ACCA Boom in Pakistan

ACCA.COM

Councller (250+ posts)

modern.fakir

Chief Minister (5k+ posts)
In my opinion Pakistan should take lead from this body and develop a similar curriculum to introduce a CPA ( Certified Pakistani Accountant) designation to counter the old warts at CA Pakistan.

Its unbelievable that we are allowing foreign accounting designations to take over our local market. How much does it take to have an accounting designation and then market it to the world ??

:)
 

samkhan

Chief Minister (5k+ posts)
اب تو پاکستان میں پتھر بھی اٹھاؤ تو نیچے سے ایک اے سی سی اے سرٹیفائیڈ نکلتا ہے

:)
 

spitfire

MPA (400+ posts)
what we need is more trade and commerce rather than more accountants..what are these accountants going to do is a country where no body pays taxes, where businesses are closing down and where accounts are not audited rather auditor's stamps are bought, where there is no use for investment analysis as stock markets rise coz of speculation, there is no viable insurance industry and here we are producing chartered accountants by tons:(
 

TONIC

Chief Minister (5k+ posts)
Being an accountant who is member of CPA, ICAP, ICMAP & ACCA. I personally think ACCA is way more easier then many other qualifications on hand as of today. I have seen many qualified ACCA members who are looking for jobs in Pakistan and when they can't find good jobs they turn for Dubai in particular or middle east in general.

I think ACCA should raise some standards and the second when we will have abundance of ACCA qualified people then people will switch for other qualifications. There was time when there was a boom for Doctors, Engineers and MBA's and right now it is for ACCA.

Another important factor is that there are many students who can't get admission in good universities and the cheapest option for them becomes to get ACCA along with B.Com or some other options but eventually they have to spend something like 10 years in the field to make their mark.

I have taught various courses for ACCA, CIMA, CA, CFA and personally I think CFA is far more better then any of those qualifications in hand. I am not sure if everyone want to become ACCA affiliate and doesn't have good experience or have experience from firms or companies which are not known in international scenario what happens to them. Still I am not discouraging anyone from becoming ACCA all I am saying is try to evaluate options you have in hand then choose ACCA rather then choosing it because your cousin qualified it and is earning a lot or you are unable to get admission in a good university.....

By the way best of luck to all those who want to attain ACCA certification.
 
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modern.fakir

Chief Minister (5k+ posts)
Thats a wrong way of approaching things !. Setting up industries, collecting taxes and investments are all tasks that the GOVERNMENT is responsible for and needs to create an environment for.

By people completing the acca exam it shows that our people have a generally good intention and desire to study and excel in a "Challenging Curriculum" of study. :)

Getting an ACCA or any accounting designation is NOT an easy thing to do . I would encourage people to look up the requirements and read a test paper to see for themselves before passing wild comments.

Having said that an ACCA makes you a highly employable person and in some cases much more than the army of plain BA's and MBA's we have. Acca is also an international qualification and these individuals are definitely more employable in the international market than any of the other local qualifications we have.

What we need to do is that instead of taking a British designation and helping them spread their qualification, we should have our OWN brand. Their is a global shortage of accountants so ACCA's should have no dearth of work. BUT at the same time we should be promoting Pakistani credentials.

My advice to Acca's is to look international get good jobs and then setup businesses, homes and industries in Pakistan once you start to make good money !!..Good job you guys just keep going !! (clap)(clap)(clap)


what we need is more trade and commerce rather than more accountants..what are these accountants going to do is a country where no body pays taxes, where businesses are closing down and where accounts are not audited rather auditor's stamps are bought, where there is no use for investment analysis as stock markets rise coz of speculation, there is no viable insurance industry and here we are producing chartered accountants by tons:(
 

ACCA.COM

Councller (250+ posts)
Bro just do not look toward one face of picture.....You must be aware that 90 % of ACCA professionals are going abroad and doing jobs there. After earning there , they sent back their money to Pakistan.....
You must also be well aware that Pakistan economy is 70 % based on just two things (Foreign remittance 13 Billion $ and Textile exports 7 Billions $ ) and if These two factor income should be removed from Pakistan income just for one year only, Pakistan will directly go into Bankruptcy
what we need is more trade and commerce rather than more accountants..what are these accountants going to do is a country where no body pays taxes, where businesses are closing down and where accounts are not audited rather auditor's stamps are bought, where there is no use for investment analysis as stock markets rise coz of speculation, there is no viable insurance industry and here we are producing chartered accountants by tons:(
 

spitfire

MPA (400+ posts)
Being an accountant who is member of CPA, ICAP, ICMAP & ACCA. I personally think ACCA is way more easier then many other qualifications on hand as of today. I have seen many qualified ACCA members who are looking for jobs in Pakistan and when they can't find good jobs they turn for Dubai in particular or middle east in general.

I think ACCA should raise some standards and second is when we will have abundance of ACCA qualified people then people will switch for other qualifications. There was time when there was a boom for Doctors, Engineers and MBA's and right now it is for ACCA.

Another important factor is that there are many students who can't get admission in good universities and the cheapest option for them becomes to get ACCA along with B.Com or some other options but eventually they have to spend something like 10 years in the field to make their mark.

I have taught various courses for ACCA, CIMA, CA, CFA and personally I think CFA is far more better then any of those qualifications in hand. I am not sure if everyone want to become ACCA affiliate and doesn't have good experience or have experience from firms or companies which are not known in international scenario what happens to them. Still I am not discouraging anyone from becoming ACCA all I am saying is try to evaluate options you have in hand then choose ACCA rather then choosing it because your cousin qualified it and is earning a lot or you are unable to get admission in a good university.....

By the way best of luck to all those who want to attain ACCA certification.
There is no comparison between CFA and ACCA or CA for that matter. CFA is highly demanding, more rewarding for certain, but is there any use for CFA's in our economy at the moment? I can't see any use for CFA's in pakistan for the next ten years at least, they will be doing the same job as B comers, perhaps B comers will be more suited to do job that will be required of a qualified chartered financial analyst.
 

modern.fakir

Chief Minister (5k+ posts)
CFA is mainly a financial or banking industry related designation. Whereas any of the other accounting designations are more employable simply because accounting in general is broader profession than finance itself.

Also dont be misled by a lot of "Acca wannabees" who havent attained the full designation YET (bigsmile). Typically the "wannabees" are easier to find BUT even they are highly employable.

Mostly, the Acca's that have a tough time finding jobs are the "fresh grads" BUT once they do secure employment they never have trouble after that. Compare that to a regular run of the mill BA or MBA grad and they can face trouble in any phase of their career's in securing successive positions UNLESS their skill is in high demand, which is rare these days due to immense competition.

Acca or any other accounting designation is highly sought after in both the Pakistani and International community. Lets keep going guys and keep up the good work :)


Being an accountant who is member of CPA, ICAP, ICMAP & ACCA. I personally think ACCA is way more easier then many other qualifications on hand as of today. I have seen many qualified ACCA members who are looking for jobs in Pakistan and when they can't find good jobs they turn for Dubai in particular or middle east in general.

I think ACCA should raise some standards and second is when we will have abundance of ACCA qualified people then people will switch for other qualifications. There was time when there was a boom for Doctors, Engineers and MBA's and right now it is for ACCA.

Another important factor is that there are many students who can't get admission in good universities and the cheapest option for them becomes to get ACCA along with B.Com or some other options but eventually they have to spend something like 10 years in the field to make their mark.

I have taught various courses for ACCA, CIMA, CA, CFA and personally I think CFA is far more better then any of those qualifications in hand. I am not sure if everyone want to become ACCA affiliate and doesn't have good experience or have experience from firms or companies which are not known in international scenario what happens to them. Still I am not discouraging anyone from becoming ACCA all I am saying is try to evaluate options you have in hand then choose ACCA rather then choosing it because your cousin qualified it and is earning a lot or you are unable to get admission in a good university.....

By the way best of luck to all those who want to attain ACCA certification.
 
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TONIC

Chief Minister (5k+ posts)
CFA is mainly a financial or banking industry related designation. Whereas any of the other accounting designations are more employable simply because accounting in general is broader profession than finance itself.

Also dont be misled by a lot of "Acca wannabees" who havent attained the full designation YET (bigsmile). Typically the "wannabees" are easier to find BUT even they are highly employable.

Mostly, the Acca's that have a tough time finding jobs are the "fresh grads" BUT once they do secure employment they never have trouble after that. Compare that to a regular run of the mill BA or MBA grad and they can trouble in any part of their securing successive positions UNLESS their skill is in high demand which is rare these days due to immense competition.

Acca or any other accounting designation is highly sought after in both the Pakistani and International community. Lets keep going guys and keep up the good work :)


Honestly I want to agree with you but somehow hundred's of CV's which I have seen in my career of those who are qualified ACCA from Pakistan and are looking for job in Dubai was telling me something totally different.

Although I have noticed one thing in general and that is if you are qualified accountant no matter ACCA, CA, CIMA, ICAMP, CFA, CPA or any other qualification and have worked in good and reputable organisation in Pakistan it becomes easier for you to find job and all those who leave Pakistan after getting qualified it becomes extremely hard to go back to Pakistan once you leave Pakistan as you become totally out of touch with many things specially Tax and Company Law.
 

maksyed

Siasat.pk - Blogger
as far as my experience of ICAP is concerned, I can proudly say after clearing the finals that .......
"The Climb Was Tough......, But The View From Top Is Worth It.......!!
 

TONIC

Chief Minister (5k+ posts)
There is no comparison between CFA and ACCA or CA for that matter. CFA is highly demanding, more rewarding for certain, but is there any use for CFA's in our economy at the moment? I can't see any use for CFA's in pakistan for the next ten years at least, they will be doing the same job as B comers, perhaps B comers will be more suited to do job that will be required of a qualified chartered financial analyst.

Yes, there will be more use of getting CFA designation in investments, in starting your own firm, Banking ,Insurance, Multinationals etc and there is lot of scope but it is surely harder then ACCA and being honest getting first qualification is what matters the most rest of the qualifications are just for the sake of getting qualifications and for fun :)
 

modern.fakir

Chief Minister (5k+ posts)
And your right about loads of CV's of ACCA's. The contention is that alot of those individuals would otherwise NOT be employable at all because the alternative for them is either go into a BA or an MBA and then not be worth anything in the business world.

Also alot of those guys lack job skills such as good communication, basic experience and a general sense of purpose which usually comes from some kind of practical training. which is what they lack. Thats where the CA's in any country do well because they have articleships or coop programs to hone in on those skills.

I do agree that a qualified accountant with experience faces fewer hurdles in securing employment if at all.:)



Honestly I want to agree with you but somehow hundred's of CV's which I have seen in my career of those who are qualified ACCA from Pakistan and are looking for job in Dubai was telling me something totally different.

Although I have noticed one thing in general and that is if you are qualified accountant no matter ACCA, CA, CIMA, ICAMP, CFA, CPA or any other qualification and have worked in good and reputable organisation in Pakistan it becomes easier for you to find job and all those who leave Pakistan after getting qualified it becomes extremely hard to go back to Pakistan once you leave Pakistan as you become totally out of touch with many things specially Tax and Company Law.
 

Vitamin_C

Chief Minister (5k+ posts)
There is ICAP in Pakistan, Institution of Chartered Accountants Pakistan, but they have a quota system and allegations of bribery and corruption. But if someone manages to do ICAP it has alot of value in MiddleEast.

In my opinion Pakistan should take lead from this body and develop a similar curriculum to introduce a CPA ( Certified Pakistani Accountant) designation to counter the old warts at CA Pakistan.

Its unbelievable that we are allowing foreign accounting designations to take over our local market. How much does it take to have an accounting designation and then market it to the world ??

:)
 

modern.fakir

Chief Minister (5k+ posts)
Ive heard similar things as well, but thats just plainly stupid. Why have a cap on one accounting designation which is the main one in Pakistan for audit BUT yet allow a foreign designation to multiply ten folds ??:)

Value of an individual is built upon WHAT the individual can achieve in there professional capacity. Yes a good qualification can help you achieve that target and offer you some marketing value BUT eventually your experience and references (as in from the companies you worked for NOT influential people) is what dictates your employability
:)

There is ICAP in Pakistan, Institution of Chartered Accountants Pakistan, but they have a quota system and allegations of bribery and corruption. But if someone manages to do ICAP it has alot of value in MiddleEast.
 

TONIC

Chief Minister (5k+ posts)
There is ICAP in Pakistan, Institution of Chartered Accountants Pakistan, but they have a quota system and allegations of bribery and corruption. But if someone manages to do ICAP it has alot of value in MiddleEast.


No dear, it's a myth that ICAP has a quota system, only thing is that they don't declare passing grades and when I completed my CA till that time it was if you fail one subject you have to retake entire thing again which they have abolished since modular system came.

But there is no such thing as quota.
 

hardcore

MPA (400+ posts)
Being an accountant myself i agree with all the comments above.But the trouble is ICAP has bared accounting firms in Pakistan from hiring foreign body professionals for training purpose.This shrink the job opportunities for the ACCA students which is alarming.The tussle between ICAP and ACCA only affects Pakistani students !
 

albany

Senator (1k+ posts)
I have heard the same. ACCA is renowned to be easier to pass than our own Pakistani CA, ICMA. CFA is considered to be most rigorous field, but in Pakistan we do not have a very thriving derivative market, therefore CFA's mainly opt to go to US, Canada etc. But doing a research job like PhD after CFA will make you a hot cake in market.