Some suggestions needed

Bilal Sulehri · 09-09-2008, 05:11 AM

Aoa

Im doin CA (haa.. its been quite a while now), and ive given Auditing paper of Module D.

Now Im standing at a T-Junction. I want to start some other qualification along with my CA. I have 3 options at the moment
1. CFA
2. ACCA
3. ICAEW

After analyzing the situation in detail i have found out that I can start CFA soon after my CA-Inter result, and can register as a trainee student of CA as well as ICAEW. But Ive some reservations too. Which are --
1. I will be able to complete CA (ICAEW) only after I complete CA (ICAP) as I plan to claim exemptions, so it will not secure my future if im unable to pass even 1 subject of CA-ICAP
2. CFA demands rigorous study and im not sure whether I will be able to study that hard when im doing my articles.

These reservations apart, im still interested to start another professional qualification in which I can claim some exemptions and which can benefit me both in the short and long run.

Please give me some suggestions about this extremely important decision and support your suggestions with reasoning.

Thanking you in advance

Salam
Dua

Saracen · 09-09-2008, 04:16 PM

first of all...dont give up hope..INSHALLAH u will pass...secondly..ICAEW is out of the question since u need to be a member of ICAP for doing ICAEW in Pakistan..which u cant be till passing Mod. F...
CFA demands a lot of studies and the subject is different from traditional finance/accounting that u study in Mod E or F..so I think u shud not opt for it as you might not get time to study properly...
I wud say go for ACCA..it is a global qualification that will help u grow internationally as well...ACCA + Articles experience is a good combination..

Hope I was of some help..

Regards,

Bilal Sulehri · 09-10-2008, 04:40 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Saracen
 first of all...dont give up hope..INSHALLAH u will pass...secondly..ICAEW is out of the question since u need to be a member of ICAP for doing ICAEW in Pakistan..which u cant be till passing Mod. F...
CFA demands a lot of studies and the subject is different from traditional finance/accounting that u study in Mod E or F..so I think u shud not opt for it as you might not get time to study properly...
I wud say go for ACCA..it is a global qualification that will help u grow internationally as well...ACCA + Articles experience is a good combination..

Hope I was of some help..

Regards,
<hr height="1" noshade id="quote"></blockquote id="quote">

Thanks for replying bro. But if I have to go for ICAEW I should register my articles now, otherwise I will have to do another articles after I qualify CA!

Bilal Sulehri · 09-10-2008, 04:42 AM

Im looking forward to suggestions from more senior members. Come on guys -- you guided me in making the decision of starting CA at the first place. Dont back out now

derivativetrader · 09-10-2008, 08:54 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Bilal Sulehri
 Im looking forward to suggestions from more senior members. Come on guys -- you guided me in making the decision of starting CA at the first place. Dont back out now
<hr height="1" noshade id="quote"></blockquote id="quote">

Bilal,

The choice of the professional qualification is somewhat dictated by the desire of your ultimate destination. If you have a desire to enter the financial services industry, in particular, fund management, then if you have audit experience (gained for instance through articles etc) and CFA, it should put you in a good position. If you want to remain in the accountancy field, then an overseas accountancy qualification, such as ICAEW or ACCA, would be sough after.

Hope it is helpful.

DT

Bilal Sulehri · 09-10-2008, 09:14 PM

Thankyou Mr. Derivativetrader.
I want to choose the industry where I can achieve professional excellence and earn a good livelihood remaining in the guidelines laid down by Islam. And i have some very serious reservations about doing Audit and entering financial services industry (

derivativetrader · 09-10-2008, 10:30 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Bilal Sulehri
 Thankyou Mr. Derivativetrader.
I want to choose the industry where I can achieve professional excellence and earn a good livelihood remaining in the guidelines laid down by Islam. And i have some very serious reservations about doing Audit and entering financial services industry (
<hr height="1" noshade id="quote"></blockquote id="quote">

You may want to consider teaching professional courses as a career.

Bilal Sulehri · 09-11-2008, 04:56 AM

Yup, im considering this seriously. I also want to take part in development of Islamic Banking System in Pakistan.
Btw what do u do sir?

derivativetrader · 09-11-2008, 06:52 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Bilal Sulehri
 Yup, im considering this seriously. I also want to take part in development of Islamic Banking System in Pakistan.
Btw what do u do sir?
<hr height="1" noshade id="quote"></blockquote id="quote">

I am a graduate of the London School of Economics (read actuarial science). I am currently working in the investment practice of a firm of actuarial and investment consultants in London, and pursuing the CFA accreditation.

Toronto_Boy · 09-12-2008, 03:35 AM

Bilal

I am jumping into the discussion as I think I can add a very valid point here. It would be important to you as well as other students. First I just wanna say that I am not against Pakistani CA or CMA designations, but the the point is a student should also see future aspects of designation from working in foreign countries point of view or for immigration purposes. Though Pakistani designations are very well respected in back home but in Canada, UK, USA, or Australlia these designations do not provide much benefits/exemptions. Though with pakistani designations, a person can get immigration to a western country, but chances to get a good job are really bleak as each country accepts its designations, atleast this is true in Canada.

On the other hand, ACCA has mutual recognition agreement (MRA) with CGA (one of 3 Canadian designations) as well as CPA (Australlia). It means if a student in Pakistan gets ACCA then he/she can very easily (infact with negligible efforts) get Canadian CGA or Australlian CPA. So that student can get immigration to Canada or Australlia. And I tell you that if a person enters into Canada or Australlia with CGA or CPA (which are their own designations), would not find difficulty in these countries in finding jobs. I have seen many Pakistani CAs and CMAs, with very good accounting experiences, struggling in finding even low paying jobs in Canada and eventually applying for exemptions for Canadian designations and then studying again for years to get Canadian designations or working for US CPA/ CMA. With their families, full time work and age, people find very difficult to take expensive courses and fulfill required experience. So it becomes hard to finish designation in new country. It takes years of endurance and commitment. So prospective students in Pakistan should plan ahead. In my view, if a person in Pakistan can afford to do ACCA and wants to move to EU, Australlia, Canada, and eventually to USA, should do ACCA. Its also an indirect way to move to USA (in long run) and so many Pakistani, Indians, Chinese and other nationals opt this way. With ACCA, get Canadian immigration and citizenship in 4 years (3 plus 1 year waiting for oath), get Canadian CGA through MRA with ACCA, get a good job and Canadian experience, and after 4 years move to USA. During these 4 years one can get US CPA or CMA (IMA), or even without US CPA or CMA, just get a job in USA and move after 4 years based on Canadian experience and designation. Canadian designations are legally acceptable to get a job and TN visa in USA. I have seen designated accountants from asian countries including Pakistan who worked in Middle East and due to several reasons eventually moved to Canada, found diffilties in finding jobs here. What is the benefit if a student spend money, time and endless efforts in getting Pakistani designations and 10 years down the road realizes to immigrate to western countries, starts studies again at the age of 40 in new country. Rather than this way, save time, efforts, and money, do ACCA in Pakistan, get new country's designation through mutual recognition agreement (MRA), get immigration and citizenship, and get a job. Even that student can complete remaining courses of ACCA in new country if he/she moves before completing ACCA as ACCA courses can be taken in any country including Canada, Australlia, USA, and Middle East, and then get new country's designation using MRA.

Moreover, remember Pakistani CA or CMA results are highly market demand related. See how many members they have as of today, which means only limited number of fortunate people could successfully finish Pakistani CA or CMA. All others only did articleship or some papers or levels. What is the benefit if a student with all necessary efforts does not pass or doesn't get certificate or charter. I am quite sure many of the students of Pakistani CA or CMA are quite capable of completing ACCA, CMA (IMA), or CFA, as even with low passing rates, these designations usually do not fail a student just to restrict market supply of graduates.

NO doubt, CFA is really a global designation, without a competitor, acceptable and respected everywhere in the world, but different from accounting, and comparatively more difficult than other global accounting designations.

Again, let me say that this is just my opinion based on years of experience and what I saw here. It is for those students who wanna go to western countries and get a good job and experience quickly. So they can plan ahead. I don't mean to disrespect Pakistani designations or to start totally unnecessary debate of comparing designations. I am neither ACCA nor studying for it. My intention is just to show some options to interested people who wanna come abroad and get a good job and experience. So please don't get the wrong message.

Bilal Sulehri · 09-12-2008, 05:33 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by derivativetrader
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Bilal Sulehri
 Im looking forward to suggestions from more senior members. Come on guys -- you guided me in making the decision of starting CA at the first place. Dont back out now
<hr height="1" noshade id="quote"></blockquote id="quote">

Bilal,

The choice of the professional qualification is somewhat dictated by the desire of your ultimate destination. If you have a desire to enter the financial services industry, in particular, fund management, then if you have audit experience (gained for instance through articles etc) and CFA, it should put you in a good position. If you want to remain in the accountancy field, then an overseas accountancy qualification, such as ICAEW or ACCA, would be sough after.

Hope it is helpful.

DT
<hr height="1" noshade id="quote"></blockquote id="quote">

Great -- my father wanted me to study actuarial sciences but I was unable to produce 80% marks and get a scholarship in state life D
Im glad -- because I dont like stats and stuff like that

Bilal Sulehri · 09-12-2008, 05:42 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Toronto_Boy
 Bilal

I am jumping into the discussion as I think I can add a very valid point here. It would be important to you as well as other students. First I just wanna say that I am not against Pakistani CA or CMA designations, but the the point is a student should also see future aspects of designation from working in foreign countries point of view or for immigration purposes. Though Pakistani designations are very well respected in back home but in Canada, UK, USA, or Australlia these designations do not provide much benefits/exemptions. Though with pakistani designations, a person can get immigration to a western country, but chances to get a good job are really bleak as each country accepts its designations, atleast this is true in Canada.

On the other hand, ACCA has mutual recognition agreement (MRA) with CGA (one of 3 Canadian designations) as well as CPA (Australlia). It means if a student in Pakistan gets ACCA then he/she can very easily (infact with negligible efforts) get Canadian CGA or Australlian CPA. So that student can get immigration to Canada or Australlia. And I tell you that if a person enters into Canada or Australlia with CGA or CPA (which are their own designations), would not find difficulty in these countries in finding jobs. I have seen many Pakistani CAs and CMAs, with very good accounting experiences, struggling in finding even low paying jobs in Canada and eventually applying for exemptions for Canadian designations and then studying again for years to get Canadian designations or working for US CPA/ CMA. With their families, full time work and age, people find very difficult to take expensive courses and fulfill required experience. So it becomes hard to finish designation in new country. It takes years of endurance and commitment. So prospective students in Pakistan should plan ahead. In my view, if a person in Pakistan can afford to do ACCA and wants to move to EU, Australlia, Canada, and eventually to USA, should do ACCA. Its also an indirect way to move to USA (in long run) and so many Pakistani, Indians, Chinese and other nationals opt this way. With ACCA, get Canadian immigration and citizenship in 4 years (3 plus 1 year waiting for oath), get Canadian CGA through MRA with ACCA, get a good job and Canadian experience, and after 4 years move to USA. During these 4 years one can get US CPA or CMA (IMA), or even without US CPA or CMA, just get a job in USA and move after 4 years based on Canadian experience and designation. Canadian designations are legally acceptable to get a job and TN visa in USA. I have seen designated accountants from asian countries including Pakistan who worked in Middle East and due to several reasons eventually moved to Canada, found diffilties in finding jobs here. What is the benefit if a student spend money, time and endless efforts in getting Pakistani designations and 10 years down the road realizes to immigrate to western countries, starts studies again at the age of 40 in new country. Rather than this way, save time, efforts, and money, do ACCA in Pakistan, get new country's designation through mutual recognition agreement (MRA), get immigration and citizenship, and get a job. Even that student can complete remaining courses of ACCA in new country if he/she moves before completing ACCA as ACCA courses can be taken in any country including Canada, Australlia, USA, and Middle East, and then get new country's designation using MRA.

Moreover, remember Pakistani CA or CMA results are highly market demand related. See how many members they have as of today, which means only limited number of fortunate people could successfully finish Pakistani CA or CMA. All others only did articleship or some papers or levels. What is the benefit if a student with all necessary efforts does not pass or doesn't get certificate or charter. I am quite sure many of the students of Pakistani CA or CMA are quite capable of completing ACCA, CMA (IMA), or CFA, as even with low passing rates, these designations usually do not fail a student just to restrict market supply of graduates.

NO doubt, CFA is really a global designation, without a competitor, acceptable and respected everywhere in the world, but different from accounting, and comparatively more difficult than other global accounting designations.

Again, let me say that this is just my opinion based on years of experience and what I saw here. It is for those students who wanna go to western countries and get a good job and experience quickly. So they can plan ahead. I don't mean to disrespect Pakistani designations or to start totally unnecessary debate of comparing designations. I am neither ACCA nor studying for it. My intention is just to show some options to interested people who wanna come abroad and get a good job and experience. So please don't get the wrong message.

<hr height="1" noshade id="quote"></blockquote id="quote">

An in depth analysis! I admire your objective analysis of the facts. I come to this site whenever I have an important decision to make about my career, and people like you and Mr. DT are always available to help me out and show the right path.

I agree with your analysis and thats the reason I started this topic, because Im planning ahead and want to work for some years (if not settling down) in the UK. I will like to add that now CA (ICAP) is recognized by ICAEW and only three papers are to be given alongwith articleship of 1 year to achieve the qualification of an ACA (ICAEW).

It is becoming clearer and clearer that I should opt for ACCA now (Ill be exempted from couple of papers as ill be CA-Inter qualified in a couple of months, Insha Allah) and when im CA qualified, ill claim the exemptions and give ICAEW examinations.

Am I heading in the right direction according to your opinion (mr. DT and Toronto)?

Toronto_Boy · 09-12-2008, 06:26 AM

Bilal

Well, if I can afford, I would prefer ACCA over Pakistani CA or CMA due to above given reasons. Nowadays, ACCA with 5 years of experience can automatically get membership of ICAEW.

Best Wishes

Bilal Sulehri · 09-13-2008, 05:41 AM

Afford .... that was the reason I chose CA sir, but now my younger brother is doing CAT after matriculation, he will not be facing the fuss which I have faced.
But I took Pakistani CA as a challenge, and Insha Allah ill live up to my parents' expextations.

Toronto_Boy · 09-13-2008, 06:18 AM

InshaAllah, you would pass Pakistani CA. Certainly, Pakistani CA or CMA are best option as far as cost is concerned. My best wishes are with you and all other aspiring students.

Regards