A
ccountants provide professional services to clients to ensure they are financially sound and compliant with relevant legislation. Those services include assurance, auditing, tax, insolvency, business and financial advice.Financial managers oversee an organisation’s accounts and provide information and advice to its managers. They tend to start out as accountants and progress after completing the relevant professional qualifications.
There is a range of different areas of accountancy, each of which focuses on a different aspect of how businesses function. For example, management accountants use financial data to help managers plan – by providing income forecasts, analysing how a business is performing, and advising on how it could improve.
In contrast, forensic accountants look through companies’ accounts to look for and investigate financial discrepancies. These can sometimes lead to legal proceedings, so top-level forensic accountants need a detailed understanding of the law.
Accountants are also found outside the financial sector – for example, working for the public sector or for NGOs and charities. In these sectors, being able to report on how funding has been used and advise on making the most of tight resources is essential. Professional bodies have created a wide range of qualifications to train graduates in each of these different areas of accounting. They also provide information and guidance on the various qualifications available.
Accounting & Financial Management
Training and keeping up to date with legislation is essential in this sector. Most
graduates take professional qualifications that provide this specialist knowledge.
TRAINING FOR PROFESSIONAL
QUALIFICATIONS CAN BE INTENSE, BUT
SOME FIRMS OFFER A GREAT DEAL OF
SUPPORT.
Opportunities for graduates
All kinds of organisations – from the “Big 4” firms (Deloitte, EY, KPMG, and PwC) to small accountancy firms, as well as many public and private sector employers – recruit graduates as accountants. You do not necessarily need an accountancy degree, but having a relevant finance background can gain you exemption from some exams.
Graduates typically work within a firm while they complete a professional qualification, either on a training programme or in a junior post. Programmes usually involve exposure to all functions or departments within the organisation, and it can be intense due to the combination of work, study, and exams. However, some firms are willing to offer study leave and a great deal of support.
To get a job in accountancy, students need to show excellent numeracy skills and commercial awareness, along with good communication, time management, analytical, and teamwork skills.
The top employers by career sectors
TOP RATED EMPLOYERS
1. PwC
2. EY
3. KPMG
4. Deloitte
5. Barclays
6. Shell
7. BDO LLP
8. McKinsey and Company
9. Credit Suisse
10. Monetary Authority of Singapore (MAS)
On campus, I hear about jobs via...
(top five factors in order)
1. Internship/part-time position adverts 2. Career/Employer presentations 3. Stands at campus careers fairs 4. Invitations to off-campus events 5. Sponsorship
I have done work experience related
to my course
Average Expected
Income
S$ 36,054
per annum
S T U D E N T R E S P O N S E S
Gender
Top subjects of study
(Top 5 only) 1. Accounting 2. Finance 3. Economics/Business studies 4. Business information systems/Technology 5. Management
Year of Study
21.5%
15%
6%
9.5%
34%
0.5%
6%
7.5%
Graduated (Working) Graduated (Looking for work)Postgraduate Final Penultimate Third Second First
A P P L I C A N T S A T A G L A N C E
45%55%
Students interested in accounting and financial management...
• ... were almost exclusively enrolled in business and finance-related majors.
• ... had the lowest expected income when compared to their peers in all other corporate and engineering sectors.
• ... used LinkedIn as their preferred social media channel for careers-related online interaction 73 per cent of the time. • ... were not very politically active during their student lives. Only
8.5 per cent of them were involved in some form of political activity.
• ... were 10 per cent more likely to pick employers offering good career prospects over those offering professional development opportunities.
• ... were least interested in potential employers’ efforts towards innovation.
The difference between the Singapore’s 100 rankings and sector rankings
You may notice that some employers’ sector rankings do not correlate with their positions in the overall 100 rankings. This is because the overall rankings and the sector rankings are evaluated with different metrics.
The list of the overall 100 ranks graduate recruiters from all sectors of work by their popularity as “first employers” among all students who took part in the survey.
The sector rankings, however, rank graduate recruiters by their popularity only with students who mainly indicate that they plan to work within that sector.
Some employers operate in multiple sectors, or are popular with students who are still considering other careers. So it is not uncommon if, for instance, a big oil company is popular with students looking for a finance career. Though their core business mainly requires engineers, they still need to hire accountants or risk analysts too!
YES
73%
NO
27%
Average number of job applications made:
11
S E C T I O N 5
The view from
the top &
Rising stars
Remember to quote
Singapore’s 100 Leading
Graduate Employers
on your job application!
It’s more important to work in a good
organisation than to start in a good
position.
David Kolpak, Chief Technology Officer,
Bank of America Merrill Lynch
I felt that I could only see the tip of the
tail, and was unable to visualise the entire
animal.
Germaine Tan, Aviation Sales Manager, ExxonMobil
Anyone who thinks accounting is
boring must be doing it wrong.
Adrian Lee, Audit Partner, BDO
Top-level managers and
high-flying graduates at
highly-rated employers
share stories about their
careers so far, and pass on
advice that they would like
to give to you!
The most popular graduate employers as voted by students and graduates in Singapore singapores100.com 4th edition 2013/144th edition Research by In association with WHAT RECRUITERS MICA (P) 101/02/2014ISSN: 2010-4413 % RECRUITMENT RECRUITERS TRENDS IN GRADUATE FROM INSIGHTS BESTEMPLOYERS BY SECTOR Singa po re ’s 100 L ea ding G ra du ate E m ploye rs 20 13 /14 4th edition
SINGAPORE’S 100 Leading Graduate Employers 2013/14 | 57
singapores100.com
View from the top
Years in auditing have shown Adrian what’s important as a leader.
Adrian Lee
is an audit partner at
BDO LLP
Career Highlights
I started my audit career in BDO after graduating from an Australian university. I then ventured off to a Big Four firm, where I spent the last twelve years working on various industries such as oil & gas, manufacturing, and even education. I re-joined BDO last year as a partner when an opportunity arose, as I saw this as a positive and exciting career development.
It is important to build a strong foundation in the early years of your career. I had the option of starting my career either as an accountant in a commercial business, or as an auditor in a public accounting firm. Being young and adventurous, I wanted a job that provided me with the opportunity to travel overseas and meet people. I decided to start with BDO since – as an international accounting firm – they have a global client base in various industries, a defined structure, and a willingness to provide me with essential training to prepare me for the challenges ahead.
Way down in Texas
During the course of my career, my most memorable experience was spending two years in Houston, Texas on a global development programme. As the oil and gas capital of the world, Houston provided me with the perfect platform to learn more about the oil and gas industry, to appreciate different work environments and cultures, and – most importantly – to meet new people.
This overseas assignment certainly broadened my outlook and changed my perspective in life. I learned to appreciate how business is conducted across borders, and the experience equipped me with the knowledge to deal with my overseas clients. You need to be open-minded and be prepared to embrace significant changes to your life if you have plans to relocate overseas for a job assignment.
Proactive, not reactive
Becoming a partner at BDO is my biggest achievement so far, and an important milestone in my career, as this is a recognition of my skill sets and experience in the industry. The roles and responsibilities of a partner are challenging yet exciting, as clients see you as their trusted advisor. This provides you many more business and networking opportunities in the industry.
In this competitive business
environment, you need to be proactive – not reactive – to changes in the global business, accounting, and regulatory environments. Your clients both expect and appreciate sound advice and guidance, and you need to be able to deliver.
The key challenge of being an auditor is keeping up with such changes to accounting standards and the regulatory environment in order to stay relevant. I read a lot of business journals, industry publications, magazines, and newspapers regularly to keep myself updated, as it is important to know what is going on around you. Anyone who thinks accounting is boring must be doing it wrong.
A high staff turnover rate is also inherent in the audit industry. As such, staff recruitment and retention has always been a priority for me. Having the right people and skillsets is critical for business continuity, and for minimising disruptions to ongoing business engagements.
The rewards of leadership
A leader should be a trusted mentor, inspirational, and able to motivate his or her team even in the toughest times and
“
ANYONE WHO THINKS
ACCOUNTING IS BORING
MUST BE DOING IT
WRONG.
”
most challenging situations. I believe good interpersonal and communication skills are essential to achieving this. Personally, I believe the rewards of good leadership comes from bringing the best out of someone, which is instrumental to the success of an audit firm.
You need to motivate your team and to clearly communicate your expectations and the deliverables necessary to meet engagement timelines. Be prepared to teach, and to share your experiences and knowledge in your daily work, bearing in mind that your team is only as strong as its weakest link. I have remained in the audit industry for so long because I have had the privilege of working with leaders/mentors who inspired me with their knowledge, leadership, and interpersonal skills.
Finding work-life balance
I like to think of my career as a marathon – you need to set a comfortable pace to reach your destination. I have seen many fresh graduates eager to prove themselves by working long hours in the early stages of their career. As a result, they get burnt out after two to three years, as they spent too much time at work and get far too stressed out. It’s important to strike a work-life balance and to take time off to rejuvenate and enjoy the company of the people around you, especially your family and friends.
Be focused on your long-term goals, but at the same time set achievable short-term goals along the way to motivate yourself. Time management is critical in achieving the work-life balance that everyone is talking about. Always prioritise and focus on the most critical tasks, and do not procrastinate. It is not work if you enjoy what you do. But most importantly, enjoy the journey!
Staying on top of
the game
Rising stars
62 | SINGAPORE’S 100 Leading Graduate Employers 2013/14 singapores100.com
Kim Man weathered a steep learning curve to raise her game as a
professional auditor.
Sek Kim Man
is an Audit
Associate at BDO LLP
2013Graduated with degree in Accountancy from Nanyang Techonological University
2013 Joined BDO LLP as Audit
Associate After I graduated from the Nanyang
Business School (NBS) at Nanyang Technological University (NTU), auditing was among my top career choices. In auditing, you are exposed to multiple opportunities to learn and excel, such as studying company accounts and operations, as well as understanding how different industries work, which greatly excites me.
I first started out as an Audit Associate with BDO, where I was involved in multiple projects – mainly in the manufacturing and construction industries. The experience has been very positive so far. The family-oriented culture and helpful and patient seniors have helped me to integrate to the company quickly.
Varied work
In auditing, your work is generally based on projects or “bookings”, so it may vary quite a bit. My responsibilities include examining company accounts, maintaining financial control systems, checking and analysing financial data, identifying process efficiency and making recommendations if possible. The latter can be quite challenging at times.
One of my biggest challenges when I first started was having to analyse the variances of the prior year and current year figures. Being a fresh graduate, I had difficulty understanding industry and market factors and how they affect a company’s entity across its financial year. Hence, the initial learning curve was quite steep, but I was eventually able to digest
and piece all the information together. Thereafter, I made it a point to continuously update myself with the latest industry news and market reports of my projects, so that I would be able to process such information at a much faster pace compared to when I first started out.
My biggest achievement
The one thing that I would describe as my biggest and most memorable achievement was being able to make a recommendation to the process and controls of a certain
company, which they accepted. This in turn changed the way they ran their daily operations, which benefited the entire community. The sense of pride and achievement when you “go behind the numbers” in fieldwork – discovering something new and able to make such a huge impact – is really indescribable. Naturally, the client was very appreciative, and I felt a great sense of accomplishment.
Avoid snowballs!
I would say maintaining a high level of self-motivation, determination and confidence
in your abilities would be the most essential ingredients to doing your job well. In auditing, tight deadlines come around very often, and a lot of things are dependent on teamwork. You need to be enthusiastic to finish your own tasks on time so that things do not end up “snowballing”, which may require you to put in extra hours. I was lucky because I was one of the EXCO members of a sports club at NTU, which meant I had to juggle a lot of tight deadlines plus sleepless nights between events and school assignments. Looking back, it all seemed to have paid off here!
For fresh graduates, remember your FRS (financial reporting standards) well! You do not always have the luxury of referring to the textbook when you are working. The initial learning curve can be quite steep, so keep your passion and adrenaline going! Staying up-to-date with the latest industry news helps a lot too!
“IN AUDITING, YOU ARE
EXPOSED TO MULTIPLE
OPPORTUNITIES TO
LEARN AND EXCEL.”
Going behind the
numbers
Rising stars
John’s work in tax advisory requires a serious eye for detail.
John Chua Minghui
is a Tax
Senior with BDO Tax Advisory.
2008 Graduated with a Diploma with
Merit in Accountancy at Ngee Ann Polytechnic
2011 Graduated with a Bachelor’s
Degree (Second Upper Honours) in Accountancy, Nanyang Technological University
2011 Joined Ernst & Young Solutions
LLP as Tax Associate
2012 Joined BDO Tax Advisory Pte. Ltd.
as Senior Tax Associate
2013 Promoted to Tax Senior in BDO
Tax Advisory Pte. Ltd. After completing my O-levels, I wasn’t sure
of the career path I wanted to take. I chose accountancy because I wanted to do a business-related course and I knew that accountancy was a profession that could open many possible career pathways for me.
While pursuing my diploma in accountancy, I had the opportunity to do a tax internship at one of the Big Four accounting firms, which exposed me to the business of tax consultation. Apart from preparing tax computations for a portfolio of companies from various industries, I got to appreciate how companies could utilise various tax incentive schemes to maximise tax savings. I also learned to appreciate the policy intent of such schemes and how they drive business behaviour.
As I progressed in my career from a Senior Tax Associate to a Tax Senior in BDO, I had the opportunity to work in tax controversy, where I was involved in assisting clients with replying to queries from the tax authorities.
All about relationships
The main responsibility of the job is to assist clients with the management of their tax affairs. This includes preparing income tax computations and income tax returns for corporations and individuals, as well as assisting managerial clients with ad-hoc tax advisory cases that they may require from time to time.
One of the interesting aspects of this job is relationship management with clients. At BDO, we are given autonomy and responsibility in managing client relations, especially when it comes to liaising with clients for necessary information to complete their tax returns. As a professional, this helps me to not only build technical skills in taxation, but also helps me in building rapport with clients.
However, every job brings inevitable challenges, such as managing client
expectations. These may include managing timelines for completion of tax returns, or working with managerial clients concerning fee negotiations.
One of the key challenges I face is work efficiency. As we are tasked with managing a portfolio of clients, proper time management is required to ensure returns are filed promptly and good service is maintained while not compromising on work quality. A good way to enhance time management is to plan your work day. I do this by jotting down the things I want to do for the day before I get down to it. This helps me to manage the time required for each task, so as to ensure maximum productivity.
Innovation with taxation
One of the more memorable moments of my career was when I was tasked to prepare a reply to queries from the tax authority in relation to a construction company.
The queries were mainly relating to the company’s claims under the Productivity and Innovation Credit Scheme, a tax scheme introduced in 2011 by the Singapore Government to encourage businesses to enhance productivity such through methods such as using IT and automation technology, training employees, and acquiring intellectual property.
While the work done was extensive, with many counterarguments from the tax authority, there were plenty of good takeaways from the project. Not only did we gain a better understanding of the scheme and how the tax authority enforces
it, but the client was also able to settle and wrap up tax issues which had remained outstanding for quite some time.
A keen eye for detail
I think the most important skill to perform this job well is an eye for detail. Working in tax advisory requires you to analyse financial statements, income and expense documents, as well as any other information that may be provided by clients. An eye for detail is necessary to ensure that you are able to pick up key items to investigate and query further.
If you are thinking of joining the tax profession, I would advise that you try out an internship like I did, to see if tax is really your cup of tea. While the field of taxation is rather specialised, it can be a viable career if you are looking for a niche area of accounting to develop your skills in.
“
TRY OUT AN
INTERNSHIP LIKE I DID,
TO SEE IF TAX IS REALLY
YOUR CUP OF TEA.
”
BDO
www.bdo.com.sg
Contact Ms. Shealin Koh BDO Singapore 21 Merchant Road Tel: +(65) 6828 9118 Fax: +(65) 6828 9111 Web: www.bdo.com.sg Email: career@bdo.com.sg Type of business Number of employees LocationsSingapore, Malaysia, Philippines, Thailand
Minimum degree classification required
To be part of our team, you should possess an accounting, finance or business degree; or a qualification recognised by ISCA or other professional bodies.
Internship programme Yes
Application deadline for internships
Applications are accepted all year round
More about us
BDO Singapore is a full-service professional audit, tax and advisory firm across a wide spectrum of industries. As a member of the fifth-largest accounting network in the world with over 1,264 offices across 144 countries, we are committed to provide tailor-made solutions with our global expertise.
Service excellence is at the heart of what we do and our mission is to be a spontaneous leader in exceptional client service. Our distinctive reputation for building close personal relationships with our clients is built upon our commitment that what matters to them matters to us. We work with our clients to define what exceptional client
service means to them and we aim always to bring insight and up-to-date thinking to help them meet their objectives. Our services include audit and assurance, tax advisory, business restructuring
BDO. Because Relationships Matter.
and forensic accounting, risk advisory, corporate finance, management consulting and outsource accounting. BDO in Singapore is also an accredited training organisation for the Singapore Qualification Programme (QP).
80 |SINGAPORE’S 100 Leading Graduate Employers 2013/14 singapores100.com
R A N K I N G S
7th
Accounting & Financial
Management
BDO. BECAUSE RELATIONSHIPS MATTER
AUDIT . TAX . ADVISORY
