01-01-2004, 07:38 AM
Hello Everyone
Once again the comparasion b/w CA & ACCA brings about an interesting debate on this forum!
Well I would like to say a couple of things here ... CA's certainly have had a monopoly in Pakistan. There is no denying that. But the very basis of it has been 2 factors.
1) ICAP has been a established institute in Pakistan for Accountants in 1956, when it was founded with the help of the Canadian Institute of Chartered Accountants and ACCA has only been "Popularized" in Pakistan for approx. 7 years now. So most of the upper hierarchy working in good firms and companies are qualified CA's and are aware of all the "Ragra" and hardwork that goes into CA, with time ACCA qualification is also picking up market. I mean if we look back to 5 years back only a handfull of people were aware of any such body as the ACCA! and obviously noone was really aware of the standard of accountants that the "New Body" was producing. So hopefully say, in another 5 years time ACCA's would also be in demand.
2) ACCA students dont have ANY exposure to the Pakistan Tax laws or the Corporate Law. Hence isnt it obvious who an employer would prefer to work in an environment like this, which is obviously more suited to CA's coz accountants are no longer just bookkeepers. They have to be more dynamic and look at several other aspects of the business as well and Taxation and compliance with law of the land are very very important aspects when considering a practical environment. I heard that from December 2004 ACCA is also introducing the Pakistani Tax and Law variants, so inshALLAH the major hurdle to Pakistani ACCA's would be solved.
SMR, Sumaan and others I think we are all professionals here and do know that no qualification is easy to attain. A certain amount of hardwork is necassary even if someone wants to be a cook or a chowkidar and that should be respected.
As for your question SMR, I think you would also be aware that no ICAEW qualified CA can become a partner in Pakistani firm unless he clears ICAPS Pakistani LAw and Tax papers. If you dont see the point of that or realise the fact that compliance to laws as well as taxation of the environment you are working in, as an important aspect of an accountants work then I guess people are right in judging that ACCA's are indeed inferior to CA's but honestly speaking I think that both are equally well equipt to deal with matters pertaining accounting or audit, so the only place ACCA's lack is the knowledge of local Tax and Corporate laws.
Some one mentioned here that CA's are more preffered then ACCA's due to their article training. No doubt that Articles prepare a person very well for dealing with intricate matters relating to a business but what that person has discounted (or doesnt know) is that ACCA also is not offering its "Full membership" without a 3 years logged work experience. Hence I would say that if one wants to concentrate on a particular sector or company then they are better off working in that sector and gaining practical knowledge of the systems and requirements of the particular industry. Over here I totally agree with Guybrush that a fully qualified ACCA(Affiliate) is nothing worth nothing in the job market coz he doesnt know the practical inns and outs whereas an article complete CA(Inter) is much better of coz he has come through the 4 years ragra of articles and even the dumbest of persons tends to pick up a few things in that amount of time.
I hope that my reply satisfies all. In the end I would like to wish all the best to everyone in their persuits of ACCA, CA, ICMA, MBA or CIMA qualifications . Best of Luck and keep working hard. A very HAPPY NEW YEAR to all of you.
OSA
Once again the comparasion b/w CA & ACCA brings about an interesting debate on this forum!
Well I would like to say a couple of things here ... CA's certainly have had a monopoly in Pakistan. There is no denying that. But the very basis of it has been 2 factors.
1) ICAP has been a established institute in Pakistan for Accountants in 1956, when it was founded with the help of the Canadian Institute of Chartered Accountants and ACCA has only been "Popularized" in Pakistan for approx. 7 years now. So most of the upper hierarchy working in good firms and companies are qualified CA's and are aware of all the "Ragra" and hardwork that goes into CA, with time ACCA qualification is also picking up market. I mean if we look back to 5 years back only a handfull of people were aware of any such body as the ACCA! and obviously noone was really aware of the standard of accountants that the "New Body" was producing. So hopefully say, in another 5 years time ACCA's would also be in demand.
2) ACCA students dont have ANY exposure to the Pakistan Tax laws or the Corporate Law. Hence isnt it obvious who an employer would prefer to work in an environment like this, which is obviously more suited to CA's coz accountants are no longer just bookkeepers. They have to be more dynamic and look at several other aspects of the business as well and Taxation and compliance with law of the land are very very important aspects when considering a practical environment. I heard that from December 2004 ACCA is also introducing the Pakistani Tax and Law variants, so inshALLAH the major hurdle to Pakistani ACCA's would be solved.
SMR, Sumaan and others I think we are all professionals here and do know that no qualification is easy to attain. A certain amount of hardwork is necassary even if someone wants to be a cook or a chowkidar and that should be respected.
As for your question SMR, I think you would also be aware that no ICAEW qualified CA can become a partner in Pakistani firm unless he clears ICAPS Pakistani LAw and Tax papers. If you dont see the point of that or realise the fact that compliance to laws as well as taxation of the environment you are working in, as an important aspect of an accountants work then I guess people are right in judging that ACCA's are indeed inferior to CA's but honestly speaking I think that both are equally well equipt to deal with matters pertaining accounting or audit, so the only place ACCA's lack is the knowledge of local Tax and Corporate laws.
Some one mentioned here that CA's are more preffered then ACCA's due to their article training. No doubt that Articles prepare a person very well for dealing with intricate matters relating to a business but what that person has discounted (or doesnt know) is that ACCA also is not offering its "Full membership" without a 3 years logged work experience. Hence I would say that if one wants to concentrate on a particular sector or company then they are better off working in that sector and gaining practical knowledge of the systems and requirements of the particular industry. Over here I totally agree with Guybrush that a fully qualified ACCA(Affiliate) is nothing worth nothing in the job market coz he doesnt know the practical inns and outs whereas an article complete CA(Inter) is much better of coz he has come through the 4 years ragra of articles and even the dumbest of persons tends to pick up a few things in that amount of time.
I hope that my reply satisfies all. In the end I would like to wish all the best to everyone in their persuits of ACCA, CA, ICMA, MBA or CIMA qualifications . Best of Luck and keep working hard. A very HAPPY NEW YEAR to all of you.
OSA
