As shared accounting services continue to boom in the Asia-Pacific Region, with Singapore, Hong Kong and China emerging as globally preferred destinations for reporting and analysis accounting functional support among multinational companies, employment prospects in these areas are rich.
But there are variables to consider. First, although many companies are hiring more accounting professionals, they are also giving them extended or expanded roles or functions. Managers now consider soft skills and over-all productivity potential as more important qualifications rather than simple pure technical proficiency. Strong social skills and creative thinking have also become important qualifications as many companies are now looking for more holistic employees equipped with communication, interpersonal, analytical, managerial skills, and creativity to assume multiple office functions.
Second, there is plenty of education and training to choose from. There are basic accounting courses in Singapore that provide fundamental technical background in accounting principles like, equations, processes and basic concepts like double entry, debits, credits and different kinds of business structures. These basic accounting courses also offer hand on trainings on keeping general ledger or journal, organized bookkeeping methodology, and preparing basic reports such as statement of financial position, trial balance and income statement. And then there are advanced accounting courses that offer trainings and seminars on higher level subjects like ratio analysis, concepts and operations of profitability, liquidity, capital structure, efficiency ratio, strategies in payroll accounting using the double entry, understanding employee benefits and compensation vis-à-vis relevant taxes, computing income tax adjustments for businesses, loans and hire purchases.
Basic accounting courses in Singapore are best for potential employees who already have refined over-all employment and productivity skills but lack technical accounting backgrounds while advanced accounting courses in Singapore are taken primarily by those with prior accounting education or employment experience and are seeking promotions or permanent career growth tracks in the field.
And then there is the difference between finance and accounting. Those who study accounting or take special accounting courses often specialize in auditing, tax, risk assessment, international accounting management accounting, and forensic accounting. Advanced and basic accounting courses in Singapore offer real-life case studies in order to provide a rounded understanding of how accountancy processes work in various industries and sectors. Meanwhile, finance courses provide trainings in corporate finance, financial evaluation, behavioral finance, derivatives, capital markets, econometrics, financial modelling, quantitative finance, investment management, financial regulation, financial reporting, and even some aspects of accounting.
Despite their differences, accounting and finance graduates are highly sought-after, with employer demand with a projection of 13% growth rate up to 2022, while opportunities for financial analysts are predicted to increase by almost 16% during this period. Large multinational financial services firms offering most popular opportunities for those with either accounting or finance backgrounds but there the usual job opportunities in accountancy firms, insurance companies, public sector, investment and high street banks. But in addition, accounting and finance professionals are expected to be hired in sectors like management, scientific and technical consulting services; computer systems design and related services; accounting, tax preparation, bookkeeping and payroll services; and general financial investment activities which are predicted to be offer the most significant expansion.