12-20-2006, 01:05 AM
I am not entirely sure about CFA training requirements, but I believe the training should be relevant to CFA's context, e.g. business finance decisions, preferably in an investment or insurance house. (Do not confuse this with working for a brokerage house, since thatâs purely salesmanship) I am certain some of those training requirements may overlap with ACCA's requirements, especially the client advisory and decision making modules.
Check for more info regarding CFA work experience here http//www.cfainstitute.org/cfaprog/requirements/workexperience.html
Do note you need a US Bachelors Degree or equivalent to enroll, and the BSc. Honors you have a chance to gain after completing Stage 2 of ACCA would work here.
Training choices vary from person to person. If you are in the age range of 20-24, then you have a very fresh mind and would be an ideal trainee in a good audit firm. Trainees who are 24+ or older with no prior experience may have more problems coping in an audit practice based environment, especially if your training supervisor is actually younger than you but senior in terms of experience or exam passes. Most good firms and employers usually keep note of such human resource issues, but be prepared, just in case. Training in the industry would be ideal in this case if you are older and do not want to go through the audit training process, and you may also be able to get better compensation. (Try management consultancy firms as well, since roles here usually involve more financial analysis and actual âbrainâ crunching)
Remember, whether you turn into a âbook-keeperâ or a driver of business strategy depends entirely on how well you carry yourself and communicate your ideas. Examinations are just paperwork intended to ensure that you have minimum theoretical knowledge to meet challenging real life situations.
Regarding those industry based employers wanting just book-keepers, I am not entirely aware of the local industry (and its professionally unethical to criticize entities by name on a public forum when you have no personal grievances against them) but yes, everyone goes through a little of book-keeping at some stage in their training since its an essential component of your experience and should not be neglected, but its entirely up to you whether you want your career to revolve around it or not. Your personality also counts a lot over here. A book-keeper only goes as far as a âchief accountantâ, regardless of qualification. Thatâs the end of the road. (Be especially careful of accounting jobs in the industry where the employers are not ACCA accredited, and always check up on the accreditation status of a prospective place of employment and try to go for Gold or Platinum rate firms)
Due to the poor market awareness and poor guidance (local coaching centers at fault here), I have seen a fresh ACCA affiliates ending up with basic accounting jobs in unknown companies, so be careful in that regard. Thatâs the area of MCOM and BCOM grads, not ACCAâs.
Placements in budgeting, financial control and risk management should be ideal if you are gunning for the industry.
One of the best audit firms for ACCA trainees in Pakistan is FRSH (E&Y), bar none. They provide the best environment, and stipend rates are also decent. I am recommending FRSH because they already have a lot of ACCA trainees hence the environment will be more tailored to your goals and issues surrounding your profession.
Again I shall say, training in a good audit firm is the best option, especially if you get more involved in the management consultancy area of these firms towards the latter stages of your training.
I said earlier that ACCA has no future in the audit profession in Pakistan and I reaffirm my statement, but do keep in mind, if you give enough time to develop your profession and work hard collectively, may be you can make a good enough impression to bring about a major change.
Its because of ICAP's policies that ACCA has developed so well, love them or hate them, otherwise everyone would have been going for ACA and completely forgotten about ACCA. In the UK, even though ACCA was an RQB from the CCAB list, it was still considered second tier to ICAEW and ICAS back in the 1980's. In the 1990's ACCA underwent a major revamp and members started actively promoting their profession and as of time of writing, ACCA is definitely considered a first tier qualification in the UK (and a real rival to ICAEW) due to efforts of its members.
I will post some more info regarding the accountancy profession in the UK later on, maybe tomorrow.
Check for more info regarding CFA work experience here http//www.cfainstitute.org/cfaprog/requirements/workexperience.html
Do note you need a US Bachelors Degree or equivalent to enroll, and the BSc. Honors you have a chance to gain after completing Stage 2 of ACCA would work here.
Training choices vary from person to person. If you are in the age range of 20-24, then you have a very fresh mind and would be an ideal trainee in a good audit firm. Trainees who are 24+ or older with no prior experience may have more problems coping in an audit practice based environment, especially if your training supervisor is actually younger than you but senior in terms of experience or exam passes. Most good firms and employers usually keep note of such human resource issues, but be prepared, just in case. Training in the industry would be ideal in this case if you are older and do not want to go through the audit training process, and you may also be able to get better compensation. (Try management consultancy firms as well, since roles here usually involve more financial analysis and actual âbrainâ crunching)
Remember, whether you turn into a âbook-keeperâ or a driver of business strategy depends entirely on how well you carry yourself and communicate your ideas. Examinations are just paperwork intended to ensure that you have minimum theoretical knowledge to meet challenging real life situations.
Regarding those industry based employers wanting just book-keepers, I am not entirely aware of the local industry (and its professionally unethical to criticize entities by name on a public forum when you have no personal grievances against them) but yes, everyone goes through a little of book-keeping at some stage in their training since its an essential component of your experience and should not be neglected, but its entirely up to you whether you want your career to revolve around it or not. Your personality also counts a lot over here. A book-keeper only goes as far as a âchief accountantâ, regardless of qualification. Thatâs the end of the road. (Be especially careful of accounting jobs in the industry where the employers are not ACCA accredited, and always check up on the accreditation status of a prospective place of employment and try to go for Gold or Platinum rate firms)
Due to the poor market awareness and poor guidance (local coaching centers at fault here), I have seen a fresh ACCA affiliates ending up with basic accounting jobs in unknown companies, so be careful in that regard. Thatâs the area of MCOM and BCOM grads, not ACCAâs.
Placements in budgeting, financial control and risk management should be ideal if you are gunning for the industry.
One of the best audit firms for ACCA trainees in Pakistan is FRSH (E&Y), bar none. They provide the best environment, and stipend rates are also decent. I am recommending FRSH because they already have a lot of ACCA trainees hence the environment will be more tailored to your goals and issues surrounding your profession.
Again I shall say, training in a good audit firm is the best option, especially if you get more involved in the management consultancy area of these firms towards the latter stages of your training.
I said earlier that ACCA has no future in the audit profession in Pakistan and I reaffirm my statement, but do keep in mind, if you give enough time to develop your profession and work hard collectively, may be you can make a good enough impression to bring about a major change.
Its because of ICAP's policies that ACCA has developed so well, love them or hate them, otherwise everyone would have been going for ACA and completely forgotten about ACCA. In the UK, even though ACCA was an RQB from the CCAB list, it was still considered second tier to ICAEW and ICAS back in the 1980's. In the 1990's ACCA underwent a major revamp and members started actively promoting their profession and as of time of writing, ACCA is definitely considered a first tier qualification in the UK (and a real rival to ICAEW) due to efforts of its members.
I will post some more info regarding the accountancy profession in the UK later on, maybe tomorrow.
