There are many reasons why it might be advantageous to obtain a post-graduate accountancy degree. For some who have been in the accounting profession for several years, it may be just the push you need to get through to the next step in your career. Yet, for others, it may be that you are looking for a mid-career switch to an industry that is exciting and relevant to the new economy.
Check out our top six reasons for getting a master’s degree in accountancy!
1. Highly Sought-after Profession
Accountants are one of the most sought-after professionals. Every single business needs at least one accounting professional, while large corporations employ huge teams to manage their finances.
Here, in Singapore, with a global reputation as a trusted hub for business and finance, we see a particularly strong demand for accounting services. According to an industry overview by SkillsFuture Singapore, there were some 18,000 professionals working in accounting firms in 2018, with the number projected to reach 22,000 in 2020.
In March 2020, another report was released by the Singapore Accountancy Commission indicating that accounting companies were continuing to expect growth, both in terms of revenue, as well as headcount despite the slow economy in 2019.
2. Recession-Proof Industry
Another big plus about accounting is that it is a job that is required both in prosperous times as well as economic recessions. During the good times, accountants are required to help organisations grow their finances, while during recessions, they are called upon to maintain liquidity.
Covid-19 may have put a dent in business plans across the globe, but even so, the job of an accountant continues to be one that is in demand. By equipping yourself with a recognised Master’s degree in accountancy, you will find yourself in great demand by companies embarking on their post-Covid-19 transition efforts.
3. Bright Career Path
Traditionally, a professional accounting qualification provided a strong foothold to pursue a career in audit, tax, business advisory, and other finance functions. Today, you will find that the career options for accounting graduates, especially those with post-graduate qualifications are even greater, with curriculums including wider and more varied subjects that are in line with the demands of the VUCA world.
In some universities, future-proofing skills such as Data Modelling and Visualisation, Forecasting and Forensic Analytics, and Programming with Data that will help students to succeed in a wide variety of career paths, are offered.
In addition to the technical skills taught, an accounting master’s degree also helps students develop their strategic and problem-solving mindset as they work alongside other like-minded students and industry partners on projects that tackle real-world issues.
4. Highly Transferrable Skillsets
As an accountant, you possess a better understanding of finances than most and are naturally predisposed to think in an analytical fashion. Such skillsets can be further honed through post-graduate programmes that focus on building up data analytics and programming skills, making you experts at taking raw numbers and data and turning them into useful information that drives and inform business decisions.
Beyond the numbers, professional accountancy training also equips individuals with soft skills such as the ability to listen, speak, and write using different platforms and styles to maximise communication impact.
All of these skills will undoubtedly prove useful, not only in a professional capacity but also in many other areas of your life.
5. Drivers of Digital Transformation
Accountants that are equally well-versed in accountancy and data analytics are highly sought after by organisations to drive their digitalisation plans.
This is because you are one of the few uniquely skilled individuals in a company who can understand both the realities of the operations staff on the ground as well as the strategic objectives of the senior management team. As an essential bridge in your company, you are best positioned to lead and execute data transformation plans to help better manage your organisation’s finances and discover new business drivers and revenue-generating streams.
6. Gain an Edge in Business
Finally, pursuing an accounting master’s degree is extremely beneficial for budding entrepreneurs. Not only can you use your financial and data analytics skills to make well-informed business decisions and manage risks better, but you will also have in your arsenal, better business acumen, valuable life skills, and a resilient attitude that will give you a competitive advantage.
Finally, you will also find that your highly reputed accounting master’s programme will also serve you well by opening new doors and giving you access to a formidable business network of alumni and industry professionals.
So, far from being a qualification that will pigeonhole your career choices and options, a master’s degree in accounting is one that will continually open up new doors for you as you carefully navigate through today’s fast-changing and increasingly complex work environment.
Singapore Management University, School of Accountancy offers the Master of Professional Accounting (MPA) and Master of Science in Accounting (Data & Analytics) (MSA) programmes that trains up a new generation of accounting professionals equipped with high-level data analytics and programming skills within the accounting domain. Applications for both programmes are now open.
For more information, please email msa@smu.edu.sg or mpa@smu.edu.sg.
