MSC ACCOUNTANCY

From Numbers To Insights: Levelling Up With MSc Accountancy’s Data Analytics Specialisation

Having secured a Master’s in Accounting and Finance from the renowned London School of Economics and Political Science, Shi Dawei found numerous opportunities awaiting him in the accounting industry.

After working for less than two years as an investment associate, he decided to go back to school. This time, he pursued a second MSc in Accountancy at Nanyang Business School (NBS).

“I began to realise that accounting numbers alone don’t necessarily provide direct answers to business and investment decisions,” he reflects. “In fact, they’re a starting point to raise questions in relation to the market, operations, and overall business context.”

To aquire the skillsets necessary to transform numbers into answers, Dawei turned to NBS. He elaborates on how new technologies are rapidly reshaping the role of the accountant, and how NBS’s MSc Accountancy (MACC) programme is equipping him to adapt to these changes.

Becoming a digitally agile decision-maker

Today, the accountant’s job description has moved from administrative to advisory. 

With the rise of big data in accounting, businesses increasingly rely on accountants to translate data into business insights. A 2022 study by the Singapore Accountancy Commission (SAC) reveals that more clients now expect practitioners to add value by developing business solutions and driving process improvements. 

“In the context of rapid technological advancements like AI and automation, the future roles of accountants will include solution providers and decision-makers,” explains Dawei. “It’s crucial for accounting professionals to stay digitally agile.”

“In the context of rapid technological advancements like AI and automation, the future roles of accountants will include solution providers and decision-makers,” explains Dawei. “It’s crucial for accounting professionals to stay digitally agile.”

Future-proofing with a data analytics specialisation

To brush up on his digital savvy, Dawei sought a second master’s degree with a strong emphasis on emerging technologies. The NBS’s MACC curriculum, with its unique Data Analytics specialisation, caught his eye.

Optional for MACC participants, this specialisation offers an additional trimester of five courses exploring key accounting technologies: AI in Accounting and Finance, Audit Analytics, and more. “It can enhance my technical skills in interpreting accounting numbers, and help me make more informed investment decisions in future,” Dawei says.

The expertise of the faculty members – many of whom are industry leaders – was a huge plus for him, since it added real-world relevance to his learning. “The professors are able to seamlessly integrate theory with real-world insights from their professional experiences,” he says. “My classmates and I always receive insightful responses when we raise questions to them.”

The opportunity to study in Singapore also sealed the deal for him. Dawei’s journey has been highly multicultural – he studied in Singapore, went to university in the United Kingdom, and most recently worked in China. Having experienced the best of East and West, he concluded that Singapore was best suited to develop his global perspective.

“I would say that Singapore has successfully captured the merits of both Eastern and Western cultures,” he shares. “This fusion of cultures would help me develop a holistic thinking style with a global perspective, which would be valuable in navigating the intricacies of our globalised landscape.”

All-round support for success

After three months, Dawei shares that he’s thriving in the MACC programme due to the well-structured curriculum and strong support from staff.

“I’d say the programme is above my expectations in terms of content diversity and quality of teaching,” he reveals. “It’s structured in such a way that we can work step by step on building a solid understanding of the fundamentals, before progressing to more challenging problems.”

While postgraduate life is hardly new to Dawei, the NBS experience was a pleasant surprise to him. “I was surprised by how easily I could reach out to any staff member regarding my queries and needs, and their responses were consistently prompt. NBS has definitely demonstrated how well a university can utilise resources and provide all-round support to students.”

The incorporation of learning experiences beyond the classroom also proved to be beneficial. “We have group tasks and take-home projects, spurring additional discussions and debates among group members,” he explains. “This gives us the opportunity to master soft skills that are essential to working in a team.”

Having encountered fraudulent activities when performing company analysis at work, Dawei found the ‘Forensic Accounting and Digital Forensics’ module particularly insightful. “Knowing how to apply investigation techniques and tools for fraud detection will help me make more informed investment decisions in future,” he says.

The question of whether AI will replace or assist accountants has become a hot-button issue, and Dawei is keen to explore this in the ‘AI in Accounting and Finance’ module. “We’ll get a sneak peek into one potential path for the future of accounting: using cutting edge technologies like AI to improve accounting processes. I think this will equip us with indispensable skills in accounting data analytics.”

Standing out in the industry

Dawei plans to kickstart a career in Singapore’s investment sector after his graduation next year. “Singapore is a hub that embraces global business prospects, making it appealing for both investors and entrepreneurs,” he shares.

With his newfound data analytics skills, he believes that he will be well-positioned to offer a broader portfolio of services as an accounting professional which gives him the edge in a fast-transforming industry.

Furthermore, he has confidence in continued career support from the NBS community even after graduation. “The MACC programme has substantial recognition in the industry, with its active engagement with professional service firms and regulatory bodies. NBS also has a strong alumni network that’s inclusive for everyone, which provides more room for career development and business opportunities in the future.”

Find out more about the MSc in Accountancy programme here.