MSC ACCOUNTANCY

From Financial Analysis To Risk Control: Making The Shift With MSc Accountancy’s Data Analytics Specialisation

In a world filled with uncertainty, the demand for risk management professionals remains high.

Emerging technologies, such as automation and artificial intelligence (AI), help leading businesses manage and report enterprise risks. Effective use of data through data analytics also allows businesses to detect emerging threats early and act on them immediately.

Pan Miaoqi, a participant in Nanyang Business School’s (NBS) MSc Accountancy (MACC) programme, realised this during her tenure in one of the Big Four accounting firms. She shares her story of how her interest shifted from financial analysis to risk control and how enrolling in the MACC programme with a Data Analytics Specialisation prepares her for a career in risk management. 

Making the shift from financial analysis to risk control

Miaoqi worked as a Senior Accountant at Ernst & Young (EY) Hua Ming for three years. Here, she built a strong foundation in financial analysis, auditing publicly listed companies and foreign-invested enterprises.

Throughout her assurance work, she realised that financial data has more to offer beyond accuracy—it can surface valuable insights that enterprises can use to manage risks better.

“Although my auditing experience equipped me with solid financial skills and a strong sense of risk, I became increasingly interested in risk control, where I could play a more active role in identifying, managing, and resolving risks,” she shared. This motivated her to deepen her knowledge and enhance her abilities to interpret data more critically.

Learning of her growing interest in data analysis, several of Miaoqi’s former classmates from Nanjing University recommended the MACC programme at NBS. “They’ve already graduated and highlighted how this programme helped them seamlessly transition into their careers, both in Singapore and back in China,” she shared.

The MACC programme, especially its Data Analytics Specialisation, aligns perfectly with Miaoqi’s learning and career goals. “Data analytics is a key component of my future financial expertise. This will enhance my career prospects and help me gain deeper insights into financial data,” she shared.

Data analytics as a tool for greater risk control

As routine accounting tasks increasingly get automated with AI, accountants need a more decisive edge to compete with machines. Miaoqi’s expertise in data analytics will serve as a great differentiator.

“Data analytics will sharpen my data insights, a critical skill that sets me apart from peers relying solely on basic financial knowledge,” she explained. “If I pursue a career in risk control, my ability to explore and uncover issues within vast and complex financial data sets will be crucial. Data analytics will enable me to distil key issues quickly, enhancing efficiency.”

There’s also a growing demand for data analytics skills, as many international companies actively recruit professionals with these capabilities.

“While exploring career opportunities in China, I realised that many jobs, not just in finance, now require data analytics skills,” Miaoqi recalled. “This reflects both the current market demand and the direction of future developments, making it essential for staying competitive in the workforce.”

The data analytics track, in particular, equips participants with future-ready knowledge of emerging technologies in an accounting landscape rapidly reshaped by technologies such as AI and automation.

So far, Miaoqi’s experience with the data analytics track has been both enriching and challenging. “Initially, the learning curve was steep as I familiarised myself with tools like Python, R, and SQL,” she recalled. “Understanding complex algorithms and data processing took time, but it became rewarding as I realised the power of transforming raw data into actionable insights.”

She’s also learning that data visualisation is vital to data analytics, especially when presenting data to the public. “Tools like Tableau and Power BI are crucial in presenting complex data to stakeholders more clearly, especially for those without a data science background,” she explained.

Fostering cultural dexterity and a global mindset

But it’s not just about crunching numbers and surfacing insights. Working with course mates from diverse backgrounds also helps Miaoqi develop her cross-cultural communication skills.

“I’ve had the pleasure of meeting course mates from diverse backgrounds. Through our shared learning experiences and participation in the school’s various activities, we’ve forged strong friendships. It’s been a rewarding journey so far,” she shared.

She is also continuously strengthening her knowledge and understanding of international accounting standards to meet the demands of multinational corporations better, whether in Singapore or back in China.

“With numerous multinational companies operating in China, many of which have international parent companies or subsidiaries, my understanding of various accounting standards and cross-cultural communication skills will be highly beneficial,” she shared.

Given Miaoqi’s global ambitions, the MACC programme gives her a solid foundation to boost her career in Singapore, China, and beyond. The programme shares close ties with international accounting bodies, allowing participants to earn globally recognised qualifications and fast-track their professional accountancy journey.

Ready to take on risk management

After completing the MACC programme, Miaoqi aims to work as a risk control analyst, where she can apply her analytical skills and knowledge of financial regulations to help businesses manage risk effectively. “As we continue exploring data analysis through advanced technology, we will all appreciate its efficiency and potential,” she said.

As she embarks on this new career path, she remains grateful to the faculty at NBS, who supported and encouraged her as she faced various challenges throughout the one-year full-time programme.

“I experienced moments of self-doubt regarding my ability to master this skill set, but their encouragement helped me feel more confident,” she recalled. “This positive reinforcement allowed me to try without the fear of making mistakes and motivated me to push beyond my limits.”

Find out more about the MSc in Accountancy programme here.