ACCA attack on the market

[Schuaeb]

Well, again I begin with saying that this is just my personal view. As far as I know ACCA has become or is becoming one of the most attractive career for students. (previously as students used to go for B. Com, MBA, Computer Sciences etc). Reason being perhaps there is no tough admission criteria an A Levels, a graduate or anyone 21 yrs old may start it. (Most atleast fulfill one of the conditions) and for those left CAT is the way.

The point I actually want to discuss it wont it affect CA in future. My answer is definitely it will. All of the members are not gonna practice which has been described as ICAPs monopoly at various places. I think an ACCA is equally good for any financial position in any company. Thousands of ACCAs in the market are certainly gonna affect C.A’s.

There are many other things to say but to avoid length I save them for my future posts on this topic. I would especially like an ACCA’s opinion.

Shoaib

[Schuaeb]

Nobody seems interested, some other things I also had to discuss in this aspect. I dont think this post is that much worthless.

[Muhammad Adnan Arshad]

hey! now, you can imagine the strength of ACCA attack on the market.

heheheheeeeeeeeeeeeeeeeeeee
(;-)

[Muhammad Ahmad]

well said adnan bhai

[wahajalley]

i guess they r all busy in exams thats y they rnt posting anythng!

[Pracs]

Interesting topic there. Well ACCA will and has already had an impact on the Pakistani qualified accountants' market. Now this is not as simple as it sounds,because of a number of factors involved. I will take this in two scenarios

<b>ACCA gets practising rights</b>
There will be little difference between ACA and ACCA trained at large firms and would branch out into Listed companies and other MNCs, although I feel ACA will still retain a bit of shine and colour compared to ACCA.

ACCA's trained at smaller firms and those in the industry will form part of the Tier 2 base generally, but many skilled accountants move on to the 'prime' jobs.

<b>ACCA as its present</b>
ACA pretty much retains the auditing side of the market and part of the industry jobs in Listed companies and MNCs.

ACCA's having trained in accounting firms will have a more rounded experience and be able to fit in the general industry. ACCA's trained in intended industry will be competing with ACAs from within the practice for these jobs (especially at the entry level positions and specialised areas like product control in banks, or insurance etc.)

Well the above is a very general and 'canny' (as you may say) view on the above topic. Individuals have their own sets of skills and experiences that help them move upto various levels irrespective of where they have trained or what their Major in Uni was.

There is ofcourse this new surge in shortage of highly skilled accountants the world over, which ofcourse has dented into the Pakistani market as well, where last year alone have seen hundreds of accountant leave the country. The local market must now be moving on a demand side after many years of 'supply' scales.

[accountant1]

cima AND acca both r diffrent fields

[Schuaeb]

Well Parcs, that was a nice and a detailed reply, somewhat ambiguos also. Ambiguos in the sense it did not completey agreed or denied what I said. Although it seemed in agreement.

I dont know what do u really think about the situation, but after sometime there would be many many ACCA's in Pakistani Market. A large no. cud be exported, still what I see, there will be more than required here.

The effects of this on other accountants in Pakistan may be perhaps more swear than what we cud think rite now.

Chances of ACCA's practicin rite (signin audit reports) also are not very much remote.

For part qualified CA's, they are gonna be tougher competitors. Situation in this field is leadin to 'survival of the fittest' type situation, and part qualified persons will be least required.

ACCA is gainin more and more recogination in the market, which had been somewhat problamatic for them in the past.

What I forsee is, this situation will sharply affect ACA's.

What adds to the meance here is the number of persons joing ACCA, with no check on output as is what is claimed in case of ICAP.

An ACCA's opinion on this wud also be much interesting.

Shoaib

[Pracs]

Schuaeb,. You are right in your analysis of my post, I cannot commit to a 'definate' reply since,.. there are quite a many factors that I may not be aware of and because the future holds a lot of things which I may not be able to appreicate here. It would however, be interesting to see what independant ACCAs have to say about this. My opinion on this may be a bit tainted because I am an ACA as well and that some times could bring in a bias,. though I have tried to think from a neutral point of view.

One thing that you added on is quite right and that is the part qualified accountant will find it very hard to 'function' in this new scenario

[Fawad Asif]

Dear guys, in my opinion importance of CA is much more in Pakistan and also in international market. You all know well that Pakistani C.A's are always preferred any where in the world. A pakistani C.A's has vast knowledge than ACCA and thus highly paid. Students are switching over to ACCA because CA is more tough, but importance of Pakistani CA is still in its place. CA's are put always at top of the management. (Sorry for ACCA's)

[Schuaeb]

Parcs you perhaps are right, many factors ofcourse are unpredictable at the moment. We can just talk about probable things.

There is no issue of being biased or otherwise in this post. And I guess till now there is an agreement in opinions that is ACCAs are gonna severely affect CAs in very near future. (provided things remain in sumwhat agreement as predicted)

Now when the picture is sumwhat clear what wud u recomend if somebody asks fo CA or ACCA.

Again how can we say that an ACA will be more equipped with knowledge and more suitable. An ACCA trained from a renowned firm (how much a renowned firm matters is a separate discussion) may be as good as any other accounatancy professional. Again one's own skills and competancies matter more.

The exemptions available to an ACCA ones again raises questions.

What can i conclude is if u want to do CA start with ACCA, besides having 2 qualifications at the end there are gonna be a whole lot of other benefits. And what does not seem very much encouragin is....................

Being a student of CA I am not depressed with all this, what wud happen is to be faced and demand of professional accountants is also seems to be on the up.

[Ahson Tariq]

Having worked with and supervised ACCA students, my personal view about them is that their equally competent (sometimes even better), better organized and equally motivated as compared to their CA counterparts.

Yes, a few years down the line, they will have an impact on the CA market. Obviously, an entrepreneur would be more that willing to hire an ACCA with three years experience in a Big four for a package of Rs. 40k-50k rather than pay Rs. 60k - 70k to a CA qualified.