To encourage Singapore citizens to extend their learning and upskill themselves, the Singapore government announced in February 2015 the creation of a SkillsFuture Credit for all citizens aged 25 and above.
These citizens will receive an initial credit of $500 (with the Singapore government making further regular top-ups) that will allow them to chart their own learning activities over the course of their lives. The SkillsFuture credits can only be used to offset course fees for education and training.
Eligible citizens can now have a closer look at the kinds of skills-based courses to plan ahead for their skills and training development, based on their interests and career aspirations.
What does this mean for individuals exploring a career in accountancy or for employers looking to develop their finance staff?
Exploring a career in accountancy with ACCA
According to a 2015 report* by recruitment firm Robert Half, Singapore companies are planning to increase their finance and accounting, and financial services professionals headcount in the next three years as they explore new growth opportunities.
Finance and accounting professionals are and will be in demand.
ACCA foundation courses delivered by our approved tuition partners are currently listed on the SkillsFuture Credit Course Directory and are eligible for SkillsFuture Credit claims.
With the foundation courses listed on the Course Directory and the ability to offset its costs with the SkillsFuture credit, there is no better time for aspiring finance and accounting professionals to take the next step towards becoming a qualified accountant by registering in the Foundation courses.
After completing the Foundation courses, they can then embark on the ACCA qualification and work their way towards becoming an ACCA-qualified professional accountant after completing the necessary practical work experience.
Making it easier for employers to upskill finance and non-finance staff
Employers looking to upskill their existing finance and non-finance staff can also take advantage of this opportunity as their employees will be able to defray the training cost for the ACCA foundation courses with their SkillsFuture credit.
This is an opportune time for their existing finance staff to deepen their knowledge of finance and for non-finance staff to equip themselves with basic finance literary skills.
For more information, please click the following links:
- SkillsFuture Credit
- SkillsFuture Credit Course Directory
- ACCA foundation courses eligible for SkillsFuture Credit
- SkillsFuture Initiative
- ACCA Qualification
*Robert Half Employment Report H1 2015