10-01-2011, 04:07 AM
Dear Readers,
I have been a Chartered Accountant (ACA) from the ICAEW, and a Certified Public Accountant (CPA) from Ireland for many years now.
I also have vast experience not just in the accountancy profession but in other fields such as IT and airline ticketing and travel.
Furthermore, I have lived in Karachi, London and Toronto, and I still frequently commute between these three places. So I am fully aware of the lifestyle and the culture that prevails in Pakistan, England and Canada.
From time to time I receive a lot of questions from current or prospective accountancy students. Most of the questions are either about whether to study for ACCA, ICAP, CIMA, ACA (from ICAEW), Canadian CGA, Canadian CA, etc. or how to study for these, i.e. whether in Pakistan or abroad.
I am now writing this article in order to assist accountancy students in Pakistan in making a better decision for themselves. I would hate to learn of any student that makes a wrong career decision and ends up wasting his family's hard earned money and their own hopes and ambitions.
Sadly, there are many myths surrounding the accountancy profession. At least there are myths from my point of view and from what I have experienced over the years. To some and many, these myths may not be as such, and therefore my advice must not be taken as full and final. I highly recommend that you also consult other sources of knowledge and not just rely on my findings.
Accordingly, in this article whatever I have stated is in my opinion, and I shall not be held responsible for any implications arising as a result of this advice.
Furthermore, the views expressed are my own, and in no way am I trying to bring the accountancy profession into disrepute.
Hereunder are what I have experienced to be as myths and the corresponding facts (in my sole opinion)
⢠Myth Accountancy (ACCA or ACA or CIMA or anything equivalent) is a recession proof profession.
Fact Accountants are flooded all over the world. Each and every country is saturated with accountants; and in a recession (hard economic times), accountants, especially qualified ones are the usually amongst the first ones to lose their jobs.
⢠Myth Accountancy provides you with a flexible career because you can work in industry, commerce, banking and finance or accounting practice.
Fact Accountancy is the least flexible of all professions. In this context, flexibility is one's manoeuvrability from different work segments and also from country to country. It
It is somewhat true that a newly qualified accountant can choose whether to work in industry, commerce, banking and finance or accounting practice, but this choice ends soon after. The longer you are in your chosen field, the harder it is to move into some other field. In fact, even in the same field there is a lot of inflexibility. For example an accountant that specialises in corporate taxation will find it had to move to a job that requires indirect tax work such as VAT (or GST as it is called in Pakistan).
Likewise, an accountant that has spent managing audits of smaller companies will find it very difficult to find work as an auditor for a firm that caters for large company audits.
Moving from country to country is even less flexible. Despite the worldwide harmonisation of the accountancy profession through IFRS and easy availability of CPD courses that help accountants adapt between GAAP of one country to another, accountancy qualifications and skills are not transferable internationally.
An ACCA that has trained in Pakistan and has sat the same papers as one in England stands virtually no chance of finding work in England. Employers will simply state "your skills and experience do not match our requirements". If some employers have the courtesy to explain their reasons then they will tell you that you do not have local work experience. Canadian employers are even worse in this aspect.
* Myth Obviously having an accountancy qualification is an asset, so I can always choose when and whom to work for.
Fact In England, for each job for a qualified accountant, there are usually as many as 100 applicants. Most applicants are not even shortlisted for an interview. The more qualifications you gain, the worse position you will find yourselves in because employers will say that you are "over-qualified".
* Myth The global recession is surely temporary, so it is only a matter of time before accountancy skills are in great demand again.
Fact We are not in a recession but in a computer age. The world went through the Jurassic age, the Stone Age, the Ice age, etc. These lasted several hundred years. The computer age is another phase but will last forever. Automation and the internet has meant that human beings are no longer needed for many tasks.
* Myth Audit and Tax work will always be in demand, so accountants will always be in demand.
Fact In the UK and other developing countries, audit thresholds have been raised to such an extent that most companies are now exempt from an annual statutory audit. Regarding tax work, in UK the HM Revenue and Customs and in Canada the CCRA have implemented such user friendly online tax calculation and filing systems that any ordinary person can file their own tax returns. Demand for basic tax work has disappeared totally. Obviously, other non-developed countries are bound to follow suit.
* Myth I am going to become an entrepreneur and will run my own business or will take over my fatherâs business. I just need to gain an accountancy qualification as an "insurance" policy, so that if my business fails I can always find work with my qualifications.
Fact By the time you decide to pack up your business and find work, you will probably be aged 30 or even 40. In the accountancy profession life ends at 30. You have absolutely no chance whatsoever of starting an accountancy work career at 30. Age discrimination is rampant in the accountancy profession all over the world. In USA, UK, Canada, Europe and Australia, age discrimination has cost their respective economies billions in terms of lost revenues and large payments in terms of social security benefits. Age discrimination has now reached such levels that it has become outlawed in these countries. Sadly, despite it being outlawed, age discrimination is becoming increasing more widespread as it is difficult to prove in a court of law.
* Myth There must be such a shortage of qualified accountants in the UK that their ACCA and ICAEW bodies have set up arrangements for training in overseas countries such as Pakistan.
Fact Yes, the ACCA and ICAEW have these arrangements in place but this is more to do with membership numbers rather than anything else. ACCA started overseas training many years ago. ACCA also allowed students to train in industry and commerce. On the other hand, ICAEW wanted to remain exclusive by maintaining its own high standards for education and training, whereby only allowing students to training in public practice (under a training contract) and that too in the UK only. The long term consequence was that ACCA rapidly overtook the ICAEW as the UK's largest professional body of accountants. ICAEW then responded by allowing students to train outside public practice and also to train overseas. Greater number of members mean greater size and a greater influence in UK financial policy matters.
I can go on and on with these issues, but all I want to say is that there are many pitfalls in deciding for a career in accountancy.
If I was able to go back in time, I would first study for a University degree in any business related field. At the end of three years, I would at least have a degree which would make me open to a world of opportunities. I could then cease to study further or pursue a career in many areas in the world of finance, for example banking, investment banking, the actuarial profession and last but not least accountancy. If you go straight into accountancy studies, then there is no turning back and you will be stuck with very little flexibility.
Getting a top quality degree from a university does not necessarily mean going abroad. You can obtain a University of London degree in Pakistan. Please do not waste your time and money on studying for a degree with an unknown university that is not internationally recognised.
If you cannot afford to go abroad for University education, then the last thing you should do is to consider going abroad in search of work without having obtained a good internationally recognised qualification in Pakistan.
Despite the above, if you decide to go abroad, then PLEASE DO NOT GO TO CANADA in search of work.
Canada is one of the easiest countries to emigrate to. Immigrants from all over the world continue to pour into Canada under the skilled migrants system. On paper the skilled migrants scheme appears to be for those who are highly skilled such as accountants and doctors from Pakistan. Believe me you will be a skilled worker until you pay the expensive immigration processing fees followed by the landing fee. The moment you step foot on Canadian soil, you will suddenly become an unskilled person for which the only jobs available will be at supermarkets, security guard companies, poorly paid jobs at electronic retail outlets (such as Best Buy and Future Shop) and if you are lucky then a job at McDonald's or Tim Horton's awaits you.
Believe me, I have a Canadian PR card and I spend a lot of time of the year in Toronto, and it is really tragic to see so many Pakistani accountants, engineers and MBAs working in jobs that no white Canadian will do. This is why Canada wants immigrants, to do jobs that none of their white citizens will do.
For any further questions or advice please contact me either via this forum or via email at [email protected].
I wish you all the best in your chosen careers.
Regards,
Kamran Sekha, ACA, CPA
I have been a Chartered Accountant (ACA) from the ICAEW, and a Certified Public Accountant (CPA) from Ireland for many years now.
I also have vast experience not just in the accountancy profession but in other fields such as IT and airline ticketing and travel.
Furthermore, I have lived in Karachi, London and Toronto, and I still frequently commute between these three places. So I am fully aware of the lifestyle and the culture that prevails in Pakistan, England and Canada.
From time to time I receive a lot of questions from current or prospective accountancy students. Most of the questions are either about whether to study for ACCA, ICAP, CIMA, ACA (from ICAEW), Canadian CGA, Canadian CA, etc. or how to study for these, i.e. whether in Pakistan or abroad.
I am now writing this article in order to assist accountancy students in Pakistan in making a better decision for themselves. I would hate to learn of any student that makes a wrong career decision and ends up wasting his family's hard earned money and their own hopes and ambitions.
Sadly, there are many myths surrounding the accountancy profession. At least there are myths from my point of view and from what I have experienced over the years. To some and many, these myths may not be as such, and therefore my advice must not be taken as full and final. I highly recommend that you also consult other sources of knowledge and not just rely on my findings.
Accordingly, in this article whatever I have stated is in my opinion, and I shall not be held responsible for any implications arising as a result of this advice.
Furthermore, the views expressed are my own, and in no way am I trying to bring the accountancy profession into disrepute.
Hereunder are what I have experienced to be as myths and the corresponding facts (in my sole opinion)
⢠Myth Accountancy (ACCA or ACA or CIMA or anything equivalent) is a recession proof profession.
Fact Accountants are flooded all over the world. Each and every country is saturated with accountants; and in a recession (hard economic times), accountants, especially qualified ones are the usually amongst the first ones to lose their jobs.
⢠Myth Accountancy provides you with a flexible career because you can work in industry, commerce, banking and finance or accounting practice.
Fact Accountancy is the least flexible of all professions. In this context, flexibility is one's manoeuvrability from different work segments and also from country to country. It
It is somewhat true that a newly qualified accountant can choose whether to work in industry, commerce, banking and finance or accounting practice, but this choice ends soon after. The longer you are in your chosen field, the harder it is to move into some other field. In fact, even in the same field there is a lot of inflexibility. For example an accountant that specialises in corporate taxation will find it had to move to a job that requires indirect tax work such as VAT (or GST as it is called in Pakistan).
Likewise, an accountant that has spent managing audits of smaller companies will find it very difficult to find work as an auditor for a firm that caters for large company audits.
Moving from country to country is even less flexible. Despite the worldwide harmonisation of the accountancy profession through IFRS and easy availability of CPD courses that help accountants adapt between GAAP of one country to another, accountancy qualifications and skills are not transferable internationally.
An ACCA that has trained in Pakistan and has sat the same papers as one in England stands virtually no chance of finding work in England. Employers will simply state "your skills and experience do not match our requirements". If some employers have the courtesy to explain their reasons then they will tell you that you do not have local work experience. Canadian employers are even worse in this aspect.
* Myth Obviously having an accountancy qualification is an asset, so I can always choose when and whom to work for.
Fact In England, for each job for a qualified accountant, there are usually as many as 100 applicants. Most applicants are not even shortlisted for an interview. The more qualifications you gain, the worse position you will find yourselves in because employers will say that you are "over-qualified".
* Myth The global recession is surely temporary, so it is only a matter of time before accountancy skills are in great demand again.
Fact We are not in a recession but in a computer age. The world went through the Jurassic age, the Stone Age, the Ice age, etc. These lasted several hundred years. The computer age is another phase but will last forever. Automation and the internet has meant that human beings are no longer needed for many tasks.
* Myth Audit and Tax work will always be in demand, so accountants will always be in demand.
Fact In the UK and other developing countries, audit thresholds have been raised to such an extent that most companies are now exempt from an annual statutory audit. Regarding tax work, in UK the HM Revenue and Customs and in Canada the CCRA have implemented such user friendly online tax calculation and filing systems that any ordinary person can file their own tax returns. Demand for basic tax work has disappeared totally. Obviously, other non-developed countries are bound to follow suit.
* Myth I am going to become an entrepreneur and will run my own business or will take over my fatherâs business. I just need to gain an accountancy qualification as an "insurance" policy, so that if my business fails I can always find work with my qualifications.
Fact By the time you decide to pack up your business and find work, you will probably be aged 30 or even 40. In the accountancy profession life ends at 30. You have absolutely no chance whatsoever of starting an accountancy work career at 30. Age discrimination is rampant in the accountancy profession all over the world. In USA, UK, Canada, Europe and Australia, age discrimination has cost their respective economies billions in terms of lost revenues and large payments in terms of social security benefits. Age discrimination has now reached such levels that it has become outlawed in these countries. Sadly, despite it being outlawed, age discrimination is becoming increasing more widespread as it is difficult to prove in a court of law.
* Myth There must be such a shortage of qualified accountants in the UK that their ACCA and ICAEW bodies have set up arrangements for training in overseas countries such as Pakistan.
Fact Yes, the ACCA and ICAEW have these arrangements in place but this is more to do with membership numbers rather than anything else. ACCA started overseas training many years ago. ACCA also allowed students to train in industry and commerce. On the other hand, ICAEW wanted to remain exclusive by maintaining its own high standards for education and training, whereby only allowing students to training in public practice (under a training contract) and that too in the UK only. The long term consequence was that ACCA rapidly overtook the ICAEW as the UK's largest professional body of accountants. ICAEW then responded by allowing students to train outside public practice and also to train overseas. Greater number of members mean greater size and a greater influence in UK financial policy matters.
I can go on and on with these issues, but all I want to say is that there are many pitfalls in deciding for a career in accountancy.
If I was able to go back in time, I would first study for a University degree in any business related field. At the end of three years, I would at least have a degree which would make me open to a world of opportunities. I could then cease to study further or pursue a career in many areas in the world of finance, for example banking, investment banking, the actuarial profession and last but not least accountancy. If you go straight into accountancy studies, then there is no turning back and you will be stuck with very little flexibility.
Getting a top quality degree from a university does not necessarily mean going abroad. You can obtain a University of London degree in Pakistan. Please do not waste your time and money on studying for a degree with an unknown university that is not internationally recognised.
If you cannot afford to go abroad for University education, then the last thing you should do is to consider going abroad in search of work without having obtained a good internationally recognised qualification in Pakistan.
Despite the above, if you decide to go abroad, then PLEASE DO NOT GO TO CANADA in search of work.
Canada is one of the easiest countries to emigrate to. Immigrants from all over the world continue to pour into Canada under the skilled migrants system. On paper the skilled migrants scheme appears to be for those who are highly skilled such as accountants and doctors from Pakistan. Believe me you will be a skilled worker until you pay the expensive immigration processing fees followed by the landing fee. The moment you step foot on Canadian soil, you will suddenly become an unskilled person for which the only jobs available will be at supermarkets, security guard companies, poorly paid jobs at electronic retail outlets (such as Best Buy and Future Shop) and if you are lucky then a job at McDonald's or Tim Horton's awaits you.
Believe me, I have a Canadian PR card and I spend a lot of time of the year in Toronto, and it is really tragic to see so many Pakistani accountants, engineers and MBAs working in jobs that no white Canadian will do. This is why Canada wants immigrants, to do jobs that none of their white citizens will do.
For any further questions or advice please contact me either via this forum or via email at [email protected].
I wish you all the best in your chosen careers.
Regards,
Kamran Sekha, ACA, CPA
