An important component of the ACCA qualification in Singapore is the ACCA PER Practical Experience Requirement in Singapore. For aspiring accountants, not only ACCA but PER also opens the door to a global career and numerous opportunities. But, is fulfilling the ACCA PER in Singapore requirements in Singapore truly worth the investment of time and effort? This article will explore the advantages and drawbacks, helping you decide whether pursuing this path of the Practical Experience Requirement aligns with your career goals.
What is ACCA PER?
The ACCA PER process( Practical Experience Requirement) is made to ensure that candidates acquire the necessary hands-on experience to become well-rounded, competent professionals. To achieve the full ACCA qualification in Singapore, individuals demonstrate competence in a range of ACCA PER objectives, along with 36 months of supervised work experience.
In Singapore, this process integrates with local work environments, combining academic learning with real-world application. Candidates must find relevant roles that align with their objectives and get their experience signed off by a qualified mentor.
Pros of getting ACCA PER in Singapore
Here are some pros of getting PER in Singapore.
Global recognition along with local relevance
One of the main benefits of the ACCA qualification in Singapore is that it is globally recognized. Completing the ACCA PER in Singapore ensures that you are equipped with skills that are relevant to local and global situations. Employers recognize the commitment and rigour involved in enhancing your credibility.
Diverse ACCA Career Opportunities Singapore
There are abundant opportunities in the Singapore job market in auditing, taxation, and financial management. After completion of ACCA training in Singapore, you will get exposure to multiple industries and business practices, accelerating your potential.
Structured Career Path
The ACCA Career path in Singapore is well-defined and offers a systematic route to senior roles in finance. By fulfilling the ACCA PER requirements, you not only gain work experience but also a clear progression plan from an associate to senior management.
Enhanced Employability and Salary prospects
Employers in Singapore view ACCA professionals who have completed their PER as more job-ready and competent. This often translates to higher employability and better salary packages compared to non-certified peers.
Strong Support Network
From structured employer partnerships, ACCA provides a strong support system in Singapore. This includes guidance on meeting your ACCA PER objectives and securing ACCA PER jobs that align with your goals.
Some Cons of ACCA PER in Singapore
Hurdles in finding good roles
Not all finance jobs will meet the ACCA PER requirements. Finding positions that give scope and fulfil the mentoring objectives is a struggle. This can delay completion with stress added.
Time-Consuming
One of the most notable drawbacks is the time commitment. Completing 36 months of relevant working experience is challenging. Moreover, individuals balancing studies with part-time jobs find it challenging. It requires discipline, patience and effective time- management.
Flexibility limitations
The ACCA PER process is stringent, and missing out on documentation or failing in work verification can lead to delays. Unlike other qualifications with more structured pathways, the ACCA structure leaves little room for error.
Low awareness among some employers
Although ACCA recognition in Singapore is high, not every employee is well-versed in the PER process. Some companies may not have qualified mentors or understand how to support candidates, putting pressure on students to manage the process themselves.
Intense pressure and burnout
Balancing studies, work and PER requirements can lead to burnout. Many students face stress due to high expectations and challenges of documentation of their achievements continuously.
Is ACCA PER Worth it in Singapore?
The answer to ACCA PER worth depends on your long-term goals. If you aim for a career in finance or accounting qualification with aspirations to work in multinational or corporate companies, the ACCA qualification, including PER in Singapore, is worth it. The discipline and structure you gained through ACCA training in Singapore set you apart in a competitive job market. The challenges are real, but the rewards, such as excellent job roles worth the effort.
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Tips for Starting a journey as an ACCA PER in Singapore
Find the Right Employer
Select companies familiar with ACCA or those that have signed the ACCA Approved Employer Agreement. Also choose those employers, which give a chance in the ACCA related fields like Auditing, Accounts, Financial analysis etc. only not in irrelevant departments like marketing, HR, and what-not which will not count as an PER. Therefore, find the employer who will provide the chance in the relevant department.
Start Early
Begin your ACCA PER process as soon as you start your studies. Look for internships or part-time roles that align with the objectives.
Maintain Documentation
Keep the daily records of your working experience and regularly update your My Experience record.
Seek Mentorship
A mentor can guide you through the process, sign off on your work, and offer valuable advice.
Use ACCA-related resources
Use ACCA resources in Singapore that give support tools, including PER webinars, online learning resources, and local networking events.
Conclusion
The ACCA PER in Singapore is tough, but indeed it is a rewarding journey. While it does come with challenges, such as documentation requirements and time constraints. Drawbacks can be overcome by seeing the benefits for those commuting to an excellent career in finance. Therefore, Singapore offers a valuable pathway for CDP completion. By completing the CDP, you can join the League of Respect Accountants. So, yes, it holds so much worth in Singapore if you’re ready to put in the work; the payoff is more than worth it.
Frequently Asked Questions
How can I find a job role that fulfils the requirements of the ACCA PER in Singapore?
Look for the job roles in auditing, accounting, finance, and consulting that align with ACCA PER objectives. You should aim to work for an ACCA-approved employer in Singapore, as they give structured support for the ACCA PER process.
Can I complete my ACCA PER before finishing my exams in Singapore?
Yes, you can work on your ACCA PER in Singapore with your exams. Getting practical experience while studying can enhance your understanding and application of ACCA concepts.
