When you choose to do a master's degree in accountancy in a country outside your native zone, you'll need to weigh a lot of options before making the final decision.
"Do you plan to return to your country of origin immediately after the postgraduate course? Or do you intend to work for a few years in the country you will be studying in? Or will you go a step further and settle for good in that country?"
You must ask yourself these questions before you make the final call. The wisest choice would be to go for an accountancy course that has a global relevance and at the same time, is one of the best courses in the country of its presence. This will be helpful irrespective of whether you work in the country of graduation or any other country of your choice.
The greater dilemma you face is perhaps about which country/region to do your master's degree in. There are a lot of factors that would influence this decision, but if you plan to stay back and work in the accountancy sector in the country of your education, you have a lot to consider.
For instance - if you plan to do your MSc in Accountancy in Singapore, here are some key points that should be reinforcing your decision:
The Existing Accountancy Sector in Singapore - Singapore’s accountancy sector has evolved to become a crucial factor that determines the country’s overall economic growth and development. It continues to be one of the most flourishing industries, and is a major point of focus in Singapore’s economic blueprint. The accountancy sector has a local as well as international outreach, in terms of the supply and export of professional accountancy services as well as talent to cater to the various sectors of the economy. The annual growth rate of this sector only continues to compound.
Singapore's Tactical Location in the APAC Region and Growth Possibilities -
The Asia-Pacific region is considered to be one of the fastest-growing regions for international accountancy. Singapore, located in the heart of the Asia-Pacific region is bound to thrive on this growth.
- The competition in the Asia-Pacific market is rather high. The varied size of buyers of accountancy services strengthens the buyer power considerably. While the Big Four firms have a significant presence in the region, many smaller-sized professional accountancy firms dictate the competitive atmosphere in the Asia-Pacific accountancy market.
- The Singapore Government is supportive and has the vision of Singapore leveraging on its existing reputation of possessing a pro-business and trusted environment to become the Asia Financial and Business Hub of Asia.
Its tactical geography, sophisticated financial system, infrastructure, and pro-business environment make Singapore a sought after place for expansion of accountancy aspirations of an individual or an entity.
The Transformation of Singapore into a Global Accountancy Hub is in Progress – In 2008, Singapore’s Ministry of Finance formed a special body called CDAS (Committee to Develop the Accountancy Sector) to position Singapore as a leading international centre for accountancy services and professionals. After reviewing the country’s accountancy sector, and after feedback and suggestions from a wide range of stakeholders, CDAS chalked out a plan to transform the Singapore accountancy sector into a leading global accountancy hub for the Asia-Pacific region by 2020.
Strategic Focus Points - The mission of CDAS was to create a global accountancy hub determined and controlled by:
- An accountancy profession that embraces an international outlook and expertise that adds value.
- Working professionals who are adept at what they do, while adhering to ethics and integrity.
- An environment that is vibrant with a diverse set of talents and skills - one that facilitates professional development.
This vision of Singapore's transformation is possible because it is possesses a global centre for accounting talent, advanced education, thought leadership, professional development, high value-adding professional accountancy services, strong infrastructure and institutions. Studying and working in the accountancy sector in a country like Singapore, which possesses the strategic vision for the industry and resources, would only mean accruing more credentials for your career. An MSc in Accountancy from Nanyang Business School at NTU can prepare you for a flourishing career in accountancy - whether you choose to work in Singapore or outside.
So when you make your choice, ensure you back your decision with sufficient research about not just the course and the school/university, but also the country of study and what it has to offer you. All the best!