Nurturing accounting specialists of tomorrow
In today's data-driven world, it's more important than ever to be able to present data in a compelling way.
Data storytelling is a powerful tool that can help movers and shakers in the business world do just that. By harnessing visual analytics to take data and turn it into a story, decision-makers can more effectively decipher findings and insights. In business settings, visual storytelling can represent data on everything from customer behaviour to financial performance. When done well, it can enable learning agility and application creativity, and make a lasting impact to drive better decision-making.
Graduates from the SMU Master of Science in Accounting (Data & Analytics) (MSA) enjoy a first-mover advantage as the programme is the first specialised Master's degree in accounting data and analytics in Asia.
Moreover, the MSA data and analytics track is designed for accounting and finance professionals who want to learn how to use data to make better decisions. The programme dives deep into the application of data technology in the accounting domain and bridges the gap between accounting and finance professionals and the IT department. “Accountants often need to communicate complex financial and accounting concepts to a broad range of audiences,” notes Assistant Professor of Accounting (Practice) Clarence Goh.
“Visual storytelling is a powerful tool that accountants can leverage to add value to their organisations. It allows them to present these complex concepts in a manner that is easy to understand.”
Staying agile in a fast-transforming world
To ensure its graduates are well-versed in the higher-level tasks increasingly expected of accountants, Professor Cheng Qiang, Dean, School of Accountancy; Lee Kong Chian Chair Professor of Accounting and MSA Programme Director, Associate Professor of Accounting (Practice) Wang Jiwei conduct multiple feedback sessions with students. Through course evaluations, surveys, dialogues, and formal and informal feedback sessions — either online or face-to-face, the School can share with students more about the changes in the industry and empower them to further develop their skills.
“For example, we have recently revamped the Data Modelling and Visualisation course into Visual Analytics for Accounting,” explains Prof Goh. “During a feedback session with the Dean, students highlighted that they would benefit from more intensive visual analytics techniques. They suggested that Data Storytelling or Visual Analytics courses could guide them on techniques to present data in a compelling way for business settings.” Data visualisation is the process of transforming data into a graphical form so that it can be easily understood and acted upon. Visual elements enable stakeholders to perceive patterns and trends and identify correlations that might otherwise be difficult to spot.
In particular, visual storytelling is a powerful tool for accounting and financial analysis to communicate complex information, or when trying to make data accessible to people who are not experts in the field.
After surveying current students, graduates and other industry partners, the value of mastering visual analytics became apparent, as it enables learning agility and application creativity. As a result, new elective courses were introduced and the course curriculum revamped “all due to the feedback gathered from students and industry leaders”.
On the pulse of real-world demands
Besides integrating the valuable feedback of students and alumni, the School of Accountancy also turns to the Data Analytics Advisory Board (DAAB) as a “sounding board for strategic matters in data and analytics”. Hailing from the highest levels of the finance profession and data analytics sector, members of the advisory board provide insights into emerging trends relevant to the School’s programmes and initiatives.
“The DAAB reviews our programme curriculum and regularly shares feedback on how courses can be more relevant for the industry,” says Associate Professor Wang. “During a review, they shared feedback on the programme’s elective offerings and the need for our courses to cover Data Governance, which gave the programme confidence to launch the Data Governance and Quality elective.”
Accountants have long been the keepers of financial information within businesses, and their work is becoming increasingly important in the digital age. As enterprises undergo a digital transformation and become more reliant on technology, the accountant's role has evolved to include managing and understanding complex data systems. To make the most of these new technologies, accountants must be comfortable with using computers and software to manage and process numbers. Additionally, they need to build bridges between IT and finance by understanding how technology can be used to improve accounting processes. By embracing new technologies and using them effectively, accountants can play a critical role in helping businesses thrive in the digital age.
As such, MSA students who prioritise specialised accounting knowledge and new emerging issues can pursue elective courses such as Data Governance and Quality, Blockchain and the New Economies, Machine Learning for Business and relevant courses from other SMU Masters programmes. With the increasing demand for reliable data management practices to produce good quality data, Data Governance and Quality is the new elective launched in 2022 and taught by DAAB member Irene Liu. Ms Liu is a finance and regulatory consultant and former partner with PwC’s Southeast Asia Consulting and led the risk and regulatory consulting practice across Singapore, Malaysia, Thailand, Indonesia, Philippines and Vietnam.
Given the comprehensive breadth of the syllabus, there is also potential for other topics such as data architecture and technology architecture to be developed. The digitalisation of businesses has created new opportunities for accounting professionals with a firm grounding in technological tools. Organisations are increasingly using Big Data to drive critical business decisions, and the demand for professionals with the ability to visualise and analyse data is growing.
The MSA data and analytics track empowers students with the know-how to analyse large amounts of data and uncover patterns and insights to provide their firms with a valuable competitive advantage. With their strong analytical and problem-solving skills, MSA graduates are well-positioned to take on exciting in accounting and finance during this exciting era of disruption.
To find out more about the MSA programme, visit smu.edu.sg/msa or email msa@smu.edu.sg.
