Singapore chartered accountant exam fees to be lowered from June

SINGAPORE: Examination fees for the Singapore Chartered Accountant Qualification (SCAQ) programme will be lowered later this year to enhance its accessibility and attract more individuals to the profession. 

"As part of the pipeline of initiatives to increase accessibility of the SCAQ, the examination fees ... will be lowered from June 2024," said the Accounting and Corporate Regulatory Authority (ACRA) and Institute of Singapore Chartered Accountants (ISCA) in a joint media release on Friday (Jan 12). 

The SCAQ programme is the national chartered accountant qualification programme. 

"Over the years, as the programme gained wider recognition, enrolment has also grown," said the agencies, adding that this has allowed for the lowering of SCAQ fees.

"The fee revision is part of ACRA and ISCA’s joint efforts to further enhance the accessibility of the SCAQ and attract more individuals to embark on the SCAQ to build a sustainable talent pipeline for the accountancy profession."

A new category has also been introduced for the module exam fees to "encourage students to start their SCAQ journey", while still pursuing their tertiary education, said the agencies. 

The revised fees are as follows:

ACRA Chief Executive Ong Khiaw Hong said: "The fee revision will make the SCAQ accessible to a wider pool of talent to help build a sustainable talent pipeline for accountancy professionals in Singapore."

"We will continue to work with ISCA to review the SCAQ to ensure it stays relevant and attractive.”

Both agencies said that ISCA will have measures to improve learning support for SCAQ candidates and ACRA will continue to maintain oversight on the programme. 

In November 2022, MP Don Wee pointed in parliament that talent shortage in the accountancy sector is an urgent issue that must be addressed to meet projected demand to support the growth of Singapore businesses and the economy.

ISCA president Teo Ser Luck said several initiatives have been put in place to provide conducive pathways for those interested in pursuing an accountancy profession. 

These include scholarships for top accountancy students, financial assistance for those in need, and collaboration with local universities to provide sponsored tuition to students.