Overview of Job Redesign in Accounting Sector
Technology is changing the way Finance and Accounting (F&A) processes and tasks are conducted in in-house F&A functions and Accounting Practices. F&A job roles will need to be transformed as enterprises and individuals leverage technology to improve productivity and enable business goals.
The Jobs Transformation Maps (JTMs) for the Finance and Accounting (F&A) functions, and Accounting Practices, were developed by the Singapore Economic Development Board (EDB) and the Singapore Accountancy Commission (SAC), respectively, in collaboration with Workforce Singapore (WSG) and SkillsFuture Singapore (SSG). The JTMs identify key technologies that are driving change; the impact on individual job roles; and the pathways for employers to transform jobs and for workers to acquire requisite skills as existing job roles evolve and new job roles emerge. For more information on the JTMs, you may visit this website.
Continued growth, including in emerging areas, will spur demand for manpower and emergence of new job roles
Demand for accounting and other professionals will continue to grow in these two segments, with a projected demand of 6,000 to 7,000 new accounting jobs by 2025. This will add to the current workforce of more than 100,000 (current workforce size: more than 80,000 employees in In-house F&A and about 20,000 in Accounting Practices).
As the global business environment changes, new job roles are emerging to meet the new requirements. Eight new job roles have been identified for the In-House F&A functions, while three new job roles have been identified for Accounting Practices.
Opportunities and changes to F&A job roles in the next 5 years
The JTMs studied a total of 58 job roles of which the majority, i.e., 45 job roles (78%), will require minimal or moderate job redesign over the next 2 to 5 years. The studies found that these job roles are not susceptible to displacement as they involve more value-adding tasks.
The remaining 13 job roles studied will see a high degree of change in job tasks and require greater job redesign and reskilling of employees over the next 2 to 5 years. These roles predominantly involve repetitive tasks that can be automated. The 13 job roles comprise mainly Associates, Executives and Accounts Assistants in various tracks in both the Accounting Practices, and In-House F&A functions.
