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.

MSC ACCOUNTANCY

From “Challenge Conqueror” To ASEAN Development Scholar: Phuong Nguyen Shares Her MACC Journey

As a self-professed “challenge conqueror,” Phuong Nguyen was drawn to problem-solving from an early age. Growing up in Vietnam, she noticed many barriers to education and upskilling in the communities around her – and she aspired to make a difference.

“I grew up in an underprivileged background, but I’ve been fortunate to participate in many international competitions and events,” she shared. “I wanted to advance my skills in developed countries such as Singapore and use this knowledge to contribute to communities in Vietnam.”

One essential skill set that Phuong hoped to hone was accountancy. Having completed a Bachelor of Business Administration focusing on Finance, she sought an opportunity to further her interest in numbers. “I knew I wanted to pursue accounting as a career in the future,” she said.

The MSc Accountancy (MACC) programme at Nanyang Business School (NBS) presented such an opportunity, combining rigorous training with rich international experiences. Clinching the ASEAN Development Scholarship was the icing on the cake, offering her the financial freedom to pursue higher education and the tools to make an impact. 

Studying in Asia’s startup and financial hub

When choosing a MACC programme, Singapore was top of mind for Phuong. As a multicultural melting pot, Singapore was the perfect place to experience different cultures while staying close to home.

“Singapore is a financial hub in ASEAN where you can get to know a lot of investors, and there’s a vibrant startup community here. Besides, the country shares a robust economic relationship with Vietnam, with numerous investment opportunities arising from strategic partnership.” she added.

Discovering that NBS was ranked first in Asia for Accounting Research, Phuong was keen to learn from the school’s renowned faculty. She also saw that the programme’s Data Analytics specialisation would give her an edge in a data-driven world.

“During my internships at Big Four firms like PwC and EY-Parthenon, I realised that data-driven decision-making has become crucial. Being able to handle big data would be a huge bonus in securing a job,” she explained. “Data analytics skills are also highly applicable across industries. This versatility can open up diverse career opportunities for me.”

Unlocking new challenges, exploring new cultures

Phuong is now well into her first trimester at NBS and reveals that her classes have challenged her to solve problems in new ways.

“The MACC programme has a strong focus on case studies. We don’t just study the formulas to complete assignments – we also need to apply them to real-life problems,” she said. “It’s challenging, of course, but I feel rewarded at the end of the day because I’m learning a lot.”

Hard work feels easier with friends, and Phuong has already formed friendships with peers of diverse cultures – from Singapore, Saudi Arabia, China, India, and beyond.

“NBS held a Networking Day with lots of food and ice-cream, where we could eat and mingle with one another,” she recalled. “I made many friends there, not only from the MACC programme but also from other graduate programmes.”

Phuong also fondly remembers a Singapore tour organised by the NTU Graduate Students’ Association, which brought participants around some of the country’s top attractions. “We played games, flew kites, and saw Gardens by the Bay lit up at night,” she shared.

Giving back to the community as an ASEAN Development Scholar

To support outstanding participants in their studies, NBS offers the ASEAN Development Scholarship to citizens of ASEAN member countries outside Singapore. Recipients of this scholarship receive a 40% or 100% waiver on tuition fees.

Having prepared intensively for six months to secure this scholarship, there’s no doubt that Phuong’s win was well-deserved. Her preparation included a thorough self-assessment to identify her strengths and career goals in line with the scholarship criteria.

“Different business schools look out for different qualities, so you must refine your application accordingly,” she advised. “For the ASEAN Development Scholarship, for example, I spent considerable time reflecting on my academic achievements, leadership experiences, and community involvement.”

Ultimately, Phuong believes her passion for community service helped her application to stand out from the crowd.

“Many people have asked whether my academic achievements or work experience helped me win the scholarship,” she shared. “I think that, above all, you need to be willing to contribute to your community. Whether it’s giving back to your home country, to NTU, or to ASEAN, you should leave a positive impact.”

One key way that Phuong is making an impact is through Internship Seeker – a Vietnamese internship platform. As co-founder of Internship Seeker, she is helping hundreds of students discover internship opportunities they might not otherwise have had access to.

“In Vietnam, we don’t have a lot of established channels to find internships, and many hires are based on personal referrals,” she explained. “My friends and I had the idea of building a public database to collate any internship news we heard about across different sectors.”

Now that she is an ASEAN Development Scholar, Phuong remains passionate about helping her peers learn more about opportunities at NBS. During her enrolment, she was introduced to Unibuddy – a platform for MSc participants to answer questions about their life at NBS – and decided to sign up as an ambassador.

“Anyone can reach out to me and learn more about applications, the scholarship process, or the school environment,” she said.

Gaining the skills to build new solutions

After she completes her MACC journey, Phuong plans to go into auditing at a Big Four firm – where she anticipates that her degree will set her on the right path.

“Studying at NBS gives me certain exemptions for professional qualifications, such as the Singapore Chartered Accountant Qualification,” she explained. “Having data analytics skills would also give me ‘shortcuts’ to solving problems because accountants have to work with a huge volume of data daily.”

However, once she has accumulated enough technical experience, Phuong dreams of starting a venture that draws on her newfound skills to improve lives in Vietnam.

“I’m passionate about education, and I want to bring back all my advanced knowledge and training to improve the future workforce of Vietnam,” she shared. “Right now, I’m honing different skill sets like accounting and data analytics to become more versatile so I can find new solutions that make an impact.”