to broaden their career potential.
1. Certified Public Accountant (CPA)
Certification Fee: $3,190 (advantage); $3,765 (premium)
Duration: 24 months
Min. Qualification:
- Bachelor degree in finance or accounting or higher
- 150 credit hours (5 year college education), within which 24 accounting and 24 business credits
- 12 months or more related work experience
The CPA qualification is considered the top-tier standard for finance and accounting professionals in Singapore and holds international recognition.
By having this accounting certification, employers can quickly see that you possess skills in areas like forensic accounting, risk management, compliance, tax, audit, and risk management.
CPAs can find job opportunities in public, management, and governmental accounting, as well as in roles related to taxation, compliance, and more.
So, if you've earned this accounting certification, it not only enhances your career mobility but also adds a level of professionalism to your profile.
2. Certified Internal Auditor (CIA)
Certification Fee: S$87 to S$569
Duration: 3-6 months
Min. Qualification:
- A minimum of 24 months of internal auditing experience or its equivalent based on the education level of Bachelor's Degree.
- Complete the program certification process within three years of application approval.
The need for skilled internal auditors is growing fast because businesses are getting more complicated, there's more fraud and corruption happening, and companies want better rules and oversight.
If you want a job in internal audit, getting the CIA accounting qualification is a must. It shows you're good at all aspects of internal audit, like handling risks and following rules, and employers in Singapore really value it.
The CIA® designation, established in 1973, is the only certification recognized globally for internal auditors. It's the standard way for individuals to prove they're good at and professional in internal auditing.
3. Certified Management Accountant (CMA)
Certification Fee: $225-$495
Duration: 2 months
Min. Qualification:
- Bachelor’s degree from an accredited college or university
- Complete two continuous years of professional experience in management accounting and/or financial management.
CMA is a certification that indicates an accountant's expertise in financial accounting and strategic management. It could be the preferred accounting certification if you're aiming for a career in finance, as it primarily develops skills in financial analysis, budgeting, and strategic evaluation.
If you aspire to become a Chief Financial Officer (CFO) in the future, obtaining this certification is a must.
Not only for CFO roles, but this accounting certification can also undoubtedly boost your career within a company.
After obtaining this certification, you will be recognized as a management accountant.
With this title, you'll be responsible for managing the financial aspects of the company at a higher level.
Once you have this accounting certification, you can directly search for relevant job opportunities on Epicareer.
4. Financial Forensic Professional (FFP)
Certification Fee: S$109-S$1,003
Duration: Around 12 months
Min. Qualification: At least three (3) years of recent and relevant financial forensic-related work experience
The ISCA Financial Forensic Professional (FFP) is a professional title granted by the Information Systems Audit and Control Association (ISACA). It demonstrates proficiency and capability in financial forensics, particularly in the realm of information systems and technology.
Obtaining the FFP credential confirms your expertise in financial forensics, enhancing your appeal to potential employers. Furthermore, the need for financial forensic professionals is swiftly increasing, fueled by factors such as the rising incidence of fraud, cybercrime, and money laundering.
With the FFP, new and exciting career paths become available in sectors such as law enforcement, accounting firms, and forensic advisory services.
5. Certified Financial Analyst (CFA)
Certification Fee: S$1,259 to S$1,675
Duration: 1.5-2 years
Min. Qualification:
- Complete a bachelor's program or equivalent program and have received a degree from the college/university.
- Passing the exam for all three levels
- Complete work experience requirements before, during, or after participation in CFA Program.
- Provide 2-3 professional references
The CFA accounting certification showcases expertise in portfolio management, investment analysis, economics, and professional ethics.
If you're aiming for a career in wealth management and investment, this certification could be a fitting qualification.
Several investment firms mandate this certification for roles such as security analysts and asset managers. It is also advantageous for those eyeing positions as equity analysts, fund or hedge fund managers, chief financial officers, or senior finance managers.
6. Professional Business Accountant (PBA)
Certification Fee: S$109
Duration: 3-6 months
Min. Qualification:
- Have complied with the CPE requirements with no outstanding complaints or disciplinary proceedings
- Acquired at least three (3) years of post-qualification relevant work experience
The ISCA Professional Business Accountant (PBA) is a professional certification granted by the Information Systems Audit and Control Association (ISACA) to individuals showcasing expertise in business accounting.
The demand for business accountants skilled in IT and cybersecurity is rapidly increasing due to factors like the growing complexity of IT systems and the escalating threat of cybercrime.
Hence, this qualification is highly regarded for business accountants, especially in Singapore and the surrounding region, working within the IT and cybersecurity domains.
PBA holders often receive higher salaries compared to those without the credential. A recent ISCA study revealed that PBA holders typically earn an average of 15% more than their non-credentialed workers.
7. Chartered Global Management Accountant (CGMA)
Certification Fee: S$483 to S$594
Duration: 12-18 months
Min. Qualification:
- Hold a bachelor's degree or equivalent,
- Complete the CGMA Professional Qualification,
- Pass the CGMA Professional Qualification Assessment.
- Have a minimum of three years of relevant work experience.
- Complete 30 hours of Continuing Professional Development (CPD) annually.
The Chartered Global Management Accountant (CGMA) designation, provided by the Chartered Institute of Management Accountants (CIMA), may not be specifically tailored to Singapore, but it carries significant value locally and worldwide. This certification indicates proficiency in strategic financial management, accounting, and business leadership.
For CPAs employed in business and government, the CGMA accounting certification is a relatively recent addition, having been issued since January 2012. Its aim is to enhance management accounting skills with a global perspective.
A 2023 survey by CIMA revealed that 84% of employers in Singapore consider the CGMA qualification valuable when hiring finance professionals. In 2023, the median base salary for CGMA holders in Singapore was SGD $122,000, as per Michael Page salary data.
8. Certified Information Systems Auditor (CISA)
Certification Fee: Around S$1,018
Duration: 3-6 months
Min. Qualification:
- 5 years of IS audit, control, assurance or security work experience
- A bachelor’s, master’s or doctorate degree in any field of study
The Certified Information Systems Auditor® (CISA®) is like a gold standard for people who check, control, and keep an eye on an organization's IT and business systems worldwide.
If you're in the middle of your career, getting CISA certified can show off your skills and prove that you know how to deal with risks when planning and doing audits.
In Singapore, companies really want professionals with a CISA accounting qualification. This certification serves as a testament to your proficiency in information systems' audit, control, and security – essential skills in an era where IT security is a top priority for business leaders.
And guess what? After getting CISA certified, 70% of people say they got better at their jobs, and 22% got a raise based on ICASA findings!
9. Association of Chartered Certified Accountants (ACCA)
Certification Fee: S$278
Duration: 4 months
Min. Qualification:
- 18 years old and above
- Two GCE 'A' Levels and three GCE 'O' Levels or their equivalent (in five separate subjects including English and Mathematics)
Established in 1904, the Association of Chartered Certified Accountants (ACCA) has evolved into one of the leading and fastest-growing international accountancy organizations globally.
With over 527,000 students and 219,000 fully qualified members in nearly 180 countries, ACCA is acknowledged as a truly global professional accountancy qualification.
Upon graduation, ACCA opens doors to a range of work opportunities, including roles in audit, financial and credit management, financial reporting, management accounting, strategic business planning, taxation, and treasury management.
10. Chartered Accountant (CA)
Certification Fee: S$216 to S$432
Min. Qualification:
- at least 21 years old;
- satisfy the prescribed requirements relating to:
(a) Qualifications;
(b) Practical experience;
(c) Membership in any professional accountancy body or organisation;
(d) Continuing Professional Education (CPE); and
(e) Course on ethics and professional practice subjects, i.e. the ISCA Public Practice Programme
- are or will carry on the public practice of accountancy in Singapore;
- are or will maintain an office or place at which your services may be engaged; and
- are or will make yourself available to work on behalf of any member of the public.
A chartered accountant is a certification for a professional in the field of accounting that holds significant importance for all graduates in Singapore.
The certification signifies that an individual has met international accounting standards.
By having this certification, you can demonstrate your quality as an accountant.
Moreover, it is assured that someone who passes the exam has good competence for work.
The hope is that clients or companies can have more confidence in using your services.
Completing the required coursework for these accounting certifications can be tough.
It's even more challenging because many courses are only accessible after you've begun your finance or accounting career in Singapore and gained some work experience.
In such a situation, you'll need to balance studying with your full-time job in accounting or finance.
In this scenario, it's a good idea to think about which accounting certification will boost your career.
Additionally, consider talking to your employer about any available support, such as study leave, to help you finish the course.
Popular Jobs in Singapore:
Affiliate Marketing Manager | Ecommerce Manager | Search Marketing Specialist | PR Specialist | Cost Controller | Credit Controller | Risk Analyst | Retail Assistant | Remote Customer Support | HR Generalist | Web Developer | Technical Writer | Game Developer | Network Engineer
Herdina Ika
Digital Marketer
Topic tags
Share this article
Related Articles
Share this article