by Chua Hian Hou

THE accounting industry is dangling a new generous incentive scheme lure more graduates into the profession.

Up for grabs are $750,000 worth of scholarships for 300 undergraduates from the three local universities to begin the traditionally post-graduate studies to become certified public accountants in their final year instead of after they graduate.

Funds will be given out over the next five years to students from the National University of Singapore, Nanyang Technological University, and the Singapore Management University (SMU).

The scholarship will help 'address the skills shortage and raise the standard of the accounting profession in Singapore', said a statement from sponsors, which include CPA Australia and auditing giants such as Deloitte Singapore, Ernst & Young and KPMG.

CPA Australia's division president for Singapore, Mr Chaly Mah, who is also the chief executive officer of Deloitte Singapore, said on Wednesday that the scheme will attract applicants as it offers 'future graduate employees an education opportunity they could not access independently.'

It will also help keep accounting graduates in the profession, as the scholarship recipients would already be working on a professional qualification on graduation.

This means they would have a 'significantly greater' likelihood of actually entering the profession instead of being lured away by sectors like banking, added Mr Mah.

KMPG partner Philip Lee said growing a pool of qualified accountants was particularly critical given the importance of Singapore as a financial sector. He said accountants are needed for local companies as well.

KPMG is contributing $10,000 a year to the new scholarship, and if the response is good Mr Lee said it would increase its contribution. KPMG hands out about $500,000 in scholarships annually.